MeritValue

Chemomab Therapeutics Ltd.

CMMBdata completeness 75%10 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Chemomab Therapeutics Ltd. earns about -133% on invested capital, but has diluted owners by 146% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$12.5M1−$27.6M2−$24.2M3−$13.9M3−$9M3
Operating cash flow−$12.4M4−$20.4M5−$23.6M6−$15.4M6−$11.1M6
Capital expenditure$239,0007$68,0008$3,0009$09$3,0009
Free cash flow (derived)−$12.6M4−$20.4M5−$23.6M6−$15.4M6−$11.1M6
Total debt—————
Cash & equivalents$15.2M10$13.5M11$9.29M12$6.07M13$7.56M13
Diluted shares207.5M227.6M235.0M359.0M510.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$0.24
your share of equity
Profit it earned you last year
−$0.18
Free cash flow it threw off
−$0.22
Debt you’d be carrying
—

10 shares is a claim on $0.24 of net worth that earned you −$0.18 and generated −$0.22 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-133% avg · 5y
FY21 -21%FY22 -98%FY23 -248%FY24 -148%FY25 -149%

It earned an average -133% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+146% shares · 5y

Share count is up 146% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$0.1
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001178913-24-001124 (NetIncomeLoss)
  2. 20-F · period ending 2022-12-31 · accession 0001178913-25-001205 (NetIncomeLoss)
  3. 20-F · period ending 2023-12-31 · accession 0001178913-26-001593 (NetIncomeLoss)
  4. 20-F · period ending 2021-12-31 · accession 0001178913-24-001124 (NetCashProvidedByUsedInOperatingActivities)
  5. 20-F · period ending 2022-12-31 · accession 0001178913-25-001205 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001178913-26-001593 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2021-12-31 · accession 0001178913-24-001124 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2022-12-31 · accession 0001178913-25-001205 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2023-12-31 · accession 0001178913-26-001593 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2021-12-31 · accession 0001178913-23-001041 (CashAndCashEquivalentsAtCarryingValue)
  11. 20-F · period ending 2022-12-31 · accession 0001178913-24-001124 (CashAndCashEquivalentsAtCarryingValue)
  12. 20-F · period ending 2023-12-31 · accession 0001178913-25-001205 (CashAndCashEquivalentsAtCarryingValue)
  13. 20-F · period ending 2024-12-31 · accession 0001178913-26-001593 (CashAndCashEquivalentsAtCarryingValue)