MeritValue

Contineum Therapeutics, Inc.

CTNMdata completeness 75%3 fiscal years on file

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

The thesis, from the filings

Contineum Therapeutics, Inc. earns about -22% on invested capital, but has diluted owners by 716% over 3 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 2023FY 2024FY 2025
Revenue$50M1$01—
Net income$22.7M2−$42.3M3−$60M3
Operating cash flow$19.3M4−$32.8M5−$55.3M5
Capital expenditure$414,0006$514,0007$231,0007
Free cash flow (derived)$18.9M4−$33.4M5−$55.5M5
Total debt———
Cash & equivalents$15.5M8$21.9M9$75.6M9
Diluted shares3.4M19.4M27.7M

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
$94.22
your share of equity
Profit it earned you last year
−$21.65
Free cash flow it threw off
−$20.05
Debt you’d be carrying
—

10 shares is a claim on $94.22 of net worth that earned you −$21.65 and generated −$20.05 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-22% avg · 3y
FY23 —FY24 -19%FY25 -26%

It earned an average -22% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+716% shares · 3y

Share count is up 716% over 3 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
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2023-12-31 · accession 0001437749-25-006458 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001437749-25-006458 (NetIncomeLoss)
  3. 10-K · period ending 2024-12-31 · accession 0001628280-26-015165 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001437749-25-006458 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2024-12-31 · accession 0001628280-26-015165 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001437749-25-006458 (PaymentsToAcquirePropertyPlantAndEquipment)
  7. 10-K · period ending 2024-12-31 · accession 0001628280-26-015165 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2023-12-31 · accession 0001437749-25-006458 (CashAndCashEquivalentsAtCarryingValue)
  9. 10-K · period ending 2024-12-31 · accession 0001628280-26-015165 (CashAndCashEquivalentsAtCarryingValue)