CTT PHARMACEUTICAL HOLDINGS, INC.

CTTHdata completeness 63%5 fiscal years on file

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

The thesis, from the filings

CTT PHARMACEUTICAL HOLDINGS, INC. earns about -26927% on equity, but has diluted owners by 130% 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

Figure	FY 2010	FY 2011	FY 2012	FY 2013	FY 2014
Revenue	—	—	—	—	—
Net income	−$1.1M¹	$3.74M²	−$1M³	−$18,911⁴	−$672,162⁴
Operating cash flow	−$1.67M⁵	−$316,132⁶	−$1.03M⁷	−$209⁸	−$72,250⁸
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$46,191⁹	$569,378¹⁰	$12,091¹⁰	$823¹⁰	$81,179¹¹
Diluted shares	8.5M	9.5M	9.4M	9.4M	19.5M

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

Net assets behind them

$0.77

your share of equity

Profit it earned you last year

−$0.34

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $0.77 of net worth that earned you −$0.34 last year.

iii. Is this a good business?

Moat signal · return on equity

-26927% avg · 5y

FY10 -81554%FY11 819%FY12 —FY13 —FY14 -45%

It earned an average -26927% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+130% shares · 5y

Share count is up 130% 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

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

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

10-K · period ending 2010-12-31 · accession 0001204459-12-000549 (NetIncomeLoss)
10-K · period ending 2011-12-31 · accession 0001062993-13-001090 (NetIncomeLoss)
10-K · period ending 2012-12-31 · accession 0001062993-14-000591 (NetIncomeLoss)
10-K/A · period ending 2013-12-31 · accession 0001553350-15-001055 (NetIncomeLoss)
10-K · period ending 2010-12-31 · accession 0001204459-12-000549 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2011-12-31 · accession 0001062993-13-001090 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2012-12-31 · accession 0001062993-14-000591 (NetCashProvidedByUsedInOperatingActivities)
10-K/A · period ending 2013-12-31 · accession 0001553350-15-001055 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2010-12-31 · accession 0001062993-13-001090 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2011-12-31 · accession 0001062993-14-000591 (CashAndCashEquivalentsAtCarryingValue)
10-K/A · period ending 2014-12-31 · accession 0001553350-15-001055 (CashAndCashEquivalentsAtCarryingValue)