MeritValue

Definium Therapeutics, Inc.

DFTXdata completeness 75%6 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'

The thesis, from the filings

Definium Therapeutics, Inc. earns about -344% on invested capital, but has diluted owners by 226% 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−$93M1−$56.8M2−$95.7M3−$108.7M4−$183.8M4
Operating cash flow−$45.8M5−$50.1M6−$64.4M7−$79.1M8−$131.6M8
Capital expenditure—————
Free cash flow (derived)—————
Total debt——$14.1M9$21.9M10$40.6M11
Cash & equivalents$133.5M12$142.1M13$99.7M14$273.7M15$257.8M15
Diluted shares27.4M30.9M39.2M70.5M89.3M

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
$37.2
your share of equity
Profit it earned you last year
−$20.58
Free cash flow it threw off
—
Debt you’d be carrying
$4.54

10 shares is a claim on $37.2 of net worth that earned you −$20.58 last year, against $4.54 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-344% avg · 5y
FY21 -412%FY22 -498%FY23 —FY24 —FY25 -122%

It earned an average -344% 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
+226% shares · 5y

Share count is up 226% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 187% over the same window.

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
  1. 10-K · period ending 2021-12-31 · accession 0000950170-23-007053 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-021656 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-034176 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-076742 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-007053 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-021656 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-034176 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-076742 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000950170-24-021656 (LongTermDebtNoncurrent)
  10. 10-K · period ending 2024-12-31 · accession 0000950170-25-034176 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2025-12-31 · accession 0001193125-26-076742 (LongTermDebtNoncurrent)
  12. 10-K · period ending 2021-12-31 · accession 0000950170-23-007053 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2022-12-31 · accession 0000950170-24-021656 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0000950170-25-034176 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001193125-26-076742 (CashAndCashEquivalentsAtCarryingValue)