MeritValue

PRECISION BIOSCIENCES INC

DTILdata completeness 88%8 fiscal years on file
The thesis, from the filings

PRECISION BIOSCIENCES INC earns about -116% on equity, and has bought back 78% of its shares over 5 years. 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$115.5M1$25.1M2$48.7M3$68.7M4$34.3M4
Net income−$30.6M5−$111.6M6−$61.3M7$7.17M8−$45.7M8
Operating cash flow−$10.9M9−$45.8M10−$84.1M11−$58.4M12−$65.8M12
Capital expenditure$5.05M13$3.32M14$1.96M15$250,00016$85,00016
Free cash flow (derived)−$15.9M9−$49.1M10−$86.1M11−$58.7M12−$65.9M12
Total debt$2.48M17$22.2M18———
Cash & equivalents$143.7M19$189.6M20$116.7M21$85.9M22$110.8M22
Diluted shares58.7M2.9M3.8M6.9M12.8M

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
$71.92
your share of equity
Profit it earned you last year
−$35.65
Free cash flow it threw off
−$51.4
Debt you’d be carrying
—

10 shares is a claim on $71.92 of net worth that earned you −$35.65 and generated −$51.4 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-116% avg · 5y
FY21 -34%FY22 -185%FY23 -325%FY24 13%FY25 -50%

It earned an average -116% 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
−78% shares · 5y

Share count is down 78% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 797% 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
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 2021-12-31 · accession 0000950170-23-006838 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-036817 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-044775 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001628280-26-017019 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-006838 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-036817 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-044775 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001628280-26-017019 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-006838 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-036817 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-044775 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001628280-26-017019 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-006838 (PaymentsToAcquireProductiveAssets)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-036817 (PaymentsToAcquireProductiveAssets)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-044775 (PaymentsToAcquireProductiveAssets)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-017019 (PaymentsToAcquireProductiveAssets)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-23-006838 (LongTermDebt)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-24-036817 (LongTermDebt)
  19. 10-K · period ending 2021-12-31 · accession 0000950170-23-006838 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-12-31 · accession 0000950170-24-036817 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0000950170-25-044775 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2024-12-31 · accession 0001628280-26-017019 (CashAndCashEquivalentsAtCarryingValue)