Dogwood Therapeutics, Inc.

DWTXdata completeness 63%6 fiscal years on file

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

The thesis, from the filings

Dogwood Therapeutics, Inc. earns about -1671% on invested capital, and has bought back 40% 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

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—	—
Net income	−$16M¹	−$12.2M²	−$5.3M³	−$12.3M⁴	−$34.3M⁴
Operating cash flow	−$15.7M⁵	−$11.5M⁶	−$4.87M⁷	−$8.79M⁸	−$15.6M⁸
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$14M⁹	$7.03M¹⁰	$3.32M¹¹	$14.8M¹²	$6.52M¹²
Diluted shares	8.3M	11.1M	751,071	1.0M	5.0M

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

$150.47

your share of equity

Profit it earned you last year

−$68.83

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $150.47 of net worth that earned you −$68.83 last year.

iii. Is this a good business?

Moat signal · return on invested capital

-1671% avg · 5y

FY21 -2557%FY22 -3256%FY23 -830%FY24 —FY25 -39%

It earned an average -1671% 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

−40% shares · 5y

Share count is down 40% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 2021-12-31 · accession 0001558370-23-003650 (NetIncomeLoss)
10-K/A · period ending 2022-12-31 · accession 0001558370-24-002828 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001558370-25-004167 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001104659-26-031061 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001558370-23-003650 (NetCashProvidedByUsedInOperatingActivities)
10-K/A · period ending 2022-12-31 · accession 0001558370-24-002828 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001558370-25-004167 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001104659-26-031061 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0001558370-23-003650 (CashAndCashEquivalentsAtCarryingValue)
10-K/A · period ending 2022-12-31 · accession 0001558370-24-002828 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001558370-25-004167 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001104659-26-031061 (CashAndCashEquivalentsAtCarryingValue)