Eloxx Pharmaceuticals, Inc.

ELOXdata completeness 88%30 fiscal years on file

The thesis, from the filings

Eloxx Pharmaceuticals, Inc. earns about -298% on equity, but has diluted owners by 606% 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 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	$0¹	$6.36M¹	$0¹
Net income	−$66.7M²	−$36.1M²	−$17.1M³	−$3.14M³	−$6M³
Operating cash flow	−$35M⁴	−$31.8M⁴	−$14.3M⁵	−$4.72M⁵	−$6.33M⁵
Capital expenditure	$89,000⁶	$66,000⁶	—	—	—
Free cash flow (derived)	−$35.1M⁴	−$31.9M⁴	—	—	—
Total debt	$23.2M⁷	$24.3M⁷	$3.83M⁸	$6.52M⁸	$2M⁸
Cash & equivalents	$42.3M⁹	$19.2M⁹	$1.13M¹⁰	$111,000¹⁰	$4.79M¹⁰
Diluted shares	1.7M	2.2M	2.6M	3.8M	12.3M

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

Net assets behind them

−$9.64

your share of equity

Profit it earned you last year

−$4.86

Free cash flow it threw off

—

Debt you’d be carrying

$1.62

10 shares is a claim on −$9.64 of net worth that earned you −$4.86 last year, against $1.62 of debt.

iii. Is this a good business?

Moat signal · return on equity

-298% avg · 5y

FY21 -298%FY22 —FY23 —FY24 —FY25 —

It earned an average -298% 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

+606% shares · 5y

Share count is up 606% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 91% — deleveraging.

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

DCF · Growth Exit 5Y

not applicable

only 2 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 2023-12-31 · accession 0001193125-26-108687 (Revenues)
10-K · period ending 2021-12-31 · accession 0000950170-23-011360 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001193125-26-108687 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0000950170-23-011360 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001193125-26-108687 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0000950170-23-011360 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2021-12-31 · accession 0000950170-23-011360 (LongTermDebtNoncurrent)
10-K · period ending 2023-12-31 · accession 0001193125-26-108687 (LongTermDebtNoncurrent)
10-K · period ending 2021-12-31 · accession 0000950170-23-011360 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001193125-26-108687 (CashAndCashEquivalentsAtCarryingValue)