MeritValue

enGene Therapeutics Inc.

ENGNdata completeness 75%4 fiscal years on file

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

The thesis, from the filings

enGene Therapeutics Inc. earns about -61% on invested capital, but has diluted owners by 7703% over 4 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 2022FY 2023FY 2024FY 2025
Revenue————
Net income−$24.5M1−$99.9M2−$55.1M3−$117.3M3
Operating cash flow−$17.6M4−$24.7M5−$48.3M6−$99.2M6
Capital expenditure$153,0007$318,0008$925,0009$1.49M9
Free cash flow (derived)−$17.7M4−$25.1M5−$49.2M6−$100.7M6
Total debt————
Cash & equivalents$20.4M10$81.5M11$173M12$50.2M12
Diluted shares655,153692,60937.8M51.1M

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
$32.81
your share of equity
Profit it earned you last year
−$22.95
Free cash flow it threw off
−$19.7
Debt you’d be carrying
—

10 shares is a claim on $32.81 of net worth that earned you −$22.95 and generated −$19.7 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-61% avg · 4y
FY22 —FY23 —FY24 -44%FY25 -79%

It earned an average -61% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+7703% shares · 4y

Share count is up 7703% over 4 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
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
$13
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-10-31 · accession 0000950170-24-008125 (NetIncomeLoss)
  2. 10-K · period ending 2023-10-31 · accession 0000950170-24-138472 (NetIncomeLoss)
  3. 10-K · period ending 2024-10-31 · accession 0001193125-25-328743 (NetIncomeLoss)
  4. 10-K · period ending 2022-10-31 · accession 0000950170-24-008125 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2023-10-31 · accession 0000950170-24-138472 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-10-31 · accession 0001193125-25-328743 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-10-31 · accession 0000950170-24-008125 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2023-10-31 · accession 0000950170-24-138472 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2024-10-31 · accession 0001193125-25-328743 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-10-31 · accession 0000950170-24-008125 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2023-10-31 · accession 0000950170-24-138472 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2024-10-31 · accession 0001193125-25-328743 (CashAndCashEquivalentsAtCarryingValue)