MeritValue

Entera Bio Ltd.

ENTXdata completeness 88%10 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Entera Bio Ltd. earns about -91% on equity, but has diluted owners by 77% 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$571,0001$134,0002$03$181,0004$42,0004
Net income−$12.2M5−$13.1M6−$8.89M7−$9.54M8−$11.4M8
Operating cash flow−$9.06M9−$12.5M10−$7.31M11−$6.82M12−$7.37M12
Capital expenditure$17,00013$47,00014$17,00015$3,00016$107,00016
Free cash flow (derived)−$9.08M9−$12.5M10−$7.33M11−$6.82M12−$7.48M12
Total debt—————
Cash & equivalents$24.9M17$12.3M18$11M19$8.66M20$7.11M20
Diluted shares26.1M28.8M29.0M37.7M46.2M

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
$2.84
your share of equity
Profit it earned you last year
−$2.48
Free cash flow it threw off
−$1.62
Debt you’d be carrying
—

10 shares is a claim on $2.84 of net worth that earned you −$2.48 and generated −$1.62 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-91% avg · 5y
FY21 -54%FY22 -111%FY23 -86%FY24 -118%FY25 -87%

It earned an average -91% 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
+77% shares · 5y

Share count is up 77% over 5 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
$1.26
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001178913-23-001272 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001178913-24-000881 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001178913-25-001112 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001178913-26-001797 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001178913-23-001272 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001178913-24-000881 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001178913-25-001112 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001178913-26-001797 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001178913-23-001272 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001178913-24-000881 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001178913-25-001112 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001178913-26-001797 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001178913-23-001272 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001178913-24-000881 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001178913-25-001112 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001178913-26-001797 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001178913-23-001272 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001178913-24-000881 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001178913-25-001112 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001178913-26-001797 (CashAndCashEquivalentsAtCarryingValue)