MeritValue

EUPRAXIA PHARMACEUTICALS INC.

EPRXdata completeness 75%4 fiscal years on file

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

The thesis, from the filings

EUPRAXIA PHARMACEUTICALS INC. earns about -4303% on invested capital, but has diluted owners by 107% 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—$01$02$03
Net income−$18.5M4−$28.2M5−$25.5M6−$38.6M6
Operating cash flow−$14.4M7−$20.7M8−$30M9−$28.6M9
Capital expenditure————
Free cash flow (derived)————
Total debt————
Cash & equivalents$18.3M10$19.3M11$33.1M12$80.6M12
Diluted shares19.3M24.1M33.9M40.0M

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
shares
Net assets behind them
$20.53
your share of equity
Profit it earned you last year
−$9.65
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $20.53 of net worth that earned you −$9.65 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-4303% avg · 4y
FY22 —FY23 —FY24 -6543%FY25 -2063%

It earned an average -4303% 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
+107% shares · 4y

Share count is up 107% 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
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
  1. 40-F · period ending 2023-12-31 · accession 0001193125-24-083584 (Revenues)
  2. 40-F · period ending 2024-12-31 · accession 0001193125-25-059352 (Revenues)
  3. 40-F · period ending 2025-12-31 · accession 0001193125-26-104765 (Revenues)
  4. 40-F · period ending 2022-12-31 · accession 0001193125-24-083584 (NetIncomeLoss)
  5. 40-F · period ending 2023-12-31 · accession 0001193125-25-059352 (NetIncomeLoss)
  6. 40-F · period ending 2024-12-31 · accession 0001193125-26-104765 (NetIncomeLoss)
  7. 40-F · period ending 2022-12-31 · accession 0001193125-24-083584 (NetCashProvidedByUsedInOperatingActivities)
  8. 40-F · period ending 2023-12-31 · accession 0001193125-25-059352 (NetCashProvidedByUsedInOperatingActivities)
  9. 40-F · period ending 2024-12-31 · accession 0001193125-26-104765 (NetCashProvidedByUsedInOperatingActivities)
  10. 40-F · period ending 2022-12-31 · accession 0001193125-24-083584 (CashAndCashEquivalentsAtCarryingValue)
  11. 40-F · period ending 2023-12-31 · accession 0001193125-25-059352 (CashAndCashEquivalentsAtCarryingValue)
  12. 40-F · period ending 2024-12-31 · accession 0001193125-26-104765 (CashAndCashEquivalentsAtCarryingValue)