MeritValue

Ernexa Therapeutics Inc.

ERNAdata completeness 75%16 fiscal years on file
The thesis, from the filings

Ernexa Therapeutics Inc. earns about -2073% on invested capital, but has diluted owners by 191% 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—$01$68,0002$582,0003—
Net income−$122.5M4−$24.6M5−$21.7M6−$44.5M7−$14.1M7
Operating cash flow−$23.5M8−$21M9−$20.4M10−$15.8M11−$7.02M11
Capital expenditure$154,00012$297,00013$19,00014$369,00015$37,00015
Free cash flow (derived)−$23.6M8−$21.3M9−$20.4M10−$16.2M11−$7.05M11
Total debt—————
Cash & equivalents$17M16$11.4M17$7.58M18$1.73M18$1.88M19
Diluted shares2.2M3.1M5.3M910,0006.3M

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
shares
Net assets behind them
$3.81
your share of equity
Profit it earned you last year
−$22.33
Free cash flow it threw off
−$11.18
Debt you’d be carrying
—

10 shares is a claim on $3.81 of net worth that earned you −$22.33 and generated −$11.18 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-2073% avg · 5y
FY21 -1136%FY22 -2929%FY23 —FY24 —FY25 -2156%

It earned an average -2073% 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
+191% shares · 5y

Share count is up 191% 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
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-12-31 · accession 0001140361-24-013254 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001493152-25-010051 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001493152-26-010102 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001140361-23-012418 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001140361-24-013254 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001493152-25-010051 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001493152-26-010102 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001140361-23-012418 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001140361-24-013254 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001493152-25-010051 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001493152-26-010102 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001140361-23-012418 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001140361-24-013254 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001493152-25-010051 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001493152-26-010102 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001140361-23-012418 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001140361-24-013254 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001493152-25-010051 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2025-12-31 · accession 0001493152-26-010102 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)