Estrella Immunopharma, Inc.

ESLAdata completeness 63%5 fiscal years on file

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

The thesis, from the filings

Estrella Immunopharma, Inc. earns about -171% on equity, but has diluted owners by 3022% 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	—	—	—	—	—
Net income	−$247,718¹	−$996,104¹	−$11.1M²	−$7.31M²	−$13.1M³
Operating cash flow	−$316,158⁴	−$1.04M⁴	−$1.34M⁵	−$16.1M⁵	−$1.79M⁶
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$478,868⁷	$40,802⁷	$2.48M⁸	$4.17M⁸	$1.38M⁹
Diluted shares	1.2M	1.4M	305,748	27.1M	36.8M

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

−$2.82

your share of equity

Profit it earned you last year

−$3.55

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on −$2.82 of net worth that earned you −$3.55 last year.

iii. Is this a good business?

Moat signal · return on equity

-171% avg · 5y

FY21 —FY22 —FY23 —FY24 -171%FY25 —

It earned an average -171% 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

+3022% shares · 5y

Share count is up 3022% 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

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

10-K · period ending 2021-12-31 · accession 0001575872-23-000353 (NetIncomeLoss)
10-K · period ending 2023-06-30 · accession 0001213900-24-082374 (NetIncomeLoss)
10-K · period ending 2025-12-31 · accession 0001213900-26-029357 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001575872-23-000353 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-06-30 · accession 0001213900-24-082374 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2025-12-31 · accession 0001213900-26-029357 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0001575872-23-000353 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-06-30 · accession 0001213900-24-082374 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2025-12-31 · accession 0001213900-26-029357 (CashAndCashEquivalentsAtCarryingValue)