MeritValue

EXOZYMES INC.

EXOZdata completeness 75%3 fiscal years on file

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

The thesis, from the filings

EXOZYMES INC. earns about -1352% on invested capital, but has diluted owners by 34% over 3 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 2023FY 2024FY 2025
Revenue$70,0691——
Net income−$2.04M2−$5.86M3−$9.16M3
Operating cash flow−$1.18M4−$8.51M5−$6.5M5
Capital expenditure$288,7126$396,4517$169,9177
Free cash flow (derived)−$1.47M4−$8.9M5−$6.67M5
Total debt———
Cash & equivalents$66,5338$9.72M9$3.04M9
Diluted shares6.3M6.6M8.4M

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
$4.05
your share of equity
Profit it earned you last year
−$10.93
Free cash flow it threw off
−$7.96
Debt you’d be carrying
—

10 shares is a claim on $4.05 of net worth that earned you −$10.93 and generated −$7.96 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-1352% avg · 3y
FY23 —FY24 -660%FY25 -2045%

It earned an average -1352% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+34% shares · 3y

Share count is up 34% over 3 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 2023-12-31 · accession 0001641172-25-001744 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001641172-25-001744 (NetIncomeLoss)
  3. 10-K · period ending 2024-12-31 · accession 0001493152-26-013563 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001641172-25-001744 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2024-12-31 · accession 0001493152-26-013563 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001641172-25-001744 (PaymentsToAcquirePropertyPlantAndEquipment)
  7. 10-K · period ending 2024-12-31 · accession 0001493152-26-013563 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2023-12-31 · accession 0001641172-25-001744 (CashAndCashEquivalentsAtCarryingValue)
  9. 10-K · period ending 2024-12-31 · accession 0001493152-26-013563 (CashAndCashEquivalentsAtCarryingValue)