MeritValue

FILANA THERAPEUTICS, INC.

FLNAdata completeness 75%17 fiscal years on file

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

The thesis, from the filings

FILANA THERAPEUTICS, INC. earns about -51% on equity, but has diluted owners by 23% 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—————
Net income−$32.4M1−$76.2M2−$97.2M3−$24.3M3−$91M3
Operating cash flow−$30.2M4−$77.5M5−$82M6−$116.9M6−$32.3M6
Capital expenditure$22.2M7$2.71M8$414,0009$103,0009$581,0009
Free cash flow (derived)−$52.4M4−$80.2M5−$82.4M6−$117M6−$32.8M6
Total debt—————
Cash & equivalents$233.4M10$201M11$121.1M12$128.6M13$95.5M13
Diluted shares39.4M40.2M41.9M46.6M48.3M

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
$15.41
your share of equity
Profit it earned you last year
−$18.84
Free cash flow it threw off
−$6.8
Debt you’d be carrying
—

10 shares is a claim on $15.41 of net worth that earned you −$18.84 and generated −$6.8 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-51% avg · 5y
FY21 -13%FY22 -34%FY23 -71%FY24 -17%FY25 -122%

It earned an average -51% 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
+23% shares · 5y

Share count is up 23% 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 2021-12-31 · accession 0001437749-24-005894 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-25-005919 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-26-007962 (NetIncomeLoss)
  4. 10-K · period ending 2021-12-31 · accession 0001437749-24-005894 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2022-12-31 · accession 0001437749-25-005919 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001437749-26-007962 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2021-12-31 · accession 0001437749-24-005894 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2022-12-31 · accession 0001437749-25-005919 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0001437749-26-007962 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2021-12-31 · accession 0001069530-23-000009 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2022-12-31 · accession 0001437749-24-005894 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-12-31 · accession 0001437749-25-005919 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-12-31 · accession 0001437749-26-007962 (CashAndCashEquivalentsAtCarryingValue)