MeritValue

Faeth Therapeutics, Inc.

FTHdata completeness 75%6 fiscal years on file

Data notes: no data for concept 'revenue'

The thesis, from the filings

Faeth Therapeutics, Inc. earns about -63% on equity, and has bought back 95% of its shares over 5 years. 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−$36.8M1−$48.6M2−$34.1M3−$30.2M4−$21.1M4
Operating cash flow−$30.3M5−$39M6−$32M7−$24.7M8−$20.5M8
Capital expenditure$2.03M9$321,00010$180,00011$146,00012$16,00012
Free cash flow (derived)−$32.3M5−$39.3M6−$32.2M7−$24.8M8−$20.5M8
Total debt—————
Cash & equivalents$7.16M13$17.8M14$13M15$9.99M16$8.67M16
Diluted shares27.7M30.7M28.0M1.3M1.3M

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
$147.47
your share of equity
Profit it earned you last year
−$167.24
Free cash flow it threw off
−$162.35
Debt you’d be carrying
—

10 shares is a claim on $147.47 of net worth that earned you −$167.24 and generated −$162.35 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-63% avg · 5y
FY21 -25%FY22 -47%FY23 -53%FY24 -79%FY25 -113%

It earned an average -63% 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
−95% shares · 5y

Share count is down 95% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 0000950170-23-010432 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-023148 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-046338 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-132014 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-010432 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-023148 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-046338 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-132014 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-010432 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-023148 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-046338 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-132014 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-010432 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-023148 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-046338 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-132014 (CashAndCashEquivalentsAtCarryingValue)