Greenwich LifeSciences, Inc.

GLSIdata completeness 63%7 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'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Greenwich LifeSciences, Inc. earns about -1521% on equity, but has diluted owners by 3% 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	−$4.57M¹	−$7.83M²	−$8.89M³	−$17.4M⁴	−$19.4M⁴
Operating cash flow	−$4.29M⁵	−$6.2M⁶	−$6.48M⁷	−$7.27M⁸	−$9.91M⁸
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$27.2M⁹	$13.5M¹⁰	$6.99M¹¹	$4.09M¹²	$6.18M¹²
Diluted shares	13.1M	12.9M	12.8M	13.0M	13.5M

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

$0.26

your share of equity

Profit it earned you last year

−$14.3

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $0.26 of net worth that earned you −$14.3 last year.

iii. Is this a good business?

Moat signal · return on equity

-1521% avg · 5y

FY21 -17%FY22 -59%FY23 -133%FY24 -1917%FY25 -5481%

It earned an average -1521% 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

+3% shares · 5y

Share count is up 3% 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 0001493152-23-010284 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001493152-24-014625 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001641172-25-004819 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001493152-26-026651 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001493152-23-010284 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001493152-24-014625 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001641172-25-004819 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001493152-26-026651 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0001493152-23-010284 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-12-31 · accession 0001493152-24-014625 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001641172-25-004819 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001493152-26-026651 (CashAndCashEquivalentsAtCarryingValue)