MeritValue

Genprex, Inc.

GNPXdata completeness 63%10 fiscal years on file

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

The thesis, from the filings

Genprex, Inc. earns about -416% on equity, and has bought back 98% 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$01$02$03$03—
Net income−$20.7M4−$23.7M5−$30.9M6−$21.1M7−$16.2M7
Operating cash flow−$14.3M8−$17.6M9−$24.7M10−$17.9M11−$15.3M11
Capital expenditure$31,70012$012———
Free cash flow (derived)−$14.3M8−$17.6M9———
Total debt—————
Cash & equivalents—$21M13$6.74M14$1.6M15$7.83M15
Diluted shares47.1M1.2M1.4M80,139932,730

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
$85.36
your share of equity
Profit it earned you last year
−$173.99
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $85.36 of net worth that earned you −$173.99 last year.

iii. Is this a good business?
Moat signal · return on equity
-416% avg · 5y
FY21 -50%FY22 -107%FY23 -416%FY24 -1303%FY25 -204%

It earned an average -416% 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
−98% shares · 5y

Share count is down 98% 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 0001437749-23-008847 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-010426 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-010311 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001437749-23-008847 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001437749-24-010426 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001437749-25-010311 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001437749-26-010346 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001437749-23-008847 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001437749-24-010426 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001437749-25-010311 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001437749-26-010346 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001437749-23-008847 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001437749-24-010426 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0001437749-25-010311 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001437749-26-010346 (CashAndCashEquivalentsAtCarryingValue)