MeritValue

Structure Therapeutics Inc.

GPCRdata completeness 75%4 fiscal years on file

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

The thesis, from the filings

Structure Therapeutics Inc. earns about -17% on invested capital, but has diluted owners by 1753% over 4 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 2022FY 2023FY 2024FY 2025
Revenue————
Net income−$51.3M1−$89.6M2−$122.5M2−$141.2M2
Operating cash flow−$46.1M3−$79.5M4−$116.6M4−$222.2M4
Capital expenditure$155,0005$2.17M6$1.29M6$3.61M6
Free cash flow (derived)−$46.3M3−$81.7M4−$117.9M4−$225.8M4
Total debt————
Cash & equivalents$26.1M7$129.8M8$169.5M9$799.6M9
Diluted shares9.6M110.2M157.9M177.6M

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
$85.38
your share of equity
Profit it earned you last year
−$7.95
Free cash flow it threw off
−$12.71
Debt you’d be carrying
—

10 shares is a claim on $85.38 of net worth that earned you −$7.95 and generated −$12.71 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-17% avg · 4y
FY22 —FY23 -22%FY24 -14%FY25 -16%

It earned an average -17% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+1753% shares · 4y

Share count is up 1753% over 4 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 2022-12-31 · accession 0001558370-24-002791 (NetIncomeLoss)
  2. 10-K · period ending 2023-12-31 · accession 0001104659-26-020562 (NetIncomeLoss)
  3. 10-K · period ending 2022-12-31 · accession 0001558370-24-002791 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2023-12-31 · accession 0001104659-26-020562 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-24-002791 (PaymentsToAcquirePropertyPlantAndEquipment)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-020562 (PaymentsToAcquirePropertyPlantAndEquipment)
  7. 10-K · period ending 2022-12-31 · accession 0001558370-24-002791 (CashAndCashEquivalentsAtCarryingValue)
  8. 10-K · period ending 2023-12-31 · accession 0001558370-25-001826 (CashAndCashEquivalentsAtCarryingValue)
  9. 10-K · period ending 2024-12-31 · accession 0001104659-26-020562 (CashAndCashEquivalentsAtCarryingValue)