MeritValue

Grace Therapeutics, Inc.

GRCEdata completeness 63%8 fiscal years on file

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

The thesis, from the filings

Grace Therapeutics, Inc. earns about -36% on invested capital, and has bought back 55% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$01————
Net income−$9.82M2−$42.4M3−$12.9M4−$9.57M5−$7.79M5
Operating cash flow−$17.2M6−$15.9M7−$12.3M8−$14.9M9−$8.87M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$30.3M10$27.9M11$23M12$22.1M13$17M13
Diluted shares36.8M7.4M9.5M12.1M16.5M

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
shares
Net assets behind them
$38.7
your share of equity
Profit it earned you last year
−$4.72
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $38.7 of net worth that earned you −$4.72 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-36% avg · 5y
FY22 -11%FY23 -102%FY24 -30%FY25 -23%FY26 -16%

It earned an average -36% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−55% shares · 5y

Share count is down 55% 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
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
  1. 10-K · period ending 2022-03-31 · accession 0000950170-22-011842 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-03-31 · accession 0000950170-23-029498 (NetIncomeLoss)
  3. 10-K · period ending 2023-03-31 · accession 0000950170-24-075875 (NetIncomeLoss)
  4. 10-K · period ending 2024-03-31 · accession 0001140361-25-023259 (NetIncomeLoss)
  5. 10-K · period ending 2025-03-31 · accession 0001140361-26-025662 (NetIncomeLoss)
  6. 10-K · period ending 2022-03-31 · accession 0000950170-23-029498 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-03-31 · accession 0000950170-24-075875 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-03-31 · accession 0001140361-25-023259 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2025-03-31 · accession 0001140361-26-025662 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-03-31 · accession 0000950170-23-029498 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2023-03-31 · accession 0000950170-24-075875 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2024-03-31 · accession 0001140361-25-023259 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2025-03-31 · accession 0001140361-26-025662 (CashAndCashEquivalentsAtCarryingValue)