MeritValue

Galera Therapeutics, Inc.

GRTXdata completeness 63%8 fiscal years on file

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

The thesis, from the filings

Galera Therapeutics, Inc. earns about 3751% on equity, but has diluted owners by 272% 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
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$80.5M1−$62.2M2−$59.1M3−$19M4$149M4
Operating cash flow−$68M5−$43.4M6−$44.8M7−$12.1M8−$6.05M8
Capital expenditure$283,0009$25,00010$59,00011$011—
Free cash flow (derived)−$68.2M5−$43.5M6−$44.9M7−$12.1M8—
Total debt—————
Cash & equivalents$19.9M12$4.27M13$18.3M14$8.29M15$6.38M15
Diluted shares26.5M28.5M44.5M54.6M98.5M

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
$0.4
your share of equity
Profit it earned you last year
$15.13
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0.4 of net worth that earned you $15.13 last year.

iii. Is this a good business?
Moat signal · return on equity
3751% avg · 5y
FY21 —FY22 —FY23 —FY24 —FY25 3751%

It earned an average 3751% 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
+272% shares · 5y

Share count is up 272% 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
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
$0.76
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-23-006588 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-037614 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-047798 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001563577-26-000005 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-006588 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-037614 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-047798 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001563577-26-000005 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-006588 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-037614 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-047798 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-12-31 · accession 0000950170-23-006588 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2022-12-31 · accession 0000950170-24-037614 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0000950170-25-047798 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001563577-26-000005 (CashAndCashEquivalentsAtCarryingValue)