MeritValue

TuHURA Biosciences, Inc./NV

HURAdata completeness 88%19 fiscal years on file
The thesis, from the filings

TuHURA Biosciences, Inc./NV earns about -629% on equity, but has diluted owners by 2858% 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 2023FY 2023FY 2024FY 2024FY 2025
Revenue—$01—$02$02
Net income−$14.6M3−$29.3M4−$8.32M3−$21.7M5−$30.1M5
Operating cash flow−$11.9M6−$12M7−$7.18M6−$14.7M8−$27.6M8
Capital expenditure—$79,2249—$57,90610$76,08310
Free cash flow (derived)—−$12M7—−$14.8M8−$27.7M8
Total debt—————
Cash & equivalents$1.54M11$3.67M12$4.91M11$12.7M13$3.62M13
Diluted shares1.6M11.9M26.4M18.7M47.9M

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
$4.37
your share of equity
Profit it earned you last year
−$6.27
Free cash flow it threw off
−$5.78
Debt you’d be carrying
—

10 shares is a claim on $4.37 of net worth that earned you −$6.27 and generated −$5.78 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-629% avg · 5y
FY23 -2004%FY23 —FY24 -221%FY24 -149%FY25 -144%

It earned an average -629% 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
+2858% shares · 5y

Share count is up 2858% 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
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 2023-12-31 · accession 0000950170-25-047921 (Revenues)
  2. 10-K · period ending 2024-12-31 · accession 0001193125-26-134950 (Revenues)
  3. 10-K · period ending 2023-06-30 · accession 0000950170-24-113321 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0000950170-25-047921 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001193125-26-134950 (NetIncomeLoss)
  6. 10-K · period ending 2023-06-30 · accession 0000950170-24-113321 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-047921 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-134950 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000950170-25-047921 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2024-12-31 · accession 0001193125-26-134950 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-06-30 · accession 0000950170-24-113321 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-12-31 · accession 0000950170-25-047921 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-12-31 · accession 0001193125-26-134950 (CashAndCashEquivalentsAtCarryingValue)