MeritValue

Inhibikase Therapeutics, Inc.

IKTdata completeness 75%6 fiscal years on file
The thesis, from the filings

Inhibikase Therapeutics, Inc. earns about -71% on equity, but has diluted owners by 440% 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$3.1M1$123,4402$260,5013$03—
Net income−$14.8M4−$18.1M5−$19M6−$27.5M7−$48.3M7
Operating cash flow−$14.3M8−$17.4M9−$18.1M10−$19.1M11−$27.8M11
Capital expenditure$012$243,25513$14,23814$015$13,39915
Free cash flow (derived)−$14.3M8−$17.6M9−$18.1M10−$19.1M11−$27.8M11
Total debt$248,91116—$381,78417——
Cash & equivalents$40.8M18$7.19M19$9.2M20$97.5M21$178.8M21
Diluted shares18.2M4.2M6.0M23.7M98.3M

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
$17.59
your share of equity
Profit it earned you last year
−$4.91
Free cash flow it threw off
−$2.83
Debt you’d be carrying
—

10 shares is a claim on $17.59 of net worth that earned you −$4.91 and generated −$2.83 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-71% avg · 5y
FY21 -38%FY22 -86%FY23 -173%FY24 -29%FY25 -28%

It earned an average -71% 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
+440% shares · 5y

Share count is up 440% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 53% over the same window.

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 0000950170-23-011133 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-037160 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-046096 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-23-011133 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-24-037160 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000950170-25-046096 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001193125-26-126371 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0000950170-23-011133 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0000950170-24-037160 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0000950170-25-046096 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001193125-26-126371 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0000950170-23-011133 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0000950170-24-037160 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0000950170-25-046096 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001193125-26-126371 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0000950170-22-005203 (LongTermDebt)
  17. 10-K · period ending 2023-12-31 · accession 0000950170-24-037160 (LongTermDebt)
  18. 10-K · period ending 2021-12-31 · accession 0000950170-23-011133 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0000950170-24-037160 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0000950170-25-046096 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001193125-26-126371 (CashAndCashEquivalentsAtCarryingValue)