MeritValue

Imunon, Inc.

IMNNdata completeness 75%16 fiscal years on file
The thesis, from the filings

Imunon, Inc. earns about -123% on invested capital, and has bought back 61% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$500,0001$500,0002———
Net income−$20.8M3−$35.9M4−$19.5M5−$18.6M6−$14.5M6
Operating cash flow−$16.2M7−$23.1M8−$19M9−$18.9M10−$13.9M10
Capital expenditure$311,61311$267,80012$451,75913$29,54114$280,57214
Free cash flow (derived)−$16.5M7−$23.4M8−$19.5M9−$18.9M10−$14.2M10
Total debt—$5.96M15———
Cash & equivalents$19.6M16$11.5M17$5.84M18$5.87M19$8.78M19
Diluted shares5.4M7.1M9.0M1.1M2.1M

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
$33.26
your share of equity
Profit it earned you last year
−$68.27
Free cash flow it threw off
−$66.77
Debt you’d be carrying
—

10 shares is a claim on $33.26 of net worth that earned you −$68.27 and generated −$66.77 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-123% avg · 5y
FY21 -47%FY22 -108%FY23 -216%FY24 —FY25 —

It earned an average -123% 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
−61% shares · 5y

Share count is down 61% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

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 0001493152-23-009604 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-011616 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2021-12-31 · accession 0001493152-23-009604 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001493152-24-011616 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001493152-25-008460 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001493152-26-013850 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001493152-23-009604 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001493152-24-011616 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001493152-25-008460 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001493152-26-013850 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-12-31 · accession 0001493152-23-009604 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-12-31 · accession 0001493152-24-011616 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001493152-25-008460 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-12-31 · accession 0001493152-26-013850 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2022-12-31 · accession 0001493152-23-009604 (LongTermDebt)
  16. 10-K · period ending 2021-12-31 · accession 0001493152-23-009604 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001493152-24-011616 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001493152-25-008460 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001493152-26-013850 (CashAndCashEquivalentsAtCarryingValue)