MeritValue

Immuneering Corp

IMRXdata completeness 75%6 fiscal years on file

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

The thesis, from the filings

Immuneering Corp earns about -60% on equity, but has diluted owners by 223% 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$2.08M1$316,9522$02——
Net income−$33.5M3−$50.5M4−$53.5M5−$61M6−$56M6
Operating cash flow−$30.9M7−$44.1M8−$49M9−$55M10−$45.3M10
Capital expenditure$60,78611$742,48312$342,74613$84,87514$142,22614
Free cash flow (derived)−$30.9M7−$44.8M8−$49.3M9−$55.1M10−$45.5M10
Total debt—————
Cash & equivalents$74.9M15$72.6M16$59.4M17$36.1M18$128.6M18
Diluted shares13.6M26.4M28.4M30.0M44.0M

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
$49.64
your share of equity
Profit it earned you last year
−$12.73
Free cash flow it threw off
−$10.34
Debt you’d be carrying
—

10 shares is a claim on $49.64 of net worth that earned you −$12.73 and generated −$10.34 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-60% avg · 5y
FY21 -22%FY22 -46%FY23 -59%FY24 -147%FY25 -26%

It earned an average -60% 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
+223% shares · 5y

Share count is up 223% 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 2021-12-31 · accession 0001558370-23-002905 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001790340-24-000024 (Revenues)
  3. 10-K · period ending 2021-12-31 · accession 0001558370-23-002905 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001790340-24-000024 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001790340-25-000042 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001790340-26-000042 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-23-002905 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001790340-24-000024 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001790340-25-000042 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001790340-26-000042 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-12-31 · accession 0001558370-23-002905 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-12-31 · accession 0001790340-24-000024 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001790340-25-000042 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-12-31 · accession 0001790340-26-000042 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001558370-23-002905 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001790340-24-000024 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001790340-25-000042 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001790340-26-000042 (CashAndCashEquivalentsAtCarryingValue)