MeritValue

KIORA PHARMACEUTICALS INC

KPRXdata completeness 88%12 fiscal years on file
The thesis, from the filings

KIORA PHARMACEUTICALS INC earns about -149% on invested capital, but has diluted owners by 1602% 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$01—$02$16M3$03
Net income−$13.8M4−$13.6M5−$12.5M6$3.59M7−$10.8M7
Operating cash flow−$10.7M8−$10.4M9−$9.56M10$8.56M11−$9.96M11
Capital expenditure$63,86512$012$013$6,25614$110,78914
Free cash flow (derived)−$10.7M8−$10.4M9−$9.56M10$8.55M11−$10.1M11
Total debt—————
Cash & equivalents$7.85M15$5.96M16$2.45M17$3.79M18$8.7M18
Diluted shares241,099732,303538,0074.1M4.1M

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
$39.3
your share of equity
Profit it earned you last year
−$26.4
Free cash flow it threw off
−$24.54
Debt you’d be carrying
—

10 shares is a claim on $39.3 of net worth that earned you −$26.4 and generated −$24.54 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-149% avg · 5y
FY21 -164%FY22 -199%FY23 -268%FY24 16%FY25 -129%

It earned an average -149% 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
+1602% shares · 5y

Share count is up 1602% 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/A · period ending 2021-12-31 · accession 0001410578-22-001931 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001372514-25-000012 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001372514-26-000024 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001372514-23-000050 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001372514-24-000026 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001372514-25-000012 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001372514-26-000024 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001372514-23-000050 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001372514-24-000026 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001372514-25-000012 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001372514-26-000024 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001372514-23-000050 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001372514-25-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-12-31 · accession 0001372514-26-000024 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001372514-23-000050 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001372514-24-000026 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001372514-25-000012 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001372514-26-000024 (CashAndCashEquivalentsAtCarryingValue)