MeritValue

KYNTRA BIO, INC.

KYNBdata completeness 88%13 fiscal years on file
The thesis, from the filings

KYNTRA BIO, INC. earns about -139% on equity, and has bought back 96% 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$235.3M1$140.7M1$46.8M2$29.6M3$6.44M3
Net income−$290M4−$293.7M4−$284.2M5−$47.6M6$183.5M6
Operating cash flow−$82.2M7−$145.9M7−$315M8−$138M9−$4.77M9
Capital expenditure$5.19M10$3.74M10$2.52M11$266,00012$38,00012
Free cash flow (derived)−$87.4M7−$149.7M7−$317.5M8−$138.3M9−$4.81M9
Total debt—————
Cash & equivalents$171.2M13$155.7M14$81.6M15$50.5M16$47.9M16
Diluted shares92.3M93.6M97.3M4.0M4.0M

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
−$74.3
your share of equity
Profit it earned you last year
$453.75
Free cash flow it threw off
−$11.9
Debt you’d be carrying
—

10 shares is a claim on −$74.3 of net worth that earned you $453.75 and generated −$11.9 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-139% avg · 5y
FY21 -139%FY22 —FY23 —FY24 —FY25 —

It earned an average -139% 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
−96% shares · 5y

Share count is down 96% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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
book value / share count 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 0000950170-24-020161 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0000950170-25-040280 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001193125-26-108346 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-020161 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0000950170-25-040280 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001193125-26-108346 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-020161 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0000950170-25-040280 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001193125-26-108346 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-020161 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-040280 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-108346 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-004668 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-020161 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-040280 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-108346 (CashAndCashEquivalentsAtCarryingValue)