MeritValue

LIPELLA PHARMACEUTICALS INC.

LIPOdata completeness 75%4 fiscal years on file

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

The thesis, from the filings

LIPELLA PHARMACEUTICALS INC. earns about -149% on equity, and has bought back 69% of its shares over 4 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 2024
Revenue$259,3471$184,1562$449,6173$536,3573
Net income−$1.87M4−$2.6M5−$4.62M6−$5.02M6
Operating cash flow−$989,2717−$1.83M8−$3.15M9−$3.95M9
Capital expenditure——$14,43410—
Free cash flow (derived)——−$3.16M9—
Total debt————
Cash & equivalents$1.41M11$5.12M12$3.29M13$2.18M13
Diluted shares3.4M4.1M750,3831.0M

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
$18.31
your share of equity
Profit it earned you last year
−$47.86
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $18.31 of net worth that earned you −$47.86 last year.

iii. Is this a good business?
Moat signal · return on equity
-149% avg · 4y
FY21 -131%FY22 -56%FY23 -147%FY24 -261%

It earned an average -149% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−69% shares · 4y

Share count is down 69% over 4 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
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
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 0001753926-23-000352 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001753926-24-000403 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001753926-25-000507 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001753926-23-000352 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001753926-24-000403 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001753926-25-000507 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001753926-23-000352 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001753926-24-000403 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001753926-25-000507 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001753926-25-000507 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2021-12-31 · accession 0001753926-23-000352 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2022-12-31 · accession 0001753926-24-000403 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0001753926-25-000507 (CashAndCashEquivalentsAtCarryingValue)