MeritValue

Lunai Bioworks Inc.

LNAIdata completeness 63%14 fiscal years on file
The thesis, from the filings

Lunai Bioworks Inc. earns about -75% on invested capital, but has diluted owners by 216% 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—————
Net income−$26.7M1−$113.4M2−$39.7M3−$88.4M4−$178M4
Operating cash flow−$20.6M5−$15.7M6−$11.8M7−$11M8−$7.87M8
Capital expenditure$48,8929$5,15610$29,77411$70,43012—
Free cash flow (derived)−$20.7M5−$15.7M6−$11.8M7−$11M8—
Total debt—————
Cash & equivalents$20.7M13$9.17M14$1.87M15$220,46716$92,70016
Diluted shares52.2M52.5M56.3M97.5M165.1M

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
−$1.29
your share of equity
Profit it earned you last year
−$10.78
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$1.29 of net worth that earned you −$10.78 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-75% avg · 5y
FY21 -14%FY22 -141%FY23 -69%FY24 —FY25 —

It earned an average -75% 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
+216% shares · 5y

Share count is up 216% 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 2021-06-30 · accession 0001731122-23-000271 (NetIncomeLoss)
  2. 10-K · period ending 2022-06-30 · accession 0001731122-23-001770 (NetIncomeLoss)
  3. 10-K/A · period ending 2023-06-30 · accession 0001731122-25-000252 (NetIncomeLoss)
  4. 10-K · period ending 2024-06-30 · accession 0001731122-25-001316 (NetIncomeLoss)
  5. 10-K · period ending 2021-06-30 · accession 0001731122-23-000271 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-06-30 · accession 0001731122-23-001770 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K/A · period ending 2023-06-30 · accession 0001731122-25-000252 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-06-30 · accession 0001731122-25-001316 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-06-30 · accession 0001731122-23-000271 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-06-30 · accession 0001731122-23-001770 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K/A · period ending 2023-06-30 · accession 0001731122-25-000252 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-06-30 · accession 0001731122-25-001316 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-06-30 · accession 0001731122-23-000271 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-06-30 · accession 0001731122-23-001770 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K/A · period ending 2023-06-30 · accession 0001731122-25-000252 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-06-30 · accession 0001731122-25-001316 (CashAndCashEquivalentsAtCarryingValue)