MeritValue

Lexeo Therapeutics, Inc.

LXEOdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Lexeo Therapeutics, Inc. earns about -69% on invested capital, but has diluted owners by 3190% over 4 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 2022FY 2023FY 2024FY 2025
Revenue$654,0001———
Net income−$59.3M2−$66.4M3−$98.3M4−$100M4
Operating cash flow−$54.6M5−$59.5M6−$81.2M7−$98.6M7
Capital expenditure$672,0008$115,0009$481,00010$397,00010
Free cash flow (derived)−$55.2M5−$59.6M6−$81.6M7−$99M7
Total debt————
Cash & equivalents$77.3M11$121.5M12$35M13$63M13
Diluted shares1.6M5.4M31.8M53.6M

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
$45.98
your share of equity
Profit it earned you last year
−$18.63
Free cash flow it threw off
−$18.45
Debt you’d be carrying
—

10 shares is a claim on $45.98 of net worth that earned you −$18.63 and generated −$18.45 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-69% avg · 4y
FY22 —FY23 —FY24 -95%FY25 -43%

It earned an average -69% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+3190% shares · 4y

Share count is up 3190% over 4 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 2022-12-31 · accession 0000950170-24-028941 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-028941 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-043486 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-132085 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-24-028941 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0000950170-25-043486 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2024-12-31 · accession 0001193125-26-132085 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-24-028941 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0000950170-25-043486 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2024-12-31 · accession 0001193125-26-132085 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-24-028941 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-12-31 · accession 0000950170-25-043486 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-12-31 · accession 0001193125-26-132085 (CashAndCashEquivalentsAtCarryingValue)