MeritValue

Veradermics, Inc

MANEdata completeness 75%2 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'depreciationAmortization'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'interestExpense'

i. The business — what you’d actually own
FigureFY 2024FY 2025
Revenue——
Net income−$26.5M1−$70M1
Operating cash flow−$23.7M2−$71.6M2
Capital expenditure$03$24,0003
Free cash flow (derived)−$23.7M2−$71.6M2
Total debt——
Cash & equivalents$53.1M4$21.8M4
Diluted shares736,933744,991

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
−$1,624.37
your share of equity
Profit it earned you last year
−$939.54
Free cash flow it threw off
−$961.43
Debt you’d be carrying
—

10 shares is a claim on −$1,624.37 of net worth that earned you −$939.54 and generated −$961.43 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 2y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+1% shares · 2y

Share count is roughly flat over 2 years — little dilution, little buyback.

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 v0.5.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
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 2024-12-31 · accession 0001827635-26-000013 (NetIncomeLoss)
  2. 10-K · period ending 2024-12-31 · accession 0001827635-26-000013 (NetCashProvidedByUsedInOperatingActivities)
  3. 10-K · period ending 2024-12-31 · accession 0001827635-26-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
  4. 10-K · period ending 2024-12-31 · accession 0001827635-26-000013 (CashAndCashEquivalentsAtCarryingValue)