MeritValue

Satellos Bioscience Inc.

MSLEdata completeness 75%2 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Satellos Bioscience Inc. earns about -169% on invested capital, but has diluted owners by 62% over 2 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 2024FY 2025
Revenue——
Net income−$20.6M1−$24.9M1
Operating cash flow−$18.3M2−$23.6M2
Capital expenditure$4,0003$6,0003
Free cash flow (derived)−$18.3M2−$23.6M2
Total debt——
Cash & equivalents$40.1M4$9.8M4
Diluted shares9.6M15.5M

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
$17.97
your share of equity
Profit it earned you last year
−$16.09
Free cash flow it threw off
−$15.27
Debt you’d be carrying
—

10 shares is a claim on $17.97 of net worth that earned you −$16.09 and generated −$15.27 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-169% avg · 2y
FY24 -230%FY25 -109%

It earned an average -169% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+62% shares · 2y

Share count is up 62% over 2 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
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. 40-F · period ending 2024-12-31 · accession 0001104659-26-035729 (ProfitLoss)
  2. 40-F · period ending 2024-12-31 · accession 0001104659-26-035729 (CashFlowsFromUsedInOperatingActivities)
  3. 40-F · period ending 2024-12-31 · accession 0001104659-26-035729 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  4. 40-F · period ending 2024-12-31 · accession 0001104659-26-035729 (CashAndCashEquivalents)