MeritValue

NovaBridge Biosciences

NBPdata completeness 75%7 fiscal years on file
The thesis, from the filings

NovaBridge Biosciences earns about -174% on invested capital, but has diluted owners by 26% 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$13.8M1−$1.55M2$632,0003——
Net income−$365.9M4−$371.1M5−$207.7M6−$22.2M6−$46.3M6
Operating cash flow−$152.7M7−$159.9M8−$183.8M9−$52.7M10−$20.6M10
Capital expenditure$4.7M11$2.09M12$164,00013$48,00013$7,00013
Free cash flow (derived)−$157.4M7−$162M8−$184M9−$52.7M10−$20.6M10
Total debt—$2.75M14$4.22M15——
Cash & equivalents$552.9M16$342.9M17$291.5M18$68.3M18$210.6M18
Diluted shares174.7M189.8M191.4M186.7M220.3M

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
$10.48
your share of equity
Profit it earned you last year
−$2.1
Free cash flow it threw off
−$0.94
Debt you’d be carrying
—

10 shares is a claim on $10.48 of net worth that earned you −$2.1 and generated −$0.94 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-174% avg · 5y
FY21 -178%FY22 -144%FY23 —FY24 -30%FY25 -344%

It earned an average -174% 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
+26% shares · 5y

Share count is up 26% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 54% over the same window.

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. 20-F · period ending 2021-12-31 · accession 0001193125-22-133550 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0000950170-25-050344 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001778016-26-000002 (Revenues)
  4. 20-F · period ending 2021-12-31 · accession 0001193125-22-133550 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0000950170-25-050344 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001778016-26-000002 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001193125-22-133550 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001104659-23-053462 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001104659-24-054452 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2024-12-31 · accession 0001778016-26-000002 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  11. 20-F · period ending 2021-12-31 · accession 0001193125-22-133550 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2022-12-31 · accession 0000950170-25-050344 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2023-12-31 · accession 0001778016-26-000002 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 20-F · period ending 2022-12-31 · accession 0001104659-23-053462 (ShortTermBorrowings)
  15. 20-F · period ending 2023-12-31 · accession 0001104659-24-054452 (ShortTermBorrowings)
  16. 20-F · period ending 2021-12-31 · accession 0001193125-22-133550 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2022-12-31 · accession 0000950170-25-050344 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2023-12-31 · accession 0001778016-26-000002 (CashAndCashEquivalentsAtCarryingValue)