MeritValue

Neurogene Inc.

NGNEdata completeness 88%14 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Neurogene Inc. earns about -51% on invested capital, and has bought back 61% of its shares over 5 years. 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——$01$925,0002$02
Net income−$60.7M3−$55.2M4−$36.3M5−$75.1M6−$90.4M6
Operating cash flow−$47.6M7−$52.8M8−$51.4M9−$70.6M10−$77.2M10
Capital expenditure$3.26M11$2.23M12$321,00013$808,00014$1.18M14
Free cash flow (derived)−$50.8M7−$55.1M8−$51.7M9−$71.4M10−$78.4M10
Total debt—————
Cash & equivalents$142.5M15$82M16$148.2M17$136.6M18$103.8M18
Diluted shares55.0M55.2M12.8M17.6M21.3M

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
$124.21
your share of equity
Profit it earned you last year
−$42.37
Free cash flow it threw off
−$36.74
Debt you’d be carrying
—

10 shares is a claim on $124.21 of net worth that earned you −$42.37 and generated −$36.74 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-51% avg · 5y
FY21 —FY22 —FY23 -76%FY24 -34%FY25 -44%

It earned an average -51% 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
−61% shares · 5y

Share count is down 61% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 2023-12-31 · accession 0001404644-25-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001404644-26-000019 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2021-12-31 · accession 0001628280-23-008602 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001404644-24-000020 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001404644-25-000012 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001404644-26-000019 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001628280-23-008602 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001404644-24-000020 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001404644-25-000012 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001404644-26-000019 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-12-31 · accession 0001628280-23-008602 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-12-31 · accession 0001404644-24-000020 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001404644-25-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-12-31 · accession 0001404644-26-000019 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001628280-23-008602 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001404644-24-000020 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001404644-25-000012 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001404644-26-000019 (CashAndCashEquivalentsAtCarryingValue)