MeritValue

NEUROONE MEDICAL TECHNOLOGIES Corp

NMTCdata completeness 88%14 fiscal years on file
The thesis, from the filings

NEUROONE MEDICAL TECHNOLOGIES Corp earns about -708% on invested capital, but has diluted owners by 275% 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$178,1461$171,1692$1.95M3$3.45M4$9.1M4
Net income−$9.95M5−$10M6−$11.9M7−$12.3M8−$3.61M8
Operating cash flow−$8.6M9−$7.52M10−$12.9M11−$11M12−$2.84M12
Capital expenditure$67,07913$275,22614$384,11715$120,19716$81,74216
Free cash flow (derived)−$8.67M9−$7.79M10−$13.3M11−$11.1M12−$2.92M12
Total debt—————
Cash & equivalents$6.9M17$8.16M18$5.32M19$1.46M20$6.57M20
Diluted shares10.7M16.0M18.1M26.8M40.2M

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
$1.76
your share of equity
Profit it earned you last year
−$0.9
Free cash flow it threw off
−$0.73
Debt you’d be carrying
—

10 shares is a claim on $1.76 of net worth that earned you −$0.9 and generated −$0.73 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-708% avg · 5y
FY21 —FY22 -547%FY23 -1011%FY24 —FY25 -567%

It earned an average -708% 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
+275% shares · 5y

Share count is up 275% over 5 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 2021-09-30 · accession 0001213900-22-081897 (Revenues)
  2. 10-K · period ending 2022-09-30 · accession 0001213900-23-096120 (Revenues)
  3. 10-K · period ending 2023-09-30 · accession 0001213900-24-109524 (Revenues)
  4. 10-K · period ending 2024-09-30 · accession 0001213900-25-122390 (Revenues)
  5. 10-K · period ending 2021-09-30 · accession 0001213900-22-081897 (NetIncomeLoss)
  6. 10-K · period ending 2022-09-30 · accession 0001213900-23-096120 (NetIncomeLoss)
  7. 10-K · period ending 2023-09-30 · accession 0001213900-24-109524 (NetIncomeLoss)
  8. 10-K · period ending 2024-09-30 · accession 0001213900-25-122390 (NetIncomeLoss)
  9. 10-K · period ending 2021-09-30 · accession 0001213900-22-081897 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-09-30 · accession 0001213900-23-096120 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-09-30 · accession 0001213900-24-109524 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-09-30 · accession 0001213900-25-122390 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-09-30 · accession 0001213900-22-081897 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-09-30 · accession 0001213900-23-096120 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-09-30 · accession 0001213900-24-109524 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-09-30 · accession 0001213900-25-122390 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-09-30 · accession 0001213900-22-081897 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-09-30 · accession 0001213900-23-096120 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-09-30 · accession 0001213900-24-109524 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-09-30 · accession 0001213900-25-122390 (CashAndCashEquivalentsAtCarryingValue)