MeritValue

NeuroSense Therapeutics Ltd.

NRSNdata completeness 75%7 fiscal years on file

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

The thesis, from the filings

NeuroSense Therapeutics Ltd. earns about -204% on equity, but has diluted owners by 1174% 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—————
Net income−$4.04M1−$10.5M2−$10.1M3−$10.2M3−$11.1M3
Operating cash flow−$1.54M4−$7.62M5−$8.35M6−$10.1M6−$7.67M6
Capital expenditure$17,0007$70,0008$29,0009$3,0009$8,0009
Free cash flow (derived)−$1.56M4−$7.69M5−$8.38M6−$10.1M6−$7.68M6
Total debt—————
Cash & equivalents$11.1M10$3.54M11$2.64M12$3.38M13$166,00013
Diluted shares2.0M11.5M13.6M18.6M25.5M

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
−$0.61
your share of equity
Profit it earned you last year
−$4.37
Free cash flow it threw off
−$3.01
Debt you’d be carrying
—

10 shares is a claim on −$0.61 of net worth that earned you −$4.37 and generated −$3.01 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-204% avg · 5y
FY21 -37%FY22 -180%FY23 —FY24 -395%FY25 —

It earned an average -204% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+1174% shares · 5y

Share count is up 1174% 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. 20-F · period ending 2021-12-31 · accession 0001213900-24-030439 (ProfitLoss)
  2. 20-F · period ending 2022-12-31 · accession 0001213900-25-029464 (NetIncomeLoss)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-26-036970 (NetIncomeLoss)
  4. 20-F · period ending 2021-12-31 · accession 0001213900-24-030439 (CashFlowsFromUsedInOperatingActivities)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-029464 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-036970 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2021-12-31 · accession 0001213900-24-030439 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001213900-25-029464 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2023-12-31 · accession 0001213900-26-036970 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 20-F · period ending 2021-12-31 · accession 0001213900-25-029464 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  11. 20-F · period ending 2022-12-31 · accession 0001213900-26-036970 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  12. 20-F · period ending 2023-12-31 · accession 0001213900-25-029464 (CashAndCashEquivalentsAtCarryingValue)
  13. 20-F · period ending 2024-12-31 · accession 0001213900-26-036970 (CashAndCashEquivalentsAtCarryingValue)