Nasus Pharma Ltd

NSRXdata completeness 88%3 fiscal years on file

Data notes: 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

Nasus Pharma Ltd earns about -212% on equity, but has diluted owners by 13% over 3 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

Figure	FY 2023	FY 2024	FY 2025
Revenue	—	—	$1.24B¹
Net income	−$1.05M²	−$1.53M²	−$5.86M²
Operating cash flow	−$1.03M³	−$665,000³	−$4.92M³
Capital expenditure	—	—	$14,000⁴
Free cash flow (derived)	—	—	−$4.93M³
Total debt	—	—	—
Cash & equivalents	$193,000⁵	$284,000⁵	$1.24M⁵
Diluted shares	7.1M	7.0M	8.0M

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

Net assets behind them

$3.46

your share of equity

Profit it earned you last year

−$7.31

Free cash flow it threw off

−$6.16

Debt you’d be carrying

—

10 shares is a claim on $3.46 of net worth that earned you −$7.31 and generated −$6.16 of cash last year.

iii. Is this a good business?

Moat signal · return on equity

-212% avg · 3y

FY23 —FY24 —FY25 -212%

It earned an average -212% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+13% shares · 3y

Share count is up 13% over 3 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 1 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 1 years of FCF (need ≥3) — model not applicable

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

20-F · period ending 2025-12-31 · accession 0001493152-26-012559 (Revenues)
20-F · period ending 2023-12-31 · accession 0001493152-26-012559 (NetIncomeLoss)
20-F · period ending 2023-12-31 · accession 0001493152-26-012559 (NetCashProvidedByUsedInOperatingActivities)
20-F · period ending 2025-12-31 · accession 0001493152-26-012559 (PaymentsToAcquirePropertyPlantAndEquipment)
20-F · period ending 2023-12-31 · accession 0001493152-26-012559 (CashAndCashEquivalentsAtCarryingValue)