MeritValue

Nuvectis Pharma, Inc.

NVCTdata completeness 63%5 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; 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

Nuvectis Pharma, Inc. earns about -164% on equity, but has diluted owners by 411% 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−$12.9M1−$19.1M2−$22.3M3−$19M4−$26.4M4
Operating cash flow−$9.5M5−$13.6M6−$16M7−$12.2M8−$16M8
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$5.74M9$20M10$19.1M11$18.5M12$31.6M12
Diluted shares4.3M12.7M15.6M17.1M21.8M

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
$8.44
your share of equity
Profit it earned you last year
−$12.12
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $8.44 of net worth that earned you −$12.12 last year.

iii. Is this a good business?
Moat signal · return on equity
-164% avg · 5y
FY21 —FY22 -134%FY23 -182%FY24 -196%FY25 -144%

It earned an average -164% 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
+411% shares · 5y

Share count is up 411% 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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 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
  1. 10-K · period ending 2021-12-31 · accession 0001558370-23-003181 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-002497 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001558370-25-001496 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-013044 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-23-003181 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-24-002497 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001558370-25-001496 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-013044 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001558370-23-003181 (CashAndCashEquivalentsAtCarryingValue)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-24-002497 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2023-12-31 · accession 0001558370-25-001496 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-013044 (CashAndCashEquivalentsAtCarryingValue)