MeritValue

ORAGENICS INC

OGENdata completeness 63%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

ORAGENICS INC earns about -235% on equity, but has diluted owners by 11% 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$86,9871$131,5212$37,6533——
Net income−$15.7M4−$14.3M5−$20.7M6−$10.6M7−$9.84M7
Operating cash flow−$13.5M8−$15.2M9−$7.29M10−$8.6M11−$9.25M11
Capital expenditure$43,87612$127,51913———
Free cash flow (derived)−$13.5M8−$15.4M9———
Total debt—————
Cash & equivalents$27.3M14$11.4M15$3.48M16$864,84017$4.4M17
Diluted shares1.9M2.0M2.2M220,7312.2M

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
$38.39
your share of equity
Profit it earned you last year
−$45.63
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $38.39 of net worth that earned you −$45.63 last year.

iii. Is this a good business?
Moat signal · return on equity
-235% avg · 5y
FY21 -59%FY22 -110%FY23 -652%FY24 —FY25 -119%

It earned an average -235% 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
+11% shares · 5y

Share count is up 11% 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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 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 0001493152-23-012617 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-011979 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001493152-25-010389 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001493152-23-012617 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001493152-24-011979 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001493152-25-010389 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001493152-26-010282 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001493152-23-012617 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001493152-24-011979 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001493152-25-010389 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001493152-26-010282 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001493152-23-012617 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001493152-24-011979 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0001493152-23-012617 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001493152-24-011979 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001493152-25-010389 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001493152-26-010282 (CashAndCashEquivalentsAtCarryingValue)