MeritValue

OnKure Therapeutics, Inc.

OKURdata completeness 75%6 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

OnKure Therapeutics, Inc. earns about -61% on equity, and has bought back 26% of its shares over 5 years. 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———$01—
Net income−$39.8M2−$52M3−$35.3M4−$52.7M5−$59.5M5
Operating cash flow−$38M6−$47.4M7−$34.5M8−$51.1M9−$51.8M9
Capital expenditure$198,00010$346,00011$246,00012$52,00013$46,00013
Free cash flow (derived)−$38.2M6−$47.7M7−$34.8M8−$51.2M9−$51.9M9
Total debt—————
Cash & equivalents$124.7M14$19.9M15$29.9M16$110.8M17$59.1M17
Diluted shares18.1M24.5M283,8173.4M13.5M

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
$41.57
your share of equity
Profit it earned you last year
−$44.03
Free cash flow it threw off
−$38.38
Debt you’d be carrying
—

10 shares is a claim on $41.57 of net worth that earned you −$44.03 and generated −$38.38 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-61% avg · 5y
FY21 -27%FY22 —FY23 —FY24 -51%FY25 -106%

It earned an average -61% 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
−26% shares · 5y

Share count is down 26% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 2024-12-31 · accession 0000950170-25-036252 (Revenues)
  2. 10-K · period ending 2021-12-31 · accession 0000950170-23-009978 (NetIncomeLoss)
  3. 10-K · period ending 2022-12-31 · accession 0000950170-24-038009 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0000950170-25-036252 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001193125-26-104147 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0000950170-23-009978 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0000950170-24-038009 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0000950170-25-036252 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001193125-26-104147 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-23-009978 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-24-038009 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000950170-25-036252 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2024-12-31 · accession 0001193125-26-104147 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0000950170-23-009978 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0000950170-24-038009 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0000950170-25-036252 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001193125-26-104147 (CashAndCashEquivalentsAtCarryingValue)