MeritValue

PALISADE BIO, INC.

PALIdata completeness 75%17 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

PALISADE BIO, INC. earns about -158% on equity, but has diluted owners by 29677% 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—$01$250,0002$02$03
Net income−$26.6M4−$14.3M5−$12.3M6−$14.4M7−$16.8M7
Operating cash flow−$14.8M8−$13.4M9−$11.1M10−$12.2M11−$10.8M11
Capital expenditure$012$10,00013$4,00014$014—
Free cash flow (derived)−$14.8M8−$13.4M9−$11.1M10−$12.2M11—
Total debt$174,00015————
Cash & equivalents$10.5M16$12.4M17$12.4M18$9.82M19$133.4M19
Diluted shares186,958880,311456,0141.4M55.7M

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
$23.24
your share of equity
Profit it earned you last year
−$3.01
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $23.24 of net worth that earned you −$3.01 last year.

iii. Is this a good business?
Moat signal · return on equity
-158% avg · 5y
FY21 -361%FY22 -114%FY23 -109%FY24 -193%FY25 -13%

It earned an average -158% 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
+29677% shares · 5y

Share count is up 29677% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 2022-12-31 · accession 0000950170-24-036402 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0000950170-25-043859 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2025-12-31 · accession 0001357459-26-000004 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-23-009226 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-24-036402 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000950170-25-043859 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001357459-26-000004 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0000950170-23-009226 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0000950170-24-036402 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0000950170-25-043859 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001357459-26-000004 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0000950170-23-009226 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0000950170-24-036402 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0000950170-25-043859 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0000950170-22-004093 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2021-12-31 · accession 0000950170-23-009226 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0000950170-24-036402 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0000950170-25-043859 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001357459-26-000004 (CashAndCashEquivalentsAtCarryingValue)