MeritValue

BiomX Inc.

PHGEdata completeness 75%9 fiscal years on file

Data notes: no data for concept 'revenue'

The thesis, from the filings

BiomX Inc. earns about -164% on invested capital, and has bought back 94% 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—————
Net income−$36.2M1−$28.3M2−$26.2M3−$17.7M4−$36.2M4
Operating cash flow−$27.6M5−$29.1M6−$21.3M7−$37M8−$26.4M8
Capital expenditure$3.68M9$112,00010$50,00011$30,00012$2,00012
Free cash flow (derived)−$31.3M5−$29.2M6−$21.3M7−$37M8−$26.4M8
Total debt$29.4M13$29.9M14$22.4M15——
Cash & equivalents$62.1M16$31.3M17$14.9M18$16.9M19$4.36M19
Diluted shares26.0M29.9M5.1M757,7491.6M

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
−$7.98
your share of equity
Profit it earned you last year
−$221.94
Free cash flow it threw off
−$161.81
Debt you’d be carrying
—

10 shares is a claim on −$7.98 of net worth that earned you −$221.94 and generated −$161.81 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-164% avg · 5y
FY21 -189%FY22 -106%FY23 -178%FY24 -183%FY25 —

It earned an average -164% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−94% shares · 5y

Share count is down 94% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 24% — deleveraging.

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
book value / share count 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 0001213900-23-024122 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-24-030053 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001013762-25-002283 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-018231 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001213900-23-024122 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001213900-24-030053 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001013762-25-002283 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-018231 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001213900-23-024122 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001213900-24-030053 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001013762-25-002283 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001213900-26-018231 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001213900-23-024122 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001213900-24-030053 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001013762-25-002283 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2021-12-31 · accession 0001213900-23-024122 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001213900-24-030053 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001013762-25-002283 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001213900-26-018231 (CashAndCashEquivalentsAtCarryingValue)