ProtoKinetix, Inc.

PKTXdata completeness 63%26 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

The thesis, from the filings

ProtoKinetix, Inc. earns about -289% on equity, but has diluted owners by 32% 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

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—	—
Net income	−$2.33M¹	−$1.91M²	−$415,479³	−$364,188⁴	−$393,650⁴
Operating cash flow	−$889,891⁵	−$804,669⁶	−$375,989⁷	−$223,050⁸	−$135,377⁸
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$57,568⁹	$25,550¹⁰	$20,408¹¹	$4,697¹¹	$1,118¹¹
Diluted shares	291.9M	307.4M	333.1M	358.6M	386.3M

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

Net assets behind them

$0.01

your share of equity

Profit it earned you last year

−$0.01

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $0.01 of net worth that earned you −$0.01 last year.

iii. Is this a good business?

Moat signal · return on equity

-289% avg · 5y

FY21 -660%FY22 -453%FY23 -95%FY24 -106%FY25 -132%

It earned an average -289% 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

+32% shares · 5y

Share count is up 32% 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 v0.5.0

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

10-K · period ending 2021-12-31 · accession 0001079973-23-000353 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001079973-24-000403 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001079973-25-000516 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001079973-26-001218 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001079973-23-000353 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001079973-24-000403 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001079973-25-000516 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001079973-26-001218 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0001079973-22-000230 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-12-31 · accession 0001079973-25-000516 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
10-K · period ending 2023-12-31 · accession 0001079973-26-001218 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)