Polaryx Therapeutics, Inc.

PLYXdata completeness 63%2 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

Polaryx Therapeutics, Inc. earns about -26353% on invested capital, but has diluted owners by 33% over 2 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 2024	FY 2025
Revenue	—	—
Net income	−$30.4M¹	−$8.99M¹
Operating cash flow	−$2.57M²	−$3.94M²
Capital expenditure	—	—
Free cash flow (derived)	—	—
Total debt	—	—
Cash & equivalents	$4.62M³	$5.14M³
Diluted shares	34.2M	45.4M

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

$1.01

your share of equity

Profit it earned you last year

−$1.98

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $1.01 of net worth that earned you −$1.98 last year.

iii. Is this a good business?

Moat signal · return on invested capital

-26353% avg · 2y

FY24 -26353%FY25 —

It earned an average -26353% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+33% shares · 2y

Share count is up 33% over 2 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 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

only 2 years of net income (need ≥3)

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 2024-12-31 · accession 0001213900-26-033064 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001213900-26-033064 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001213900-26-033064 (CashAndCashEquivalentsAtCarryingValue)