MeritValue

Protagenic Therapeutics, Inc.\new

PTIXdata completeness 63%12 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Protagenic Therapeutics, Inc.\new earns about -152% on invested capital, and has bought back 53% 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue$01$02$03$04$04
Net income−$2.55M5−$4.52M6−$3.56M7−$5M8−$5.53M8
Operating cash flow−$1.35M9−$2.8M10−$1.99M11−$3.7M12−$4.22M12
Capital expenditure——$1,80513$149,77514—
Free cash flow (derived)——−$2M11−$3.85M12—
Total debt—————
Cash & equivalents$671,09115————
Diluted shares10.4M3.7M4.3M4.3M4.9M

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
$2.07
your share of equity
Profit it earned you last year
−$11.28
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $2.07 of net worth that earned you −$11.28 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-152% avg · 5y
FY20 —FY21 -32%FY22 -39%FY23 -105%FY24 -431%

It earned an average -152% 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
−53% shares · 5y

Share count is down 53% 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
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 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
  1. 10-K · period ending 2020-12-31 · accession 0001493152-22-009370 (Revenues)
  2. 10-K · period ending 2021-12-31 · accession 0001493152-23-010152 (Revenues)
  3. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-019018 (Revenues)
  4. 10-K · period ending 2023-12-31 · accession 0001641172-25-001600 (Revenues)
  5. 10-K · period ending 2020-12-31 · accession 0001493152-22-009370 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001493152-23-010152 (NetIncomeLoss)
  7. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-019018 (NetIncomeLoss)
  8. 10-K · period ending 2023-12-31 · accession 0001641172-25-001600 (NetIncomeLoss)
  9. 10-K · period ending 2020-12-31 · accession 0001493152-22-009370 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001493152-23-010152 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-019018 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2023-12-31 · accession 0001641172-25-001600 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-019018 (PaymentsToAcquireProductiveAssets)
  14. 10-K · period ending 2023-12-31 · accession 0001641172-25-001600 (PaymentsToAcquireProductiveAssets)
  15. 10-K · period ending 2020-12-31 · accession 0001493152-21-006756 (CashAndCashEquivalentsAtCarryingValue)