MeritValue

Protagenic Therapeutics, Inc.\new

PTIXdata completeness 88%14 fiscal years on file

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

The thesis, from the filings

Protagenic Therapeutics, Inc.\new earns about -146% on invested capital, and has bought back 46% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$01$02$02$03$03
Net income−$3.56M4−$5M5−$5.53M5−$3.59M6$1.37M6
Operating cash flow−$1.99M7−$3.7M8−$4.22M8−$1.77M9−$2.81M9
Capital expenditure$1,80510$149,77511——$3,29712
Free cash flow (derived)−$2M7−$3.85M8——−$2.81M9
Total debt—————
Cash & equivalents———$14,53113$1.51M13
Diluted shares4.3M4.3M4.9M5.4M2.3M

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
shares
Net assets behind them
$11.24
your share of equity
Profit it earned you last year
$5.87
Free cash flow it threw off
−$12.07
Debt you’d be carrying
—

10 shares is a claim on $11.24 of net worth that earned you $5.87 and generated −$12.07 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-146% avg · 5y
FY22 -39%FY23 -105%FY24 -431%FY25 —FY26 -9%

It earned an average -146% 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
−46% shares · 5y

Share count is down 46% 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 v0.5.0
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
$4.38
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-019018 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001641172-25-001600 (Revenues)
  3. 10-K · period ending 2025-03-31 · accession 0001493152-26-038255 (Revenues)
  4. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-019018 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001641172-25-001600 (NetIncomeLoss)
  6. 10-K · period ending 2025-03-31 · accession 0001493152-26-038255 (NetIncomeLoss)
  7. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-019018 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001641172-25-001600 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2025-03-31 · accession 0001493152-26-038255 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-019018 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-001600 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2026-03-31 · accession 0001493152-26-038255 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2025-03-31 · accession 0001493152-26-038255 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)