MeritValue

PURE BIOSCIENCE, INC.

PUREdata completeness 75%15 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

PURE BIOSCIENCE, INC. earns about -538% on equity, but has diluted owners by 28% 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
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$3.93M1$1.85M2$1.88M3$1.96M4$2.2M4
Net income−$2.32M5−$3.49M6−$3.96M7−$3.35M8−$2.4M8
Operating cash flow−$1.17M9−$2.42M10−$3.28M11−$2.53M12−$2.02M12
Capital expenditure$521,00013$81,00014$33,00015——
Free cash flow (derived)−$1.69M9−$2.5M10−$3.31M11——
Total debt—————
Cash & equivalents$2.39M16$3.39M17$1.1M18$349,00019$334,00019
Diluted shares87.2M88.8M111.4M111.9M111.9M

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
−$0.46
your share of equity
Profit it earned you last year
−$0.21
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.46 of net worth that earned you −$0.21 last year.

iii. Is this a good business?
Moat signal · return on equity
-538% avg · 5y
FY21 -70%FY22 -89%FY23 -1456%FY24 —FY25 —

It earned an average -538% 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
+28% shares · 5y

Share count is up 28% 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 v0.1.0
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
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 2021-07-31 · accession 0001493152-22-029844 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-07-31 · accession 0001493152-23-038673 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-07-31 · accession 0001493152-24-042939 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-07-31 · accession 0001493152-25-020065 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-07-31 · accession 0001493152-22-029844 (NetIncomeLoss)
  6. 10-K · period ending 2022-07-31 · accession 0001493152-23-038673 (NetIncomeLoss)
  7. 10-K · period ending 2023-07-31 · accession 0001493152-24-042939 (NetIncomeLoss)
  8. 10-K · period ending 2024-07-31 · accession 0001493152-25-020065 (NetIncomeLoss)
  9. 10-K · period ending 2021-07-31 · accession 0001493152-22-029844 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-07-31 · accession 0001493152-23-038673 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-07-31 · accession 0001493152-24-042939 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-07-31 · accession 0001493152-25-020065 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-07-31 · accession 0001493152-22-029844 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-07-31 · accession 0001493152-23-038673 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-07-31 · accession 0001493152-24-042939 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-07-31 · accession 0001493152-22-029844 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-07-31 · accession 0001493152-23-038673 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-07-31 · accession 0001493152-24-042939 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-07-31 · accession 0001493152-25-020065 (CashAndCashEquivalentsAtCarryingValue)