MeritValue

REGENXBIO Inc.

RGNXdata completeness 88%13 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

REGENXBIO Inc. earns about -80% on invested capital, but has diluted owners by 17% 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$470.3M1$112.7M2$90.2M2$83.3M3$170.4M3
Net income$127.8M4−$280.3M5−$263.5M5−$227.1M6−$193.9M6
Operating cash flow$218.9M7−$207.5M8−$218.4M8−$173.1M9−$124M9
Capital expenditure$84.2M10$30.7M11$9.96M11$2.44M12$2.41M12
Free cash flow (derived)$134.7M7−$238.2M8−$228.4M8−$175.6M9−$126.4M9
Total debt—————
Cash & equivalents$345.2M13$97M14$34.5M14$57.5M15$34.5M15
Diluted shares43.9M43.2M43.7M49.5M51.6M

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
$19.92
your share of equity
Profit it earned you last year
−$37.59
Free cash flow it threw off
−$24.5
Debt you’d be carrying
—

10 shares is a claim on $19.92 of net worth that earned you −$37.59 and generated −$24.5 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-80% avg · 5y
FY21 36%FY22 -48%FY23 -73%FY24 -89%FY25 -224%

It earned an average -80% 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
+17% shares · 5y

Share count is up 17% 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 2021-12-31 · accession 0000950170-24-021161 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-038770 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001193125-26-094013 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-021161 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-038770 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001193125-26-094013 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-021161 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-038770 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001193125-26-094013 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-021161 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-038770 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-094013 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-24-021161 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-25-038770 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001193125-26-094013 (CashAndCashEquivalentsAtCarryingValue)