MeritValue

Rein Therapeutics, Inc.

RNTXdata completeness 75%11 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Rein Therapeutics, Inc. earns about -127% on equity, but has diluted owners by 473% 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$01$02$03$04$04
Net income−$26.2M5−$27.3M6−$15.7M7−$62.9M8−$49.9M8
Operating cash flow−$23.8M9−$24.9M10−$19.8M11−$22.3M12−$19.4M12
Capital expenditure$157,00013————
Free cash flow (derived)−$23.9M9————
Total debt—————
Cash & equivalents$3.6M14$5.19M15$17.3M16$12.9M16$3.22M16
Diluted shares4.4M4.5M4.6M17.9M25.4M

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
shares
Net assets behind them
$6.65
your share of equity
Profit it earned you last year
−$19.6
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $6.65 of net worth that earned you −$19.6 last year.

iii. Is this a good business?
Moat signal · return on equity
-127% avg · 5y
FY21 -60%FY22 -147%FY23 -16%FY24 -116%FY25 -295%

It earned an average -127% 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
+473% shares · 5y

Share count is up 473% 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
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 2021-12-31 · accession 0000950170-23-008767 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-044508 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-051566 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-126385 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-008767 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-044508 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-051566 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-126385 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-008767 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-044508 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-051566 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-126385 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-008767 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0000950170-23-008767 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0000950170-24-044508 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001193125-26-126385 (CashAndCashEquivalentsAtCarryingValue)