MeritValue

RenovoRx, Inc.

RNXTdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

RenovoRx, Inc. earns about -189% on equity, but has diluted owners by 577% 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———$43,0001$1.12M1
Net income−$6.32M2−$9.89M3−$10.2M4−$8.81M5−$11.2M5
Operating cash flow−$5.92M6−$8.81M7−$10.3M8−$9.13M9−$11M9
Capital expenditure———$12,00010$2,00010
Free cash flow (derived)———−$9.14M9−$11M9
Total debt—————
Cash & equivalents$15.2M11$4.39M12$1.17M13$7.15M14$7.02M14
Diluted shares5.2M9.1M10.3M22.3M35.3M

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
$1.53
your share of equity
Profit it earned you last year
−$3.16
Free cash flow it threw off
−$3.11
Debt you’d be carrying
—

10 shares is a claim on $1.53 of net worth that earned you −$3.16 and generated −$3.11 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-189% avg · 5y
FY21 -41%FY22 -160%FY23 -341%FY24 -197%FY25 -206%

It earned an average -189% 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
+577% shares · 5y

Share count is up 577% 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 2024-12-31 · accession 0001193125-26-131928 (Revenues)
  2. 10-K · period ending 2021-12-31 · accession 0001493152-23-010332 (NetIncomeLoss)
  3. 10-K · period ending 2022-12-31 · accession 0001493152-24-012357 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001641172-25-001932 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001193125-26-131928 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001493152-23-010332 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001493152-24-012357 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001641172-25-001932 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001193125-26-131928 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001193125-26-131928 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2021-12-31 · accession 0001493152-23-010332 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2022-12-31 · accession 0001493152-24-012357 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0001641172-25-001932 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-12-31 · accession 0001193125-26-131928 (CashAndCashEquivalentsAtCarryingValue)