MeritValue

Solid Biosciences Inc.

SLDBdata completeness 75%10 fiscal years on file

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

The thesis, from the filings

Solid Biosciences Inc. earns about -68% on equity, but has diluted owners by 1129% 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$13.6M1$8.09M1———
Net income−$72.2M2−$86M2−$96M3−$124.7M4−$174.3M4
Operating cash flow−$77.8M5−$98M5−$94.2M6−$100M7−$156.3M7
Capital expenditure$1.28M8$3.02M8$1.52M9$654,00010$1.15M10
Free cash flow (derived)−$79M5−$101M5−$95.7M6−$100.7M7−$157.4M7
Total debt—————
Cash & equivalents$119.1M11$155.4M11$74M12$80.2M13$59.9M13
Diluted shares7.1M8.5M19.9M40.8M87.5M

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
$20.57
your share of equity
Profit it earned you last year
−$19.92
Free cash flow it threw off
−$17.99
Debt you’d be carrying
—

10 shares is a claim on $20.57 of net worth that earned you −$19.92 and generated −$17.99 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-68% avg · 5y
FY21 -35%FY22 -41%FY23 -76%FY24 -91%FY25 -97%

It earned an average -68% 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
+1129% shares · 5y

Share count is up 1129% 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 0000950170-23-009318 (Revenues)
  2. 10-K · period ending 2021-12-31 · accession 0000950170-24-030508 (ProfitLoss)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-034644 (ProfitLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-115928 (ProfitLoss)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-24-030508 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0000950170-25-034644 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2024-12-31 · accession 0001193125-26-115928 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2021-12-31 · accession 0000950170-24-030508 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0000950170-25-034644 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2024-12-31 · accession 0001193125-26-115928 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2021-12-31 · accession 0000950170-24-030508 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-12-31 · accession 0000950170-25-034644 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-12-31 · accession 0001193125-26-115928 (CashAndCashEquivalentsAtCarryingValue)