MeritValue

Semnur Pharmaceuticals, Inc.

SMNRdata completeness 63%4 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'dividendsPaid'

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025
Revenue————
Net income−$419,3901$632,5362−$4.69M3−$160.4M3
Operating cash flow−$426,0954−$632,7835−$4.89M6−$5.87M6
Capital expenditure————
Free cash flow (derived)————
Total debt————
Cash & equivalents$819,7477$204,4647$12,0008$20,0008
Diluted shares——200.0M204.8M

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
−$1.01
your share of equity
Profit it earned you last year
−$7.83
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$1.01 of net worth that earned you −$7.83 last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 4y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+2% shares · 4y

Share count is up 2% over 4 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 v0.5.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 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 2022-12-31 · accession 0001213900-24-028809 (NetIncomeLoss)
  2. 10-K · period ending 2023-12-31 · accession 0001213900-25-027319 (NetIncomeLoss)
  3. 10-K · period ending 2024-12-31 · accession 0001193125-26-082642 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001213900-24-028809 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2023-12-31 · accession 0001213900-25-027319 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0001193125-26-082642 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001213900-24-028809 (CashAndCashEquivalentsAtCarryingValue)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-082642 (CashAndCashEquivalentsAtCarryingValue)