MeritValue

Senti Biosciences Holdings, Inc.

SNTIdata completeness 88%5 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

Senti Biosciences Holdings, Inc. earns about -364% on equity, but has diluted owners by 672% 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$2.29M1$3.29M2$1.98M3$04$22,0004
Net income−$55.3M5−$58.2M6−$71.1M7−$52.8M8−$61.4M8
Operating cash flow−$34.6M9−$34.9M10−$52.4M11−$41.4M12−$43.4M12
Capital expenditure$5.54M13$41.4M14$12M15$26,00016$196,00016
Free cash flow (derived)−$40.2M9−$76.3M10−$64.4M11−$41.4M12−$43.6M12
Total debt—————
Cash & equivalents$56M17$57.6M18$35.9M19$48.3M20$16.4M20
Diluted shares2.9M26.1M4.4M4.6M22.5M

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
$2.49
your share of equity
Profit it earned you last year
−$27.33
Free cash flow it threw off
−$19.41
Debt you’d be carrying
—

10 shares is a claim on $2.49 of net worth that earned you −$27.33 and generated −$19.41 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-364% avg · 5y
FY21 —FY22 -46%FY23 -106%FY24 -206%FY25 -1099%

It earned an average -364% 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
+672% shares · 5y

Share count is up 672% 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 0001854270-23-000033 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001854270-24-000029 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001854270-25-000042 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001628280-26-021580 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001854270-23-000033 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001854270-24-000029 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001854270-25-000042 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001628280-26-021580 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001854270-23-000033 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001854270-24-000029 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001854270-25-000042 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001628280-26-021580 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001854270-23-000033 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001854270-24-000029 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001854270-25-000042 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-021580 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001854270-23-000033 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001854270-24-000029 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001854270-25-000042 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001628280-26-021580 (CashAndCashEquivalentsAtCarryingValue)