MeritValue

Alaunos Therapeutics, Inc.

TCRTdata completeness 88%22 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

Alaunos Therapeutics, Inc. earns about -146% on equity, and has bought back 99% of its shares over 5 years. 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$398,0001$2.92M2$5,0003$10,0004$5,0004
Net income−$78.8M5−$37.7M6−$4.68M7−$4.68M7−$4.18M7
Operating cash flow−$61.5M8−$29.2M9−$30.1M10−$4.97M11−$2.87M11
Capital expenditure$3.32M12$216,00013$197,00014$015$98,00015
Free cash flow (derived)−$64.8M8−$29.4M9−$30.3M10−$4.97M11−$2.97M11
Total debt$24.1M16$16.8M17$018$018—
Cash & equivalents$76.1M19$39.1M20$6.06M21$1.09M22$1.39M22
Diluted shares214.4M14.5M1.6M1.6M1.9M

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
$11.05
your share of equity
Profit it earned you last year
−$21.43
Free cash flow it threw off
−$15.23
Debt you’d be carrying
—

10 shares is a claim on $11.05 of net worth that earned you −$21.43 and generated −$15.23 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-146% avg · 5y
FY21 -136%FY22 -98%FY23 -74%FY24 -227%FY25 -194%

It earned an average -146% 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
−99% shares · 5y

Share count is down 99% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 100% — deleveraging.

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 0000950170-23-006377 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-038868 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-047758 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-134720 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-006377 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-038868 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001193125-26-134720 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0000950170-23-006377 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0000950170-24-038868 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0000950170-25-047758 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001193125-26-134720 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0000950170-23-006377 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0000950170-24-038868 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0000950170-25-047758 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001193125-26-134720 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0000950170-23-006377 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-12-31 · accession 0000950170-24-038868 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2023-12-31 · accession 0000950170-25-047758 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2021-12-31 · accession 0000950170-23-006377 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-12-31 · accession 0000950170-24-038868 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0000950170-25-047758 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2024-12-31 · accession 0001193125-26-134720 (CashAndCashEquivalentsAtCarryingValue)