MeritValue

Tiziana Life Sciences Ltd

TLSAdata completeness 75%9 fiscal years on file

Data notes: no data for concept 'revenue'

The thesis, from the filings

Tiziana Life Sciences Ltd earns about -2356% on invested capital, and has bought back 43% 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue—————
Net income−$26.1M1−$23.4M2−$15.4M3−$17.7M3−$11.9M3
Operating cash flow−$11.3M4−$21.8M5−$19.6M6−$15.7M6−$1.53M6
Capital expenditure$3,0007$22,0008——$19,0009
Free cash flow (derived)−$11.3M4−$21.8M5——−$1.55M6
Total debt$324,00010————
Cash & equivalents$65.8M11$42.2M12$18.1M12$1.18M12$3.72M12
Diluted shares194.6M102.3M102.3M103.1M111.5M

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
$0.35
your share of equity
Profit it earned you last year
−$1.06
Free cash flow it threw off
−$0.14
Debt you’d be carrying
—

10 shares is a claim on $0.35 of net worth that earned you −$1.06 and generated −$0.14 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-2356% avg · 5y
FY20 —FY21 —FY22 -838%FY23 -292%FY24 -5937%

It earned an average -2356% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−43% shares · 5y

Share count is down 43% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

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. 20-F/A · period ending 2020-12-31 · accession 0001213900-23-048446 (ProfitLoss)
  2. 20-F · period ending 2021-12-31 · accession 0001213900-24-041808 (ProfitLoss)
  3. 20-F/A · period ending 2022-12-31 · accession 0001213900-25-041113 (ProfitLoss)
  4. 20-F/A · period ending 2020-12-31 · accession 0001213900-23-048446 (CashFlowsFromUsedInOperatingActivities)
  5. 20-F · period ending 2021-12-31 · accession 0001213900-24-041808 (CashFlowsFromUsedInOperatingActivities)
  6. 20-F/A · period ending 2022-12-31 · accession 0001213900-25-041113 (CashFlowsFromUsedInOperatingActivities)
  7. 20-F/A · period ending 2020-12-31 · accession 0001213900-23-048446 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  8. 20-F · period ending 2021-12-31 · accession 0001213900-24-041808 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  9. 20-F/A · period ending 2024-12-31 · accession 0001213900-25-041113 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  10. 20-F · period ending 2020-12-31 · accession 0001213900-22-028645 (Borrowings)
  11. 20-F · period ending 2020-12-31 · accession 0001213900-24-041808 (CashAndCashEquivalents)
  12. 20-F/A · period ending 2021-12-31 · accession 0001213900-25-041113 (CashAndCashEquivalents)