MeritValue

Traws Pharma, Inc.

TRAWdata completeness 88%15 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Traws Pharma, Inc. earns about -93% on equity, and has bought back 50% 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$226,0001$226,0002$226,0003$226,0004$2.79M4
Net income−$16.2M5−$19M6−$18.9M7−$166.5M8$9.17M8
Operating cash flow−$19.5M9−$16.3M10−$17.9M11−$29.8M12−$18.2M12
Capital expenditure——$14,00013$3.65M14$2.59M14
Free cash flow (derived)——−$17.9M11−$33.4M12−$20.8M12
Total debt—————
Cash & equivalents$55.1M15$38.5M16$20.6M17$21.3M18$3.82M18
Diluted shares16.8M20.9M839,5541.6M8.4M

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
−$0.75
your share of equity
Profit it earned you last year
$10.95
Free cash flow it threw off
−$24.8
Debt you’d be carrying
—

10 shares is a claim on −$0.75 of net worth that earned you $10.95 and generated −$24.8 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-93% avg · 5y
FY21 -35%FY22 -67%FY23 -178%FY24 —FY25 —

It earned an average -93% 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
−50% shares · 5y

Share count is down 50% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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
book value / share count 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 0001558370-23-005107 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-004525 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001558370-25-004165 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-043832 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-23-005107 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-24-004525 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001558370-25-004165 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-043832 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001558370-23-005107 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-24-004525 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001558370-25-004165 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-043832 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2023-12-31 · accession 0001558370-25-004165 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-12-31 · accession 0001104659-26-043832 (PaymentsToAcquireProductiveAssets)
  15. 10-K · period ending 2021-12-31 · accession 0001558370-24-004525 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  16. 10-K · period ending 2022-12-31 · accession 0001558370-23-005107 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001558370-24-004525 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001104659-26-043832 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)