MeritValue

Taysha Gene Therapies, Inc.

TSHAdata completeness 100%6 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

Taysha Gene Therapies, Inc. earns about -3599% on equity, but has diluted owners by 749% 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—$2.5M1$15.5M2$8.33M3$9.77M3
Net income−$174.5M4−$166M5−$111.6M6−$89.3M7−$109M7
Operating cash flow−$117M8−$88.4M9−$73M10−$81.2M11−$93.1M11
Capital expenditure$15.3M12$20.6M13$3.87M14$374,00015$738,00015
Free cash flow (derived)−$132.3M8−$109M9−$76.9M10−$81.6M11−$93.8M11
Total debt$74.4M16$75.9M17$40.5M18$43.9M19$50.1M19
Cash & equivalents$149.1M20$87.9M21$143.9M22$139M23$319.8M23
Diluted shares37.7M44.0M116.1M250.1M319.7M

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
$7.72
your share of equity
Profit it earned you last year
−$3.41
Free cash flow it threw off
−$2.93
Debt you’d be carrying
$1.57

10 shares is a claim on $7.72 of net worth that earned you −$3.41 and generated −$2.93 of cash last year, against $1.57 of debt.

iii. Is this a good business?
Moat signal · return on equity
-3599% avg · 5y
FY21 -183%FY22 -17494%FY23 -149%FY24 -125%FY25 -44%

It earned an average -3599% 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
+749% shares · 5y

Share count is up 749% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 33% — 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 2022-12-31 · accession 0000950170-24-033484 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0000950170-25-027348 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001193125-26-115202 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-23-010343 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-24-033484 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000950170-25-027348 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001193125-26-115202 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0000950170-23-010343 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0000950170-24-033484 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0000950170-25-027348 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001193125-26-115202 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0000950170-23-010343 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0000950170-24-033484 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0000950170-25-027348 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001193125-26-115202 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0000950170-23-010343 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-12-31 · accession 0000950170-24-033484 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2023-12-31 · accession 0000950170-25-027348 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2024-12-31 · accession 0001193125-26-115202 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2021-12-31 · accession 0000950170-23-010343 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2022-12-31 · accession 0000950170-24-033484 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-12-31 · accession 0000950170-25-027348 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0001193125-26-115202 (CashAndCashEquivalentsAtCarryingValue)