MeritValue

Unicycive Therapeutics, Inc.

UNCYdata completeness 75%6 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Unicycive Therapeutics, Inc. earns about -214% on equity, but has diluted owners by 36% 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—$951,0001$675,0002——
Net income−$10M3−$18.1M4−$30.5M5−$36.7M6−$26.6M6
Operating cash flow−$5.77M7−$15.7M8−$18.3M9−$28.6M10−$31.3M10
Capital expenditure$29,00011$2,00012$12,00013$72,00014$24,00014
Free cash flow (derived)−$5.8M7−$15.7M8−$18.3M9−$28.6M10−$31.3M10
Total debt—————
Cash & equivalents$16.6M15$455,00015$9.7M16$26.1M17$29.2M17
Diluted shares11.7M15.1M24.5M6.7M15.9M

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
$19.01
your share of equity
Profit it earned you last year
−$16.72
Free cash flow it threw off
−$19.73
Debt you’d be carrying
—

10 shares is a claim on $19.01 of net worth that earned you −$16.72 and generated −$19.73 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-214% avg · 5y
FY21 -61%FY22 —FY23 —FY24 -494%FY25 -88%

It earned an average -214% 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
+36% shares · 5y

Share count is up 36% 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 2022-12-31 · accession 0001213900-24-027202 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001213900-25-025828 (Revenues)
  3. 10-K · period ending 2021-12-31 · accession 0001213900-23-024901 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001213900-24-027202 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001213900-25-025828 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001213900-26-035903 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001213900-23-024901 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001213900-24-027202 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001213900-25-025828 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001213900-26-035903 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-12-31 · accession 0001213900-23-024901 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-12-31 · accession 0001213900-24-027202 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001213900-25-025828 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-12-31 · accession 0001213900-26-035903 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001213900-23-024901 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001213900-26-035903 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 10-K · period ending 2024-12-31 · accession 0001213900-26-035903 (CashAndCashEquivalentsAtCarryingValue)