MeritValue

VivoSim Labs, INC.

VIVSdata completeness 88%18 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

VivoSim Labs, INC. earns about -145% on equity, and has bought back 70% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$1.5M1$370,0002$109,0003$144,0004$131,0004
Net income−$11.4M5−$17.3M6−$14.7M7−$2.49M8−$13.8M8
Operating cash flow−$8.45M9−$12.4M10−$14.7M11−$9.46M12−$10.8M12
Capital expenditure$409,00013$396,00014$42,00015$13,00016$016
Free cash flow (derived)−$8.86M9−$12.8M10−$14.7M11−$9.47M12−$10.8M12
Total debt—————
Cash & equivalents$28.7M17$15.3M18$2.9M19$11.3M20$5.02M20
Diluted shares8.7M8.7M762,0761.5M2.6M

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
−$4.25
your share of equity
Profit it earned you last year
−$53.48
Free cash flow it threw off
−$41.83
Debt you’d be carrying
—

10 shares is a claim on −$4.25 of net worth that earned you −$53.48 and generated −$41.83 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-145% avg · 5y
FY22 -38%FY23 -113%FY24 -407%FY25 -24%FY26 —

It earned an average -145% 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
−70% shares · 5y

Share count is down 70% 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
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 2022-03-31 · accession 0000950170-23-032889 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0000950170-24-067301 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0000950170-25-082312 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2025-03-31 · accession 0001193125-26-303316 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2022-03-31 · accession 0000950170-23-032889 (NetIncomeLoss)
  6. 10-K · period ending 2023-03-31 · accession 0000950170-24-067301 (NetIncomeLoss)
  7. 10-K · period ending 2024-03-31 · accession 0000950170-25-082312 (NetIncomeLoss)
  8. 10-K · period ending 2025-03-31 · accession 0001193125-26-303316 (NetIncomeLoss)
  9. 10-K · period ending 2022-03-31 · accession 0000950170-23-032889 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-03-31 · accession 0000950170-24-067301 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-03-31 · accession 0000950170-25-082312 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-03-31 · accession 0001193125-26-303316 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-03-31 · accession 0000950170-23-032889 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-03-31 · accession 0000950170-24-067301 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-03-31 · accession 0000950170-25-082312 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2025-03-31 · accession 0001193125-26-303316 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-03-31 · accession 0000950170-23-032889 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-03-31 · accession 0000950170-24-067301 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-03-31 · accession 0000950170-25-082312 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-03-31 · accession 0001193125-26-303316 (CashAndCashEquivalentsAtCarryingValue)