How many of these companies spend more cash than they take in

What is watched on a company you hold a thesis on

Once you subscribe, every night:

• Debt and financing. A guardrail you set on debt to equity or the current ratio, re-tested every night against the newest filed accounts.
• Cash going out faster than it comes in. A guardrail on free cash flow yield or the Altman Z-score, re-tested the same way.
• The price you paid, against the value you wrote down. A guardrail on your margin of safety against your own target or saved DCF, read against the latest close.
• An auditor resigning or being replaced. An 8-K reporting an auditor change (item 4.01) is emailed to you. If you wrote a guardrail on auditor changes in the last twelve months, that guardrail decides the email instead.
• Accounts the company says can no longer be relied on. An 8-K saying earlier statements should no longer be relied on (item 4.02) is emailed to you. A guardrail on these notices in the last twelve months decides the email instead, where you wrote one.
• A delisting notice, or a listing standard missed. An 8-K reporting a delisting notice or a failure to meet a listing rule (item 3.01) is emailed to you.
• Shares sold outside a registered offering. An 8-K reporting an unregistered sale of equity (item 3.02) is emailed to you.
• A material agreement, a deal closed, new debt, a shareholder vote or other company news. An 8-K under item 1.01, 1.02, 1.05, 2.01, 2.03, 2.05, 2.06, 3.03, 5.01, 5.07, 7.01 or 8.01 goes to your Alerts with the item title and a link to the filing. These are not emailed, and the filing is not read beyond its item codes.
• A director or officer leaving. An 8-K reporting a director or officer change (item 5.02) goes to your Alerts and is never emailed, because routine board elections file under the same item.
• Shares issued between annual reports. A guardrail on the share count from each filing’s cover page, or on how far it moved since the last filing, over about a year or about three, re-tested every night.
• Insiders buying or selling. A guardrail on net insider buying or selling over three or twelve months, or on how many insiders sold in three months, read from open-market Form 4 filings.
• How long an exit would take at today’s volume. A guardrail on average daily dollar volume or on the share of sessions with no trade. The company page also turns a position size you type into days of volume.
• Cash runway, in months. A guardrail on months of cash at the burn of the newest filed twelve months, re-tested nightly against the newest filed accounts. A business whose operations brought cash in has no runway figure, and the page says why.
• A going-concern paragraph in the audit opinion. The newest annual or quarterly report is read for a statement of substantial doubt about the company continuing as a going concern. A guardrail on that doubt is re-tested nightly, and its email quotes the sentence and cites the filing.
• A reverse split. A confirmed reverse split puts one line in the inbox of a subscriber holding the company or with a thesis on it. A guardrail on reverse splits in the last year is emailed like any other.
• A shelf registration or an at-the-market sale. A new registration statement (S-3, S-1, F-3) or a prospectus supplement that sells (424B5, 424B4) puts one line in the inbox of a subscriber holding or watching the company. A guardrail on new financing filings sends it by email, citing the filing.
• Warrants and convertibles. A guardrail on the shares tagged warrants and convertible notes could add, as a percentage of the shares outstanding on the same date, read from the company’s own XBRL facts and re-tested every night.
• One customer carrying the revenue. A guardrail on the largest single customer’s share of revenue, as the newest annual report tags it, re-tested every night and emailed with the filing cited.

A guardrail we could not read that night is reported as untested, never as holding.

Not watched yet operating milestones. None of these is read for you today, so silence about them means nothing.

What this page cannot tell you

Burning cash is not a verdict. A company spending to build something is doing what it said it would, and the question is only whether it can reach the other side on terms you would accept. That turns on things no census reads: what is in the bank this quarter, what it costs to raise more, and whether the plan the money is buying has changed.

Where this product earns its keep on a company burning cash is afterwards. You set the level you would stop at, in your own words and your own numbers, and each set of filed accounts is read against that level rather than against the one you remember.