ValueScreener company report

Addex Therapeutics Ltd (ADXN)

Name: Addex Therapeutics Ltd (ADXN) filed financial figures
Creator: ValueScreener

NASDAQ / Healthcare / Biotechnology

Share price

3.02 USD Market dataClose of Oct 15, 2026

Market capitalisation

3.7M USD Market dataClose of Oct 15, 2026

Market data: Oct 15, 2026
Filed accounts: FY2024, filed May 15, 2025
Ratios computed: Oct 15, 2026
Filed years: 8, FY2017 to FY2024

Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means

SEC filingFiled with the SEC: Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement: What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data: Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener: Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.

Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Quality

Return on invested capital, after tax

-43.2% Computed

From the FY2024 filing

Read quality

Financial strength

Debt to equity

0.004 Computed

From the FY2024 filing

Read financial strength

Valuation

Price to earnings

0.44x Computed

FY2024 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

-174.6% Computed

FY2024 accounts, priced at the latest close

Read cash generation

Revenue and net income, by fiscal year

Revenue Net income10 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.

Named tests met: 3 of 30 Which tests

The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 0.44x at the close of 2026-10-15 on FY2024 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits below the lowest.

Today, against the Biotechnology industry (53 companies), 0.44x sits at the 0th percentile; the middle half of that group runs from 4.71x to 41.19x.

Is it good

Return on invested capital was -43.2% in FY2024, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Biotechnology industry (78 companies), -43.2% sits at the 55th percentile; the middle half of that group runs from -124.0% to -4.0%.

Is it safe

Debt to equity was 0.0043 in FY2024, in the band labelled "Conservative" (below 0.50), on lines anchored on Graham's defensive-investor criteria, suggesting a balance sheet that relies little on borrowing.

Today, against the Biotechnology industry (252 companies), 0.0043 sits at the 21st percentile; the middle half of that group runs from 0.01 to 0.29.

Year by year against peers: Whether Addex Therapeutics Ltd's return on equity stayed above the median of the Biotechnology industry, year by year. (FY2020 to FY2024, 5 fiscal years of Addex Therapeutics Ltd with a comparable figure)
The direction: Which way Addex Therapeutics Ltd's return on equity has moved, and how steadily. (FY2015 to FY2024, 9 filed years of Addex Therapeutics Ltd)
What could explain it: What in Addex Therapeutics Ltd's filed statements could explain the movements. (2 readings drawn from the statement lines Addex Therapeutics Ltd filed)
What to check next: What to check next on Addex Therapeutics Ltd, and where in its filings. (4 questions for Addex Therapeutics Ltd)
In one paragraph: One paragraph on Addex Therapeutics Ltd's returns, cash, balance sheet and price. (7 of sixteen figures read for Addex Therapeutics Ltd)

These are ADXN’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research ADXNPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2024 annual report: 20-F, filed May 15, 2025, accession 0001104659-25-049380.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Addex Therapeutics Ltd: returns on capital and margins, each with its source
Figure	Value, source and document
Return on invested capital, after tax	-43.2% ComputedFY2024 20-F, filed May 15, 2025, 0001104659-25-049380
Return on equity	72.9% ComputedFY2024 20-F, filed May 15, 2025, 0001104659-25-049380
Return on capital employed, pre-tax	-27.9% ComputedFY2024 20-F, filed May 15, 2025, 0001104659-25-049380
Return on assets	66.1% ComputedFY2024 20-F, filed May 15, 2025, 0001104659-25-049380
Gross margin Why n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.	n/a ComputedFY2024 20-F, filed May 15, 2025, 0001104659-25-049380
Operating margin Why n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.	n/a ComputedFY2024 20-F, filed May 15, 2025, 0001104659-25-049380
Net margin Why n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.	n/a ComputedFY2024 20-F, filed May 15, 2025, 0001104659-25-049380

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Addex Therapeutics Ltd: leverage, liquidity and distress, each with its source
Figure	Value, source and document
Debt to equity	0.004 ComputedFY2024 20-F, filed May 15, 2025, 0001104659-25-049380
Current ratio	4.42 ComputedFY2024 20-F, filed May 15, 2025, 0001104659-25-049380
Quick ratio	4.42 ComputedFY2024 20-F, filed May 15, 2025, 0001104659-25-049380
Interest coverage Why n/m Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).	n/m ComputedFY2024 20-F, filed May 15, 2025, 0001104659-25-049380
Altman Z-score Why n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.	n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed May 15, 2025, 0001104659-25-049380
Net debt	-3.3M ComputedFY2024 20-F, filed May 15, 2025, 0001104659-25-049380

Total assets Total liabilities Shareholders’ equity

The balance sheet, line by line

Financial health

What Addex Therapeutics Ltd owned and owed at the end of fiscal 2024, from the balance sheet it filed (20-F, filed May 15, 2025, 0001104659-25-049380).

Addex Therapeutics Ltd: balance sheet position
Total assets	10.7M FiledFY2024 20-F, filed May 15, 2025
Total liabilities	1.0M FiledFY2024 20-F, filed May 15, 2025
Shareholders' equity	9.7M FiledFY2024 20-F, filed May 15, 2025
Cash	3.3M FiledFY2024 20-F, filed May 15, 2025
Total debt	42.0K FiledFY2024 20-F, filed May 15, 2025
Net debt	-3.3M
Current ratio	4.42
Debt to equity	0.004

Interest cover: FY2024: Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Addex Therapeutics Ltd: what the market charges, each with its source
Figure	Value, source and document
Price to earnings	0.44x ComputedClose of Oct 15, 2026 · FY2024 20-F, filed May 15, 2025, 0001104659-25-049380
P/E on trailing twelve months Why n/a A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.	n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book	0.32x ComputedClose of Oct 15, 2026 · FY2024 20-F, filed May 15, 2025, 0001104659-25-049380
Price to sales Why n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.	n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed May 15, 2025, 0001104659-25-049380
Enterprise value to EBIT Why n/a We do not hold this figure for this company, so there is nothing to show.	n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed May 15, 2025, 0001104659-25-049380
Enterprise value to EBITDA Why n/a We do not hold this figure for this company, so there is nothing to show.	n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed May 15, 2025, 0001104659-25-049380
Price to earnings over growth Why n/a We do not hold this figure for this company, so there is nothing to show.	n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed May 15, 2025, 0001104659-25-049380
Diluted earnings per share Why n/a The FY2024 filing carries no diluted earnings per share we could read.	n/a FiledFY2024 20-F, filed May 15, 2025, 0001104659-25-049380
Graham number Why n/a We do not hold this figure for this company, so there is nothing to show.	n/a ComputedFY2024 20-F, filed May 15, 2025, 0001104659-25-049380

We publish no fair value or price target of our own. Value ADXN on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Addex Therapeutics Ltd today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Addex Therapeutics Ltd: valuation
Share price	3.02 USD
Market capitalisation	3.7M USD
Enterprise value to EBITDA	n/a
Graham number	n/a
Diluted earnings per share, FY2016	n/a

Diluted earnings per share, FY2016: Filed before the 1-for-20 split on 23 Oct 2023, and the filing it was read from cannot be placed against it, so it is not put on today's share count and is not shown beside figures that are.

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like Addex Therapeutics Ltd

Same industry (Biotechnology) and size band (Nano, under 50M), nearest in market value and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Addex Therapeutics Ltd: cash generation and what is paid out, each with its source
Figure	Value, source and document
Free cash flow yield	-174.6% ComputedClose of Oct 15, 2026 · FY2024 20-F, filed May 15, 2025, 0001104659-25-049380
Free cash flow	-5.4M CHF ComputedFY2024 20-F, filed May 15, 2025, 0001104659-25-049380
Free cash flow margin Why n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.	n/a ComputedFY2024 20-F, filed May 15, 2025, 0001104659-25-049380
Dividend yield Why n/a We do not hold this figure for this company, so there is nothing to show.	n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed May 15, 2025, 0001104659-25-049380
Payout ratio Why n/a We do not hold this figure for this company, so there is nothing to show.	n/a ComputedFY2024 20-F, filed May 15, 2025, 0001104659-25-049380

Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Addex Therapeutics Ltd: the eight ratios, with the fiscal year and filing date behind each.
Figure	Value	Year	As of
	0.44x	FY2024	Oct 15, 2026
FormulaShare price / earnings per share. Where the filing states no earnings per share this listing can be priced on, which is every 20-F and 40-F filer because theirs is stated per ordinary share, it is market capitalisation / net income: the same multiple, undiluted. As ofThe close on Oct 15, 2026, over the filed figures of FY2024: a price is in this figure, and it moved after the filing. Form20-FFiledMay 15, 2025PeriodFY2024Accession0001104659-25-049380What we read from itIncome statementFY2024Open on SEC.gov, accession 0001104659-25-049380, leaves this page and opens in a new tab
	0.32x	FY2024	Oct 15, 2026
FormulaMarket capitalisation / shareholders equity As ofThe close on Oct 15, 2026, over the filed figures of FY2024: a price is in this figure, and it moved after the filing. Form20-FFiledMay 15, 2025PeriodFY2024Accession0001104659-25-049380What we read from itBalance sheetFY2024Open on SEC.gov, accession 0001104659-25-049380, leaves this page and opens in a new tab
	n/a	FY2024	Oct 15, 2026
n/a Operating profit is zero or negative, so there is no profit for a buyer's price to be a multiple of.
Formula(Market capitalisation + total debt - cash) / operating income, or over the filing's own EBIT (income before tax + interest expense) where the filer tags no operating line, as Johnson & Johnson does not in any of its ten filed years. As ofThe close on Oct 15, 2026, over the filed figures of FY2024: a price is in this figure, and it moved after the filing. Form20-FFiledMay 15, 2025PeriodFY2024Accession0001104659-25-049380What we read from itIncome statementFY2024Open on SEC.gov, accession 0001104659-25-049380, leaves this page and opens in a new tabForm20-FFiledMay 15, 2025PeriodFY2024Accession0001104659-25-049380What we read from itBalance sheetFY2024Open on SEC.gov, accession 0001104659-25-049380, leaves this page and opens in a new tab
	-174.6%	FY2024	Oct 15, 2026
FormulaFree cash flow per share / share price x 100 As ofThe close on Oct 15, 2026, over the filed figures of FY2024: a price is in this figure, and it moved after the filing. Form20-FFiledMay 15, 2025PeriodFY2024Accession0001104659-25-049380What we read from itCash flow statementFY2024Open on SEC.gov, accession 0001104659-25-049380, leaves this page and opens in a new tab
	-43.2%	FY2024	May 15, 2025
FormulaVendor trailing-twelve-month return on invested capital where one is published, which uses after-tax operating profit over total assets less current liabilities. Otherwise our own recompute: NOPAT / (shareholders equity + total debt - cash) x 100, where NOPAT is the filed operating profit after tax, or the filing's own EBIT after tax where the filer tags no operating line. As ofThe filing date of the statements below, for FY2024. Form20-FFiledMay 15, 2025PeriodFY2024Accession0001104659-25-049380What we read from itIncome statementFY2024Open on SEC.gov, accession 0001104659-25-049380, leaves this page and opens in a new tabForm20-FFiledMay 15, 2025PeriodFY2024Accession0001104659-25-049380What we read from itBalance sheetFY2024Open on SEC.gov, accession 0001104659-25-049380, leaves this page and opens in a new tab
	n/a	FY2024	Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
FormulaCommon dividends paid in the latest filed year / market capitalisation x 100. n/a where the filing cannot support it: a special or first-year payment, a total that mixes preferred dividends, or a cash-flow statement over 15 months old. As ofThe close on Oct 15, 2026, over the filed figures of FY2024: a price is in this figure, and it moved after the filing. Form20-FFiledMay 15, 2025PeriodFY2024Accession0001104659-25-049380What we read from itCash flow statementFY2024Open on SEC.gov, accession 0001104659-25-049380, leaves this page and opens in a new tab
	0.004	FY2024	May 15, 2025
FormulaTotal debt / shareholders equity As ofThe filing date of the statements below, for FY2024. Form20-FFiledMay 15, 2025PeriodFY2024Accession0001104659-25-049380What we read from itBalance sheetFY2024Open on SEC.gov, accession 0001104659-25-049380, leaves this page and opens in a new tab
	4.42	FY2024	May 15, 2025
FormulaCurrent assets / current liabilities As ofThe filing date of the statements below, for FY2024. Form20-FFiledMay 15, 2025PeriodFY2024Accession0001104659-25-049380What we read from itBalance sheetFY2024Open on SEC.gov, accession 0001104659-25-049380, leaves this page and opens in a new tab
	n/a	FY2024	Oct 15, 2026
n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
FormulaMarket capitalisation / revenue As ofThe close on Oct 15, 2026, over the filed figures of FY2024: a price is in this figure, and it moved after the filing. Form20-FFiledMay 15, 2025PeriodFY2024Accession0001104659-25-049380What we read from itIncome statementFY2024Open on SEC.gov, accession 0001104659-25-049380, leaves this page and opens in a new tab
	n/a	FY2024	Oct 15, 2026
n/a The filed income statement reports no earnings per share.
FormulaPrice to earnings / the annual earnings growth rate, in percentage points As ofThe close on Oct 15, 2026, over the filed figures of FY2024: a price is in this figure, and it moved after the filing. Form20-FFiledMay 15, 2025PeriodFY2024Accession0001104659-25-049380What we read from itIncome statementFY2024Open on SEC.gov, accession 0001104659-25-049380, leaves this page and opens in a new tab
	n/a	FY2024	Oct 15, 2026
n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
Formula1.2 x working capital/assets + 1.4 x retained earnings/assets + 3.3 x EBIT/assets + 0.6 x market value of equity/total liabilities + 1.0 x revenue/assets As ofThe close on Oct 15, 2026, over the filed figures of FY2024: a price is in this figure, and it moved after the filing. Form20-FFiledMay 15, 2025PeriodFY2024Accession0001104659-25-049380What we read from itIncome statementFY2024Open on SEC.gov, accession 0001104659-25-049380, leaves this page and opens in a new tabForm20-FFiledMay 15, 2025PeriodFY2024Accession0001104659-25-049380What we read from itBalance sheetFY2024Open on SEC.gov, accession 0001104659-25-049380, leaves this page and opens in a new tab
	n/a	FY2024	May 15, 2025
n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
FormulaAn eight-variable index of year-on-year changes in receivables, gross margin, asset quality, revenue, depreciation, overheads, leverage and accruals As ofThe filing date of the statements below, for FY2024. Form20-FFiledMay 15, 2025PeriodFY2024Accession0001104659-25-049380What we read from itIncome statementFY2024Open on SEC.gov, accession 0001104659-25-049380, leaves this page and opens in a new tabForm20-FFiledMay 15, 2025PeriodFY2024Accession0001104659-25-049380What we read from itBalance sheetFY2024Open on SEC.gov, accession 0001104659-25-049380, leaves this page and opens in a new tabForm20-FFiledMay 15, 2025PeriodFY2024Accession0001104659-25-049380What we read from itCash flow statementFY2024Open on SEC.gov, accession 0001104659-25-049380, leaves this page and opens in a new tab
	n/a	FY2024	May 15, 2025
n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
FormulaOne point each for: positive return on assets, positive operating cash flow, rising return on assets, operating cash flow above net income, falling leverage, rising current ratio, no new shares issued, rising gross margin, rising asset turnover. As ofThe filing date of the statements below, for FY2024. Form20-FFiledMay 15, 2025PeriodFY2024Accession0001104659-25-049380What we read from itIncome statementFY2024Open on SEC.gov, accession 0001104659-25-049380, leaves this page and opens in a new tabForm20-FFiledMay 15, 2025PeriodFY2024Accession0001104659-25-049380What we read from itBalance sheetFY2024Open on SEC.gov, accession 0001104659-25-049380, leaves this page and opens in a new tabForm20-FFiledMay 15, 2025PeriodFY2024Accession0001104659-25-049380What we read from itCash flow statementFY2024Open on SEC.gov, accession 0001104659-25-049380, leaves this page and opens in a new tab

The figures are computed from the accounts for fiscal 2024, the newest full year on file. 8 filed fiscal years on record, FY2017 to FY2024, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 fiscal years, FY2015 to FY2024. 8 read from the annual reports Addex Therapeutics Ltd filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in CHF, as reported.

Addex Therapeutics Ltd: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
Year	Revenue	Operating income	Net income	EPS, diluted	Free cash flow	Operating margin	Return on equity	Filing
FY2024	n/a	-2.8M	7.1M	n/a	-5.4M	n/a	72.9%	20-F, May 15, 20250001104659-25-049380
FY2023	n/a	-2.2M	-10.6M	n/a	-8.0M	n/a	-921.6%	20-F, Apr 18, 20240001104659-24-048532
FY2022	n/a	-10.5M	-20.8M	n/a	-16.4M	n/a	-423.5%	20-F, Mar 30, 20230001104659-23-038581
FY2021	n/a	-15.5M	-15.4M	n/a	-14.7M	n/a	-90.7%	20-F, Mar 10, 20220001104659-22-032171
FY2020	n/a	-12.2M	-12.9M	n/a	-12.2M	n/a	-88.0%	20-F, Mar 11, 20210001047469-21-000566
FY2019	n/a	-14.6M	-14.8M	n/a	-9.5M	n/a	-57.9%	20-F, Apr 27, 20200001047469-20-002580
FY2018	n/a	-1.4M	-1.6M	n/a	1.7M	n/a	-4.2%	20-F, Apr 27, 20200001047469-20-002580
FY2017	n/a	-3.2M	-3.3M	n/a	-2.1M	n/a	n/a	20-F, Apr 27, 20200001047469-20-002580
FY2016	17.3K	-3.1M	-3.1M	n/a	-2.7M	-18059.9%	-1440.8%	Market data, supplied Oct 15, 2026accession n/a
FY2015	40.3K	-3.9M	-4.2M	n/a	-2.6M	-9597.6%	-252.6%	Market data, supplied Oct 15, 2026accession n/a

Revenue, compound annual growth FY2015 to FY2016: -57.0%
Earnings: Earnings was not positive in both 2015 and 2024, so a compound rate across the window is not defined. Both figures are in the table.
Earnings per share: Fewer than two filed years carry earnings per share.
Free cash flow: Free cash flow was not positive in both 2015 and 2024, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Addex Therapeutics Ltd: accounting screens and published tests, each with its source
Figure	Value, source and document
Beneish M-score Why n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.	n/a ComputedFY2024 20-F, filed May 15, 2025, 0001104659-25-049380
Piotroski F-score Why n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.	n/a ComputedFY2024 20-F, filed May 15, 2025, 0001104659-25-049380
Named tests met	3 of 30 Computed
Beta	1.13 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 3 met, 13 not met, 14 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)

Meets: Book or below, low debt (Walter Schloss); Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman)
Does not: Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High returns and growth; High yield, low payout; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Cash-flow yield and ROIC; Clean books, high ROIC
Not measured: Defensive investor (Benjamin Graham); Deep value; High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Cash-covered dividend; Tangible book or below; Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.

Figures we could not read(20)

Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
Piotroski F-Score: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
Altman Z-Score: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
Beneish M-Score: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
Rev Growth 5Y: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
Gross Margin: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
Asset Turnover: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
EV/EBITDA: We do not hold this figure for this company, so there is nothing to show.
Interest Coverage: Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).
Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
Price To Ncav: We do not hold this figure for this company, so there is nothing to show.
Price To Graham: We do not hold this figure for this company, so there is nothing to show.
P/S Ratio: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

Value it in the DCF workbench

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

What this cannot tell you

20 figures could not be read on this company, among them Positive Earnings Streak, Piotroski F-Score, EV/EBIT. Each blank in the table above names the rest, with its reason. 14 named tests come back incomplete because of them, which is neither met nor missed.
We hold 8 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

Monitor my portfolio How this is computed

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Four questions, at a glance

Quality

Financial strength

Valuation

Cash generation

Revenue and net income, by fiscal year

The reading, in brief

Financial health

Valuation

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The filed figures

Ten years of filed figures

The named tests

What this cannot tell you

Margin Notes