# Damora Therapeutics (DMRA.US) Canonical: https://gigainvestors.com/s/DMRA Analysis as of: 2026-10-16T07:28:03.694Z. Financial observations: FY2018–FY2025. Listing currency: USD. Reporting currency: USD. ## Verdict Not a wonderful business Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no. Share price: $18.74 per share; close as of 2026-10-15. ## Checklist ### understandable: fail - more than 2 net loss years - Financial history: 8 years - Years with a net loss: 8 Chart: Net income; fiscal year observations. - FY2018: -$16M - FY2019: -$37M - FY2020: -$35M - FY2021: -$52M - FY2022: -$62M - FY2023: -$38M - FY2024: -$21M - FY2025: -$210M ### moat: fail - Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%. - ROIC median below threshold - ROIC worst years below threshold (more than 1 bad year allowed) - ROIC, median of available years: -159.6% - ROIC, second-lowest year: -941.6% - Years with nonpositive capital: 3 - ROIC including acquisitions, ten-year median: -688.2% Chart: ROIC excluding acquisitions; fiscal year observations. - FY2018: -33.3% - FY2019: -82.2% - FY2020: -941.6% - FY2021: -230.8% - FY2022: -2072.6% - FY2023: -88.4% - FY2024: -432.1% - FY2025: -69.3% ### economics: fail - owner earnings cash conversion below threshold - incremental invested capital return below threshold - Cash conversion uses consolidated totals: No - Owner earnings, five-year total: -$381M - Net income, five-year total: -$383M - Return on incremental invested capital: 0.0% Chart: Owner earnings · five years; fiscal year observations. - FY2021: -$52M - FY2022: -$61M - FY2023: -$38M - FY2024: -$21M - FY2025: -$210M ### management: fail - buybacks unrelated to price (informational) - ROIC first 3 years vs last 3 years: -82.2% vs -88.4% - Per-share earnings: -34.48 to -36.08 (three-year endpoint medians) - per-share value declined or ends nonpositive - Management verdict uses per-share economic progress: Yes - Ordinary dilution, 5-year annual growth: 6.2% - Diluted shares, 5-year annual growth: 6.2% - Per-share value change: -$1.61 - Per-share value, starting three-year median: -$34.48 - Per-share value, ending three-year median: -$36.08 - Buyback history: 0 years - Debt-funded buybacks: No - ROIC, first three-year median: -82.2% - ROIC, last three-year median: -88.4% Chart: Earnings per share; fiscal year observations. - FY2018: -$15.60 - FY2019: -$36.13 - FY2020: -$34.48 - FY2021: -$51.22 - FY2022: -$60.63 - FY2023: -$36.08 - FY2024: -$18.53 - FY2025: -$153.95 ### accounting: pass - Sloan accruals: -78.0% - Restructuring years, last five: 2 - Earnings backed by cash: Yes - Accounting red flags: 0 - Goodwill and intangibles / equity: 0.00× Chart: Sloan accruals; fiscal year observations. - FY2018: -6.2% - FY2019: -30.4% - FY2020: 2.0% - FY2021: 0.5% - FY2022: -25.5% - FY2023: -3.8% - FY2024: -16.4% - FY2025: -78.0% ## Holders - [Andreas Halvorsen](https://gigainvestors.com/vg): tracked 13F investor; follow the investor page for holding quarter and amounts. ## Price story Down 77% since Oct 2021 · net income USD -209.8M Story as of 2026-10-16T09:58:38.805Z; price observation 2026-10-15. ### Net income · FY2025 net income USD -209.8M; source https://www.sec.gov/Archives/edgar/data/1800315/000119312526115922/dmra-20251231.htm; observed 2026-03-19. - FY2018: -$16M - FY2019: -$37M - FY2020: -$35M - FY2021: -$52M - FY2022: -$62M - FY2023: -$38M - FY2024: -$21M - FY2025: -$210M ## Owner memo Memo as of 2026-10-16T08:06:05.509Z. ### Where the cash goes Paid no dividends in 5 years. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); Dividend observations: [[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement. ### Are managers owners Insiders own 8.4% of the company. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); DMRA.US SharesStats.PercentInsiders = 8.431 percentage points; cache date 2026-10-15. ### What the price says The price is 0.1 times net assets; cash earnings are negative. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); Closing price 18.74 USD; reporting-to-trading FX 1; FY2025 net assets per share 176.3603214955191; price multiple 0.10625972917880022. FY2025 cash earnings/share -153.92826878844906. Closing-price date 2026-10-15. ## Monthly share-price history (USD per share) - 2020-10: $375.00 per share - 2020-11: $382.75 per share - 2020-12: $312.75 per share - 2021-01: $309.75 per share - 2021-02: $259.75 per share - 2021-03: $151.88 per share - 2021-04: $143.00 per share - 2021-05: $132.75 per share - 2021-06: $126.50 per share - 2021-07: $107.25 per share - 2021-08: $111.25 per share - 2021-09: $89.75 per share - 2021-10: $82.50 per share - 2021-11: $70.50 per share - 2021-12: $75.75 per share - 2022-01: $60.00 per share - 2022-02: $46.25 per share - 2022-03: $55.00 per share - 2022-04: $42.00 per share - 2022-05: $32.75 per share - 2022-06: $43.25 per share - 2022-07: $40.25 per share - 2022-08: $53.75 per share - 2022-09: $47.25 per share - 2022-10: $50.25 per share - 2022-11: $39.25 per share - 2022-12: $28.75 per share - 2023-01: $57.50 per share - 2023-02: $54.75 per share - 2023-03: $49.75 per share - 2023-04: $44.00 per share - 2023-05: $54.50 per share - 2023-06: $63.00 per share - 2023-07: $77.00 per share - 2023-08: $15.13 per share - 2023-09: $18.00 per share - 2023-10: $13.25 per share - 2023-11: $15.75 per share - 2023-12: $18.00 per share - 2024-01: $15.30 per share - 2024-02: $18.00 per share - 2024-03: $19.50 per share - 2024-04: $16.90 per share - 2024-05: $15.20 per share - 2024-06: $11.85 per share - 2024-07: $14.10 per share - 2024-08: $11.95 per share - 2024-09: $12.15 per share - 2024-10: $6.85 per share - 2024-11: $5.30 per share - 2024-12: $4.65 per share - 2025-01: $4.96 per share - 2025-02: $4.38 per share - 2025-03: $3.10 per share - 2025-04: $2.80 per share - 2025-05: $3.07 per share - 2025-06: $3.41 per share - 2025-07: $3.29 per share - 2025-08: $3.18 per share - 2025-09: $3.72 per share - 2025-10: $7.32 per share - 2025-11: $17.78 per share - 2025-12: $23.01 per share - 2026-01: $26.24 per share - 2026-02: $29.58 per share - 2026-03: $25.90 per share - 2026-04: $25.66 per share - 2026-05: $24.88 per share - 2026-06: $26.01 per share - 2026-07: $28.99 per share - 2026-08: $28.18 per share - 2026-09: $21.28 per share - 2026-10: $18.74 per share ## Annual estimated value (USD per share) Historical values use today's bond yield for every fiscal year Historical values use today's FX rate into trading currency for every fiscal year Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates ## Sources [Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1800315/000119312526115922/dmra-20251231.htm); period 2025-12-31, filed 2026-03-19. Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights. ## Reported holder observations - [Andreas Halvorsen](https://gigainvestors.com/vg): 2,311,082 DMRA shares; USD 60,111,000 reported position value; 0.17% of portfolio; hold; quarter 2026 Q2. # DMRA — Damora Therapeutics Inc. Held by 1 investor · USD 60,111,000 total · 2026 Q2 · reported price USD 26.01 (split-adjusted). Page: https://gigainvestors.com/s/DMRA ## Holders (2026 Q2) | Investor | Value | % of their portfolio | This quarter | |---|---:|---:|---| | Andreas Halvorsen (https://gigainvestors.com/vg) | USD 60,111,000 | 0.2% | hold | ## Total held by quarter - 2026 Q1: USD 59,857,024 · 1 holder · USD 25.90 - 2026 Q2: USD 60,111,000 · 1 holder · USD 26.01