CV

CapsoVision is a pre-scale capsule-endoscopy story trading like a proven franchise. FY2025 revenue was just $13.6M (+15.3%), yet the market caps it at $363M for a P/S of 26.8 — an extraordinary multiple for a company whose net loss actually widened 27% to -$25.3M and whose R&D spend ($18.3M) alone exceeds total revenue. Gross margin is a respectable 52.9%, but operating margin is -188% and operating cash flow was -$22.9M. This is not a rich price for a great business; it is a rich price for a business still trying to prove commercial viability.

The filing removes any benefit of the doubt. The audited 2025 and 2024 statements carry a going-concern footnote 'raising substantial doubt about our ability to continue as a going concern.' The company held only ~$10.1M cash at year-end against a ~$23M annual burn; it raised $14.0M in a March 2026 private placement and states plainly it 'will likely need to undertake additional capital-raising activities before the year-end of 2026' to fund operations and the CapsoCam Colon pivotal study. With an accumulated deficit of -$155.7M funded historically by preferred stock and IPO issuance, the base case is repeated, dilutive equity raises — which makes the per-share value genuinely unknowable and the current 49.8M share count a moving target.