Forensic Analysis · Technology / Software · as of Sep 23, 2026
Dna X, Inc. (SONM)
A forensic read on Dna X, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-26.4
Distress distance
Clean
Earnings quality
4
Forensic signals
-37.7%
Revenue growth
The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Dna X, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -26.4, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 4 forensic signals were flagged in its latest SEC filings, led by inventory days.
What the filings flag
65d
FY2023→FY2024
Inventory days.Days inventory outstanding moved from 26 to 65 FY2023→FY2024 (against cost of goods sold; inventory +63% vs -35% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
2.3%
FY2023
Return on invested capital.Return on invested capital is 2.3% in the latest fiscal year, against -67% in FY2019, having run between -332.8% and 2.3% across FY2019–FY2023 with no direction held — well below the ~10% cost of capital we hold this sector to, and it has been across FY2019–FY2023, so reinvested dollars have not been earning their keep. The capital base behind it cannot be compared across FY2019–FY2023: short-term debt and long-term debt are tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged.
n/m (sign flip)
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets flipped from negative to positive FY2024→FY2025 (FY2024 $-11.0M to FY2025 $+2.1M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.
n/m (stock split)
FY2022–FY2025
Share count (stock split).Diluted share count changed -97% over the last 3 years to FY2025, but that includes a large one-time change around FY2023 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw -70.8%/yr figure isn't a real buyback/dilution read here.
Key fundamentals
Latest Revenue$58.3M
Revenue Growth YoY-37.7%
Net Margin-57.7%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Dna X, Inc.'s actual 10-K/10-Q/8-K filings?