Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Oct 12, 2026
Valion Bio, Inc. (VBIO)
A forensic read on Valion Bio, 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
-2.2
Distress distance
Clean
Earnings quality
3
Forensic signals
-52.9%
ROE
-33.7%
Revenue growth
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). 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.
Valion Bio, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -2.2, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+87.7%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +87.7% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. Net operating assets also rose $5.7M through acquisitions (increase in goodwill and intangibles); that purchase is investing and is excluded from this ratio. The build is led by PP&E up +631950% on the year. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 31% of net operating assets, against an accruals ratio of 87.7%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
+397.7%/yr
FY2023–FY2025
Share-count dilution.Basic share count changed +2377% over the last 2 years to FY2025 (+397.7%/yr). The count is growing — 0.0M shares in FY2023, 1.2M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~397.7% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~96%.
29% of rev
FY2024
Stock-based comp load.Stock-based compensation ran 29% of revenue in FY2024 — about $0.80 per basic share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the basic count still rose about 397.7% a year across FY2023–FY2025, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$780,000.00
Revenue Growth YoY-33.7%
Net Margin-725.0%
Free Cash Flow-$7.0M
Return on Equity-52.9%
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 Valion Bio, Inc.'s actual 10-K/10-Q/8-K filings?