GERNGERON CORP

Pharmaceutical Preparations

Revenue: —
Operating margin: —
EBITDA: −$68M; 61% YoY
Market cap: $569M
Employees: 64,000
Net debt / EBITDA: —; $57M net debt
AI in 10-K: 0.8; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
112× of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$4 · 1st pct
Bottom quartile of its SIC industry
Quiet on AINo
0.8 per 10K words · 28th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$569M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$19K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1M	$596K	$237K	—	—
Operating income	−$114M	−$139M	−$194M	−$174M	−$69M	61%
Net income	−$116M	−$142M	−$184M	−$175M	−$84M	52%
Operating cash flow	−$96M	−$127M	−$168M	−$219M	−$111M	49%
Capex	$207K	$431K	$830K	$680K	—
Stock-based comp	$8M	$8M	$19M	$31M	$27M	15%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Feb 3, 2023	Growth Equity Opportunities 17, LLC	SC 13D/A	—	Passive
Jun 4, 2020	Growth Equity Opportunities 17, LLC	SC 13D	9.6%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $19K · 1
Net: −$19K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	83	125
FY2024	—	—	223	93
FY2023	—	—	133	94
FY2022	—	—	152	90
FY2021	—	—	77	100