1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Metrics vs Peers
3. Price Chart
4. Valuation
5. Offer Terms
6. Financial Statements
Discussion
Research report, target price, DCF and forensic scores are for subscribers. View plans
Symbol
KDLY
Listed on
2024-05-31
Sector
Financials
Subsector
Financial Services
Offer Price
$5.50
Shares Offered
1.24M
5.94M
$32.8M
20.9%
Implied Upside vs Midpoint
Description
Kindly MD, Inc. (“KindlyMD” or “Kindly”) is a Utah company formed in 2019. KindlyMD is a healthcare data company, focused on holistic pain management and reducing the impact of the opioid epidemic. KindlyMD offers direct health care to patients integrating prescription medicine and behavioral health services to reduce opioid use in the chronic pain patient population. Kindly believes these methods will help prevent and reduce addiction and dependency on opiates. Our specialty outpatient clinical services are offered on a fee-for-service basis. The Company offers evaluation and management, including, but not limited to chronic pain, functional medicine, cognitive behavioral therapy, trauma and addiction therapy, recovery support services, overdose education efforts, peer support, limited urgent care, preventative medicine, medically managed weight loss, and hormone therapy. Through its focus on an embedded model of prescriber and therapist teams, KindlyMD develops patient-specific care programs with a specific mission to reduce opioid use in the patient population while successfully treating patients with effective and evidence-based non-opioid alternatives in close conjunction with behavioral therapy. Beyond its treatment of patients, KindlyMD collects data focused on why and how patients turn to alternative treatments to reduce prescription medication use and addiction. The Company captures all relevant datapoints to assist and appropriately treat each individual patient. This also results in valuable data for the Company and the Company’s investors. We strive to become a source for evidence-based guidelines, data, treatment models, and education in the fight against the opioid crisis in America. Business Revenue Streams We currently earn revenue through (i) patient care services related to medical evaluation and treatment and (ii) product retail sales. Our forecasted plan is to operate across various revenue streams: (i) medical evaluation and treatment visits reimbursed by Medicare, Medicaid, and commercial insurance payers as well as self-pay services, (ii) data collection and research, (iii) education partnerships, (iv) service affiliate agreements, and (v) retail sales. --- Our principal executive offices are located at 5097 S 900 E, Suite 100 Salt Lake City, UT 84117. Our telephone number is (385) 388-8220. Our corporate website address is located at www.kindlymd.com.
| Metric | Value | Peer median | Among peers | Trend |
|---|---|---|---|---|
EV / revenue | 8.6x | 10.4x | ||
Revenue growth | -50.0% | 65.3% | ||
Operating margin | -43.0% | -0.2% | ||
Net margin | -42.9% | 2.6% | ||
Free cash flow margin | -12.3% | 2.8% | ||
Rule of 40 | -90.2% | 65.4% | ||
Net cash / market cap | 1.6% | 1.8% | ||
Debt / equity | 0.00 | 0.00 | ||
Current ratio | 0.76 | 1.37 | ||
Stock comp / revenue | 0.2% | 3.0% | ||
9 premium metrics: DCF value / price, Growth the price needs: how common, Last 12 months vs full year and 6 more Unlock | ||||
Each filing is plotted ahead of the first trading day on the price chart.
| Filed | Form | Price range | Price | Shares offered | Deal size |
|---|---|---|---|---|---|
| 2023-10-11 | S-1/A | — | $5.50 | 1,272,727 | $7.0M |
| 2023-10-26 | S-1/A | — | $5.50 | 1,272,727 | $7.0M |
| 2023-11-06 | S-1/A | — | $5.50 | 1,272,727 | $7.0M |
| 2023-11-20 | S-1/A | — | $5.50 | 1,272,727 | $7.0M |
| 2023-11-27 | S-1/A | — | $5.50 | 1,272,727 | $7.0M |
| 2023-12-07 | S-1/A | — | $5.50 | 1,272,727 | $7.0M |
| 2024-03-12 | S-1/A | — | $5.50 | 1,272,727 | $7.0M |
| 2024-04-09 | S-1/A | — | $5.50 | 1,272,727 | $7.0M |
| 2024-05-09 | S-1/A | — | $5.50 | 1,272,727 | $7.0M |
| 2024-05-15 | 424B4 | — | $5.50 | 1,272,727 | $7.0M |
| 2024-05-15 | 424B3 | — | — | 1,712,057 | — |
| 2024-05-31 | 424B4 | — | $5.50 | 31,817 | $0.2M |
| 2024-05-31 | 424B3 | — | — | 31,817 | — |
Nakamoto Inc. income statement and balance sheet, FY Dec 2023 to FY Dec 2025, as reported in SEC filings.
| Metric | FY Dec 2023 | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|
| Revenue | $3.8M | $2.7M | $1.8M |
| Operating income | ($1.6M) | ($3.3M) | ($197M) |
| Net income | ($1.6M) | ($3.6M) | ($52.2M) |
| Revenue growth | — | −27.8% | −33.0% |
| Operating margin | −43.0% | −123% | −10824% |
| Net margin | −42.9% | −133% | −2868% |
| Metric | FY Dec 2023 | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|
| Total assets | $1.1M | $3.7M | $731M |
| Total liabilities | $1.2M | $1.1M | $216M |
| Total equity | ($108K) | $2.6M | $514M |
| Cash & equivalents | $526K | $2.3M | $22.6M |
Backlog (RPO) $7.2M (as of Jun 30, 2026, 10-Q)
Fiscal years parsed from inline XBRL in the company's SEC filings. Parentheses indicate negative values; growth compares the same length of period a year earlier.