Annexon (Annexon) Beneish M-Score : 0.00 (As of Apr. 30, 2024)

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What is Annexon Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

The historical rank and industry rank for Annexon's Beneish M-Score or its related term are showing as below:

During the past 6 years, the highest Beneish M-Score of Annexon was 0.00. The lowest was 0.00. And the median was 0.00.

Annexon Beneish M-Score Historical Data

The historical data trend for Annexon's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Annexon Beneish M-Score Chart

Annexon Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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Annexon Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-	-

Competitive Comparison of Annexon's Beneish M-Score

For the Biotechnology subindustry, Annexon's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Annexon's Beneish M-Score Distribution in the Biotechnology Industry

For the Biotechnology industry and Healthcare sector, Annexon's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Annexon's Beneish M-Score falls into.

Annexon Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Annexon for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $0.00 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Total Current Assets was $263.86 Mil.
Total Assets was $297.67 Mil.
Property, Plant and Equipment(Net PPE) was $32.78 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.15 Mil.
Selling, General, & Admin. Expense(SGA) was $27.09 Mil.
Total Current Liabilities was $17.93 Mil.
Long-Term Debt & Capital Lease Obligation was $29.19 Mil.
Net Income was -27.891 + -32.482 + -35.188 + -38.676 = $-134.24 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was -23.477 + -28.291 + -36.381 + -32.993 = $-121.14 Mil.

Total Receivables was $0.00 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Total Current Assets was $248.10 Mil.
Total Assets was $285.10 Mil.
Property, Plant and Equipment(Net PPE) was $35.97 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.11 Mil.
Selling, General, & Admin. Expense(SGA) was $29.71 Mil.
Total Current Liabilities was $22.36 Mil.
Long-Term Debt & Capital Lease Obligation was $31.54 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(0 / 0)	/	(0 / 0)
	=		/
	=

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(0 / 0)	/	(0 / 0)
	=		/
	=

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (263.86 + 32.782) / 297.674)	/	(1 - (248.098 + 35.966) / 285.096)
	=	0.003467	/	0.00362
	=

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	0	/	0
	=

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(2.106 / (2.106 + 35.966))	/	(2.148 / (2.148 + 32.782))
	=	0.055316	/	0.061494
	=

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(27.086 / 0)	/	(29.705 / 0)
	=		/
	=

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((29.19 + 17.928) / 297.674)	/	((31.542 + 22.36) / 285.096)
	=	0.158287	/	0.189066
	=

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(-134.237 - 0	-	-121.142)	/	297.674
	=	-0.043991

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Annexon Beneish M-Score Related Terms

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Annexon (Annexon) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Biotechnology » Annexon Inc (NAS:ANNX) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

1400 Sierra Point Parkway, Suite 200, Building C, Brisbane, CA, USA, 94005

Website

https://www.annexonbio.com

Annexon Inc is a clinical-stage biopharmaceutical company developing a pipeline of novel therapies for patients with classical complement-mediated disorders of the body, brain, and eye. Its pipeline is based on its platform technology addressing well-researched classical complement-mediated autoimmune and neurodegenerative disease processes, both of which are triggered by aberrant activation of C1q. Its pipeline of product candidates is designed to block the activity of C1q and the entire classical complement pathway in a broad set of complement-mediated diseases. Annexon's product candidates are ANX005, for autoimmune & neurodegenerative disorders; ANX007, for neurodegenerative ophthalmic disorders; and ANX009, for systemic autoimmune diseases.

Executives

Ted Yednock	officer: EVP & Chief Innovation Officer	C/O ANNEXON, INC., 180 KIMBALL WAY, SUITE 200, SOUTH SAN FRANCISCO CA 94080
Muneer A Satter	director	C/O SATTER INVESTMENT MANAGEMENT, LLC, 676 NORTH MICHIGAN AVENUE, SUITE 4000, CHICAGO IL 60611
Jamie Dananberg	officer: Chief Medical Officer	3280 BAYSHORE BOULEVARD, BRISBANE CA 94005
Jennifer Lew	officer: EVP & Chief Financial Officer	2929 SEVENTH STREET, SUITE 100, BERKELEY CA 94710
Michael Overdorf	officer: EVP & Chief Business Officer	C/O ANNEXON, INC., 180 KIMBALL WAY, SUITE 200, SOUTH SAN FRANCISCO CA 94080
Bain Capital Life Sciences Fund, L.p.	10 percent owner	200 CLARENDON STREET, BOSTON MA 02116
Douglas Love	director, officer: President & CEO	C/O ANNEXON, INC., 180 KIMBALL WAY, SUITE 200, SOUTH SAN FRANCISCO CA 94080
Dean Richard Artis	officer: EVP & Chief Scientific Officer	C/O ANNEXON, INC., 1400 SIERRA PT PKWY, BLDG C, 2ND FLOOR, BRISBANE CA 94005
Bettina M. Cockroft	director	C/O ANNEXON, INC., 180 KIMBALL WAY, SUITE 200, SOUTH SAN FRANCISCO CA 94080
Larry Mattheakis	officer: Chief Scientific Officer	C/O ANNEXON, INC., 180 KIMBALL WAY, SUITE 200, SOUTH SAN FRANCISCO CA 94080
William D. Waddill	director	C/O CALITHERA BIOSCIENCES, 343 OYSTER POINT BLVD, SUITE 200, SO. SAN FRANCISCO CA 94080
Sanjay Keswani	officer: EVP & Chief Medical Officer	C/O ANNEXON, INC., 180 KIMBALL WAY, SUITE 200, SOUTH SAN FRANCISCO CA 94080
William H. Carson	director	C/O PREVAIL THERAPEUTICS INC., 430 EAST 29TH STREET, SUITE 1520, NEW YORK NY 10016
Clarus Lifesciences Iii, L.p.	10 percent owner	101 MAIN STREET, SUITE 1210, CAMBRIDGE MA 02142
James E Flynn	10 percent owner, other: Possible Member of 10% Group	780 THIRD AVENUE, 37TH FLOOR, NEW YORK NY 10017