CNTB (Connect Biopharma Holdings) Beneish M-Score: 1565.95 (As of Jun. 25, 2026)


CNTB Connect Biopharma Holdings Ltd CNTB
7 GF Score
Price $2.13
! 3 Warning Signs
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What is Connect Biopharma Holdings Beneish M-Score?

Connect Biopharma Holdings CNTB +1.44% 7 Beneish M-Score is 1565.95 as of Jun. 25, 2026. GuruFocus rates CNTB with a GF Score™ of 7/100. The stock has 3 warning signs investors should review. Among 831 Biotechnology companies, Connect Biopharma Holdings ranks worse than 99.76% on this metric.

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.

Warning Sign:

Beneish M-Score 1565.95 higher than -1.78, which implies that the company might have manipulated its financial results.

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

CNTB' s Beneish M-Score Range Over the Past 10 Years
Min: -16.39   Med: -8.79   Max: 1565.95
Current: 1565.95

During the past 7 years, the highest Beneish M-Score of Connect Biopharma Holdings was 1565.95. The lowest was -16.39. And the median was -8.79.

Connect Biopharma Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Connect Biopharma Holdings'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.

Connect Biopharma Holdings Beneish M-Score Chart

Connect Biopharma Holdings Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 0.00 0.00 0.00 -16.39

Connect Biopharma Holdings Quarterly Data
Dec19 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 -8.79 0.00 -16.39 1,565.95

CNTB vs ANTX, VXRT, TTRX: Beneish M-Score Comparison

For the Biotechnology subindustry, Connect Biopharma Holdings'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.

Connect Biopharma Holdings Beneish M-Score vs Biotechnology Industry

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

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


CNTB
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Connect Biopharma Holdings Ltd CNTB
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Connect Biopharma Holdings 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 Connect Biopharma Holdings for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1724.5277+0.528 * 1+0.404 * 11.1912+0.892 * 0.009+0.115 * 0.8835
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 112.8373+4.679 * -0.122615-0.327 * 2.92
=1,565.95

* 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.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $2.70 Mil.
Revenue was 0.169 + 0 + 0.016 + 0.048 = $0.23 Mil.
Gross Profit was 0.169 + 0 + 0.016 + 0.048 = $0.23 Mil.
Total Current Assets was $55.02 Mil.
Total Assets was $60.07 Mil.
Property, Plant and Equipment(Net PPE) was $4.36 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.70 Mil.
Selling, General, & Admin. Expense(SGA) was $20.27 Mil.
Total Current Liabilities was $17.05 Mil.
Long-Term Debt & Capital Lease Obligation was $0.29 Mil.
Net Income was -19.398 + -15.109 + -17.2 + -12.899 = $-64.61 Mil.
Non Operating Income was -0.003 + 0.06 + -0.007 + -0.039 = $0.01 Mil.
Cash Flow from Operations was -16.005 + -11.25 + -17.406 + -12.591 = $-57.25 Mil.
 Total Receivables was $0.18 Mil.
Revenue was 0 + 0.698 + 1.219 + 24.116 = $26.03 Mil.
Gross Profit was 0 + 0.698 + 1.219 + 24.116 = $26.03 Mil.
Total Current Assets was $87.76 Mil.
Total Assets was $92.69 Mil.
Property, Plant and Equipment(Net PPE) was $4.84 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.67 Mil.
Selling, General, & Admin. Expense(SGA) was $20.07 Mil.
Total Current Liabilities was $8.57 Mil.
Long-Term Debt & Capital Lease Obligation was $0.59 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)
=(2.701 / 0.233) / (0.175 / 26.033)
=11.592275 / 0.006722
=1724.5277

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)
=(26.033 / 26.033) / (0.233 / 0.233)
=1 / 1
=1

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 - (55.02 + 4.357) / 60.066) / (1 - (87.755 + 4.835) / 92.685)
=0.011471 / 0.001025
=11.1912

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
=0.233 / 26.033
=0.009

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))
=(0.669 / (0.669 + 4.835)) / (0.695 / (0.695 + 4.357))
=0.121548 / 0.137569
=0.8835

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)
=(20.272 / 0.233) / (20.073 / 26.033)
=87.004292 / 0.77106
=112.8373

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)
=((0.287 + 17.045) / 60.066) / ((0.594 + 8.565) / 92.685)
=0.288549 / 0.098819
=2.92

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
=(-64.606 - 0.011 - -57.252) / 60.066
=-0.122615

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.

Connect Biopharma Holdings has a M-score of 1,565.95 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 1565.95 mean?
Connect Biopharma Holdings (CNTB) has a Beneish M-Score of 1565.95 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Connect Biopharma Holdings and its competitors. According to the industry distribution chart, Connect Biopharma Holdings ranks #829 out of 831 companies in the Biotechnology industry, placing it in the top 99.8%.
Is Connect Biopharma Holdings' Beneish M-Score too high?
Connect Biopharma Holdings' current Beneish M-Score is 1565.95. Based on the distribution chart, Connect Biopharma Holdings ranks #829 out of 831 companies in the Biotechnology industry, which is in the bottom quartile relative to peers. Overall, Connect Biopharma Holdings has a GF Score™ of 7/100, reflecting its overall financial health beyond just this single metric.
How does Connect Biopharma Holdings' Beneish M-Score compare to ANTX and VXRT?
According to the Biotechnology industry distribution chart, Connect Biopharma Holdings ranks #829 out of 831 companies for Beneish M-Score. This places Connect Biopharma Holdings in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Biotechnology company?
A good Beneish M-Score depends on the Biotechnology industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Connect Biopharma Holdings and its competitors. Connect Biopharma Holdings's current Beneish M-Score is 1565.95. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Connect Biopharma Holdings stock overvalued right now?
Connect Biopharma Holdings (CNTB) has a current Beneish M-Score of 1565.95. The current Beneish M-Score is 1565.95. Connect Biopharma Holdings' overall GF Score™ is 7/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Connect Biopharma Holdings (CNTB), the current Beneish M-Score is 1565.95 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Connect Biopharma Holdings Business Description

Address 3580 Carmel Mountain Road, Suite 200, San Diego, CA, USA, 92130
Connect Biopharma Holdings Ltd is a clinical-stage biopharmaceutical company dedicated to transforming care for asthma and chronic obstructive pulmonary disease (COPD). The company is advancing rademikibart, a next-generation antibody designed to target interleukin-4-receptor alpha. It is currently conducting clinical studies of rademikibart for the treatment of acute exacerbations of asthma and COPD. The company operates in one operating segment: treatment of respiratory diseases.
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