HSTOQ (Histogen) Beneish M-Score: 0.00 (As of Jun. 24, 2026)

What is Histogen Beneish M-Score?

Histogen HSTOQ +316.67% 12 Beneish M-Score is 0.00 as of Jun. 24, 2026. GuruFocus rates HSTOQ with a GF Score™ of 12/100.

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 Histogen's Beneish M-Score or its related term are showing as below:

During the past 4 years, the highest Beneish M-Score of Histogen was 0.00. The lowest was 0.00. And the median was 0.00.

Histogen Beneish M-Score Related Terms

Histogen Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Histogen'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.

Histogen Beneish M-Score Chart

Histogen Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

0.00

12.87

-0.96

Histogen Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Beneish M-Score	Get a 7-Day Free Trial													-2.26	-0.96	-47.75	-45.32	-38.51

HSTOQ vs GLMD, BLCM, NBY: Beneish M-Score Comparison

For the Biotechnology subindustry, Histogen'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.

Histogen Beneish M-Score vs Biotechnology Industry

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

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

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Histogen Inc HSTOQ

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Histogen 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 Histogen 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

0.528 * 1

0.404 * 2.1641

0.892 * 0.005

0.115 * 0.0236

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 193.0654

4.679 * -0.33935

0.327 * 0.879

-38.51

This Year (Sep23) TTM:

Last Year (Sep22) TTM:

Total Receivables was $0.00 Mil.
Revenue was 0.005 + 0.005 + 0.005 + 0.004 = $0.02 Mil.
Gross Profit was 0.005 + 0.005 + 0.005 + 0.004 = $0.02 Mil.
Total Current Assets was $5.46 Mil.
Total Assets was $5.82 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.14 Mil.
Selling, General, & Admin. Expense(SGA) was $8.80 Mil.
Total Current Liabilities was $1.35 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -3.851 + -2.092 + -3.47 + -2.964 = $-12.38 Mil.
Non Operating Income was -0.329 + 0 + 0 + 0 = $-0.33 Mil.
Cash Flow from Operations was -2.689 + -2.396 + -2.55 + -2.439 = $-10.07 Mil.

Total Receivables was $0.07 Mil.
Revenue was 0.005 + 0.005 + 3.755 + 0.005 = $3.77 Mil.
Gross Profit was 0.005 + 0.005 + 3.755 + 0.005 = $3.77 Mil.
Total Current Assets was $16.34 Mil.
Total Assets was $22.19 Mil.
Property, Plant and Equipment(Net PPE) was $5.21 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.13 Mil.
Selling, General, & Admin. Expense(SGA) was $9.04 Mil.
Total Current Liabilities was $1.40 Mil.
Long-Term Debt & Capital Lease Obligation was $4.45 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 / 0.019)	/	(0.074 / 3.77)
	=	0	/	0.019629
	=	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)
	=	(3.77 / 3.77)	/	(0.019 / 0.019)
	=	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 - (5.455 + 0) / 5.817)	/	(1 - (16.338 + 5.211) / 22.187)
	=	0.062231	/	0.028756
	=	2.1641

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
	=	0.019	/	3.77
	=	0.005

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))
	=	(0.126 / (0.126 + 5.211))	/	(0.138 / (0.138 + 0))
	=	0.023609	/	1
	=	0.0236

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)
	=	(8.796 / 0.019)	/	(9.04 / 3.77)
	=	462.947368	/	2.397878
	=	193.0654

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 + 1.348) / 5.817)	/	((4.451 + 1.398) / 22.187)
	=	0.231735	/	0.263623
	=	0.879

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
	=	(-12.377 - -0.329	-	-10.074)	/	5.817
	=	-0.33935

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.

Histogen has a M-score of -38.51 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of 0.00 mean?

Histogen (HSTOQ) has a Beneish M-Score of 0.00 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Histogen and its competitors.

Is Histogen's Beneish M-Score too high?

Histogen's current Beneish M-Score is 0.00. Overall, Histogen has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.

How does Histogen's Beneish M-Score compare to GLMD and BLCM?

Histogen's Beneish M-Score of 0.00 can be compared against companies in the Biotechnology 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 Histogen and its competitors. Histogen's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Histogen stock overvalued right now?

Histogen (HSTOQ) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Histogen's overall GF Score™ is 12/100. 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 Histogen (HSTOQ), the current Beneish M-Score is 0.00 as of Jun. 24, 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.

Histogen Business Description

Industry Healthcare Biotechnology

Comparable Companies GLMD BLCM NBY CYTO RUBY AGTX CFRX ADTX NTRR ISCO OCSE:NOVO B VRTX REGN ASX:CSL SGEN XKRX:207940 MRNA HKSE:02269 XBRU:ARGX BNTX

Address 10655 Sorrento Valley Road, Suite 200, San Diego, CA, USA, 92121

Website https://www.histogen.com

Histogen Inc is a clinical-stage therapeutics company focused on developing proprietary hypoxia-generated growth factor technology platforms and stem cell-free biologic products as potential first-in-class restorative therapeutics that ignite the body's natural process to repair and maintain healthy biological function. Under its biologics technology platform, the product candidates in development are HST-003, a treatment for joint cartilage repair, and HST-004, a treatment for spinal disc repair. It also has a pipeline of clinical and preclinical small molecule pan-caspase and caspase selective inhibitors focused on treatments for infectious and inflammatory diseases that the company intends to develop.

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