Kala Bio (LTS:0JQ2) Beneish M-Score : 0.00 (As of Sep. 25, 2024)

View and export this data going back to 2018. Start your Free Trial

What is Kala Bio 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 Kala Bio's Beneish M-Score or its related term are showing as below:

During the past 9 years, the highest Beneish M-Score of Kala Bio was -0.25. The lowest was -4.79. And the median was -2.67.

Kala Bio Beneish M-Score Historical Data

The historical data trend for Kala Bio'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.

* Premium members only.

Kala Bio Beneish M-Score Chart

Kala Bio Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-2.82

-2.48

-3.58

Kala Bio Quarterly Data
	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24
Beneish M-Score	Get a 7-Day Free Trial															-4.79	-	-	-	-

Competitive Comparison of Kala Bio's Beneish M-Score

For the Biotechnology subindustry, Kala Bio'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.

Kala Bio's Beneish M-Score Distribution in the Biotechnology Industry

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

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

Kala Bio 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 Kala Bio 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 (Jun24) TTM:

Last Year (Jun23) TTM:

Total Receivables was $3.46 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Total Current Assets was $58.85 Mil.
Total Assets was $61.61 Mil.
Property, Plant and Equipment(Net PPE) was $2.48 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.28 Mil.
Selling, General, & Admin. Expense(SGA) was $19.31 Mil.
Total Current Liabilities was $19.19 Mil.
Long-Term Debt & Capital Lease Obligation was $24.46 Mil.
Net Income was -9.579 + -11.807 + -8.627 + -8.704 = $-38.72 Mil.
Non Operating Income was 0.029 + -0.158 + -0.283 + -0.417 = $-0.83 Mil.
Cash Flow from Operations was -9.215 + -10.844 + -7.696 + -2.952 = $-30.71 Mil.

Total Receivables was $0.31 Mil.
Revenue was 0 + 0 + 0 + 0.42 = $0.42 Mil.
Gross Profit was 0 + 0 + 0 + 0.409 = $0.41 Mil.
Total Current Assets was $65.54 Mil.
Total Assets was $66.50 Mil.
Property, Plant and Equipment(Net PPE) was $0.64 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.39 Mil.
Selling, General, & Admin. Expense(SGA) was $26.37 Mil.
Total Current Liabilities was $9.85 Mil.
Long-Term Debt & Capital Lease Obligation was $33.57 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)
	=	(3.456 / 0)	/	(0.306 / 0.42)
	=		/	0.728571
	=

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)
	=	(0.409 / 0.42)	/	(0 / 0)
	=	0.97381	/
	=

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 - (58.853 + 2.48) / 61.606)	/	(1 - (65.535 + 0.637) / 66.5)
	=	0.004431	/	0.004932
	=

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	/	0.42
	=

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))
	=	(0.385 / (0.385 + 0.637))	/	(0.276 / (0.276 + 2.48))
	=	0.376712	/	0.100145
	=

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)
	=	(19.314 / 0)	/	(26.372 / 0.42)
	=		/	62.790476
	=

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)
	=	((24.46 + 19.19) / 61.606)	/	((33.569 + 9.851) / 66.5)
	=	0.708535	/	0.652932
	=

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
	=	(-38.717 - -0.829	-	-30.707)	/	61.606
	=	-0.116563

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.

Kala Bio Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Kala Bio's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Kala Bio Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Biotechnology » Kala Bio Inc (LTS:0JQ2) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

KALA:USA 27F0:Germany

Address

1167 Massachusetts Avenue, Arlington, MA, USA, 02476

Website

https://www.kalarx.com

Kala Bio Inc is a biopharmaceutical company. The company is a clinical-stage biopharmaceutical company dedicated to researching, developing, and commercializing innovative therapies for rare and severe eye diseases. KALA's lead product candidate, KPI-012, is a human MSC-S, which contains numerous human-derived biofactors, such as growth factors, protease inhibitors, matrix proteins, and neurotrophic factors that can potentially correct the impaired corneal healing that is an underlying etiology of multiple severe ocular diseases. Its MSC-S platform is for retinal degenerative diseases, such as Retinitis Pigmentosa and Stargardt Disease.

Kala Bio Headlines

No Headlines