MDXXF (Pharmala Biotech Holdings) Beneish M-Score: -1.94 (As of Jul. 11, 2026)

What is Pharmala Biotech Holdings Beneish M-Score?

Pharmala Biotech Holdings MDXXF +7.74% 35 Beneish M-Score is -1.94 as of Jul. 11, 2026. GuruFocus rates MDXXF with a GF Score™ of 35/100 and a GF Value™ of $0.15 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 823 Biotechnology companies, Pharmala Biotech Holdings ranks worse than 63.3% 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.

Good Sign:

Beneish M-Score -1.94 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MDXXF' s Beneish M-Score Range Over the Past 10 Years
Min: -5.36 Med: -2.66 Max: 10.81
Current: -1.94

During the past 5 years, the highest Beneish M-Score of Pharmala Biotech Holdings was 10.81. The lowest was -5.36. And the median was -2.66.

Pharmala Biotech Holdings Beneish M-Score Related Terms

Pharmala Biotech Holdings Beneish M-Score Historical Data

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The historical data trend for Pharmala Biotech 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.

Pharmala Biotech Holdings Beneish M-Score Chart

Pharmala Biotech Holdings Annual Data

Trend

Aug21

Aug22

Aug23

Aug24

Aug25

Beneish M-Score

0.00

1.40

-2.51

-3.71

Pharmala Biotech Holdings Quarterly Data
	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23	Nov23	Feb24	May24	Aug24	Nov24	Feb25	May25	Aug25	Nov25	Feb26
Beneish M-Score	Get a 7-Day Free Trial															-5.36	-5.24	-3.71	-2.81	-1.94

MDXXF vs VRTX, REGN, ALNY: Beneish M-Score Comparison

For the Biotechnology subindustry, Pharmala Biotech 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.

Pharmala Biotech Holdings Beneish M-Score vs Biotechnology Industry

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

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

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35GF Score

Pharmala Biotech Holdings Inc MDXXF

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

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Pharmala Biotech 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 Pharmala Biotech Holdings 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 * 1.4163

0.528 * 1.488

0.404 * 1.1971

0.892 * 2.0774

0.115 * 1.0118

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.4423

4.679 * -0.212386

0.327 * 1.4956

-1.86

This Year (Feb26) TTM:

Last Year (Feb25) TTM:

Total Receivables was $0.31 Mil.
Revenue was 0.206 + 0.147 + 0.194 + 0.097 = $0.64 Mil.
Gross Profit was 0.189 + 0.122 + 0.169 + 0.091 = $0.57 Mil.
Total Current Assets was $1.02 Mil.
Total Assets was $2.29 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.09 Mil.
Selling, General, & Admin. Expense(SGA) was $1.31 Mil.
Total Current Liabilities was $0.71 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -0.248 + -0.292 + -0.262 + -0.378 = $-1.18 Mil.
Non Operating Income was 0.007 + -0.047 + 0.017 + -0.005 = $-0.03 Mil.
Cash Flow from Operations was -0.183 + -0.083 + -0.214 + -0.185 = $-0.67 Mil.

Total Receivables was $0.10 Mil.
Revenue was 0.102 + 0.041 + 0.061 + 0.106 = $0.31 Mil.
Gross Profit was 0.095 + 0.041 + 0.17 + 0.103 = $0.41 Mil.
Total Current Assets was $1.46 Mil.
Total Assets was $2.73 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.07 Mil.
Selling, General, & Admin. Expense(SGA) was $1.43 Mil.
Total Current Liabilities was $0.57 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 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)
	=	(0.306 / 0.644)	/	(0.104 / 0.31)
	=	0.475155	/	0.335484
	=	1.4163

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 / 0.31)	/	(0.571 / 0.644)
	=	1.319355	/	0.886646
	=	1.488

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 - (1.015 + 0.001) / 2.293)	/	(1 - (1.461 + 0) / 2.732)
	=	0.556912	/	0.465227
	=	1.1971

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
	=	0.644	/	0.31
	=	2.0774

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))
	=	(0.07 / (0.07 + 0))	/	(0.085 / (0.085 + 0.001))
	=	1	/	0.988372
	=	1.0118

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)
	=	(1.313 / 0.644)	/	(1.429 / 0.31)
	=	2.03882	/	4.609677
	=	0.4423

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 + 0.713) / 2.293)	/	((0 + 0.568) / 2.732)
	=	0.310946	/	0.207906
	=	1.4956

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
	=	(-1.18 - -0.028	-	-0.665)	/	2.293
	=	-0.212386

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.

Pharmala Biotech Holdings has a M-score of -1.86 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 -1.94 mean?

Pharmala Biotech Holdings (MDXXF) has a Beneish M-Score of -1.94 as of Jul. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Pharmala Biotech Holdings and its competitors. According to the industry distribution chart, Pharmala Biotech Holdings ranks #521 out of 823 companies in the Biotechnology industry, placing it in the top 63.3%.

Is Pharmala Biotech Holdings' Beneish M-Score too high?

Pharmala Biotech Holdings' current Beneish M-Score is -1.94. Based on the distribution chart, Pharmala Biotech Holdings ranks #521 out of 823 companies in the Biotechnology industry, which is below the industry midpoint. Overall, Pharmala Biotech Holdings has a GF Score™ of 35/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Pharmala Biotech Holdings' Beneish M-Score compare to VRTX and REGN?

According to the Biotechnology industry distribution chart, Pharmala Biotech Holdings ranks #521 out of 823 companies for Beneish M-Score. This places Pharmala Biotech 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 Pharmala Biotech Holdings and its competitors. Pharmala Biotech Holdings's current Beneish M-Score is -1.94. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Pharmala Biotech Holdings stock overvalued right now?

Based on GuruFocus' analysis, Pharmala Biotech Holdings (MDXXF) is currently considered Modestly Undervalued. The stock's GF Value™ is $0.15, compared to a current price of $0.11 — trading 28.2% below its estimated fair value. The current Beneish M-Score is -1.94. Pharmala Biotech Holdings' overall GF Score™ is 35/100 with 1 warning sign 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 Pharmala Biotech Holdings (MDXXF), the current Beneish M-Score is -1.94 as of Jul. 11, 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.

Is Pharmala Biotech Holdings (MDXXF) Overvalued in 2026?

Based on GuruFocus' analysis, Pharmala Biotech Holdings stock appears to be undervalued. The current stock price of $0.11 is trading 28.2% below its estimated GF Value™ of $0.15. GuruFocus considers Pharmala Biotech Holdings to be Modestly Undervalued.

Key valuation signals for MDXXF:

Beneish M-Score: -1.94
GF Value™: $0.15 vs. price of $0.11 (28.2% below fair value)
GF Score™: 35/100 with 1 warning sign

No single metric tells the full story. See the MDXXF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Pharmala Biotech Holdings Business Description

Industry Healthcare Biotechnology

Comparable Companies XCNQ:BLAB XCNQ:DOSE XCNQ:PREV NEOE:BMND TSXV:HEM TSXV:MRVL XCNQ:SKNY TSX:CSCI XCNQ:GLOW XCNQ:BETR VRTX REGN XBRU:UCB XBRU:ARGX XKRX:207940 ALNY ASX:CSL RVMD ONC MRNA

Other Exchanges MDMA:Canada

Address 1 Adelaide Street East, Suite 801, Toranto, ON, CAN, M5C 2V9

Website https://www.pharmala.ca

Pharmala Biotech Holdings Inc is a Canadian Biotechnology company focused on the development, manufacture and sales of MDMA and MDXX class molecules in service to the burgeoning clinical research community and growing commercial use cases in select jurisdictions. The company produces its MDMA active pharmaceutical ingredient under the LaNeo brand through Good Manufacturing Practice (GMP) processes, aiming to address shortages for clinical trials investigating treatments for various disorders. It generates revenue from the sale of tablets, raw MDMA and MDXX compounds/formulations, and royalties from licensing of its IP.

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$0.11

Price

$0.15

GF Value

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