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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 -5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Spyre Therapeutics's Beneish M-Score or its related term are showing as below:
During the past 11 years, the highest Beneish M-Score of Spyre Therapeutics was 0.71. The lowest was -5.00. And the median was -2.98.
The historical data trend for Spyre Therapeutics'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.
Spyre Therapeutics Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | - | - | - | -2.24 | -5.00 |
Spyre Therapeutics 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 | -2.24 | -2.09 | 11.18 | -4.28 | -5.00 |
For the Biotechnology subindustry, Spyre Therapeutics'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.
For the Biotechnology industry and Healthcare sector, Spyre Therapeutics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Spyre Therapeutics's Beneish M-Score falls into.
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 Spyre Therapeutics 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 * 0 | + | 0.528 * 1 | + | 0.404 * 0.0308 | + | 0.892 * 0.3804 | + | 0.115 * 0.1907 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 3.6804 | + | 4.679 * -0.065761 | - | 0.327 * 0.3566 | |||||||
= | -5.00 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $0.00 Mil. Revenue was 0 + 0 + 0.688 + 0.198 = $0.89 Mil. Gross Profit was 0 + 0 + 0.688 + 0.198 = $0.89 Mil. Total Current Assets was $341.53 Mil. Total Assets was $341.86 Mil. Property, Plant and Equipment(Net PPE) was $0.00 Mil. Depreciation, Depletion and Amortization(DDA) was $0.74 Mil. Selling, General, & Admin. Expense(SGA) was $39.95 Mil. Total Current Liabilities was $31.98 Mil. Long-Term Debt & Capital Lease Obligation was $0.00 Mil. Net Income was -63.18 + -40.107 + -217.081 + -18.422 = $-338.79 Mil. Non Operating Income was -19.552 + -8.111 + -188.664 + -0.072 = $-216.40 Mil. Cash Flow from Operations was -31.036 + -34.597 + -16.643 + -17.634 = $-99.91 Mil. |
Total Receivables was $0.38 Mil. Revenue was 0.168 + 0.174 + 0.625 + 1.362 = $2.33 Mil. Gross Profit was 0.168 + 0.174 + 0.625 + 1.362 = $2.33 Mil. Total Current Assets was $62.26 Mil. Total Assets was $71.14 Mil. Property, Plant and Equipment(Net PPE) was $6.65 Mil. Depreciation, Depletion and Amortization(DDA) was $1.57 Mil. Selling, General, & Admin. Expense(SGA) was $28.53 Mil. Total Current Liabilities was $14.66 Mil. Long-Term Debt & Capital Lease Obligation was $4.00 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 / 0.886) | / | (0.375 / 2.329) | |
= | 0 | / | 0.161013 | |
= | 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) | |
= | (2.329 / 2.329) | / | (0.886 / 0.886) | |
= | 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 - (341.528 + 0) / 341.859) | / | (1 - (62.258 + 6.65) / 71.144) | |
= | 0.000968 | / | 0.031429 | |
= | 0.0308 |
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 | |
= | 0.886 | / | 2.329 | |
= | 0.3804 |
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)) |
= | (1.567 / (1.567 + 6.65)) | / | (0.744 / (0.744 + 0)) | |
= | 0.190702 | / | 1 | |
= | 0.1907 |
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) |
= | (39.946 / 0.886) | / | (28.531 / 2.329) | |
= | 45.085779 | / | 12.250322 | |
= | 3.6804 |
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 + 31.978) / 341.859) | / | ((4.004 + 14.656) / 71.144) | |
= | 0.093541 | / | 0.262285 | |
= | 0.3566 |
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 | |
= | (-338.79 - -216.399 | - | -99.91) | / | 341.859 | |
= | -0.065761 |
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.
Spyre Therapeutics has a M-score of -5.00 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Spyre Therapeutics's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Scott L Burrows | officer: Chief Financial Officer | C/O ARCUTIS BIOTHERAPEUTICS, INC., 3027 TOWNSGATE ROAD, SUITE 300, WESTLAKE VILLAGE CA 91361 |
Heidy King-jones | officer: See Remarks | C/O AXCELLA HEALTH INC., 840 MEMORIAL DRIVE, CAMBRIDGE MA 02139 |
Fairmount Healthcare Co-invest L.p. | director, 10 percent owner | 200 BARR HARBOR DRIVE, SUITE 400, WEST CONSHOHOCKEN PA 19428 |
Peter Evan Harwin | director, 10 percent owner | 2001 MARKET STREET, SUITE 2500, PHILADELPHIA PA 19103 |
Fairmount Funds Management Llc | director, 10 percent owner | 200 BARR HARBOR DRIVE, SUITE 400, WEST CONSHOHOCKEN PA 19428 |
Cameron Turtle | officer: Chief Operating Officer | C/O EIDOS THERAPEUTICS, INC., 101 MONTGOMERY STREET, SUITE 2550, SAN FRANCISCO CA 94104 |
Michael Thomas Henderson | director | 421 KIPLING STREET, PALO ALTO CA 94301 |
Fairmount Healthcare Fund L.p. | director, 10 percent owner | 2001 MARKET STREET, SUITE 2500, PHILADELPHIA PA 19103 |
Fairmount Healthcare Fund Ii L.p. | director, 10 percent owner | 200 BARR HARBOR DRIVE, SUITE 400, WEST CONSHOHOCKEN PA 19428 |
Tomas Kiselak | director, 10 percent owner | 2001 MARKET STREET, SUITE 2500, PHILADELPHIA PA 19103 |
Jeff Marc Goldberg | director, officer: President and CEO | C/O AKCEA THERAPEUTICS, 55 CAMBRIDGE PARKWAY, STE 100, CAMBRIDGE MA 02142 |
Linda L Neuman | officer: Chief Medical Officer | C/O AEGLEA BIOTHERAPEUTICS, INC., 805 LAS CIMAS PARKWAY, SUITE 100, AUSTIN TX 78746 |
Marcio Souza | director | C/O PTC THERAPEUTICS, INC., 100 CORPORATE COURT, SOUTH PLAINFIELD NJ 07080 |
James Paul Kastenmayer | officer: Interim CEO & General Counsel | ONE MEDIMMUNE WAY, FLOOR ONE, AREA TWO, GAITHERSBURG MD 20879 |
Hanley Jr. Michael Conick | officer: Chief Commercial Officer | C/O AEGLEA THERAPEUTICS, INC., 901 S. MOPAC EXPRESSWAY, #250, AUSTIN TX 78746 |
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