LadRx (LADX) Beneish M-Score : 0.00 (As of Apr. 24, 2024)

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

During the past 13 years, the highest Beneish M-Score of LadRx was 72.40. The lowest was -3.35. And the median was -2.23.

LadRx Beneish M-Score Historical Data

The historical data trend for LadRx'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.

LadRx Beneish M-Score Chart

LadRx Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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LadRx 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															-	-	-	-	-

Competitive Comparison of LadRx's Beneish M-Score

For the Biotechnology subindustry, LadRx'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.

LadRx's Beneish M-Score Distribution in the Biotechnology Industry

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

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

LadRx 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 LadRx 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 (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $0.00 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Total Current Assets was $2.26 Mil.
Total Assets was $2.31 Mil.
Property, Plant and Equipment(Net PPE) was $0.04 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.01 Mil.
Selling, General, & Admin. Expense(SGA) was $3.53 Mil.
Total Current Liabilities was $2.20 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -0.858 + -0.816 + 3.149 + -1.074 = $0.40 Mil.
Non Operating Income was 0 + 0 + 0 + 0.001 = $0.00 Mil.
Cash Flow from Operations was -0.863 + -0.67 + 3.247 + -0.7 = $1.01 Mil.

Total Receivables was $0.00 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Total Current Assets was $2.00 Mil.
Total Assets was $2.25 Mil.
Property, Plant and Equipment(Net PPE) was $0.24 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.02 Mil.
Selling, General, & Admin. Expense(SGA) was $4.55 Mil.
Total Current Liabilities was $2.19 Mil.
Long-Term Debt & Capital Lease Obligation was $0.03 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)	/	(0 / 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)
	=	(0 / 0)	/	(0 / 0)
	=		/
	=

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 - (2.262 + 0.038) / 2.308)	/	(1 - (2.004 + 0.235) / 2.247)
	=	0.003466	/	0.00356
	=

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
	=

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))
	=	(0.016 / (0.016 + 0.235))	/	(0.012 / (0.012 + 0.038))
	=	0.063745	/	0.24
	=

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)
	=	(3.532 / 0)	/	(4.545 / 0)
	=		/
	=

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 + 2.201) / 2.308)	/	((0.034 + 2.188) / 2.247)
	=	0.95364	/	0.988874
	=

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
	=	(0.401 - 0.001	-	1.014)	/	2.308
	=	-0.266031

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.

LadRx Beneish M-Score Related Terms

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LadRx (LADX) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Biotechnology » LadRx Corp (OTCPK:LADX) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

11726 San Vicente Boulevard, Suite 650, Los Angeles, CA, USA, 90049

Website

https://www.ladrxcorp.com

LadRx Corp operates as a biopharmaceutical research and development company in the healthcare sector of the United States. It is focused on the discovery, research, and clinical development of novel anti-cancer drug candidates that employ novel linker technologies to enhance the accumulation and release of cytotoxic anti-cancer agents at the tumor. The company develops Aldoxorubicin, which is meant to cure soft tissue sarcoma, a kind of tumor. It also develops Arimoclomol which is in development in Niemann Pick disease Type C (NPC) and Gaucher disease.

Executives

Cary J Claiborne	director	3056 SENECA CHIEF TRAIL, ELLICOTT CITY MD 21042
Stephen Snowdy	officer: Chief Executive Officer	C/O CYTRX CORPORATION, 11726 SAN VICENTE BOULEVARD, SUITE 650, LOS ANGELES CA 90049
Jennifer K. Simpson	director	C/O DELCATH SYSTEMS, INC., 810 SEVENTH AVENUE, SUITE 3505, NEW YORK NY 10019
Eric Curtis	officer: Pres., Chief Operating Officer	ONE MAIN STREET, SUITE 800, CAMBRIDGE MA 02142
Felix Kratz	officer: Vice President Drug Discovery	11726 SAN VICENTE BLVD., SUITE 650, LOS ANGELES CA 90049
Joel K Caldwell	director	11726 SAN VICENTE BLVD., SUITE 650, LOS ANGELES CA 90049
Chawla Shanta M.d.	officer: Senior VP-Drug Development	11726 SAN VICENTE BLVD., SUITE 650, LOS ANGELES CA 90049
Earl W Brien	director	11726 SAN VICENTE BLVD, SUITE 650, LOS ANGELES CA 90049
Olivia C Ware	officer: Chief Commercial Officer	11726 SAN VICENTE BLVD, SUITE 650, LOS ANGELES CA 90049
Cheryl Cohen	director	C/O MEDIVATION, INC., 201 SPEAR ST., 3RD FLOOR, SAN FRANCISCO CA 94105
Eric Jay Selter	director	11726 SAN VICENTE BLVD., SUITE 650, LOS ANGELES CA 90049
Anita J Chawla	director	11726 SAN VICENTE BLVD., SUITE 650, LOS ANGELES CA 90049
Joseph Rubinfeld	director	C/O SUPERGEN INC, 4140 DUBLIN BLVD STE 200, DUBLIN CA 94568
Douglas Scott Wieland	officer: Sr VP - Drug Development	11726 SAN VICENTE BLVD., SUITE 650, LOS ANGELES CA 90049
Louis Ignarro	director	11726 SAN VICENTE BLVD, STE 650, LOS ANGELES CA 90049