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Fate Therapeutics Beneish M-Score

: 1.50 (As of Today)
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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.

Warning Sign:

Beneish M-Score 1.5 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NAS:FATE' s Beneish M-Score Range Over the Past 10 Years
Min: -6.38   Med: -1.47   Max: 10.71
Current: 1.5

-6.38
10.71

During the past 10 years, the highest Beneish M-Score of Fate Therapeutics was 10.71. The lowest was -6.38. And the median was -1.47.


Fate Therapeutics Beneish M-Score Historical Data

The historical data trend for Fate 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.

* Premium members only.

Fate Therapeutics Annual Data
Trend Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.85 -2.97 0.45 1.71 -1.67

Fate Therapeutics Quarterly Data
Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -0.83 2.66 -1.67 -0.12 1.50

Competitive Comparison

For the Biotechnology subindustry, Fate 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.

   

Fate Therapeutics Beneish M-Score Distribution

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

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



Fate Therapeutics 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 Fate 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 * 1.6513+0.528 * 1+0.404 * 3.8997+0.892 * 3.6339+0.115 * 1.0538
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.4221+4.679 * -0.0451-0.327 * 1.095
=1.50

* 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 (Jun21) TTM:Last Year (Jun20) TTM:
Accounts Receivable was $10.30 Mil.
Revenue was 13.412 + 11.142 + 15.896 + 7.558 = $48.01 Mil.
Gross Profit was 13.412 + 11.142 + 15.896 + 7.558 = $48.01 Mil.
Total Current Assets was $713.27 Mil.
Total Assets was $1,015.67 Mil.
Property, Plant and Equipment(Net PPE) was $125.40 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.76 Mil.
Selling, General, & Admin. Expense(SGA) was $43.33 Mil.
Total Current Liabilities was $105.60 Mil.
Long-Term Debt & Capital Lease Obligation was $105.41 Mil.
Net Income was -55.133 + -45.089 + -53.111 + -58.684 = $-212.02 Mil.
Non Operating Income was -8.7 + 0.744 + -20.058 + -27.644 = $-55.66 Mil.
Cash Flow from Operations was -32.106 + -27.096 + -20.664 + -30.733 = $-110.60 Mil.
Accounts Receivable was $1.72 Mil.
Revenue was 5.465 + 2.515 + 2.802 + 2.429 = $13.21 Mil.
Gross Profit was 5.465 + 2.515 + 2.802 + 2.429 = $13.21 Mil.
Total Current Assets was $540.23 Mil.
Total Assets was $653.59 Mil.
Property, Plant and Equipment(Net PPE) was $84.16 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.66 Mil.
Selling, General, & Admin. Expense(SGA) was $28.25 Mil.
Total Current Liabilities was $45.32 Mil.
Long-Term Debt & Capital Lease Obligation was $78.68 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable 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)
=(10.303 / 48.008) / (1.717 / 13.211)
=0.21461006 / 0.12996745
=1.6513

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)
=(13.211 / 13.211) / (48.008 / 48.008)
=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 - (713.268 + 125.397) / 1015.666) / (1 - (540.225 + 84.161) / 653.594)
=0.17427087 / 0.04468829
=3.8997

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
=48.008 / 13.211
=3.6339

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))
=(2.663 / (2.663 + 84.161)) / (3.759 / (3.759 + 125.397))
=0.03067124 / 0.02910434
=1.0538

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)
=(43.332 / 48.008) / (28.249 / 13.211)
=0.90259957 / 2.13829385
=0.4221

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)
=((105.405 + 105.6) / 1015.666) / ((78.683 + 45.322) / 653.594)
=0.20775038 / 0.18972787
=1.095

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
=(-212.017 - -55.658 - -110.599) / 1015.666
=-0.0451

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.

Fate Therapeutics has a M-score of 1.50 signals that the company is likely to be a manipulator.


Fate Therapeutics Beneish M-Score Related Terms

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Fate Therapeutics Business Description

Fate Therapeutics logo
Industry
Healthcare » Biotechnology NAICS : 325412 SIC : 2836
Traded in Other Exchanges
Address
3535 General Atomics Court, Suite 200, San Diego, CA, USA, 92121
Fate Therapeutics Inc is a clinical-stage biopharmaceutical company based in the United States. It is engaged in the development of programmed cellular immunotherapies for cancer and immune disorders. The company's cell therapy pipeline is comprised of NK- and T-cell immuno-oncology programs, including off-the-shelf engineered product candidates derived from clonal master iPSC lines, and immuno-regulatory programs, including product candidates to prevent life-threatening complications in patients.
Executives
Tahl Cindy officer: General Counsel and Secretary C/O FATE THERAPEUTICS, INC. 3535 GENERAL ATOMICS COURT, STE 200 SAN DIEGO CA 92121
Shoemaker Daniel D officer: Chief Scientific Officer C/O FATE THERAPEUTICS, INC. 3535 GENERAL ATOMICS COURT, SUITE 200 SAN DIEGO CA 92121
Valamehr Bahram officer: Chief Development Officer C/O FATE THERAPEUTICS, INC. 3535 GENERAL ATOMICS COURT, STE 200 SAN DIEGO CA 92121
Dulac Edward J Iii officer: Chief Financial Officer FATE THERAPEUTICS, INC. 3535 GENERAL ATOMICS COURT STE 200 SAN DIEGO CA 92121
Redmile Group, Llc director, 10 percent owner ONE LETTERMAN DRIVE BUILDING D, SUITE D3-300 SAN FRANCISCO CA 94129
Green Jeremy director, 10 percent owner ONE LETTERMAN DRIVE, BUILDING D SUITE D3-300 SAN FRANCISCO CA 94129
Jooss Karin director C/O GRITSTONE ONCOLOGY, INC. 5858 HORTON STREET, SUITE 210 EMERYVILLE CA 94608
Agarwal Shefali director C/O EPIZYME, INC., 400 TECHNOLOGY SQUARE CAMBRIDGE MA 02139
Mendlein John director PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: MENDLEIN JOHN a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Rastetter William H director 9885 TOWNE CENTRE DR. SAN DIEGO CA 92121
Hershberg Robert director 3005 FIRST AVENUE SEATTLE WA 98121
Coughlin Timothy director 339 NORTH GRANADOS AVE SOLANA BEACH CA 92075
Lee Michael Stewart director C/O REDMILE GROUP, LLC ONE LETTERMAN DR., BLDG. D, SUITE D3-300 SAN FRANCISCO CA 94129
Epstein Robert S director PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: EPSTEIN ROBERT S a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Wolchko J Scott director, officer: President and CEO C/O FATE THERAPEUTICS, INC. 3535 GENERAL ATOMICS COURT, SUITE 200 SAN DIEGO CA 92121

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