Aceragen (Aceragen) Beneish M-Score : 0.00 (As of Apr. 26, 2024)

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

During the past 13 years, the highest Beneish M-Score of Aceragen was 56.10. The lowest was -7.81. And the median was 0.85.

Aceragen Beneish M-Score Historical Data

The historical data trend for Aceragen'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.

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Aceragen Beneish M-Score Chart

Aceragen Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-3.62

1.06

Aceragen Quarterly Data
	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-	-

Competitive Comparison of Aceragen's Beneish M-Score

For the Biotechnology subindustry, Aceragen'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.

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

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

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

Aceragen 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 Aceragen 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 (Mar23) TTM:

Last Year (Mar22) TTM:

Total Receivables was $2.20 Mil.
Revenue was 2.47 + 4.813 + 0.049 + 0 = $7.33 Mil.
Gross Profit was 2.47 + 4.813 + 0.049 + 0 = $7.33 Mil.
Total Current Assets was $5.64 Mil.
Total Assets was $78.49 Mil.
Property, Plant and Equipment(Net PPE) was $0.48 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.01 Mil.
Selling, General, & Admin. Expense(SGA) was $14.74 Mil.
Total Current Liabilities was $17.86 Mil.
Long-Term Debt & Capital Lease Obligation was $0.27 Mil.
Net Income was -21.867 + -10.776 + -3.099 + -5.307 = $-41.05 Mil.
Non Operating Income was -14.512 + -4.8 + -5.56 + 0.016 = $-24.86 Mil.
Cash Flow from Operations was -9.852 + -13.204 + -3.198 + -3.525 = $-29.78 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 $29.36 Mil.
Total Assets was $30.13 Mil.
Property, Plant and Equipment(Net PPE) was $0.70 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.02 Mil.
Selling, General, & Admin. Expense(SGA) was $9.22 Mil.
Total Current Liabilities was $3.80 Mil.
Long-Term Debt & Capital Lease Obligation was $0.49 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)
	=	(2.203 / 7.332)	/	(0 / 0)
	=	0.300464	/
	=

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)	/	(7.332 / 7.332)
	=		/	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 - (5.636 + 0.475) / 78.492)	/	(1 - (29.362 + 0.701) / 30.133)
	=	0.922145	/	0.002323
	=

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
	=	7.332	/	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))
	=	(0.02 / (0.02 + 0.701))	/	(0.014 / (0.014 + 0.475))
	=	0.027739	/	0.02863
	=

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)
	=	(14.735 / 7.332)	/	(9.218 / 0)
	=	2.009684	/
	=

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)
	=	((0.271 + 17.863) / 78.492)	/	((0.494 + 3.796) / 30.133)
	=	0.23103	/	0.142369
	=

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
	=	(-41.049 - -24.856	-	-29.779)	/	78.492
	=	0.173088

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.

Aceragen Beneish M-Score Related Terms

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Aceragen (Aceragen) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Biotechnology » Aceragen Inc (NAS:ACGN) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

505 Eagleview Boulevard, Suite 212, Exton, PA, USA, 19341

Website

https://www.aceragen.com

Aceragen Inc is a clinical-stage biopharmaceutical company committed to transforming the care of people living with rare pulmonary and rheumatic diseases. The company portfolio includes late-stage programs based on well-established biological principles that are developing to be inventive therapeutics capable of addressing the unmet medical needs of individuals living with rare diseases.

Executives

Vincent Milano	director, officer: President & CEO	C/O VIROPHARMA INC, 405 EAGLEVIEW BLVD, EXTON PA 19341
Maxine Gowen	director
Pillar Invest Corp	director, 10 percent owner	C/O PILLAR INVEST OFFSHORE SAL, STARCO CENTER, BLOC B FL3, OMAR DAOUK ST, BEIRUT M8 2020-3313
Atul Chopra	10 percent owner	C/O ACERAGEN, INC., 15 TW ALEXANDER DRIVE, DURHAM NC 27709
John Clayton Taylor	director, officer: Chief Executive Officer	C/O ACERAGEN, INC., 15 TW ALEXANDER DRIVE, DURHAM NC 27709
Carl N Kraus	officer: Chief Medical Officer	C/O ACERAGEN, INC., 15 TW ALEXANDER DRIVE, DURHAM NC 27709
Andrew R Jordan	officer: Chief Strategy Officer	C/O GUILFORD PHARMACEUTICALS INC, 6611 TIBUTARY ST., BALTIMORE MD 21224
Daniel Salain	officer: Chief Operating Officer	C/O GRAYBUG VISION, INC., 275 SHORELINE DRIVE, SUITE 450, REDWOOD CITY CA 94065
Ronald J Wooten	director
Nq Pof V Gp, Ltd.	director, other: See Remarks	4208 SIX FORKS ROAD, SUITE 920, RALEIGH NC 27609
Novaquest Co-investment Fund Xv, L.p.	director, other: See Remarks	4208 SIX FORKS ROAD, SUITE 920, RALEIGH NC 27609
John J. Kirby	officer: V.P. of Finance, PFO & PAO	C/O IDERA PHARMACEUTICALS, INC., 505 EAGLEVIEW BLVD., SUITE 212, EXTON PA 19341
Michael R Dougherty	director	C/O ADOLOR CORP, 700 PENNSYLVANIA DR, EXTON PA 19341
Elizabeth Ann Tarka	officer: Chief Medical Officer	111 WAVERLY CIRCLE, PHOENIXVILLE PA 19460
Bryant David Lim	officer: SVP & General Counsel	C/O IDERA PHARMACEUTICALS, INC., 505 EAGLEVIEW BLVD., SUITE 212, EXTON PA 19341