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VistaGen Therapeutics Beneish M-Score

: -1.53 (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 -1.53 higher than -1.78, which implies that the company might have manipulated its financial results.

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

VTGN' s Beneish M-Score Range Over the Past 10 Years
Min: -153.44   Med: -6.8   Max: 91.36
Current: -1.53

During the past 13 years, the highest Beneish M-Score of VistaGen Therapeutics was 91.36. The lowest was -153.44. And the median was -6.80.


VistaGen Therapeutics Beneish M-Score Historical Data

The historical data trend for VistaGen 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.

VistaGen Therapeutics Annual Data
Trend Mar12 Mar13 Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.76 -5.52 -6.77 -4.90 -2.10

VistaGen Therapeutics Quarterly Data
Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21
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 -3.08 -2.10 -1.97 0.45 -1.53

Competitive Comparison

For the Biotechnology subindustry, VistaGen 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.

   

VistaGen Therapeutics Beneish M-Score Distribution

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

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



VistaGen 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 VistaGen 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+0.528 * 1+0.404 * 1.155+0.892 * 2.3333+0.115 * 0.9237
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.695+4.679 * -0.0232-0.327 * 1.7158
=-1.53

* 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 (Dec21) TTM:Last Year (Dec20) TTM:
Total Receivables was $0.00 Mil.
Revenue was 0.358 + 0.358 + 0.354 + 0.442 = $1.51 Mil.
Gross Profit was 0.358 + 0.358 + 0.354 + 0.442 = $1.51 Mil.
Total Current Assets was $86.77 Mil.
Total Assets was $90.54 Mil.
Property, Plant and Equipment(Net PPE) was $3.21 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.35 Mil.
Selling, General, & Admin. Expense(SGA) was $10.06 Mil.
Total Current Liabilities was $6.42 Mil.
Long-Term Debt & Capital Lease Obligation was $2.72 Mil.
Net Income was -10.535 + -12.794 + -7.745 + -6.211 = $-37.29 Mil.
Non Operating Income was 0 + 0 + -0.232 + 0 = $-0.23 Mil.
Cash Flow from Operations was -12.046 + -11.45 + -6.173 + -5.282 = $-34.95 Mil.
Total Receivables was $0.00 Mil.
Revenue was 0.314 + 0.334 + 0 + 0 = $0.65 Mil.
Gross Profit was 0.314 + 0.334 + 0 + 0 = $0.65 Mil.
Total Current Assets was $105.00 Mil.
Total Assets was $109.27 Mil.
Property, Plant and Equipment(Net PPE) was $3.69 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.37 Mil.
Selling, General, & Admin. Expense(SGA) was $6.20 Mil.
Total Current Liabilities was $2.98 Mil.
Long-Term Debt & Capital Lease Obligation was $3.45 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 / 1.512) / (0 / 0.648)
=0 / 0
=1

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)
=(0.648 / 0.648) / (1.512 / 1.512)
=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 - (86.77 + 3.21) / 90.536) / (1 - (104.996 + 3.694) / 109.271)
=0.0061412 / 0.00531706
=1.155

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
=1.512 / 0.648
=2.3333

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))
=(0.37 / (0.37 + 3.694)) / (0.351 / (0.351 + 3.21))
=0.09104331 / 0.09856782
=0.9237

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)
=(10.056 / 1.512) / (6.201 / 0.648)
=6.65079365 / 9.56944444
=0.695

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)
=((2.717 + 6.421) / 90.536) / ((3.447 + 2.981) / 109.271)
=0.10093223 / 0.05882622
=1.7158

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
=(-37.285 - -0.232 - -34.951) / 90.536
=-0.0232

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.

VistaGen Therapeutics has a M-score of -1.53 signals that the company is likely to be a manipulator.


VistaGen Therapeutics Beneish M-Score Related Terms

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VistaGen Therapeutics Business Description

VistaGen Therapeutics logo
Industry
Healthcare » Biotechnology NAICS : 325412 SIC : 2834
Traded in Other Exchanges
N/A
Address
343 Allerton Avenue, South San Francisco, CA, USA, 94080
VistaGen Therapeutics Inc is a biotechnology firm. The company is in its clinical stage and engaged in developing and commercializing product candidates for patients with diseases and disorders involving the central nervous system. Its lead product candidate, AV-101, is an orally available prodrug candidate in Phase II development, initially for the adjunctive treatment of a major depressive disorder in patients with an inadequate response to standard antidepressants. The PH94B is a novel neuroactive nasal spray with therapeutic potential in a wide range of indications involving anxiety or phobia; PH10 is an odorless, fast-acting synthetic neurosteroid for neuropsychiatric indications involving depression.
Executives
Saxe Jon S director FIRST HORIZON PHARMACEUTICAL CORP 660 HEMBREE PKWY STE 106 ROSWELL GA 30076
Dotson Jerrold Duane officer: VP, CFO AND SECRETARY 5 CENTERPOINTE DRIVE SUITE 400 LAKE OSWEGO OR 97035
Singh Shawn director, officer: CHIEF EXECUTIVE OFFICER C/O VISTAGEN THERAPEUTICS, INC. 343 ALLERTON AVENUE SOUTH SAN FRANCISCO CA 94080
Snodgrass H. Ralph director, officer: PRES./CHIEF SCIENTIFIC OFFICER 384 OYSTER POINT BLVD. SUITE 8 SOUTH SAN FRANCISCO CA 94080
Smith Mark Alan officer: CHIEF MEDICAL OFFICER 343 ALLERTON AVENUE SOUTH SAN FRANCISCO CA 94080
Mcpartland Mark A. officer: VP CORPORATE DEVELOPMENT C/O VISTAGEN THERAPEUTICS, INC. 343 ALLERTON AVENUE SOUTH SAN FRANCISCO CA 94080
Gin Jerry B director 343 ALLERTON AVE SOUTH SAN FRANCISCO CA 94080
Underdown Brian J. director C/O LUMIRA CAPITAL INVESTMENT MANAGEMENT 141 ADELAIDE ST. WEST, SUITE 770 TORONTO ONTARIO CANADA M5H 3L5 A6 00000
Cunningham Ann Michelle director 255 N CALDWELL CIRCLE DOWNINGTOWN PA 19335
Rice A. Franklin officer: VP CORPORATE DEVELOPMENT 384 OYSTER POINT BLVD. SUITE 8 SOUTH SAN FRANCISCO CA 94080
Bonfiglio Gregory A. director 384 OYSTER POINT BOULEVARD, NO. 8 SOUTH SAN FRANCISCO CA 94080
Platinum Long Term Growth Vii, Llc 10 percent owner 152 WEST 57TH STREET 4TH FLOOR NEW YORK NY 10019
Cato Holding Co 10 percent owner 4364 SOUTH ALSTON AVENUE DURHAM NC 27713
Cato Allen Easley 10 percent owner 4364 SOUTH ALSTON AVENUE DURHAM NC 27713
Jones Stephanie director, 10 percent owner, officer: PRESIDENT 13834 W. HOYT ROAD RATHDRUM ID 83858

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