Asarina Pharma AB (OSTO:ASAP) Beneish M-Score : 0.00 (As of Mar. 31, 2025)

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

During the past 7 years, the highest Beneish M-Score of Asarina Pharma AB was 0.00. The lowest was 0.00. And the median was 0.00.

Asarina Pharma AB Beneish M-Score Historical Data

The historical data trend for Asarina Pharma AB'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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Asarina Pharma AB Beneish M-Score Chart

Asarina Pharma AB Annual Data

Trend

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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Asarina Pharma AB Semi-Annual Data
	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial									-	-	-	-	-

Competitive Comparison of Asarina Pharma AB's Beneish M-Score

For the Biotechnology subindustry, Asarina Pharma AB'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.

Asarina Pharma AB's Beneish M-Score Distribution in the Biotechnology Industry

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

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

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Asarina Pharma AB 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 Asarina Pharma AB 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 kr0.33 Mil.
Revenue was kr0.00 Mil.
Gross Profit was kr0.00 Mil.
Total Current Assets was kr5.30 Mil.
Total Assets was kr6.08 Mil.
Property, Plant and Equipment(Net PPE) was kr0.78 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0.42 Mil.
Selling, General, & Admin. Expense(SGA) was kr2.96 Mil.
Total Current Liabilities was kr4.43 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.00 Mil.
Net Income was kr-12.83 Mil.
Gross Profit was kr0.00 Mil.
Cash Flow from Operations was kr-11.27 Mil.

Total Receivables was kr0.37 Mil.
Revenue was kr0.00 Mil.
Gross Profit was kr0.00 Mil.
Total Current Assets was kr15.68 Mil.
Total Assets was kr16.86 Mil.
Property, Plant and Equipment(Net PPE) was kr1.18 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0.41 Mil.
Selling, General, & Admin. Expense(SGA) was kr3.09 Mil.
Total Current Liabilities was kr2.26 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.00 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)
	=	(0.327 / 0)	/	(0.367 / 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 - (5.297 + 0.778) / 6.077)	/	(1 - (15.675 + 1.181) / 16.857)
	=	0.000329	/	5.9E-5
	=

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))
	=	(0.406 / (0.406 + 1.181))	/	(0.423 / (0.423 + 0.778))
	=	0.255829	/	0.352206
	=

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)
	=	(2.958 / 0)	/	(3.088 / 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 + 4.426) / 6.077)	/	((0 + 2.255) / 16.857)
	=	0.72832	/	0.133772
	=

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
	=	(-12.828 - 0	-	-11.272)	/	6.077
	=	-0.256047

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.

Asarina Pharma AB Beneish M-Score Related Terms

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Asarina Pharma AB Business Description

Industry

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Comparable Companies

Traded in Other Exchanges

N/A

Address

Fogdevreten 2, Karolinska Institutet Science Park, Solna, SWE, SE-171 65

Website

https://www.asarinapharma.com

Asarina Pharma AB is a Swedish biotech company developing Sepranolone for Allopregnanolone-related stress, compulsion and neurological disorders. Its product pipeline is built on over 40 years of research into llopregnanolone-related neurological disorders. With the new family of GAMSA compounds (GABA-A Modulating Steroid Antagonists) the company aims to deliver a new generation of efficacious and safe drugs for still widely untreated neuroendocrinological conditions.

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