BIOAF (Bioasis Technologies) Beneish M-Score : 0.00 (As of Jun. 25, 2025)

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

During the past 13 years, the highest Beneish M-Score of Bioasis Technologies was 0.00. The lowest was 0.00. And the median was 0.00.

Bioasis Technologies Beneish M-Score Historical Data

The historical data trend for Bioasis Technologies'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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Bioasis Technologies Beneish M-Score Chart

Bioasis Technologies Annual Data

Trend

Feb13

Feb14

Feb15

Feb16

Feb17

Feb18

Feb19

Feb20

Feb21

Feb22

Beneish M-Score

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-9.06

-6.90

-8.99

-0.10

299.36

Bioasis Technologies Quarterly Data
	Feb18	May18	Aug18	Nov18	Feb19	May19	Aug19	Nov19	Feb20	May20	Aug20	Nov20	Feb21	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22
Beneish M-Score	Get a 7-Day Free Trial															170.95	299.36	357.43	-	1.34

Competitive Comparison of Bioasis Technologies's Beneish M-Score

For the Biotechnology subindustry, Bioasis Technologies'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.

Bioasis Technologies's Beneish M-Score Distribution in the Biotechnology Industry

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

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

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Bioasis Technologies 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 Bioasis Technologies 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 * 0.03

0.528 * 1

0.404 * 13.6557

0.892 * 6.8

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.138

4.679 * -1.224427

0.327 * 2.271

0.92

This Year (Nov22) TTM:

Last Year (Nov21) TTM:

Total Receivables was $0.01 Mil.
Revenue was 0.111 + 0.093 + 0 + 0 = $0.20 Mil.
Gross Profit was 0.111 + 0.093 + 0 + 0 = $0.20 Mil.
Total Current Assets was $0.29 Mil.
Total Assets was $1.31 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.07 Mil.
Selling, General, & Admin. Expense(SGA) was $1.83 Mil.
Total Current Liabilities was $2.68 Mil.
Long-Term Debt & Capital Lease Obligation was $0.53 Mil.
Net Income was -0.733 + -0.844 + -0.181 + -0.446 = $-2.20 Mil.
Non Operating Income was -0.056 + 0.031 + 0.5 + 0.421 = $0.90 Mil.
Cash Flow from Operations was -0.329 + -0.173 + -0.458 + -0.536 = $-1.50 Mil.

Total Receivables was $0.05 Mil.
Revenue was 0.03 + 0 + 0 + 0 = $0.03 Mil.
Gross Profit was 0.03 + 0 + 0 + 0 = $0.03 Mil.
Total Current Assets was $2.25 Mil.
Total Assets was $2.39 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.05 Mil.
Selling, General, & Admin. Expense(SGA) was $1.95 Mil.
Total Current Liabilities was $2.16 Mil.
Long-Term Debt & Capital Lease Obligation was $0.42 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)
	=	(0.01 / 0.204)	/	(0.049 / 0.03)
	=	0.04902	/	1.633333
	=	0.03

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)
	=	(0.03 / 0.03)	/	(0.204 / 0.204)
	=	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 - (0.285 + 0) / 1.31)	/	(1 - (2.254 + 0) / 2.391)
	=	0.782443	/	0.057298
	=	13.6557

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
	=	0.204	/	0.03
	=	6.8

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))
	=	(0.045 / (0.045 + 0))	/	(0.072 / (0.072 + 0))
	=	1	/	1
	=	1

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)
	=	(1.827 / 0.204)	/	(1.947 / 0.03)
	=	8.955882	/	64.9
	=	0.138

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)
	=	((0.531 + 2.678) / 1.31)	/	((0.415 + 2.164) / 2.391)
	=	2.449618	/	1.078628
	=	2.271

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
	=	(-2.204 - 0.896	-	-1.496)	/	1.31
	=	-1.224427

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.

Bioasis Technologies has a M-score of 0.92 signals that the company is likely to be a manipulator.

Bioasis Technologies Beneish M-Score Related Terms

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Bioasis Technologies Business Description

Industry

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Traded in Other Exchanges

N/A

Address

157 Church Street, 19th Floor, New Haven, CT, USA, 06510

Website

https://www.bioasis.us

Bioasis Technologies Inc is a development stage biopharmaceutical company. It is engaged in the research and development of products for the diagnosis and treatment of neurological diseases and disorders. The company has worked on a blood-brain barrier program and studies disorders in the brain. The company's xB3 program describes its proprietary carrier, for the delivery of therapeutics across the blood-brain barrier and the treatment of CNS disorders in areas of high unmet medical need, including brain cancers and neurodegenerative diseases. The company's in-house development programs are designed to develop symptomatic and disease-modifying treatments for brain-related diseases and disorders.