Processa Pharmaceuticals (Processa Pharmaceuticals) Beneish M-Score : 0.00 (As of May. 22, 2024)

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

During the past 13 years, the highest Beneish M-Score of Processa Pharmaceuticals was 11.18. The lowest was -91.04. And the median was -5.21.

Processa Pharmaceuticals Beneish M-Score Historical Data

The historical data trend for Processa Pharmaceuticals'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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Processa Pharmaceuticals Beneish M-Score Chart

Processa Pharmaceuticals Annual Data

Trend

Dec14

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Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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Processa Pharmaceuticals Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-	-

Competitive Comparison of Processa Pharmaceuticals's Beneish M-Score

For the Biotechnology subindustry, Processa Pharmaceuticals'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.

Processa Pharmaceuticals's Beneish M-Score Distribution in the Biotechnology Industry

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

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

Processa Pharmaceuticals 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 Processa Pharmaceuticals 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 (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was $0.02 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Total Current Assets was $9.80 Mil.
Total Assets was $9.95 Mil.
Property, Plant and Equipment(Net PPE) was $0.14 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $4.46 Mil.
Total Current Liabilities was $1.01 Mil.
Long-Term Debt & Capital Lease Obligation was $0.05 Mil.
Net Income was -2.726 + -2.405 + -2.082 + -2.613 = $-9.83 Mil.
Non Operating Income was 0 + 0 + 0 + 0.102 = $0.10 Mil.
Cash Flow from Operations was -2.049 + -2.124 + -1.761 + -2.064 = $-8.00 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 $12.22 Mil.
Total Assets was $12.43 Mil.
Property, Plant and Equipment(Net PPE) was $0.21 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.59 Mil.
Selling, General, & Admin. Expense(SGA) was $10.06 Mil.
Total Current Liabilities was $2.16 Mil.
Long-Term Debt & Capital Lease Obligation was $0.13 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)
	=	(0.022 / 0)	/	(0 / 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 - (9.8 + 0.139) / 9.945)	/	(1 - (12.219 + 0.208) / 12.432)
	=	0.000603	/	0.000402
	=

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))
	=	(0.591 / (0.591 + 0.208))	/	(0 / (0 + 0.139))
	=	0.739675	/	0
	=

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)
	=	(4.462 / 0)	/	(10.057 / 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)
	=	((0.051 + 1.011) / 9.945)	/	((0.129 + 2.161) / 12.432)
	=	0.106787	/	0.184202
	=

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
	=	(-9.826 - 0.102	-	-7.998)	/	9.945
	=	-0.194067

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.

Processa Pharmaceuticals Beneish M-Score Related Terms

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Processa Pharmaceuticals (Processa Pharmaceuticals) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Biotechnology » Processa Pharmaceuticals Inc (NAS:PCSA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

7380 Coca Cola Drive, Suite 106, Hanover, MD, USA, 21076

Website

https://www.processapharmaceuticals.com

Processa Pharmaceuticals Inc is a clinical-stage biopharmaceutical company based in the United States. It focuses on the development of drug products that are intended to improve the survival and quality of life for patients who have an unmet medical need. The company's lead product, PCS499 is an oral tablet that is an analog of an active metabolite of an already approved drug. It focuses on fibrotic related diseases such as focal segmental glomerulosclerosis, idiopathic pulmonary fibrosis. Its pipeline products comprise PCS6422, PCS12852, and PCS100.

Executives

Wendy Guy	officer: Chief Administrative Officer	7380 COCA COLA DRIVE, SUITE 106, HANOVER MD 21076
James H Stanker	officer: Chief Financial Officer	9008 SHADYBROOK DRIVE, FREDERICK MD 21701
Patrick Lin	officer: Chief Business - Strategy Off	7380 COCA COLA DRIVE, SUITE 106, HANOVER MD 21076
George K Ng	officer: Chief Executive Officer	C/O SORRENTO THERAPEUTICS, INC., 6042 CORNERSTONE COURT WEST, SUITE B, SAN DIEGO CA 92121
Khoso Baluch	director	1430 US HIGHWAY 206, SUITE 200, BEDMINSTER NJ 07921
James R Neal	director	2910 SEVENTH STREET, BERKELEY CA 94710
Virgil Thompson	director	319 SOUTH NARDO, SOIANA BEACH CA 92075
Justin W Yorke	director	C/O JMG EXPLORATION, 180 SOUTH LAKE AVENUE, PASADENA CA 91101
Geraldine Pannu	director	7380 COCA COLA DRIVE, SUITE 106, HANOVER MD 21076
David Young	director, 10 percent owner, officer: President & CEO	8850 STANFORD BOULEVARD, SUITE 2500, COLUMBIA MD 21045
Robert Michael Floyd	officer: Chief Operating Officer	C/O PROCESSA PHARMACEUTICALS, INC., 7300 COCA COLA DRIVE, SUITE 106, HANOVER MD 21076
James E Besser	10 percent owner	3 WEST HILL PLACE, BOSTON MA 02114
Khalid Islam	director	C/O IMMUNOMEDICS, INC., 300 THE AMERICAN ROAD, MORRIS PLAINS NJ 07950
Sian Bigora	officer: Chief Development Officer	7380 COCA COLA DRIVE, SUITE 106, HANOVER MD 21076