InflaRx NV (STU:IF0) Beneish M-Score: -1.77 (As of Jun. 24, 2026)


STU:IF0 InflaRx NV STU:IF0
30 GF Score
Price €1.66
! 5 Warning Signs
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What is InflaRx NV Beneish M-Score?

InflaRx NV STU:IF0 +1.46% 30 Beneish M-Score is -1.77 as of Jun. 24, 2026. GuruFocus rates STU:IF0 with a GF Score™ of 30/100. The stock has 5 warning signs investors should review. Among 831 Biotechnology companies, InflaRx NV ranks worse than 67.15% on this metric.

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 -1.77 higher than -1.78, which implies that the company might have manipulated its financial results.

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

STU:IF0' s Beneish M-Score Range Over the Past 10 Years
Min: -3.28   Med: -1.77   Max: 3.24
Current: -1.77

During the past 11 years, the highest Beneish M-Score of InflaRx NV was 3.24. The lowest was -3.28. And the median was -1.77.

InflaRx NV Beneish M-Score Historical Data

* Premium members only.

The historical data trend for InflaRx NV'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.

InflaRx NV Beneish M-Score Chart

InflaRx NV Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 0.00 -2.29 -1.62

InflaRx NV Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial 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 -3.28 3.24 -3.03 -1.62 -1.77

STU:IF0 vs IRD, NAUT, RGNX: Beneish M-Score Comparison

For the Biotechnology subindustry, InflaRx NV'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.

InflaRx NV Beneish M-Score vs Biotechnology Industry

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

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


STU:IF0
30GF Score
InflaRx NV STU:IF0
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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InflaRx NV 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 InflaRx NV 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 * 4.3689+0.528 * 0.0918+0.404 * 1.5581+0.892 * 0.2231+0.115 * 1.2804
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 3.2474+4.679 * -0.240745-0.327 * 1.2904
=-1.90

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was €1.65 Mil.
Revenue was 0 + -0.034 + 0.024 + 0.039 = €0.03 Mil.
Gross Profit was 0 + -4.892 + 0.023 + -2.36 = €-7.23 Mil.
Total Current Assets was €47.40 Mil.
Total Assets was €48.89 Mil.
Property, Plant and Equipment(Net PPE) was €1.07 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.39 Mil.
Selling, General, & Admin. Expense(SGA) was €14.24 Mil.
Total Current Liabilities was €11.39 Mil.
Long-Term Debt & Capital Lease Obligation was €0.57 Mil.
Net Income was -5.593 + -10.642 + -12.261 + -14.416 = €-42.91 Mil.
Non Operating Income was 0.492 + -0.052 + -0.021 + -2.87 = €-2.45 Mil.
Cash Flow from Operations was -7.392 + -4.706 + -9.04 + -7.553 = €-28.69 Mil.
 Total Receivables was €1.69 Mil.
Revenue was 0 + 0 + 0.124 + 0.006 = €0.13 Mil.
Gross Profit was -0.009 + -2.821 + 0.196 + -0.342 = €-2.98 Mil.
Total Current Assets was €85.61 Mil.
Total Assets was €87.00 Mil.
Property, Plant and Equipment(Net PPE) was €0.91 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.48 Mil.
Selling, General, & Admin. Expense(SGA) was €19.65 Mil.
Total Current Liabilities was €16.20 Mil.
Long-Term Debt & Capital Lease Obligation was €0.30 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)
=(1.65 / 0.029) / (1.693 / 0.13)
=56.896552 / 13.023077
=4.3689

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)
=(-2.976 / 0.13) / (-7.229 / 0.029)
=-22.892308 / -249.275862
=0.0918

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 - (47.398 + 1.07) / 48.89) / (1 - (85.612 + 0.906) / 87)
=0.008632 / 0.00554
=1.5581

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
=0.029 / 0.13
=0.2231

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))
=(0.475 / (0.475 + 0.906)) / (0.393 / (0.393 + 1.07))
=0.343954 / 0.268626
=1.2804

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)
=(14.237 / 0.029) / (19.653 / 0.13)
=490.931034 / 151.176923
=3.2474

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)
=((0.572 + 11.391) / 48.89) / ((0.295 + 16.202) / 87)
=0.244692 / 0.189621
=1.2904

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
=(-42.912 - -2.451 - -28.691) / 48.89
=-0.240745

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.

InflaRx NV has a M-score of -1.90 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.77 mean?
InflaRx NV (STU:IF0) has a Beneish M-Score of -1.77 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on InflaRx NV and its competitors. According to the industry distribution chart, InflaRx NV ranks #558 out of 831 companies in the Biotechnology industry, placing it in the top 67.1%.
Is InflaRx NV's Beneish M-Score too high?
InflaRx NV's current Beneish M-Score is -1.77. Based on the distribution chart, InflaRx NV ranks #558 out of 831 companies in the Biotechnology industry, which is below the industry midpoint. Overall, InflaRx NV has a GF Score™ of 30/100, reflecting its overall financial health beyond just this single metric.
How does InflaRx NV's Beneish M-Score compare to IRD and NAUT?
According to the Biotechnology industry distribution chart, InflaRx NV ranks #558 out of 831 companies for Beneish M-Score. This places InflaRx NV in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Biotechnology company?
A good Beneish M-Score depends on the Biotechnology industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on InflaRx NV and its competitors. InflaRx NV's current Beneish M-Score is -1.77. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is InflaRx NV stock overvalued right now?
InflaRx NV (STU:IF0) has a current Beneish M-Score of -1.77. The current Beneish M-Score is -1.77. InflaRx NV's overall GF Score™ is 30/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For InflaRx NV (STU:IF0), the current Beneish M-Score is -1.77 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

InflaRx NV Business Description

Other Exchanges IFRX:USAIF0:Germany
Address Winzerlaer Strasse 2, Jena, DEU, 07745
InflaRx NV is a biopharmaceutical company applying proprietary technologies to discover, develop and commercialize potent and specific inhibitors of the complement activation factor known as C5a and its receptor C5aR. With its therapeutic product candidates, vilobelimab and izicopan, the company targets C5a and its receptor C5aR to selectively inhibit the powerful inflammatory response observed in a wide variety of autoimmune and other inflammatory diseases elicited through C5a/C5aR activation. Its product candidate, GOHIBIC (vilobelimab), is a novel intravenously delivered anti-C5a monoclonal antibody that selectively binds to free C5a and has demonstrated disease-modifying clinical activity and tolerability in multiple clinical settings.
30GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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