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Vistagen Therapeutics (Vistagen Therapeutics) Beneish M-Score : 0.00 (As of Apr. 27, 2024)


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

During the past 13 years, the highest Beneish M-Score of Vistagen Therapeutics was 56.82. The lowest was -1.59. And the median was 7.73.


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 Beneish M-Score Chart

Vistagen Therapeutics Annual Data
Trend Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only - - - 56.82 -

Vistagen Therapeutics Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
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 - - - - -

Competitive Comparison of Vistagen Therapeutics's Beneish M-Score

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's Beneish M-Score Distribution in the Biotechnology Industry

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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was $0.00 Mil.
Revenue was 0.411 + 0.278 + 0.178 + 0.176 = $1.04 Mil.
Gross Profit was 0.411 + 0.278 + 0.178 + 0.176 = $1.04 Mil.
Total Current Assets was $128.11 Mil.
Total Assets was $131.07 Mil.
Property, Plant and Equipment(Net PPE) was $2.38 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.56 Mil.
Selling, General, & Admin. Expense(SGA) was $13.02 Mil.
Total Current Liabilities was $4.17 Mil.
Long-Term Debt & Capital Lease Obligation was $1.72 Mil.
Net Income was -6.35 + -6.588 + -6.903 + -12.227 = $-32.07 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was -4.535 + -6.19 + -7.891 + -7.473 = $-26.09 Mil.
Total Receivables was $0.15 Mil.
Revenue was 0.18 + -0.893 + 0.31 + 0.039 = $-0.36 Mil.
Gross Profit was 0.18 + -0.893 + 0.31 + 0.039 = $-0.36 Mil.
Total Current Assets was $26.06 Mil.
Total Assets was $29.71 Mil.
Property, Plant and Equipment(Net PPE) was $2.91 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.53 Mil.
Selling, General, & Admin. Expense(SGA) was $16.08 Mil.
Total Current Liabilities was $4.29 Mil.
Long-Term Debt & Capital Lease Obligation was $2.26 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 / 1.043) / (0.154 / -0.364)
=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)
=(-0.364 / -0.364) / (1.043 / 1.043)
= / 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 - (128.114 + 2.379) / 131.068) / (1 - (26.058 + 2.905) / 29.709)
=0.004387 / 0.02511
=

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
=1.043 / -0.364
=

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))
=(0.527 / (0.527 + 2.905)) / (0.558 / (0.558 + 2.379))
=0.153555 / 0.18999
=

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)
=(13.021 / 1.043) / (16.084 / -0.364)
=12.48418 /
=

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)
=((1.719 + 4.165) / 131.068) / ((2.255 + 4.287) / 29.709)
=0.044893 / 0.220203
=

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
=(-32.068 - 0 - -26.089) / 131.068
=-0.045618

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 Beneish M-Score Related Terms

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Vistagen Therapeutics (Vistagen Therapeutics) Business Description

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. The company's pipeline includes six product candidates, including five clinical-stage investigational agents belonging to a new class of drugs known as pherines. The portfolio of the company includes PH94B, a novel neuroactive nasal spray; PH10, an odorless, fast-acting synthetic neurosteroid and AV-101, an oral antagonist of the glycine site of the N-methyl-D-aspartate receptor (NMDAR) which is the Company is developing for the treatment of MDD, suicidal ideation, neuropathic pain, levodopa-induced dyskinesia (LID) and epilepsy.
Executives
Joshua S. Prince officer: Chief Operating Officer C/O VISTAGEN THERAPEUTICS, INC., 343 ALLERTON AVE., SOUTH SAN FRANCISCO CA 94080
Cynthia Lynn Anderson officer: CHIEF FINANCIAL OFFICER C/O VISTAGEN THERAPEUTICS, INC., 343 ALLERTON AVE., SOUTH SAN FRANCISCO CA 94080
Commodore Capital Lp 10 percent owner 444 MADISON AVENUE, 35TH FLOOR, NEW YORK NY 10022
Jerry B Gin director 343 ALLERTON AVE, SOUTH SAN FRANCISCO CA 94080
Reid G. Adler officer: CHIEF LEGAL OFFICER C/O VISTAGEN THERAPEUTICS, INC., 343 ALLERTON AVE., SOUTH SAN FRANCISCO CA 94090
Shawn Singh director, officer: CHIEF EXECUTIVE OFFICER C/O VISTAGEN THERAPEUTICS, INC., 343 ALLERTON AVENUE, SOUTH SAN FRANCISCO CA 94080
Venrock Healthcare Capital Partners Ii, L.p. 10 percent owner 7 BRYANT PARK, 23RD FLOOR, NEW YORK NY 10018
Vhcp Management Ii, Llc 10 percent owner 7 BRYANT PARK, 23RD FLOOR, NEW YORK NY 10018
Vhcp Management Eg, Llc 10 percent owner 3340 HILLVIEW AVENUE, PALO ALTO CA 94304
Venrock Healthcare Capital Partners Eg, L.p. 10 percent owner 3340 HILLVIEW AVENUE, PALO ALTO CA 94304
Vhcp Co-investment Holdings Iii, Llc 10 percent owner 7 BRYANT PARK, 23RD FLOOR, NEW YORK NY 10018
Bong Y Koh 10 percent owner 7 BRYANT PARK, 23RD FLOOR, NEW YORK NY 10018
Vhcp Co-investment Holdings Ii, Llc 10 percent owner 7 BRYANT PARK, 23RD FLOOR, NEW YORK NY 10018
Nimish P Shah 10 percent owner 7 BRYANT PARK, 23RD FLOOR, NEW YORK CITY NY 10018
Venrock Healthcare Capital Partners Iii, L.p. 10 percent owner 530 FIFTH AVENUE, 22ND FLOOR, NEW YORK NY 10036

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