Zynerba Pharmaceuticals (Zynerba Pharmaceuticals) Beneish M-Score : 0.00 (As of May. 05, 2024)

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

During the past 10 years, the highest Beneish M-Score of Zynerba Pharmaceuticals was 15.11. The lowest was -4.33. And the median was -3.48.

Zynerba Pharmaceuticals Beneish M-Score Historical Data

The historical data trend for Zynerba 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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Zynerba Pharmaceuticals Beneish M-Score Chart

Zynerba Pharmaceuticals Annual Data

Trend

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Dec22

Beneish M-Score

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Zynerba Pharmaceuticals Quarterly Data
	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-	-

Competitive Comparison of Zynerba Pharmaceuticals's Beneish M-Score

For the Drug Manufacturers - Specialty & Generic subindustry, Zynerba 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.

Zynerba Pharmaceuticals's Beneish M-Score Distribution in the Drug Manufacturers Industry

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

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

Zynerba 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 Zynerba 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 (Jun23) TTM:

Last Year (Jun22) TTM:

Total Receivables was $1.31 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Total Current Assets was $39.30 Mil.
Total Assets was $40.48 Mil.
Property, Plant and Equipment(Net PPE) was $0.61 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.22 Mil.
Selling, General, & Admin. Expense(SGA) was $14.03 Mil.
Total Current Liabilities was $11.46 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -10.776 + -10.114 + -8.016 + -8.676 = $-37.58 Mil.
Non Operating Income was -0.075 + -0.09 + 0.263 + -0.435 = $-0.34 Mil.
Cash Flow from Operations was -8.418 + -7.88 + -5.685 + -9.658 = $-31.64 Mil.

Total Receivables was $1.47 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Total Current Assets was $65.67 Mil.
Total Assets was $67.01 Mil.
Property, Plant and Equipment(Net PPE) was $0.78 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.24 Mil.
Selling, General, & Admin. Expense(SGA) was $15.16 Mil.
Total Current Liabilities was $9.53 Mil.
Long-Term Debt & Capital Lease Obligation was $0.24 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)
	=	(1.309 / 0)	/	(1.474 / 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 - (39.295 + 0.614) / 40.477)	/	(1 - (65.672 + 0.775) / 67.007)
	=	0.014033	/	0.008357
	=

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))
	=	(0.239 / (0.239 + 0.775))	/	(0.222 / (0.222 + 0.614))
	=	0.2357	/	0.26555
	=

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)
	=	(14.034 / 0)	/	(15.162 / 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 + 11.456) / 40.477)	/	((0.237 + 9.528) / 67.007)
	=	0.283025	/	0.145731
	=

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
	=	(-37.582 - -0.337	-	-31.641)	/	40.477
	=	-0.138449

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.

Zynerba Pharmaceuticals Beneish M-Score Related Terms

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Zynerba Pharmaceuticals (Zynerba Pharmaceuticals) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Drug Manufacturers » Zynerba Pharmaceuticals Inc (NAS:ZYNE) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

80 West Lancaster Avenue, Suite 300, Devon, PA, USA, 19333

Website

http://www.zynerba.com

Zynerba Pharmaceuticals Inc is a pharmaceutical company that is focused on developing and commercializing proprietary next-generation synthetic cannabinoid therapeutics formulated for transdermal delivery. Its product pipeline consists of Zygel which is a pharmaceutically-produced CBD, a non-euphoric cannabinoid, formulated as a patent-protected permeation-enhanced gel for transdermal delivery through the skin and into the circulatory system.

Executives

Kenneth T Jones	officer: See Remarks	C/O ZYNERBA PHARMACEUITCALS, INC., 80 W. LANCASTER AVENUE, SUITE 300, DEVON PA 19333
Brian Rosenberger	officer: VP, Commercial & Business Dev.	C/O ZYNERBA PHARMACEUTICALS, INC., 80 WEST LANCASTER AVENUE, SUITE 300, DEVON PA 19333
Terri B Sebree	officer: President	ZYNERBA PHARMACEUTICALS, INC., 80 W. LANCASTER AVENUE, SUITE 300, DEVON PA 19333
James E Fickenscher	officer: Chief Financial Officer	C/O AUXILIUM PHARMACEUTICALS, INC., 640 LEE ROAD, CHESTERBROOK PA 19087
Armando Anido	director, officer: Chairman & Chief Exec. Officer	80 W. LANCASTER AVENUE, SUITE 300, DEVON PA 19333
Kenneth I Moch	director	68 WILLOW AVE, LARCHMONT NY 10538
Warren D Cooper	director	NUTRITION 21 INC, 4 MANHATTANVILLE ROAD, PURCHASE NY 10577
Pamela Stephenson	director	C/O ZYNERBA PHARMACEUTICALS, INC., 80 W. LANCASTER AVENUE, SUITE 300, DEVON PA 19333
John P. Butler	director	C/O RELYPSA, INC., 700 SAGINAW DR., REDWOOD CITY CA 94063
Daniel L Kisner	director	2292 FARADAY AVENUE, CARLSBAD CA 92008
William J Federici	director	530 HERMAN O. WEST DRIVE, EXTON PA 19341
Albert P Parker	officer: Chief Legal Officer	C/O ONCOCYTE CORPORATION, 1010 ATLANTIC AVENUE, SUITE 102, ALAMEDA CA 94501
Suzanne M. Hanlon	officer: Sec, General Counsel & VP HR	80 W. LANCASTER AVENUE, SUITE 300, DEVON PA 19333
Michael Rapp	10 percent owner	712 FIFTH AVENUE, 49TH FLOOR, NEW YORK NY 10019
Thomas L Harrison	director