ATAI Life Sciences NV (ATAI Life Sciences NV) Beneish M-Score : -1.27 (As of May. 11, 2024)

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What is ATAI Life Sciences NV 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.

Warning Sign:

Beneish M-Score -1.27 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ATAI' s Beneish M-Score Range Over the Past 10 Years
Min: -1.27 Med: 26.92 Max: 55.1
Current: -1.27

During the past 5 years, the highest Beneish M-Score of ATAI Life Sciences NV was 55.10. The lowest was -1.27. And the median was 26.92.

ATAI Life Sciences NV Beneish M-Score Historical Data

The historical data trend for ATAI Life Sciences 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.

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ATAI Life Sciences NV Beneish M-Score Chart

ATAI Life Sciences NV Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

55.10

-1.27

ATAI Life Sciences NV Quarterly Data
	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												55.10	-2.35	-1.21	-2.61	-1.27

Competitive Comparison of ATAI Life Sciences NV's Beneish M-Score

For the Biotechnology subindustry, ATAI Life Sciences 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.

ATAI Life Sciences NV's Beneish M-Score Distribution in the Biotechnology Industry

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

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

ATAI Life Sciences 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 ATAI Life Sciences NV 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 * 0.2961

0.528 * 1

0.404 * 6.4164

0.892 * 1.3534

0.115 * 1.0051

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6678

4.679 * -0.138535

0.327 * 1.1574

-1.27

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $2.26 Mil.
Revenue was 0.018 + 0.087 + 0.172 + 0.037 = $0.31 Mil.
Gross Profit was 0.018 + 0.087 + 0.172 + 0.037 = $0.31 Mil.
Total Current Assets was $185.59 Mil.
Total Assets was $293.48 Mil.
Property, Plant and Equipment(Net PPE) was $2.20 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.32 Mil.
Selling, General, & Admin. Expense(SGA) was $63.58 Mil.
Total Current Liabilities was $20.12 Mil.
Long-Term Debt & Capital Lease Obligation was $18.87 Mil.
Net Income was -18.292 + 44.244 + -33.042 + -33.135 = $-40.23 Mil.
Non Operating Income was 12.831 + 70.755 + 0.559 + 0.405 = $84.55 Mil.
Cash Flow from Operations was -21.962 + -18.431 + -22.614 + -21.111 = $-84.12 Mil.

Total Receivables was $5.63 Mil.
Revenue was 0.038 + 0.024 + 0.17 + 0 = $0.23 Mil.
Gross Profit was 0.038 + 0.024 + 0.17 + 0 = $0.23 Mil.
Total Current Assets was $287.15 Mil.
Total Assets was $305.44 Mil.
Property, Plant and Equipment(Net PPE) was $1.15 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.17 Mil.
Selling, General, & Admin. Expense(SGA) was $70.35 Mil.
Total Current Liabilities was $19.90 Mil.
Long-Term Debt & Capital Lease Obligation was $15.16 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)
	=	(2.257 / 0.314)	/	(5.631 / 0.232)
	=	7.187898	/	24.271552
	=	0.2961

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)
	=	(0.232 / 0.232)	/	(0.314 / 0.314)
	=	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 - (185.592 + 2.204) / 293.478)	/	(1 - (287.145 + 1.154) / 305.441)
	=	0.360102	/	0.056122
	=	6.4164

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
	=	0.314	/	0.232
	=	1.3534

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))
	=	(0.168 / (0.168 + 1.154))	/	(0.319 / (0.319 + 2.204))
	=	0.12708	/	0.126437
	=	1.0051

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)
	=	(63.582 / 0.314)	/	(70.349 / 0.232)
	=	202.490446	/	303.228448
	=	0.6678

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)
	=	((18.867 + 20.12) / 293.478)	/	((15.161 + 19.897) / 305.441)
	=	0.132845	/	0.114778
	=	1.1574

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
	=	(-40.225 - 84.55	-	-84.118)	/	293.478
	=	-0.138535

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.

ATAI Life Sciences NV has a M-score of -1.27 signals that the company is likely to be a manipulator.

ATAI Life Sciences NV Beneish M-Score Related Terms

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ATAI Life Sciences NV (ATAI Life Sciences NV) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Biotechnology » ATAI Life Sciences NV (NAS:ATAI) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

ATAI:Mexico 9VC:Germany

Address

Wallstraße 16, Berlin, BB, DEU, 10179

Website

https://www.atai.life

ATAI Life Sciences NV is a clinical-stage biopharmaceutical company aiming to transform the treatment of mental health disorders. Its product candidates include COMP360/Psilocybin therapy, PCN-101/R-ketamine, RL-007/Compound, DMX-1002/Ibogaine, GRX-917/Deuterated etifoxine, VLS-01/DMT, EMP-01/MDMA derivative, RLS-01/Salvinorin A, KUR-101/Deuterated Mitragynine, and DMX-1001/Noribogaine. The business operates geographically in two regions being the United States and Germany.

Executives

Florian Brand	officer: See Remarks	C/O ATAI LIFE SCIENCES N.V., 180 VARICK STREET, NEW YORK NY 10014
Anne Nagengast Johnson	officer: Chief Accounting Officer	C/O ATAI LIFE SCIENCES N.V., WALLSTRASSE 16, BERLIN 2M 10179
Apeiron Investment Group Ltd.	10 percent owner	BLOCK A, APT.12, IL-PIAZZETTA, TOWER ROAD, SLIEMA O1 SLM1605
Sahil Kirpekar	officer: Chief Business Officer	C/O ATAI LIFE SCIENCES N.V., WALLSTRASSE 16, BERLIN 2M 10179
Stephen Bardin	officer: Chief Financial Officer	C/O ATAI LIFE SCIENCES N.V., KRAUSENSTRASSE 9-10, BERLIN 2M 10117
Gregory L Weaver	officer: Chief Financial Officer	185 BERRY STREET, SUITE 6504, SAN FRANCISCO CA 94107
Andrea Heslin Smiley	director	600 LEE ROAD, SUITE 100, WAYNE PA 19087
Michael Auerbach	director	158 HESTER STREET, APT 7F, NEW YORK NY 10013
Amir H Kalali	director	4350 EXECUTIVE DRIVE SUITE 325, SAN DIEGO CA 92121
Christian Angermayer	director, 10 percent owner	BLOCK A, APT.12, IL-PIAZZETTA, TOWER ROAD, SLIEMA O1 SLM1605
Rosnay Alexis De	director	C/O ATAI LIFE SCIENCES N.V., 180 VARICK STREET, NEW YORK NY 10014
Srinivas Rao	officer: See Remarks	C/O ATAI LIFE SCIENCES N.V., 180 VARICK STREET, NEW YORK NY 10014
Sabrina Martucci Johnson	director	11119 NORTH TORREY PINES ROAD, SUITE 200, LA JOLLA CA 92037
Jason Camm	director	C/O ATAI LIFE SCIENCES N.V., 180 VARICK STREET, NEW YORK NY 10014
Presight Ii, Lp	10 percent owner	C/O ATAI LIFE SCIENCES N.V., 180 VARICK STREET, NEW YORK NY 10014