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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.
Good Sign:
Beneish M-Score -2.93 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for HOOKIPA Pharma's Beneish M-Score or its related term are showing as below:
During the past 7 years, the highest Beneish M-Score of HOOKIPA Pharma was -1.55. The lowest was -3.77. And the median was -2.84.
The historical data trend for HOOKIPA Pharma'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.
HOOKIPA Pharma Annual Data | ||||||||||||||||
Trend | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.43 | -1.55 | -2.84 | -3.77 | -2.93 |
HOOKIPA Pharma 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 | -3.77 | -3.74 | -3.44 | -2.85 | -2.93 |
For the Biotechnology subindustry, HOOKIPA Pharma'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.
For the Biotechnology industry and Healthcare sector, HOOKIPA Pharma's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where HOOKIPA Pharma's Beneish M-Score falls into.
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 HOOKIPA Pharma 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 * 0.6197 | + | 0.528 * 1 | + | 0.404 * 0.829 | + | 0.892 * 1.4127 | + | 0.115 * 0.6648 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.7031 | + | 4.679 * -0.071924 | - | 0.327 * 1.2451 | |||||||
= | -2.93 |
* 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 $19.27 Mil. Revenue was 7.407 + 6.867 + 2.679 + 3.176 = $20.13 Mil. Gross Profit was 7.407 + 6.867 + 2.679 + 3.176 = $20.13 Mil. Total Current Assets was $147.12 Mil. Total Assets was $161.34 Mil. Property, Plant and Equipment(Net PPE) was $13.22 Mil. Depreciation, Depletion and Amortization(DDA) was $3.55 Mil. Selling, General, & Admin. Expense(SGA) was $18.63 Mil. Total Current Liabilities was $41.99 Mil. Long-Term Debt & Capital Lease Obligation was $3.80 Mil. Net Income was -24.818 + -19.066 + -18.016 + -19.68 = $-81.58 Mil. Non Operating Income was -11.424 + -0.833 + 0.025 + -0.22 = $-12.45 Mil. Cash Flow from Operations was -11.224 + -24.119 + -19.333 + -2.848 = $-57.52 Mil. |
Total Receivables was $22.01 Mil. Revenue was 7.828 + 2.23 + 2.746 + 1.445 = $14.25 Mil. Gross Profit was 7.828 + 2.23 + 2.746 + 1.445 = $14.25 Mil. Total Current Assets was $147.20 Mil. Total Assets was $170.45 Mil. Property, Plant and Equipment(Net PPE) was $21.98 Mil. Depreciation, Depletion and Amortization(DDA) was $3.60 Mil. Selling, General, & Admin. Expense(SGA) was $18.76 Mil. Total Current Liabilities was $35.63 Mil. Long-Term Debt & Capital Lease Obligation was $3.22 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) |
= | (19.271 / 20.129) | / | (22.012 / 14.249) | |
= | 0.957375 | / | 1.54481 | |
= | 0.6197 |
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) | |
= | (14.249 / 14.249) | / | (20.129 / 20.129) | |
= | 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 - (147.116 + 13.215) / 161.337) | / | (1 - (147.196 + 21.976) / 170.454) | |
= | 0.006235 | / | 0.007521 | |
= | 0.829 |
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 | |
= | 20.129 | / | 14.249 | |
= | 1.4127 |
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)) |
= | (3.602 / (3.602 + 21.976)) | / | (3.552 / (3.552 + 13.215)) | |
= | 0.140824 | / | 0.211845 | |
= | 0.6648 |
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) |
= | (18.633 / 20.129) | / | (18.759 / 14.249) | |
= | 0.925679 | / | 1.316513 | |
= | 0.7031 |
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) |
= | ((3.801 + 41.988) / 161.337) | / | ((3.221 + 35.632) / 170.454) | |
= | 0.28381 | / | 0.227938 | |
= | 1.2451 |
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 | |
= | (-81.58 - -12.452 | - | -57.524) | / | 161.337 | |
= | -0.071924 |
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.
HOOKIPA Pharma has a M-score of -2.93 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of HOOKIPA Pharma's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Reinhard Kandera | director, officer: Chief Financial Officer | C/O HOOKIPA PHARMA INC., 430 EAST 29TH ST., 14TH FLOOR, NEW YORK NY 10016 |
Jorn Aldag | director, officer: Chief Executive Officer | C/O UNUM THERAPEUTICS INC., 200 CAMBRIDGE PARK DRIVE SUITE 3100, CAMBRIDGE MA 02210 |
Mary Theresa Coelho | director | 52 SUNRISE PARK ROAD, NEW HAMPTON NY 43017 |
Katia Schlienger | officer: Chief Medical Officer | 350 FIFTH AVENUE, 72ND FLOOR, SUITE 7240, NEW YORK NY 10118 |
Malte Peters | director | TANGO THERAPEUTICS, INC., 100 BINNEY STREET, UNIT 700, CAMBRIDGE MA 02142 |
Timothy P. Reilly | director | C/O HOOKIPA PHARMA INC., 350 FIFTH AVENUE, 72ND FLOOR, SUITE 7240, NEW YORK NY 10018 |
Gilead Sciences Inc | 10 percent owner | 333 LAKESIDE DR, FOSTER CITY CA 94404 |
Igor Matushansky | officer: Chief Medical Officer | C/O HOOKIPA PHARMA INC., 430 EAST 29TH STREET, NEW YORK NY 10016 |
Sofinnova Capital Vi Fcpr | 10 percent owner | C/O SOFINNOVA PARTNERS, 17 RUE DE SURENE, PARIS XX 75008 |
Christine D. Baker | officer: Chief Business Officer | C/O HOOKIPA PHARMA INC., 350 FIFTH AVENUE, 72ND FLOOR, SUITE 7240, NEW YORK NY 10118 |
Jean-charles Soria | director | C/O HOOKIPA PHARMA INC., 350 FIFTH AVENUE SUITE 7240, NEW YORK NY 10118 |
Anders Lilja | officer: Sr. VP, Technical Development | C/O HOOKIPA PHARMA INC., 430 EAST 29TH ST., 14TH FLOOR, NEW YORK NY 10016 |
Klaus Orlinger | officer: Sr. VP, Research | C/O HOOKIPA PHARMA INC., 430 EAST 29TH STREET, 14TH FLOOR, NEW YORK NY 10016 |
Roman Necina | officer: Chief Technology Officer | C/O HOOKIPA PHARMA INC., 350 FIFTH AVENUE, 72ND FLOOR, SUITE 7240, NEW YORK NY 10118 |
Forbion Capital Fund Ii Cooperatief U.a. | 10 percent owner | C/O HOOKIPA PHARMA INC., 430 EAST 29TH STREET, 14TH FLOOR, NEW YORK NY 10016 |
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