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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.
The historical rank and industry rank for Zura Bio's Beneish M-Score or its related term are showing as below:
During the past 3 years, the highest Beneish M-Score of Zura Bio was 0.00. The lowest was 0.00. And the median was 0.00.
The historical data trend for Zura Bio'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.
Zura Bio Annual Data | |||||||
Trend | Dec21 | Mar22 | Dec23 | ||||
Beneish M-Score | - | - | - |
Zura Bio Quarterly Data | ||||||||||
Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | - | - | - | - | - |
For the Biotechnology subindustry, Zura Bio'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, Zura Bio's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Zura Bio'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 Zura Bio 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $0.00 Mil. Revenue was 0 + 0 + 0 + 0 = $0.00 Mil. Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil. Total Current Assets was $90.47 Mil. Total Assets was $90.48 Mil. Property, Plant and Equipment(Net PPE) was $0.01 Mil. Depreciation, Depletion and Amortization(DDA) was $0.00 Mil. Selling, General, & Admin. Expense(SGA) was $20.59 Mil. Total Current Liabilities was $14.67 Mil. Long-Term Debt & Capital Lease Obligation was $0.00 Mil. Net Income was -7.747 + -8.473 + -8.27 + -34.025 = $-58.52 Mil. Non Operating Income was -0.583 + 0.984 + 1.102 + -0.12 = $1.38 Mil. Cash Flow from Operations was -4.982 + -4.053 + -2.571 + -5.173 = $-16.78 Mil. |
Total Receivables was $0.00 Mil. Revenue was 0 + 0 + 0 + 0 = $0.00 Mil. Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil. Total Current Assets was $44.39 Mil. Total Assets was $44.39 Mil. Property, Plant and Equipment(Net PPE) was $0.00 Mil. Depreciation, Depletion and Amortization(DDA) was $0.00 Mil. Selling, General, & Admin. Expense(SGA) was $4.33 Mil. Total Current Liabilities was $4.99 Mil. Long-Term Debt & Capital Lease Obligation was $0.00 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 / 0) | / | (0 / 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 - (90.474 + 0.009) / 90.483) | / | (1 - (44.385 + 0) / 44.385) | |
= | 0 | / | 0 | |
= |
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 / (0 + 0)) | / | (0 / (0 + 0.009)) | |
= | / | 0 | ||
= |
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) |
= | (20.59 / 0) | / | (4.33 / 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 + 14.674) / 90.483) | / | ((0 + 4.993) / 44.385) | |
= | 0.162174 | / | 0.112493 | |
= |
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 | |
= | (-58.515 - 1.383 | - | -16.779) | / | 90.483 | |
= | -0.476543 |
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.
Thank you for viewing the detailed overview of Zura Bio's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Parvinder Thiara | director, 10 percent owner | C/O TOURMALINE BIO, INC., 27 WEST 24TH STREET, SUITE 702, NEW YORK NY 10010 |
Amit Munshi | director | C/O EPIRUS BIOPHARMACEUTICALS, INC., 699 BOYLSTON STREET, 8TH FLOOR, BOSTON MA 02116 |
Graham Neil Murray Hamilton | director | 33 MT. GREEN RD, CROTON ON HUDSON, NEW YORK NY 10520 |
Sandeep Chidambar Kulkarni | director | 92 MORNINGSIDE AVE., APT 7E, NEW YORK NM 10027 |
Kimberly Ann Davis | officer: Secretary and General Counsel | C/O ZURA BIO INC., 4225 EXECUTIVE SQUARE, SUITE 600, LA JOLLA CA 92037 |
Gary Whale | officer: EVP and CTO | 2 THE BEACHES, SHIPLAKE, HENLEY-ON-THAMES, OXFORDSHIRE X0 RG9 3BT |
Theresa Lowry | officer: EVP and CHRO | 3629 VILLA TERRACE, SAN DIEGO CA 92104 |
Michael Howell | officer: SVP, Translational Medicine | 4225 EXECUTIVE SQUARE, SUITE 600, LA JOLLA CA 92037 |
Hana Immunotherapeutics Llc | 10 percent owner | 6 CENTERPOINTE DR., #625, LA PALMA CA 90623 |
Chris Kim | 10 percent owner | 6 CENTERPOINTE DR., #625, LA PALMA CA 90623 |
Ewon Comfortech Co., Ltd. | 10 percent owner | 8, CHEOMDAN 1-RO, JEONGUP-SI, JEONLABUK-DO M5 320836 |
Steven J Schoch | director | 2748 BUSH STREET, SAN FRANCISCO CA 94115 |
Preston Klassen | officer: President and COO | 3344 N. TORREY PINES COURT, SUITE 200, LA JOLLA CA 92037 |
Christopher Cabell | officer: EVP and CMO | C/O ARENA PHARMACEUTICALS, INC., 6154 NANCY RIDGE DRIVE, SAN DIEGO CA 92121 |
Jennifer Jarrett | director | C/O MEDIVATION, INC., 525 MARKET ST., 36TH FLOOR, SAN FRANCISCO CA 94105 |
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