Forte Biosciences (Forte Biosciences) Beneish M-Score : 0.00 (As of May. 26, 2024)

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

During the past 4 years, the highest Beneish M-Score of Forte Biosciences was 0.00. The lowest was 0.00. And the median was 0.00.

Forte Biosciences Beneish M-Score Historical Data

The historical data trend for Forte Biosciences'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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Forte Biosciences Beneish M-Score Chart

Forte Biosciences Annual Data

Trend

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Forte Biosciences Quarterly Data
	Jun19	Sep19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial														-	-	-	-	-

Competitive Comparison of Forte Biosciences's Beneish M-Score

For the Biotechnology subindustry, Forte Biosciences'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.

Forte Biosciences's Beneish M-Score Distribution in the Biotechnology Industry

For the Biotechnology industry and Healthcare sector, Forte Biosciences's Beneish M-Score distribution charts can be found below:

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

Forte Biosciences 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 Forte Biosciences 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 (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 $31.50 Mil.
Total Assets was $32.02 Mil.
Property, Plant and Equipment(Net PPE) was $0.11 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.01 Mil.
Selling, General, & Admin. Expense(SGA) was $12.01 Mil.
Total Current Liabilities was $3.33 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -7.42 + -5.872 + -9.955 + -8.896 = $-32.14 Mil.
Non Operating Income was 0.384 + -0.615 + 0.261 + 0.138 = $0.17 Mil.
Cash Flow from Operations was -6.667 + -8.969 + -9.058 + -5.475 = $-30.17 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 $36.27 Mil.
Total Assets was $36.71 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 $8.55 Mil.
Total Current Liabilities was $3.76 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 - (31.502 + 0.106) / 32.017)	/	(1 - (36.271 + 0) / 36.708)
	=	0.012774	/	0.011905
	=

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))	/	(0.009 / (0.009 + 0.106))
	=		/	0.078261
	=

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)
	=	(12.007 / 0)	/	(8.549 / 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 + 3.332) / 32.017)	/	((0 + 3.76) / 36.708)
	=	0.10407	/	0.10243
	=

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
	=	(-32.143 - 0.168	-	-30.169)	/	32.017
	=	-0.066902

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.

Forte Biosciences Beneish M-Score Related Terms

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Forte Biosciences (Forte Biosciences) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Biotechnology » Forte Biosciences Inc (NAS:FBRX) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

37TA:Germany

Address

3060 Pegasus Park Drive, Building 6, Dallas, TX, USA, 75247

Website

https://www.fortebiorx.com

Forte Biosciences Inc is a biopharmaceutical company that is advancing through preclinical trials its product candidate, FB-102, which is a proprietary therapeutic molecule with potentially broad autoimmune applications in such indications as graft-versus-host disease ("GvHD"), vitiligo and alopecia areata ("AA"). The company is developing a live biotherapeutic, FB-401, for the treatment of inflammatory skin diseases. FB-401 has completed Phase 1/2a testing in adult and pediatric patients with atopic dermatitis. It plans to advance FB-401 into a randomized Phase 2 clinical trial.

Executives

Paul A. Wagner	director, officer: See Remarks	C/O PFENEX INC., 10790 ROSELLE STREET, SAN DIEGO CA 92121
David W Gryska	director	749 N MARY AVE, SUNNYVALE CA 94085
Scott C. Brun	director	C/O CABALETTA BIO, INC., 2929 ARCH STREET, SUITE 600, PHILADELPHIA PA 19104
Hubert C Chen	officer: See remarks	C/O PFENEX INC., 10790 ROSELLE STREET, SAN DIEGO CA 92121
Stephen K Doberstein	director	129 ELSIE STREET, SAN FRANCISCO CA 94110
Barbara K Finck	director	C/O PROTINE DESIGN LAB, 3858 JACKSON ST, SAN FRANCISCO CA 94118
Antony A Riley	officer: Chief Financial Officer	C/O KRYSTAL BIOTECH, INC., 2100 WHARTON STREET, SUITE 701, PITTSBURGH PA 94538
Thomas E Darcy	director	C/O SCIENCE APPLICATIONS INTL CORP, 10260 CAMPUS POINT DR., SAN DIEGO CA 92121
Donald Allen Williams	director	C/O PRYOR CASHMAN LLP, 7 TIMES SQUARE, NEW YORK NY 10036
Patricia S Walker	director	5540 EKWILL ST STE D, SANTA BARBARA CA 93111
Lawrence Eichenfield	director	C/O FORTE BIOSCIENCES, INC., 1124 W. CARSON ST., MRL BLDG 3-320, TORRANCE CA 90502
Steven Kornfeld	director	C/O FORTE BIOSCIENCES, INC., 1124 W. CARSON ST., MRL BLDG 3-320, TORRANCE CA 90502
Steven Michael Oliveira	10 percent owner	18 FIELDSTONE COURT, NEW CITY NY 10956
Fairooz Kabbinavar	officer: SVP Clinical Development	C/O TOCAGEN INC., 4242 CAMPUS POINT COURT, STE. 500, SAN DIEGO CA 92121
Mark G Foletta	officer: EVP & Chief Financial Officer	AMYLIN PHARMACEUTICALS INC, 9360 TOWNE CENTRE DR, SAN DIEGO CA 92121