Azitra, Inc.
AZTR Healthcare Biotechnology
Azitra, Inc.’s revenue for fiscal 2024 (year ended December 2024) was $7,500.00, down 98.9% from fiscal 2023. In the quarter to June 2026, EPS grew 85.6% and free cash flow fell 19.6%, each against the same quarter a year earlier.
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Azitra, Inc. (AZTR) Beneish M-score
Azitra, Inc.'s Beneish M-score for fiscal 2024 is 13.02; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2024 | 13.02 | 18.06 |
| FY2023 | −5.04 | (2.88) |
| FY2022 | −2.16 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 41.70 | — | 38.37 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.55 | — | 0.22 | |
| Sales growth index | 0.01 | — | 0.01 | |
| Depreciation index | 0.91 | — | 0.10 | |
| SG&A index | 127.62 | — | −21.95 | |
| Total accruals to total assets | 0.17 | — | 0.77 | |
| Leverage index | 0.59 | — | −0.19 | |
| Beneish M-score | Flagged by the model | 13.02 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| OSRH OSR Health, Inc. compare | −4.9× |
| AZTR Azitra, Inc. | 13.0× |
| DRMA Dermata Therapeutics, Inc. compare | — |
| LIMN Liminatus Pharma Inc. compare | — |
| NCNA NuCana PLC Sponsored ADR compare | — |
| ADTX Aditxt, Inc. compare | — |
| ENLV Enlivex Ltd. compare | — |
| LNAI Lunai Bioworks Inc. compare | — |
| JUNS Jupiter Neurosciences, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI