COSCIENS Biopharma Inc.
CSCIF Healthcare Biotechnology
COSCIENS Biopharma Inc.’s revenue for fiscal 2025 (year ended December 2025) was $7.5 million, down 21.8% from fiscal 2024. In the quarter to June 2026, revenue grew 30.0%, EPS grew 92.6% and free cash flow grew 113.3%, each against the same quarter a year earlier.
Follow CSCIF
COSCIENS Biopharma Inc. (CSCIF) Beneish M-score
COSCIENS Biopharma Inc.'s Beneish M-score for fiscal 2025 is −2.95; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.95 | (4.26) |
| FY2024 | 1.32 | 1.51 |
| FY2023 | −0.20 | 3.87 |
| FY2022 | −4.07 | (1.65) |
| FY2021 | −2.42 | (4.53) |
| FY2020 | 2.12 | (94.88) |
| FY2019 | 96.99 | 75.66 |
| FY2018 | 21.33 | 22.75 |
| FY2017 | −1.42 | 0.14 |
| FY2016 | −1.55 | (40.24) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.65 | — | 0.60 | |
| Gross margin index | 1.40 | — | 0.74 | |
| Asset quality index | 1.66 | — | 0.67 | |
| Sales growth index | 0.78 | — | 0.70 | |
| Depreciation index | 0.65 | — | 0.07 | |
| SG&A index | 1.23 | — | −0.21 | |
| Total accruals to total assets | (0.09) | — | −0.41 | |
| Leverage index | 0.82 | — | −0.27 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.95 | ||
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 |
|---|---|
| JAGX Jaguar Animal Health, Inc. compare | −6.2× |
| CSCIF COSCIENS Biopharma Inc. | −2.9× |
| IMRN IMMURON compare | 89.2× |
| QNRX Quoin Pharmaceuticals, Ltd. Sponsored ADR compare | — |
| BOLT Bolt Biotherapeutics, Inc. compare | — |
| MTVA MetaVia Inc. compare | — |
| SNTI Senti Biosciences, Inc. compare | — |
| ADIL Adial Pharmaceuticals, Inc. compare | — |
| NKGN NKGen Biotech, 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