Cel-Sci Corporation
In the quarter to June 2026, EPS grew 65.4%, free cash flow fell 2.33% and total debt fell 39.7%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years; insiders bought in the last twelve months.
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Cel-Sci Corporation (CVM) Beneish M-score
Cel-Sci Corporation's Beneish M-score for fiscal 2020 is −2.35; 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) |
|---|---|---|
| FY2020 | −2.35 | 1.20 |
| FY2019 | −3.55 | (11.43) |
| FY2016 | 7.88 | — |
How fiscal 2020’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.72 | — | 0.67 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 5.84 | — | 2.36 | |
| Sales growth index | 1.21 | — | 1.08 | |
| Depreciation index | 0.14 | — | 0.02 | |
| SG&A index | 1.21 | — | −0.21 | |
| Total accruals to total assets | (0.37) | — | −1.73 | |
| Leverage index | 0.66 | — | −0.22 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.35 | ||
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 |
|---|---|
| MGX Metagenomi Therapeutics, Inc. compare | −3.6× |
| CVM Cel-Sci Corporation | −2.3× |
| RNAZ TransCode Therapeutics Inc. compare | — |
| ALGS Aligos Therapeutics, Inc. compare | — |
| BCTX BRIACELL THERAP compare | — |
| GRDX GridAI Technologies Corp. compare | — |
| NXTC NextCure, Inc. compare | — |
| GNTA Genenta Science S.p.A. Unsponsored ADR compare | — |
| ATNM Actinium Pharmaceuticals, 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