stockrowDianthus Therapeutics, Inc.
DNTH Healthcare Biotechnology
Dianthus Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.0 million, down 67.3% from fiscal 2024.
- Revenue
- +205.6%
- EPS
- +16.1%
- Free cash flow
- −65.9%
Quarter to September 2026, against a year earlier
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Dianthus Therapeutics, Inc. (DNTH) Beneish M-score
Dianthus Therapeutics, Inc.'s Beneish M-score for fiscal 2025 is −4.75; 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) |
|---|---|---|
| FY2025 | −4.75 | (12.91) |
| FY2024 | 8.16 | 12.84 |
| FY2023 | −4.68 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.20 | — | 0.18 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.92 | — | 0.37 | |
| Sales growth index | 0.33 | — | 0.29 | |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index | 4.21 | — | −0.72 | |
| Total accruals to total assets | (0.06) | — | −0.29 | |
| Leverage index | 1.17 | — | −0.38 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −4.75 | ||
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 |
|---|---|
| DNTH Dianthus Therapeutics, Inc. | −4.8× |
| LEGN Legend Biotech Corporation Sponsored ADR compare | −2.1× |
| TVTX Travere Therapeutics, Inc. compare | −1.7× |
| EWTX Edgewise Therapeutics, Inc. compare | — |
| DFTX Definium Therapeutics, Inc. compare | — |
| ERAS Erasca, Inc. compare | — |
| MANE Veradermics Incorporated compare | — |
| CRSP CRISPR Therapeutics AG compare | — |
| COGT Cogent Biosciences, 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
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