Ernexa Therapeutics Inc.
ERNA Healthcare Biotechnology
Ernexa Therapeutics Inc.’s revenue for fiscal 2024 (year ended December 2024) was $582,000.00, up 755.9% from fiscal 2023. In the quarter to June 2026, revenue fell 94.1%, EPS grew 77.7% and free cash flow fell 64.1%, 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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Ernexa Therapeutics Inc. (ERNA) Beneish M-score
Ernexa Therapeutics Inc.'s Beneish M-score for fiscal 2024 is −24.48; 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 | −24.48 | (20.73) |
| FY2019 | −3.74 | (1.48) |
| FY2018 | −2.27 | 0.81 |
| FY2017 | −3.08 | 0.42 |
| FY2016 | −3.50 | 0.45 |
| FY2015 | −3.94 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.12 | — | 0.11 | |
| Gross margin index | (2.96) | — | −1.56 | |
| Asset quality index | 0.68 | — | 0.27 | |
| Sales growth index | 8.56 | — | 7.63 | |
| Depreciation index | 0.75 | — | 0.09 | |
| SG&A index | 0.11 | — | −0.02 | |
| Total accruals to total assets | (5.45) | — | −25.49 | |
| Leverage index | 2.05 | — | −0.67 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −24.48 | ||
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 |
|---|---|
| ERNA Ernexa Therapeutics Inc. | −24.5× |
| LIPO Lipella Pharmaceuticals Inc. compare | −3.8× |
| CVKD Cadrenal Therapeutics, Inc. compare | — |
| KALA KALA BIO, Inc. compare | — |
| IOBTQ IO Biotech, Inc. compare | — |
| PBLA Panbela Therapeutics Inc. compare | — |
| PPCB Propanc Biopharma Inc compare | — |
| PMCB Nuvilex Inc. compare | — |
| UNBX UNITY Biotechnology, 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