Gain Therapeutics, Inc.
GANX Healthcare Biotechnology
Gain Therapeutics, Inc.’s revenue for fiscal 2023 (year ended December 2023) was $55,200.00, down 60.6% from fiscal 2022. In the quarter to June 2026, EPS grew 42.1%, free cash flow grew 8.22% and total debt fell 23.9%, each against the same quarter a year earlier.
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Gain Therapeutics, Inc. (GANX) Beneish M-score
Gain Therapeutics, Inc.'s Beneish M-score for fiscal 2023 cannot be worked out: days’ sales in receivables index cannot be worked out.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2022 | −2.45 | (6.92) |
| FY2021 | 4.46 | 7.46 |
| FY2020 | −3.00 | — |
How fiscal 2023’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | — | — | n/a | — |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.32 | — | 0.13 | |
| Sales growth index | 0.39 | — | 0.35 | |
| Depreciation index | 0.77 | — | 0.09 | |
| SG&A index | 2.87 | — | −0.49 | |
| Total accruals to total assets | (0.18) | — | −0.86 | |
| Leverage index | 1.51 | — | −0.49 | |
| Beneish M-score | n/a — days’ sales in receivables index cannot be worked out | — | ||
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 |
|---|---|
| ALPS Alps Group Inc. compare | −1.6× |
| CNTB Connect Biopharma Holdings Limited Sponsored ADR compare | 682× |
| BMEA Biomea Fusion, Inc. compare | — |
| GUTS Fractyl Health, Inc. compare | — |
| ELOX Senesco Technologies Inc. compare | — |
| GANX Gain Therapeutics, Inc. | — |
| TENX Tenax Therapeutics, Inc. compare | — |
| XLO Xilio Therapeutics, Inc. compare | — |
| PLRX Pliant Therapeutics, 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