iBio, Inc.
IBIO Healthcare Biotechnology
In the quarter to June 2026, revenue grew 100.0%, EPS grew 77.4% and free cash flow fell 35.3%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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iBio, Inc. (IBIO) Beneish M-score
iBio, Inc.'s Beneish M-score for fiscal 2026 is 33.49; 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) |
|---|---|---|
| FY2026 | 33.49 | 36.70 |
| FY2025 | −3.22 | (1.27) |
| FY2022 | −1.94 | (0.07) |
| FY2021 | −1.87 | (66.63) |
| FY2020 | 64.75 | 65.24 |
| FY2019 | −0.48 | 2.77 |
| FY2018 | −3.26 | 0.89 |
| FY2017 | −4.15 | (3.48) |
| FY2016 | −0.67 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 42.06 | — | 38.69 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.09 | — | 0.03 | |
| Sales growth index | 0.25 | — | 0.22 | |
| Depreciation index | 1.23 | — | 0.14 | |
| SG&A index | 3.96 | — | −0.68 | |
| Total accruals to total assets | (0.10) | — | −0.46 | |
| Leverage index | 0.45 | — | −0.15 | |
| Beneish M-score | Flagged by the model | 33.49 | ||
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 |
|---|---|
| IBIO iBio, Inc. | 33.5× |
| ACET Adicet Bio, Inc. compare | — |
| KLRS Kalaris Therapeutics Inc. compare | — |
| ELTX Elicio Therapeutics, Inc. compare | — |
| HOWL Werewolf Therapeutics, Inc. compare | — |
| MREO Mereo BioPharma Group plc - Sponsored ADR compare | — |
| CLNN Clene Inc. compare | — |
| HYPD Hyperion DeFi, Inc. compare | — |
| TVGN Tevogen 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