Prima BioMed Ltd
IMMP Healthcare Biotechnology
Prima BioMed Ltd’s revenue for fiscal 2026 (year ended June 2026) was $16.4 million, up 145.2% from fiscal 2025. Revenue growth for three consecutive years.
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Prima BioMed Ltd (IMMP) Beneish M-score
Prima BioMed Ltd's Beneish M-score for fiscal 2026 is −3.49; 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 | −3.49 | (1.22) |
| FY2025 | −2.28 | 0.36 |
| FY2024 | −2.64 | 0.19 |
| FY2023 | −2.83 | (0.65) |
| FY2022 | −2.18 | (4.01) |
| FY2021 | 1.83 | 4.21 |
| FY2020 | −2.38 | 0.15 |
| FY2019 | −2.53 | (0.08) |
| FY2018 | −2.45 | (5.75) |
| FY2017 | 3.30 | 13.60 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.41 | — | 0.38 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.61 | — | 0.25 | |
| Sales growth index | 2.45 | — | 2.19 | |
| Depreciation index | 1.02 | — | 0.12 | |
| SG&A index | 0.47 | — | −0.08 | |
| Total accruals to total assets | (0.29) | — | −1.34 | |
| Leverage index | 2.09 | — | −0.68 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.49 | ||
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 |
|---|---|
| ABVC ABVC BioPharma, Inc. compare | −4.0× |
| IMMP Prima BioMed Ltd | −3.5× |
| EVAX Evaxion A/S - Sponsored ADR compare | −2.2× |
| CYAD Celyad SA compare | 10.5× |
| MCRB Seres Therapeutics, Inc. compare | — |
| ESLA Estrella Immunopharma, Inc. compare | — |
| PLRZ Polyrizon Ltd. compare | — |
| CNTX Context Therapeutics Inc. compare | — |
| BYSI BeyondSpring 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