IMMURON
IMRN Healthcare Biotechnology
IMMURON’s revenue for fiscal 2026 (year ended June 2026) was $5.2 million, up 10.9% from fiscal 2025. Revenue growth for five consecutive years.
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IMMURON (IMRN) Beneish M-score
IMMURON's Beneish M-score for fiscal 2026 is 89.24; 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 | 89.24 | 91.35 |
| FY2025 | −2.11 | (0.74) |
| FY2024 | −1.38 | 0.94 |
| FY2023 | −2.32 | (3.38) |
| FY2022 | 1.06 | (5.53) |
| FY2021 | 6.60 | 9.29 |
| FY2020 | −2.69 | 2.01 |
| FY2019 | −4.70 | (13.61) |
| FY2018 | 8.91 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.69 | — | 0.64 | |
| Gross margin index | 1.01 | — | 0.54 | |
| Asset quality index | 228.75 | — | 92.41 | |
| Sales growth index | 1.11 | — | 0.99 | |
| Depreciation index | 0.37 | — | 0.04 | |
| SG&A index | 0.93 | — | −0.16 | |
| Total accruals to total assets | (0.03) | — | −0.15 | |
| Leverage index | 0.70 | — | −0.23 | |
| Beneish M-score | Flagged by the model | 89.24 | ||
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 |
|---|---|
| KPTI Karyopharm Therapeutics Inc. compare | −8.1× |
| CSCIF COSCIENS Biopharma Inc. compare | −2.9× |
| IMRN IMMURON | 89.2× |
| QNRX Quoin Pharmaceuticals, Ltd. Sponsored ADR compare | — |
| BOLT Bolt Biotherapeutics, Inc. compare | — |
| SNTI Senti Biosciences, Inc. compare | — |
| ADIL Adial Pharmaceuticals, Inc. compare | — |
| XTLB XTL Biopharmaceuticals Ltd. compare | — |
| NKGN NKGen Biotech, 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