Lipella Pharmaceuticals Inc.
LIPO Healthcare Biotechnology
Lipella Pharmaceuticals Inc.’s revenue for fiscal 2024 (year ended December 2024) was $536,400.00, up 19.3% from fiscal 2023. In the quarter to September 2025, revenue fell 36.4%, EPS grew 78.3% and free cash flow fell 41.8%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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Lipella Pharmaceuticals Inc. (LIPO) Beneish M-score
Lipella Pharmaceuticals Inc.'s Beneish M-score for fiscal 2024 is −3.83; 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 | −3.83 | 0.45 |
| FY2023 | −4.28 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 2.20 | — | 2.02 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.46 | — | 0.19 | |
| Sales growth index | 1.19 | — | 1.06 | |
| Depreciation index | 0.52 | — | 0.06 | |
| SG&A index | 0.78 | — | −0.13 | |
| Total accruals to total assets | (0.40) | — | −1.86 | |
| Leverage index | 2.62 | — | −0.86 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.83 | ||
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. compare | −24.5× |
| LIPO Lipella Pharmaceuticals Inc. | −3.8× |
| ADXN Addex Therapeutics Ltd. Sponsored ADR compare | 5.8× |
| CVKD Cadrenal Therapeutics, Inc. compare | — |
| IOBTQ IO Biotech, Inc. compare | — |
| PBLA Panbela Therapeutics Inc. compare | — |
| PPCB Propanc Biopharma Inc compare | — |
| UNBX UNITY Biotechnology, Inc. compare | — |
| CMND Clearmind Medicine 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