Lakefront Biotherapeutics - Sponsored ADR
LKFT Healthcare Biotechnology
Lakefront Biotherapeutics - Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $1.3 billion, up 321.9% from fiscal 2024. In the quarter to June 2026, revenue fell 95.4%, EPS grew 198.9% and free cash flow grew 18.2%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Lakefront Biotherapeutics - Sponsored ADR (LKFT) Beneish M-score
Lakefront Biotherapeutics - Sponsored ADR's Beneish M-score for fiscal 2025 is 0.34; 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) |
|---|---|---|
| FY2025 | 0.34 | 1.66 |
| FY2024 | −1.32 | 0.06 |
| FY2023 | −1.39 | 1.05 |
| FY2022 | −2.43 | 0.04 |
| FY2021 | −2.47 | (2.28) |
| FY2020 | −0.19 | 3.34 |
| FY2019 | −3.53 | (1.90) |
| FY2018 | −1.63 | (0.04) |
| FY2017 | −1.60 | 0.71 |
| FY2016 | −2.31 | (0.04) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.15 | — | 0.14 | |
| Gross margin index | 0.90 | — | 0.47 | |
| Asset quality index | 0.44 | — | 0.18 | |
| Sales growth index | 4.22 | — | 3.76 | |
| Depreciation index | 0.66 | — | 0.08 | |
| SG&A index | 0.28 | — | −0.05 | |
| Total accruals to total assets | 0.17 | — | 0.79 | |
| Leverage index | 0.57 | — | −0.19 | |
| Beneish M-score | Flagged by the model | 0.34 | ||
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 |
|---|---|
| SRPT Sarepta Therapeutics, Inc. compare | −3.4× |
| MRVI Maravai LifeSciences Holdings, Inc. compare | −3.3× |
| VCEL Vericel Corporation compare | −2.5× |
| AGIO Agios Pharmaceuticals, Inc. compare | −1.7× |
| LKFT Lakefront Biotherapeutics - Sponsored ADR | 0.3× |
| PHVS Pharvaris N.V. compare | — |
| MLYS Mineralys Therapeutics, Inc. compare | — |
| VERA Vera Therapeutics, Inc. compare | — |
| IMNM Immunome, 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