REGENXBIO Inc.
RGNX Healthcare Biotechnology
REGENXBIO Inc.’s revenue for fiscal 2025 (year ended December 2025) was $170.4 million, up 104.5% from fiscal 2024. In the quarter to June 2026, revenue grew 405.7%, EPS grew 131.2% and free cash flow fell 26.7%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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REGENXBIO Inc. (RGNX) Beneish M-score
REGENXBIO Inc.'s Beneish M-score for fiscal 2025 is −2.77; 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 | −2.77 | 0.48 |
| FY2024 | −3.25 | 0.12 |
| FY2023 | −3.38 | (1.80) |
| FY2022 | −1.58 | (0.50) |
| FY2021 | −1.08 | (0.35) |
| FY2020 | −0.73 | (20.64) |
| FY2019 | 19.91 | 3.26 |
| FY2018 | 16.65 | 19.47 |
| FY2017 | −2.82 | 1.52 |
| FY2016 | −4.34 | (2.08) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.63 | — | 0.58 | |
| Gross margin index | 0.68 | — | 0.36 | |
| Asset quality index | 0.98 | — | 0.39 | |
| Sales growth index | 2.05 | — | 1.82 | |
| Depreciation index | 0.93 | — | 0.11 | |
| SG&A index | 0.53 | — | −0.09 | |
| Total accruals to total assets | (0.15) | — | −0.72 | |
| Leverage index | 1.18 | — | −0.38 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.77 | ||
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 |
|---|---|
| ALT Altimmune, Inc. compare | −3.2× |
| RGNX REGENXBIO Inc. | −2.8× |
| ARVN Arvinas, Inc. compare | −1.6× |
| MNPR Monopar Therapeutics Inc. compare | — |
| NGNE Neurogene Inc. compare | — |
| CBIO Crescent Biopharma, Inc. compare | — |
| ENTX Entera Bio Ltd. compare | — |
| YDES YD Bio Limited compare | — |
| ALLO Allogene Therapeutics, 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