Scinai Immunotherapeutics Ltd. Sponsored ADR
SCNI Healthcare Biotechnology
Scinai Immunotherapeutics Ltd. Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $1.3 million, up 99.2% from fiscal 2024. In the quarter to June 2026, EPS grew 100.4% and free cash flow grew 51.1%, each against the same quarter a year earlier.
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Scinai Immunotherapeutics Ltd. Sponsored ADR (SCNI) Beneish M-score
Scinai Immunotherapeutics Ltd. Sponsored ADR's Beneish M-score for fiscal 2025 cannot be worked out: gross margin index cannot be worked out.
Beneish M-score, annual
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.41 | — | 0.38 | |
| Gross margin index | — | — | n/a | — |
| Asset quality index | 1.10 | — | 0.45 | |
| Sales growth index | 1.99 | — | 1.78 | |
| Depreciation index | 0.99 | — | 0.11 | |
| SG&A index | 0.50 | — | −0.09 | |
| Total accruals to total assets | (0.20) | — | −0.92 | |
| Leverage index | 1.05 | — | −0.34 | |
| Beneish M-score | n/a — gross margin index cannot be worked out | — | ||
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 |
|---|---|
| MNTRQ 9 Meters Biopharma, Inc. compare | −0.1× |
| BDRX Biodexa Pharmaceuticals PLC Unsponsored ADR compare | 100× |
| CRIS Curis, Inc. compare | — |
| ZVSA ZyVersa Therapeutics, Inc. compare | — |
| SCNI Scinai Immunotherapeutics Ltd. Sponsored ADR | — |
| ATXI Avenue Therapeutics, Inc. compare | — |
| LYRA Lyra Therapeutics, Inc. compare | — |
| BTTX Better Therapeutics, Inc. compare | — |
| SEELQ Seelos 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