Tvardi Therapeutics, Inc.
TVRD Healthcare Biotechnology
In the quarter to June 2026, revenue grew 20.3%, EPS fell 235.3% and free cash flow fell 57.3%, each against the same quarter a year earlier.
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Tvardi Therapeutics, Inc. (TVRD) Beneish M-score
Tvardi Therapeutics, Inc.'s Beneish M-score for fiscal 2024 is −3.66; 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 | −3.66 | (0.27) |
| FY2023 | −3.39 | (2.17) |
| FY2022 | −1.22 | 1.63 |
| FY2021 | −2.84 | (4.24) |
| FY2020 | 1.40 | 2.95 |
| FY2019 | −1.55 | (14.41) |
| FY2018 | 12.86 | 7.60 |
| FY2017 | 5.26 | (62.65) |
| FY2016 | 67.91 | 69.66 |
| FY2015 | −1.75 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 3.29 | — | 3.02 | |
| Gross margin index | 0.77 | — | 0.41 | |
| Asset quality index | 1.93 | — | 0.78 | |
| Sales growth index | 0.34 | — | 0.30 | |
| Depreciation index | 0.69 | — | 0.08 | |
| SG&A index | 0.47 | — | −0.08 | |
| Total accruals to total assets | (0.32) | — | −1.47 | |
| Leverage index | 5.68 | — | −1.86 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.66 | ||
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 |
|---|---|
| TVRD Tvardi Therapeutics, Inc. | −3.7× |
| CNSY Cerenome, Inc. compare | −3.5× |
| CLVSQ Clovis Oncology, Inc. compare | −3.1× |
| RVLP RVL Pharmaceuticals PLC compare | −1.8× |
| ADAPY Adaptimmune Therapeutics PLC compare | 16.7× |
| LPCN Lipocine Inc. compare | 23.6× |
| DARE Dare Bioscience, Inc. compare | — |
| KTTA Pasithea Therapeutics Corp. compare | — |
| BCDA BioCardia, 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