{
  "docId": "019dd923-622c-750b-8b96-9677b0b52fc7",
  "docSlug": "1049581a951f",
  "documentTitle": "Prothena Corp PLC (PRTA)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2017-06-29 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 2,
  "pageCount": 11,
  "prevPage": 1,
  "nextPage": 3,
  "slideType": "executive_summary",
  "function": "diagnose_problem",
  "density": "overcrowded",
  "nDataPoints": 5,
  "notes": "This is a classic activist short report summary page.",
  "elementsJson": [
    "headline_text",
    "kpi_table",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-9677b0b52fc7/2",
  "deckHref": "/decks/019dd923-622c-750b-8b96-9677b0b52fc7",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-9677b0b52fc7.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-9677b0b52fc7#slide-2",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We are short PRTA. The publicly-available data, in our opinion, does not show that NEOD001 is efficacious.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ee-7118-871c-ddacb9cb4715",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Market Cap: 2.1 billion",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6ee-7118-871c-e2a860eecb50",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.762,
        "x": 0.119,
        "y": 0.813
      },
      "kind": "paragraph",
      "text": "The publicly-available data from the Phase 1/2 trial conducted on NEOD001 do not, in our view, support a conclusion that NEOD001 is efficacious.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "135a0e94-b13d-4203-9d3c-9acead12090f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.075,
        "w": 0.762,
        "x": 0.119,
        "y": 0.425
      },
      "kind": "paragraph",
      "text": "We are short PRTA. The publicly-available data, in our opinion, does not show that NEOD001 is efficacious. Our impression appears to run contrary to that of the sell-side.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "47a48e38-11bb-444e-8767-5030141e9e80",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.075,
        "w": 0.762,
        "x": 0.119,
        "y": 0.532
      },
      "kind": "paragraph",
      "text": "AL amyloidosis is a horrible disease. We would be happy to be wrong about our reading of the data. However, even if NEOD001 were to be approved, we see the Street's peak annual sales estimates generally of over $1.5 billion as unrealistic.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "504f16a6-30bb-40c8-9356-bbbf2e90c129",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.075,
        "w": 0.762,
        "x": 0.119,
        "y": 0.639
      },
      "kind": "paragraph",
      "text": "We note that insiders hold virtually no shares, immediately sell substantially all stock received through option exercises; and, that PRTA raised an additional $155.3 million gross in an equity offering in March 2017.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f105865f-57cd-42db-a187-003500ff4f18",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.45,
        "x": 0.119,
        "y": 0.908
      },
      "kind": "source-note",
      "text": "1 http://ir.prothena.com/releasedetail.cfm?ReleaseID=1015749 2 A transcript of the relevant portion of the conversation is infra.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "45982445-7a15-43ef-859a-d372637f5cb7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.155,
        "w": 0.762,
        "x": 0.119,
        "y": 0.181
      },
      "kind": "table",
      "text": "Company: Prothena Corp PLC; Stock Price: $55.15; Ticker: PRTA US; Market Cap: 2.1 billion; Industry: Biotechnology; Float: 100%; Report Date: June 29, 2017; Average Volume (90-day): 270,000 shares",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "caee32a3-0208-4704-8a79-c272ab6f6363",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.762,
        "x": 0.119,
        "y": 0.777
      },
      "kind": "title",
      "text": "We Conclude Publicly Available Trial Data Does Not Support that NEOD001 is Efficacious",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d97f6831-d4fc-45f5-86e2-9d338ed3e664",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.018,
        "w": 0.388,
        "x": 0.306,
        "y": 0.145
      },
      "kind": "title",
      "text": "Questioning Whether NEOD001 is Efficacious",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dba99f5b-6121-4d02-bd33-f0e87d30b588",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Executive summary",
      "slug": "executive-summary",
      "agent": null,
      "layer": "slide",
      "matchId": "7c2a4e27-902b-4053-bd26-e62da8d2fd20",
      "evidence": "The slide is titled 'We Conclude Publicly Available Trial Data Does Not Support that NEOD001 is Efficacious' and contains a summary of the main points.",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 2,
      "from": 2,
      "beatId": "d83a63b6-f8c5-4571-b3b8-c95eabb93951",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem (Identify pain)",
      "beatSlug": "problem-agitate-solution-problem-identify-pain",
      "evidence": "The executive summary clearly states the problem with the trial data",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}