{
  "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": 3,
  "pageCount": 11,
  "prevPage": 2,
  "nextPage": 4,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 4,
  "notes": "The text explicitly challenges the interpretation of ASH 2016 data presented by Liedtke et al.",
  "elementsJson": [
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-9677b0b52fc7/3",
  "deckHref": "/decks/019dd923-622c-750b-8b96-9677b0b52fc7",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-9677b0b52fc7.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-9677b0b52fc7#slide-3",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The NEOD001 “Best Response Analysis” is misleading in our view as to efficacy, and we further believe it has led to undue optimism about the drug.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ee-7118-871c-fb8467cee9bf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.76,
        "x": 0.12,
        "y": 0.41
      },
      "kind": "paragraph",
      "text": "The publicly-available data trail shows biomarker responses that we believe are consistent with improvements expected from PCD therapy. The current treatment standard for AL amyloidosis seeks to improve end-organ function...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "884ee133-610e-487e-8812-adf896b545c9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.76,
        "x": 0.12,
        "y": 0.73
      },
      "kind": "paragraph",
      "text": "Liedtke et al presented slides at ASH that appear to suggest that NEOD001 trial patients’ organ responses were likely due to the drug. We do not agree with that interpretation...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a133a42a-b93c-4112-a48f-42bf382b3004",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.76,
        "x": 0.12,
        "y": 0.25
      },
      "kind": "paragraph",
      "text": "Between 2013 and 2016, PRTA conducted a Phase 1/2 trial on 69 patients with AL Amyloidosis. The first 27 patients were part of the dose escalation and 42 additional patients were added to the expansion cohort...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cc26386c-5b76-4525-8aef-9ad2683132cf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.76,
        "x": 0.12,
        "y": 0.54
      },
      "kind": "paragraph",
      "text": "There are a number of PCD treatments that are effective in generating hematologic responses. These treatments include combinations of dexamethasone, oral melphalan, oral cyclophosphamide and the proteasome-inhibitor bortezomib (Velcade)...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d9edf84a-fc45-4c3b-826c-3a319007b8d0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.76,
        "x": 0.12,
        "y": 0.09
      },
      "kind": "paragraph",
      "text": "previous plasma cell directed (“PCD”) treatments. In contrast to the conclusions Liedtke et al presented at American Society of Hematology (“ASH”) 2016, we see the timing of patients’ organ responses as consistent with responses from PCD treatments...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dadafb73-f1c1-4059-b32f-7d7bc40aaf9c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "In contrast to the conclusions Liedtke et al presented at American Society of Hematology (“ASH”) 2016, we see the timing of patients’ organ responses as consistent with responses from PCD treatments, which often consist of chemotherapeutic agents. — Muddy Waters Research",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-e6ee-7118-871c-fdf7480d21d1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.5,
        "x": 0.12,
        "y": 0.82
      },
      "kind": "source-note",
      "text": "3 Liedtke et al. Presented at the 58th ASH Annual Meeting & Exposition; San Diego, CA: December 3-6, 2016. Abstract 647. 4 Gertz et al. J Clin Oncol 34:1097-1103 5 see Palladini et al 2012. 6 Mikhael et al Blood 2012. 119(19): 4391-4394 7 Venner et al Blood 2012. 119(19): 4387-4390",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "73861e59-4b4c-492a-82c8-edd13577badb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.12,
        "y": 0.69
      },
      "kind": "title",
      "text": "Timing of Organ Responses versus Hematologic Responses",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b8e6c464-d49b-4c8d-baee-415a6b12f117",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "f3f09032-442a-4a83-9641-68f56a434190",
      "evidence": "The text explicitly claims the 'Best Response Analysis' is misleading and casts doubt on efficacy.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [
    {
      "to": 9,
      "from": 3,
      "beatId": "8e48acba-40bb-40b8-a06c-1e96a5fdace0",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document presents several contradictions and inconsistencies in the trial data, making the problem worse",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 3,
      "from": 3,
      "name": "Aha Moment",
      "slug": "03-aha-moment",
      "bestFor": "Data-heavy sections, research findings, analytical arguments",
      "matchId": "ea3a9a18-3b22-403e-8840-268d66b5927a",
      "evidence": "The document presents a clear aha moment, highlighting the contradiction in the trial data",
      "position": 0,
      "objective": "Highlighting the contradiction in timing of organ responses versus hematologic responses",
      "structure": "The Problem/Question -> What the Data Shows -> The Insight",
      "confidence": 0.7,
      "description": "Establish a tension, present data, then deliver the insight that changes everything"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}