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  "documentTitle": "PeptiDream, Inc. (4587 JP)",
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      "text": "We think this analogy would be more appropriate if PeptiDream’s Jaguar were missing its wheels.",
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      "text": "PeptiDream has also trumpeted other strategic partnerships and peptide-drug conjugate agreements to distract from its lack of clinical success. These developments include a research expansion into beauty products, antibody purification, and quantum-inspired tech.",
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      "text": "PeptiDream includes the below slide in its presentation to Japanese investors. It compares non-standard peptides to a Jaguar F-Type sports car, while it analogizes antibody drugs and small molecule drugs to a dump truck and a motor scooter.",
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      "text": "out of the $21 million Kleo raised in its 2018 Series B fundraising. PeptiDream is, in effect, funding Kleo's increasing research expenses while bearing its own platform costs. This expensive development effort suggests the waning of a high-margin business model.",
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      "text": "Moreover, in announcing a recent partnership with drug delivery expert PharmaIN, PeptiDream emphasized that PharmaIN's technology can improve the solubility of the peptide payload, protect the peptide payload from degradation, and slowly release the peptide.",
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      "text": "We view these touted advantages in a different way: as a tacit admission that PeptiDream’s own technology has not produced drug candidates that have performed well in the clinic to date. — Muddy Waters Capital",
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      "text": "Footnotes 31-37 listing URLs for the referenced claims.",
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