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  "docSlug": "86ed72671dc5",
  "documentTitle": "PeptiDream, Inc. (4587 JP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-11-07 00:00:00",
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  "notes": "The slide uses a 'Figure K' table for internal modeling and a 'Figure L' table to critique external sell-side analyst projections.",
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      "text": "Below are summaries of projections from three sell-side analysts. All of these are tremendously intellectually dishonest in our view.",
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      "text": "Projected Revenue: ¥84.4bn",
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      "text": "Despite PeptiDream's lack of results from its partnerships so far, analysts bizarrely project that the number of Discovery Partnerships will grow, that such partnerships will be exponentially",
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      "text": "Below are summaries of projections from three sell-side analysts. All of these are tremendously intellectually dishonest in our view. Assumptions in two key areas appear to be significantly over-optimistic: (1) number of projects and (2) success rate of each development stage.",
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      "text": "Optimistic Analysis table showing milestones, transitions, and revenue projections from 6/20 to 6/28.",
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      "text": "Analyst Projections table comparing Analyst A, B, and C on report date, projected revenue, and launched products.",
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      "text": "Figure L: Analyst Projections for PeptiDream",
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      "text": "Figure K: Illustration of Modeled Revenue Over Time for Optimistic Scenario",
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