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  "documentTitle": "PeptiDream, Inc. (4587 JP)",
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      "text": "Muddy Waters Capital is short PeptiDream, Inc. because we believe it is more stock story than substance, and the market is deluded as to its potential for commercializing drugs.",
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      "text": "To even remotely justify investor expectations, PeptiDream would likely need to succeed in meeting drug development milestones at rates many times industry norms. But to date, PeptiDream has underperformed these industry norms, despite being in operation since 2006.",
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      "text": "problems. There is no way of knowing for certain why the rate of progression to the clinic is so low, but we heard from a drug discovery expert that translating peptide hits into viable drugs with desirable pharmacokinetic characteristics is challenging...",
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      "text": "In early 2019, Chairman Kubota told retail investors “PeptiDream cannot possibly fail as long as the projects that that you see here stay on track”. We believe that a substantial number of those projects and their corresponding partnerships are effectively dormant or dead...",
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