{ "docId": "019dd923-622c-750b-8b96-fcb164354e3e", "docSlug": "86ed72671dc5", "documentTitle": "PeptiDream, Inc. (4587 JP)", "authorId": "51_Muddy_Waters", "authorName": "Carson C. Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2019-11-07 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 6, "pageCount": 22, "prevPage": 5, "nextPage": 7, "slideType": "appendix_methodology", "function": "summarize", "density": "dense", "nDataPoints": 12, "notes": "The slide details the methodology and findings of two external research firms investigating partnership activity.", "elementsJson": [ "paragraph", "data_table" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b96-fcb164354e3e/6", "deckHref": "/decks/019dd923-622c-750b-8b96-fcb164354e3e", "deckJsonHref": "/decks/019dd923-622c-750b-8b96-fcb164354e3e.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-fcb164354e3e#slide-6", "components": [ { "bbox": null, "kind": "callout", "text": "On the whole, it is clear that the company has not made it clear to investors that many of the partnerships have stalled.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-14dd-72ca-b97a-09bdd6bd73be", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.09, "w": 0.76, "x": 0.12, "y": 0.38 }, "kind": "paragraph", "text": "Research firm A is a global pharmaceutical research firm. It assessed the activity level of 12 of PeptiDream’s partnerships and graded confidence in its assessments as low, low-medium, medium, or medium-high. Firm A had confidence of medium or higher for 10 of the partnerships. Four of the 12 partnerships were assessed as low activity (each with medium-high confidence). Six of the 12 partnerships were assessed as high activity, but generally without high confidence levels. The assessed partnership activity levels are as follows:", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4af2990d-e674-4ca9-ac9d-b4599a274773", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.76, "x": 0.12, "y": 0.25 }, "kind": "paragraph", "text": "On the whole, the investigators’ work supports our view that a significant number of the partnerships have low levels of activity. However, the firms’ assessments occasionally contradicted one another with respect to specific partnerships. Their work sometimes produced assessments of ongoing activity at partnerships at which there have been no recent milestone announcements. We therefore feel it is fair to say that while we lack conviction with respect to assessments of some particular partnerships, on the whole, it is clear that the company has not made it clear to investors that many of the partnerships have stalled.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9fbd8941-ddb2-41bc-97e4-7c90e5b2b9ce", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.85 }, "kind": "paragraph", "text": "Research firm B is a local Japanese research firm (multi-industry). It attempted to assess the strength of the respective partners’ commitment levels to the PeptiDream partnerships. Disregarding the portions of the assessments that are based on sell-side analysts, the research indicated the following with respect to seven of the partnerships:", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b8250323-5096-4343-be4b-8057b59a2eb3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.76, "x": 0.12, "y": 0.11 }, "kind": "paragraph", "text": "We engaged two research firms to investigate the state of PeptiDream’s various partnerships. One of the firms is a recognized leader in global pharmaceutical industry research. The research processes involved speaking with people at partners, sell-side analysts, and PeptiDream. It was difficult to get much detail on the partnerships, because they are generally not highly visible. (This is due in part to the size differences between PeptiDream and its partners, as opposed to partnership progress.)", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d53b6f4b-47d3-45c7-b45c-a153e99ced31", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.32, "w": 0.32, "x": 0.34, "y": 0.52 }, "kind": "table", "text": "Table showing partner activity levels and confidence scores for 12 companies.", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4909611d-7d69-4fa2-b9e5-344e32fd4467", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.25, "y": 0.49 }, "kind": "title", "text": "Figure B: Research Firm A’s Assessed Partner Activity Levels", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6df2f8d3-fb59-4857-bbe9-02bd6bc98a7d", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Table data", "slug": "table-data", "agent": null, "layer": "slide", "matchId": "d5ce1689-3cb0-4289-a8ff-ac9f96c14c15", "evidence": "The slide presents a table with data on partner activity levels and confidence scores.", "confidence": 0.7 } ], "frameworks": [], "arcBeats": [ { "to": 6, "from": 4, "beatId": "e323a058-f79c-4393-8cf9-72558831e366", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": "overcoming-monster-the-monster", "evidence": "Critique of PeptiDream's partnerships", "position": 0, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }