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  "documentTitle": "PeptiDream, Inc. (4587 JP)",
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  "authorName": "Carson C. Block",
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  "notes": "The slide uses a table to highlight that while total program counts increase, the conversion to clinical phases remains minimal, suggesting a lack of meaningful progress.",
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      "text": "Even PeptiDream’s biggest successes demonstrate the overall inability of the company to generate meaningful revenue from its technology.",
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      "text": "PeptiDream cannot possibly fail as long as the projects that that you see here stay on track. — Chairman Kubota",
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      "text": "We calculate target-to-hit programs by taking the difference between the total number of programs and the sum of all other disclosed program categories.",
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      "text": "Figure C: PeptiDream's Pipeline Progress June 2017-June 2019. Data from PeptiDream Financial Results Reports",
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