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  "documentTitle": "Chinook Therapeutics Inc (KDNY)",
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  "notes": "This slide functions as a forensic accounting critique, highlighting specific instances of alleged financial misreporting.",
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      "text": "We therefore adjust reported 2021 and 2022 revenues downward by -95.3% and -68.5%.",
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      "text": "revenue: -95.3%",
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      "text": "Chinook's misleading revenue comes from (1) a non-cash investment gain from the original non-cash investment in SanReno Therapeutics, (2) likely improper revenue recognition for Chinook's non-recurring stock warrant for SanReno...",
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      "text": "Despite being a development-stage drug company, Chinook has manipulated its financials in myriad ways, including by manufacturing revenue through making a non-cash investment in a JV and round-tripping it as (non-cash) revenue...",
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      "text": "The fair value of the contingent value rights liability also increased during 2021 due to the achievement of a development milestone under the terms of the agreement with Merck, which is payable to the CVR holders, net of permitted deductions. This could result in potential milestone and royalty payments for the benefit of the CVR holders. — Chinook 2021 10-K, pg.78",
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      "text": "SanReno Therapeutics JV: Window Dressing Revenue to Make its Licenses Appear Valuable and Sustainable",
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