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  "documentTitle": "Harmony Biosciences (HRMY)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "sourceTypeSlug": "short_seller",
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  "presentationDate": "2023-03-28 00:00:00",
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  "notes": "The slide uses a narrative of 'fraud' to frame the company's management and reporting practices.",
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      "text": "For the last 8 quarters, the increase each period is 300 or 400 patients, to the penny – a curiously consistent and repetitive pattern.",
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      "text": "Average number of patients on Wakix: 4,900",
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      "text": "With Jacobs gone, Harmony is now on its third CEO. The first, Bob Repella, pled guilty and was sentenced for paying a $120K bribe to get his daughter into college. Typical of scams, the company is a revolving door of C-level executives, several of whom we spoke to. Harmony is also on its third CFO, Sandip Kapadia, with whom we are well acquainted and whose arrival at a biotech is now one of our top indicia of fraud. We’ll get to him shortly. A CEO unexpectedly resigning from a pump-and-dump is an ultra-predictive sign that the end is imminent. They usually do so to dump their stock with haste, under the cover of night without a Form 4. Harmony has secrets, and Jacobs knows what they are. So do we. The company tells investors almost nothing, demurring on basic metrics like the price of the drug, price increases, gross vs. net, refill and discontinuation rates. The stock goes up and down based on one key metric – “average number of patients on Wakix.” For the last 8 quarters, the increase each period is 300 or 400 patients, to the penny – a curiously consistent and repetitive pattern.",
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      "text": "Source: Harmony press release and quarterly earnings presentations",
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      "text": "Table showing quarterly patient numbers and new patient adds from Q1 '21 to Q4 '22.",
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      "text": "Average Number of Patients on WAKIX Increased to ~4,900",
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      "text": "Q4 2022 earnings press release, and historical figures below",
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