{
  "docId": "019dd923-622c-750b-8b9a-21918ac10c17",
  "docSlug": "f3db2294dcf9",
  "documentTitle": "Harmony Biosciences (HRMY)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-03-28 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 23,
  "pageCount": 366,
  "prevPage": 22,
  "nextPage": 24,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "The slide uses direct quotes from an expert consultation to build a case for potential fraud or misrepresentation.",
  "elementsJson": [
    "paragraph",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-21918ac10c17/23",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-21918ac10c17",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-21918ac10c17.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-21918ac10c17#slide-23",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The overwhelming sense in the company is they are fudging the numbers. I couldn't really get a sense whether that - basically, they're clouding, obfuscating, fudging the numbers around two things: how many patients are on drug at any one time and what is the discontinuation rate.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-64d0-7099-9cca-78afe2c59c24",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.85,
        "x": 0.07,
        "y": 0.07
      },
      "kind": "paragraph",
      "text": "An ex-territory manager stated that “the overwhelming sense in the company is that they are fudging the numbers” for patients on Wakix and discontinuation rates...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fe3f914d-1114-4b5b-be4a-643e98e1876a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.85,
        "x": 0.07,
        "y": 0.35
      },
      "kind": "quote",
      "text": "“The overwhelming sense in the company is they are fudging the numbers... I think maybe on their earnings calls, they are referencing the number of patients that have formed new starts that were faxed in.”",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1b013bd1-da4a-411c-9156-9268a68eb445",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.85,
        "x": 0.07,
        "y": 0.65
      },
      "kind": "quote",
      "text": "“The bottom of this will fall out. They’re going to get found out at some point, or payors are going to bolt... the discontinuation rates at some point they’re going to get squeezed by investors.”",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7a66e617-3a06-40a6-a266-631554fa5d56",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“The overwhelming sense in the company is they are fudging the numbers. I couldn't really get a sense whether that - basically, they're clouding, obfuscating, fudging the numbers around two things: how many patients are on drug at any one time and what is the discontinuation rate. Nobody that I talked to is privy to those numbers. What I thought was really interesting because it deviates from anything I've seen in specialty pharma...I think maybe on their earnings calls, they are referencing the number of patients that have formed new starts that were faxed in. So, they're using that as a bellwether for a proxy for success. In the compensation structure, there is no component of the bonus tied to overall volume. So, the sales consultant have no skin in the game to keep a patient on drug, and, even more importantly, no sales consultant has any transparency or visibility into how many patients are on drug in their territory. I have never seen that before in a pharma company.” — Ex-Harmony territory manager for a large region in the northeast",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-64d0-7099-9cca-7fb348938346",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.07,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Scorpion Capital consultation calls with experts",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "36393697-4081-4a1d-a8a2-bc195d8dd6bc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.85,
        "x": 0.07,
        "y": 0.07
      },
      "kind": "title",
      "text": "Ex-Territory Manager Allegations: Fudging Patient Numbers",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3c3804cc-a582-4163-91a0-cce4fdd441f5",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "4b949fd2-ef1e-44b1-bf05-c3521b2c24e9",
      "evidence": "The slide explicitly frames expert testimony to allege corporate misrepresentation of data.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 30,
      "from": 11,
      "beatId": "d0905c6f-1d0c-46ed-96fd-5548f20fae57",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": null,
      "evidence": "The document presents the 'monster' of the company's troubled drug and financial reporting",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 30,
      "from": 20,
      "name": "Aha Moment",
      "slug": "03-aha-moment",
      "bestFor": "Data-heavy sections, research findings, analytical arguments",
      "matchId": "b545ff30-50fa-4d68-abe5-bb3c4c439c61",
      "evidence": "The document presents a series of testimonials and data that build a case against the company",
      "position": 0,
      "objective": "To reveal the truth about the company's troubled drug and financial reporting",
      "structure": "The Problem/Question -> What the Data Shows -> The Insight",
      "confidence": 0.8,
      "description": "Establish a tension, present data, then deliver the insight that changes everything"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}