{ "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": 25, "pageCount": 366, "prevPage": 24, "nextPage": 26, "slideType": "villain_critique", "function": "name_villain", "density": "dense", "nDataPoints": 4, "notes": "The slide uses highly critical, adversarial language ('toxic drug', 'face-planted', 'questionable French lab') to frame the company negatively.", "elementsJson": [ "paragraph", "screenshot" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-21918ac10c17/25", "deckHref": "/decks/019dd923-622c-750b-8b9a-21918ac10c17", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-21918ac10c17.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-21918ac10c17#slide-25", "components": [ { "bbox": { "h": 0.03, "w": 0.5, "x": 0.07, "y": 0.51 }, "kind": "callout", "text": "Wakix package insert and consumer website - www.wakix.com", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b0998fd9-4350-41a7-af66-2cb1e1d3ca8c", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "It is a one-trick pony whose sole commercial asset and source of revenue is the US license to an old, toxic drug called pitolisant, marketed as Wakix, that no reputable pharma company would touch – alchemically transformed into $2.5B market cap and 6X LTM revenue.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-64d0-7099-9cc9-b714943f0cd9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.67, "x": 0.07, "y": 0.68 }, "kind": "image", "text": "Wakix website screenshot", "attrs": null, "subkind": "screenshot", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "01b292e9-302a-4f7e-81d9-42af500422fa", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "market cap: $2.5B", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd953-64d0-7099-9cc9-b9474cfafa01", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.07, "y": 0.56 }, "kind": "paragraph", "text": "INDICATIONS AND USAGE: WAKIX is a histamine-3 (H3) receptor antagonist/inverse agonist indicated for the treatment of excessive daytime sleepiness (EDS) or cataplexy in adult patients with narcolepsy (1)", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2c36da9b-c449-40ba-a55b-824ba7bcecc9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.25 }, "kind": "paragraph", "text": "Bioprojet was developed by and licensed from Bioprojet, a small and questionable French lab, which received EMA approval in 2016 and the FDA in 2019. Bioprojet’s opaque French filings suggest the drug face-planted in Europe. Wakix is a once-daily pill indicated for the treatment of excessive daytime sleepiness (EDS) and/or cataplexy in adults who have narcolepsy. We note the label’s specificity: it is not a cure for narcolepsy, a very rare disease, and merely addresses two symptoms in people with the condition.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "78e9b279-9b4e-4a70-8a27-ab92f1423edc", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "Harmony was founded in 2017 by Jeff Aronin, the company’s Executive Chairman. A family trust is the second largest holder, with 18% ownership worth ~$500MM. It is a one-trick pony whose sole commercial asset and source of revenue is the US license to an old, toxic drug called pitolisant, marketed as Wakix, that no reputable pharma company would touch – alchemically transformed into $2.5B market cap and 6X LTM revenue.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e66a0dda-1f31-40ad-9c2a-7f6dc6f88ecd", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.07, "y": 0.94 }, "kind": "source-note", "text": "Source: https://wakix.com/pdf/wakix-tablets-pi.pdf; https://wakix.com/", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9aeb2951-e0fc-42e4-b3ab-5a43e2c72f22", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "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 }