{ "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": 279, "pageCount": 366, "prevPage": 278, "nextPage": 280, "slideType": "testimonial", "function": "summarize", "density": "overcrowded", "nDataPoints": 3, "notes": "The slide highlights key negative sentiment regarding market saturation and physician adoption hurdles.", "elementsJson": [ "headline_text", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-21918ac10c17/279", "deckHref": "/decks/019dd923-622c-750b-8b9a-21918ac10c17", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-21918ac10c17.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-21918ac10c17#slide-279", "components": [ { "bbox": null, "kind": "callout", "text": "It did peak maybe like a year ago or so, but now I think it's tapered off a little bit.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-70f3-714d-84c6-ee000c2d8800", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.86, "x": 0.07, "y": 0.2 }, "kind": "paragraph", "text": "Saturated and peaked a year ago; not much growth likely in new patients or new doctors who prescribe it, even if they get other indications; got every prescriber they’re going to get", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "24cf94cd-e016-497e-b1a1-74eb68d8fc7d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.86, "x": 0.07, "y": 0.55 }, "kind": "quote", "text": "Q: “So, like another 10% to 15%, maybe?” A: “Yeah. We had a large number of people started on in the trial. So, in terms of finding new patients and getting them either newly diagnosed or getting them switched over the therapy, I don't think it's going to ramp up by crazy amounts.”", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "23b45ecc-1b13-4146-ac14-c7a9317dd10d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.26 }, "kind": "quote", "text": "Q: “When was the peak enthusiasm? Or is this still growing and getting better? Or did it peak and not it's kind of more tapered off?” A: “Enthusiasm from the medical community, you mean?...It did peak maybe like a year ago or so, but now I think it's tapered off a little bit. I think the biggest hurdle has been the whole insurance process of getting it, which is, a lot of the time, the hurdle for a lot of these practices. They don't want to do the extra work that's required to get the medication for their patients. I think that's a hurdle that limits enthusiasm.”", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4421f1b0-e870-4e5c-8094-07bcae1d952d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.28, "w": 0.86, "x": 0.07, "y": 0.64 }, "kind": "quote", "text": "Q: “Are there more high-volume prescribers that you think they're going to get? Or did they get them all right away? Could their growth be that they don't have a lot—they already got all the other doctors like you, the large sleep practices or are they still getting more of them? You can see what I'm trying to figure out. I'm just trying to figure out how saturated their growth could be. So, either you get more doctors or you get more patients per doctor. It sounds like there's only so much room in terms of patients per doctor. So, I can't imagine there are that many narcolepsy specialists out there.” A: “They're not, and, in my opinion, when a medicine like this first comes out, all the narcolepsy specialists gravitate to it. We like to try things. I think they probably have gotten the large majority of narcolepsy specialists out there, and I don't see them all of a sudden running into huge practices and taking over for—I don't see that happening. I have a feeling it's kind of saturated from that angle...I think most of the prescribers that are going to get on board are going to be these types of prescribers that are like onesies, twosies, threes—they're not going to be high-volume ones.” – Sleep physician in the Bay Area, CA", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a4fd7ce6-7c7c-4389-b714-9e1b015fc2c8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.42 }, "kind": "quote", "text": "Q: “And so, you have 110 on it now. How many do you think you're going to have on it next year? Do you think it's going to be steady at like 110, more or less, or is it going to go to like 150-200 over the next year or two?” A: “No, I don't think it's going to go up that much. Once they get the idiopathic hypersomnia, I might be able to use it more, but honestly, it'll probably go up to like 120-130, something like that.”", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ea31a13a-f1e0-43c0-ac17-cadcf5289b12", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "They're not, and, in my opinion, when a medicine like this first comes out, all the narcolepsy specialists gravitate to it. We like to try things. I think they probably have gotten the large majority of narcolepsy specialists out there, and I don't see them all of a sudden running into huge practices and taking over for—I don't see that happening. I have a feeling it's kind of saturated from that angle...I think most of the prescribers that are going to get on board are going to be these types of prescribers that are like onesies, twosies, threes—they're not going to be high-volume ones. — Sleep physician in the Bay Area, CA", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-70f3-714d-84c6-f1e0bf935315", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "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": "afe48cfc-2536-4659-85e6-cc6033f39e18", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.13, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Prescriber #12: Private practice physician in Northern California who is one of Harmony’s main speakers, with ~110 patients on Wakix out of 250 narcolepsy patients total, and stated he’s one of their top 5 prescribers nationally.", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "44675eb8-bdfd-4366-bc5c-9a2bb81e5a67", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }