{ "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": 40, "pageCount": 366, "prevPage": 39, "nextPage": 41, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "balanced", "nDataPoints": 0, "notes": "The slide uses a testimonial quote to support a narrative of corporate malfeasance and trial data manipulation.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-21918ac10c17/40", "deckHref": "/decks/019dd923-622c-750b-8b9a-21918ac10c17", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-21918ac10c17.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-21918ac10c17#slide-40", "components": [ { "bbox": null, "kind": "callout", "text": "The trial was packaged neatly into a paper that makes no mention of the alleged hepatic signal and early termination, and declared a success.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-64d0-7099-9ccb-ffd73665da99", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.55, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "By 2015, having blown 15-20 years looking for an H3 drug and with every major pharma company giving up on the class and moving on, we think Bioprojet was in financial distress and Schwartz was desperate. We spoke with an ex-employee in France, who stated Bioprojet hadn’t been able to make payroll for two months and staff were leaving. He was involved in monitoring clinical trial sites, including HARMONY 3, a key trial in support of FDA approval – and the color he provided was explosive. He stated that a significant percentage of patients in HARMONY 3 presented elevated liver enzymes – consistent with the experience of other H3 programs; that two trial investigators escalated the issue, which occurred at “three or four sites”; that he then escalated it to Bioprojet “upper management,” who were “worried” as it could put their pending EMA application at risk; and that Bioprojet decided to prematurely halt the study for the “welfare of the patients.” The trial was packaged neatly into a paper that makes no mention of the alleged hepatic signal and early termination, and declared a success. We first note the ex-employee’s role, and then share detailed color on the next pages:", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6d1bbfdc-ca18-4383-af16-e5ce2234e9a3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.65 }, "kind": "quote", "text": "I worked on Harmony 3. I also worked on the study on [redacted]. I took part in the regulatory submission at the beginning of the project—I took part in the management of a different CRO, responsible for the management of the study...I worked with the hospital [redacted] in South of France, and I worked with a clinic in [redacted]. I worked in one hospital in [redacted]. And I worked with one hospital in [redacted] near Paris. I worked with [redacted] in Paris. I think that’s it. There were seven sites, but I remember all of the sites. We worked with Dr. [redacted], and we worked with Dr. [redacted] who is a very important doctor in the discipline.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8b389b17-a603-4a83-84a6-be831ea8b14a", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "I worked on Harmony 3. I also worked on the study on [redacted]. It was another study in the nervous system. In fact, this study occurred in France. We used to work with [redacted]. I also worked on another study beginning with [redacted]. But the last study, which I speak about, where the studies are in the starting phase. In fact, I took part in the regulatory submission at the beginning of the project—I took part in the management of a different CRO, responsible for the management of the study...I worked with the hospital [redacted] in South of France, and I worked with a clinic in [redacted]. I worked in one hospital in [redacted]. And I worked with one hospital in [redacted] near Paris. I worked with [redacted] Paris. I think that's it. There were seven sites, but I remember all of the sites. We worked with Dr. [redacted], and we worked with Dr. [redacted] who is a very important doctor in the discipline. — Former Bioprojet employee", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-64d0-7099-9ccc-03dda9c8c229", "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": "06a9a685-3e1e-446e-a1b5-01917f2a5794", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 50, "from": 31, "beatId": "2b789ae4-940c-4d3a-9f03-7f2e7e4f46fd", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Struggle", "beatSlug": null, "evidence": "The document presents the struggle of the company's critics and short-sellers to expose the truth", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }