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  "documentTitle": "QuantumScape (QS)",
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  "notes": "Uses a specific analogy to biotech (Phase 3 success vs. rodent data) to frame the technical limitation as a deceptive practice.",
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      "text": "Equipped with only benchtop characterization data of a coin cell or a few pouch cells — which are significantly different from a working battery — and without proof of full scale-up, how can we — and importantly, early stage investors — accurately evaluate a battery’s merits?",
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      "text": "QS lab tests are based on a small pouch cell. For some tests, QS doesn't even disclose the size, suggesting it's even smaller than the one below.",
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      "text": "SINGLE LAYER POUCH CELL Image from Quantumscape presentation",
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      "text": "The article compared Nikola and Theranos, using a biotech analogy. We characterize the use of pouch cells as similar to pre-clinical, pre-phase 1 mouse data. Hyping pouch cells as evidence that commercial scale-up is right around the corner – as QS is doing – is as absurd as a biotech using rodent data to proclaim that Phase 3 success, FDA approval, and drug sales are now a done deal.",
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      "text": "One of the root causes of battery fraud identified by this article is the use of lab-scale prototypes like coin cells or pouch cells – “which are significantly different from a working battery” - as the basis for far-reaching claims.",
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      "text": "“Equipped with only benchtop characterization data of a coin cell or a few pouch cells — which are significantly different from a working battery — and without proof of full scale-up, how can we — and importantly, early stage investors — accurately evaluate a battery’s merits?” — BatteryBits",
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      "text": "Source: https://medium.com/batterybits/preventing-fraud-in-the-battery-world-22e62bfbfbd; https://www.sec.gov/Archives/edgar/data/1811414/000119312520312743/d789193dex992.htm",
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      "text": "8) The battery space has a long history of stock scams based on exaggerated or false claims of a scientific breakthrough",
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