{
  "docId": "019dd923-622c-750b-8b9a-8c03a48e7d6f",
  "docSlug": "86e21d9d1e23",
  "documentTitle": "PMV Pharmaceuticals (PMVP)",
  "authorId": "60_Wolfpack_Research",
  "authorName": "Wolfpack Research",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-05-19 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 1,
  "pageCount": 19,
  "prevPage": null,
  "nextPage": 2,
  "slideType": "executive_summary",
  "function": "diagnose_problem",
  "density": "overcrowded",
  "nDataPoints": 2,
  "notes": "The slide uses a 'villain critique' approach to frame the company's drug candidate as a failure, drawing parallels to a previous market failure (Aprea).",
  "elementsJson": [
    "logo_grid",
    "headline_text",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": "https://imgproxy.kitesheet.com/Si8T1CE4CiPmeC1m8ar7TVFLTJ4o6wk2fN9CMb9v9e8/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84NmUyMWQ5ZDFlMjMvcDAwMS5wbmc",
  "slideHref": "/slides/019dd923-622c-750b-8b9a-8c03a48e7d6f/1",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-8c03a48e7d6f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-8c03a48e7d6f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-8c03a48e7d6f#slide-1",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "PMV’s preclinical laboratory results for their primary drug candidate appear to have been photoshopped, raising an initial red flag that PMV may have cherrypicked data to spin a positive story on lackluster results.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70f9-71ae-a678-00711245f56b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.11,
        "y": 0.23
      },
      "kind": "list",
      "text": "PMV’s preclinical laboratory results for their primary drug candidate appear to have been photoshopped, raising an initial red flag that PMV may have cherrypicked data to spin a positive story on lackluster results.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "30a780c6-5fe6-4a06-95c1-ebd3318e61bd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.11,
        "y": 0.53
      },
      "kind": "list",
      "text": "PMV’s preclinical results also show that the drug has a brief therapeutic window and almost completely disappears after 24 hours. This is another red flag and indicates that PMV’s drug lacks the potency needed to make it a viable candidate for FDA approval.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3754cd99-dae3-42ca-80ee-fb13bbc28b8a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.11,
        "y": 0.44
      },
      "kind": "list",
      "text": "PMV’s preclinical tests on mice showed that its drug needs to be administered at much higher doses than other comparable drugs to achieve positive results, and higher dosing increases the risk that the drug’s toxicity will outweigh any potential benefits.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "409ee6ed-554e-43bd-b1ca-dd9c0a4af9bb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.78,
        "x": 0.11,
        "y": 0.71
      },
      "kind": "list",
      "text": "PMV’s lead drug reminds us of Aprea’s eprenetapopt, a small molecule designed to reactate p53 protein. Aprea’s drug failed to show a statistically significant improvement in late 2020 and the stock cratered 77%.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "422aead5-4edb-46e9-9043-5a60c9823ebd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.78,
        "x": 0.11,
        "y": 0.78
      },
      "kind": "list",
      "text": "With their primary candidate dead, PMV’s current assets will only consist of a broken pipeline and less than $300 million in cash, not worth their lofty $628 million valuation.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5dd2fd73-fa3f-4379-abbe-64ce1d0e8cb2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.11,
        "y": 0.62
      },
      "kind": "list",
      "text": "PMV has not released their Phase I results yet, but management’s early disclosures to select sell-side analysts indicate that PMV is trying to add subjects and up the dosage in their clinical trial to garner better results.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a09617a8-5833-4f68-93b3-ebf47de8c67c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.78,
        "x": 0.11,
        "y": 0.32
      },
      "kind": "list",
      "text": "There is compelling evidence that PMV Pharma’s primary drug candidate will fail, and the Phase I data scheduled for release on May 26th will disappoint. PC14586, an oral pill for the treatment of cancer, does not have a viable replacement candidate in the pipeline, which means PMV is significantly overpriced.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b0a75f5d-3533-44b7-8f3f-e219f5581fbe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.78,
        "x": 0.11,
        "y": 0.89
      },
      "kind": "source-note",
      "text": "The abstract for the Phase I trial is due to come out on May 26, 2022. Lackluster results may terminate PC14586.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dfcfa8ce-cc7b-427c-880e-b30756f64c2e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.78,
        "x": 0.11,
        "y": 0.17
      },
      "kind": "title",
      "text": "PMV Pharma (PMVP) We Believe Next Week’s Critical Phase I Data Will Disappoint",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fef3392d-d51f-4dba-bb99-721bd373a3b0",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "villain_critique",
      "slug": null,
      "matchId": "4c8fca6d-6568-471c-9b80-8ea777abdaa6",
      "evidence": "The slide systematically attacks the company's integrity, product viability, and management decisions to justify a short thesis.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 2,
      "from": 1,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "95bed1b6-baf6-4d2e-b967-e557c4e83292",
      "evidence": "The executive summary warns investors about the potential failure of PMV Pharma's drug candidate.",
      "position": 1,
      "objective": "Warns investors about the potential consequences of inaction",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": "https://imgproxy.kitesheet.com/baEVL2BD8PRT5lOLF3EzBB_C6ur1mh663FlL5B-qDR4/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84NmUyMWQ5ZDFlMjMvcDAwMS5qcGc",
  "thumbSrc": "https://imgproxy.kitesheet.com/X6imY2JmDp10mwlbsKo8HEDiz9rOEZYI6Vxq8bc0rz8/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84NmUyMWQ5ZDFlMjMvcDAwMS5wbmc",
  "thumbSrcAlt": "https://imgproxy.kitesheet.com/zBcTGIhLz14kTS_Ok4jQ3BIlTPSc2nhUz_hZvwUOkIo/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84NmUyMWQ5ZDFlMjMvcDAwMS5qcGc"
}