{
  "docId": "019de074-ead2-732b-8415-93449fe93e32",
  "docSlug": "9cc66a7a8f583a45c6978147aa12db97",
  "documentTitle": "Freeman Capital Management | Activist Presentation Deck | 95 slides",
  "authorId": "freeman-capital-management",
  "authorName": "Freeman Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-05-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 50,
  "pageCount": 95,
  "prevPage": 49,
  "nextPage": 51,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 7,
  "notes": "Uses comparative data to frame management's spending priorities as misaligned with shareholder interests.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de074-ead2-732b-8415-93449fe93e32/50",
  "deckHref": "/decks/019de074-ead2-732b-8415-93449fe93e32",
  "deckJsonHref": "/decks/019de074-ead2-732b-8415-93449fe93e32.json",
  "deckAnchorHref": "/decks/019de074-ead2-732b-8415-93449fe93e32#slide-50",
  "components": [
    {
      "bbox": {
        "h": 0.25,
        "w": 0.23,
        "x": 0.073,
        "y": 0.258
      },
      "kind": "chart",
      "text": "Clinical trial & core drug spend: 31% (2020) to 13% (2022)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "020de1ab-8190-4084-b92a-fecc8652c1b9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.18,
        "x": 0.57,
        "y": 0.258
      },
      "kind": "chart",
      "text": "G&A spend: MindMed 45% vs Peer Group 36%",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0b63025f-babf-47e3-87ee-19713f64f875",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.24,
        "x": 0.065,
        "y": 0.578
      },
      "kind": "chart",
      "text": "Executive compensation $51M vs Core drug R&D spend $20M",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ececf533-93b3-49af-a57b-be14fb9e5d49",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.39,
        "x": 0.57,
        "y": 0.515
      },
      "kind": "paragraph",
      "text": "To justify these allocations, MindMed cherry-picks data to falsely claim that “relative to [Compass Pathways], less of [our spending is] allocated to SG&A.” But, in FY2022, MindMed spend 45% on G&A versus Compass Pathways who spent 41%.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4619cdee-7cd9-404f-8098-4fd6f0cd8f29",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.18,
        "x": 0.286,
        "y": 0.295
      },
      "kind": "paragraph",
      "text": "From FY2020 to FY2022, MindMed's cash spending on clinical trials and core drugs has dropped from 31% to 13%.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7964ff7e-af3b-433b-aaa4-6eb3272eda3c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.18,
        "x": 0.286,
        "y": 0.578
      },
      "kind": "paragraph",
      "text": "MindMed's executive and director compensation has been $51M (31.8%) in FY2021 and FY2022 versus $20M spent on core drug R&D (12.7%).",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9b400d3b-9620-4449-acc9-e1f89fcb631e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.18,
        "x": 0.78,
        "y": 0.295
      },
      "kind": "paragraph",
      "text": "MindMed's spending on G&A is 45% versus its peer group which spent 36%. Notably, Seelos Therapeutics has only $12.2M in G&A while spending $60M in R&D.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fa7f0429-8720-4c2c-9d66-15d134b3ce80",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.046,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Company SEDAR Filings, Company SEC Filings. See [13]",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d12f18b9-e57a-4d98-be4d-b1624fab158f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.075,
        "w": 0.43,
        "x": 0.046,
        "y": 0.056
      },
      "kind": "title",
      "text": "Poor Capital Allocation",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "28587724-bde8-4518-8d48-b8be3b8516be",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "capital-allocation-framework",
      "slug": null,
      "matchId": "dc807464-6499-4d97-89ce-4fd6560f75b7",
      "evidence": "The slide explicitly critiques the company's capital allocation strategy by comparing R&D spend vs G&A and executive compensation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 60,
      "from": 15,
      "beatId": "46c295b3-1c69-4f4e-b465-df8201aa88d9",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document agitates the problems by highlighting the company's lack of accountability, excessive executive compensation, and dilutive financing approach.",
      "position": 1,
      "confidence": 0.9,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}