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  "documentTitle": "Freeman Capital Management | Activist Presentation Deck | 15 slides",
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  "authorName": "Freeman Capital Management",
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  "presentationDate": "2023-06-01 00:00:00",
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  "notes": "Uses statistical argument (structural vector auto-regression) to debunk a proxy advisor's narrative.",
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      "kind": "chart",
      "text": "Line chart showing MindMed Return vs Peer Median from Sept 28 to Oct 31 2022",
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      "text": "ISS' report has attempted to justify the near 50% downturn following the announcement of the financing by calling it sectoral trends - pointing to MindMed's peer group declining 6.3% two weeks later. This decline occurred after MindMed's peer, Relmada, announced that its Phase III study failed to attain statistically significant results.",
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      "text": "The probability that the initial decline was a result of sectoral trends is less than one in eighty five quadrillion. This was calculated using structural vector auto-regression and forecast error variance decomposition methods.",
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      "kind": "paragraph",
      "text": "The report leaves out that MindMed fell 7% during that same period two weeks later.",
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      "kind": "source-note",
      "text": "Source: Company SEC Filings. Pricing from Refinitiv and Pitchbook. Recovery defined based on closing price. See ISS Report.",
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      "kind": "title",
      "text": "ISS Excuses Destructive, Dilutive Financing",
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      "arcName": "Overcoming the Monster",
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