Run a company
The whole team's work on one company as of a date: where it came from, how crowded its field is, what its filings say about the science and the cash, where it sits among earlier deals, and the case for and against. Every line carries its source.
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The library
Runs already made, on companies picked by a fixed rule. Select one to read it.
A worked run in full: Ophthotech Corp., as of 2015-03-02
The team read the company's annual report filed 2015-03-02 and the trial registry. Every line below carries its source: an exact quote from the filing, or a public record. A second AI that had not seen the run then checked each claim.
30of 31 claims matched their source when checked
5wrong claims were slipped in to test the checker; it caught every one
An example, checked by an AI and not by a person. It gives no valuation.
The report
Where it came from, and how crowded the field is
- L001 No academic lab head is named as an officer or director on an SEC filing by Ophthotech Corp. dated on or before 2015-03-02. Source: SEC filings that name a company's officers and directors, as it stood on the run date.
- L002 In the registry, 35 other sponsors had 82 trials in the company's conditions started on or before 2015-03-02. Source: the trial registry, as it stood on the run date.
Stage and financing history
- L003 Ophthotech Corp. disclosed 5 private financing filings on or before 2015-03-02; the latest with an amount was $16.7 million on 2013-06-03 (read as a Series A from its size). Source: the company's private financing filings with the SEC, as it stood on the run date.
- L004 The trial registry links 9 trials to Ophthotech Corp. posted on or before 2015-03-02; the highest phase is 3. FDA decisions on record: 0. Source: the trial registry and FDA decision records, as it stood on the run date.
Science
- L006 The company states that Fovista binds and inhibits PDGF, which it says strips pericytes from newly formed blood vessels. Source: the filing:
Fovista binds to and inhibits a protein known as platelet derived growth factor, or PDGF, causing the stripping of pericytes, which are cells that cover the outside of newly formed blood vessels.
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Clinical status
- L007 The company expects initial top-line Phase 3 data for Fovista in 2016, based on its enrollment estimates. Source: the filing:
we expect to have initial, top-line data from our Phase 3 clinical program for Fovista available in 2016
. - L008 The company describes its Zimura Phase 1/2a trial as uncontrolled, small, and not powered to detect a statistically significant difference between dose groups. Source: the filing:
Our Phase 1/2a clinical trial was an uncontrolled study with a small sample size, not powered to detect a difference between Zimura dose groups with statistical significance.
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Competitors
- L009 The company names Regeneron and Bayer HealthCare as having an anti-PDGF candidate co-formulated with Eylea. Source: the filing:
Regeneron Pharmaceuticals, Inc. and Bayer HealthCare have an anti-PDGF product candidate that is being co-formulated with Eylea for administration in a single intravitreal injection
. - L010 The company names Allergan as having a preclinical anti-PDGF, anti-VEGF DARPin candidate co-formulated for a single injection. Source: the filing:
Allergan, recently acquired by Actavis, has an anti-PDGF, anti-VEGF DARPin product candidate in preclinical development that is being co-formulated for administration in a single intravitreal injection.
. - L011 The company names Xcovery Vision as having an oral anti-PDGF, anti-VEGF candidate that has completed a Phase 1 trial. Source: the filing:
Xcovery Vision has an anti-PDGF, anti-VEGF product candidate that is designed for oral administration, which has completed a Phase 1 trial and commenced a Phase 2 study in the first quarter of 2015.
. - L012 The company names Santen as having a dual VEGF and PDGF inhibitor in Phase 1/2a. Source: the filing:
Santen has a dual inhibitor of VEGF and PDGF in Phase 1/2a clinic development.
. - L013 The company names Neurotech as having a preclinical PDGF antagonist designed as an encapsulated cell technology implant. Source: the filing:
Neurotech has a PDGF antagonist that is in preclinical development that is designed as an encapsulated cell technology implant
. - L014 The company names Somalogic as having a preclinical anti-PDGF candidate. Source: the filing:
Somalogic has an anti-PDGF product candidate in preclinical development.
. - L015 The company names Ohr Pharmaceutical as developing a squalamine eye drop for wet AMD that has completed a Phase 2 study. Source: the filing:
Ohr Pharmaceutical, Inc. is developing an eye drop formulation of squalamine for wet AMD which has completed a Phase 2 clinical study
. - L016 The company names Genentech as having an intravitreal complement factor D Fab fragment that completed Phase 2 and recently began Phase 3. Source: the filing:
Genentech has an intravitreally administered humanized Fab fragment targeting complement factor D, for which it completed a Phase 2 clinical trial and recently commenced Phase 3 trials.
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Cash and runway
- L017 The company reports cash, cash equivalents and available for sale securities of $463.6 million as of December 31, 2014. Source: the filing:
As of December 31, 2014, we had cash, cash equivalents, and available for sale securities totaling $463.6 million and no debt.
. - L018 The company reports a net loss of $98.2 million for the year ended December 31, 2014. Source: the filing:
Our net loss was $98.2 million for the year ended December 31, 2014, and $51.1 million for the year ended December 31, 2013.
. - L019 The company states that its cash, securities and potential remaining Novartis enrollment milestones are expected to fund operations as planned through the end of 2017. Source: the filing:
will be sufficient to fund our operations and capital expenditure requirements as currently planned, including the expansion of our infrastructure to support commercial operations, through the end of 2017
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Risks the company states
- L020 The company states that the PEG reagent supplied by Nektar is proprietary and, to its knowledge, not available from any other third party. Source: the filing:
The PEG reagent supplied by Nektar is proprietary to Nektar, and, to our knowledge, this PEG reagent is not currently available from any other third party.
. - L021 The company states that failing to use commercially reasonable efforts toward a first Fovista commercial sale by December 31, 2017 lets Nektar terminate or convert the license. Source: the filing:
if we fail to use commercially reasonable efforts to achieve the first commercial sale of Fovista in the United States or one of a specified group of other countries by December 31, 2017
. - L022 The company states that its last-to-expire Fovista composition-of-matter patent is expected to expire in the United States in 2017 and in Europe and Japan in 2018. Source: the filing:
the last to expire of which is expected to expire in the United States in 2017 and in Europe and Japan in 2018
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The valuation read
- L005 Among 4 earlier acquisitions of companies at the same clinical stage, 2 have a disclosed value; they span $122.2 million to $255.7 million. Source: earlier acquisitions disclosed in SEC filings, as it stood on the run date.
An estimate, not a fact. Assumptions: comparable = an acquisition closed before the as-of date of a company in the same clinical-stage cell; values are as disclosed in the acquirer's or target's filings, not adjusted for size, indication or year; the band is the range of those disclosed values, not a price for this company.
The case for
- L024 The lead program has a stated mechanism and has reached the latest trial phase in the registry, with a top-line readout expected on a defined timeline. Source: rests on L004, L006, L007.
The case against
- L025 Many rival anti-PDGF and related candidates are named by the company itself, including a large pharma co-formulation with the current standard of care, which crowds the lead program's space. Source: rests on L009, L010, L011, L012, L013, L014.
- L026 The second program rests on a small uncontrolled early trial that the company says cannot show a statistically significant difference between doses. Source: rests on L008.
- L027 Supply depends on a proprietary reagent from a single supplier, and the license carries a commercial-effort deadline that lets the supplier terminate or convert it. Source: rests on L020, L021.
- L028 The key composition-of-matter patent is expected to expire soon after the earliest plausible launch window, and the net loss is substantial with no regulatory decisions on record. Source: rests on L022, L018, L004.
What would change the read
- L029 A later filing showing a change in the supply or license terms with the reagent supplier, or an extension of the commercial-sale deadline. Source: rests on L020, L021.
- L030 A later registry record showing a competing co-formulated or dual-pathway candidate advancing to a later phase than those described in this report. Source: rests on L009, L010, L011, L012, L016.
- L031 A later filing showing patent term extension or newly issued patents that move the expiry dates in L022. Source: rests on L022.
What happened afterwards
From public events dated after 2015-03-02, up to 2026-03-31. The run could not see any of this, though the AI was given the company's name and may know of later events.
- Private financing filings after the date: 0.
- Registry trials linked to the company: 9 then, 13 by the data end; highest phase 3 then, 3 by the data end.
- Registry status, at the data end, of the 9 trials the run could see: phase 3: 3 terminated; phase 2: 1 completed, 1 terminated; phase 1: 4 completed. The registry gives a status, not the date it changed or the reason; a terminated trial is not, by itself, a failed one.
- FDA decisions on record: 0 then, 0 by the data end.
- Acquired: yes, on 2023-07-11.
- Later annual reports in the local cache: 0 (the cache holds none; this does not show the company stopped filing).