Biological product filing citing Science Translational Medicine paper — Inhibikase Therapeutics, 2023-01-25
Inhibikase TherapeuticsInhibikase TherapeuticsNASDAQ IKT
Filings SEC · Quote Yahoo cited a paper published in Science Translational Medicine in its regulatory filing with the U.S. Securities and Exchange CommissionU.S. Securities and Exchange Commission
Regulator · Website as a basis for its claims. The company's manner of writing the paper and the actual scope presented in the paper were read in sequence. The stock price movement for one month after the filing was compared to past cases of the same type to determine its relative position. This is a retrospective judgment written after knowing the results. The paper was read only up to the abstract.
The disclosure wrote the paper in the press release like this
When a U.S. listed company has something to inform shareholders, the report submitted to the Securities and Exchange Commission is called 8-K. The item numbers of the document submitted by Inhibikase Therapeutics on 2023-01-25 were 8.01 Other Events · 9.01 Financial Statements and Exhibits. The company cited a paper published in Science Translational Medicine in the attached press release. The sentence citing the paper, copied verbatim from the original, is as follows.
The publication entitled “The c-Abl inhibitor IkT-148009 suppresses neurodegeneration in mouse models of heritable and sporadic Parkinson’s disease” was published online in the journal Science Translational Medicine on January 18, 2023 (DOI: 10.1126/scitranslmed.abp9352) “Understanding the mechanisms underlying the initiation and progression of Parkinson’s disease (PD) inside and outside of the brain has remained a significant challenge to the development of disease-modifying therapeutics in PD,” stated Milton H.
What readers should look at first is where the company placed the paper in the press release. Next, they should determine whether the paper supports the entire company claim or only a part of it. To answer the latter question, one must read the full paper. This article, which reads only the abstract, cannot provide an answer.
The scope of the paper discussed in the abstract is limited to this extent.
The paper title is The c-Abl inhibitor IkT-148009 suppresses neurodegeneration in mouse models of heritable and sporadic Parkinson’s disease and it was published in Science Translational Medicine on 2023-01-18. The authors' affiliations are Johns Hopkins University · Johns Hopkins Medicine · Inhibikase Therapeutics (United States). The summary published at the beginning of the paper is called abstract. What this article has read is only up to there. This paragraph was rewritten by a person after filtering a draft written by a machine reading the abstract through numerical comparison, and thus its quality grade differs from a full-text reading and original judgment.
The study began with the hypothesis that an enzyme called c-Abl is involved in the accumulation of misfolded alpha-synuclein in Parkinson's disease. It identified an oral inhibitor, IkT-148009, that can enter the brain. In both genetic and sporadic Parkinson's disease mouse models, administering the drug once daily starting from the fourth week after the onset of the disease reduced c-Abl activity to baseline levels and preserved most dopamine neurons. The abstract later mentions the recovery of motor function. Since this was a mouse study, whether the same effect occurs in human patients is beyond the scope of this paper.
What the abstract does not answer remains in the full text and the appendix. This article leaves the gaps as they are. Readers are to determine which sentence in the abstract corresponds to the company's cited excerpt by comparing the two citations above.
One month later, the stock price was in the bottom quarter of the sample.
The remaining return after subtracting the portion that moves with the overall market is called excess return. Dates are counted only on days when the stock market is open, referred to as trading days. In terms of a calendar, 20 trading days are approximately one month. The excess return for the day of the regulatory filing and the following month are presented in the table below.
| Period | Excess return relative to the market | Meaning |
|---|---|---|
| Five trading days before the filing | +37.6% | The extent of movement before the filing |
| On the filing day | −6.0% | On the filing day or the first trading day thereafter |
| Cumulative over +1 to +5 trading days | −24.4% | One week |
| Cumulative over +1 to +20 trading days | −20.4% | One month |
A bundle of past cases of the same type is called a sample. The position counted from the bottom is written as a percentile. The one-month excess return of -20.4% in this case is within the bottom quarter, at 23% from the bottom among 142 cases in the sample.
| Sample scale (20 trading days) | Tenth from the bottom | Fourth from the bottom | Median | Top 25% | Top 10% | This case |
|---|---|---|---|---|---|---|
| Excess return | −31.9% | −20.1% | −6.9% | +5.5% | +19.5% | −20.4% |
Half of the sample falls between the two central marks on the chart. One checks the chart to see whether this case lies within or outside the range. The sample collects cases where U.S.-listed companies cited papers in 8-K filings over the past decade. The company itself is excluded from the sample. The numbers listed here are past facts, not rules applicable to future cases.
After the filing, the company issued such documents.
Three 8-K filings issued by the company after the filing date are listed by item number only. In 8-K filings without titles, item numbers indicate the type of content. One can determine whether it was an earnings announcement or a contract by the item number. The specific event is read in the original text of each link.
- 2023-01-26 8-K Items 1.01,1.02,3.02,7.01,9.01 — Material contract execution · Material contract termination · Unregistered securities sale · Reg FD disclosure · Financial statements · Attached documents
- 2023-03-06 8-K Item 5.02 — Officer and director changes
- 2023-03-13 8-K Item 8.01 — Other events
What this article does not answer
This article, based on abstracts, cannot answer what methods the paper used, what it reviewed, or how far it went. How many times the cited paper was referenced afterward can be verified again using OpenAlexOpenAlex
Data source · Website citation counts. What will be examined next is whether the company's next 8-K cites the same paper again.
Glossary
- 8-K
- A voluntary report submitted to the U.S. Securities and Exchange Commission when a listed company has news to inform shareholders. The type is indicated by item numbers such as earnings, contracts, and executive changes. All events in this article are derived from this document.
- Excess return
- The remainder after subtracting the overall market return from the stock return. It is used to observe the movement of the company alone by removing the portion where the market as a whole rises or falls.
- Trading day
- A date counting only the days when the stock market is open. Since weekends and holidays are excluded, 20 trading days correspond to about a month on the calendar.
- Sample and percentile
- A bundle of past cases of the same type is a sample, and the position from the bottom is expressed as a percentile. A percentile of 10 means that nine out of ten cases performed better than this case.
- Abstract
- A summary placed at the beginning of a paper. The author writes in a few sentences what was done, how it was done, and what results were obtained. Without reading the full text, one cannot know the details and limitations of the method.