Pharmaceutical filing citing a Nature Communications paper — Cartesian Therapeutics, 2022-02-16
Cartesian TherapeuticsCartesian TherapeuticsNASDAQ RNAC
Filings SEC · Quote Google cited a paper published in Nature CommunicationsNature Communications
Journal · Website as the basis for its claims in a regulatory filing submitted to the U.S. Securities and Exchange CommissionU.S. Securities and Exchange Commission
Regulator · Website. The company read the manner in which it wrote the paper and the actual scope demonstrated by the paper in sequence. The stock price movement over one month following the filing was compared to past cases of the same type to determine its 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 number of the document submitted by Cartesian Therapeutics on 2022-02-16 was 7.01 Reg FD Public · 9.01 Financial Statements · Attached Documents. The company cited a paper published in Nature Communications in the attached press release. The sentence citing the paper, copied verbatim from the original, is as follows.
Tolerogenic nanoparticles mitigate the formation of anti-drug antibodies against pegylated uricase in patients with hyperuricemia.
What readers should first look at 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 only read the abstract, cannot answer it.
The scope of the paper mentioned in the abstract is up to here.
The paper title is Tolerogenic nanoparticles mitigate the formation of anti-drug antibodies against pegylated uricase in patients with hyperuricemia and it was published in Nature Communications on 2022-01-12. The authors' affiliations are PAREXEL International (United States) · Selecta Biosciences (United States) · Altoona Center for Clinical Research. The summary published at the beginning of the paper is called abstract. What this article 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 it is of a different grade from a full-text reading and original judgment.
The results of two clinical trials tested ImmTOR, which encapsulates rapamycin in nanoparticles to prevent the body from producing antibodies against biologics, thereby reducing their effectiveness. The first trial assessed the safety of pegadricase, an enzyme drug that breaks down uric acid, when used alone. The second trial examined whether adding ImmTOR to the drug could prevent antibody production. In patients receiving both drugs, fewer anti-drug antibodies were produced in a dose-dependent manner, enzyme activity was maintained, and blood uric acid levels decreased. Since these were small-scale early-stage trials, it remains to be seen whether this approach is applicable to other biologics.
What the abstract does not answer remains in the full text and appendices. This article leaves gaps as gaps. Readers are to determine for themselves which sentence in the abstract corresponds to the cited excerpts from the company, by comparing the two citations above.
One month later, the stock price was in the bottom quarter of the sample.
The portion of returns not explained by market movement is called excess return. Dates are counted in trading days, meaning only the days the stock market is open. In calendar terms, 20 trading days is roughly one month. The excess returns for the day of the regulatory filing and the following month are listed in the table below.
| Period | Excess return relative to the market | Meaning |
|---|---|---|
| 5 trading days before the filing | −3.8% | The extent of movement before the filing |
| On the filing date | −1.3% | On the filing date or the first trading day afterward |
| Cumulative over +1 to +5 trading days | −10.8% | One week |
| Cumulative over +1 to +20 trading days | −27.0% | One month |
A bundle of past cases of the same type is called a sample. The position counted from the bottom is expressed as a percentile. The one-month excess return of −27.0% in this case is within the bottom quarter, at the 18% position 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% | −27.0% |
Half of the sample falls between the two central marks on the chart. One checks whether this case lies within or outside the chart. 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 historical facts, not rules applicable to future cases.
There are two additional cases where the same company cited papers in 8-K filings, which are included in the table below.
| Filing date | Journal of the cited paper | Excess return over one month |
|---|---|---|
| 2022-04-06 | Scientific American | −34.6% |
| 2022-04-13 | Scientific American | −16.5% |
Documents issued by the company after the filing
Only item numbers are listed for the three 8-K filings issued by the company after the filing date. In 8-K filings without titles, item numbers indicate the type of content. Whether it was an earnings announcement or a contract can be identified by the item number. The specific event is read in the original text of each link.
- 2022-03-10 8-K Item 2.02,9.01 — Earnings announcement · Financial statements · Attached documents
- 2022-03-22 8-K Items 1.01, 2.03, 8.01, 9.01 — Material contract execution · Debt occurrence · Other events · Financial statements and exhibits
- 2022-04-06 8-K Item 8.01, 9.01 — Other Events · Financial Statements · Exhibits
What this article does not answer
This article, which reads only abstracts, cannot answer how the paper reviewed what methods, what it re-examined, and how far it showed. How many times the paper cited by the company was cited afterward can be rechecked through the OpenAlexOpenAlex
Data source · Website citation count. What will be seen next is whether the company's next 8-K again cites the same paper.
Explanation of terms
- 8-K
- A voluntary report submitted to the U.S. Securities and Exchange Commission when a listed company has something to inform shareholders. It is categorized by item numbers such as earnings, contracts, and executive changes. All events in this article come from this document.
- Excess return
- The portion of a stock's return that remains after subtracting the overall market return. It is used to observe the movement unique to the company by removing the portion attributable to the market as a whole rising or falling.
- Trading day
- A date counting only the days the stock market is open. Since weekends and holidays are excluded, 20 trading days correspond to approximately one calendar month.
- Sample and percentile
- A bundle of past cases of the same type is a sample, and the position from the bottom within it 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, the details and limitations of the method cannot be known.