Gotham City Research LLC

SUMMARY Sumitomo Pharma targets 350 billion JPY in iPs revenue, including from Amchepry The Center for iPS Cell Research & Application (CiRA) is SP’s research partner CIRA is IPS cells supplier for the Amchepry trials, conducts the trials + research CiRA is paid by Sumitomo Pharma, with a relationship since 2011. Sumitomo Pharma is going all-in on CiRA while Takeda recently terminated its 10 year partnership with CiRA. There are two well documented cases of fraud involving Ci

GOTHAM CITY RESEARCH’S OPINIONS Sumi Pharma’s FY2025 financial statements are misstated by 116-165 billion. Financial statements will be restated and the Company will face an investigation. Pharma manipulates receivables to fuel Pharma and Chemical’s profits. Without these, earnings collapse, and Chemical’s FY2025 Leverage is closer to 10x rather than 3x. Shares of both Chemical and Pharma are uninvestable, and face 50%-100% downside risk. SUMMARY OF THE BASES OF OPINIONS Sum

We have on-the-record evidence of Carvana stating that Bridgecrest, not itself, is the lienholder, on cars that Carvana sold. We have identified 34 new vehicles/VINs that Carvana sold, and where Bridgecrest is the ultimate lienholder. Detailed lienholder history records reveal that Bridgecrest, not CVNA, is the most recent lienholder, of the original 34 vehicles/VINs discussed in our previous report. CVNA sells cars without title, and issues temporary plates to customers from

GOTHAM CITY RESEARCH’S OPINIONS CVNA 2023-2024 earnings are overstated by $1 billion+, and far more dependent on related parties than disclosed. DriveTime’s leverage fuels CVNA Adj EBITDA. Without DriveTime credit, CVNA earnings collapse, and CVNA Adjusted EBITDA doesn’t cover its interest expense. CVNA 2025 10K will be delayed, 2023/2024 10Ks restated, BLAST ABS restated, & Grant Thornton will resign as auditor. CVNA and DriveTime creditors’ ability and willingness to fund t

GOTHAM CITY RESEARCH’S OPINIONS IRM manipulates adjusted leverage & EBITDA to artificially reduce reported leverage to 5x when we calculate it as 9x. IRM is under scrutiny from government agencies and facing lawsuits over its suspect accounting and exploitative business practices. We expect these to intensify. Should our estimate of IRM’s true leverage and cash flow be correct, IRM will face higher financing costs and/or a dividend cut. we believe shares are uninvestible. We

Dear LB Management, Chair of the Board David Capobianco, and the LB Board: Related Party Data Center Revenue Question – How exactly did...

GOTHAM CITY RESEARCH’S OPINIONS TPL stock is up over 4x since 2019 due to forced, price insensitive buyers and misplaced confidence in...

GOTHAM CITY RESEARCH’S OPINIONS We believe 16%-55% of LB revenues are artificially boosted by related parties, so that insiders can sell...

Gotham City Research believes that Kyndryl is trying to fool most of the people, all of the time. We explain how and why in the following:

1. "So when they say the revenue for consulting is growing … there's nothing to back it up," Noah claimed. We're told Kyndryl is just...

GOTHAM CITY RESEARCH’S OPINIONS • KD manipulates reported Adj EBITDA + Adj. FCF to artificially give the appearance that it generates...

CONFLICT OF INTEREST: At the time of publication of this Report, GOTHAM CITY RESEARCH LLC, General Industrial Partners LLP, and their...

Gotham City Research published Grifols SA: How an advance payment becomes a loan Part I on March 6th 2024, which detailed how we believe...

Gotham City Research published Grifols SA: Focus on Related Parties and Corporate Governance on 20 February 2024, which primarily...

Gotham City Research released Grifols SA: Scranton and the Undisclosed Debts on Tuesday, January 19, 2024. Grifols in turn responded with...

Summary of Our Opinions: GRF manipulates reported debt & EBITDA to artificially reduce reported leverage to 6x which we believe is closer...

On July 7, we published Part II of our report, and the Company provided their detailed response to Part II on July 10. We would like to...

On June 22, we published Part I of our report, and the Company provided their detailed response to Part I on June 26. We would like to...

SUMMARY OF GOTHAM CITY RESEARCH’S OPINIONS AND SUPPORTING OBSERVATIONS We find SES IMAGOTAG's executive management and board of directors...

SUMMARY OF GOTHAM CITY RESEARCH’S OPINIONS AND SUPPORTING OBSERVATIONS BOE is the largest shareholder, largest supplier, one of the...