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Anatomy of a Report

Report Methodology.

Every Pharma Investgator report follows one structure — so readers always know where to find the claim, the evidence, the contrary evidence, and the verdict.

Standard Structure

Eighteen Sections.
Zero Opacity.

The sections marked ⚑ are where investigative findings live. Everything else exists to make those findings verifiable.

AClaim first. Section 02 quotes the company's statement verbatim, with source and date — before any analysis appears.
BBoth sides documented. Sections 14 and 15 are mandatory: evidence supporting the company gets the same rigor as evidence contradicting it.
CVerdict last, sources always. The Final Evidence Assessment is a reasoned conclusion — and the Source Appendix lets you check every step.
01Executive SummaryVerdict & key findings
02Company ClaimVerbatim, sourced, dated
03Clinical Program OverviewPipeline & program status
04Trial DesignArms, randomization, blinding
05Endpoint AnalysisRegistered vs. reported
06Statistical ReviewPower, multiplicity, subgroups
07Scientific LiteraturePublications & abstracts
08Regulatory HistoryFDA record & pathway
09Management StatementsCalls, interviews, quotes
10SEC Disclosure ReviewFilings vs. evidence
11Commercial AssumptionsMarket & pricing model
12Competitive LandscapeStandard of care & rivals
13Red FlagsDocumented discrepancies
14Evidence Supporting the CompanyThe bull case, sourced
15Evidence Contradicting the CompanyThe bear case, sourced
16Unresolved QuestionsWhat remains unverifiable
17Final Evidence AssessmentRating & reasoning
18Source AppendixEvery citation, indexed
Sample Format

How a Finding Reads

An illustrative excerpt in the standard finding format. Fictional content.

Section 05 — Endpoint Analysis (Excerpt)

FICTIONAL SAMPLE · CASE FILE APXV-204

The primary endpoint changed between registry entry (NCT00000000, posted 2023) and topline disclosure (2025). The original endpoint is no longer listed as primary in company materials.

The reported p-value of 0.062 does not meet the conventional threshold for statistical significance, while the investor presentation describes the result as “strong efficacy trends.”

ASSESSMENT ▸ Material inconsistency between registered protocol and reported outcome. Language in investor materials potentially misleading. Requires further verification via CSR.
Finding format. Every finding states what the document shows, what the company said, and the assessed gap between them.
Citation discipline. Registry numbers, filing dates, and page references appear inline — not in a footnote you have to hunt for.
Calibrated language. “Potentially misleading presentation” — not accusations — unless documentary evidence clearly supports a stronger conclusion.
Open questions stay open. What cannot be verified from public sources is labeled “requires further verification” — never quietly resolved by assertion.

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