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