Every sheet is built the same way, from the same documents, in the same order.
Sources, in order of authority
SEC filings — 10-Q, 10-K, proxy. Cash, operating loss, share counts
(from the cover page, not the balance sheet), going-concern language, convertible terms, warrants,
insider ownership, legal proceedings.
ClinicalTrials.gov — the trial's registered design, primary completion date,
and its version history, which shows whether the primary endpoint registered today is the one
registered when the study began.
FDA label index — which approved products already carry the indication.
What a sheet does and does not say
A sheet states what the documents say. It does not rate a company, predict a
trial result, or recommend a trade. Where a figure needs judgement — a market's true size, a
trial's design quality, what a drug is worth — the sheet leaves it out rather than guess.
Scoring
A call is resolved by a future event. Today that means: whether the company
raises capital before its registered primary completion when the filings say the runway falls short,
or within four quarters when the runway is under a year.
Outcomes are recorded on the scoreboard as confirmed, refuted, or not applicable (for example, when a
readout date moves). Misses remain on the board.
Immutability
Sheets carry their publication date in the address and are not edited afterwards.
A material change in the filings produces a new dated sheet, and both remain published.