Myogen's ( MYOG) annual report, filed with the Securities and Exchange Commission last week, seems a lot more telling than the company's upbeat press releases do. Notably, the filing includes major disclosures -- involving everything from executive compensation to, well, the company's press releases -- that have never been shared before. For starters, it shows that company insiders raked in millions of dollars worth of stock options after their highflying shares hit a milestone target price of $28 last year. For another, it suggests that the company sat on favorable news about one of its drugs until its stock was taking a dive. Finally, and more generally, it exposes the mounting challenges the company faces as it burns through huge sums of cash in pursuit of long-awaited -- but still-distant -- profitability. Investors showed signs of concern, pushing shares of Myogen down 2.8% immediately after the filing hit. The shares fell another penny to $35.34 on Friday. Meanwhile, analysts remain an enthusiastic and patient lot. Despite a major disappointment from Myogen this month -- which has dragged the stock down 15% from its record high -- most analysts who follow the company continue to gush about its chances. But short sellers, banking on a downturn, have been betting against the company instead. By mid-February, they had sold nearly 10% of the company's available stock short in the hope of a fall. Robert Lawton, vice president of Westport, Conn.-based Source Capital, holds a sizable short position in Myogen himself. Lawton has little faith in the company -- or the Wall Street experts who say that he should. "What I find most objectionable about this story is not just the flagrant arrogance of this unprofitable licensing company masquerading as a discovery biotech," Lawton says. "What really gets me is that, despite our current climate of transparency, virtually every covering broker -- all of whom have buy/accumulate/outperform ratings on the stock -- has had, and presumably will continue to have, investment banking relationships with this laughable company." Myogen failed to return a phone call from TheStreet.com seeking comments for this story.