{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b9a-1a3bea94baf9", "slug": "c358888161f0", "title": "Ginkgo Bioworks (DNA)", "subtitle": "Scorpion Capital · 2021-10", "author": "Scorpion Capital", "date": "2021-10-06 00:00:00", "pageCount": 175, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.2941177, "targetCompany": "Ginkgo Bioworks", "targetTicker": "DNA", "document": { "id": "019dd923-622c-750b-8b9a-1a3bea94baf9", "slug": "c358888161f0", "title": "Ginkgo Bioworks (DNA)", "rawTitle": "DNA1", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "authorDisplay": "Scorpion Capital", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "short_seller", "label": "Short seller" }, "fileName": "DNA1.pdf", "sourceUrl": "http://www.scorpioncapital.com", "sourceDate": "2021-10-06 00:00:00", "presentationDate": "2021-10-06 00:00:00", "ingestedAt": "2026-04-22 22:22:59+00", "status": "ready", "pageCount": 175, "orientation": "landscape", "aspectRatio": 1.2941177, "targetCompany": "Ginkgo Bioworks", "targetTicker": "DNA", "metadata": { "local_root": "/tmp/legacy-images/c358888161f0", "activist_firm": "Scorpion Capital", "origin_corpus": "contrarian", "extraction_seconds": 146.2951500415802 } }, "coverage": { "pageCount": 175, "pagesIndexed": 175, "pagesWithImages": 175, "pagesWithMetadata": 175, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 1085, "chartCount": 9, "metricSlides": 0, "toolMatches": 9, "documentToolMatches": 4, "frameworkMatches": 150, "arcMatches": 1, "beatMatches": 2, "loopMatches": 0, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "matchId": "6f2f96be-37d2-46c3-8b66-10ed6d6c1a35", "evidence": "The deck uses a critical narrative to expose Ginkgo's potential wrongdoings.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:01:19.903067+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 29, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 7, "name": "Villain Critique", "beatId": "e2f93575-983e-42f9-ba25-92d6aaff36aa", "matchId": "6f2f96be-37d2-46c3-8b66-10ed6d6c1a35", "beatType": null, "evidence": "The deck critiques Ginkgo's founders and business practices.", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 175, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 9, "name": "Expose Contradiction", "beatId": "ffe290af-3a4f-4e06-8d60-dfbfc07d2e08", "matchId": "6f2f96be-37d2-46c3-8b66-10ed6d6c1a35", "beatType": null, "evidence": "The deck presents evidence contradicting Ginkgo's claims and highlighting potential wrongdoings.", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "tools": [ { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. 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An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "8e2af2df-3f5a-4a95-85eb-a97782bfa811", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.209813+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Slide recipe: Cover", "slug": "cover-slide", "status": "active", "bestFor": null, "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3", "version": 1, "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65", "description": "The first ten seconds. 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null, "seconds": null, "promptVersion": null }, "pageNumber": 51, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Thesis archetype", "slug": "thesis-archetype", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b0b-7428-9b26-f171d1e753fb", "version": 1, "bodyDocId": null, "description": "A canonical investment / activist thesis shape (breakup, fraud, governance).", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "121ae3e6-2467-456b-82bb-f90104f170f9", "evidence": "Had Ginkgo included Synlogic’s foundry spend of $13.6MM, related party revenues as a percent of total would have jumped from 72% to 95% - that is, Ginkgo would have had to admit that its foundry is a flop and that...", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:08:40.76192+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 52, "whyItWorks": null, "antipattern": null, "cardinality": "optional", "narrativePurpose": null } ], "frameworks": [ { "matchId": "b7c3778c-a0fd-431c-8970-f2d45989a1bf", "evidence": "The slide explicitly frames the company as a 'colossal fraud' and compares it to historical villains like Enron and Theranos.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:19:20.415+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "frameworkName": "antagonist-introduction" }, { "matchId": "8d8afa76-d99c-4106-ba2f-dd9f3e0b59f2", "evidence": "Frames Ginkgo as a 'racket' and compares it to known frauds.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:19:23.395+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, 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"add94255-8ba9-4a80-9543-916e29264ab8", "evidence": "The slide explicitly frames the company's actions as a 'scam' and 'round-tripping' to expose fraudulent business practices.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:19:19.826+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "fraud-exposure" }, { "matchId": "d7fa2111-67e5-4e6f-ac6e-8a1160be7038", "evidence": "The slide explicitly links an undisclosed related-party transaction to a misleading press release to expose potential round-tripping.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:19:23.857+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "fraud-exposure" }, { "matchId": "f442841f-7c6d-45a0-9217-ebc98642afd3", "evidence": "The slide explicitly frames the company's revenue as 'fictitious' and 'hocus-pocus' to justify a valuation critique.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:19:20.081+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "fraud-exposure" }, { "matchId": "56e30187-9579-410a-a8b2-b727cc8dea5d", "evidence": "The slide explicitly links the presence of 'smart money' to the scaling of frauds.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:19:19.731+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "fraud-exposure" }, { "matchId": "977c764f-971e-4ed1-b807-16f409e60b93", "evidence": "Argues that investors incorrectly assume legitimacy based on the reputation of Tiger Cub funds.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:19:24.593+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "halo-effect" }, { "matchId": "f8723c95-e42e-431a-a1dc-fc7264ef37b1", "evidence": "The slide explicitly frames the relationship between the investor and the company as a 'related-party fraud'.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:19:20.645+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "fraud-exposure" }, { "matchId": "c163d8f0-223f-4553-8a98-7150f8f285b9", "evidence": "Comparing Ginkgo's business model to the failed WeWork/Softbank strategy to frame them as the antagonist.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:19:21.565+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "frameworkName": "antagonist-introduction" }, { "matchId": "e7315153-9212-4d48-923b-605d62373ddc", "evidence": "The slide explicitly questions the legitimacy of the fund's purpose and links it to related-party revenue recycling.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:19:21.573+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "frameworkName": "fraud-exposure" }, { "matchId": "755c18d0-763b-4777-88cf-1ef9b9f11b4f", "evidence": "The slide presents evidence of an undisclosed relationship to suggest potential self-dealing.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:19:21.575+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "fraud-exposure" }, { "matchId": "42f36eb0-d013-4e1e-97e8-cc8089b79fa8", "evidence": "The slide frames specific individuals (Dipp, Larson) as antagonists to undermine the credibility of the company's investors.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:19:21.747+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "antagonist-introduction" }, { "matchId": "f3a1bcac-881c-4ad5-a446-b129363f5db5", "evidence": "The slide explicitly frames the CEO and company as a 'villain' or failed entity by comparing them to WeWork and Zymergen.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:19:21.595+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "antagonist-introduction" }, { "matchId": "27c50c39-c91c-42b8-8adb-f230a9a065f2", "evidence": "Frames the company as a 'vanity project' and compares it to WeWork to 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"seconds": null, "promptVersion": null }, "pageNumber": 28, "frameworkName": "antagonist-introduction" }, { "matchId": "9d399b0b-251c-4aec-87aa-f67c48d988ff", "evidence": "Comparison of business models to known failed entities to allege round-tripping.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:19:24.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "frameworkName": "fraud-exposure" }, { "matchId": "dc9495e1-6d18-478e-8cbe-b1ed7fc42f6e", "evidence": "The slide explicitly uses the company's own data against them to frame their business model as a 'smokescreen'.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:19:22.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "frameworkName": "fraud-exposure" }, { "matchId": 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"2026-05-02 20:19:24.465+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 36, "frameworkName": "business-model-canvas" }, { "matchId": "41eafbad-10ce-4a14-adb6-9cf8c0cb96ba", "evidence": "Contrasts public assumption of 'vendor/customer' with 'related party' reality.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:19:24.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 37, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "67a05ac4-d896-40e2-80a7-99c5da13b4fd", "evidence": "The slide explicitly frames the company's revenue model as a circular 'round-trip' scheme.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:19:25.713+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 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"evidence": "The slide explicitly frames the findings as a 'smoking gun' to expose non-cash revenue practices.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:19:28.495+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 58, "frameworkName": "fraud-exposure" }, { "matchId": "b5a6e194-43b2-455e-ac04-8e9bc4c71bc1", "evidence": "The slide explicitly compares the company's revenue model to a known scam (Intrexon) to expose potential accounting irregularities.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:19:29.467+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 59, "frameworkName": "fraud-exposure" }, { "matchId": "9125c31d-7575-44b8-9e7f-ef13b73574f9", "evidence": "Uses expert testimony to contradict the company's stated business model.", "framework": null, 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Argument is constructed around (a) related-party shell 'customers' (Joyn, Motif, Genomatica, Allonnia, Synlogic, Kalo), (b) the Synlogic $13.6MM 'smoking gun' that lifts related-party share from 72% to 95%, and (c) ex-employee testimony framing Ginkgo as a 'glorified CRO' destined to mirror Zymergen's August 2021 collapse. Scorpion is anonymous; no individual signatory disclosed, so author_name is null. Stake size not disclosed beyond 'short.' No formal closing-ask slide — short call is implicit in the disclaimer/cover. Tone is unusually polemical even for a short report ('garbage SPAC,' 'snake oil salesman,' 'Frankenstein mash-up').", "kpisCited": [ { "detail": "$23B at $11.98/share, 1,957MM shares outstanding", "metric": "Market capitalization" }, { "detail": "65% in 2019, 72% in 2020, 56% in Q1 2021", "metric": "Related-party share of foundry revenue (reported)" }, { "detail": "Jumps to 95% in 2020 once Synlogic's $13.6MM R&D spend is included", "metric": "Related-party share of foundry revenue (Scorpion-adjusted)" }, { "detail": "Synlogic 10K reports $13.6MM R&D spend in 2020 vs Ginkgo's $73K foundry revenue from Synlogic", "metric": "Synlogic disclosed vs Ginkgo-booked revenue" }, { "detail": "$138MM as of 3/31/2021 across Joyn, Motif, Genomatica, Allonnia, Synlogic, Kalo", "metric": "Total related-party deferred revenue" }, { "detail": "Allegedly 50-250% above market rates", "metric": "Foundry pricing" }, { "detail": "90-100% across 70+ third-party programs", "metric": "Historical collaboration failure rate" }, { "detail": "21 interviews with former Ginkgo employees and current related-party customer executives", "metric": "Research base" }, { "detail": "22MM shares short as of 10/5", "metric": "Short interest" }, { "detail": "Closest synbio peer fell >70% in a single day in August 2021", "metric": "Zymergen comparable" } ], "closingAsk": null, "extraction": { "at": "2026-04-22 22:22:59+00", "model": "unknown-legacy", "runId": null, "seconds": 146.29515, "promptVersion": null }, "scqaReward": "Comparable Zymergen fell >70% in a single day; Sino-Forest fell 82% the day Muddy Waters exposed it. Scorpion implies an outright collapse of DNA's $23B market cap rather than a precise target price.", "thesisTypes": [ "fraud_exposure" ], "top3Reasons": [ "Foundry 'customers' are related-party shells Ginkgo created, funds and houses at its HQ", "Synlogic's concealed $13.6MM R&D spend lifts related-party share from 72% to 95%", "Glorified CRO with 90-100% failure rate across 70+ collaborations; Zymergen-style collapse ahead" ], "scqaSituation": "Ginkgo Bioworks went public via SPAC at a $23B market cap, marketed as the leading synthetic-biology platform selling 'Foundry' R&D services and capturing downstream royalties or equity stakes in customer programs.", "thesisSummary": "Scorpion Capital alleges Ginkgo Bioworks (NYSE: DNA), the $23B synthetic-biology SPAC, is a 'colossal fraud' — a US version of the China Hustle. The reported related-party share of foundry revenue (65% in 2019, 72% in 2020) is actually near 100% once Synlogic's concealed $13.6MM in R&D spend is added back, jumping the ratio to 95%. The 'customers' — Joyn, Motif, Genomatica, Allonnia, Synlogic, Kalo — are de novo entities Ginkgo and its investors created, funded and house at Ginkgo's HQ; cash and 'non-cash consideration' is round-tripped as Foundry revenue. Ex-employees and customer executives describe a 'glorified CRO' overcharging 50-250% above market, with a 90-100% failure rate across 70+ collaborations. CEO Jason Kelly is the named villain. Base case: a Zymergen-style >70% one-day collapse.", "primaryDemands": [ "Recognize Ginkgo as a related-party scheme and a US 'China Hustle'", "Reject the reported 65-72% related-party share of foundry revenue (true figure ~100%)", "Treat Ginkgo as a 'glorified CRO' with no differentiated technology versus Zymergen", "Anticipate regulatory scrutiny and a Zymergen-style stock collapse" ], "scqaResolution": "Scorpion is short DNA and urges investors to recognize Ginkgo as a related-party fraud — a US 'China Hustle' — and to exit before regulatory scrutiny or eroding sentiment force a Zymergen-style repricing.", "thesisOneLiner": "Ginkgo Bioworks is a $23B SPAC fraud whose foundry 'customers' are related-party shells that round-trip cash back as phantom revenue — a US 'China Hustle' headed for a Zymergen-style collapse.", "precedentsCited": [ "Sino-Forest collapse exposed by Muddy Waters", "Enron related-party / SPE abuse", "Intrexon synthetic-biology circular revenue charade", "Theranos 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In the last two months, timed with its SPAC listing, Ginkgo has announced a flurry of new R&D partners... 104-113\n10. Aside from its “customers” being related parties and effectively fake... 114-121\n11. Current employees at Ginkgo’s related-party “customers,” as well as former employees of Ginkgo... 122-128\n12. 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No unique technology... 14. Ginkgo's related-party customers... 15. Long history of failure... 16. Each of Ginkgo's key related-party collaborations... 17. Ginkgo is virtually identical to its closest synthetic biology competitor...", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:23.361+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dfeb7360-9319-40bc-98da-e2e8315f3122", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "I can’t understand the basis for the hype; hard for me to point to something that they do that is totally different than anybody else in the industry. a kind of a glorified CRO; 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We have no idea whether Ginkgo will be that signature moment for the SPAC era, but at $23B market cap – conjured from thin air by hedge funds pushing paper around related-parties – we think it’ll be a contender for the Hall of Shame, if not a 6am raid by the Feds and some perp walks. Ginkgo is, we believe, a colossal fraud, a Frankenstein mash-up of the worst scams of the last 20 years: Enron’s abuse of related parties and special purpose entities; Intrexon, the father of synthetic biology scams, and its circular “revenue” charade; the vaporous grandiosity of WeWork and Theranos; and Ginkgo’s Siamese twin Zymergen, which fell 75% in a single day in August.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:20.415+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9d70af3a-d5d8-4186-ad38-8990ef05b2b2", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.08, "y": 0.96 }, "kind": "source-note", "text": "Source: BarChart.com, Capital IQ; Scorpion Capital analysis and estimates", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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collapse chart", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:23.395+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "60626fc5-7e73-462e-94fe-c7592bc9cf40", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.2, "x": 0.05, "y": 0.57 }, "kind": "image", "text": "The China Hustle movie poster", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Illustration", "slug": "illustration", "status": "active", "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615", "version": 1, "description": null }, "framework": null }, "subkind": "illustration", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:23.395+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "be0a80ef-c372-4e59-9ee9-08eae5f8b581", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "At $23B market cap, it is rare to see a related-party racket on Ginkgo’s scale in the US markets. Related parties are such an alarming red flag and self-evident mechanism for abuse that If most or all of your “revenue” comes “customers” you created, funded, co-locate in your offices, and who you control or influence, you are presumed to be a rig until proven otherwise. One has to turn to offshore, Wild-West jurisdictions to witness related-party games as flagrant as Ginkgo. It is the US version of the “China Hustle,” when Chinese frauds – generally of the related-party genre - listed in the US a decade ago, with a recent revival. The defining moment of the China Hustle era was Sino-Forest, which fell 82% the day it was exposed by Muddy Waters.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:23.395+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f968e7f8-4b2f-4623-9ba9-e9edfbd9b591", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The defining moment of the China Hustle era was Sino-Forest, which fell 82% the day it was exposed by Muddy Waters.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:35:57+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b686-38548894f3e6", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.05, "y": 0.97 }, "kind": "source-note", "text": "Source: StockCharts.com; https://en.wikipedia.org/wiki/The_China_Hustle", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"/slides/019dd923-622c-750b-8b9a-1a3bea94baf9/9", "deck": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9#slide-9", "deckJson": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We find this particularly brazen, as Kalo was only formed 2 weeks earlier as an entity, according to its Massachusetts corporate registry filing, which further indicates that the entity’s “Principal Offices” are Ginkgo’s headquarters, and its 3 ‘Managers’ are Ginkgo’s CEO and two Ginkgo cronies.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, 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Principal Office listed as Ginkgo’s corporate HQ. “Managers” listed are CEO Jason Kelly, Jason Kakoyiannis, and Jasmina Aganovic", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:20.842+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0ab2fc03-c688-439d-9ec8-f736ae8c7474", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "deferred revenue: $11.9MM", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:35:57+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b686-846c7458222f", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "We investigated each of Ginkgo’s related party “customers,” and as a preview of what a hard-core China Hustle-type scam it is, we note Kalo Ingredients, which has no employees listed on LinkedIn, yet Ginkgo booked an $11.9MM deferred revenue balance as of 3/31/2021.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:20.842+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b7cd9f8b-02cf-47e8-acf0-f499871ef170", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Soaring Eagle Acquisition Corp prospectus 8/13/2021, SEC filings, and MA corporate registry.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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for Ginkgo and its revenue is therefore an elaborate fiction.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:35:57+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b686-21d93ea16729", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.4, "x": 0.05, "y": 0.375 }, "kind": "image", "text": "Photograph of tenant directory", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:19.579+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9a5c514c-c5f5-447e-8e9a-cf35b2137523", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.35, "x": 0.55, "y": 0.65 }, "kind": "legend", "text": "Allonnia shares the same phone number with Ginkgo and Joyn Bio, another related-party “customer”", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": 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Kalo isn’t even listed in the tenant directory. Related-party “customers” Joyn Bio and Allonnia are, but they share the same phone number as Ginkgo. Motif, another “customer,” has its own number, but is still in the same facility. 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In the last two months, timed with its SPAC listing, Ginkgo has announced a flurry of new R&D partners, a dog whistle that the scam is about to hit overdrive – without proliferating new round-tripping arrangements, it can’t show “growth” in Q3 and coming quarters. The press releases are silent as to whether Ginkgo or its investors are backing these “customers” – that is, whether they are undisclosed related parties and fronts. An ex-employee who was alarmed told us they are, and we were stunned by what we found. As a preview, we note Cambium Biomaterials. It lists 3 employees on LinkedIn, only one of whom appears to be full-time while another is a documentary film-maker. The address is a co-working space. The website is a single page of vaporware. 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"paragraph", "text": "Ex-employees who alerted us to round-tripping deals with undisclosed related parties declined to share their names. However, we have deduced that Cambium is one, among others we expose later. On Sep 17, 2021, Cambium filed a Form D stating that it sold $8MM of equity on Sep 2, 2021, as part of a $28MM round – the same day as Ginkgo’s misleading press release. The filing didn’t name the investor, so we spoke to an individual closely involved with Cambium - who stated that Ginkgo invested $5MM as part of an $11MM financing in conjunction with an R&D services agreement. The individual described a long-standing personal relationship between principals at both companies.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:23.857+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "292e0b36-f93f-4044-ad4f-13ad3350d2fc", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts; Cambium Biomaterials SEC filings; https://www.sec.gov/Archives/edgar/data/1883516/000188351621000001/0001883516-21-000001-index.htm; https://www.sec.gov/Archives/edgar/data/1883516/000188351621000001/xslFormDX01/primary_doc.xml", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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the “smart money” - is hedge fund Viking Global.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:35:57+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b686-576a68eed428", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Market Value: $3.5B", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:35:57+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b686-592516d41884", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "The largest holder in Sino-Forest was billionaire John Paulson, illustrating a key feature of the largest frauds: a famous, respected investor - the \"smart money\" - whose presence lends credibility to the scam. Without the legitimacy they provide, a fraud can't scale in the first place. JP Morgan stood behind Madoff; Bill Ackman bet the farm on Valeant; Theranos had Walgreens; Nikola had GM. The largest holder in Ginkgo - the \"smart money\" - is hedge fund Viking Global. Viking is a \"Tiger cub\" - a term for funds started by alumni of Julian Robertson's Tiger Management. 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legitimacy, judgment, or perfunctory due diligence, we caution that one of the largest holders in Luckin Coffee, a Chinese fraud that imploded, was Lone Pine", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:35:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b686-d15141fa2a43", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.45, "x": 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Millions in Other Tiger Cubs, Including", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:24.593+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "64232050-cbdf-4df9-a6cc-0895983beeaf", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "We admire a number of funds that spun out of Tiger, but for those who think that having a ~$35B AUM Tiger cub as the largest holder is automatic indicia of 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"/decks/019dd923-622c-750b-8b9a-1a3bea94baf9.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.6, "x": 0.05, "y": 0.48 }, "kind": "callout", "text": "Representative examples of Viking’s investments in Ginkgo’s related-party “customers”", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:20.645+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "78fc48d6-bbe0-489a-b9f3-9f9a5611bc6f", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.55 }, "kind": "list", "text": "Genomatica announced $90 equity raise – Viking is largest shareholder, Ginkgo investor Casdin Capital led new round. Verb Biotics and Ayana Bio – both related-parties funded by Viking and Ginkgo investor Cascade. Kalo Ingredients.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:20.645+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "95cd94f1-0eaa-40dd-b2bf-ef568396da0a", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "Unlike Paulson, Ackman, and other famous investors who fell for a fraud, Viking’s role in Ginkgo is different, and we believe, more troubling. Halvorsen is not a stupid man. He has likely been shorting stocks for a quarter century, and he and his crackerjack long/short analysts can probably smell an old-fashioned related-party fraud a mile away. Yet, at one related-party “customer” of Ginkgo’s after another that we investigated, we encountered Viking – playing a central role or lurking in the background. In a number of related-parties, such as the shell Kalo Ingredients, Ginkgo is coy and states merely that they were financed by “certain of our investors,” which we find unusual as some of these appear to be ~$80-120MM rounds – what is there to hide?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:20.645+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2b0aa17-9150-4916-93ea-9f8e4bf5e9d2", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Simultaneously with the arrangements between Ginkgo and each of Ayana Bio, LLC and Verb Biotics, LLC, Cascade Investment L.L.C. and entities affiliated with Viking Global Opportunities Illiquid Investments Sub-Master LP, each of which hold more than 5% of Ginkgo’s outstanding capital stock, invested approximately $7.5 million and $22.5 million, respectively, in each company. — Soaring Eagle Acquisition Corp prospectus 8/13/2021", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null 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shells Ginkgo created in Sept 2021 – our reading of the SPAC disclosures leads us to conclude that Viking and Cascade – two of Ginkgo's largest holders – recently invested $60MM total into both shells. Both have half-page websites that look like a cut and paste and appear to be hosted by Ginkgo.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:21.565+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f0e078aa-b1db-4412-a99d-24d0a91f7a3f", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "The math is genius and vaporous: invest $1 in a related-party and recycle it as $1 of “sales” – which gets marked up to $166 given its price to sales multiple of 166X.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:35:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b687-4c28ed310c5b", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.45, "x": 0.05, "y": 0.78 }, "kind": "image", "text": "Verb Biotics and Ayana Bio websites are half a page", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:21.565+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ea44355c-0bc4-49a6-9389-3909aa0b6444", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "price to sales multiple: 166X", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:35:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b687-562337cd2439", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "We are particularly troubled that Ginkgo’s largest holders are making massive investments in related-party “customers” that are just shells, which appear to have no employees or which otherwise strain credibility as ones they would fund if they were not recycling “revenue” back. The game that Ginkgo's backers are playing is the same that Softbank tried with WeWork. Softbank reportedly offered to anchor WeWork's IPO – offering more money to get a mark-up on its reportedly previous investments of $18.5B. We think Ginkgo's holders saw it for what is was – a failing company unable to attract real customers – and began to fund related-parties in what strikes us as an attempt to mark up their holdings. The math is genius and vaporous: invest $1 in a related-party and recycle it as $1 of “sales” – which gets marked up to $166 given its price to sales multiple of 166X.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:21.565+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d266dfcb-916b-48c9-a9bb-5310ff46c6ca", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.43, "x": 0.52, "y": 0.78 }, "kind": "quote", "text": "Among the ideas considered was SoftBank serving as an anchor investor in the IPO by buying a significant portion of the roughly $3 billion to $4 billion the company is expected to raise.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:21.565+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3cc09c2d-d035-4bfa-822d-f163527b8b1f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Among the ideas considered was SoftBank serving as an anchor investor in the IPO by buying a significant portion of the roughly $3 billion to $4 billion the company is expected to raise. — WSJ article on Softbank/WeWork IPO", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:35:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b687-522cf6263c80", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: https://www.ayanabio.com/; https://www.verbbiotics.com/; https://www.wsj.com/articles/wework-parent-weighs-slashing-its-valuation-roughly-in-half-11567689174", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:26:55.882+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f6ff880e-996f-480c-887e-0f987bf34ccb", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.5, "x": 0.45, "y": 0.72 }, "kind": "quote", "text": "“The whole Ferment Consortium, this $300 million slush fund to start child companies of Ginkgo, I would say for sure Ginkgo controls all of those almost certainly...\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:26:55.882+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "963165a7-5405-45f8-9c4b-e3f4edb8f747", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“The whole Ferment Consortium, this $300 million slush fund to start child companies of Ginkgo, I would say for sure Ginkgo controls all of those almost certainly...Ferment is basically Viking plus a few other investors. It's a way for Ginkgo to - in an ideal world, people will just pay Ginkgo a fair market rate for their services. Ginkgo can't get enough business to support their valuation just inside their boundary. So, they have this slush fund, that they can basically use to invest in companies, to start companies, and in some cases, it's a small company that has raised very little capital.” — Former director-level employee", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:35:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b687-06dfacf49b52", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: https://www.prnewswire.com/news-releases/ginkgo-bioworks-announces-the-ferment-consortium-a-350-million-investment-vehicle-to-disrupt-established-markets-with-new-synthetic-biology-companies-300936381.html; Soaring Eagle Acquisition Corp prospectus 8/13/2021, https://www.sec.gov/Archives/edgar/data/0001830214/000119312521246097/d177007d424b3.htm; https://twitter.com/Ginkgo/status/1435924316164665346?s=20", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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They don't explicitly say 100%, but I imagine they expect most of it.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f2-7016-81d7-74f94913581c", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.43, "x": 0.52, "y": 0.48 }, "kind": "image", "text": "LinkedIn bio of First Bight founder - excerpt", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:21.575+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f841de00-2720-4656-b31d-079b47b7c1fc", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.05, "y": 0.48 }, "kind": "list", "text": "Synthetic biology entrepreneur notes interactions with First Bight", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:21.575+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b977c370-9a4c-4b9a-9063-006378d344a6", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.05, "y": 0.55 }, "kind": "paragraph", "text": "Q&A transcript detailing the entrepreneur's experience with First Bight and their perception of the relationship with Ginkgo.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:21.575+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1a184e39-69af-4536-848c-e867ca2b1a0f", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "We further note a new venture capital entity called First Bight Ventures, which we have not seen Ginkgo disclose. It appears to have a single employee and a one page site, with a focus on synthetic biology.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:21.575+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9c2c7d99-d20d-45da-856f-84485a039d07", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.2 }, "kind": "paragraph", "text": "Ginkgo’s name is absent from the site and the founder’s LinkedIn bio. We spoke with an entrepreneur who recently engaged with the firm, and who believed that “it’s the VC arm of Ginkgo, or that’s how they frame it.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:21.575+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b73027ba-1cde-41fb-bd1a-f989278cb478", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“It’s the VC arm of Ginkgo, or that’s how they frame it. There is some independence. I don’t know exactly how the legality of it works, but I know Ginkgo is basically their funding mechanism... a lot of their money or investment comes back to Ginkgo.” — Synthetic biology entrepreneur", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f2-7016-81d7-7bbcbcef3388", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: https://www.linkedin.com/in/wuveronica/; Scorpion Capital consultation calls with experts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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She remains a huge Ginkgo fan.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:35:57+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b686-9c0d6238210c", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.39, "x": 0.53, "y": 0.58 }, "kind": "image", "text": "Dipp is active on Twitter re Ginkgo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:21.747+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4ab77de8-3ac6-4de2-9d76-569a9ea3f9b2", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.42, "x": 0.08, "y": 0.58 }, "kind": "image", "text": "SEC press release on fraud settlement with Dipp", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:21.747+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8d61399c-878f-4b45-a90a-69082377860d", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.84, "x": 0.08, "y": 0.08 }, "kind": "paragraph", "text": "After Viking, the second and third largest holders of Ginkgo are Cascade and General Atlantic. Cascade is a Bill Gates vehicle, though we suspect he’s barely aware of Ginkgo as the CIO is Michael Larson, whose conduct was the subject of a recent New York Times investigation. General Atlantic’s investment was sponsored by Michelle Dipp, an individual we have followed for years and who is a gift that keeps on giving to those who short scams. She was previously CEO of Ovascience, which fell 99% and remains the most revolting situation we have encountered, for reasons that are sordid and still only known by few. GA CEO Bill Ford trumpeted her hiring as a Managing Director in 2017. We recall chuckling at their due diligence. In 2020 Dipp settled fraud charges with the SEC and quietly departed GA along the way. 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As we discuss in Part 2, Ginkgo's only “innovation” is blowing hundreds of millions to outfit its “Foundry” with fermenters and liquid handling machines from the same vendors as everyone else. Its “Codebase” is just a sequencing database, eclipsed by far larger, widely-available libraries online. It is no wonder that ex-employees as well as its related-party “customers” described Ginkgo as a “glorified CRO” doing standard small molecule screens; a “schtick”; “doesn’t have any unique equipment”; “I don’t think it has any really unique IP”; “hard for me to point to something that they do that is totally different than anybody else in the industry.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:22.94+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "286af442-741b-4e63-a93e-5dc575097bb4", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.6 }, "kind": "quote", "text": "On a high level, I don’t think they’re unique and special at all...it doesn’t have any unique equipment. I don’t think it has any really unique IP.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:22.94+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "03480b47-6597-4065-9d1f-dea2b882e00b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.48 }, "kind": "quote", "text": "They can engineer a strain and test them with very high throughput. But how we are working with them now is as a kind of a glorified CRO.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:22.94+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "303b3fc1-f5db-4347-a2cd-e9af43e8649c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.84 }, "kind": "quote", "text": "Yeah, I would say there’s probably—it would be hard for me to point to something that they do that is totally different than anybody else in the industry.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:22.94+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "548009cf-bb9b-442f-832b-5d4351436f62", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.72 }, "kind": "quote", "text": "The foundry itself is not unique. People for many years, whether that's Amyris or Intrexon or name your favorite pharma company, people have been doing small molecule screens and high throughput and doing similar types of work for many years.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:22.94+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d25896cb-a569-4d19-ab12-6a0ebd04c62d", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"They can engineer a strain and test them with very high throughput. But how we are working with them now is as a kind of a glorified CRO.\" — Senior employee at Joyn; \"On a high level, I don't think they're unique and special at all...it doesn't have any unique equipment. I don't think it has any really unique IP.\" — Former employee in a managerial role; \"The foundry itself is not unique. People for many years, whether that's Amyris or Intrexon or name your favorite pharma company, people have been doing small molecule screens and high throughput and doing similar types of work for many years.\" — Former executive; \"Yeah, I would say there's probably—it would be hard for me to point to something that they do that is totally different than anybody else in the industry.\" — Current Joyn executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:35:59+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b687-9e3dd1bd202f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"bbox": null, "kind": "callout", "text": "It is rare – even among the frauds, promotes, and detritus that we short – to see losses and cash flow characteristics as dreadful as Ginkgo’s, much less driving a $23B valuation.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b687-d2203983e692", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Free cash flow: -$261.7", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b687-d5c68e3e916d", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "It is therefore not 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In our last report, we described Berkeley Lights as a dumpster fire, but perhaps we should have reserved the term, as BLI looks like Berkshire Hathaway in comparison. We note that Ginkgo is opaque about its gross margin and cost of goods – highly unusual, in our experience, and indicative of a broken business model with fatal unit level economics. 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{ "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:29.005+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "11f55e41-3051-462a-b73b-012a0a1e9bab", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Ginkgo reported $41MM of what appear to be “Biosecurity” cost of goods – suggesting a pitiful 6% gross margin on $44MM of 1H revenue for the segment.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": 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In 2020, the company made a random pivot into COVID testing kits, a commodity business with a short half-life as the pandemic fades. Ginkgo of course applies a fancier label – “Biosecurity revenue,” which comprised 50% of its 1H 2021 revenue, with foundry R&D services as the other half. Even for a simple cost-of-goods business, Ginkgo reported $41MM of what appear to be “Biosecurity” cost of goods – suggesting a pitiful 6% gross margin on $44MM of 1H revenue for the segment, with free cash flow that we suspect is another fiasco, given undisclosed capital expenditure to kick it off. At its 1H business update on Aug 18th, Ginkgo already missed its COVID revenue projection as testing fades, leaving a massive comps headwind for next year, to the extent YoY comparisons with a fictitious P&L are even relevant. 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It's still just like a commodity business that they're in, sort of NGS of viral samples; it's like the Quest Diagnostics and all these other labs, it's a race to the bottom for pricing and things like that. They've got some inflated revenues or short-term revenues but I don't see that as building long-term value.” –Former director-level employee", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:29.005+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ad889998-792e-4071-b6ff-0459d5c911a9", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.05, "y": 0.55 }, "kind": "quote", "text": "“In 2020, we incurred significant operating and capital expenditures in launching our biosecurity offering, which includes COVID-19 testing products…” – SPAC prospectus", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:29.005+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dda8f1f6-ac0e-45b3-a0d2-9d7520dd5614", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "quote", "text": "“I don't even know why Ginkgo is doing Covid-19 testing. PCR testing, you can do that at any university lab, really at any company. It just requires a couple of DNA sequencers, I mean, Illumina instruments, nothing special.” – Former employee in a managerial role", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:29.005+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e38ddc45-2127-47aa-836f-131bb1aa4cea", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“In 2020, we incurred significant operating and capital expenditures in launching our biosecurity offering, which includes COVID-19 testing products…” — SPAC prospectus; “Covid testing was also just a ploy to get into pharma because for years they've tried to get into pharma and nobody wanted to work with them. It's still just like a commodity business that they're in, sort of NGS of viral samples; it's like the Quest Diagnostics and all these other labs, it's a race to the bottom for pricing and things like that. They've got some inflated revenues or short-term revenues but I don't see that as building long-term value.” — Former director-level employee; “I don't even know why Ginkgo is doing Covid-19 testing. PCR testing, you can do that at any university lab, really at any company. It just requires a couple of DNA sequencers, I mean, Illumina instruments, nothing special.” — Former employee in a managerial role", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:01+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b688-aa5754f40dcc", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts; Soaring Eagle Acquisition Corp prospectus 8/13/2021, https://www.sec.gov/Archives/edgar/data/0001830214/000119312521246097/d177007d424b3.htm", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:24.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "16cc553d-d279-4ee2-b87f-8c72c1c7d16f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.58 }, "kind": "callout", "text": "Same model of pushing to control related-parties to capture and round-trip their “revenue”", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, 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"framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:01+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b688-3c45e1920718", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "Ginkgo’s trajectory is typical of the synthetic biology space, which is littered with scams and blows ups, whether Zymergen two months ago or Intrexon, which we shorted successfully for years. Intrexon pioneered the round-tripping hustle in the space, using the term “Exclusive Channel Collaboration” for related-parties, while Ginkgo calls them “Platform Ventures.” An ex-employee of Ginkgo who worked at Intrexon stated that Ginkgo copied their playbook; says he’s “been around the block enough times to understand” Ginkgo’s related-party games; and noted it’s the same model where money is “going from the left hand to the right.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:24.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7cacd6b2-3c58-4385-aa89-357b47411a3d", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.81 }, "kind": "quote", "text": "I think the related parties, going back to my comment about Intrexon... I know enough about what's going on there and have been around the block enough times to understand...Having come from Intrexon and having seen that playbook played out before...going from the left hand to the right, so to speak. They can do that because they can raise money like no one else I've ever seen before.” – Former senior employee at Ginkgo", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:24.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "45bf9c40-14b6-45a2-a6d2-de0b7f9934c7", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.61 }, "kind": "quote", "text": "From a business perspective, they want all the revenue, and they want to control the entity, for sure. It reminds me a lot of RJ because, in the short term, everything looked amazing, but they never got a single project over the finish line. I know short-term, now that they're a public company, they have revenue expectations and things like that. But it's kind of interesting because the whole Ferment Consortium, this $300 million slush fund to start child companies of Ginkgo, I would say for sure Ginkgo controls all of those almost certainly.” – Former senior employee at Ginkgo", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:24.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "49f003d8-8114-4729-9cab-7e239449aa2d", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.9, "x": 0.05, "y": 0.38 }, "kind": "quote", "text": "If you're a student of the history of synthetic biology, there's more than one chapter in Ginkgo's playbook copied from Intrexon because what RJ Kirk was doing, he basically invested in distressed assets or companies that needed some sort of assistance, and that revenue came back to Intrexon and it looked like proper revenue for the company, it helped build the valuation of the company that allowed them to go out and do big acquisitions and things like that. You know how Intrexon ended. 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“They don’t have those products”... “There’s no real business there.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:22.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68f02095-f6ca-4a83-bf40-8587100514ed", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“There’s no real business there”; “They don’t have those products” “I think the big hiccup or red flag right now is you could say, where are those products? 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They each have their little magical thing that they spin to get deals. You could never really get to what was the secret sauce. I can’t tell what’s different about them.” – Current Joyn executive", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:28.556+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4deb069a-7e29-4d66-ba94-f49ac7b125a6", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.62 }, "kind": "list", "text": "Ginkgo and Zymergen “were always looking jealously as each other”; not much differentiation between the two\n“I think both companies were always looking jealously at each other or trying to one-up each other. But I don’t think there’s a large differentiation between the two companies per se besides that historical philosophy. I think they’ve worked on very similar projects and ideas. Like, for Joyn Bio, Zymergen was a runner-up, and you can see in their S1. They kept working on a nitrogen-fixing microbe because they thought it was such a valuable idea or useful thing to do. There are a lot of parallels; they’re more similar to each other than they are different.” - Former director level employee", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:28.556+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "99d7a44f-8a00-4bb6-904b-c0e7043c2874", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.83 }, "kind": "list", "text": "Ginkgo employee who worked at Zymergen stated it’s “all the same” but the decline is even faster at Ginkgo\n“[A colleague who worked at Zymergen] was telling me, “Wow, it’s like Zymergen too here. All the same stuff is happening, except it’s happening even faster at Ginkgo. The decline in the culture.” There was a very fast decline when it got really close to IPO; the culture became terrible, I would say, in a matter of a few months.” –Former Ginkgo employee", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:28.556+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e36bf746-01d3-49c4-bff5-bd819df9b8a2", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "Ginkgo’s product failure is identical to Zymergen’s, which claimed to have a product but didn’t, triggering a 70% plunge two months ago. The companies are identical - both use yeast as their platform of choice; the same suppliers to outfit their facilities; and so many similarities that multiple ex-Ginkgo employees, including one who also worked at Zymergen, told us they expect the same implosion. We preview their comments, covered in more detail in Part 2: “can’t tell what’s different”; both founders “have their little magical thing they spin to get deals”; can’t figure out the “secret sauce” at either company; both “were always looking jealously at each other”; “Wow, it’s like Zymergen too here. All the same stuff is happening, except it’s happening even faster at Ginkgo.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:28.556+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d7e39ae-1fe2-49ff-bf27-c93c15197480", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"I can't tell what's different about them.\" — Current Joyn executive; \"I think both companies were always looking jealously at each other or trying to one-up each other. 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We have long followed the author's prescient exposes on questionable biotech companies. 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"9ab577a3-a62c-44d9-ae61-c0e064c4550e", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "deferred revenue: $24.5MM", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:01+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b688-c1af950e70f8", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.05, "y": 0.56 }, "kind": 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"paragraph", "text": "Prospectus indicates $77MM financing including “certain of our investors,” which appears to be in Q1 2021", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:27.362+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "10b0e583-0984-4946-a3ee-9a495e02631e", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "paragraph", "text": "Kalo Ingredients, LLC Founded in 2021, Kalo 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"tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:01+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b688-5bde114b9cd0", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "Genomatica is a related party that Ginkgo calls a “Structured Partnership” – its term for pre-existing entities in which it invests, as opposed to new entities it creates itself. 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"confidence": null, "extraction": { "at": "2026-05-02 20:19:25.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24733d06-bfb7-49ad-80f4-3e8df9d6ce13", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.78 }, "kind": "table", "text": "Revenue and deferred revenue table showing 2019 and 2020 figures.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:25.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d4e60ff-8351-4276-b7dd-65edb09d56ae", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.05, "y": 0.46 }, "kind": "title", "text": "SPAC prospectus indicates $55MM Ginkgo investment in Genomatica", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:25.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2e7569e4-3ee5-4123-be63-3f799fd41e44", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.05, "y": 0.73 }, "kind": "title", "text": "SPAC prospectus indicates $44MM of revenue and deferred revenue booked in 2019", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:25.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c73ab27-26f5-4a3c-a59c-e9753e5afd66", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "fdd356f1-0654-496e-806d-efc3884bbd36", "evidence": "The slide explicitly links an 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20:19:24.373+00", "seconds": 1.661, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-1a3bea94baf9/47", "deck": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9#slide-47", "deckJson": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "3. We believe that Ginkgo is concealing the true extent of its dependence on related-party revenue", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:01+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b688-3195de312ae8", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "title", "text": "3. We believe that Ginkgo is concealing the true extent of its dependence on related-party revenue", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:24.373+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4ec7cb84-ffbd-4477-8d04-abf40439475c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 175, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive 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"expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 38, "componentCount": 5, "textChars": 646, "nDataPoints": 24, "notes": "The slide uses a table to break down revenue by specific related party entities to support the claim of artificial revenue inflation.", "elementsJson": [ "paragraph", "data_table", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:19:29.882+00", "seconds": 7.029, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": 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"runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ef13c8f-62f2-4766-adbb-4fd5b8b90be8", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "related party revenue percentage: 72%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:02+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b689-898296874bf4", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "We noted earlier that the majority of Ginkgo’s foundry revenue comes from related party entities: 65% in 2019, 72% in 2020, and 56% in 2021. We believe that the actual figure is essentially 100%, and think that Ginkgo is misclassifying and underreporting related party revenue.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:29.882+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "de5fbf62-c63e-475d-a293-e93a12cd7b71", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Soaring Eagle Acquisition Corp prospectus 8/13/2021, Scorpion Capital analysis and estimates", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We were initially stumped.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:02+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b689-521601bda2bd", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Foundry revenue: $80MM", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:02+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b689-57db6313299a", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "As we examined Ginkgo’s related party disclosures, we noted a major anomaly: Ginkgo invested $80MM in Synlogic in 2018, but disclosed almost no revenue from it in 2019 and 2020 in the footnotes. 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As of December 31, 2020, Ginkgo owns 6,340,771 shares of the Company’s outstanding common stock. See Note 10, Ginkgo Collaboration .\nUnder the agreement the Company made a prepayment to Ginkgo of $ 30.0 million for its foundry services that will be provided to the Company over an initial term of five years . At December 31, 2020, the Company had remaining balances of $ 4.7 million and $ 8.9 million of current and non-current pre-paid research and development costs related to this transaction, respectively. 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We were amused, but not surprised, to discover that Synlogic’s 2020 10K, under Note 16 for Related-Party Transactions, disclosed that Synlogic “used $13.6 million of the pre-paid research and development expenses” in 2020. This is in stark contrast to Ginkgo’s related party disclosure, which reports only $73K of foundry revenue from Synlogic.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:30.94+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fbb97e7c-922e-446b-8163-7aba1f0bfbe3", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "For the year ended December 31, 2020, the Company used $ 13.6 million of the pre-paid research and development expenses. — Synlogic 10K filed Mar 25, 2021", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f2-7016-81d8-3426a8fcbdfb", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Soaring Eagle Acquisition Corp prospectus 8/13/2021, https://www.sec.gov/Archives/edgar/data/0001830214/000119312521246097/d177007d424b3.htm; Scorpion Capital analysis and estimates", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"2026-07-16 23:08:40.677043+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 51, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "1ca30fba-eff4-4dd3-82a6-b009216be0a8", "evidence": "Contrasting related party disclosures to identify potential financial misrepresentation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:19:30.94+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 51, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 175, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> 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Ginkgo included Synlogic’s foundry spend of $13.6MM, related party revenues as a percent of total would have jumped from 72% to 95% - that is, Ginkgo would have had to admit that its foundry is a flop and that it can’t get customers unless it gives them cash and round-trips the proceeds.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:04+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b68a-2267d9c4bbbe", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Related parties as % of total foundry revenue: 95%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:04+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b68a-25666d396b77", "parentComponentId": null }, { "bbox": { "h": 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"canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:03+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b689-bf452c04693a", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Operating margin: -155.8%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", 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We corroborated the finding with a second senior employee of Genomatica, and a third who is an ex-employee.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:29.467+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2ab061d7-8aad-48f3-9e3e-a35755e69ca1", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.35 }, "kind": "quote", "text": "\"There will come a time that once we run out of using those credits, to continue using the foundry services, we would have to pay cash for that, but we're not at that point yet.\" – Senior Genomatica employee", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:29.467+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24731521-778a-440e-b268-240d33d1a414", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.78 }, "kind": "quote", "text": "\"The question is, will that foundry deliver results for those companies. We have the luxury at this point, through an arrangement that we felt was a great deal for us in 2018 that gave us the luxury to say, if the Ginkgo bet pays off, meaning if they pour hundreds of millions of dollars into building this foundry and if that high-throughput capability and all that stuff ends up working out to where it is cheaper and faster for us to get that R&D done at Ginkgo as a CRO, then great, we'll go do it. And, by the way, we don't have to spend cash to go do that, to figure that out until probably, certainly not this year and probably not next year; we don't have to spend cash.\" – Senior Genomatica employee", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:29.467+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "baf7405d-5c78-46f8-8190-cd3289552af0", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "quote", "text": "\"So, then it all made sense for us to do this deal. 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They got equity, and we got our partnership opened up so that we could go pursue whatever we wanted to... we're not in a position where we need to spend cash until we run out of credits.\" – Senior Genomatica employee", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:29.467+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc6c562b-7938-4826-8275-b3cce1955a7e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“There will come a time that once we run out of using those credits, to continue using the foundry services, we would have to pay cash for that, but we're not at that point yet.” — Senior Genomatica employee", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:03+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b68a-0cb80b1453aa", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The employee described Ginkgo as simply a CRO, a contract research organization, and one that they don’t trust to pass meaningful projects to: “we don’t expose the critical path stuff”; “they haven’t proven themselves yet as a CRO service provider”; when it comes to paying cash: “At the moment today, we would have a hard time justifying that.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:44.035+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f2fd649c-1696-4f86-a48a-f1c5d3ac0759", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "quote", "text": "“Would have a hard time justifying” spending cash at Ginkgo equivalent to R&D credits spend to date\nA: “I think the real critical question that if I were in your shoes, the kind of question I would wonder is - would we spend the amount of cash today at Ginkgo that we’ve spent on R&D credits to get the result that we’ve gotten?”\nQ: “And the answer sounds like no.”\nA: “That’s right. At the moment today, we would have a hard time justifying that…You know what? Hell, they just went and raised a billion-plus dollars. If they want to pour that into their foundry and they want to create an engine that can reduce costs and ultimately, whether it’s one year, two years, three years from now, they can do something that would be a hell of a lot cheaper than having our people here do it; we’re happy to pay the money. 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We have not verified these amounts but note articles that corroborate the information.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:32.586+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "731f0f9d-e35d-4a4e-b4fa-a932d8df0f8a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.05, "y": 0.58 }, "kind": "quote", "text": "Ginkgo's cash investment in Genomatica was simply the $15 million back in 2016. Viking has invested—let me do quick math. Let's say somewhere between $60 and 70 million, something like that.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:32.586+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c327086-c89a-46ed-9470-c94057843895", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.78 }, "kind": "quote", "text": "This is 2016. Ginkgo invested in August/September, and then it was maybe about four or five months later, then Viking came in. About two years later, we did another round where we got Casdin Capital; you may be familiar with them. They invested and led a round in Genomatica. We got introduced to them through Ginkgo.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:32.586+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8fea5e94-069c-41e0-aaea-ff1f6ed315e0", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Ginkgo's cash investment in Genomatica was simply the $15 million back in 2016. Viking has invested—let me do quick math. Let's say somewhere between $60 and 70 million, something like that.” — Senior employee of Genomatica; “Yes. Ginkgo is a little bit north of Casdin; they're close to Novo” — Senior Genomatica employee; “This is 2016. Ginkgo invested in August/September, and then it was maybe about four or five months later, then Viking came in. About two years later, we did another round where we got Casdin Capital; you may be familiar with them. They invested and led a round in Genomatica. 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"seconds": null, "promptVersion": null }, "componentId": "5aa8297a-dfdc-44dd-95be-9fc109cf309a", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We believe Allonnia is a shell with almost no employees, as we detail elsewhere in this report.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:04+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": 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"paragraph", "text": "We begin with the first fact to keep in mind - that Allonnia was formed in late 2019, and completed a $33MM Series A financing that press releases suggest was led by Ginkgo, Viking, General Atlantic and other Ginkgo backers.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:29.065+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "207fcbe0-9d49-4321-a368-ddad403c1c37", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.23 }, "kind": "paragraph", "text": "Nonetheless, Ginkgo reported an absurd $38MM of deferred revenue from Allonnia as of Mar 31, 2021, on top of $5MM of current period revenue for 2020. Allonnia is unusual in that its financials are appended as the last few pages of the prospectus.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:29.065+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "63826aae-aaba-48db-97be-2bb499230c37", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "A second example of Ginkgo’s reliance on non-cash revenue is its related-party “customer” Allonnia, where we found a smoking gun as damning as Genomatica. We believe Allonnia is a shell with almost no employees, as we detail elsewhere in this report.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:29.065+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a7d7b16e-ec8b-4f29-8a38-b1847171a8e4", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Soaring Eagle Acquisition Corp prospectus 8/13/2021, https://www.sec.gov/Archives/edgar/data/0001830214/000119312521246097/d177007d424b3.htm; Scorpion Capital analysis and estimates", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"componentId": "9c377bcc-b954-4cf2-ba48-9e3f3f3e6106", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "cash balance: $33MM", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:04+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b68a-762e486a4738", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "Simultaneous with the Allonnia financing, Ginkgo round-tripped back $25MM as R&D spend, which it recorded as deferred revenue per a disclosure in its related-party footnote. Allonnia’s financials show $25MM in R&D expenses in 2019 – matching the entry in Ginkgo’s disclosure. However, Allonnia’s cash balance at the end of 2019 still remained at $33MM – the exact amount of its initial financing in December. This proves that the $25MM in deferred revenue that Ginkgo booked from Allonnia as of Dec 31, 2019 was non-cash. Had Allonnia’s $25MM of R&D spend with Ginkgo been cash, its cash balance would have declined by $25MM from $33MM to $8MM. Instead, it didn’t change at all.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:27.976+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0192e3bd-7aed-41d8-ad08-d5cbca2728a5", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.85, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Soaring Eagle Acquisition Corp prospectus 8/13/2021, Scorpion Capital analysis and estimates", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"bbox": null, "kind": "callout", "text": "As of June 30, 2021, the Company had a deferred revenue balance of $11.9 million with Kalo, consisting of the non-cash consideration received.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:05+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b68b-5c32a832a524", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "deferred revenue: $11.9 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:05+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b68b-645b84782d17", "parentComponentId": null }, { "bbox": { "h": 0.485, "w": 0.888, "x": 0.056, "y": 0.085 }, "kind": "paragraph", "text": "As a third example with another smoking gun – a buried but relatively easy one to find if one paid close attention – we note the case of Kalo Ingredients, another related-party “customer.” Kalo was founded in Mar 2021 and appears to be another shell with zero employees. That of course did not prevent Ginkgo from booking $12MM of deferred revenue from it as of 3/31/21 – a rather quick round-trip as it was only formed two weeks prior on 3/15/21 per a Massachusetts corporate registry filing. This time, the prospectus just spits it out: the entire $11.9 deferred revenue is comprised of “non-cash consideration.” The key sentence is literally the second to last one in a 3 page “Summary of Arrangement” and “Accounting Analyses” of Ginkgo’s Kalo “collaboration,” buried near the very end of the prospectus. 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Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:28.944+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e0f978d-c75f-4460-a80a-5692aadf051d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "2009e7be-7213-4b21-baa9-eb03e76f206b", "evidence": "The slide explicitly labels the finding as a 'smoking gun' and details a round-tripping accounting scheme.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:19:28.944+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 64, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 175, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 9, "name": "Expose Contradiction", "beatId": "ffe290af-3a4f-4e06-8d60-dfbfc07d2e08", "matchId": "6f2f96be-37d2-46c3-8b66-10ed6d6c1a35", "beatType": null, "evidence": "The deck presents evidence contradicting Ginkgo's claims and highlighting potential wrongdoings.", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 65, "type": "tension", "title": "The slide uses a direct excerpt from a 10K filing to support the activist thesis of revenue round-tripping.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 64, "componentCount": 6, "textChars": 2532, "nDataPoints": 4, "notes": "The slide uses a direct excerpt from a 10K filing to support the activist thesis of revenue round-tripping.", "elementsJson": [ "paragraph", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:19:33.358+00", "seconds": 7.301, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-1a3bea94baf9/65", "deck": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9#slide-65", "deckJson": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Synlogic indicates they “used $13.6MM of the pre-paid research and development expenses” in 2020, which we are almost certain was booked by Ginkgo as non-cash non-related-party revenue.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:05+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b68a-9c25881ca564", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.67 }, "kind": "paragraph", "text": "(16) Related-Party Transactions\nIn June 2019, the Company expanded its collaboration and entered into an agreement with Ginkgo for the research and development of engineered microbial therapeutic products. As of December 31, 2020, Ginkgo owns 6,340,771 shares of the Company’s outstanding common stock. See Note 10, Ginkgo Collaboration .\nUnder the agreement the Company made a prepayment to Ginkgo of $ 30.0 million for its foundry services that will be provided to the Company over an initial term of five years . At December 31, 2020, the Company had remaining balances of $ 4.7 million and $ 8.9 million of current and non-current pre-paid research and development costs related to this transaction, respectively. For the year ended December 31, 2020, the Company used $ 13.6 million of the pre-paid research and development expenses.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:33.358+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4bd08b4b-4107-40bb-ab0f-53572d135c6c", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "As a fourth example, we examined Synlogic, another key related-party “customer” in which Ginkgo invested $80MM and where we believe the revenue is also 100% non-cash. We have already discussed our belief that Ginkgo has misclassified Synlogic revenue, in order to make it appear as third-party vs. tainted related-party revenue. We had noted that Synlogic “paid” Ginkgo $30MM out of the $80MM right at closing, for “synthetic biology services,” which we think has been stuffed into a non-related-party bucket and is not broken out further. The language in Synlogic’s 10K suggests the same structure as Genomatica, where Synlogic is given pre-paid R&D credits to “pay” Ginkgo vs. using cash. Synlogic indicates they “used $13.6MM of the pre-paid research and development expenses” in 2020, which we are almost certain was booked by Ginkgo as non-cash non-related-party revenue.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:33.358+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "93ac1a36-9ae8-400f-9c00-71730eeb33ec", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Under the agreement the Company made a prepayment to Ginkgo of $ 30.0 million for its foundry services that will be provided to the Company over an initial term of five years . At December 31, 2020, the Company had remaining balances of $ 4.7 million and $ 8.9 million of current and non-current pre-paid research and development costs related to this transaction, respectively. For the year ended December 31, 2020, the Company used $ 13.6 million of the pre-paid research and development expenses. — Synlogic 10K filed Mar 25, 2021", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:05+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b68a-a1b46912a146", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Synlogic SEC filings; Scorpion Capital analysis and estimates", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:33.358+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e60e8920-4259-4e59-820f-5d2090887822", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.05, "y": 0.62 }, "kind": "title", "text": "Synlogic 10K filed Mar 25, 2021", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:33.358+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "504123f6-db82-4128-938e-7bf2246a7da9", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "1651afcd-684e-4b86-b2fe-f1d4601d5e90", "evidence": "The slide explicitly attempts to expose a contradiction between reported revenue and actual cash flow via related-party transactions.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:19:33.358+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 65, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 175, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": 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"019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 48, "componentCount": 6, "textChars": 723, "nDataPoints": 24, "notes": "The slide uses a 'smoking gun' narrative to challenge the quality of revenue reported by the company.", "elementsJson": [ "headline_text", "paragraph", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:19:29.226+00", "seconds": 3.025, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-1a3bea94baf9/66", "deck": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9#slide-66", "deckJson": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We suspect that at related-party “customers” Motif and Joyn, Ginkgo may be round-tripping cash, and therefore potentially booking cash-revenue.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:04+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b68a-5a99381ed326", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.95 }, "kind": "disclaimer", "text": "Source: Soaring Eagle Acquisition Corp prospectus 8/13/2021, https://www.sec.gov/Archives/edgar/data/0001830214/000119312521246097/d177007d424b3.htm; Scorpion Capital analysis and estimates", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:29.226+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "85e9b1f3-2a47-4921-a740-3621125bde81", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "non-cash revenue: 47%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:04+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b68a-5e5e3d7333fc", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.5, "y": 0.315 }, "kind": "table", "text": "We estimate non-cash portion as 47%", "attrs": null, "canon": { "kind": { "name": 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"subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:29.226+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fb896c7d-7e58-4f21-8744-76975f08c37a", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "title", "text": "If we simply add up the examples on the last few pages, we estimate that non-cash revenue is provably ~50% of Ginkgo’s total 2020 foundry revenue. 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were skeptical of Ginkgo’s CRO services and simply didn't want to pay, forcing them to invent a round-tripping model with equity transformed into non-cash revenue. That is, Ginkgo had to resort to paying customers to use its services, with the payments recycled back: “nobody wanted to pay an upfront payment for a technology that they really didn't understand or believe in.” The color indicated that third-party partners never paid much “when it came to money” and were just hype for financing, and that the actual downstream value capture from successfully engineered strains may have only been few hundred thousand dollars per year.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:33.794+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "16d802dd-07c3-4d64-8178-320cf044a2d1", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.75 }, "kind": "quote", "text": "“The first thing is that they don't have any unique technology that other companies don't have. The second is that they don't have any product. The products that they do have or what they call their products are strains that they've delivered to customers that generate revenue. But because there aren't many of those successful strains, I believe that their actual revenue coming from those strains is something like $500,000 a year. Customers, if they're using their strains, are using them in a very limited capacity because they're not happy with them. And they're not using them for the original purposes. 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We signed these collaborations to get the name on the marquee so that Jason could use that for the next round of funding.” - Former Ginkgo executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:33.794+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "211d0328-2e77-4571-9e8a-feb8af286aaa", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "quote", "text": "“Many of these deals were significantly back-end loaded because nobody wanted to pay an upfront payment for a technology that they didn't really understand or believe in.” - Former Ginkgo executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:33.794+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "953f0d10-b3a8-4fca-9ffd-4bbc86681758", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Many of these deals were significantly back-end loaded because nobody wanted to pay an upfront payment for a technology that they didn't really understand or believe in.\" — Former Ginkgo executive; \"Many of these companies weren't out much, if anything, when it came to money. We signed these collaborations to get the name on the marquee so that Jason could use that for the next round of funding.\" — Former Ginkgo executive; \"The first thing is that they don't have any unique technology that other companies don't have. The second is that they don't have any product. The products that they do have or what they call their products are strains that they've delivered to customers that generate revenue. But because there aren't many of those successful strains, I believe that their actual revenue coming from those strains is something like $500,000 a year. Customers, if they're using their strains, are using them in a very limited capacity because they're not happy with them. And they're not using them for the original purposes. 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It's almost prohibitively expensive in some respects. But the idea is if you comparison shop, you can go elsewhere. It's actually kind of interesting like Joyn was doing a lot of work with this group with Culture BioSciences in South City, South San Francisco. And they're basically outsourcing their fermentation to them, not to Ginkgo. I would suspect that that was because of pricing and cost savings because they actually are not entirely obligated to use Ginkgo services, but that's the whole idea, is you're obligated to basically no matter what it costs. 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employee called circular revenue flows “a big red flag”; indicated witnessing round-tripping and that it’s more widespread than reported; believes that explains Ginkgo’s optically better headline growth than Zymergen and others in the space", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:31.343+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ec659db-9752-4e4f-8fe7-3dda1a5b4cfe", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.4 }, "kind": "quote", "text": "“Zymergen is not doing the circular revenue thing, but when I was there [at Ginkgo], I saw it being done on several projects... I wouldn't be surprised if 50% to 60% of Ginkgo's revenue this year is that circular revenue.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:31.343+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7cf8e097-f25b-4e65-be51-625e43548546", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Zymergen is not doing the circular revenue thing, but when I was there [at Ginkgo], I saw it being done on several projects, even ones that aren't completely public yet. 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It discloses two others that were just created a few weeks ago in September, buried at the end of its prospectus, but for which related party revenue hasn’t yet been reported, though it is no doubt inevitable.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:35.193+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "042686d0-271b-454b-a9a5-bb8e3c17c3d0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": 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Ginkgo’s filings repeatedly refer to each of these related parties as a “vendor-customer relationship.” However, given that Ginkgo 1) created each of these entities, 2) financed each of them directly or via its own investors, 3) sits on their boards, and 4) simultaneously recycles back funds via prepayments and other mechanisms under R&D services agreements, their purpose is self-evident.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:38.563+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e690799c-aa56-49a1-b820-cb50cf3ba43a", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Soaring Eagle Acquisition Corp prospectus 8/13/2021, https://www.sec.gov/Archives/edgar/data/0001830214/000119312521246097/d177007d424b3.htm; Scorpion Capital analysis and estimates", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"bbox": null, "kind": "quote", "text": "“Powered by Ginkgo Bioworks.” — Allonnia Website Footer", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:05+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b68b-a8e672d5e057", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: https://www.allonnia.com/", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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608, "nDataPoints": 3, "notes": "The slide uses LinkedIn profile screenshots as evidence to question the company's operational legitimacy.", "elementsJson": [ "headline_text", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:19:32.664+00", "seconds": 3.314, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-1a3bea94baf9/83", "deck": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9#slide-83", "deckJson": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "A LinkedIn search turns up only 6 employees at Allonnia, plus an intern and a random Chief of Staff who lists 2 other current employers, despite being in operation since 2019 and raising $50MM in Oct 2020.", "attrs": null, "canon": { "kind": { "name": "Callout", 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1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:32.664+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8c9d57f5-97f0-4de9-8261-cfb2023de72d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: LinkedIn searches", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Allonnia lists a CEO, three VP’s of Business Development, a VP of Research, and a CTO – we could locate no dedicated finance, treasury, HR, or legal staff.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:32.664+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0a360801-c3c3-4d01-9ec3-5d39c2d5bd15", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "54642fd5-115c-4a66-81a8-3934442a55b9", "evidence": "The slide 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"canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:06+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b68b-d423a043f3fd", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.05, "y": 0.4 }, "kind": "image", "text": "2 job postings on Allonnia website", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:32.686+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a9d30ba-4e5d-46c9-a256-79c1aa875e01", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.5, "y": 0.4 }, "kind": "image", "text": "Same 2 job postings listed on LinkedIn", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:32.686+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f6b74427-7cd8-4de7-a318-2ade9f25bb63", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "deferred revenue: $38MM", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:06+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b68b-d98b8c534d0b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.05, "y": 0.75 }, "kind": "source-note", "text": "Source: https://allonnia.topgradinghire.com/", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:32.686+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1d76c9f6-6a58-4616-9d26-4ddd0f90a1fe", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.5, "y": 0.75 }, "kind": "source-note", "text": "Source: https://www.linkedin.com/company/allonnia/jobs/", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We note Ginkgo also booked actual revenue of $5MM from Allonnia in 2020, and $2.3MM in Q1 2021 – an annualized $9.2MM run rate.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:32.686+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2448bce-e8c0-4052-8582-822350b75ce3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "9eac972d-5d92-4126-af91-5e1881b77699", "evidence": "Uses evidence of lack of hiring to challenge the 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1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 85, "type": "tension", "title": "The slide uses a LinkedIn profile screenshot to highlight that the same individual serves as CFO for multiple entities, including Allonnia and Motif.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 38, "componentCount": 4, "textChars": 1154, "nDataPoints": 0, "notes": "The 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null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b68c-4d8f79b6c5fe", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.85, "x": 0.05, "y": 0.5 }, "kind": "image", "text": "LinkedIn profile screenshot of Jessica Kates showing multiple interim CFO roles.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:32.304+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3edb0eff-f4a5-4fa6-8e7d-9b5a24685992", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "The striking absence of dedicated finance, treasury, HR, legal, or other G&A staff in LinkedIn searches makes it apparent to us that Allonnia is controlled and run by Ginkgo as a captive entity, with no purpose we believe except to create fake revenue. A few weeks ago in August, Allonnia appears to have hired - or was assigned by Ginkgo - a temp CFO, a year after raising a large Series A financing by Ginkgo, Viking Global, General Atlantic and others. The CFO appears to serve the same role for 3 entities, one of which is Motif – another Ginkgo related party. We find it unusual and troubling that sophisticated investors such Viking and General Atlantic would sponsor a $50MM financing with an entity that appears to have lacked a finance, control, or treasury function.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:32.304+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "48e6404c-8419-41c4-8539-c039d39f02cb", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.05, "y": 0.85 }, "kind": "source-note", "text": "Source: https://www.linkedin.com/in/jesskates/", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:32.304+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e2e936a6-ba54-4796-b323-e4a1e74ad674", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "1fae358d-9b02-413b-9d10-84e78fad195b", "evidence": "The slide explicitly claims the entity exists to 'create fake revenue' and highlights suspicious governance structures.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:19:32.304+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 85, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 175, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 9, "name": "Expose Contradiction", "beatId": "ffe290af-3a4f-4e06-8d60-dfbfc07d2e08", "matchId": "6f2f96be-37d2-46c3-8b66-10ed6d6c1a35", "beatType": null, "evidence": "The deck presents evidence contradicting Ginkgo's claims and highlighting potential wrongdoings.", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 86, "type": "tension", "title": "The slide uses a snippet from a prospectus to highlight a specific contractual clause and an income statement to highlight the financial impact.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 88, "componentCount": 10, "textChars": 1698, "nDataPoints": 4, "notes": "The slide uses a snippet from a prospectus to highlight a specific contractual clause and an income statement to highlight the financial impact.", "elementsJson": [ "paragraph", "screenshot", "callout_box", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:19:37.598+00", "seconds": 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"019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:37.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dce76f31-cdd0-4cd2-9e79-5c6a95321628", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "The disclosure is a blatant admission of Ginkgo’s day-to-day control and operation of Allonnia.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f2-7016-81d8-5e1945a7235b", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.5 }, "kind": "image", "text": "Prospectus snippet", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:37.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7b882fa2-19c5-47cf-9b8d-bf3ed0403762", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "G&A expenses: $2.1MM", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f2-7016-81d8-6752878d05a4", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "As additional evidence that Allonnia is merely a front operated by Ginkgo, we note a disclosure buried in the final pages of the prospectus regarding an unusual “G&A Services Agreement” between Ginkgo and Allonnia where Allonnia pays Ginkgo for unspecified general and administrative services, at Ginkgo’s “fully burdened FTE cost.” The disclosure is a blatant admission of Ginkgo’s day-to-day control and operation of Allonnia. We further note that Allonnia expensed an astounding $2.1MM of G&A in 2021 – presumably siphoned by Ginkgo - despite having almost no employees. Allonnia is the only related party that filed separate footnotes, but we suspect that similar but undisclosed G&A agreements exist with other “customers” as a control mechanism.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:37.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f4fdf60c-983d-4f13-8743-3e56a559c4f8", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Pursuant to the G&A Services Agreement, Ginkgo will perform its obligations as an independent contractor and the Company will pay Ginkgo for services at the fully burdened full time equivalent cost, plus pass-through costs, materials and services. — Soaring Eagle Acquisition Corp prospectus 8/13/2021", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f2-7016-81d8-63678600238c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Soaring Eagle Acquisition Corp prospectus 8/13/2021, URL, Scorpion Capital analysis and estimates", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:37.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e9cda2a-efec-4393-83fd-1c2bf20985a8", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.8 }, "kind": "table", "text": "Income statement snippet showing G&A expenses", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:37.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5ad0d65e-dbd1-48ab-abe2-80b463936167", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.05, "y": 0.45 }, "kind": "title", "text": "G&A Services Agreement between Ginkgo and Allonnia", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:37.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, 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"componentId": "788e8555-538f-450f-846d-be89b9b4013b", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "While it appears more substantive on the surface as an entity engaged in legitimate - albeit failed - R&D, later sections discuss why we believe that Ginkgo uses it as just another front to create fictitious revenue.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:07+00", "model": 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The co-location, I should specify, the reason for that is not just like so-and-so is right down the hall; it's like an incubator space. When you start a company, you need office space... 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The timing is not a coincidence. We think round-tripping is about to explode into overdrive...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:36.481+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0e89af42-45bc-427d-8b80-e078370b209a", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.7, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Ginkgo press release https://investors.ginkgobioworks.com/news/news-details/2021/Ginkgo-Bioworks-Provides-First-Half-2021-Update-8-18-2021/default.aspx", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"/decks/019dd923-622c-750b-8b9a-1a3bea94baf9.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Notably, not one of the releases below discloses a deal size – and all are silent on the critical question of whether they are undisclosed related parties – that is, whether Ginkgo or its investors like Viking are investors in the entities or are providing proceeds that will be round-tripped back to Ginkgo as “revenue” in coming quarters.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": 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The partnerships are for everything under the sun: GI drugs, probiotics, herbal medicines and nutraceuticals, “biomaterials,” dyes, a material inspired by spiders with “silk-like softness.” Notably, not one of the releases below discloses a deal size – and all are silent on the critical question of whether they are undisclosed related parties – that is, whether Ginkgo or its investors like Viking are investors in the entities or are providing proceeds that will be round-tripped back to Ginkgo as “revenue” in coming quarters. We shortly reveal a smoking gun that exposes the rig as exactly that.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:35.846+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8467ae5a-ef41-4676-82a5-453aadf1b5b5", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Ginkgo press release on its Investor News page, https://investors.ginkgobioworks.com/news/default.aspx", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"w": 0.6, "x": 0.05, "y": 0.53 }, "kind": "paragraph", "text": "Antheia Announces $73M Series B to Commercialize Synthetic Biology Platform for Essential Medicines", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:36.096+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "844b893e-1dd6-4d34-b10b-9ef964032602", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Led by Viking Global Investors, the Series B round...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f2-7016-81d8-83fd818eb6a0", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.6, "x": 0.05, "y": 0.92 }, "kind": "source-note", "text": "Source: https://www.prnewswire.com/news-releases/antheia-announces-73m-series-b-to-commercialize-synthetic-biology-platform-for-essential-medicines-301322528.html", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:36.096+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "95bf4367-2354-459e-8ece-a18f54dbab45", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "title", "text": "As we examined these entities, we were amused but not surprised by what we found. The press release for Ginkgo’s Antheia partnership on Aug 12, 2021 makes no mention of the fact that Viking led Antheia’s $73MM financing a few weeks prior to the Ginkgo announcement.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:36.096+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f5cea055-9319-4700-813d-75ca8e80a792", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "25ac2274-b0da-429f-a81a-bb9bb519ff10", 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5, "textChars": 1318, "nDataPoints": 1, "notes": "The slide uses a screenshot of a Crunchbase profile to highlight the $2.6M funding amount as evidence of a 'fictitious' partnership.", "elementsJson": [ "paragraph", "callout_box", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:19:35.881+00", "seconds": 2.682, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-1a3bea94baf9/108", "deck": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9#slide-108", "deckJson": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.55 }, "kind": "callout", "text": "Huue appears to have only raised $2.6MM via convertible note, prior to Ginkgo partnership", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:35.881+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c607cf24-8766-4b39-a636-f22ad108c609", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "It is self-evident that Huue could only “leverage Ginkgo’s platform” if it’s plied with cash that will be recycled back as fictitious revenue, and we question whether it’s even an active startup or a carcass being exploited as a front.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": 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"version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:35.881+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "70780b53-057c-4c1e-8d1a-8606c4afe51e", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "The partnership with Huue was announced a week after Anthea. The release says that “Huue will leverage Ginkgo’s platform to optimize microbe strains to accelerate production of its sustainable indigo dye.” Huue appears to have only 8 employees based on a LinkedIn search, one lonely job opening, and appears to have raised a mere $2.6MM two years ago - with presumably little left, not exactly indicative of momentum or product “acceleration” of the type that legitimate companies of Ginkgo’s size hype with releases 3 weeks prior to going public. 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"quote", "text": "“Huue will leverage Ginkgo’s platform to optimize microbe strains to accelerate production of its sustainable indigo dye.” — Ginkgo Bioworks Press Release", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b68e-8c3c443f7dda", "parentComponentId": null } ], "metrics": [], 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"canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:36.529+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b7cb9ed-1b89-470a-b9b8-5b1a7d74f4d7", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Small problem: Cambium appears to have never raised any funding and its site is a single page with vaporware like \"Deep Tech approach, fusing biotechnology, green chemistry, computation, automated material science.\"", "attrs": null, "canon": { "kind": 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"status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:37.408+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "38039769-3a29-4207-bea1-92df3a2dd68c", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "deferred revenue: $38MM", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b68e-a5996c7ffda5", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.05, "y": 0.955 }, "kind": "source-note", "text": "Source: Soaring Eagle Acquisition Corp prospectus 8/13/2021, https://www.sec.gov/Archives/edgar/data/0001830214/000119312521246097/d177007d424b3.htm; Scorpion Capital analysis and estimates", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": 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we estimate $6.3MM of deferred revenue per Allonnia employee - the timing of when Ginkgo booked these amounts from Allonnia strains credibility and suggests they are clearly fictitious.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b68e-c11526c7f42b", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "deferred revenue: $6.3MM", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b68e-c64fab1d87b8", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "Aside from the overall amount of revenue and deferred revenue being implausible - we estimate $6.3MM of deferred revenue per Allonnia employee - the timing of when Ginkgo booked these amounts from Allonnia strains credibility and suggests they are clearly fictitious. We lay out the timeline of key events. First, in December 2019, Allonnia closed a $33MM Series A financing, according to its financials attached at the end of SPAC prospectus. 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Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:37.834+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "90a377d6-7b1d-47fc-a4ac-632cbb9e8e83", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.4 }, "kind": "table", "text": "Consolidated Statements of Changes in Members' Equity", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:37.834+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1ca2031f-14a9-4add-b0de-0ba4e7884bbd", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.8 }, "kind": "table", "text": "Assets table showing Cash and cash equivalents", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:37.834+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2b041690-ad2e-4aff-a16e-1eb32a02a57a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "3f99a6fc-b211-43c5-affb-a29a68193228", "evidence": "The slide explicitly argues that financial data is 'clearly fictitious' and 'strains credibility'.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:19:37.834+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 116, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 175, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 9, "name": "Expose Contradiction", "beatId": "ffe290af-3a4f-4e06-8d60-dfbfc07d2e08", "matchId": "6f2f96be-37d2-46c3-8b66-10ed6d6c1a35", "beatType": null, "evidence": "The deck presents evidence contradicting Ginkgo's claims and highlighting potential wrongdoings.", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 117, "type": "tension", "title": "The slide uses a 'gotcha' narrative style to highlight a discrepancy between financial reporting and operational reality.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 53, "componentCount": 7, "textChars": 649, "nDataPoints": 5, "notes": "The slide uses a 'gotcha' narrative style to highlight a discrepancy between financial reporting and operational reality.", "elementsJson": [ "paragraph", "headshot", "screenshot", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:19:51.93+00", "seconds": 3.343, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-1a3bea94baf9/117", "deck": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9#slide-117", "deckJson": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.2, "x": 0.65, "y": 0.8 }, "kind": "callout", "text": "First employee started in Jul 2020", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:51.93+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3daaed9a-b9f5-4f89-acac-28605e6d1621", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.2, "x": 0.3, "y": 0.55 }, "kind": "callout", "text": "CEO started as second employee in Sep 2020", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:51.93+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f6c63d68-6cd2-4b28-a9c4-7e315818c34f", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Here’s the giveaway: the start dates of the 6 Allonnia employees listed on LinkedIn indicate that the first didn’t start until July 2020, meaning Allonnia had no employees at the time Ginkgo booked deferred revenue from it.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b68e-e27e3b6f5570", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.9, "x": 0.05, "y": 0.5 }, "kind": "image", "text": "LinkedIn profile screenshots for 6 Allonnia employees", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:51.93+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "72204c12-13d0-48d4-94b5-8c0384f9e6bd", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "deferred revenue: $24.5MM", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b68e-e4e71cc54cf0", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "Second, after Allonnia closing a $33MM financing in December 2019, Ginkgo turned around and immediately booked $24.5MM in deferred revenue from Allonnia as of 12/31/2019...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:51.93+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5cb826d5-8907-4618-9fd7-b245ad0c7753", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Soaring Eagle Acquisition Corp prospectus 8/13/2021, Scorpion Capital analysis and estimates", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:19:51.93+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "15919c61-d756-404a-9143-14d476eb616a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "9b1172ba-c86f-4161-88c9-0c6d02866449", "evidence": "The slide explicitly attempts to expose a contradiction in financial reporting to suggest fraudulent activity.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:19:51.93+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 117, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 175, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 9, "name": "Expose Contradiction", "beatId": "ffe290af-3a4f-4e06-8d60-dfbfc07d2e08", "matchId": "6f2f96be-37d2-46c3-8b66-10ed6d6c1a35", "beatType": null, "evidence": "The deck presents evidence contradicting Ginkgo's claims and highlighting potential wrongdoings.", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 118, "type": "tension", "title": "Uses a combination of SEC filing data and a LinkedIn screenshot to cast doubt on the legitimacy of a customer relationship.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": 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"/slides/019dd923-622c-750b-8b9a-1a3bea94baf9/118", "deck": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9#slide-118", "deckJson": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We find this particularly audacious and preposterous, as Kalo was only formed 2 weeks earlier as an entity, according to its Massachusetts corporate registry filing (shown on p. ___).", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b68e-fef5304f874d", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.55, "x": 0.05, "y": 0.55 }, "kind": "image", "text": "Kalo Ingredients LinkedIn search showing 0 employees", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:20:48.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a75aeda3-323b-4184-9e3d-0ab58652e794", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "deferred revenue: $11.9MM", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b68f-016297481364", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Soaring Eagle Acquisition Corp prospectus 8/13/2021, Scorpion Capital analysis and estimates", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:20:48.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6705da3f-4ae5-4eba-ac43-1b4b4353f362", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.35 }, "kind": "table", "text": "SPAC Prospectus Aug 13, 2021: Balances as of March 31, 2021. 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Ginkgo services are very expensive. It’s almost prohibitively expensive in some respects... you’re obligated to basically no matter what it costs. 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A project lasts two or three years, so it’s a significant amount...Their pricing method was very opaque, ..There was very little breakdown about what was happening behind the door for each project...But at the beginning, it was really one pot, and you didn’t know exactly what you were paying for.” – Current Motif executive", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:54.422+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9372076a-d49d-487b-b47b-8095de8a0350", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.9, "x": 0.05, "y": 0.34 }, "kind": "paragraph", "text": "Q: “You sort of chuckled earlier when you said, yeah, we’re independent; I think you said they try to exert control. I’m curious if you can elaborate on that - there’s always that push and pull.”\nA: “Exactly. I would say that the person that was the director of R&D, pretty much overseeing the project, was actually a Ginkgo employee at first, so he had really little say because he was an insider from Ginkgo, so he couldn’t really tell them what you’re doing is not the perfect thing. I work for Motif, and I need to have the best result for Motif. And so, you can promise me everything or anything, but at the end of the day, you have to deliver commercial strains for us.”\nQ: “So, you’re saying initially, the head of R&D at Motif was a Ginkgo employee?”\nA: “Well, he was a Motif employee, but he was a former Ginkgo employee, yes, that’s right.”\nQ: “For all intents and purposes, was he acting on behalf of Motif, or was he there to make sure that Ginkgo got the right level of R&D spend from Motif?”\nA: “I would say that no matter what he was trying to do, if he was trying to be on the side of Motif, being an ex-Ginkgo employee and having worked on the Motif project, maybe it’s a little difficult to challenge them, I would say.”\nQ: “Challenge them on what? The amount they wanted to charge? Or were they forcing you guys to use them?”\nA: “[Chuckles] Well, yes, all of the above. So, yes, the amount they charged us, there was no negotiation. I mean, the price was pretty much fixed back then by Ginkgo, I would say, very early on, and there was very little leeway and that’s changed because we are now using other syn-bio companies as well because we’re not exclusive. So, we can now negotiate a little more on the pricing. They are a stakeholder. They are an equity holder of our company; they founded us. 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indicated Ginkgo overcharged by 2.5X", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:58.888+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f7f62ae9-ef93-4814-b3f9-bcef6ad1a7e2", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.9, "x": 0.05, "y": 0.32 }, "kind": "quote", "text": "A: \"I ran into that the minute I started here where as a fiduciary of Joyn, I said, \"Okay, I want to do this as cost-effectively as possible,\" and when I saw how much Ginkgo was charging, I went out and found another vendor who charges about 40% of what Ginkgo wants to charge us. And boy, did they pitch a fit. [Laughs] We were able to use another vendor, and we were advised to try to maintain a good relationship with them and so to buy some services from them where it made sense. And so, we’ve been kind of walking that line.\"\nQ: \"And who was instructing you, out of curiosity—was it the board or management—they're telling you to play ball basically?\"\nA: \"Yeah, this is was management with the message coming directly from the board.\"\nQ: \"And they just said play ball?\"\nA: \"Yup.\"\nQ: \"It sounds to me like they were basically overcharging Joyn.\"\nA: \"Yeah, for a while, they had a variable pricing model, too, where they were basically charging us for all the capacity, even if we weren't using all of it. [Laughs] So, like the price went up depending on how full the lab was.\"\nQ: \"It sounds like this was not a standard pricing arrangement. 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"text": "As we examined bios of Ginkgo’s executives, we noticed some that struck us as unusual. 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suggested Motif spend was controlled by a Motif “employee” who was acting in Ginkgo’s interest", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:52.709+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4eb344ce-e57a-4cdb-9fd7-9b334e4c23b2", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.9, "x": 0.05, "y": 0.32 }, "kind": "quote", "text": "Q: \"You sort of chuckled earlier when you said, yeah, we're independent; I think you said they try to exert control. I'm curious if you can elaborate on that - there's always that push and pull.\"\nA: \"Exactly. I would say that the person that was the director of R&D, pretty much overseeing the project, was actually a Ginkgo employee at first, so he had really little say because he was an insider from Ginkgo, so he couldn't really tell them what you're doing is not the perfect thing. I work for Motif, and I need to have the best result for Motif. And so, you can promise me everything or anything, but at the end of the day, you have to deliver commercial strains for us.\"\nQ: \"So, you're saying initially, the head of R&D at Motif was a Ginkgo employee?\"\nA: \"Well, he was a Motif employee, but he was a former Ginkgo employee, yes, that's right.\"\nQ: \"For all intents and purposes, was he acting on behalf of Motif, or was he there to make sure that Ginkgo got the right level of R&D spend from Motif?\"\nA: \"I would say that no matter what he was trying to do, if he was trying to be on the side of Motif, being an ex-Ginkgo employee and having worked on the Motif project, maybe it's a little difficult to challenge them, I would say.\"\nQ: \"Challenge them on what? The amount they wanted to charge? Or were they forcing you guys to use them?\"\nA: \"[Chuckles] Well, yes, all of the above. So, yes, the amount they charged us, there was no negotiation. I mean, the price was pretty much fixed back then by Ginkgo, I would say, very early on, and there was very little leeway and that's changed because we are now using other syn-bio companies as well because we're not exclusive. So, we can now negotiate a little more on the pricing.. They are a stakeholder. They are an equity holder of our company; they founded us. So, their investment is really equity-based for us.\" – Current Motif executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:52.709+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "83273270-a9a1-413a-8158-e9b4225b25a4", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Exactly. I would say that the person that was the director of R&D, pretty much overseeing the project, was actually a Ginkgo employee at first, so he had really little say because he was an insider from Ginkgo, so he couldn’t really tell them what you’re doing is not the perfect thing. I work for Motif, and I need to have the best result for Motif. 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No unique technology, intellectual property, or differentiated capabilities", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:12+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b68f-ea4e99387f45", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.05, "y": 0.27 }, "kind": "list", "text": "13. No unique technology, intellectual property, or differentiated capabilities", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:50.975+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "982aa0f8-fe50-4cf4-938f-deaf67e4bd8a", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "title", "text": "Part 2: Behind the synthetic biology and “Foundry” hype, Ginkgo is a glorified contract research organization that does commodity 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"deckAnchor": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9#slide-134", "deckJson": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Ginkgo’s 700+ page prospectus barely mentions the word “yeast,” concealing that the core of its platform is commodity yeast optimization, a widespread method for 50+ years.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b690-99b6e01706ec", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.35 }, "kind": "paragraph", "text": "Ginkgo’s “bread and butter” is tweaking yeast to spit out different compounds. Q: “Is this the crux of every project is there’s a strain of yeast that they want to do something in particular, and they try to basically refine that strain to make it do that?” A: “That’s the bread and butter. I worked on 6 or 7 projects, maybe 10 if you count some of the ones I worked on briefly. In my time, I worked with various flavors of e. Coli, yeast, a weird organism that wasn’t even domesticated. I know a lot of people there that worked with fungi. They’d like to be strain agnostic, meaning that they can work with whatever. In practicality, that’s quite difficult. They still do not have a good way of if you bring in some grain of bacteria out of your backyard; transferring tools from one strain to another is not straightforward.” - Former strain engineer", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:53.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68a46ee8-1dd6-4dc3-99ac-b0b34dc24c5c", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.62 }, "kind": "paragraph", "text": "Typical strain engineering involves trial and error in manipulating yeast in different combination. “They took all of the money that they’ve raised, and they put it into the equipment to be able to do parallel processing of yeast cells. It’s not always yeast, but yeast is their organism of choice.” - Former Ginkgo executive", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:53.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "853d5a28-a42e-46a7-b391-9946e4f3b7e8", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.75 }, "kind": "paragraph", "text": "Yeast is the organism of choice for the entire industry. “Yeast is typically the organism of choice because it’s well-understood, it’s fairly easy to manipulate and work with, and you can do post-translational modifications. It’s a very robust organism, and the entire industry, I would say, yeast is the organism of choice.” -Former Ginkgo executive", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:53.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b6459103-c465-4039-a60d-9fd8d57eefbb", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.88 }, "kind": "paragraph", "text": "Zymergen also uses yeast; “industry standard”. “Zymergen are also using yeast. Yeast is an industry-standard, so that’s just not a secret.” -Former Ginkgo executive", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:53.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b93b9b45-f694-40c9-bdb3-4994361a0aaf", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"That's the bread and butter. I worked on 6 or 7 projects, maybe 10 if you count some of the ones I worked on briefly. In my time, I worked with various flavors of e. Coli, yeast, a weird organism that wasn't even domesticated.\" — Former strain engineer; \"They took all of the money that they've raised, and they put it into the equipment to be able to do parallel processing of yeast cells. It's not always yeast, but yeast is their organism of choice.\" — Former Ginkgo executive; \"Yeast is typically the organism of choice because it's well-understood, it's fairly easy to manipulate and work with, and you can do post-translational modifications. It's a very robust organism, and the entire industry, I would say, yeast is the organism of choice.\" — Former Ginkgo executive; \"Zymergen are also using yeast. Yeast is an industry-standard, so that's just not a secret.\" — Former Ginkgo executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b690-9c6d92ecd9ac", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The strain engineering that they're doing for us is mostly yeast-based, yes.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:12+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b690-280957747875", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.35, "x": 0.58, "y": 0.45 }, "kind": "image", "text": "Ginkgo Bioworks 2016 tweet", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:52.196+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ccb9f1da-0fb8-41a0-a37c-80cd4d7ca500", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.5, "x": 0.05, "y": 0.45 }, "kind": "image", "text": "PubMed search results for Pichia pastoris", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:52.196+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f5eae7aa-04d9-46a6-bf09-7151d16ea7e5", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“The platform that Ginkgo is using is Pichia pastoris, which is a yeast; it's well known to produce a lot of protein. The strain engineering that they're doing for us is mostly yeast-based, yes.” — Current executive at Motif", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:12+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b690-2d18ed06aabb", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts; https://pubmed.ncbi.nlm.nih.gov/?term=pichia+pastoris; https://twitter.com/Ginkgo/status/783737478435962880?s=20", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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It exists in nature, but it's very expensive to isolate from the tree it grows on. What you can do is go to this tree; you can say here's a DNA sequence that encodes for it. Take that DNA sequence and put it in a yeast cell. Grow the yeast cell up in a fermenter, and it produces it. If you put it in a yeast cell, and it doesn't work, you look and say, what's wrong with it? It's a seven-step process, and each one of these steps requires an enzyme to be able to do the manipulation. You can think of it as like you're building a Lego model, and you need to put these pieces together, and each enzyme adds a different piece until you get the final product with all the pieces on there. You go, and you do your experiments, and you say what happened is the first four enzymes worked great, but the fifth enzyme just doesn't work, so I need to manipulate, I need to get a different enzyme. 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What they're doing is these microtiter plates, which are mini-fermenters, and you can buy it. They took all of the money that they've raised, and they put it into the equipment to be able to do parallel processing of yeast cells. 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What they're doing is these micro-titer plates, which are mini-fermenters, and you can buy it. They took all of the money that they've raised, and they put it into the equipment to be able to do parallel processing of yeast cells. It's not always yeast, but yeast is their organism of choice.” — Former Ginkgo executive; “Exactly. It's a combination of a liquid handling system and analytics. It injects one sample—usually, they repeat it 10 times just to make sure. They inject it into the wells, carry out the fermentation, and then they have analytics to look at and see the results. The ones that they like the best, they further iterate on, and if those are promising, then they'll grow them up into larger fermenters. And these could be 10 mil or 100 mil bona fide fermenters where they've got agitation; they've got aeration, it's a controlled environment.” — Former Ginkgo executive; “Let's say you want to produce an ingredient that's used as a skin whitening agent. 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Ex-employees demystified the “Foundry” hype as little more than miniaturization of well plates, using liquid handling machines from the same suppliers Zymergen and everyone else uses. The machines are a substitute for humans manually injecting samples into hundreds of wells, as part of the typical trial and error process of throwing hundreds of modified yeast strains at the wall to see which ones may excrete anything useful.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:52.462+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "17b298d1-2f3c-4df5-981f-75f152328dda", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.9, "x": 0.05, "y": 0.38 }, "kind": "quote", "text": "Just miniaturization of well plates\n“Behind all the words and the beautiful photos and stuff, what's happening...there's miniaturization of every experiment that's happening. Traditionally, in molecular biology, one of the limiting factors was the size of the equipment that you had to run an experiment. I encourage you to google image search 96 well plate. That was the industry standard for a lot of companies where you can do 96 samples at once that are compatible with robots, but mainly not robots, mainly just a pipette in your hand. What Ginkgo started doing early on was bringing in-house automation that would allow you to use 384 well plates. If you google that, it's the same dimensions of a plate, but you can fit more samples in one. And the next-gen version is 1536 wells and the same thing. And so, all of the tools that they're using aren't custom, but it's the way that they're connecting everything together. So, all of these robots are part of big integrated workflows where for the same amount of time and cost, you can generate 1536 data points instead of 96.” - - Former Ginkgo employee, longtime direct report to CEO Jason Kelly", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:52.462+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ae12d1da-9b4e-4b74-8310-8999ac7edc6f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Behind all the words and the beautiful photos and stuff, what's happening...there's miniaturization of every experiment that's happening... 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It’s only “innovation” is blowing hundreds of millions on third-party capital equipment – mainly fermenters and liquid handlers, stitched together with some software and engineering", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b691-1f136b6039ac", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.35 }, "kind": "quote", "text": "Ginkgo is using “a high throughput method of brute force”... “What Ginkgo's doing differently is that they are looking at hundreds of thousands of these manipulations... It's a high throughput method of brute force...\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:51.814+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5cef8aea-85ed-4b82-962d-f14d1ede57db", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.62 }, "kind": "quote", "text": "Executive at related-party “customer” Motif Foodworks indicated throughput as Ginkgo's primary angle... “The unique about Ginkgo is their high throughput... they can test a lot of variants and candidates that other companies cannot because of their automation platform...\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:51.814+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a4a12f21-dc08-4fe1-b356-ae9db2cd72b9", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“What Ginkgo's doing differently is that they are looking at hundreds of thousands of these manipulations, and they're doing them all at the same time using robotics... It's a high throughput method of brute force, trying to figure out the best set of enzymes to undertake a certain type of reaction to produce a final product.” — Former Ginkgo executive; “The unique about Ginkgo is their high throughput... So, putting the DNA into the yeast and then selecting the clones and then growing everything, it's very cumbersome, very time-consuming for people, and so, they've been doing a very good job at automating these steps. 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And their whole schtick about we're three times cheaper than a human pipetting at the bench... It's just a robot, basically.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:52.27+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21f18cf9-02b3-4825-9496-13675c6e5053", "parentComponentId": null }, { "bbox": { "x": 0.05, "y": 0.76 }, "kind": "quote", "text": "On a high level, I don't think they're unique and special at all...it doesn't have any unique equipment; I don't think it has any really unique IP.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:52.27+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4eb78d7e-de47-4343-9ed7-3c25532c0061", "parentComponentId": null }, { "bbox": { "x": 0.05, "y": 0.84 }, "kind": "quote", "text": "The first thing is that they don't have any unique technology that other companies don't have... 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People for many years, whether that's Amyris or Intrexon or name your favorite pharma company, people have been doing small molecule screens and high throughput and doing similar types of work for many years.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:52.27+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "995c8019-049f-4be4-af66-73e3f2a94ecc", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The foundry itself is not unique. People for many years, whether that's Amyris or Intrexon or name your favorite pharma company, people have been doing small molecule screens and high throughput and doing similar types of work for many years. And so, what they've done really well is miniaturized experimentation down to pico-liters.\" — Former director level executive. \"They use these instruments called the Echo that basically moves around very tiny volumes of material. And their whole schtick about we're three times cheaper than a human pipetting at the bench and things like that is really a function of an acoustic liquid-handling robot that transfers a very tiny amount of material from well to well and that allows them to achieve those types of numbers. 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I think Ginkgo is overvalued. I can't understand the basis for the hype.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b691-7d7de3509307", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.65 }, "kind": "paragraph", "text": "Joyn Bio can't point to anything different at Ginkgo's foundry vs. other strain engineering service providers", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:56.038+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "652566a7-ec4b-45cf-b754-43543ae70cd3", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.22 }, "kind": "paragraph", "text": "Joyn executive wouldn't invest in Ginkgo; can't understand the “hype”; not differentiated and syntenic biology is becoming a commodity", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:56.038+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "df759fb9-2568-43b0-9eec-f424f610a875", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.28 }, "kind": "quote", "text": "Q: “Would you ever personally invest in Ginkgo?” A: “I would say not... I can't understand the basis for the hype... you have to be differentiated... synthetic biology, as people talk about it industrially, are a little bit that they are ripe to be commoditized.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:56.038+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1707ec9f-6017-4384-8ea9-863fa2a320e0", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.71 }, "kind": "quote", "text": "Q: “The foundry services that Ginkgo provides, are these are basically services you can get from a lot of other people?” A: “Yeah, I would say there's probably—it would be hard for me to point to something that they do that is totally different than anybody else in the industry.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:56.038+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "54156127-76f6-4dc3-80a7-9d4db1beae19", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“I would say not, mostly because of what I was talking about before. I think Ginkgo is overvalued. I can't understand the basis for the hype...Like I said before, you have to be able to—I think you have to be differentiated in some way to be competing against...Let's take a step back. Think about DNA sequencing. There was a point where that was something special, and people would do it in-house.. And now it's become effectively commoditized. So, what's differentiating about DNA sequencing? Maybe you have enormous capacity, or maybe you have super, super-fast turnaround, or maybe you're the backend, but it's hard to be special as a sequencing company. And I worry that some of the other elements of synthetic biology, as people talk about it industrially, are a little bit that they are ripe to be commoditized. What I don't have a vision of for Ginkgo is what is it about them that's going to be in that context is going to be differentiating?” — Current Joyn executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b62-723f-b691-810fd9c04713", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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You can think about Amyris; you can almost think about Genomatica; they could do the same thing. There's also a privately-owned company locally. And then there are other smaller ones that have expression platforms on different bugs, e. Coli bacteria, yeast, fungi. So, there are different levels of players; there are other people out there.\" – Current Motif executive", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:54.095+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6a3d8c12-d724-40ac-8f96-726374d29ac2", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.28 }, "kind": "paragraph", "text": "Senior employee at Joyn calls them \"a kind of a glorified CRO\"\n\"They can do strain engineering and DNA synthesis and sequencing at a very high level, high throughput quickly. You can run a lot of tests through their program very quickly. They can engineer a strain and test them with very high throughput. But how we are working with them now is as a kind of a glorified CRO.\" – Senior employee at Joyn", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:54.095+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa453b66-8a53-49be-bd89-1f0bb668fba7", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“They can do strain engineering and DNA synthesis and sequencing at a very high level, high throughput quickly. You can run a lot of tests through their program very quickly. They can engineer a strain and test them with very high throughput. But how we are working with them now is as a kind of a glorified CRO.” — Senior employee at Joyn; “As far as the other people that one might go-to for this kind of work, you can think of that from different angles, but Zymergen is one of them. You can think about Amyris; you can almost think about Genomatica; they could do the same thing. There’s also a privately-owned company locally. And then there are other smaller ones that have expression platforms on different bugs, e. Coli bacteria, yeast, fungi. 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If I am another company and I don't have a head of synthetic biology that's going to be really working closely with them and monitoring their progress, it's going to be risky...It's going to be risky, yes, because I see how Ginkgo works and I see how much guidance I give them, and they're not at the level of, I could just forget about them and come back in a year, and they have a strain, and they have the best thing they can do. I'm going to be paying a lot of money without overseeing anything, and it's going to be—their chance of success without me guiding them is going to be very limited.” — Current Motif executive; “I would say they are too junior, yes. They've been growing very fast; they have amazing people, don't get me wrong, there are very smart people out there, but they're very young, and there are no senior people that really have the time to look and spend time on the science and understanding what's going on and make the right decisions. 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He stated that foundry staff are generally straight out of school and in their first jobs. A senior employee at Joyn provided identical color: Ginkgo is unable to execute on foundry projects; team is young, inexperienced, and has no \"mindset around customer service.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:55.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cb443c51-c282-4ae4-87c7-c4b199ee773a", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.9, "x": 0.05, "y": 0.67 }, "kind": "quote", "text": "\"I think it just really comes back to having a very young, inexperienced team. We would give them a statement of work and a proposal for what we wanted to have done, and they would just seem to not be able to execute on it. Or we had them try to develop an assay for us, and we kept getting no results back from it. The assay just wasn't done; it wasn't developed. They kept dragging on, or they would give us something that we thought should be done, and we would test it and find that it didn't work the way it was supposed or they hadn't used the proper controls...the mindset around customer service didn't seem to be there. It was very casual about, oh well, we can just keep fiddling around with this and charging you for it.\" – Senior employee at Joyn", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:55.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4249cefb-be65-40d3-930a-1dc9e98df879", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.35 }, "kind": "quote", "text": "\"They're going to have to get their act together to make sure that they understand what the customer needs and what they need to deliver...Honestly, I don't see how—they might get lucky, but in my experience right now, if you don't have, from the customer side of things, if they don't have someone that understands synthetic biology and understands the process and can really review the data, review the project, the advancement of the project is going to be difficult to be successful, unless Ginkgo hires really amazing program directors.\" – Current Motif executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:55.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68204090-e058-4468-8eff-b6070f451fe7", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.56 }, "kind": "quote", "text": "\"A lot of them are pretty much fresh out of Ph.D. So, this is their first job...at the speed they're growing right now, it's difficult for them to recruit senior people.\" – Current Motif executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:55.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e5d54e28-38e9-4b99-b7d2-6e8860e811c4", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“They're going to have to get their act together to make sure that they understand what the customer needs and what they need to deliver...Honestly, I don't see how—they might get lucky, but in my experience right now, if you don't have, from the customer side of things, if they don't have someone that understands synthetic biology and understands the process and can really review the data, review the project, the advancement of the project is going to be difficult to be successful, unless Ginkgo hires really amazing program directors.” — Current Motif executive; “A lot of them are pretty much fresh out of Ph.D. So, this is their first job...at the speed they're growing right now, it's difficult for them to recruit senior people.” — Current Motif executive; “I think it just really comes back to having a very young, inexperienced team. We would give them a statement of work and a proposal for what we wanted to have done, and they would just seem to not be able to execute on it. Or we had them try to develop an assay for us, and we kept getting no results back from it. The assay just wasn't done; it wasn't developed. They kept dragging on, or would give us something that we thought should be done, and we would test it and find that it didn't work the way it was supposed or they hadn't used the proper controls...the mindset around customer service didn't seem to be there. It was very casual about, oh well, we can just keep fiddling around with this and charging you for it.” — Senior employee at Joyn", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b63-72e1-b600-bdf1167465f3", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Scaling and cost remain an ongoing, unsolved challenge for the “synthetic biology” industry. Many have coaxed microbes to excrete biofuels, but 1/100th of a teaspoon doesn’t power a car, not is it feasible if it costs $100,000 to fill up a tank with precious microbial juice. An ex-Ginkgo executive stated that half of their projects fail at the front end and the other half at fermentation/scale-up, given Ginkgo’s inability achieve any cost metrics: “over-promised and under-delivered”; stated Zymergen “imploded” for a similar inability to manufacture their film.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:54.483+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c82c0f38-d5dd-431d-baef-c51ab1d0020b", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.65 }, "kind": "quote", "text": "Other at back-end fermentation and scale-up; Ginkgo can achieve any cost of goods metrics; “over-promised and under-delivered”; same reason Zymergen “imploded” – couldn’t manufacture their film. Half of them probably fail on the backend...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:54.483+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "66a83828-4cc3-4380-b065-632f69a89a5c", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "quote", "text": "Half of Ginkgo’s project fail at front-end strain engineering. The conversion rate that I spoke of, like how many projects actually succeed, I think a lot of that has to do with, I’d say half of them fail on the very front-end...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:54.483+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e3c27229-f8f2-415d-87f3-ccd1da6e2237", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“The conversion rate that I spoke of, like how many projects actually succeed, I think a lot of that has to do with, I’d say half of them fail on the very front-end, where it’s just very hard to make that product, it’s a very complex molecule, it’s difficult. Biology is hard, and there’s a lot of crosstalk, and you might be able to make a trace amount of something, but you can’t make grams per liter of it the way you could from a barrel of oil or something like that.” — Former Ginkgo executive; “Half of them probably fail on the backend where you’re trying to meet a certain cost of goods. Ginkgo historically has done very little work in pharma, and so, a lot of the extracts from plants and naturally-occurring vitamins and things like that, there are naturally-occurring alternatives, and so you really need to provide a low-cost, uniform, high-quality product. They can’t really achieve those metrics. It’s sort of over-promised and under-delivered in the backend. That’s something like Zymergen just went through that and kind of imploded in part because they couldn’t figure out how to scale up their proprietary film.” — Former Ginkgo executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b63-72e1-b600-d7592128f6d7", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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As a result, Ginkgo just outsources to third-party fermentation facilities and \"hopes for the best.\" He described their woes as a reflection of the space, where companies can't make products cost-competitively: every synthetic biology \"ever started\" has tried to make vanilla and other \"marquee ingredients\" but failed, as it's cheaper to buy natural vanilla from third-world countries; \"market doesn't want what Ginkgo's able to make\"; \"problem with the business model.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:01.788+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "899bfce2-39fe-43cf-9c74-a0d1e81b09e4", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "quote", "text": "The backend of it is the fermentation and scale-up. I think that Ginkgo has no real differentiating technology when it comes to that. They just sort of test their strains and fermenters to try to scale them at the University of Pennsylvania or another kind of commercial fermentation facility in Mexico City or elsewhere, and they hope for the best. They try a bunch of strains and hope that one of them scales. 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Maybe that's because the cost of producing all of these ingredients in a global economy is just very low, and they should actually just focus on low volume, high-value products and not do these kinds of commodity-like ingredients because anyone can make those commodity ingredients. 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Some of this is basic economics. You have to pay for glucose or your sugar feedstock and all of your other ingredients. Agriculture is pretty efficient when it comes down to it. I mean, some of it is heavily subsidized, too. But if you want rose oil, you can go plant roses in a third-world country and produce some for pretty darn cheap, and vanilla and some of these other ingredients. 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They don’t have those products.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:55.014+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d47008e0-b28d-4190-8382-8331d87ce790", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.78 }, "kind": "quote", "text": "Former director surprised at lack of product success even in easy products like flavors and fragrances... “I’m actually surprised that there haven’t been more product announcements... You’d think it shouldn’t be too difficult to do to succeed on some of them to have a story to tell.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:55.014+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e6793bcb-4b74-4bda-96ee-7f1c5e899d86", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“I think the big hiccup or red flag right now is you could say, where are those products? 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But yes, it is high.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:56.298+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4dcd89fb-7731-433c-aee9-2200d771e12c", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.75 }, "kind": "quote", "text": "“Successful strains” delivered to customers may only generate ~$500K of revenue per year; customers are unhappy with them... “I believe that their actual revenue coming from those strains is something like $500,000 a year.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:56.298+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ad407db8-7e9b-4130-b4c1-918940ca94a8", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.9, "x": 0.05, "y": 0.38 }, "kind": "quote", "text": "Former strain engineer who led projects says 90% of Ginkgo 200+ projects have failed... “Their big success stories are projects like Cronos, but for every project like Cronos, there are nine others that don’t make money... 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- and indicated an inability to find \"even one or two examples of customers\" who are \"actually super happy with the strains that Ginkgo is producing.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b63-72e1-b600-ea3347954dd3", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.38 }, "kind": "paragraph", "text": "Former employee couldn’t find examples internally of customers “that are actually super-happy with the strains that Ginkgo is producing,” despite asking multiple teams inside Ginkgo for the information; the ex-employee was concerned about personal reputational consequences and “didn’t feel comfortable” in “bringing on customers” if Ginkgo couldn’t deliver", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:56.494+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b9cc90f-1ac5-426c-861a-b05006e09052", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.5 }, "kind": "quote", "text": "“The other thing was there were huge issues with delivery. I think there’s a huge amount of hype,, and as far as I’m aware, there isn’t even, maybe even one or two examples of customers that have been paid, whether it’s circular or not, that are actually super happy with the strains that Ginkgo is producing. The Synlogic thing is one example of customers who aren’t happy. But I continually was asking during my entire tenure there, can you give me a list of successful delivery examples? When have we executed on a promise to a customer? And nobody could give me a single example. I thought that was very concerning because in my role, I was bringing on customers left and right, and I didn’t feel comfortable bringing on customers to a company that couldn’t deliver because my reputation was on the line...I asked people in all the different teams I was intersecting with and nobody gave me an example, so I started going to the technical team, with the folks who are actually executing on the customer projects...For me, from an ethical perspective, I just needed to know. I didn’t want, not only my reputation, but I didn’t want to engage my customers’ time that they could never get back in something that wasn’t going to work for them.” - Former Ginkgo employee", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:56.494+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c753f4b4-7570-483e-bbca-1bdf9f996969", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The other thing was there were huge issues with delivery. I think there's a huge amount of hype,. and as far as I'm aware, there isn't even, maybe even one or two examples of customers that have been paid, whether it's circular or not, that are actually super happy with the strains that Ginkgo is producing. The Synlogic thing is one example of customers who aren't happy. But I continually was asking during my entire tenure there, can you give me a list of successful delivery examples? When have we executed on a promise to a customer? And nobody could give me a single example. 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I didn't want, not only my reputation, but I didn't want to engage my customers' time that they could never get back in something that wasn't going to work for them.\" — Former Ginkgo employee", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b63-72e1-b600-ee9e4dc57e18", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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I can't tell if that is really playing out; I haven't seen the substance for their other partners or other projects.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b63-72e1-b601-1838aedc7089", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.3 }, "kind": "paragraph", "text": "Current Joyn executive is “worried that I’m not seeing Ginkgo” deliver on its collaborations; hasn’t “seen the substance for their other partners or other projects”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:59.337+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9397ee88-fe21-4060-bbba-5db2a51f3e15", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.38 }, "kind": "quote", "text": "“That’s the challenge for me. I can’t tell if that is really playing out. What to me is more interesting about Amyris and I think Zymergen if you look at the DOD or DOE, this thing where they ask them can you use synthetic biology to produce 100 arbitrary novel compounds that there’s no synthetic route to? And if they were able to do that at scale relatively rapidly, that to me is proof is in the pudding there. I’m just worried that I’m not seeing Ginkgo delivering on that. I’m not saying that they don’t or that they haven’t; I haven’t seen the substance for their other partners or other projects.” – Current Joyn executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:59.337+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "997f8efb-58f2-4d50-947b-b4a27e17ef41", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“That's the challenge for me. I can't tell if that is really playing out. What to me is more interesting about Amyris and I think Zymergen if you look at the DOD or DOE, this thing where they ask them can you use synthetic biology to produce 100 arbitrary novel compounds that there's no synthetic route to? And if they were able to do that at scale relatively rapidly, that to me is proof is in the pudding there. I'm just worried that I'm not seeing Ginkgo delivering on that. 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We spoke with current and/or former executives at five. The sixth appears to be a shell with no employees. Our interviews indicate that each of the six is a flop where Ginkgo has failed to deliver strains for the vertical the collaboration is in. The revenue and deferred revenue Ginkgo attributes to each is shown below. Two of the six are “Structured Partnerships” where equity is provided to an existing entity that agrees to “purchase” R&D from Ginkgo’s foundry: Synlogic (a microcap drug discovery company) and Genomatica (private, focused on chemicals). 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deliver successful strains: Synlogic had to switch to Zymergen instead, which successfully engineered a strain after Ginkgo flopped", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b63-72e1-b601-7ca4fb8defb4", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.14 }, "kind": "paragraph", "text": "We cover each key collaboration and share our findings, beginning with Synlogic, a $200MM market cap early-stage biotech focused “synthetic biotic” drugs. A current executive of Synlogic spoke at length about their experience with Ginkgo and indicated Ginkgo failed to deliver successful strains: Synlogic had to switch to Zymergen instead, which successfully engineered a strain after Ginkgo flopped; stated Ginkgo has “not impacted” their clinical programs “at all”; and suggested at Ginkgo’s “SPAC pitch deck” is promotional and was dismissive of their focus on trivial areas like fragrances: “we’re not trying to do science experiments, we’re trying to develop drugs.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:56.721+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1feab3a8-6aea-4007-ace7-ec167c47f395", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "quote", "text": "Synlogic had to turn to Zymergen instead for the strain it needed, after Ginkgo failed to deliver. “In the PKU program, we have two programs for PKU: one is a first-generation strain that we developed ourselves, homegrown. The second-generation program has an enzyme that we did work with Zymergen on, and Zymergen was able to identify an enzyme with improved activity. And that's one of the enzymes that we ended up engineering into our next-generation strain.” – Synlogic executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:56.721+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2451338a-63f8-4e9a-89a0-b935d3ad662b", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "quote", "text": "Executive suggested that Ginkgo is promotional and has had little meaningful product success to date. “The whole SPAC pitch deck, it's very aspirational and beautiful, and it looks great and all that stuff. If you like that kind of stuff, it's an impressive example of how to do that, I guess. I hope that they can make a bigger impact than some of the stuff that has been their successes so far, things like the fragrances.” – Synlogic executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:56.721+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a7b12ad8-61e9-4ab5-b622-4f53ea8b131a", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.65 }, "kind": "quote", "text": "Ginkgo has made no impact on Synlogic's clinical programs. Q: “Have they made any major impact? Or is this all incremental-level stuff that they're doing here?” A: “For the two clinical-stage assets for the PKU [phenylketonuria] program and the HOX [enteric hyperoxaluria] program, they have not impacted those programs at all... We're not trying to do science experiments; we're trying to develop drugs.” – Current Synlogic executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:56.721+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0e1dde8-4c99-44fd-822d-9443c15dc0fd", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“In the PKU program, we have two programs for PKU: one is a first-generation strain that we developed ourselves, homegrown. The second-generation program has an enzyme that we did work with Zymergen on, and Zymergen was able to identify an enzyme with improved activity. And that's one of the enzymes that we ended up engineering into our next-generation strain.” — Synlogic executive; “For the two clinical-stage assets for the PKU [phenylketonuria] program and the HOX [enteric hyperoxaluria] program, they have not impacted those programs at all... We're not trying to do science experiments, we're trying to develop drugs.” — Current Synlogic executive; “The whole SPAC pitch deck, it's very aspirational and beautiful, and it looks great and all that stuff. If you like that kind of stuff, it's an impressive example of how to do that, I guess. 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agreed that it was basically just a round-tripping arrangement", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b63-72e1-b601-94e980031c42", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.82 }, "kind": "quote", "text": "I would say it's changed over time... We do most of the engineering of the strains and combining the parts into the clinical candidates and all that kind of stuff ourselves at Synlogic.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:55.767+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "59f52a59-855a-4238-a9e5-c01434521c85", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.65 }, "kind": "quote", "text": "We did not have $30 million to spend on it for sure without the financing that came with it.... What I would say, I think you're reading the agreement correctly in terms of what the deal was.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:55.767+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "631cb0fe-ebfc-4077-bcff-cc9c704f3a56", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.38 }, "kind": "quote", "text": "We had that $30 million to spend. We want to spend it eventually, and we are... It's expensive to do work there without the prepaid component of it... We will probably have a higher level of scrutiny for what we do for sure.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:55.767+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a84d5848-6315-4896-a581-e2ccf410c92e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We had that $30 million to spend. We want to spend it eventually, and we are. I would go to them for certain things or at least consider them for certain things. It's expensive to do work there without the prepaid component of it; it would be hard to do everything there because it would get expensive pretty quick. But there would be some things, I can say for sure that we would consider doing work with them, and we are, and we will. Will that change when we get through all the money that we've pre-allocated? 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Many, less than 10.” – Current Synlogic executive", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:57.132+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ea03e0ba-1b33-4704-9029-ab26d981ffab", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.6, "x": 0.05, "y": 0.38 }, "kind": "paragraph", "text": "Ginkgo is just another commodity CRO that thinks it has “a unique business model”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:57.132+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9a4eeaee-ecce-4b33-b44d-02b97c9ada8a", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.7, "x": 0.05, "y": 0.78 }, "kind": "paragraph", "text": "Synlogic has sent less than 10 projects to Ginkgo in two years, despite a $30MM R&D prepayment", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:57.132+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c551c538-50f3-4fae-b732-ca169f19d25d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.7, "x": 0.05, "y": 0.58 }, "kind": "paragraph", "text": "Executive elaborated that one can get “the same kind of thing at any other CRO for a piece of work”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:57.132+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e6428439-7801-4bb0-8533-1c071688d855", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.4 }, "kind": "quote", "text": "“The PR is definitely amazing; they're good at that for sure...I think if you break down the different parts of the business and what they offer, you certainly can find other places that can do aspects of that. To me, they're a CRO, that they're providing a service, and they may be thinking they have a unique business model behind that in some way, but we would look at a project with them just like we would look at a project with Zymergen or anyone else if we were scoping out the question and what the right person would do and we definitely get competitive bids for things when we have to.” – Synlogic executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:57.132+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21d3b4b7-735b-47ef-8206-d1ed00c93ffa", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.6 }, "kind": "quote", "text": "“It’s like working with a CRO. We decide that we want to work on enzyme x; we want to improve that enzyme's activity. We get a proposal from them. We work on the proposal together, and we negotiate aspects of it, we take stuff out and put stuff in, and that proposal has a cost associated with it, and it has milestones associated with it, and as the project progresses, we make payments accordingly. As far as I know, or I can tell, there’s nothing really that unique like I would expect to do the same kind of thing at any other CRO for a piece of work.” – Current Synlogic executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:57.132+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b9022d99-bc2c-43a6-9f94-27b203882162", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“The PR is definitely amazing; they're good at that for sure...I think if you break down the different parts of the business and what they offer, you certainly can find other places that can do aspects of that. To me, they're a CRO, that they're providing a service, and they may be thinking they have a unique business model behind that in some way, but we would look at a project with them just like we would look at a project with Zymergen or anyone else if we were scoping out what the question was and what the right person would do and we definitely get competitive bids for things when we have to.” — Synlogic executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b63-72e1-b601-be6f1b40f852", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Was it successful? Was it a failure?”\nA: “I wouldn't be able to comment on that…This was between Ginkgo and Synlogic when I was there; they were still working on it. I can't comment beyond that.”\nQ: “Are you able to offer an opinion as to whether you think it will be successful in the future?”\nA: “I hope so.”\nQ: “You hope so, but do you think it will?”\nA: “It's biology. Nobody even at Ginkgo can say whether it will or not”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:01.486+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "32569ee7-4ac0-46cb-bb18-28a3b5176ed0", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.31 }, "kind": "quote", "text": "The issue with the circular revenue with Synlogic, basically, they provided Synlogic $30 million, Synlogic turned around and paid it to them, so they were registering their own money as revenue, and then they tried to make a strain for Synlogic, and it didn't work, and then they had to go to Zymergen and get the strain. 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Nothing's been announced. Nitrogen fixation is extremely difficult. It truly is a moonshot. If they get this to work, it's huge. But what are their chances? I think it's pretty small.” — Former Ginkgo executive; “The high throughput sequencing, the DNA synthesis, all of the highly automated processing of samples that they are really good at—all of that stuff is fine. I'd probably leave it at the 15% to 20% level. The percentage of our budget that goes to them today is probably 60%, 70%, or more right now. I don't actually have visibility on the whole R&D budget, unfortunately... how we are working with them now is as a kind of a glorified CRO.” — Senior employee at Joyn; “Joyn, it's hard to tell how far they've gotten. I know that testing things in the soil with plants takes a long time, but it seems like there is not a lot of success coming out of that...They are testing a strain in the field, from what I understand. 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A senior employee at Joyn who speaks with colleagues at Motif – both are “platform ventures’ co-located in Ginkgo’s building – told us that Motif “are very spicy about Ginkgo. 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We believe a similar outcome is more likely than not at Ginkgo", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:59.77+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dccf8713-54fe-4358-a6c4-1100dda90959", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "7df91e53-ad47-42aa-8829-ca0fa6aca357", "evidence": "The slide explicitly compares Ginkgo to Zymergen to predict a similar negative outcome.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:21:59.77+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 171, "frameworkName": "argument-from-analogy" } ], "arcBeats": [ { "to": 175, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 9, "name": "Expose Contradiction", "beatId": "ffe290af-3a4f-4e06-8d60-dfbfc07d2e08", "matchId": "6f2f96be-37d2-46c3-8b66-10ed6d6c1a35", "beatType": null, "evidence": "The deck presents evidence contradicting Ginkgo's claims and highlighting potential wrongdoings.", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 172, "type": "tension", "title": "Uses direct quotes to frame Ginkgo's strategic moves as reactive to Zymergen's failure.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 88, "componentCount": 11, "textChars": 3778, "nDataPoints": 0, "notes": "Uses direct quotes to frame Ginkgo's strategic moves as reactive to Zymergen's failure.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:21:59.384+00", "seconds": 5.084, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-1a3bea94baf9/172", "deck": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9#slide-172", "deckJson": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Ginkgo was worried and tried to downplay its similarity to Zymergen after its stock collapsed", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b63-72e1-b602-3c40448acc0b", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "paragraph", "text": "A former executive indicated they both had the same “Foundry” technology, even using the same suppliers to equip their labs; that Ginkgo CEO’s “biggest fear was always Zymergen”; and that Ginkgo was worried after Zymergen’s stock imploded in August, and “announced all these deals to try to be able to show that they’re different.” An ex-employee who was a longtime direct report to the CEO stated “they’re very similar” with the only difference being that Zymergen wanted to specialize in a few verticals while Ginkgo wanted to be a generalist strain engineering CRO.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:59.384+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "99a7cfda-4dcc-48e9-ae85-71b98dbfa9b1", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.74 }, "kind": "quote", "text": "“Ginkgo was quickly in defensive mode [after Zymergen’s stock collapsed] because they didn't want people to make that comparison, and so they announced all these deals to try to be able to show that they’re different. Maybe Ginkgo will be successful at some point, but when the rubber meets the road, you look at what products are out there. Who has been successful using your technology that has led to a meaningful product? And the answer is there isn't any.” - Former Ginkgo executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:59.384+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "19913109-51dd-4573-9836-a5b5c87795a0", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.9 }, "kind": "quote", "text": "“I think that in certain ways, they’re very similar. They competed on a number of very large-dollar number projects...I would say where Ginkgo and Zymergen diverged was a few years ago, Zymergen started to specialize in a few application areas: materials, ag, pharma, a few other one-offs. Whereas Ginkgo said, we’re not going to specialize. We want to be able to engineer everything. 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When I was at Ginkgo, Jason's biggest fear was always Zymergen. And so, he would try to corner the market by buying all the equipment so Zymergen couldn't buy any. Just stuff like that. There are very few suppliers for this type of equipment.” - Former Ginkgo executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:59.384+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "de2afa10-c1cd-4fc3-9cf7-6c353afc57a2", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"When I was at Ginkgo, Jason's biggest fear was always Zymergen. And so, he would try to corner the market by buying all the equipment so Zymergen couldn't buy any.\" — Former Ginkgo executive; \"Ginkgo was quickly in defensive mode [after Zymergen's stock collapsed] because they didn't want people to make that comparison, and so they announced all these deals to try to be able to show that they're different. Maybe Ginkgo will be successful at some point, but when the rubber meets the road, you look at what products are out there. Who has been successful using your technology that has led to a meaningful product? And the answer is there isn't any.\" — Former Ginkgo executive; \"I think that in certain ways, they're very similar. They competed on a number of very large-dollar number projects...I would say where Ginkgo and Zymergen diverged was a few years ago, Zymergen started to specialize in a few application areas: materials, ag, pharma, a few other one-offs. Whereas Ginkgo said, we're not going to specialize. 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not much differentiation between the two; “more similar to each other than they are different”", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b63-72e1-b602-0fdb2ae6c171", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "A former director-level employee of Ginkgo re-iterated comments by his colleagues, stating that Zymergen and Ginkgo are very similar, and that if anything Zymergen’s science was lower-risk. He indicated that both companies “were always looking jealously at each other”; that there’s little differentiation between the two; and that they’re “more similar to each other than they are different.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:58.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "50fdb6d7-df49-4fb9-b49c-a39aec1dfd25", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.8 }, "kind": "quote", "text": "I think both companies were always looking jealously at each other or trying to one-up each other. But I don't think there's a large differentiation between the two companies per se besides that historical philosophy.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:58.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "02e9afbb-2703-43c9-bb68-5811c3821eb0", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.6 }, "kind": "quote", "text": "Ginkgo has always been more of the let's not do strain improvement per se, but let's actually build novel products or start from scratch... Ginkgo was always a higher risk but more sexy projects. Zymergen was just kind of ho-hum.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:58.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "60366065-2f04-42d3-935c-4981de33a1fa", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.36 }, "kind": "quote", "text": "I mean, they had very similar beginnings, Zymergen and Ginkgo. What was different about the two companies, really, and this maybe seems like I'm splitting hairs a little bit, but Zymergen was always focused on lower-risk science.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:58.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bfaf5978-e6f1-4b20-b069-100e03e7e041", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“I mean, they had very similar beginnings, Zymergen and Ginkgo. What was different about the two companies, really, and this maybe seems like I'm splitting hairs a little bit, but Zymergen was always focused on lower-risk science.” — Former Ginkgo director level employee; “Ginkgo has always been more of the let's not do strain improvement per se, but let's actually build novel products or start from scratch... Ginkgo was always a higher risk but more sexy projects. Zymergen was just kind of ho-hum.” — Former Ginkgo director level employee; “I think both companies were always looking jealously at each other or trying to one-up each other. 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What's going on with firing people who speak up? I mean, that's like Theranos. I just think that it's lying about stuff that's creating an extremely toxic culture, silencing, it's basically killing off naysayers by firing them...The culture is pretty toxic. There are some really terrible things going on.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:36:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b63-72e1-b602-95c14228f9ed", "parentComponentId": null }, { "bbox": { "x": 0.05, "y": 0.62 }, "kind": "quote", "text": "Another interesting thing is that Zymergen has way more codebase than Ginkgo. Their diversity is way higher, and that's part of why they were able to engineer that Synlogic strain and Ginkgo wasn't. Ginkgo is way outcompeted by Zymergen in that regard.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:58.637+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3fb5a5eb-3bd8-49f1-b25a-5c06c620a50a", "parentComponentId": null }, { "bbox": { "x": 0.05, "y": 0.39 }, "kind": "quote", "text": "In short, I think that the company is over-hyped, overvalued, and set up to have its Zymergen-like moment. You saw how the Zymergen stock crashed 80% in a day, and I would not be very surprised if that happened to Ginkgo sometime in the next year.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:58.637+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "908725d2-943c-46be-b593-09992d17ef1b", "parentComponentId": null }, { "bbox": { "x": 0.05, "y": 0.8 }, "kind": "quote", "text": "The culture is very toxic. What's going on with firing people who speak up? I mean, that's like Theranos. I just think that it's lying about stuff that's creating an extremely toxic culture, silencing, it's basically killing off naysayers by firing them... The culture is pretty toxic. There are some really terrible things going on.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:21:58.637+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d3ebbe55-1cc7-4719-afc0-52e7402f7913", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“In short, I think that the company is over-hyped, overvalued, and set up to have its Zymergen-like moment. 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