{ "docId": "019dd923-622c-750b-8b9a-101b5bfde4b8", "docSlug": "a70fecd99534", "documentTitle": "Berkeley Lights (BLI)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-09-15 00:00:00", "orientation": "landscape", "aspectRatio": 1.2941177, "pageNumber": 105, "pageCount": 158, "prevPage": 104, "nextPage": 106, "slideType": "villain_critique", "function": "name_villain", "density": "overcrowded", "nDataPoints": 1, "notes": "The slide uses a 'villain critique' structure to undermine the target company's value proposition by citing a high-profile industry expert.", "elementsJson": [ "headline_text", "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-101b5bfde4b8/105", "deckHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8#slide-105", "components": [ { "bbox": null, "kind": "callout", "text": "LONZA scientist (cont'd) slammed the instrument: doesn't shorten development timelines or eliminate the need for traditional workflows, both key to its value proposition and $2MM price tag; capabilities are lacking for both cell line development and antibody discovery, BLI's two key target markets; cost is \"prohibitive\" and a \"major shortcoming\": not enough potential usage for ROI – a telling sign for BLI's TAM given Lonza may be the world's largest contract drug developer and manufacturer.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-2042-70a9-a1ad-180742d44cee", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.78 }, "kind": "list", "text": "The cost of the machine was \"prohibitive\" and a \"major shortcoming\"; didn't see enough potential usage to get a return. \"I think the major shortcoming for us was the cost of the hardware was fairly prohibitive for the work that we're doing with it; I mean, we'd really have to do a lot of testing of different programs in order to recoup any investment into the Beacon itself. Any decision given the price point, we weren't going to use it.\"", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "533ffd2e-b868-44fb-b925-0cdcba4c27aa", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.25 }, "kind": "list", "text": "Machine doesn't shorten development timelines – key to BLI's value proposition and $2MM price tag. \"When you dig a little bit deeper, you still have to go back and do some other activities. You're not done just because you put some cells into a Berkeley. I can say from the feedback I've gotten, they feel that yes, it doesn't shorten it.\"", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c79e0929-a78a-40df-b4dd-987485a34096", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.92, "x": 0.04, "y": 0.55 }, "kind": "list", "text": "Capabilities for antibody discovery are also lacking, on top of no value proposition for cell line development. \"They can look and see the secretion of the antibodies, but they can't tell, for instance, the general cell line stability, whether or not there's stable expression, whether it has some of the other ancillary characteristics you're looking for. They do need to take it offline to do some additional testing. they just don't have every capability we like to look for. I would say that what Berkeley does is it helps us narrow down the number of candidates to a manageable number that we then go back to some of the more traditional testing for it. And I would say that's the same for cell therapies. It's not going to be able to do everything.\"", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "cd4486fb-4a49-4ca2-a9c2-af05924a54f1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.92, "x": 0.04, "y": 0.38 }, "kind": "list", "text": "Berkely Lights doesn't eliminate the need for traditional, legacy workflows – the entire reason it's priced so high. \"The primary issue is just now once you've identified for example new antigens that are associated with tumors , now again, you have to take it offline and then do some additional workflows, whether that be sequencing, proteomics—whatever, you're just going to have to do that. So, that was the major shortcoming for us.\"", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e3ac1b7f-3e64-4572-9495-586894365da5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.92, "x": 0.04, "y": 0.08 }, "kind": "paragraph", "text": "LONZA scientist (cont'd) slammed the instrument: doesn't shorten development timelines or eliminate the need for traditional workflows, both key to its value proposition and $2MM price tag; capabilities are lacking for both cell line development and antibody discovery, BLI's two key target markets; cost is \"prohibitive\" and a \"major shortcoming\": not enough potential usage for ROI – a telling sign for BLI's TAM given Lonza may be the world's largest contract drug developer and manufacturer.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "651feed8-01e2-44a0-b950-36c708f423df", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"When you dig a little bit deeper, you still have to go back and do some other activities. You're not done just because you put some cells into a Berkeley. I can say from the feedback I've gotten, they feel that yes, it doesn't shorten it.\" — Lonza scientist; \"The primary issue is just now once you've identified for example new antigens that are associated with tumors , now again, you have to take it offline and then do some additional workflows, whether that be sequencing, proteomics—whatever, you're just going to have to do that. So, that was the major shortcoming for us.\" — Lonza scientist; \"They can look and see the secretion of the antibodies, but they can't tell, for instance, the general cell line stability, whether or not there's stable expression, whether it has some of the other ancillary characteristics you're looking for. They do need to take it offline to do some additional testing. they just don't have every capability we like to look for. I would say that what Berkeley does is it helps us narrow down the number of candidates to a manageable number that we then go back to some of the more traditional testing for it. And I would say that's the same for cell therapies. It's not going to be able to do everything.\" — Lonza scientist; \"I think the major shortcoming for us was the cost of the hardware was fairly prohibitive for the work that we're doing with it; I mean, we'd really have to do a lot of testing of different programs in order to recoup any investment into the Beacon itself. Any decision given the price point, we weren't going to use it.\" — Lonza scientist", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-2042-70a9-a1ad-1c901710340f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.04, "y": 0.96 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a5a6faa2-bd8e-4682-b39b-63ae63090032", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.04, "y": 0.05 }, "kind": "title", "text": "2L) Lonza scientist", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ec623f76-8c04-4e7a-b944-b67763631282", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 150, "from": 42, "beatId": "172d6e2f-be3f-4802-92e5-e7e412ccdabe", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Testimonials from Customers and Former Employees", "beatSlug": null, "evidence": "The document presents testimonials from customers and former employees, providing first-hand accounts of the challenges and limitations of Berkeley Lights' product.", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }