{
  "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": 11,
  "pageCount": 158,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "dense",
  "nDataPoints": 2,
  "notes": "Uses competitive product imagery to undermine the company's proprietary technology claims.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "screenshot"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-101b5bfde4b8/11",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8#slide-11",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Dozens of vendors like Sony, Thermo Fisher, and others sell cytometers, typically for $75-100K vs. BLI’s Beacon at $2MM.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2041-7259-a874-52def03db37a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.25,
        "x": 0.35,
        "y": 0.55
      },
      "kind": "image",
      "text": "Becton Dickinson cytometer",
      "attrs": null,
      "subkind": "photo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "33ac7dfb-95c7-4cfb-93ae-894281719a78",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.25,
        "x": 0.64,
        "y": 0.55
      },
      "kind": "image",
      "text": "Thermo Fisher cytometer",
      "attrs": null,
      "subkind": "photo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "55a66886-eeaf-4dd5-9606-5517d392c564",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.25,
        "x": 0.06,
        "y": 0.55
      },
      "kind": "image",
      "text": "Sony cytometer",
      "attrs": null,
      "subkind": "photo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "759ecd89-4d46-4ac9-a7ba-e5069d3ca96d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "price: $2MM",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2041-7259-a874-57e7598cdec8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.92,
        "x": 0.04,
        "y": 0.1
      },
      "kind": "paragraph",
      "text": "While BLI promotes its technology as “Digital Cell Biology” – a vacuous label it appears to have concocted – the Beacon is little more than a glorified flow cytometry and cell sorting machine. Flow cytometers, developed in the 1950’s, have been a standard, commodity tool in labs for half a century. Dozens of vendors like Sony, Thermo Fisher, and others sell cytometers, typically for $75-100K vs. BLI’s Beacon at $2MM. Cells in a solution are stained with a fluorescent reagent and “flowed” past a laser. The optical scatter is analyzed to determine the number of cells, their size, and other characteristics. FACS machines (“Fluorescent Activated Cell Sorter”) are a subset of cytometers, for sorting cells into containers for further analysis or processing.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5232ce9b-266e-4a41-bc45-b643a90a32bb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.8,
        "x": 0.04,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: https://www.sonybiotechnology.com/us/instruments/sp6800/; https://www.bdbiosciences.com/en-us/products/instruments/flow-cytometers/research-cell-sorters/bd-facsymphony-s6; https://www.thermofisher.com/pr/en/home/life-science/cell-analysis/flow-cytometry/flow-cytometers/bigfoot-spectral-cell-sorter.html",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "10769095-39d8-468e-87d0-864976cbd524",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.9,
        "x": 0.04,
        "y": 0.05
      },
      "kind": "title",
      "text": "1) Introduction to the real Berkeley Lights; warning signs of a looming collapse and other red flags",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "97da8bb5-d109-45d5-9243-0b6ede2d244a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Villain slide",
      "slug": "villain-slide",
      "agent": null,
      "layer": "slide",
      "matchId": "3245d6c0-c249-43cc-9470-e280d73d46c8",
      "evidence": "The slide compares BLI's Beacon to existing lab instruments, implying it's overpriced and not unique.",
      "confidence": 0.9
    }
  ],
  "frameworks": [
    {
      "name": "antagonist-introduction",
      "slug": null,
      "matchId": "d0221330-c7c3-4f78-8358-081534b58bbe",
      "evidence": "Frames the company as a deceptive actor using 'vacuous labels' to hide commoditized technology.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 26,
      "from": 8,
      "beatId": "bbf5e338-dbf6-4549-8f10-adb5f0082b0c",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Critique of Berkeley Lights",
      "beatSlug": null,
      "evidence": "The document presents a detailed critique of Berkeley Lights, highlighting its failing business, deteriorating financials, and poor market reception.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}