{ "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": 120, "pageCount": 158, "prevPage": 119, "nextPage": 121, "slideType": "testimonial", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses highlighted text to emphasize critical failure points in the expert's narrative.", "elementsJson": [ "headline_text", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-101b5bfde4b8/120", "deckHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8#slide-120", "components": [ { "bbox": null, "kind": "callout", "text": "Technology doesn't work for cell line development, one of its two primary target markets and use cases; issues with contamination, cell growth/behavior, problems with BLI's chip; expert is not surprised BLI has basically killed of cell line development vertical, as the field is already satisfied with competing instruments at a fraction of the cost.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-2042-70a9-a1ad-92a632f4750e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.12 }, "kind": "paragraph", "text": "Technology doesn't work for cell line development, one of its two primary target markets and use cases; issues with contamination, cell growth/behavior, problems with BLI's chip; expert is not surprised BLI has basically killed of cell line development vertical, as the field is already satisfied with competing instruments at a fraction of the cost.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "308fa726-4bec-4e18-b7df-98659f81ba92", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.87, "x": 0.08, "y": 0.65 }, "kind": "quote", "text": "That's not surprising to me that they de-emphasized that. I also don't know that there was a ton of other competition in that field. As I mentioned, the Miltenyi Biotech instrument is a lot more rudimentary; it's very liquid-handling focused if I recall correctly. Not necessarily microchip-based, but it does enable high throughput screening of cell growth and cell division. My understanding from talking to a few people is that that's been around for a while, a lot of people are perfectly happy using it, and so they really didn't see the need to invest in something like a Beacon to continue to develop that workflow. It's probably fair to leave it at that for cell line development since I don't think they're really going to do much with that workflow going forward.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "042c2e1b-7c06-4c54-99cd-16563abb56fb", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.87, "x": 0.08, "y": 0.35 }, "kind": "quote", "text": "I think it's an interesting observation because one of the things—in my mind, a cell line development workflow really starts you're penning single cells, you're observing something about them, in many cases, division rate or growth rate, things like that. And then the idea is that you can take the cells off of the chip, put them in a plate, and then grow them up in a GMP-compliant type facility. It's been interesting because there's honestly a lot of problems with that. It's not really all that surprising to me that they kind of de-emphasized that pipeline because there are issues with contamination, there are issues with growth, and the cells don't necessarily behave off-chip the same way they do on-chip, and so what may be a great growth candidate on-chip may behave differently in so-called chip emissions and things like that.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f5be0fd6-cbf9-4fcf-ab91-79c8e2779ffd", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“I think it's an interesting observation because one of the things—in my mind, a cell line development workflow really starts you're penning single cells, you're observing something about them, in many cases, division rate or growth rate, things like that. And then the idea is that you can take the cells off of the chip, put them in a plate, and then grow them up in a GMP-compliant type facility. It's been interesting because there's honestly a lot of problems with that. It's not really all that surprising to me that they kind of de-emphasized that pipeline because there are issues with contamination, there are issues with growth, and the cells don't necessarily behave off-chip the same way they do on-chip, and so what may be a great growth candidate on-chip may behave differently in so-called chip emissions and things like that.” — Leading academic institution/ex-BLI scientist", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-2042-70a9-a1ad-959c4c4520f8", "frameworkName": null, "frameworkSlug": 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, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "692a9b43-c9b4-4607-819a-59cf5db7e918", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.05, "y": 0.08 }, "kind": "title", "text": "LEADING ACADEMIC INSTITUTION/EX-BLI SCIENTIST (cont'd):", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8ab01593-5a31-4f19-b7e5-d004ad0c740c", "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 }