{ "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": 125, "pageCount": 158, "prevPage": 124, "nextPage": 126, "slideType": "preempt_rebuttal", "function": "preempt_rebuttal", "density": "overcrowded", "nDataPoints": 4, "notes": "The slide uses expert quotes to frame competitive threats from lower-cost, simplified instruments.", "elementsJson": [ "headline_text", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-101b5bfde4b8/125", "deckHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8#slide-125", "components": [ { "bbox": null, "kind": "callout", "text": "In addition to Abcellera, Isoplexis and Sphere Fluidics sell instruments at a quarter of the cost; simpler to operate while retaining “just enough of the functionality of Beacon to make it useful in similar applications.”", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-2042-70a9-a1ae-a7d7c438f21f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.08, "y": 0.42 }, "kind": "paragraph", "text": "Isoplexis sells a machine for around $250K, can be used for similar applications", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "94e4fd14-e853-4836-a9e7-23153dbc40f4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.08, "y": 0.23 }, "kind": "paragraph", "text": "Sphere Fluidics offers a competing instrument at about $250k, a quarter of the Beacon's cost", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fe8ffaf5-0e21-471d-8665-f21d81be84fc", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.85, "x": 0.08, "y": 0.27 }, "kind": "quote", "text": "There are also a couple of companies that have gone in the other direction. Instead of adding functionality, they reduced down the assays to make them a little bit more manageable. Sphere Fluidics is one example of that. They're almost like a FACS instrument. You encapsulate your individual cells into these bubbles, along with reagents and whatever antibody you're trying to evaluate. Obviously, the readout is a fluorescent signal, just the same you do in Beacon.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "32e45379-7e18-44cb-a439-662c8155281f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.85, "x": 0.08, "y": 0.46 }, "kind": "quote", "text": "The last company which is not a direct competitor, but you could certainly use the instrumentation to do antibody screening is IsoPlexis. Right now, they're well-known for cytokine panels, where they're looking at the secretion of different cytokines in different immune contexts. The idea is that you have single T cells; for example, you're looking at what they're secreting. Obviously, you could do the same thing with B cells to look at antibodies. And you basically use their panels to figure out which single cells are secreting what. They're still a little bit early, but it looks to me, based on some of my evaluation of the instrument, that they could take it in that direction. Again, it's a much less expensive instrument. It retains just enough of the functionality of Beacon to make it useful in similar applications. It's on the order of $250,000 as well or $350,000.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bade47c0-24f1-48ab-b46f-1000359b34a3", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“There are also a couple of companies that have gone in the other direction. Instead of adding functionality, they reduced down the assays to make them a little bit more manageable. Sphere Fluidics is one example of that. They're almost like a FACS instrument. You encapsulate your individual cells into these bubbles, along with reagents and whatever antibody you're trying to evaluate. Obviously, the readout is a fluorescent signal, just the same you do in Beacon.” — Leading academic institution/ex-BLI scientist. “The last company which is not a direct competitor, but you could certainly use the instrumentation to do antibody screening is IsoPlexis. Right now, they're well-known for cytokine panels, where they're looking at the secretion of different cytokines in different immune contexts. The idea is that you have single T cells; for example, you're looking at what they're secreting. Obviously, you could do the same thing with B cells to look at antibodies. And you basically use their panels to figure out which single cells are secreting what. They're still a little bit early, but it looks to me, based on some of my evaluation of the instrument, that they could take it in that direction. Again, it's a much less expensive instrument. It retains just enough of the functionality of Beacon to make it useful in similar applications. It's on the order of $250,000 as well or $350,000.” — Leading academic institution/ex-BLI scientist.", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-2042-70a9-a1ae-aa494420b543", "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": "3bc1fa71-6b02-4952-a55f-4eb1ca6ca279", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.12 }, "kind": "title", "text": "In addition to Abcellera, Isoplexis and Sphere Fluidics sell instruments at a quarter of the cost; simpler to operate while retaining \"just enough of the functionality of Beacon to make it useful in similar applications.\"", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1c10141a-0202-4e25-bf7c-ded5a9ac3271", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.8, "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": "48ad5abb-130b-48ba-b235-4aa63822b4de", "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 }