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  "documentTitle": "Berkeley Lights (BLI)",
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  "notes": "Uses expert quotes to validate a bearish thesis on market size.",
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      "text": "Former employees sized individual use cases as miniscule markets, such as cell line development.",
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      "text": "Total Addressable Market: $150-300MM",
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      "text": "Former employees sized individual use cases as miniscule markets, such as cell line development. A former executive called it “really small” and walked us through a methodology that worked backward from how many lead drug candidates annually need to go through a cell line development workflow. Assuming ~1,000 candidates per year with average CDMO pricing for cell line development at $150-200K yields a market size of $150-200MM.",
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      "text": "Easy to calculate TAM by working backward from pharma drug pipelines; 1,000 cell development candidates per year times $150-200K per candidate, using CDMO pricing, yields $150-200MM, perhaps $300MM maximum. “One could calculate it by estimating how many drugs are on the market or in development... That tells me the market is like $150 to $300 million maximum.” –Former BLI executive",
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      "text": "Cell line development is a “really small” market; others have done the math and come to same conclusion. “If you do the math on cell line development, you can figure out how big the market is, how much you should charge, all those things. Other people have talked to me about this said, well, this is how I do the math. And I say, that’s how I do it as well. It’s not that big of a market. In fact, it’s really small. I probably had some friction there around this.” –Former BLI executive",
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      "text": "\"If you do the math on cell line development, you can figure out how big the market is, how much you should charge, all those things. Other people have talked to me about this said, well, this is how I do the math. And I say, that's how I do it as well. It's not that big of a market. In fact, it's really small. I probably had some friction there around this.\" — Former BLI executive",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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      "text": "Part 2) Former BLI employees/executives: Total addressable market is negligible",
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