{
  "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": 17,
  "pageCount": 158,
  "prevPage": 16,
  "nextPage": 18,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 2,
  "notes": "Uses a 'bull case vs reality' framing to expose a contradiction in the company's narrative.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "screenshot"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-101b5bfde4b8/17",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8#slide-17",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.05,
        "y": 0.335
      },
      "kind": "callout",
      "text": "If all this is true, why is their installed base still a pitiful 92 systems... FIVE YEARS after launch?",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f5160f03-e2bc-4a62-9c74-878afc2901d9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.42,
        "w": 0.9,
        "x": 0.05,
        "y": 0.49
      },
      "kind": "image",
      "text": "Four screenshots from BLI presentation illustrating the bull case",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e669cdab-b202-446b-8528-42a0e8fefda4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "installed base: 92",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2041-7259-a873-a40e0c8a79e1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.92,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "paragraph",
      "text": "Of numerous red flags at Berkeley Lights, one simple and obvious question led us to investigate the company. The bull case is 1) a massive $23B TAM and 1,600 potential customers; 2) a revolutionary technology; 3) an overwhelming value proposition; and 4) amazing customer validation from leading players like Amgen. Yet BLI launched its flagship machine in 2016. Which leads us to the elephant in the room....",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5a0f1514-5071-4cec-8336-fe471d2359cb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.7,
        "x": 0.05,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: BLI JPM presentation https://investors.berkeleylights.com/static-files/63363a46-1dd2-4345-828c-d5bdb78bded7; black captions with white font are ours for emphasis.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5035b1f7-33ae-4a4c-9cb9-ea4aa3cedabe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "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": "1ead4c4b-0fbd-4a1b-8ae8-1934d4e536da",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.05,
        "y": 0.45
      },
      "kind": "title",
      "text": "Bull case from BLI JP Morgan presentation",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3fd2722e-9c02-4ff9-9d3a-f739a822eb11",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "807de003-7d9f-48f1-a3f7-12a037fdb01f",
      "evidence": "Contrasting the bull case claims against the reality of the installed base.",
      "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
    },
    {
      "to": 75,
      "from": 17,
      "beatId": "dbc4e03f-819a-4342-92d6-d159c538f28f",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Exposure of Contradictions",
      "beatSlug": null,
      "evidence": "The document exposes contradictions in Berkeley Lights' claims and actions, highlighting the company's struggles and poor market traction.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}