{
  "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": 18,
  "pageCount": 158,
  "prevPage": 17,
  "nextPage": 19,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 42,
  "notes": "The slide uses a table to show the reduction in shareholdings for major investors like Celesta Capital, Sequoia, and Nikon.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-101b5bfde4b8/18",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8#slide-18",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.58
      },
      "kind": "callout",
      "text": "Largest holders at IPO already bolted earlier this year....",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9c9e354d-6697-4fd4-9e22-81e8e32854b8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "share ownership",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2041-7259-a873-35b2ca15b3ac",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.92,
        "x": 0.04,
        "y": 0.11
      },
      "kind": "paragraph",
      "text": "We noticed other signs that something is amiss, such as the record speed with which BLI’s venture capitalists and management began to dump stock after the IPO...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f13aedef-2387-418c-b7ba-1b2d67915f09",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.04,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Capital IQ data; BLI SEC filings",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3d9958c9-478c-4f03-894c-a675d5d3a409",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.28,
        "w": 0.92,
        "x": 0.04,
        "y": 0.66
      },
      "kind": "table",
      "text": "Table showing shareholdings of major holders over time from Mar-2020 to Latest.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d0886e5e-0855-4160-aa3d-9bd1a0e19e17",
      "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": "d2f995d3-912e-491d-9f63-e0703fd2551c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "609fbd07-2f3f-4a5f-8080-b21d81ee2d72",
      "evidence": "The slide explicitly frames insider selling as a 'warning sign' and 'red flag' for a 'looming collapse'.",
      "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
}