{ "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": 38, "pageCount": 158, "prevPage": 37, "nextPage": 39, "slideType": "key_takeaways", "function": "summarize", "density": "dense", "nDataPoints": 4, "notes": "The slide presents qualitative evidence from expert consultations to build a bearish case against BLI.", "elementsJson": [ "headline_text", "bullet_list", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-101b5bfde4b8/38", "deckHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8#slide-38", "components": [ { "bbox": null, "kind": "callout", "text": "Former BLI scientist details how universities and research institutions had experiences as disastrous as commercial pharma/biotech customers: UCSF and NIH both returned the equipment after 6-9 months; couldn't get publishable data of the system; chose cheaper, faster boxes from 10X Genomics and others.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-2041-7259-a875-7500a58e87e8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.04, "y": 0.09 }, "kind": "paragraph", "text": "SAMSUNG BIOLOGICS, ex-lead scientist (cont'd)\n- Scientist recently left Samsung to join a $2.5B biotech that's \"not that interested\" despite BLI approaching them as a potential customer", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "189355ac-4546-4edc-a0a8-fb80fdef155f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.04, "y": 0.55 }, "kind": "paragraph", "text": "UCSF, NIH, AND OTHER ACADEMIC CUSTOMERS. Former BLI scientist details how universities and research institutions had experiences as disastrous as commercial pharma/biotech customers: UCSF and NIH both returned the equipment after 6-9 months; couldn't get publishable data of the system; chose cheaper, faster boxes from 10X Genomics and others.\n- Former scientist was closely involved in efforts to onboard and support these customers\n- States UCSF stopped using the machine much after a couple of months; BLI extended the trial to 9 months and still failed; NIH tried running several experiments; \"they wanted out.\"\n- Detailed obstacles at other centers such as U-Pitt, La Jolla, City of Hope; couldn't use the tool without extensive handholding and support.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "77ab65c8-0825-48e2-83e5-82638beeef34", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.04, "y": 0.18 }, "kind": "paragraph", "text": "CHAN ZUCKERBERG BIOHUB, a nonprofit initiative funded by Facebook's founder, may be BLI's second largest customer with 5 machines. Scientist closely involved in purchase decision suggests they have to exhaust a $700MM cap ex budget within 3 years and are blindly gambling on anything \"new\"; says wouldn't personally buy the machine; \"would not feel comfortable\"; tool not suited for commercial drug discovery where you have to \"actually deliver\" something.\n- CZ Biohub appears to have bought 5 machines in the last 2 years. A scientist involved in the purchase decision, who has little direct experience with the tool, implied the center is spending recklessly - \"we just spend money; we don't make money.\"\n- Center appears to have done no diligence on BLI; became nervous at our questions and asked us for details about other customers' experience.\n- Despite buying 5 BLI machines, the feedback is revealing - better ways to spend $2MM; only bought because free to gamble on machines that may not work as advertised; are also buying \"everything\" from all of BLI's single cell competitors.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7e89afde-f930-4c67-b3bf-df86f418626c", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "we just spend money; we don't make money. — Scientist involved in the purchase decision at CZ Biohub", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-2041-7259-a875-7ae0b46dbcad", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.04, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e5019695-40a0-4b3f-95f4-c1aad475febd", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.04, "y": 0.05 }, "kind": "title", "text": "2) Summary of findings from customer interviews", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8a03fc16-c61d-4f36-bb5d-4e42d5ace40d", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "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 }