{
  "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": 66,
  "pageCount": 158,
  "prevPage": 65,
  "nextPage": 67,
  "slideType": "villain_critique",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "The slide uses a Q&A transcript format to highlight negative expert sentiment regarding the subject company's technology.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-101b5bfde4b8/66",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8#slide-66",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Like I said at the very beginning, if I were given one option, I would drop Berkeley Lights and rely on hybridoma. Yes, it takes time, and it's labor-intensive, perhaps, but it's still one of our most robust and reliable ways to identify an antibody of choice.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70f2-7016-81cd-aacb5fc11ba4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.85,
        "x": 0.08,
        "y": 0.33
      },
      "kind": "paragraph",
      "text": "Q: \"Is that something unusual in terms of the antibodies Pfizer is going after? Or are you just saying, no, the device just has a very limited number of antibodies it can go after, functional assays?\"\nA: \"No, generally with hybridoma screen, we tend to be able to reconfirm a high number of it, but I think, for some reason with Berkeley Lights, maybe it's because of the fact that it's a single cell and therefore the cloning is slightly more challenging, even to be able to get the antibody sequence, even though supposedly there are cells in a given well, just because it is a single cell, sometimes you don't get the VH and VL sequence. It's much harder to do molecular cloning on a single cell than a pool of cells like you would from hybridoma. So, from there, you try to generate recombinant even if you can get recombinant for reasons that are still quite mysterious; the result is not consistent with what Berkeley Lights is saying. Now, is it because the cells failed to be exported? Is it because it's exporting the wrong cell? That's pretty hard to track.\nQ: \"Does Berkeley Lights even have a value proposition for antibody development today if they can't even handle a functional assay?\"\nA: \"[Chuckles] Like I said at the very beginning, if I were given one option, I would drop Berkeley Lights and rely on hybridoma. Yes, it takes time, and it's labor-intensive, perhaps, but it's still one of our most robust and reliable ways to identify an antibody of choice.\"",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0214b765-3b4d-46fa-81bb-d3e5eb0323b4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.85,
        "x": 0.08,
        "y": 0.27
      },
      "kind": "paragraph",
      "text": "BLI's claims for antibody discovery are false and Pfizer sees no value proposition; prefer to drop the machine and stick with the traditional method of antibody discovery, which is superior to BLI",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "87c3b1d1-e9cd-4e43-b134-777373096822",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "It's much harder to do molecular cloning on a single cell than a pool of cells like you would from hybridoma. So, from there, you try to generate recombinant even if you can get recombinant for reasons that are still quite mysterious; the result is not consistent with what Berkeley Lights is saying. — Pfizer senior scientist",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-70f2-7016-81cd-ac3c82e93c0b",
      "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": "8c5ad896-55ee-4f5f-afa7-dcb5d8ae6b34",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.05,
        "y": 0.08
      },
      "kind": "title",
      "text": "PFIZER senior scientist (cont'd) goes further and implies the antibody discovery claims are false; Pfizer sees no value proposition from the machine and prefers to drop it completely and continue using legacy workflows which are superior.",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3cc1e8ab-1f38-4363-8197-4d5e23a93fed",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "2E) Pfizer senior scientist",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "96bf66f2-b18b-427d-acc0-ba75de3b74bc",
      "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
    },
    {
      "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
}