{ "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": 68, "pageCount": 158, "prevPage": 67, "nextPage": 69, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a Q&A transcript format to validate the negative thesis about the company's product performance.", "elementsJson": [ "headline_text", "paragraph", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-101b5bfde4b8/68", "deckHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8#slide-68", "components": [ { "bbox": null, "kind": "callout", "text": "The bottom line coming from them is that it's not worth the investment, according to what they have seen so far.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-2041-7259-a878-55a1ca850398", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.6, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "paragraph", "text": "Expert speaks to several BLI customer who share the same view\nQ: “Do you talk to other customers of Berkeley Lights?”\nA: “Yes. Their consensus is very similar to what I have essentially told you.”\nQ: “Can you say which companies or what kinds of companies you've talked to?”\nA: “I probably should not be sharing information with them, but obviously, because we know we have Berkeley Lights. So, the bottom line coming from them is that it's not worth the investment, according to what they have seen so far.\nQ: “How many of these customers have you talked to that you've compared notes with?”\nA: “Two to three.”\nQ: “What kinds of companies are these? Are these Pfizer-scale major biopharma companies?”\nA: “They're both. For example, AbbVie, for example, has Berkeley Lights too. And they voice the same kind of complaints that I've been sharing with you. It's not as reliable,”\nQ: “You're saying AbbVie's viewpoint is the same as Pfizer's, that this thing doesn't really work right now?”\nA: “It works to some degree, like I told you, it works in identifying binders, assuming those binders can be reconfirmed eventually. But when you want to build a functional assay, it's not as easy. Some of are overseas. I don't know if you would be able to reach out to them, like Biocytogen is another one based in China.”\nQ: “Are they having the same experience?”\nA: “Yeah.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0b44e6be-aed8-494c-b6cf-7b0c40c04f0d", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"Their consensus is very similar to what I have essentially told you.\" — Pfizer senior scientist. \"AbbVie, for example, has Berkeley Lights too. And they voice the same kind of complaints that I've been sharing with you. It's not as reliable,\" — Pfizer senior scientist.", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-2041-7259-a878-5999cd836699", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.05, "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": "f1e4a5e4-2a5c-458f-a728-0853bb9b9a79", "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) speaks with other large biotech/pharma customers of BLI and states that their experiences are equally disastrous: “consensus is very similar,” “not worth the investment”; mentions AbbVie in particular as also having reliability issues.", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4c85d7f6-8473-486d-94de-de8d2410fea3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "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": "abc74549-4fe9-42a6-92a7-c17cfc80126c", "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 }