{ "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": 87, "pageCount": 158, "prevPage": 86, "nextPage": 88, "slideType": "testimonial", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses a series of pull-quotes to build a case against the company's product viability.", "elementsJson": [ "headline_text", "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-101b5bfde4b8/87", "deckHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8#slide-87", "components": [ { "bbox": null, "kind": "callout", "text": "GILEAD scientist with five years of experience with BLI, across several large pharma/biotech companies, is one of the most experienced users and has declined to recommend purchase at Gilead; suggests BLI's pipeline has dwindled in last 4-6 months; \"limited market\" with competing technologies about to take share.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-2042-70a9-a1ab-65d071ba153d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "GILEAD scientist with five years of experience with BLI, across several large pharma/biotech companies, is one of the most experienced users and has declined to recommend purchase at Gilead; suggests BLI's pipeline has dwindled in last 4-6 months; \"limited market\" with competing technologies about to take share.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d2643895-0bce-4064-b5cf-ec81c529dbc2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.55 }, "kind": "quote", "text": "Would rather spend the money somewhere else versus a BLI machine. \"If the senior Gilead staff came to me and said, here's $5 million, the internal pipeline still can't justify that expense...\"", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "042b21ad-fc8d-430e-92a3-414b24c4e0f6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.65 }, "kind": "quote", "text": "Has taken calls on behalf of BLI before, but \"have not gotten too many calls recently\"; not one in 4-6 months. \"I haven't done a call for Berkeley Lights in four to six months...\"", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "51a63433-91f2-4667-961a-0228d505880c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.8 }, "kind": "quote", "text": "\"Limited market\" with competing technologies that are about to take share. \"If they don't continue to allocate resources to further develop the technology, there are competing technologies coming along...\"", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "91bafef9-f508-46c9-b02c-08da53d60153", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.4 }, "kind": "quote", "text": "Expert has declined to recommend that Gilead purchase the instrument. \"The senior staff has brought it up. So far, to date, I've declined to recommend a purchase for Gilead...\"", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "98066fa9-af44-4dd4-a498-efda6b3e1e16", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "quote", "text": "Expert has experience with BLI, purchasing 2 machines at two large pharma/biotech companies prior to Gilead. \"My history with Berkeley Lights goes back to around 2016...\"", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b9dc88b4-2902-4a9b-8562-5940de0eb38a", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"My history with Berkeley Lights goes back to around 2016. At that time, I was at [company name redacted] Pharmaceuticals. One tool was supporting our pipeline programs, and the second was used more for research and development, proof of concept antibody discovery efforts. We purchased two at [company redacted] and one at [company redacted].\" — Gilead scientist; \"The senior staff has brought it up. So far, to date, I've declined to recommend a purchase for Gilead. The reason is right now, we don't have the pipeline to warrant it. We can't justify the current expense based on the number of FTEs we have in the cell line development team and the number of programs running through from research...it's a capital request that I don't necessarily need to put in at this moment.\" — Gilead scientist; \"If the senior Gilead staff came to me and said, here's $5 million, the internal pipeline still can't justify that expense. . So, there are different things that I would use the money.\" — Gilead scientist; \"I haven't done a call for Berkeley Lights in four to six months. Maybe I wasn't a good enough reference in terms of sales of the unit, and they found another target to use for that. I don't know the reason for it; I have not gotten too many calls recently.\" — Gilead scientist; \"If they don't continue to allocate resources to further develop the technology, there are competing technologies coming along that can hack into what is already a somewhat limited market. I've been on calls with early-stage companies with competing technology. They're not there yet, but there are other companies looking at that space very intelligently.\" — Gilead scientist", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-2042-70a9-a1ab-69a9e9f78431", "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": "c4961a0d-1f78-4492-8cce-d5e48d88825f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "2I) Gilead scientist", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ea5f2d4f-7650-40a3-bf9d-a5c013a6d95f", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "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 }