{
  "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": 94,
  "pageCount": 158,
  "prevPage": 93,
  "nextPage": 95,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "The slide uses Q&A format to validate the TAM estimate.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-101b5bfde4b8/94",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-101b5bfde4b8#slide-94",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "TAM is at most around 150 machines, partly because BLI isn’t groundbreaking and has no proven clinical impact",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2042-70a9-a1ab-bfb2e44c2fe3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Total Addressable Market: 150 machines",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2042-70a9-a1ab-c73eee1025e7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.85,
        "x": 0.08,
        "y": 0.55
      },
      "kind": "paragraph",
      "text": "TAM is generally limited to pharma/biotech companies greater than $5B market cap, given $2MM cost per machine",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "039f3c41-2dc5-401f-b6a7-2d8cf4dd7ac6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.85,
        "x": 0.08,
        "y": 0.27
      },
      "kind": "paragraph",
      "text": "TAM is at most around 150 machines, partly because BLI isn't groundbreaking and has no proven clinical impact",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "03ff1a20-4c0d-4331-8f91-21682e36fd25",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.85,
        "x": 0.08,
        "y": 0.58
      },
      "kind": "paragraph",
      "text": "Q: \"How big of a company do you think you have to be before you'd invest $2 million?\" A: \"That's what I said if they have an asset promising clinical data in phase-2 or phase-3 trials... Typically, those are upwards of a $5 billion market cap.\"",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "86801826-025e-494a-847d-d0314ad70e12",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.85,
        "x": 0.08,
        "y": 0.3
      },
      "kind": "paragraph",
      "text": "Q: \"If you had to estimate, how big is the market?\" A: \"Let's say 15 large pharmaceutical companies that have commercial products, and let's say another 30 to 40 companies who are enlisted clinical development...\"",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b475d9e7-9654-4ff0-a8d2-68d006489773",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“Let’s say 15 large pharmaceutical companies that have commercial products, and let’s say another 30 to 40 companies who are enlisted clinical development and are planning to go commercial in the next five years. I think those are the only other companies that would probably want to invest in something like this because they are going commercial; when you’re going commercial, you’re expecting a lot of funding, but then you’re also expecting to reinvest some of that money in your next-generation pipeline.” — Takeda lead scientist",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-2042-70a9-a1ab-c073ed0b5435",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "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": "76527943-9261-4413-b0cf-7be37e7133d2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.25,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "2J) Takeda ex-lead scientist",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4bb18ff8-fc4f-4978-94e1-6dc5cac7c72f",
      "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
}