{ "docId": "019dd923-622c-750b-8b9a-1a3bea94baf9", "docSlug": "c358888161f0", "documentTitle": "Ginkgo Bioworks (DNA)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-10-06 00:00:00", "orientation": "landscape", "aspectRatio": 1.2941177, "pageNumber": 101, "pageCount": 175, "prevPage": 100, "nextPage": 102, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a Q&A format to highlight the lack of independence between Ginkgo and Motif.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-1a3bea94baf9/101", "deckHref": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9#slide-101", "components": [ { "bbox": null, "kind": "callout", "text": "The amount they charged us, there was no negotiation.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-2b62-723f-b68d-8a7548b37459", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.35 }, "kind": "list", "text": "Motif executive suggested Motif spend was controlled by a Motif “employee” who was acting in Ginkgo’s interest", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "555e102a-9500-4b9b-b413-5257e63888e0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "We earlier quoted a current executive at Motif, a key related-party “customer,” who stated that they and other related parties have had the same experience: “Ginkgo wanted to pretty much control everything and be in charge.” He elaborated on Ginkgo’s attempts to run Motif like a front, chuckling when saying they’re “independent” of Ginkgo. He explained the role of a Ginkgo employee who was seconded to Motif as the director of R&D, and his role in funneling “R&D spend” back to Ginkgo – “The amount they charged us, there was no negotiation.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8832ed9b-a756-4dc4-a928-6248e87de98a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.5, "w": 0.9, "x": 0.05, "y": 0.4 }, "kind": "paragraph", "text": "Q: “You sort of chuckled earlier when you said, yeah, we’re independent; I think you said they try to exert control. I’m curious if you can elaborate on that - there’s always that push and pull.”\nA: “Exactly. I would say that the person that was the director of R&D, pretty much overseeing the project, was actually a Ginkgo employee at first, so he had really little say because he was an insider from Ginkgo, so he couldn’t really tell them what you’re doing is not the perfect thing. I came as an outsider. So, I don’t care who you are; yes, you are our founder, but I work for Motif, and I need to have the best result for Motif. And so, you can promise me everything or anything, but at the end of the day, you have to deliver commercial strains for us.”\nQ: “So, you’re saying initially, the head of R&D at Motif was a Ginkgo employee?”\nA: “Well, he was a Motif employee, but he was a former Ginkgo employee, yes, that’s right.”\nQ: “For all intents and purposes, was he acting on behalf of Motif, or was he there to make sure that Ginkgo got the right level of R&D spend from Motif?\nA: “I would say that no matter what he was trying to do, if he was trying to be on the side of Motif, being an ex-Ginkgo employee and having worked on the Motif project, maybe it’s a little difficult to challenge them, I would say.”\nQ: “Challenge them on what? The amount they wanted to charge? Or were they forcing you guys to use them?”\nA: “[Chuckles] Well, yes, all of the above. So, yes, the amount they charged us, there was no negotiation. I mean, the price was pretty much fixed back then by Ginkgo, I would say, very early on, and there was very little leeway and that’s changed because we are now using other syn-bio companies as well because we’re not exclusive. So, we can now negotiate a little more on the pricing. They are a stakeholder. They are an equity holder of our company; they founded us. So, their investment is really equity-based for us.” – Current Motif executive", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a4e78491-f9f0-43df-a7df-7de63978b488", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“Ginkgo wanted to pretty much control everything and be in charge.” — Current Motif executive; “The amount they charged us, there was no negotiation.” — Current Motif executive; “Exactly. I would say that the person that was the director of R&D, pretty much overseeing the project, was actually a Ginkgo employee at first, so he had really little say because he was an insider from Ginkgo, so he couldn't really tell them what you're doing is not the perfect thing.” — Current Motif executive.", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-2b62-723f-b68d-8f10f6d03237", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "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": "eeab272d-ab0f-46bd-82d8-3302fc0f74d5", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 175, "from": 9, "beatId": "ffe290af-3a4f-4e06-8d60-dfbfc07d2e08", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The deck presents evidence contradicting Ginkgo's claims and highlighting potential wrongdoings.", "position": 1, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }