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  "docSlug": "c358888161f0",
  "documentTitle": "Ginkgo Bioworks (DNA)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "presentationDate": "2021-10-06 00:00:00",
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  "notes": "Uses LinkedIn employee data to challenge financial disclosures in a prospectus.",
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      "kind": "callout",
      "text": "Joyn paid us a non-refundable $20.0 million prepayment for services to be provided under the Joyn FSA and made an additional $15.0 million prepayment for services during the year ended December 31, 2019.",
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      "text": "R&D prepayments per employee: $1MM",
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      "kind": "paragraph",
      "text": "Joyn Bio LLC was formed in 2017. By Dec 2019, Joyn had already made an astounding $35MM of R&D “Prepayments” to Ginkgo. For the full year 2019, Ginkgo booked $9.3MM of foundry revenue from Joyn and reported $17MM of deferred revenue. LinkedIn’s “Employee Count Over Time” feature indicates that Joyn had a mere 33 employees as of Dec 2019 – meaning it had already made an implausible >$1MM of R&D prepayments per employee to Ginkgo, and that Ginkgo also booked $515K of deferred revenue and $300K of foundry revenue per Joyn employee.",
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      "kind": "source-note",
      "text": "Source: Soaring Eagle Acquisition Corp prospectus 8/13/2021, https://www.sec.gov/Archives/edgar/data/000119312521246097/d177007d424b3.htm; Scorpion Capital analysis and estimates; https://www.linkedin.com/company/joyn-bio/insights/",
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