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  "docSlug": "c358888161f0",
  "documentTitle": "Ginkgo Bioworks (DNA)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-10-06 00:00:00",
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  "nDataPoints": 42,
  "notes": "The slide uses a combination of narrative text and two data tables to support the claim of related-party revenue dependency.",
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      "kind": "callout",
      "text": "Ginkgo has six key collaborations, each of which is a related party in which Ginkgo and/or its investors invested.",
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      "text": "Related parties as % of total foundry revenue: 72%",
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      "kind": "paragraph",
      "text": "Ginkgo has six key collaborations, each of which is a related party in which Ginkgo and/or its investors invested. We spoke with current and/or former executives at five. The sixth appears to be a shell with no employees. Our interviews indicate that each of the six is a flop where Ginkgo has failed to deliver strains for the vertical the collaboration is in. The revenue and deferred revenue Ginkgo attributes to each is shown below. Two of the six are “Structured Partnerships” where equity is provided to an existing entity that agrees to “purchase” R&D from Ginkgo’s foundry: Synlogic (a microcap drug discovery company) and Genomatica (private, focused on chemicals). The rest are “Platform Ventures” where Ginkgo creates a new entity that it funds: Joyn Bio (nitrogen-based fertilizer); Motif (substitutes for animal products); Allonnia (waste remediation); and Kalo (beauty and personal care).",
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      "kind": "source-note",
      "text": "Source: Scorpion Capital consultation calls with experts; ; Soaring Eagle Acquisition Corp prospectus 8/13/2021, https://www.sec.gov/Archives/edgar/data/0001830214/000119312521246097/d177007d424b3.htm; Scorpion Capital analysis and estimates",
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      "text": "Deferred revenue by related party table",
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      "text": "Foundry revenue by related party table",
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