{ "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": 164, "pageCount": 175, "prevPage": 163, "nextPage": 165, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 1, "notes": "Uses direct quotes from a Synlogic executive to undermine Ginkgo's credibility.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-1a3bea94baf9/164", "deckHref": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9#slide-164", "components": [ { "bbox": null, "kind": "callout", "text": "A current executive of Synlogic spoke at length about their experience with Ginkgo and indicated Ginkgo failed to deliver successful strains: Synlogic had to switch to Zymergen instead, which successfully engineered a strain after Ginkgo flopped", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-2b63-72e1-b601-7ca4fb8defb4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.14 }, "kind": "paragraph", "text": "We cover each key collaboration and share our findings, beginning with Synlogic, a $200MM market cap early-stage biotech focused “synthetic biotic” drugs. A current executive of Synlogic spoke at length about their experience with Ginkgo and indicated Ginkgo failed to deliver successful strains: Synlogic had to switch to Zymergen instead, which successfully engineered a strain after Ginkgo flopped; stated Ginkgo has “not impacted” their clinical programs “at all”; and suggested at Ginkgo’s “SPAC pitch deck” is promotional and was dismissive of their focus on trivial areas like fragrances: “we’re not trying to do science experiments, we’re trying to develop drugs.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1feab3a8-6aea-4007-ace7-ec167c47f395", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "quote", "text": "Synlogic had to turn to Zymergen instead for the strain it needed, after Ginkgo failed to deliver. “In the PKU program, we have two programs for PKU: one is a first-generation strain that we developed ourselves, homegrown. The second-generation program has an enzyme that we did work with Zymergen on, and Zymergen was able to identify an enzyme with improved activity. And that's one of the enzymes that we ended up engineering into our next-generation strain.” – Synlogic executive", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2451338a-63f8-4e9a-89a0-b935d3ad662b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "quote", "text": "Executive suggested that Ginkgo is promotional and has had little meaningful product success to date. “The whole SPAC pitch deck, it's very aspirational and beautiful, and it looks great and all that stuff. If you like that kind of stuff, it's an impressive example of how to do that, I guess. I hope that they can make a bigger impact than some of the stuff that has been their successes so far, things like the fragrances.” – Synlogic executive", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a7b12ad8-61e9-4ab5-b622-4f53ea8b131a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.65 }, "kind": "quote", "text": "Ginkgo has made no impact on Synlogic's clinical programs. Q: “Have they made any major impact? Or is this all incremental-level stuff that they're doing here?” A: “For the two clinical-stage assets for the PKU [phenylketonuria] program and the HOX [enteric hyperoxaluria] program, they have not impacted those programs at all... We're not trying to do science experiments; we're trying to develop drugs.” – Current Synlogic executive", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c0e1dde8-4c99-44fd-822d-9443c15dc0fd", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“In the PKU program, we have two programs for PKU: one is a first-generation strain that we developed ourselves, homegrown. The second-generation program has an enzyme that we did work with Zymergen on, and Zymergen was able to identify an enzyme with improved activity. And that's one of the enzymes that we ended up engineering into our next-generation strain.” — Synlogic executive; “For the two clinical-stage assets for the PKU [phenylketonuria] program and the HOX [enteric hyperoxaluria] program, they have not impacted those programs at all... We're not trying to do science experiments, we're trying to develop drugs.” — Current Synlogic executive; “The whole SPAC pitch deck, it's very aspirational and beautiful, and it looks great and all that stuff. If you like that kind of stuff, it's an impressive example of how to do that, I guess. I hope that they can make a bigger impact than some of the stuff that has been their successes so far, things like the fragrances.” — Synlogic executive", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-2b63-72e1-b601-82ec8334f988", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.05, "y": 0.97 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c7a8d966-80b2-450d-8f76-74ac4bde25ee", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "title", "text": "Case study 1: Synlogic collaboration.", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "20963313-7665-4cc6-8576-56dbda8961f0", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "antagonist-introduction", "slug": null, "matchId": "18689c2f-1e53-4da8-9317-57039f688d84", "evidence": "Uses a specific case study to frame Ginkgo as failing to deliver for partners.", "confidence": 0.8 } ], "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 }