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  "documentTitle": "Ginkgo Bioworks (DNA)",
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  "authorName": "Scorpion Capital",
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  "presentationDate": "2021-10-06 00:00:00",
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  "notes": "The slide uses direct quotes from a consultation call to undermine the company's value proposition as a CRO.",
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      "text": "The employee described Ginkgo as simply a CRO, a contract research organization, and one that they don't trust to pass meaningful projects to.",
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      "text": "We earlier detailed color from a senior employee who indicated that they have never paid Ginkgo cash for foundry r&d services. The employee conveyed an additional point we found particularly damning: if Genomatica had to pay cash for Ginkgo’s R&D services, they would not do so. The employee described Ginkgo as simply a CRO, a contract research organization, and one that they don’t trust to pass meaningful projects to: “we don’t expose the critical path stuff”; “they haven’t proven themselves yet as a CRO service provider”; when it comes to paying cash: “At the moment today, we would have a hard time justifying that.”",
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      "text": "“Would have a hard time justifying” spending cash at Ginkgo equivalent to R&D credits spend to date\nA: “I think the real critical question that if I were in your shoes, the kind of question I would wonder is - would we spend the amount of cash today at Ginkgo that we’ve spent on R&D credits to get the result that we’ve gotten?”\nQ: “And the answer sounds like no.”\nA: “That's right. At the moment today, we would have a hard time justifying that...You know what? Hell, they just went and raised a billion-plus dollars. If they want to pour that into their foundry and they want to create an engine that can reduce costs and ultimately, whether it’s one year, two years, three years from now, they can do something that would be a hell of a lot cheaper than having our people here do it; we’re happy to pay the money. We don’t need to make that decision today.” – Senior Genomatica employee",
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      "text": "Ginkgo hasn’t proven itself as a CRO\n“Again, we don’t expose the critical path stuff yet, very specifically because we don’t want to yet put ourselves in a position—they haven’t proven themselves yet as a CRO service provider to where we would put ourselves in that position. If they can deliver at the level that we need, both time, quality, all that sort of stuff, we’ll be happy to give them more work. Are we there yet? No. Are we open-minded to see if they can get there? Sure.” – Senior employee of Genomatica",
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      "text": "“At the moment today, we would have a hard time justifying that.” — Senior Genomatica employee; “we don't expose the critical path stuff”; “they haven't proven themselves yet as a CRO service provider” — Senior employee of Genomatica",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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      "kind": "title",
      "text": "Case study 2: Genomatica, a privately-held company focusing on synthetic biology applications in the chemicals space.",
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