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  "docSlug": "c358888161f0",
  "documentTitle": "Ginkgo Bioworks (DNA)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-10-06 00:00:00",
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  "pageNumber": 31,
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  "nDataPoints": 4,
  "notes": "Uses a combination of a chart from the company's own deck and a direct quote from a former employee to undermine the company's narrative.",
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      "kind": "callout",
      "text": "There's no real business there; They don't have those products.",
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      "kind": "chart",
      "text": "Cumulative Major 3rd Party Programs chart from May 2021 Investor Presentation",
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      "kind": "paragraph",
      "text": "Ginkgo promotes “over 70 major customer programs” to date, but our research indicates a colossal, decade-long failure to deliver strains that work – a devastating indictment of the hype around its “Foundry.”",
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      "kind": "quote",
      "text": "Ex Ginkgo director-level employee: “There’s no real business there”; “They don’t have those products”... “There’s no real business there.”",
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      "kind": "quote",
      "text": "“There’s no real business there”; “They don’t have those products” “I think the big hiccup or red flag right now is you could say, where are those products? For a company that’s been around for 13 years, it seems to me, if I was going public, I’d have this long list of amazing products—they don’t all have to be billion-dollar products, but something that looks tangible that says, we have succeeded and provided value to our partners and provided a good return on investment. And they don’t have that story. They don’t have those products. And so, do you believe that they are going to build those products and are going to have some success? Or do you believe that it’s just a smokescreen? There’s no real business there.” — Former director-level employee",
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      "text": "Source: Ginkgo 1H Update presentation; Scorpion Capital consultation calls with experts",
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