{
  "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": 39,
  "pageCount": 175,
  "prevPage": 38,
  "nextPage": 40,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 27,
  "notes": "The slide uses strong, accusatory language ('shell game', 'shocking') to frame the financial data as evidence of deceptive accounting practices.",
  "elementsJson": [
    "paragraph",
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-1a3bea94baf9/39",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9#slide-39",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "These related party entities comprised a shocking 72% of Foundry revenue in 2020.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b62-723f-b688-747abaa24326",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Related parties as % of total foundry revenue: 72%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b62-723f-b688-79d50643c5c0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.23
      },
      "kind": "paragraph",
      "text": "The vast majority of Ginkgo’s foundry revenue comes from transactions with its “Platform Ventures” and “Structured Partnerships. These related party entities comprised a shocking 72% of Foundry revenue in 2020. The disclosure is buried in an index on pages 470 and 502 of a 725 page prospectus, under Note 21 in section F-95 and Note 17 in section F-129. We summarize the information from these notes in a table.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "256544d8-aee6-4638-a7fb-cfc88d79ad34",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.8,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Soaring Eagle Acquisition Corp prospectus 8/13/2021, [URL]; Scorpion Capital analysis and estimates",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "083692c0-9660-44df-ab20-01ef2737b31b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.9,
        "x": 0.05,
        "y": 0.4
      },
      "kind": "table",
      "text": "Foundry revenue by related party table showing 2019, 2020, and Q1 2021 figures for Joyn, Motif, Genomatica, Allonnia, Synlogic, Glycosyn, Kalo, and totals.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b69ea429-438b-4028-817f-7379694d9022",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.08
      },
      "kind": "title",
      "text": "Ginkgo’s business model is little more than a shell game where what’s taken from the left hand is given to the right.",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2df13cac-3d3d-4c7a-a767-d545489b3528",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "df06da39-3c79-4d4c-8bdd-3209163592cc",
      "evidence": "The slide explicitly frames financial data to expose potential accounting manipulation (related party transactions).",
      "confidence": 0.95
    }
  ],
  "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
}