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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 a 'callout' box to highlight the suspicious nature of the Synlogic transaction, followed by a primary source excerpt.",
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      "text": "Ginkgo invested $80MM in its related party Synlogic, but took $30MM out at closing – a prepayment for five years of R&D spend. In a legitimate vendor-customer transaction, no customer would ever pre-pay five years of R&D up front.",
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      "kind": "paragraph",
      "text": "The haste with which related parties recycle proceeds back to Ginkgo is startling. In virtually every case, Ginkgo and its investors inject cash into the related party, followed by Ginkgo immediately booking large chunks of revenue and deferred revenue.",
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      "kind": "paragraph",
      "text": "Ginkgo has purchased 6,340,771 shares of Synlogic common stock... Gross proceeds to Synlogic are approximately $80 million... Synlogic paid $30.0 million to Ginkgo for synthetic biology services...",
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      "text": "Source: https://investor.synlogictx.com/news-releases/news-release-details/synlogic-and-ginkgo-bioworks-establish-transformational-platform",
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      "kind": "title",
      "text": "Synlogic press release announcing Ginkgo’s equity investment, June 12, 2019",
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