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  "documentTitle": "Ginkgo Bioworks (DNA)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "presentationDate": "2021-10-06 00:00:00",
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  "notes": "The slide uses a table to break down revenue by specific related party entities to support the claim of artificial revenue inflation.",
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      "kind": "callout",
      "text": "Reported related party foundry revenues totaled 65% in 2019 and 72% in 2020",
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      "text": "related party revenue percentage: 72%",
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      "text": "We noted earlier that the majority of Ginkgo’s foundry revenue comes from related party entities: 65% in 2019, 72% in 2020, and 56% in 2021. We believe that the actual figure is essentially 100%, and think that Ginkgo is misclassifying and underreporting related party revenue.",
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      "text": "Source: Soaring Eagle Acquisition Corp prospectus 8/13/2021, Scorpion Capital analysis and estimates",
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      "text": "Foundry revenue by related party table showing breakdown for Joyn, Motif, Genomatica, Allonnia, Synlogic, Glycosyn, Kalo, and totals for 2019, 2020, Q1 2021.",
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