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  "docSlug": "c358888161f0",
  "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 red boxes to draw attention to the Synlogic column in the financial tables.",
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      "kind": "callout",
      "text": "In every other case, Ginkgo aggressively booked revenue and deferred revenue from related parties in which it invested. We were initially stumped.",
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      "text": "Foundry revenue: $80MM",
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      "text": "As we examined Ginkgo’s related party disclosures, we noted a major anomaly: Ginkgo invested $80MM in Synlogic in 2018, but disclosed almost no revenue from it in 2019 and 2020 in the footnotes. Similarly, it reported a minimal deferred revenue balance with Synlogic, in Note 21 in the SPAC prospectus. In every other case, Ginkgo aggressively booked revenue and deferred revenue from related parties in which it invested. We were initially stumped.",
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      "kind": "source-note",
      "text": "Source: Soaring Eagle Acquisition Corp prospectus 8/13/2021, https://www.sec.gov/Archives/edgar/data/00018030214/000119312521246097/d177007d424b3.htm; Scorpion Capital analysis and estimates",
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