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  "documentTitle": "Ginkgo Bioworks (DNA)",
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  "authorName": "Scorpion Capital",
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  "notes": "Uses a direct excerpt from an SEC filing to prove the contradiction.",
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      "text": "This is in stark contrast to Ginkgo’s related party disclosure, which reports only $73K of foundry revenue from Synlogic.",
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      "text": "related-party revenue: $13.6 million",
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      "text": "(16) Related-Party Transactions\nIn June 2019, the Company expanded its collaboration and entered into an agreement with Ginkgo for the research and development of engineered microbial therapeutic products. As of December 31, 2020, Ginkgo owns 6,340,771 shares of the Company’s outstanding common stock. See Note 10, Ginkgo Collaboration .\nUnder the agreement the Company made a prepayment to Ginkgo of $ 30.0 million for its foundry services that will be provided to the Company over an initial term of five years . At December 31, 2020, the Company had remaining balances of $ 4.7 million and $ 8.9 million of current and non-current pre-paid research and development costs related to this transaction, respectively. For the year ended December 31, 2020, the Company used $ 13.6 million of the pre-paid research and development expenses.",
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      "text": "As Synlogic is a publicly-traded microcap (ticker: SYBX) with $150MM market cap, we examined its SEC filings. We were amused, but not surprised, to discover that Synlogic’s 2020 10K, under Note 16 for Related-Party Transactions, disclosed that Synlogic “used $13.6 million of the pre-paid research and development expenses” in 2020. This is in stark contrast to Ginkgo’s related party disclosure, which reports only $73K of foundry revenue from Synlogic.",
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      "text": "For the year ended December 31, 2020, the Company used $ 13.6 million of the pre-paid research and development expenses. — Synlogic 10K filed Mar 25, 2021",
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      "text": "Source: Soaring Eagle Acquisition Corp prospectus 8/13/2021, https://www.sec.gov/Archives/edgar/data/0001830214/000119312521246097/d177007d424b3.htm; Scorpion Capital analysis and estimates",
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