{
  "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": 52,
  "pageCount": 175,
  "prevPage": 51,
  "nextPage": 53,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 14,
  "notes": "The slide uses a red box and circle to highlight the discrepancy in the data.",
  "elementsJson": [
    "paragraph",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-1a3bea94baf9/52",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9#slide-52",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Had Ginkgo included Synlogic’s foundry spend of $13.6MM, related party revenues as a percent of total would have jumped from 72% to 95% - that is, Ginkgo would have had to admit that its foundry is a flop and that it can’t get customers unless it gives them cash and round-trips the proceeds.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b62-723f-b68a-2267d9c4bbbe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Related parties as % of total foundry revenue: 95%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b62-723f-b68a-25666d396b77",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "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",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2cc9180d-be94-48cf-a319-7b48358aa8a1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.45,
        "x": 0.05,
        "y": 0.38
      },
      "kind": "table",
      "text": "Related party revenue as reported",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9f8c81a6-dde0-4f4e-af3e-970a76b3f97a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.45,
        "x": 0.5,
        "y": 0.38
      },
      "kind": "table",
      "text": "Adjusted to include Synlogic revenue",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "da0221f9-aee3-4c82-92ab-57dbb2d36911",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "title",
      "text": "Had Ginkgo included Synlogic’s foundry spend of $13.6MM, related party revenues as a percent of total would have jumped from 72% to 95% - that is, Ginkgo would have had to admit that its foundry is a flop and that it can’t get customers unless it gives them cash and round-trips the proceeds.",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f9f8a205-0330-4565-a865-3dbe32e79dfe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.08
      },
      "kind": "title",
      "text": "Synlogic’s disclosures suggest that Ginkgo has misclassified Synlogic’s R&D spend in order to conceal its near-total dependence on parties it finances.",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "29167909-0525-4acf-8173-fb16228f66a9",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Thesis archetype",
      "slug": "thesis-archetype",
      "agent": null,
      "layer": "slide",
      "matchId": "121ae3e6-2467-456b-82bb-f90104f170f9",
      "evidence": "Had Ginkgo included Synlogic’s foundry spend of $13.6MM, related party revenues as a percent of total would have jumped from 72% to 95% - that is, Ginkgo would have had to admit that its foundry is a flop and that...",
      "confidence": 0.8
    }
  ],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "77201107-2a1e-4661-8cee-ba6a2575b996",
      "evidence": "The slide explicitly claims misclassification of R&D spend to conceal financial dependence.",
      "confidence": 1
    }
  ],
  "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
}