{
  "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": 60,
  "pageCount": 175,
  "prevPage": 59,
  "nextPage": 61,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "The slide uses direct quotes from a consultation call to frame the business model as a 'scam' or 'kabuki theater'.",
  "elementsJson": [
    "paragraph",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-1a3bea94baf9/60",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9#slide-60",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "if Genomatica had to pay cash for Ginkgo’s R&D services, they would not do so – all but giving away the heart of the scam, that related-party “customers” are engaging in kabuki theater",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b62-723f-b689-f0a69f0ebed2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.9,
        "x": 0.05,
        "y": 0.08
      },
      "kind": "paragraph",
      "text": "The senior employee conveyed an additional point we found particularly damning: if Genomatica had to pay cash for Ginkgo’s R&D services, they would not do so – all but giving away the heart of the scam, that related-party “customers” are engaging in kabuki theater, where equity investments are round-tripped back via low-value, sham projects they throw Ginkgo’s way. The employee described Ginkgo as simply a CRO, a contract research organization, and one that they don’t trust to pass meaningful projects to: “we don’t expose the critical path stuff”; “they haven’t proven themselves yet as a CRO service provider”; when it comes to paying cash: “At the moment today, we would have a hard time justifying that.”",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f2fd649c-1696-4f86-a48a-f1c5d3ac0759",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.9,
        "x": 0.05,
        "y": 0.45
      },
      "kind": "quote",
      "text": "“Would have a hard time justifying” spending cash at Ginkgo equivalent to R&D credits spend to date\nA: “I think the real critical question that if I were in your shoes, the kind of question I would wonder is - would we spend the amount of cash today at Ginkgo that we’ve spent on R&D credits to get the result that we’ve gotten?”\nQ: “And the answer sounds like no.”\nA: “That’s right. At the moment today, we would have a hard time justifying that…You know what? Hell, they just went and raised a billion-plus dollars. If they want to pour that into their foundry and they want to create an engine that can reduce costs and ultimately, whether it’s one year, two years, three years from now, they can do something that would be a hell of a lot cheaper than having our people here do it; we’re happy to pay the money. We don’t need to make that decision today.” – Senior Genomatica employee",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0cd71e68-6afd-4090-8005-f27c14adfb1f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.75
      },
      "kind": "quote",
      "text": "Ginkgo hasn’t proven itself as a CRO\n“Again, we don’t expose the critical path stuff yet, very specifically because we don’t want to yet put ourselves in a position—they haven’t proven themselves yet as a CRO service provider to where we would put ourselves in that position. If they can deliver at the level that we need, both time, quality, all that sort of stuff, we’ll be happy to give them more work. Are we there yet? No. Are we open-minded to see if they can get there? Sure.” – Senior employee of Genomatica",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3ea2a141-3eac-48ba-b761-b77816dc2c00",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“I think the real critical question that if I were in your shoes, the kind of question I would wonder is - would we spend the amount of cash today at Ginkgo that we've spent on R&D credits to get the result that we've gotten?” ... “And the answer sounds like no.” — Senior Genomatica employee",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-2b62-723f-b689-f7618c26091a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Scorpion Capital consultation calls with experts",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "48434854-073a-42ff-85e2-7f71782e71ca",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "9125c31d-7575-44b8-9e7f-ef13b73574f9",
      "evidence": "Uses expert testimony to contradict the company's stated business model.",
      "confidence": 0.9
    }
  ],
  "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
}