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  "docSlug": "c358888161f0",
  "documentTitle": "Ginkgo Bioworks (DNA)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-10-06 00:00:00",
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  "notes": "Uses financial statement excerpts to highlight a discrepancy between reported R&D expenses and cash flow.",
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      "kind": "callout",
      "text": "Allonnia financials indicate its R&D spend with Ginkgo was non-cash",
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      "text": "cash balance: $33MM",
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      "text": "Simultaneous with the Allonnia financing, Ginkgo round-tripped back $25MM as R&D spend, which it recorded as deferred revenue per a disclosure in its related-party footnote. Allonnia’s financials show $25MM in R&D expenses in 2019 – matching the entry in Ginkgo’s disclosure. However, Allonnia’s cash balance at the end of 2019 still remained at $33MM – the exact amount of its initial financing in December. This proves that the $25MM in deferred revenue that Ginkgo booked from Allonnia as of Dec 31, 2019 was non-cash. Had Allonnia’s $25MM of R&D spend with Ginkgo been cash, its cash balance would have declined by $25MM from $33MM to $8MM. Instead, it didn’t change at all.",
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      "kind": "source-note",
      "text": "Source: Soaring Eagle Acquisition Corp prospectus 8/13/2021, Scorpion Capital analysis and estimates",
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      "kind": "table",
      "text": "Consolidated Statements of Operations and Assets table showing R&D expenses and Cash balance for 2019/2020",
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