{ "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": 97, "pageCount": 175, "prevPage": 96, "nextPage": 98, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses a Q&A format to present qualitative evidence of corporate malfeasance.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-1a3bea94baf9/97", "deckHref": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-1a3bea94baf9#slide-97", "components": [ { "bbox": null, "kind": "callout", "text": "Ginkgo “crafted or architected” subsequent related-parties to prevent that from happening again.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-2b62-723f-b68d-29e9105302f5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.42 }, "kind": "list", "text": "Executive at related-party “customer” Motif indicates other related-parties have had the same experience, where Ginkgo attempts to exert control to divert and round-trip their R&D spend;", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c3c3f79a-0cb3-4fdc-a0bc-3fc96afe2832", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.75 }, "kind": "list", "text": "After one of its related-parties – Joyn Bio – pushed back on Ginkgo control, given Bayer’s involvement, Ginkgo “crafter or architected” subsequent entities to prevent that from happening", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d9ba2dd9-565a-43b6-aaed-6e50856c59d9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.48 }, "kind": "paragraph", "text": "Q: “Do you know how any of the other platform ventures are doing, like Allonnia and Joyn? Do you talk to your colleagues there at all?”\nA: “I talk to some colleagues; I talk to former colleagues, former employees of them. They had the same experience as us. Joyn Bio's feedback is that Ginkgo wanted to pretty much control everything and be in charge. Joyn Bio had some bio labs in there, but then they also use Ginkgo's platform. But they wanted to direct the science and the synthetic biology director back then was like, we have our own agenda and we want to do our own stuff, and we don't need Ginkgo to always be in the room. And so, they wanted to be a little more independent. And then also, it didn't really pan so much after so many years with Joyn Bio either.”\nQ: “Joyn was trying to go in a little more independent direction, and Ginkgo was trying to exert control to kind of keep their research spend, is that what you're saying?”\nA: “Yes.” – Current executive at Motif", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "388b305a-7dc2-4d61-a976-1813d35cd7e0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "paragraph", "text": "After Joyn Bio round-tripped less “revenue” back than it wanted, given Bayer’s involvement in the venture, Ginkgo “crafted or architected” subsequent related-parties to prevent that from happening again. A current executive at Motif, a key related-party, stated that they and other related parties have had the same experience as Joyn: “Ginkgo wanted to pretty much control everything and be in charge.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "59849cf1-e222-416f-8839-bed0c81df868", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.81 }, "kind": "paragraph", "text": "“So, I do think they [Joyn Bio] did try to be independent, to be fair. But I do think that with the follow-on companies that they've announced since then have been crafted or architected in a different way to prevent that from happening because Ginkgo lost control of Joyn, and I do think they still, I mean, they're still doing a significant chunk of work with them based on the revenue that they're getting from Joyn, but it's not actually the amount of work that they were anticipating to get.” – Former director-level employee", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b3f1fbf7-1bc0-4f45-8b97-9b36a2750e2f", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“Ginkgo wanted to pretty much control everything and be in charge.” — Current executive at Motif; “They had the same experience as us. Joyn Bio’s feedback is that Ginkgo wanted to pretty much control everything and be in charge.” — Current executive at Motif; “So, I do think they [Joyn Bio] did try to push to be independent, to be fair. But I do think that with the follow-on companies that they've announced since then have been crafted or architected in a different way to prevent that from happening because Ginkgo lost control of Joyn” — Former director-level employee", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-2b62-723f-b68d-2e484f8cce7b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ac5e6e89-a28c-4bc6-840a-4d0a4a9ca5d1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "title", "text": "An ex-director level employee described Ginkgo’s modus operandi with related-party “customers.”", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "eca4e9b4-81c0-4184-9fea-7a1522d6cb2f", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "37a08fc5-ae61-475c-a1e3-9a658f0b5215", "evidence": "The slide explicitly frames the company's business practices as a mechanism for revenue round-tripping and control.", "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 }