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  "documentTitle": "Twist Bioscience (TWST)",
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  "authorName": "Scorpion Capital",
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  "presentationDate": "2022-11-15 00:00:00",
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  "notes": "This is a classic 'short-and-distort' activist deck cover page, utilizing aggressive, inflammatory language to frame the thesis.",
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      "text": "A Cash-Burning Inferno That Is Not A Going Concern, Operating A Ponzi-Like Scheme That Will End In Bankruptcy.",
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      "text": "Our third “synthetic biology” short report in a year, after Berkeley Lights (-90%) and Ginkgo Bioworks (-78%)\nThe latest miniaturized “lab-on-a-chip” scam, just like Theranos, Berkeley Lights, and other failures\nA ticking time bomb that we believe is resorting to a Worldcom-esque accounting fraud, which sent the CEO, CFO, and accounting staff to prison\nPurported “Factory of the Future” in Oregon, which Twist claims to be ramping with ~$100MM of capex, appears deserted based on photographic and other evidence, leading us to believe it is a ruse for improper capitalization\nTwist’s reported gross margins of 45% are simply implausible, and we think that they are actually negative\nMultiple competitors internally refer to Twist’s price dumping and customer subsidy scheme as a “Ponzi”\nA commodity product in a commodity space with a furious price war and signs of saturation\nCFO’s previous job was at a “prisoner leasing” company some compare to “a kind of modern slavery,” that “employs” incarcerated females who allege exploitation and abuse; Twist appears to be a client\nSuspicious transactions with offshore Chinese entities that we find troubling in relation to the Foreign Corrupt Practices Act, involving its largest holder pre-IPO, which was implicated in one of the largest frauds in China",
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      "text": "$2.1B market cap | $38/share | ADV 1.1MM shares | Short interest 11%",
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      "text": "target price: $0",
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