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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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      "text": "We believe that Twist concocts a positive gross margin by 1) misclassifying COGS as R&D expense, and 2) misclassifying COGS as capital expenditure.",
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      "text": "1. During our research, we were troubled by a massive discrepancy: ex-employees, competitors, and industry experts provided overwhelming color that Twist sells below its cost of goods... 2. As we studied Twist's reported gross margin, we noted a number of striking anomalies... 3. We think that Twist's gross margin is negative, and believe that the company has concealed this secret via expense misclassification and improper capitalization.",
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      "text": "gross margin: 60%",
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      "text": "Part III: In order to conceal the spiraling losses from its pricing scheme and manufacturing meltdown - and to prevent its Ponzi-like nature from being self-evident - we believe that Twist has resorted to Worldcom-esque accounting fraud.",
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      "text": "there’s no reason that it should not be a 60-plus precent gross margin business. — CFO of Twist Bioscience",
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