{
  "docId": "019dd923-622c-750b-8b9a-4b91788fc785",
  "docSlug": "5fadb686cc03",
  "documentTitle": "Twist Bioscience (TWST)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-11-15 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2941177,
  "pageNumber": 11,
  "pageCount": 236,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "executive_summary",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 5,
  "notes": "This is a continuation of a series of allegations against Twist Bioscience, focusing on financial reporting irregularities.",
  "elementsJson": [
    "headline_text",
    "numbered_list",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-4b91788fc785/11",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785#slide-11",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe that shifting direct manufacturing costs to R&D expenses is the first mechanism, with Twist’s historical and recently exploding R&D costs straining credibility for a commodity DNA manufacturer.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0931-74b9-a338-36c3bdd4ee13",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.75,
        "w": 0.9,
        "x": 0.05,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "4. We believe that shifting direct manufacturing costs to R&D expenses is the first mechanism... 5. We believe that the second mechanism is misclassifying COGS as capital expenditure... 6. We think that Twist's explanation for the capex spike... 7. We are therefore not surprised that despite talking up the Factory of the Future's ability to turbocharge growth...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3cc6afb6-e5e4-4153-966c-ee293401d8da",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“story that I think Wall Street wants to hear” — Ex-employees, competitors, and industry experts",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0931-74b9-a338-3b1a007bbe3b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.75,
        "x": 0.05,
        "y": 0.11
      },
      "kind": "title",
      "text": "Part III: We believe that Twist has resorted to Worldcom-esque accounting fraud (cont’d)",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "36b48a79-efbc-4e94-bdb6-04742c4caf12",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.25,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Executive Summary",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d5b7e5b0-a9c6-4dfe-b0fa-de657cc182bf",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Executive summary",
      "slug": "executive-summary",
      "agent": null,
      "layer": "slide",
      "matchId": "12592e80-0619-4bbe-bcf9-960995d742a0",
      "evidence": "The slide is titled 'Executive Summary' and contains a continuation of the previous slide.",
      "confidence": 0.9
    }
  ],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "71c868c7-4178-43fc-b2a2-67f1fe24549a",
      "evidence": "The slide systematically presents evidence and arguments to support a claim of accounting fraud.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 6,
      "beatId": "8f2eca0e-8434-4468-bc6b-5d434d1e6d1e",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Exposing contradictions in Twist's narrative",
      "beatSlug": null,
      "evidence": "Detailed criticisms of Twist's business practices and financials",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}