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  "documentTitle": "Twist Bioscience (TWST)",
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      "text": "We believe that the “Factory” is an epic hoax, and think that it is little more than a ruse to conceal an additional $100MM of losses by misclassifying COGS and operating expense as capital expenditures – one of the oldest accounting frauds in the book.",
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      "text": "As we investigated Twist’s purported rationale for its 2021 capex of $27MM and its 2022 capex of $90-100MM – and the $73MM it’s already spent through Aug 2022 for its “Factory of the Future” – we concluded that Twist’s claims are simply implausible and defy common sense.",
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      "text": "The evidence is hiding in plain sight, such as in its most recent corporate presentation dated Aug 2022. Twist claims to have spent $73MM in capex on the factory as of Aug 5, 2022 – yet if one enlarges two small photos on the “Factory of the Future” slide, the first is still only a computerized rendering of a reception area.",
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      "text": "Page 26 of Twist’s Aug 2020 corporate presentation – first pic still only shows a rendering despite $73MM of capex",
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