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  "documentTitle": "Twist Bioscience (TWST)",
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      "kind": "callout",
      "text": "“DNA Data Storage” page from Twist’s site and corporate presentation show only abstract, conceptual renderings",
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      "text": "We believe the DNA data storage initiative is vaporous, simply a scam to keep promoting the stock with vague, incoherent aspirational statements – and mostly to provide another cover for what we believe to be its rampant misclassification of COGS as R&D expenses or capex.",
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      "text": "The CFO can't seem to keep his story straight, suggesting at times that the $40MM data storage spend is classified under R&D, and at other times under capex. It is unclear what the data storage initiative even is – at times Twist represents it as just another version of its micro-array, with more density. At other times it portrays it as some futuristic chip. The product's page on its website shows virtually nothing, featuring only a conceptual rendering of how much data the world needs to store, and says “we're helping customers like Microsoft and University of Washington with their data storage research.” Amusingly, the article is from 2017.",
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      "text": "We believe the DNA data storage initiative is vaporous, simply a scam to keep promoting the stock with vague, incoherent aspirational statements – and mostly to provide another cover for what we believe to be its rampant misclassification of COGS as R&D expenses or capex.",
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      "text": "“we’re helping customers like Microsoft and University of Washington with their data storage research.” — Twist Bioscience website",
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      "text": "Source: https://www.twistbioscience.com/products/storage; https://investors.twistbioscience.com/static-files/30d2bd1e-4725-4a9a-93bf-3f74486673c0",
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