{ "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": 150, "pageCount": 236, "prevPage": 149, "nextPage": 151, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "Uses a Q&A format to highlight a negative expert opinion on Twist's competitive positioning.", "elementsJson": [ "paragraph", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-4b91788fc785/150", "deckHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785#slide-150", "components": [ { "bbox": null, "kind": "callout", "text": "Novartis referred to Twist as “definitely” a commodity vendor, dismissing their NGS offering - now the majority of Twist’s revenue and their key growth driver - as old news: “it’s all standard manufacturing technology”; “these things were already discovered years ago.”", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0932-77cf-bff0-931a47750e3a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "paragraph", "text": "Vendors like Twist are a commodity, especially their NGS product; “standard manufacturing technology” that was “already discovered years ago”; Twist lack newer oligo capabilities its competitors already offer", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "88156f79-f383-4439-9d2d-c0fde7c177f1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.9, "x": 0.05, "y": 0.35 }, "kind": "quote", "text": "Q: “Are these vendors all basically a commodity? They just sell the identical product?”\nA: “Yes, definitely, especially because the genomics NGS space exploded around ten years ago. So, everything right now, I think you have more things because of CRISPR and new innovative technology, but a lot of these things were already discovered years ago.”\nQ: “So, you’re saying it’s nothing new. This is all standard manufacturing technology?”\nA: “It’s all standard manufacturing technology. The only thing that changes is that right now, it’s becoming more important and chemically modified oligos, especially when you talk about mRNA, not DNA, mRNA. For many years, we used mRNA in therapy, but it failed because the stability on the mRNA degraded. And now, for a couple of years, we’ve discovered that actually, if you modify the mRNA with chemical modification during the production, that’s more stable, and that also helps the stability and prevents the degradation of the mRNA. For example, Twist is still not into this field, but other companies like Thermo and Sigma, they already provide a lot of chemically-modified oligos.” - Novartis, a large Twist customer, scientist in a leadership role", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "cfc27d0a-11ba-4aef-8090-b788a5e86f82", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“It’s all standard manufacturing technology. The only thing that changes is that right now, it’s becoming more important and chemically modified oligos, especially when you talk about mRNA, not DNA, mRNA. For many years, we used mRNA in therapy, but it failed because the stability on the mRNA degraded. And now, for a couple of years, we’ve discovered that actually, if you modify the mRNA with chemical modification during the production, that’s more stable, and that also helps the stability and prevents the degradation of the mRNA. For example, Twist is still not into this field, but other companies like Thermo and Sigma, they already provide a lot of chemically-modified oligos.” — Novartis, a large Twist customer, scientist in a leadership role", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0932-77cf-bff0-9669acda2a74", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "88c71640-604f-4fdf-9103-121e193e1146", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "title", "text": "Novartis referred to Twist as “definitely” a commodity vendor, dismissing their NGS offering - now the majority of Twist’s revenue and their key growth driver - as old news: “it’s all standard manufacturing technology”; “these things were already discovered years ago.” They further indicated that Twist is far behind competitors in terms of newer oligo manufacturing capability.", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "04e17dfd-9877-4a72-a650-2d44e1ed9d37", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "13876d31-3d17-46ab-a104-3f79e4bb34fe", "evidence": "Uses expert testimony to contradict the company's growth narrative.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }