{
  "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": 175,
  "pageCount": 236,
  "prevPage": 174,
  "nextPage": 176,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "The slide uses quotes from former employees to undermine the company's growth narrative.",
  "elementsJson": [
    "paragraph",
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-4b91788fc785/175",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785#slide-175",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "But the reality is this is nothing special. It’s like any other biotech company that provides antibody engineering or library services. So, there’s not much of a differentiator.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0932-77cf-bff2-7e453198b053",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.125,
        "w": 0.884,
        "x": 0.058,
        "y": 0.665
      },
      "kind": "list",
      "text": "Abveris acquisition, the foundation of their antibody business, is “very generic and nothing special”; “typical, traditional”\n“Abveris is a typical, traditional hybridoma service that provides immunization services and hybridoma generation to customers so they can generate antibody discovery services. It’s very generic and nothing special.” – Former Twist employee, director-level",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "369fef6c-a9ae-4730-b982-e89ab16caca3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.235,
        "w": 0.884,
        "x": 0.058,
        "y": 0.405
      },
      "kind": "list",
      "text": "Antibody engineering is “nothing special”; no differentiator; just “like any other biotech company”\nQ: “Why didn’t the antibody business grow more? What was the issue in scaling it - was this a key growth area that they had hoped and that didn’t work out?”\nA: “That’s right. They really pushed it. Twist - why is their cost so high? I’ll give you an example. They very aggressively promote and advertise their business. But the reality is this is nothing special. It’s like any other biotech company that provides antibody engineering or library services. So, there’s not much of a differentiator. They’re really hard to sell, but with that many people [in sales], that’s why they do get business.” – Former Twist employee, director-level",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b4939175-2f54-4de2-8f57-c5086bcb5a17",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.285,
        "w": 0.884,
        "x": 0.058,
        "y": 0.085
      },
      "kind": "paragraph",
      "text": "Ex-employees further indicated that Twist’s antibody discovery offering – its purported growth driver – is already a failed business, based on the acquisition of Abveris which is “a typical, traditional hybridoma service” that’s “very generic and nothing special.” He repeated that “the reality is this is nothing special...it’s just like any other biotech company that provides antibody engineering or library services....so, there’s not much of a differentiator.” We note that this expert played a senior role in Twist’s antibody division.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "35aa1f37-d803-4b60-9585-81f255ead0ac",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“But the reality is this is nothing special. It’s like any other biotech company that provides antibody engineering or library services. So, there’s not much of a differentiator. They’re really hard to sell, but with that many people [in sales], that’s why they do get business.” — Former Twist employee, director-level",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0932-77cf-bff2-81b672a1de73",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.275,
        "x": 0.058,
        "y": 0.965
      },
      "kind": "source-note",
      "text": "Source: Scorpion Capital consultation calls with experts",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f69a4516-29ca-4026-894d-69d778be6857",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "ea846bba-79e3-4026-8aee-6abec59d34f3",
      "evidence": "Uses expert testimony to contradict company growth claims.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}