{
  "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": 200,
  "pageCount": 236,
  "prevPage": 199,
  "nextPage": 201,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 5,
  "notes": "The slide uses a quote from a press release to contradict the narrative of 'dominant' market position by showing the actual revenue scale.",
  "elementsJson": [
    "paragraph",
    "quote_block"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-4b91788fc785/200",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785#slide-200",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Volumes have to increase exponentially for the TAM to stay flat – and comments by Ginkgo and Twist indicate that volumes are growing at a modest pace while prices have collapsed.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0933-75bb-9bf4-b58b2a90cd20",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "price per base pair: 98.5%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0933-75bb-9bf4-bebc354a42a6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.9,
        "x": 0.05,
        "y": 0.08
      },
      "kind": "paragraph",
      "text": "In a commodity market like synthetic DNA with a race-to-the-bottom in pricing - kicked off by Twist - the TAM simply keeps shriveling. The Ginkgo post noted that price per base pair was in 2005 was $1 per base pair and 30 cents per bp in 2014. Assuming Twist list pricing around 10 cents, then presumably further reduced to 1.5 cents in the Ginkgo deal, pricing has fallen 98.5%. Volumes have to increase exponentially for the TAM to stay flat - and comments by Ginkgo and Twist indicate that volumes are growing at a modest pace while prices have collapsed. Ginkgo and Twist announced a new deal in April 2022, in which Ginkgo CEO’s stated that “over the past four years, we ordered approximately one billion base pairs of synthetic DNA from Twist” - a comical $15MM in 4 years from the “dominant” player, assuming 1.5 cents per base pair.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "93253132-3086-4d1c-9793-68274f4e75ca",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.9,
        "x": 0.05,
        "y": 0.6
      },
      "kind": "quote",
      "text": "“We love to make investments alongside incredible partners like Twist. Over the past four years, we ordered approximately one billion base pairs of synthetic DNA from Twist, allowing us to test hundreds of thousands of proteins across dozens of programs...\"",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3e82f9ce-d34c-409a-8241-da98e18a1f71",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "We love to make investments alongside incredible partners like Twist. Over the past four years, we ordered approximately one billion base pairs of synthetic DNA from Twist, allowing us to test hundreds of thousands of proteins across dozens of programs for our customers, resulting in many completed programs spanning vaccine manufacturing, food, flavor, fragrance and even cannabigerol (CBG). — Jason Kelly, CEO of Ginkgo.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0933-75bb-9bf4-bab6e29d7ac9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.05,
        "y": 0.57
      },
      "kind": "source-note",
      "text": "Twist and Ginkgo press release, Apr 5 2022",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eedb6bb1-4650-4d10-8825-45d414a6aea6",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "e5747a62-5794-4038-8cc8-3d83278764ae",
      "evidence": "Uses public data and company quotes to contradict the narrative of market dominance and growth.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}