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  "docSlug": "5fadb686cc03",
  "documentTitle": "Twist Bioscience (TWST)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-11-15 00:00:00",
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  "pageNumber": 24,
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  "notes": "The slide uses inflammatory language ('cesspool', 'charlatans', 'Ponzi') to frame the target company as a fraud.",
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      "kind": "callout",
      "text": "We think Twist could crash and burn even faster.",
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      "kind": "chart",
      "text": "Stock price performance charts for BLI, DNA, and ZY showing post-report declines.",
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      "text": "If Bernie Madoff and Elizabeth Holmes had a secret love child, it might resemble Twist CEO Emily Leproust and CFO Jim Thorburn. Sometimes we short charlatans peddling some technological gimmick as a world-changing innovation, and other times we look for fraud that is more accounting or financial in nature. Management with the hubris and guile to try both tricks at once is less common. Twist Bioscience is one of these extreme outliers, promoting a preposterous, fatally-flawed, and failed technology that the CEO lifted from her ex-employer, combined with a camouflaged pricing, accounting, and capital-raising scheme that is the closest thing we’ve recently seen to a textbook Ponzi. In the last year, we published on two sister-scams in the “synthetic biology” cesspool - Berkeley Lights (BLI) and Ginkgo Bioworks (DNA), down 90% and 78% since our reports – and were working on Zymergen (ZY) before it fell 72% in a day. We think Twist could crash and burn even faster.",
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      "text": "Source: Capital IQ stock charts",
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      "evidence": "Direct comparison of management to Madoff and Holmes to establish villain persona.",
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      "arcName": "Overcoming the Monster",
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