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  "documentTitle": "Twist Bioscience (TWST)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-11-15 00:00:00",
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  "notes": "The slide uses aggressive, emotive language ('dumpster fire', 'spectacle', 'circus') typical of activist short-seller reports.",
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      "kind": "callout",
      "text": "Comparison vs. Berkeley Lights (BLI) at the time of our report in Sep 2021. EBIT -127% vs. BLI -93%. EBITDA -119% vs. BLI -86%. FCF % of revenue -136% vs. BLI -87%",
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      "text": "The supernormal level of losses is self-evident proof of a fatal flaw, the elephant in the room that begs the question: with paid-in capital of $1.6B over a decade and nothing to show for it, what went wrong - and how much longer can they keep this circus going?",
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      "text": "Free cash flow %: -136%",
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      "text": "When we shorted Berkeley Lights (BLI), we noted the level of cash burn and its inability to survive as a going concern. Yet Twist’s losses make BLI’s look minor – and we think they’re even more catastrophic than reported, past the point of no return and with no precedent for reversal.",
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      "text": "To say that Twist’s mind-bending losses are prima facie evidence of managerial incompetence is to insult run-of-the-mill incompetents. Even in an environment where every other SPAC or VC-backed IPO is a cash-burning dumpster fire, Twist is a spectacle.",
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      "text": "The supernormal level of losses is self-evident proof of a fatal flaw, the elephant in the room that begs the question: with paid-in capital of $1.6B over a decade and nothing to show for it, what went wrong - and how much longer can they keep this circus going?",
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      "kind": "source-note",
      "text": "Source: Capital IQ data; Scorpion Capital analysis and estimates",
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      "text": "Financial table showing revenue, profit, EBITDA, EBIT, Net Income, cash flow, and margins from 2016 to LTM 6/30.",
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      "arcName": "Overcoming the Monster",
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