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  "docSlug": "5fadb686cc03",
  "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 a 'commodity trap' argument to undermine the company's growth narrative.",
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      "kind": "callout",
      "text": "Unfortunately for Twist, oligos and their by-products are a pure commodity, as synthetic DNA is just a specialty industrial chemical, priced by length like nylon rope at Home Depot, at pennies per base pair.",
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      "text": "Google search results showing ads for Twist, Azenta, Thermo Fisher, Genewiz, and IDT.",
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      "text": "Synthetic genes, ~30% of Twist revenue, are just two single-stranded oligos fused together, which results in a double-stranded sequence. NGS panels, ~50% of revenue, are the primary driver of Twist's recent growth. They are simply a single-stranded oligo with a chemically modified tip. The tips are complementary to and bind with small sections of a genome, enabling researchers to fish out and amplify specific sequences such as cancer-causing genes. Unfortunately for Twist, oligos and their by-products are a pure commodity, as synthetic DNA is just a specialty industrial chemical, priced by length like nylon rope at Home Depot, at pennies per base pair. Google searches for cheap or discount oligos spew a flood of paid ads by Twist, Chinese vendors, large US players like Danaher and Thermo Fisher, and mom and pop's in an intense price war.",
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      "text": "Source: Google searches for terms such as oligos, oligo price, cheap oligo, etc..",
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