Thread by @Biotech2k1

Taking a look at $DNA the business side:

I had to break this down into the business side and the science as my notes are too big for one thread.

1/ $DNA has a multi tier share structure which is very different from most companies in the market. They concentrate the vast majority of the voting power to the insiders.

2/ The class A shares are the common stock and count for 1 vote. The class B shares are for insiders and rewards for insiders. They get 10 votes per share and convert to class A shares if they are sold or the person quits or is fired.

3/ They have reserve for class C which isn't being used, but has no voting power.

4/ In Q3 they add 10 new programs to bring their total to 61 active programs.

5/ They have a lawsuit open from shareholders claiming they omitted important information from some of their filings. I see these suits a lot in the market and most of them are a waste of time and go nowhere.

6/ They have just under 35 million warrants outstanding for a 1 for 1 stock exchange at a value of $11.50. They can be redeemed if the stock price is above $18.

7/ First lock up is 180 days and the major lock up will be 1 year for insiders.

8/ They have 7 ventures in which they have ownership stakes. They have multiple partners, but they typically have fees, royalties or milestones like Roche or Cronos. These are the companies they have equity stake in.

9/ Joyn Bio is a joint venture company formed between a subsidiary of $DNA and Bayer Ag. Its focused on engineering microbes for agricultural applications.

10/ Motif Foodworks is a company they licensed technology to for an equity stake that is focused on synthetic biology in the food industry.

11/ Allonnia is a company they licensed technology to for an equity stake that is focused on synthetic biology in the bio-remediation and bio-recovery industries.

12/ Arcaea is a company they licensed technology to for an equity stake that is focused on synthetic biology in the personal and beauty care products.

13/ Ayana Bio is a company in which they hold a majority stake that is focused on the design of bioactive compounds for health and wellness.

14/ Verb Biotics is a company in which they hold a majority stake that is focused on the design of probiotics and nutrition.

15/ Many of these companies are very small and speculative. They could easily fail and these investments and programs could go with them.

16/ Downstream Value comes in the forms of Royalties, Equity Stakes and/or Milestones. They tailor their deals based on the size of the companies they are working with.

17/ This typically results with them getting revenues, milestones and royalties from the bigger companies and royalties and equity from the smaller companies.