Twist Bioscience Hits $376.6M Revenue, Accelerates Gene Synthesis

TL;DR

**TWST is a buy; their silicon-based DNA synthesis platform is a disruptive force, slashing costs and accelerating R&D across critical sectors, making them a key player in the future of biotech.**

AI Summary

Twist Bioscience Corporation reported $376.6 million in revenue for fiscal year 2025, driven by its synthetic biology and NGS tools product lines, as well as biopharma services. The healthcare sector contributed $215.1 million, chemicals/materials $93.2 million, academic research $65.9 million, and food/agriculture $2.4 million, serving over 3,800 customers globally. The company's core innovation is a proprietary silicon-based DNA synthesis platform, miniaturizing chemical reactions to write over 1,000,000 oligonucleotides per chip, reducing chemical usage by an estimated 99.8% per gene compared to plate-based synthesis. Key business changes include the introduction of Express Genes in November 2023, offering perfect-quality clonal genes with a 5-business-day turnaround, and expanding the Express portfolio in fiscal year 2024 to include Multiplexed Gene Fragments and IgG proteins. Risks include the ability to manage growth, maintain operational efficiency, and protect intellectual property. The strategic outlook focuses on leveraging its integrated platform to accelerate discovery and identify breakthrough therapeutics, expanding its portfolio further up the value chain from fragments to proteins.

Why It Matters

Twist Bioscience's innovative silicon-based DNA synthesis platform is a game-changer, significantly reducing the cost and time for synthetic DNA production, which is a critical bottleneck in the bioeconomy. This efficiency allows investors to see potential for accelerated growth and market penetration in high-value sectors like healthcare and industrial chemicals. For employees, it signifies a company at the forefront of synthetic biology, driving innovation. Customers benefit from faster turnaround times, such as the 5-business-day Express Genes, enabling quicker research and development cycles. In the broader market, Twist's technology enhances competitive dynamics by making advanced genetic engineering more accessible, potentially accelerating breakthroughs in medicine, agriculture, and materials science.

Risk Assessment

Risk Level: medium — The company faces medium risk due to its reliance on proprietary technology and the need to manage rapid growth. The forward-looking statements highlight risks such as 'our ability to effectively manage our growth and maintain and improve operational efficiency, cost control, and gross margin as we scale' and 'our ability to protect our intellectual property, including our proprietary DNA synthesis platform.' While the technology is innovative, scaling operations and defending intellectual property in a competitive landscape present significant challenges.

Analyst Insight

Investors should consider TWST for long-term growth, given its disruptive technology and expanding product portfolio. Monitor the company's ability to scale manufacturing efficiently and its success in integrating AI/ML, as these factors will be crucial for sustaining its competitive advantage and profitability.

Financial Highlights

debt To Equity

N/A

revenue

$376.6M

operating Margin

N/A%

total Assets

$N/A

total Debt

$N/A

net Income

$N/A

eps

$N/A

gross Margin

N/A%

cash Position

$N/A

revenue Growth

+N/A%

Revenue Breakdown

Key Numbers

• $376.6M — Total Revenue (Reported for fiscal year 2025, indicating strong sales across product lines.)
• $215.1M — Healthcare Revenue (Largest revenue contributor in fiscal year 2025, highlighting market focus.)
• 3,800+ — Customer Base (Number of global customers served in fiscal year 2025, showing broad adoption.)
• 99.8% — Chemical Reduction (Estimated reduction in chemicals used per gene compared to plate-based synthesis, demonstrating efficiency.)
• 5 days — Express Genes Turnaround (Rapid delivery time for perfect-quality clonal genes, a key competitive differentiator.)
• 1:7500 — Gene Fragment Error Rate (High accuracy for gene fragments, crucial for research reliability.)
• 1,000,000+ — Oligonucleotides per chip (Capacity of the silicon chip platform, showcasing high throughput.)
• $2.32B — Market Value (Non-affiliates) (As of March 31, 2025, reflecting significant market capitalization.)

Key Players & Entities

• Twist Bioscience Corporation (company) — Registrant
• $376.6 million (dollar_amount) — Total revenue for fiscal year 2025
• $215.1 million (dollar_amount) — Revenue from healthcare sector in fiscal year 2025
• $93.2 million (dollar_amount) — Revenue from chemicals/materials sector in fiscal year 2025
• 3,800 (number) — Number of customers served in fiscal year 2025
• November 2023 (date) — Introduction of Express Genes product line
• 5 business days (number) — Turnaround time for Express Genes
• Wilsonville, Oregon (location) — Location of manufacturing facility
• Nasdaq Global Select Market (regulator) — Exchange where common stock is registered
• 61,148,026 (number) — Shares of common stock outstanding as of November 13, 2025

FAQ

Risk Factors

• Managing Growth and Operational Efficiency [high — operational]: The company faces risks in managing its rapid growth and maintaining operational efficiency. Scaling its proprietary silicon-based DNA synthesis platform to meet increasing demand while controlling costs and ensuring high quality is critical.
• Intellectual Property Protection [high — legal]: Protecting its intellectual property, particularly its proprietary silicon-based DNA synthesis platform and related software, is a significant risk. Competitors could develop similar technologies or infringe on existing patents.
• Market Adoption and Competition [medium — market]: The success of Twist Bioscience depends on the continued adoption of synthetic biology tools and NGS technologies by its diverse customer base. Competition from other DNA synthesis providers and alternative technologies poses a market risk.
• Dependence on Key Customers [medium — financial]: While serving over 3,800 customers, the company may have a degree of reliance on a few key customers or segments, making it vulnerable to changes in their purchasing behavior or strategic direction.
• Supply Chain and Manufacturing Disruptions [medium — operational]: Disruptions in the supply chain for raw materials or manufacturing processes could impact the company's ability to meet customer demand and maintain its production schedule.

Industry Context

The synthetic biology market is rapidly expanding, driven by advancements in DNA sequencing, gene editing, and the increasing demand for novel therapeutics, sustainable materials, and improved agricultural products. Companies like Twist Bioscience are at the forefront, industrializing DNA synthesis to accelerate biological engineering and discovery.

Regulatory Implications

While the 10-K does not detail specific regulatory hurdles, companies in the healthcare and biopharma sectors must navigate evolving regulations related to drug development, data privacy (e.g., HIPAA if handling patient data), and the use of genetically modified organisms. Compliance with these standards is crucial for market access and product approval.

What Investors Should Do

1. Monitor revenue growth across key segments, particularly Healthcare and Chemicals/Materials, to assess market traction and expansion.
2. Evaluate the company's ability to scale operations and maintain margins as it manages growth, given the emphasis on operational efficiency and cost reduction through its platform.
3. Assess the competitive landscape and the company's ability to maintain its technological edge and protect its intellectual property.

Key Dates

• 2023-11-01: Introduction of Express Genes — Launched a new product offering perfect-quality clonal genes with a rapid 5-business-day turnaround, enhancing competitive differentiation and customer value.
• 2024-01-01: Expansion of Express Portfolio — Broadened the Express portfolio to include Multiplexed Gene Fragments and IgG proteins, further strengthening its integrated platform and service offerings.

Glossary

Oligonucleotides

Short, single-stranded DNA or RNA molecules, often used as building blocks or probes in molecular biology. (Twist Bioscience synthesizes over 1,000,000 oligonucleotides per chip, forming the basis of their synthetic DNA products.)

Next Generation Sequencing (NGS)

High-throughput DNA sequencing technologies that enable rapid and cost-effective sequencing of genomes. (Twist Bioscience provides tools for NGS, a key market segment contributing to their revenue.)

Synthetic Biology

The design and construction of new biological parts, devices, and systems, or the re-design of existing, natural biological systems for useful purposes. (Twist Bioscience's core business is built around its synthetic DNA platform, enabling advancements in synthetic biology.)

Plate-based synthesis

A traditional method of synthesizing DNA in individual wells of a multi-well plate. (Twist Bioscience's silicon-chip platform offers a significant reduction in chemical usage (99.8%) compared to this older method.)

Year-Over-Year Comparison

The provided 10-K focuses on fiscal year 2025, with limited comparative data to the previous year within the excerpt. However, the introduction of Express Genes in late 2023 and the expansion of the Express portfolio in 2024 suggest a strategic push towards faster turnaround times and broader product offerings, likely aimed at increasing revenue and market share compared to prior periods. New risks related to managing this accelerated growth and product expansion may have emerged or become more pronounced.

Key Financial Figures

• $376.6 million — more than 3,800 customers and reported $376.6 million in revenue, including $215.1 million in
• $215.1 million — ed $376.6 million in revenue, including $215.1 million in revenue from the healthcare sector,
• $93.2 million — in revenue from the healthcare sector, $93.2 million in revenue from the chemicals/materials
• $65.9 million — ue from the chemicals/materials sector, $65.9 million in revenue from the academic research s
• $2.4 million — e from the academic research sector and $2.4 million in revenue from the food/agriculture se
• $2 — thetic biology alone expected to have a $2-4 trillion global impact by 2030-2040.
• $15 million — OMA Royalty under which they paid Twist $15 million cash in exchange for 50% of future mile

Filing Documents

• twst-20250930.htm (10-K) — 1875KB
• twst-20250930xxex31xtwista.htm (EX-3.1) — 53KB
• twst-fy25ex1072xsecondamen.htm (EX-10.72) — 222KB
• twst-fy25ex191xinsidertrad.htm (EX-19.1) — 126KB
• twst-fy25ex211subsidiaries.htm (EX-21.1) — 5KB
• twst-fy2510kexhibit231.htm (EX-25.10) — 6KB
• twst-20250930x10kxex311.htm (EX-31.1) — 10KB
• twst-20250930x10kxex312.htm (EX-31.2) — 10KB
• twst-20250930x10kxex321.htm (EX-32.1) — 5KB
• twst-20250930x10kxex322.htm (EX-32.2) — 4KB
• image_0.jpg (GRAPHIC) — 99KB
• image_1.jpg (GRAPHIC) — 518KB
• image_2.jpg (GRAPHIC) — 43KB
• image_3.jpg (GRAPHIC) — 117KB
• twst-20250930_g1.jpg (GRAPHIC) — 1KB
• twst-20250930_g2.jpg (GRAPHIC) — 80KB
• 0001581280-25-000025.txt ( ) — 11738KB
• twst-20250930.xsd (EX-101.SCH) — 63KB
• twst-20250930_cal.xml (EX-101.CAL) — 109KB
• twst-20250930_def.xml (EX-101.DEF) — 258KB
• twst-20250930_lab.xml (EX-101.LAB) — 820KB
• twst-20250930_pre.xml (EX-101.PRE) — 585KB
• twst-20250930_htm.xml (XML) — 1440KB

Business

Business 3 Item 1A. Risk F actors 13 Item 1B. Unresolved S taff C omments 42 Item 1C. Cybersecurity 42 Item 2.

Properties

Properties 44 Item 3. Legal P roceedings 44 Item 4. Mine S afety D isclosures 44 PART II Item 5. Market for R egistrant's C ommon E quity, R elated S tockholder M atters and I ssuer P urchases of E quity S ecurities 45 Item 6. [Reserved] 46 Item 7. Management's D iscussion and A nalysis of F inancial C ondition and R esults of O perations 47 Item 7A. Quantitative and Q ualitative D isclosures A bout M arket R isk 57 Item 8. Consolidated F inancial S tatements and S upplementary D ata 58 Item 9. Changes in and D isagreements w ith A ccountants on A ccounting and F inancial D isclosure 95 Item 9A. Controls and P rocedures 95 Item 9B. Other I nformation 97

C

Item 9 C . Disclosure R egarding F oreign J urisdiction that P revent I nspections 97 PART III Item 10. Directors, E xecutive O fficers and C orporate G overnance 98 Item 11. Executive C ompensation 98 Item 12. Security O wnership of C ertain B eneficial O wners and M anagement and R elated S tockholder M atters 98 Item 13. Certain R elationships and R elated T ransactions, and D irector I ndependence 98 Item 14. Principal A ccounting F ees and S ervices 98 PART IV Item 15. Exhibits, F inancial S tatement S chedules 99 Item 16. Form of 10-K S ummary 102

SIGNATURES

SIGNATURES 103 Table of Contents

Forward-looking statements

Forward-looking statements This Annual Report on Form 10-K for the fiscal year ended September 30, 2025 (this "Form 10-K"), contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements relate to, among other matters, plans for product development and licensing to third parties, expectations regarding market penetration, anticipated customer conversions to our products, plans to expand in the international markets, and identification and development of potential antibody candidates. Forward-looking statements are also identified by the words "believe," "will," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "expect," "predict," "could," "potentially" and variations of such words and similar expressions. You should not rely upon forward-looking statements as predictions of future events. Such statements are based on management's expectations as of the date of this filing and involve many risks and uncertainties that could cause our actual results, events or circumstances to differ materially from those expressed or implied in our forward-looking statements. Forward-looking statements contained in this Annual Report on Form 10-K include, but are not limited to, statements about: our ability to increase our revenue and our revenue growth rate; our ability to accurately estimate capital requirements and our needs for additional financing; our estimates of the size of our market opportunities; our ability to increase DNA production, reduce turnaround times and drive cost reductions for our customers; our ability to effectively manage our growth and maintain and improve operational efficiency, cost control, and gross margin as we scale; our ability to successfully enter new markets and manage our international expansion; our ability to comply with evolving intern

Business

Item 1. Business At Twist Bioscience Corporation, we work in service of our customers who are changing the world for the better. In fields such as health care, food/agriculture, industrial chemicals/materials and academic research, by using our products, our customers are developing ways to better lives and improve the sustainability of the planet. We believe Twist Bioscience is uniquely positioned to help accelerate their efforts and the faster our customers succeed, the better for all of us. We have developed a disruptive DNA synthesis platform to industrialize the engineering of biology. The core of our platform is a proprietary technology that pioneers a new method of manufacturing synthetic DNA by "writing" DNA on a silicon chip. We have miniaturized traditional chemical DNA synthesis reactions to write over 1,000,000 pieces of DNA (oligonucleotides) up to 500 bases through direct synthesis on each silicon chip, approximately the size of a large mobile phone, reducing by 99.8% the amount of chemicals we estimate would be used per gene as compared to plate-based synthesis. We have combined our silicon-based DNA writing technology with proprietary software, scalable commercial infrastructure and an e-commerce platform to create an integrated technology platform that enables us to achieve high levels of quality, precision, automation, and manufacturing throughput at a significantly lower cost and quicker than our competitors. Building from this platform, we deliver products and services for a wide range of uses and markets. We have applied our unique technology to manufacture a broad range of products, including synthetic genes, tools for next generation sequencing ("NGS"), sample preparation, and both products and services for drug discovery and development, all designed to enable our customers to conduct research more efficiently and effectively. We sell our products and services to a global customer base of more than 3,800, customers across a broad range of

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