UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the quarterly period ended March 31, 2026
OR
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the transition period from to
Commission File Number: 001-38720
Twist Bioscience Corporation
(Exact Name of Registrant as Specified in its Charter)
| Delaware | 46-2058888 | ||||
| (State or other jurisdiction of | (I.R.S. Employer | ||||
| incorporation or organization) | Identification No.) | ||||
681 Gateway Blvd, South San Francisco, CA 94080
(Address of principal executive offices and zip code)
(800) 719-0671
(Registrant’s telephone number, including area code)
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| Common Stock | TWST | The Nasdaq Global Select Market | ||||||||||||
Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
| Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
| Emerging growth company | ☐ | ||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐ No ☐
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
The number of shares of the Registrant’s common stock outstanding as of April 29, 2026, was 62,271,314.
TWIST BIOSCIENCE CORPORATION
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED MARCH 31, 2026
TABLE OF CONTENTS
Financial Statements (unaudited) | ||||||||
1
FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 (“Form 10-Q”) 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, future growth, expansion and other expectations regarding future operations plans and financial performance. 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 Form 10-Q 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 international regulatory requirements, including those in the European Union and other key markets;
•our ability to develop and commercialize additional products in the therapeutics, diagnostics, industry and applied, academic research and government, and global supply partners revenue industries, including our portfolio of Express products;
•our ability to leverage our investment in our manufacturing infrastructure;
•our ability to protect our intellectual property, including our proprietary DNA synthesis platform;
•costs associated with defending intellectual property infringement and other claims;
•the effects of increased competition in our business;
•our ability to keep pace with rapid changes in technology and evolving competitive dynamics;
•our ability to integrate and leverage artificial intelligence and machine learning technologies to improve operational efficiency, product development, and customer solutions;
•our ability to successfully identify, evaluate and manage any future acquisitions of businesses, solutions or technologies;
•the success of our marketing efforts;
•a significant disruption in, or breach in security of our information technology systems and resultant interruptions in service and any related impact on our reputation;
•our ability to attract and retain qualified employees and key personnel;
•the effects of natural or man-made catastrophic events or public health emergencies;
2
•the effectiveness of our internal controls;
•changes in government regulation affecting our business;
•uncertainty as to economic and market conditions and the impact of adverse economic conditions; and
•other risk factors included under the section titled “Risk factors” contained in Part I, Item 1A of our Annual Report on Form 10-K filed with the SEC on November 17, 2025 (the "Annual Report on Form 10-K").
Readers are urged to carefully review and consider all of the information in this Form 10-Q and in other documents we file from time to time with the Securities and Exchange Commission (the "SEC"). We undertake no obligation to update any forward-looking statements made in this Form 10-Q to reflect events or circumstances after the date of this filing or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make.
When we use the terms “Twist,” “Twist Bioscience,” the “Company,” “we,” “us” or “our” in this report, we are referring to Twist Bioscience Corporation and its consolidated subsidiaries unless the context requires otherwise. Sequence space and the Twist logo are trademarks of Twist Bioscience Corporation. All other company and product names may be trademarks of the respective companies with which they are associated.
3
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Twist Bioscience Corporation
Condensed Consolidated Balance Sheets (unaudited)
| (In thousands, except per share data) | March 31, 2026 | September 30, 2025 | ||||||||||||
| Assets | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | 122,670 | $ | 183,049 | ||||||||||
| Short-term investments | 49,001 | 49,385 | ||||||||||||
Accounts receivable, net[1] | 64,153 | 57,019 | ||||||||||||
| Inventories | 33,515 | 28,309 | ||||||||||||
Prepaid expenses and other current assets[1] | 54,100 | 15,204 | ||||||||||||
| Total current assets | $ | 323,439 | $ | 332,966 | ||||||||||
| Property and equipment, net | 111,226 | 102,283 | ||||||||||||
| Operating lease right-of-use assets | 70,655 | 49,377 | ||||||||||||
Investment in equity securities[1] | 68,087 | 54,337 | ||||||||||||
| Goodwill | 82,195 | 82,195 | ||||||||||||
| Intangible assets, net | 12,996 | 13,425 | ||||||||||||
| Restricted cash, non-current | 2,182 | 2,376 | ||||||||||||
Other non-current assets[1] | 5,434 | 4,902 | ||||||||||||
| Total assets | $ | 676,214 | $ | 641,861 | ||||||||||
| Liabilities and stockholders’ equity | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Accounts payable | $ | 14,682 | $ | 11,094 | ||||||||||
| Accrued compensation | 27,003 | 31,288 | ||||||||||||
| Current portion of operating lease liability | 10,443 | 13,822 | ||||||||||||
| Accrued expenses and other current liabilities | 67,848 | 35,202 | ||||||||||||
| Total current liabilities | $ | 119,976 | $ | 91,406 | ||||||||||
| Operating lease liability, net of current portion | 85,398 | 61,750 | ||||||||||||
| Liability related to the sale of future revenue | 15,000 | 15,000 | ||||||||||||
Other non-current liabilities[1] | 746 | 747 | ||||||||||||
| Total liabilities | $ | 221,120 | $ | 168,903 | ||||||||||
| Commitments and contingencies (Note 11) | ||||||||||||||
| Stockholders’ equity | ||||||||||||||
Common stock, $0.00001 par value —200,000 and 200,000 shares authorized at March 31, 2026 and September 30, 2025, respectively; 62,154 and 60,632 shares issued and outstanding at March 31, 2026 and September 30, 2025, respectively | $ | 1 | $ | — | ||||||||||
| Additional paid-in capital | 1,849,838 | 1,793,163 | ||||||||||||
| Accumulated other comprehensive loss | (639) | (627) | ||||||||||||
| Accumulated deficit | (1,394,106) | (1,319,578) | ||||||||||||
| Total stockholders’ equity | $ | 455,094 | $ | 472,958 | ||||||||||
| Total liabilities and stockholders’ equity | $ | 676,214 | $ | 641,861 | ||||||||||
[1] Includes related party balances, see Note 12 - Related Party Transactions.
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
4
Twist Bioscience Corporation
Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited)
| Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||
| (In thousands, except per share data) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
Revenues[1] | $ | 110,715 | $ | 92,793 | $ | 214,413 | $ | 181,506 | ||||||||||||||||||
| Costs and expenses: | ||||||||||||||||||||||||||
| Cost of revenues | $ | 53,593 | $ | 46,765 | $ | 103,319 | $ | 92,638 | ||||||||||||||||||
| Research and development expenses | 19,695 | 23,917 | 36,825 | 45,224 | ||||||||||||||||||||||
Selling, general and administrative expenses[1] | 76,085 | 63,671 | 145,827 | 119,849 | ||||||||||||||||||||||
| Litigation settlement costs, net of recoveries | 7,205 | — | 7,205 | — | ||||||||||||||||||||||
| Total costs and expenses | $ | 156,578 | $ | 134,353 | $ | 293,176 | $ | 257,711 | ||||||||||||||||||
| Loss from operations | $ | (45,863) | $ | (41,560) | $ | (78,763) | $ | (76,205) | ||||||||||||||||||
| Interest income | 1,710 | 2,801 | 3,885 | 6,041 | ||||||||||||||||||||||
Other income (expense), net[1] | 175 | (394) | 646 | (487) | ||||||||||||||||||||||
| Loss before income taxes | $ | (43,978) | $ | (39,153) | $ | (74,232) | $ | (70,651) | ||||||||||||||||||
| Income tax expense | (43) | (175) | (296) | (271) | ||||||||||||||||||||||
| Net loss | $ | (44,021) | $ | (39,328) | $ | (74,528) | $ | (70,922) | ||||||||||||||||||
| Other comprehensive loss: | ||||||||||||||||||||||||||
| Change in unrealized gain (loss) on investments | $ | (85) | $ | 30 | $ | (67) | $ | 97 | ||||||||||||||||||
| Foreign currency translation adjustment | 17 | (25) | 55 | 43 | ||||||||||||||||||||||
| Comprehensive loss | $ | (44,089) | $ | (39,323) | $ | (74,540) | $ | (70,782) | ||||||||||||||||||
| Net loss per share — basic and diluted | $ | (0.71) | $ | (0.66) | $ | (1.21) | $ | (1.19) | ||||||||||||||||||
| Weighted average shares used in computing net loss per share — basic and diluted | 61,702 | 59,649 | 61,387 | 59,403 | ||||||||||||||||||||||
[1] Includes related party balances, see Note 12 - Related Party Transactions.
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
5
Twist Bioscience Corporation
Condensed Consolidated Statements of Stockholders’ Equity (unaudited)
| Three Months Ended March 31, 2026 | ||||||||||||||||||||||||||||||||||||||
| Common stock | Additional paid-in capital | Accumulated Other comprehensive loss | Accumulated deficit | Total stockholders' equity | ||||||||||||||||||||||||||||||||||
| (In thousands) | Shares | Amount | ||||||||||||||||||||||||||||||||||||
| Balances as of December 31, 2025 | 61,274 | $ | — | $ | 1,806,751 | $ | (571) | $ | (1,350,085) | $ | 456,095 | |||||||||||||||||||||||||||
| Issuance of common stock for investment in equity securities | 201 | $ | — | $ | 10,000 | $ | — | $ | — | $ | 10,000 | |||||||||||||||||||||||||||
| Issuance of common stock in connection with asset acquisition | 201 | — | 10,000 | — | — | 10,000 | ||||||||||||||||||||||||||||||||
| Vesting of restricted stock units | 296 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| Exercise of stock options | 78 | — | 1,789 | — | — | 1,789 | ||||||||||||||||||||||||||||||||
| Issuance of shares under the employee stock purchase plan | 104 | 1 | 2,357 | — | — | 2,358 | ||||||||||||||||||||||||||||||||
| Repurchases of common stock for income tax withholding | — | — | (7) | — | — | (7) | ||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | 18,948 | — | — | 18,948 | ||||||||||||||||||||||||||||||||
| Other comprehensive loss | — | — | — | (68) | — | (68) | ||||||||||||||||||||||||||||||||
| Net loss | — | — | — | — | (44,021) | (44,021) | ||||||||||||||||||||||||||||||||
| Balances as of March 31, 2026 | 62,154 | $ | 1 | $ | 1,849,838 | $ | (639) | $ | (1,394,106) | $ | 455,094 | |||||||||||||||||||||||||||
6
| Three Months Ended March 31, 2025 | ||||||||||||||||||||||||||||||||||||||
| Common stock | Additional paid-in capital | Accumulated Other comprehensive loss | Accumulated deficit | Total stockholders' equity | ||||||||||||||||||||||||||||||||||
| (In thousands) | Shares | Amount | ||||||||||||||||||||||||||||||||||||
| Balances as of December 31, 2024 | 59,582 | $ | — | $ | 1,730,092 | $ | (649) | $ | (1,273,502) | $ | 455,941 | |||||||||||||||||||||||||||
| Restricted common stock canceled | (137) | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
| Vesting of restricted stock units | 275 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| Exercise of stock options | 72 | — | 771 | — | — | 771 | ||||||||||||||||||||||||||||||||
| Issuance of shares under the employee stock purchase plan | 65 | — | 2,429 | — | — | 2,429 | ||||||||||||||||||||||||||||||||
| Repurchases of common stock for income tax withholding | — | — | (4) | — | — | (4) | ||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | 20,312 | — | — | 20,312 | ||||||||||||||||||||||||||||||||
| Other comprehensive loss | — | — | — | (13) | — | (13) | ||||||||||||||||||||||||||||||||
| Net loss | — | — | — | — | (39,328) | (39,328) | ||||||||||||||||||||||||||||||||
| Balances as of March 31, 2025 | 59,857 | $ | — | $ | 1,753,600 | $ | (662) | $ | (1,312,830) | $ | 440,108 | |||||||||||||||||||||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
7
Twist Bioscience Corporation
Condensed Consolidated Statements of Stockholders’ Equity (unaudited)
| Six Months Ended March 31, 2026 | ||||||||||||||||||||||||||||||||||||||
| Common stock | Additional paid-in capital | Accumulated Other comprehensive loss | Accumulated deficit | Total stockholders' equity | ||||||||||||||||||||||||||||||||||
| (In thousands) | Shares | Amount | ||||||||||||||||||||||||||||||||||||
| Balances as of September 30, 2025 | 60,632 | $ | — | $ | 1,793,163 | $ | (627) | $ | (1,319,578) | $ | 472,958 | |||||||||||||||||||||||||||
| Issuance of common stock for investment in equity securities | 201 | $ | — | $ | 10,000 | $ | — | $ | — | $ | 10,000 | |||||||||||||||||||||||||||
| Issuance of common stock in connection with asset acquisition | 201 | — | 10,000 | — | — | 10,000 | ||||||||||||||||||||||||||||||||
| Vesting of restricted stock units | 923 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| Exercise of stock options | 93 | — | 2,089 | — | — | 2,089 | ||||||||||||||||||||||||||||||||
| Issuance of shares under the employee stock purchase plan | 104 | 1 | 2,357 | — | — | 2,358 | ||||||||||||||||||||||||||||||||
| Repurchases of common stock for income tax withholding | — | — | (9) | — | — | (9) | ||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | 32,238 | — | — | 32,238 | ||||||||||||||||||||||||||||||||
| Other comprehensive loss | — | — | — | (12) | — | (12) | ||||||||||||||||||||||||||||||||
| Net loss | — | — | — | — | (74,528) | (74,528) | ||||||||||||||||||||||||||||||||
| Balances as of March 31, 2026 | 62,154 | $ | 1 | $ | 1,849,838 | $ | (639) | $ | (1,394,106) | $ | 455,094 | |||||||||||||||||||||||||||
8
| Six Months Ended March 31, 2025 | ||||||||||||||||||||||||||||||||||||||
| Common stock | Additional paid-in capital | Accumulated Other comprehensive loss | Accumulated deficit | Total stockholders' equity | ||||||||||||||||||||||||||||||||||
| (In thousands) | Shares | Amount | ||||||||||||||||||||||||||||||||||||
| Balances as of September 30, 2024 | 58,877 | $ | — | $ | 1,715,119 | $ | (522) | $ | (1,241,908) | $ | 472,689 | |||||||||||||||||||||||||||
| Restricted common stock canceled | (137) | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
| Vesting of restricted stock units | 811 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| Exercise of stock options | 241 | — | 3,722 | — | — | 3,722 | ||||||||||||||||||||||||||||||||
| Issuance of shares under the employee stock purchase plan | 65 | — | 2,429 | — | — | 2,429 | ||||||||||||||||||||||||||||||||
| Repurchases of common stock for income tax withholding | — | — | (11) | — | — | (11) | ||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | 32,341 | — | — | 32,341 | ||||||||||||||||||||||||||||||||
| Other comprehensive loss | — | — | — | (140) | — | (140) | ||||||||||||||||||||||||||||||||
| Net loss | — | — | — | — | (70,922) | (70,922) | ||||||||||||||||||||||||||||||||
| Balances as of March 31, 2025 | 59,857 | $ | — | $ | 1,753,600 | $ | (662) | $ | (1,312,830) | $ | 440,108 | |||||||||||||||||||||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
9
Twist Bioscience Corporation
Condensed Consolidated Statements of Cash Flows (unaudited)
| Six months ended March 31, | ||||||||||||||
| (in thousands) | 2026 | 2025 | ||||||||||||
| Operating activities | ||||||||||||||
| Net loss | $ | (74,528) | $ | (70,922) | ||||||||||
| Adjustments to reconcile net loss to net cash used in operating activities | ||||||||||||||
| Depreciation and amortization | 12,608 | 12,784 | ||||||||||||
| Stock-based compensation expense | 32,209 | 32,319 | ||||||||||||
Other non-cash adjustments[1] | (834) | 811 | ||||||||||||
| Changes in assets and liabilities: | ||||||||||||||
Accounts receivable, net[1] | (7,412) | (15,259) | ||||||||||||
| Inventories | (5,205) | 3,217 | ||||||||||||
Prepaid expenses and other current assets[1] | (18,861) | 884 | ||||||||||||
| Other non-current assets | (416) | (622) | ||||||||||||
Accounts payable | 1,541 | 6,422 | ||||||||||||
| Accrued compensation | (4,268) | (8,658) | ||||||||||||
| Accrued and other liabilities | 22,793 | 4,610 | ||||||||||||
| Net cash used in operating activities | $ | (42,373) | $ | (34,414) | ||||||||||
| Investing activities | ||||||||||||||
| Purchases of property and equipment | $ | (17,861) | $ | (6,412) | ||||||||||
| Purchase of intangible asset | (100) | — | ||||||||||||
| Purchases of investments | (25,227) | (25,525) | ||||||||||||
| Proceeds from maturity of investments | 25,550 | 28,975 | ||||||||||||
| Cash paid for asset acquisition | (5,000) | — | ||||||||||||
| Cash paid for investment in equity securities | (1) | — | ||||||||||||
| Net cash used in investing activities | $ | (22,639) | $ | (2,962) | ||||||||||
| Financing activities | ||||||||||||||
| Proceeds from exercise of stock options | $ | 2,089 | $ | 3,722 | ||||||||||
| Proceeds from the issuance of liability related to sale of future revenue | — | 15,000 | ||||||||||||
| Proceeds from issuance under employee stock purchase plan | 2,357 | 2,429 | ||||||||||||
| Repurchases of common stock for income tax withholding | (10) | (11) | ||||||||||||
| Net cash provided by financing activities | $ | 4,436 | $ | 21,140 | ||||||||||
| Effect of exchange rates on cash, cash equivalents and restricted cash | $ | 3 | $ | 51 | ||||||||||
| Net decrease in cash, cash equivalents, and restricted cash | (60,573) | (16,185) | ||||||||||||
| Cash, cash equivalents, and restricted cash at beginning of period | 185,425 | 229,132 | ||||||||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 124,852 | $ | 212,947 | ||||||||||
| Supplemental disclosure of cash flow information | ||||||||||||||
10
| Income taxes paid, net of refunds | $ | 658 | $ | 16 | ||||||||||
| Non-cash investing and financing activities | ||||||||||||||
| Property and equipment additions included in accounts payable and accrued expenses | $ | 5,540 | $ | 1,329 | ||||||||||
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | 24,773 | — | ||||||||||||
| Issuance of common stock for investment in equity securities | 10,000 | — | ||||||||||||
| Liability for issuance of common stock for investment in equity securities | 3,750 | — | ||||||||||||
| Issuance of common stock in connection with asset acquisition | 10,000 | — | ||||||||||||
| Liability for issuance of common stock in connection with asset acquisition | 5,000 | — | ||||||||||||
[1] Includes immaterial changes in a related party's balances.
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
11
Twist Bioscience Corporation
Notes to Unaudited Condensed Consolidated Financial Statements
1. Organization and Description of Business
Twist Bioscience Corporation (the Company) was incorporated in the state of Delaware on February 4, 2013. The Company’s fiscal year ends on September 30 .
The Company provides customizable solutions across the biological continuum that enable scientific discovery and development across therapeutics, diagnostics, and other high-growth markets. The Company's proprietary silicon-based platform delivers precision, scale, and speed, supporting consistent, high-quality performance across a broad range of applications. At the core of the Company's platform is a differentiated method of manufacturing synthetic DNA by “writing” DNA on a silicon chip. By integrating proprietary hardware, software, and scalable infrastructure, including its e-commerce platform, the Company achieves high levels of precision, automation, and throughput at a lower cost relative to legacy methods. The Company has extended this platform beyond DNA synthesis to offer an integrated portfolio that includes synthetic genes, next-generation sequencing, or NGS, applications, sample preparation tools, antibody libraries, and biologics discovery services. Leveraging the same platform, the Company also manufactures synthetic RNA, express antibody proteins, performs characterization assays and delivers data to customers and partners. The Company's solutions support a wide range of applications, including traditional and AI-enabled therapeutics discovery, diagnostic development, industrial and applied research, agricultural biotechnology, and academic research.
The Company has recognized annual losses from operations since inception and has an accumulated deficit of $1,394.1 million as of March 31, 2026. For the three months ended March 31, 2026 and March 31, 2025, the Company reported net loss of $44.0 million and $39.3 million, respectively and $74.5 million and $70.9 million for the six months ended March 31, 2026 and March 31, 2025, respectively.
As of March 31, 2026, the Company had cash and cash equivalents of $122.7 million and short-term investments of $49.0 million. The Company expects that its current cash, cash equivalents, and short-term investments will be sufficient to fund its operations for a period of at least one year from the date the condensed consolidated financial statements are issued.
2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information. Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in the Annual Report on Form 10-K for the fiscal year ended September 30, 2025 (the Annual Report on Form 10-K) filed with the Securities and Exchange Commission on November 17, 2025. The condensed consolidated financial statements are unaudited and have been prepared on a basis consistent with that used to prepare the audited annual consolidated financial statements and include, in the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair statement of the condensed consolidated financial statements. The condensed consolidated balance sheet at September 30, 2025 is derived from audited consolidated financial statements but does not include all disclosures required by GAAP. The operating results for the six months ended March 31, 2026 are not necessarily indicative of the results expected for the full year ending September 30, 2026 or any interim period. Beginning fiscal 2026, the Company updated its revenue disaggregation disclosures and recast the comparative figures in the disclosure to conform to the current-period presentation (see Note 3, Revenue). Beginning in the current period, the Company presents accrued expenses and other current liabilities on a combined basis in the condensed consolidated balance sheets, with the detailed components, including litigation accruals, disclosed in the accompanying footnotes; prior-period amounts have been reclassified to conform to the current presentation. The presentation of the condensed consolidated statement of cash flows has also been updated to conform to this revised classification, and prior‑period amounts have been reclassified to conform to the current presentation.
Use of Estimates
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The presentation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Principles of Consolidation
The Company’s unaudited condensed consolidated financial statements include its wholly owned subsidiaries. All intercompany balances and accounts are eliminated in consolidation. In determining whether the Company is the primary beneficiary of a variable interest entity, it considers whether it has both the power to direct activities of the entity that most significantly impact the entity’s economic performance and the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to that entity. The Company does not have the power, whether through contractual relationships or other factors, to direct the activities that most significantly impact the economic performance of any variable interest entity and therefore, is not the primary beneficiary of any variable interest entities.
Cash and Cash Equivalents and Restricted Cash
The following table provides a reconciliation of the Company’s cash and cash equivalents and non-current portion of restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total cash, cash equivalents and restricted cash shown in the Company’s condensed consolidated statements of cash flows:
| (in thousands) | March 31, 2026 | September 30, 2025 | ||||||||||||
| Cash and cash equivalents | $ | 122,670 | $ | 183,049 | ||||||||||
| Restricted cash, non-current | 2,182 | 2,376 | ||||||||||||
| Total cash, cash equivalents and restricted cash | $ | 124,852 | $ | 185,425 | ||||||||||
Significant Accounting Policies
There have been no material changes in the accounting policies from those disclosed in the audited consolidated financial statements and the related notes included in the Annual Report on Form 10-K.
Recent Accounting Pronouncements
New Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued ASU No. 2023-09 "Income Taxes (Topic 740)". The amendments in this ASU require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. The Company will adopt ASU 2023-09 in its fourth quarter of fiscal year 2026 using a prospective transition method. The standard is not expected to have a material impact to the Company's consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, which will require additional expense disclosures for all public entities. The amendments require that at each interim and annual reporting period, an entity will disclose certain disaggregated expenses included in each relevant expense caption, as well as the total amount of selling expenses and, in annual periods, an entity’s definition of selling expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the incremental disclosures that will be required in its consolidated financial statements.
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In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"), which became effective and simplifies the capitalization guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. The standard is effective for all entities for annual periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this standard to its consolidated financial statements.
The Company has evaluated other recently issued accounting pronouncements and has concluded that the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position or results of operations upon adoption.
3. Revenues
The Company’s revenue is generated through the sale of DNA synthesis and protein solutions and NGS applications products.
Contract Balances
The following table summarizes our contract balances:
| (in thousands) | March 31, 2026 | September 30, 2025 | ||||||||||||
Contract assets(1) | $ | 8,394 | $ | 3,857 | ||||||||||
Contract liabilities(2) | 7,095 | 6,884 | ||||||||||||
(1) Consists of unbilled amounts primarily related to contracts where the Company has satisfied the performance obligations, but do not yet have the right to bill for.
(2) Consists of receipt of advance payments before the Company's performance obligations related to revenue contracts are met.
For the three and six months ended March 31, 2026, the Company recognized revenue of $2.5 million and $2.6 million, respectively, from the amount that was included in the contract liability balance at the beginning of each period. For the three and six months ended March 31, 2025, the Company recognized revenue of $0.6 million and $1.4 million, respectively, from the amount that was included in the contract liability balance at the beginning of each period.
In addition, for all periods presented, there was no revenue recognized in a reporting period from performance obligations satisfied in previous periods. The aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied as of March 31, 2026 was $16.6 million. The Company expects to recognize revenue over the next twelve months relating to performance obligations unsatisfied as of March 31, 2026.
Disaggregation of Revenues
The table below sets forth revenues by geographic region, based on ship-to destinations. Americas consists of the United States, Canada, Mexico and South America; EMEA consists of Europe, the Middle East, and Africa; and APAC primarily consists of Japan, China, South Korea, India, Singapore, Malaysia, Australia, New Zealand, Thailand and Taiwan.
| Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Americas | $ | 64,307 | $ | 55,189 | $ | 122,688 | $ | 108,899 | ||||||||||||||||||
| EMEA | 37,347 | 30,642 | 75,712 | 58,945 | ||||||||||||||||||||||
| APAC | 9,061 | 6,962 | 16,013 | 13,662 | ||||||||||||||||||||||
| Total | $ | 110,715 | $ | 92,793 | $ | 214,413 | $ | 181,506 | ||||||||||||||||||
The table below sets forth revenues by products. The Company previously reported revenue by product categories: synthetic genes, oligo pools and DNA libraries (collectively, synthetic biology), antibody discovery,
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and NGS tools. As customers increasingly leverage both synthetic biology tools and biopharma services for antibody discovery together to accelerate discovery and identify breakthrough therapeutics, beginning fiscal 2026, the Company combined synthetic genes, oligo pools, DNA libraries, and biopharma services for antibody discovery into DNA synthesis and protein solutions. Additionally, NGS tools were renamed NGS applications to better reflect their role in DNA sequencing workflows.
| Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| DNA synthesis and protein solutions | $ | 53,274 | 41,647 | $ | 104,334 | 81,718 | ||||||||||||||||||||
| NGS applications | 57,441 | 51,146 | 110,079 | 99,788 | ||||||||||||||||||||||
| Total | $ | 110,715 | $ | 92,793 | $ | 214,413 | $ | 181,506 | ||||||||||||||||||
The table below sets forth revenues by industry. The Company historically reported revenue by: industrial chemicals/materials, academic research, healthcare, and food/agriculture. Beginning fiscal 2026, the Company will disclose revenue by therapeutics, diagnostics, industry and applied, academic research and government, and global supply partners revenue. These updated categories better align with the Company's operations and increase clarity around the Company's key customer groups.
| Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Therapeutics | $ | 40,766 | $ | 26,250 | $ | 77,991 | $ | 53,022 | ||||||||||||||||||
| Diagnostics | 39,960 | 35,030 | 75,275 | 70,513 | ||||||||||||||||||||||
| Industry and applied | 5,797 | 7,043 | 11,918 | 12,570 | ||||||||||||||||||||||
| Academic research and government | 12,816 | 12,469 | 25,033 | 24,865 | ||||||||||||||||||||||
| Global supply partners | 11,376 | 12,001 | 24,196 | 20,536 | ||||||||||||||||||||||
| Total | $ | 110,715 | $ | 92,793 | $ | 214,413 | $ | 181,506 | ||||||||||||||||||
4. Cash, Cash Equivalents and Investments
The following table sets forth the cash and cash equivalents, and investments as of March 31, 2026:
| (in thousands) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||||||||||||
| Cash | $ | 33,483 | $ | — | $ | — | $ | 33,483 | ||||||||||||||||||
| Cash equivalents - money market funds | 89,187 | — | — | 89,187 | ||||||||||||||||||||||
| Total cash and cash equivalents | $ | 122,670 | $ | — | $ | — | $ | 122,670 | ||||||||||||||||||
| Short-term investments: | ||||||||||||||||||||||||||
| U.S. government treasury bills | $ | 48,999 | $ | 22 | $ | (20) | $ | 49,001 | ||||||||||||||||||
| Total short-term investments | $ | 48,999 | $ | 22 | $ | (20) | $ | 49,001 | ||||||||||||||||||
| Total cash, cash equivalents and short-term investments | $ | 171,669 | $ | 22 | $ | (20) | $ | 171,671 | ||||||||||||||||||
The following table sets forth the cash and cash equivalents, and investments as of September 30, 2025:
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| (in thousands) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||||||||||||
| Cash | $ | 32,677 | $ | — | $ | — | $ | 32,677 | ||||||||||||||||||
| Cash equivalents - money market funds | 150,372 | — | — | 150,372 | ||||||||||||||||||||||
| Total cash and cash equivalents | $ | 183,049 | $ | — | $ | — | $ | 183,049 | ||||||||||||||||||
| Short-term investments: | ||||||||||||||||||||||||||
| U.S. government treasury bills | $ | 49,316 | $ | 69 | $ | — | $ | 49,385 | ||||||||||||||||||
| Total short-term investments | $ | 49,316 | $ | 69 | $ | — | $ | 49,385 | ||||||||||||||||||
| Total cash, cash equivalents and short-term investments | $ | 232,365 | $ | 69 | $ | — | $ | 232,434 | ||||||||||||||||||
During the six months ended March 31, 2026 and March 31, 2025, gross realized gains and losses related to short-term investments were not material.
During the six months ended March 31, 2026 and March 31, 2025, the Company did not recognize any credit losses related to cash, cash equivalents and short-term investments.
5. Fair Value Measurement
The Company assesses the fair value of financial instruments based on the provisions of ASC 820, Fair Value Measurements. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:
Level 1—Quoted prices in active markets for identical assets or liabilities.
Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considering counterparty credit risk in its assessment of fair value.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
As of March 31, 2026, financial assets and liabilities measured and recognized at fair value are as follows:
| (in thousands) | Level 1 | Level 2 | Level 3 | Fair value | ||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||
| Money market funds | $ | 89,187 | $ | — | $ | — | $ | 89,187 | ||||||||||||||||||
| U.S. government treasury bills | 49,001 | — | — | 49,001 | ||||||||||||||||||||||
| Total financial assets | $ | 138,188 | $ | — | $ | — | $ | 138,188 | ||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||
| Liability for issuance of shares of common stock | — | — | 5,000 | 5,000 | ||||||||||||||||||||||
| Total financial liabilities | $ | — | $ | — | $ | 5,000 | $ | 5,000 | ||||||||||||||||||
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The liability for issuance of shares of common stock is accounted for as a liability under ASC 480, with the liability initially measured at its issue-date estimate fair value and subsequently measured at its estimated fair value on a recurring basis at each reporting period date. The estimated fair value of the liability for issuance of shares of common stock was determined using a 100% probability of the successful completion of technology transfer (“Tech Transfer") in connection with the assets acquisition agreement (See note 6, Asset Acquisition).
As of September 30, 2025, financial assets measured and recognized at fair value are as follows:
| (in thousands) | Level 1 | Level 2 | Level 3 | Fair value | ||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||
| Money market funds | $ | 150,372 | $ | — | $ | — | $ | 150,372 | ||||||||||||||||||
| U.S. government treasury bills | 49,385 | — | — | 49,385 | ||||||||||||||||||||||
| Total financial assets | $ | 199,757 | $ | — | $ | — | $ | 199,757 | ||||||||||||||||||
Contractual maturities of short-term investments, as of March 31, 2026, were less than 12 months. The Company does not intend to sell the money market funds and short-term investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis. Accrued interest receivable balances included in the prepaid expenses and other current assets within the condensed consolidated balance sheets were $0.9 million and $1.2 million as of March 31, 2026 and September 30, 2025, respectively.
As of September 30, 2025, there were no financial liabilities measured and recognized at fair value.
There were no transfers between Level 1, Level 2 and Level 3 in the periods presented.
6. Asset Acquisition
In February 2026, the Company entered into a License Agreement (the “Agreement”) with Invenra Inc. (“Invenra”) for a co-exclusive, royalty-bearing license to Invenra’s proprietary B-Body bispecific antibody discovery platform for an initial term of 7 years. The Company may exercise an option to extend the co-exclusive license for the duration of all patent rights in the platform for a consideration of $10.0 million payable in the Company's common stock. If the Company does not choose to exercise the option, then the term will continue non-exclusively through the duration of all patent rights. The transaction was accounted for as an asset acquisition. The total consideration paid by the Company in exchange for the license was $20.0 million, consisting of:
•$5.0 million upfront cash payment
•$10.0 million in shares of the Company’s common stock issued on the effective date of the Agreement, and
•$5.0 million in shares of the Company's common stock to be issued upon the successful completion of Tech Transfer. The Tech Transfer is a conditional obligation requiring Twist to settle by issuing a variable number of common stock shares and is accordingly recorded in liability for issuance of shares of common stock at fair value (see Note 8, Balance Sheet Components — accrued expenses and other current liabilities).
The asset acquisition purchase consideration is included within prepaid expenses and other current assets on the consolidated balance sheet because the Company does not obtain control of the license until Tech Transfer is complete (see Note 8, Balance Sheet Components — prepaid expenses and other current assets). Upon completion of Tech Transfer, the amount will be reclassified to an intangible asset and amortized in cost of revenues, on a straight-line basis over the useful life of the intangible asset, which the company is currently evaluating.
Under the terms of the Agreement, the Company will also pay royalties to Invenra based on gross sales received from third-party license sales. These royalties will be recognized as cost of revenues in the period the underlying sale occurs. Invenra will provide ongoing sales, marketing, and technical support to the Company and may act as a subcontractor for biopharma services associated with the platform.
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7. Investment in Equity Securities
Simultaneously with the Agreement (see Note 6, Asset Acquisition), the Company entered into separate agreements with third-party investors to purchase shares of Series B Preferred Stock of Invenra for a consideration of $13.8 million to be settled by the issuance of the shares of the Company's common stock. The Company concluded that while Invenra is a variable interest entity ("VIE"), the Company is not the primary beneficiary of Invenra as the Company does not have the power, whether through contractual relationships or other factors, to direct the activities that most significantly impact the economic performance of Invenra. Therefore, the Company did not consolidate Invenra. The investment also did not qualify for the equity method of accounting because the Series B Preferred Stock has substantive liquidation preferences and is not considered in-substance common stock. Accordingly, the investment is accounted for as an investment in equity securities of a privately held company. The investment was recorded at $13.8 million, consisting of an upfront issuance of shares of the Company's common stock of $10.0 million at initial closing and a subsequent issuance of the Company's common stock of $3.8 million due on April 6, 2026. The subsequent issuance is an unconditional obligation settleable in Twist common stock and is accordingly included in liability for issuance of shares of common stock at fair value (see Note 8, Balance Sheet Components — accrued expenses and other current liabilities). These shares were issued on April 7, 2026.
The Company holds investments in other privately-held companies in the form of equity securities without readily determinable fair values. The Company concluded that these entities are VIEs and the Company holds variable interests in these VIEs but is not their primary beneficiary and therefore does not consolidate them. These entities also do not meet the requirements of equity method of accounting.
The Company elected to account for its investment in privately-held companies using the measurement alternative method. Under the measurement alternative, these investments are carried at cost, less any impairment, and adjusted for observable price changes from orderly transactions for identical or similar investments of the same issuer. There were no upward or downward adjustments for observable price changes or impairment charges recorded during the three and six months ended March 31, 2026 and March 31, 2025 related to these equity securities.
Assets, liabilities, and maximum exposure with unconsolidated VIEs are as follows:
| (in thousands) | Financial statements line item | March 31, 2026 | September 30, 2025 | |||||||||||||||||
| Assets | ||||||||||||||||||||
Other receivables[1] | Prepaid and other current assets | $ | 112 | $ | 290 | |||||||||||||||
| Asset acquisition purchase consideration | Prepaid and other current assets | 20,000 | — | |||||||||||||||||
Investments[2] | Investment in equity securities | 68,087 | 54,337 | |||||||||||||||||
Promissory note receivable[1] | Other non-current assets | 1,894 | 1,783 | |||||||||||||||||
| Total assets | $ | 90,093 | $ | 56,410 | ||||||||||||||||
| Liabilities | ||||||||||||||||||||
| Liability for issuance of shares of common stock | Accrued expenses and other current liabilities | $ | 5,000 | $ | — | |||||||||||||||
Sublease security deposit[1] | Other non-current liabilities | 170 | 170 | |||||||||||||||||
| Total liabilities | $ | 5,170 | $ | 170 | ||||||||||||||||
| Maximum exposures to VIEs | $ | 90,093 | $ | 56,410 | ||||||||||||||||
(1) Represents a related party balance.
(2) As of March 31, 2026 and September 30, 2025 includes a related party balance of $53.9 million and $53.9 million, respectively.
Accounts receivable from an unconsolidated VIE and considered a related party was less than $0.1 million as of March 31, 2026 and September 30, 2025.
Transactions with an unconsolidated VIE and considered a related party were as follows:
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| Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Sublease income | $ | 681 | $ | — | $ | 1,419 | $ | — | ||||||||||||||||||
| Interest income | 56 | — | 111 | — | ||||||||||||||||||||||
Revenue from an unconsolidated VIE and considered a related party was less than $0.1 million for the three and six months ended March 31, 2026.
8. Balance Sheet Components
Allowance for Credit Losses
Allowance for credit losses related to accounts receivable were $0.5 million and $0.6 million as of March 31, 2026 and September 30, 2025, respectively.
Prepaid Expenses and Other Current Assets
| (in thousands) | March 31, 2026 | September 30, 2025 | ||||||||||||
| Prepaid expenses | $ | 9,337 | $ | 9,626 | ||||||||||
| Contract assets | 8,394 | 3,857 | ||||||||||||
| Asset acquisition purchase consideration | 20,000 | — | ||||||||||||
| Insurance receivable for litigation settlement costs | 14,901 | — | ||||||||||||
| Other current assets | 1,468 | 1,721 | ||||||||||||
| $ | 54,100 | $ | 15,204 | |||||||||||
The Company has determined that recovery of approximately $14.9 million from its liability insurers is probable and has accounted for insurance receivable for litigation settlement costs as of March 31, 2026 (see note 11, Commitments and Contingencies).
Inventories
Inventories consist of the following:
| (in thousands) | March 31, 2026 | September 30, 2025 | ||||||||||||
| Raw materials | $ | 25,549 | $ | 20,191 | ||||||||||
| Work-in-process | 2,943 | 2,265 | ||||||||||||
| Finished goods | 5,023 | 5,853 | ||||||||||||
| $ | 33,515 | $ | 28,309 | |||||||||||
Property and Equipment, net
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Property and equipment, net consists of the following:
| (in thousands) | March 31, 2026 | September 30, 2025 | ||||||||||||
| Laboratory equipment | $ | 108,766 | $ | 101,583 | ||||||||||
| Furniture, fixtures and other equipment | 2,908 | 2,905 | ||||||||||||
| Vehicles | 211 | 211 | ||||||||||||
| Computer equipment | 3,414 | 3,176 | ||||||||||||
| Computer software | 13,960 | 11,009 | ||||||||||||
| Leasehold improvements | 68,050 | 58,277 | ||||||||||||
| Construction in progress | 19,828 | 20,116 | ||||||||||||
| $ | 217,137 | $ | 197,277 | |||||||||||
| Less: Accumulated depreciation and amortization | (105,911) | (94,994) | ||||||||||||
| $ | 111,226 | $ | 102,283 | |||||||||||
Construction in progress mainly represents equipment costs, leasehold improvement costs and internal use software development costs. The depreciation and amortization for the three and six months ended March 31, 2026 was $6.1 million and $12.1 million, respectively. The depreciation and amortization for the three and six months ended March 31, 2025 was $6.1 million and $12.3 million, respectively.
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consist of the following:
| (in thousands) | March 31, 2026 | September 30, 2025 | ||||||||||||
| Accrued Expenses | $ | 24,873 | $ | 22,824 | ||||||||||
| Litigation accruals | 20,641 | 229 | ||||||||||||
| Liability for issuance of shares of common stock | 8,750 | — | ||||||||||||
| Income and other taxes payable | 4,976 | 4,543 | ||||||||||||
| Contract liabilities | 7,095 | 6,884 | ||||||||||||
| Other current liabilities | 1,513 | 722 | ||||||||||||
| $ | 67,848 | $ | 35,202 | |||||||||||
The Company recorded a litigation settlement liability of $17.1 million, which is included in litigation accruals as of March 31, 2026 (see Note 11, Commitments and Contingencies).
9. Goodwill and Intangible Assets
The goodwill balance is presented below:
| (in thousands) | March 31, 2026 | |||||||
| Balance at beginning of period | $ | 82,195 | ||||||
| Balance at end of period | $ | 82,195 | ||||||
The finite-lived intangible assets balances are presented below:
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| March 31, 2026 | ||||||||||||||||||||||||||
| (in thousands, except for years) | Weighted average Amortization period in years | Gross carrying amount | Accumulated amortization | Net book value | ||||||||||||||||||||||
| Developed Technology | 17 | $ | 18,000 | $ | (5,004) | $ | 12,996 | |||||||||||||||||||
| Total finite-lived intangible assets | $ | 18,000 | $ | (5,004) | $ | 12,996 | ||||||||||||||||||||
| September 30, 2025 | ||||||||||||||||||||||||||
| (in thousands, except for years) | Weighted average Amortization period in years | Gross carrying amount | Accumulated amortization | Net book value | ||||||||||||||||||||||
| Developed Technology | 17 | $ | 17,900 | $ | (4,475) | $ | 13,425 | |||||||||||||||||||
| Total finite-lived intangible assets | $ | 17,900 | $ | (4,475) | $ | 13,425 | ||||||||||||||||||||
Total amortization related to intangible assets for the three and six months ended March 31, 2026 was $0.3 million and $0.5 million, respectively. Total amortization related to intangible assets for the three and six months ended March 31, 2025 was $0.3 million and $0.5 million, respectively.
10. Leases
The Company leases certain of its facilities under noncancellable operating leases expiring at various dates through 2044. The Company is also responsible for utilities, maintenance, insurance, and property taxes under these leases. The lease payments consist primarily of fixed rental payments for the right to use the underlying leased assets over the lease terms, as well as payments for common-area-maintenance and administrative services. The Company often receives customary incentives from its landlords, such as reimbursements for tenant improvements and rent abatement periods, which effectively reduce the total lease payments owed for these leases. Leases are classified as operating or financing at commencement. The Company does not have any material financing leases.
On November 13, 2025, the Company entered into an amendment to a lease agreement for the Company's premises in South San Francisco, California, in order to consolidate other offices in South San Francisco into a single location. This amendment increases the leased premises by approximately 33,000 square feet ("Additional Premises") and extends the termination date of the lease until June 30, 2036. The lease for the Additional Premises is expected to commence on September 1, 2026. In accordance with the amended lease agreement, the monthly base rent for the entire premises is approximately $0.5 million at commencement, includes provisions for rent increases of 3% annually and provides for base rent abatement with respect to the original premises for 15 months and base rent abatement with respect to the Additional Premises for 12 months. The Company is also responsible for utilities, maintenance, insurance, and property taxes. The landlord will provide the Company with a tenant improvement allowance in connection with its improvements to the premises of approximately $24.4 million. The amendment also gives the Company the right, on or before December 31, 2026, to elect to expand the premises to include additional space in the building of approximately 33,000 square feet.
Certain leases include options to renew or terminate at the Company’s discretion. The lease terms include periods covered by these options if it is reasonably certain the Company will renew or not terminate. The Company’s lease agreements do not contain any material residual value guarantees or restrictive covenants.
As part of the sale of its DNA data storage business, the Company subleased specific office and lab space in South San Francisco.
Future minimum lease payments and sublease income under all noncancelable operating leases as of March 31, 2026 are as follows:
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| (in thousands) | Operating leases | Sublease income | ||||||||||||
| Years ending September 30: | ||||||||||||||
| Remainder of 2026 | $ | 6,190 | $ | 959 | ||||||||||
| 2027 | 8,450 | 1,975 | ||||||||||||
| 2028 | 12,572 | 2,035 | ||||||||||||
| 2029 | 10,793 | — | ||||||||||||
| 2030 | 11,096 | — | ||||||||||||
| 2031 | 11,409 | — | ||||||||||||
| Thereafter | 90,605 | — | ||||||||||||
| Total minimum lease payments | $ | 151,115 | $ | 4,969 | ||||||||||
| Less: imputed interest | (55,274) | |||||||||||||
| Total operating lease liabilities | $ | 95,841 | ||||||||||||
| Less: current portion | (10,443) | |||||||||||||
| Operating lease liabilities, net of current portion | $ | 85,398 | ||||||||||||
The components of lease expense and supplemental information were as follows:
| Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||
| (in thousands except years and percentage) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Operating lease costs | $ | 3,347 | $ | 3,738 | $ | 6,903 | $ | 7,477 | ||||||||||||||||||
| Variable lease costs | $ | 2,058 | $ | 1,888 | $ | 4,130 | $ | 3,808 | ||||||||||||||||||
| Sublease income | $ | 681 | $ | — | $ | 1,419 | $ | — | ||||||||||||||||||
| Weighted-average remaining lease term (in years) - operating leases | 14.1 | 14.7 | ||||||||||||||||||||||||
| Weighted-average discount rate - operating leases | 6.9 | % | 6.3 | % | ||||||||||||||||||||||
Supplemental cash flow information related to leases are as follows:
| Six months ended March 31, | ||||||||||||||
| (in thousands) | 2026 | 2025 | ||||||||||||
Cash payments included in the measurement of operating lease liabilities | $ | 7,773 | $ | 7,319 | ||||||||||
11. Commitments and Contingencies
Legal Proceedings
The Company may be subject to litigation, claims and disputes in the ordinary course of business. Certain significant matters are described below. The Company recognizes accruals for matters to the extent that the Company concludes that a loss is both probable and reasonably estimable. If the Company determines that a material loss is reasonably possible and the loss or range of loss can be estimated, the Company discloses the possible loss.
Securities Class Action
On December 12, 2022, a putative securities class action lawsuit captioned Peters v. Twist Bioscience Corporation, et al., Case No. 22-cv-08168 (N.D. Cal.) (“Securities Class Action”) was filed in federal court in the Northern District of California (“Court”) against the Company, its Chief Executive Officer, and its Chief Financial Officer (the “Defendants”) alleging violations of federal securities laws. On March 31, 2026, the parties engaged in mediation and reached a settlement in principle under which the Company would pay, or cause its insurance carriers to pay, a settlement payment of approximately $17.1 million. The settlement in principle was presented
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to the Court in a motion for preliminary approval on April 30, 2026. The Company expects its liability insurers to directly fund the majority of the settlement liability, with the Company contributing the remainder as its remaining retention under its insurance policy.
Derivative Action
On September 25, 2023, a shareholder derivative suit captioned Shumacher v. Leproust et al., No. 1:23-cv-01048-UNA, was filed in the United States District Court for the District of Delaware against directors of the Company and an employee (the “Shumacher Action”). The suit is based on substantially the same allegations in the Securities Class Action and seeks to recover, on behalf of the Company, damages to the Company arising from, among other things, the Securities Class Action. On November 13, 2023, the parties to the Shumacher Action entered into a stipulation staying the Shumacher Action pending further proceedings in the Securities Class Action. On November 13, 2025, another derivative lawsuit captioned Sell v. Leproust, et al., Case No. 1:25-cv-01380-MN was filed in the Delaware Court of Chancery, alleging similar claims and seeking similar recovery as the Shumacher Action (the “Sell Action”), and on December 2, 2025 the Sell Action was consolidated with the Shumacher Action and stayed pending further proceedings in the Securities Class Action. Due to the inherent uncertainties of litigation, the Company cannot accurately predict the ultimate outcome of this matter.
12. Related Party Transactions
During the three and six months ended March 31, 2026 and March 31, 2025, transactions with related parties excluding an unconsolidated VIE that is considered a related party were as follows:
| Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Revenue | $ | 2,172 | $ | 2,829 | $ | 3,552 | $ | 6,802 | ||||||||||||||||||
As of March 31, 2026 and September 30, 2025, accounts receivable balances with related parties, excluding an unconsolidated VIE that is considered a related party were as follows:
| (in thousands) | March 31, 2026 | September 30, 2025 | ||||||||||||
| Accounts receivable | $ | 774 | $ | 1,265 | ||||||||||
See Note 7, Investment in Equity Securities, for transactions and balances with an unconsolidated VIE that is considered a related party.
13. Income Taxes
In determining quarterly provisions for income taxes, the Company uses the annual estimated effective tax rate applied to the actual year-to-date profit or loss, adjusted for discrete items arising in that quarter. For the three and six months ended March 31, 2026, the Company recorded provisions for income taxes of less than $0.1 million and $0.3 million, respectively. For the three and six months ended March 31, 2025, the Company recorded provisions for income taxes of $0.2 million and $0.3 million, respectively.
14. Stock-based Compensation
Stock-based Compensation Expense
Total stock-based compensation expense recognized were as follows:
| Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Cost of revenues | $ | 1,691 | $ | 2,074 | $ | 2,967 | $ | 3,280 | ||||||||||||||||||
| Research and development | 2,140 | 3,527 | 3,736 | 6,266 | ||||||||||||||||||||||
| Selling, general and administrative | 15,105 | 14,727 | 25,506 | 22,773 | ||||||||||||||||||||||
| Total stock-based compensation expense | $ | 18,936 | $ | 20,328 | $ | 32,209 | $ | 32,319 | ||||||||||||||||||
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An immaterial amount of stock-based compensation expense was capitalized to property and equipment related to capitalized software development costs for the three and six months ended March 31, 2026 and March 31, 2025.
Restricted Stock Units
A summary of the Company’s restricted stock unit activity excluding the performance-based restricted stock units during the six months ended March 31, 2026 was as follows:
| (in thousands, except per share data) | Shares | Weighted average grant date fair value per share | ||||||||||||
| Nonvested shares at September 30, 2025 | 1,882 | $ | 37.21 | |||||||||||
| Granted | 1,532 | 30.92 | ||||||||||||
| Vested/Issued | (503) | 35.64 | ||||||||||||
| Forfeited | (74) | 37.03 | ||||||||||||
Nonvested shares at March 31, 2026 | 2,837 | $ | 34.00 | |||||||||||
As of March 31, 2026, there was $91.4 million of total unrecognized compensation cost related to these awards that is expected to be recognized over a weighted average period of 2.9 years. The total grant date fair value of the restricted stock units excluding performance-based restricted units awarded during the six months ended March 31, 2026 was $47.4 million.
Performance-based Restricted Stock Units
During the six months ended March 31, 2026, the Company granted additional performance-based restricted stock units to executives and employees that will vest upon achievement of multiple year revenue, gross margin, and profitability metrics as determined by the board of directors. Stock compensation expense for these awards is recorded over the vesting period based on the grant date fair value of the awards and probability of the achievement of specified performance targets. The grant date fair value is equal to the closing share price of the Company’s common stock on the date of grant. These awards vest from a minimum of 22 months to a maximum of 46 months service period following the grant date, provided that the recipient is a Company employee at the time of vesting and the performance targets applicable to each award are achieved. The percentage of these awards that vest will depend on the achievement of specified performance targets at the end of the performance period and can range from 0% to 150% of the number of units granted.
A summary of the Company’s performance-based restricted stock units activity during the six months ended March 31, 2026 was as follows:
| (in thousands, except per share data) | Shares | Weighted average grant date fair value per share | ||||||||||||
| Nonvested shares at September 30, 2025 | 1,934 | $ | 37.85 | |||||||||||
| Granted | 946 | 27.11 | ||||||||||||
| Vested/Issued | (419) | 22.10 | ||||||||||||
| Forfeited | (41) | 43.33 | ||||||||||||
Nonvested shares at March 31, 2026 | 2,420 | $ | 36.28 | |||||||||||
Stock-based compensation expense for performance-based restricted stock units is recorded over the requisite service period based on the grant date fair value and management's assessment of the probability that the specified performance conditions will be achieved. As of March 31, 2026, the unrecognized compensation costs related to these awards was $48.6 million based on the maximum achievement of the performance targets. The Company expects to recognize those costs over a weighted average period of 1.6 years. The total grant date fair value of performance-based restricted stock units awarded during the six months ended March 31, 2026 was $25.7 million.
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Options
A summary of the Company’s options including the performance-based stock options during the six months ended March 31, 2026 was as follows:
| (in thousands, except per share and contractual term data) | Shares | Weighted average exercise price per share | Weighted average remaining contractual term (years) | Aggregate intrinsic value | ||||||||||||||||||||||
| Outstanding at September 30, 2025 | 1,276 | $ | 30.80 | 3.59 | $ | 6,616 | ||||||||||||||||||||
| Forfeited | (2) | 69.87 | — | — | ||||||||||||||||||||||
| Exercised | (93) | 22.44 | — | 2,232 | ||||||||||||||||||||||
| Outstanding at March 31, 2026 | 1,181 | $ | 31.40 | 3.11 | $ | 24,803 | ||||||||||||||||||||
Vested and exercisable at March 31, 2026 | 1,181 | $ | 31.40 | 3.11 | $ | 24,803 | ||||||||||||||||||||
2018 Employee Stock Purchase Plan
The number of shares of the Company's common stock reserved for issuance under the 2018 Employee Stock Purchase Plan ("ESPP") as of March 31, 2026 was as follows:
| (in thousands) | Shares available | |||||||
As of September 30, 2025 | 716 | |||||||
| Additional shares authorized | 249 | |||||||
| Shares issued during the period | (104) | |||||||
As of March 31, 2026 | 861 | |||||||
During the three and six months ended March 31, 2026, the Company recorded ESPP expenses of $0.6 million and $1.1 million, respectively. During the three and six months ended March 31, 2025, the Company recorded ESPP expenses of $0.6 million and $1.1 million, respectively.
15. Net Loss Per Share
The following table sets forth the computation of the Company’s basic and diluted net loss per share:
| Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||
| (in thousands, except per share data) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Net loss, basic and diluted | $ | (44,021) | $ | (39,328) | $ | (74,528) | $ | (70,922) | ||||||||||||||||||
| Weighted average shares used in computing net loss per share, basic and diluted | 61,702 | 59,649 | 61,387 | 59,403 | ||||||||||||||||||||||
| Net loss per share, basic and diluted | $ | (0.71) | $ | (0.66) | $ | (1.21) | $ | (1.19) | ||||||||||||||||||
The potentially dilutive common shares that were excluded from the calculation of diluted net loss per share because their effect would have been antidilutive for the periods presented are as follows:
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| Six months ended March 31, | ||||||||||||||
| (in thousands) | 2026 | 2025 | ||||||||||||
| Shares subject to options (including performance options) to purchase common stock | 1,181 | 1,593 | ||||||||||||
| Unvested restricted stock units and performance stock units | 5,257 | 4,514 | ||||||||||||
| Shares subject to employee stock purchase plan | 64 | 83 | ||||||||||||
| Total | 6,502 | 6,190 | ||||||||||||
16. Segment Information
The Company operates in one operating segment, which also represents one reportable segment with the Company’s Chief Executive Officer as the chief operating decision maker (CODM). The CODM reviews the Company’s operating results on a consolidated basis for purposes of allocating resources and evaluating financial performance. Specifically, the CODM evaluates the Company’s financial performance and decides how to allocate resources based on consolidated net income (loss), which enables the CODM to assess both the overall level of resources available and optimize distribution of resources across functions, product lines, regions and research and development programs in line with our long-term corporate-wide strategic goals. The CODM also reviews disaggregated revenue by product line, geographic regions, and industry (see Note 3, Revenues).
The following table presents entity-wide significant expense categories and net loss details provided to the CODM:
| Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Revenues | $ | 110,715 | $ | 92,793 | $ | 214,413 | $ | 181,506 | ||||||||||||||||||
| Costs and expenses: | ||||||||||||||||||||||||||
Cost of revenues[1] | $ | 47,402 | $ | 40,373 | $ | 91,408 | $ | 80,744 | ||||||||||||||||||
Research and development expenses[1] | 17,366 | 19,952 | 32,712 | 38,078 | ||||||||||||||||||||||
Selling, general and administrative expenses[1] | 59,255 | 47,298 | 117,034 | 93,786 | ||||||||||||||||||||||
| Litigation settlement costs, net of recoveries | 7,205 | — | 7,205 | — | ||||||||||||||||||||||
| Depreciation and amortization | 6,414 | 6,402 | 12,608 | 12,784 | ||||||||||||||||||||||
| Stock-based compensation expense | 18,936 | 20,328 | 32,209 | 32,319 | ||||||||||||||||||||||
| Total costs and expenses | $ | 156,578 | $ | 134,353 | $ | 293,176 | $ | 257,711 | ||||||||||||||||||
| Loss from operations | $ | (45,863) | $ | (41,560) | $ | (78,763) | $ | (76,205) | ||||||||||||||||||
| Interest income | $ | 1,710 | $ | 2,801 | $ | 3,885 | $ | 6,041 | ||||||||||||||||||
| Other income (expense), net | 175 | (394) | 646 | (487) | ||||||||||||||||||||||
| Income (loss) before income taxes | $ | (43,978) | $ | (39,153) | $ | (74,232) | $ | (70,651) | ||||||||||||||||||
| Income tax expense | (43) | (175) | (296) | (271) | ||||||||||||||||||||||
| Net loss | $ | (44,021) | $ | (39,328) | $ | (74,528) | $ | (70,922) | ||||||||||||||||||
[1] Excludes depreciation and amortization and stock-based compensation expense
Asset information is not regularly provided to the CODM for assessing performance and allocating resources other than consolidated cash and cash equivalents and short-term investments, which can be found on our Condensed Consolidated Balance Sheets.
* * * * *
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
You should read the following discussion and analysis of our financial condition and results of operations together with the unaudited condensed consolidated financial statements and related notes that are included elsewhere in this Form 10-Q and our Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current plans, expectations and beliefs that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to, those discussed in the section entitled “Risk Factors” and elsewhere in this Form 10-Q. In preparing this MD&A, we presume that readers have access to and have read the MD&A in our Annual Report on Form 10-K, pursuant to Instruction 2 to paragraph (b) of Item 303 of Regulation S-K.
Overview
We provide customizable solutions across the biological continuum that enable scientific discovery and development across therapeutics, diagnostics, and other high-growth markets. Our proprietary silicon-based platform delivers precision, scale, and speed, supporting consistent, high-quality performance across a broad range of applications.
At the core of our platform is a differentiated method of manufacturing synthetic DNA by “writing” DNA on a silicon chip. By integrating proprietary hardware, software, and scalable infrastructure, including our e-commerce platform, we achieve high levels of precision, automation, and throughput at a lower cost relative to legacy methods.
We have extended this platform beyond DNA synthesis to offer an integrated portfolio that includes synthetic genes, next-generation sequencing, or NGS, applications, sample preparation tools, antibody libraries, and biologics discovery services. These solutions are designed to improve research efficiency, accelerate development timelines, and deliver reproducible, high-quality data. Leveraging the same platform, we also manufacture synthetic RNA, express antibody proteins, perform characterization assays and deliver data to customers and partners.
Our solutions support a wide range of applications, including traditional and AI-enabled therapeutics discovery, diagnostic development, industrial and applied research, agricultural biotechnology, and academic research. By increasing efficiency and scalability in research and development, we support efforts to improve human health and sustainability.
We serve more than 3,800 customers annually across therapeutics, diagnostics, industrial and applied markets, academia, government, and global supply partners. Our multi-channel commercial strategy includes direct sales teams aligned to key markets and an e-commerce platform that enables customers to design, validate, and order customized products on demand, with real-time pricing and order tracking.
We generate revenue primarily from DNA synthesis and protein solutions and NGS applications. As we have expanded from DNA fragments to genes, sample preparation, protein expression, and biologics discovery, the integration of our offerings has strengthened. Beginning in fiscal 2026, we combined synthetic biology tools and biopharma services into a single category, DNA synthesis and protein solutions, and renamed NGS tools to NGS applications to reflect their role in sequencing workflows.
In February 2026, we entered into a license agreement with Invenra Inc. for its proprietary B-Body bispecific antibody discovery platform and simultaneously acquired a 6.24% ownership interest on a fully-diluted basis in Invenra through the purchase of Series B Preferred Stock. Together, these transactions represent a total commitment of $33.8 million, settled through a combination of cash and common stock.
Since our inception, we have incurred net losses each year. Our net loss for the three and six months ended March 31, 2026 was $44.0 million and $74.5 million, respectively. As of March 31, 2026, we have an accumulated net deficit of $1,394.1 million and cash, cash equivalents and short-term investments of $171.7 million. Our ability to generate product revenue sufficient to achieve profitability will depend heavily on the success of our existing products and the development and commercialization of additional products in the therapeutics, diagnostics, industry and applied, academic research and government, and global supply partners revenue industries as well as leveraging our investment in our manufacturing infrastructure.
Financial highlights compared to the same periods in the prior fiscal year:
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•For the three and six months ended March 31, 2026, revenues increased 19.3% to $110.7 million and 18.1% to $214.4 million, respectively, driven by strong performance in DNA synthesis and protein solutions and NGS applications.
•For the three and six months ended March 31, 2026, gross margin increased to 51.6% from 49.6% and to 51.8% from 49.0%, respectively, primarily due to increases in revenues and driving additional cost savings through continuous process improvement initiatives.
•For the three and six months ended March 31, 2026, loss from operations increased 10.4% to $45.9 million and 3.4% to $78.8 million primarily due to an increase in selling, general and administrative expenses and litigation settlement costs, net of recoveries, offset by increases in both revenues and gross profit and a decrease in research and development expenses.
•For the six months ended March 31, 2026, net cash used in operating activities increased 23.1% to $42.4 million from $34.4 million.
Results of Operations
Comparison of the Three and Six Months Ended March 31, 2026 and 2025
Revenues
| Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands, except percentages) | 2026 | 2025 | Change | % | 2026 | 2025 | Change | % | ||||||||||||||||||||||||||||||||||||||||||
| Revenues | $ | 110,715 | $ | 92,793 | $ | 17,922 | 19 | % | $ | 214,413 | $ | 181,506 | $ | 32,907 | 18 | % | ||||||||||||||||||||||||||||||||||
Revenues by Geography
We have one reportable segment from the manufacturing of DNA synthesis and protein solutions and NGS applications products. The following table shows our revenues by geography, based on our customers’ shipping addresses. Americas consists of United States, Canada, Mexico and South America; EMEA consists of Europe, Middle East and Africa; and APAC primarily consists of Japan, China, South Korea, India, Singapore, Malaysia, Australia, New Zealand, Thailand and Taiwan.
| Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands, except percentages) | 2026 | % | 2025 | % | 2026 | % | 2025 | % | ||||||||||||||||||||||||||||||||||||||||||
| Americas | $ | 64,307 | 58 | % | $ | 55,189 | 59 | % | $ | 122,688 | 57 | % | $ | 108,899 | 60 | % | ||||||||||||||||||||||||||||||||||
| EMEA | 37,347 | 34 | % | 30,642 | 33 | % | 75,712 | 35 | % | 58,945 | 32 | % | ||||||||||||||||||||||||||||||||||||||
| APAC | 9,061 | 8 | % | 6,962 | 8 | % | 16,013 | 8 | % | 13,662 | 8 | % | ||||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 110,715 | 100 | % | $ | 92,793 | 100 | % | $ | 214,413 | 100 | % | $ | 181,506 | 100 | % | ||||||||||||||||||||||||||||||||||
Revenues by Products
We historically reported our revenue by the following products: synthetic genes, oligo pools and DNA libraries (collectively, synthetic biology), antibody discovery, and NGS tools. Beginning fiscal 2026, we combined revenue from synthetic genes, oligo pools, DNA libraries, and biopharma services for antibody discovery into DNA synthesis and protein solutions. We also changed the name of NGS tools to NGS applications, as these products and services facilitate DNA reading and sequencing workflows. The table below summarizes revenues by the new products:
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Revenues by Industry
We historically reported revenue by industrial chemicals/materials, academic research, healthcare, and food/agriculture. Beginning fiscal 2026, we disclose revenue by therapeutics, diagnostics, industry and applied, academic research and government, and global supply partners revenue. These updated categories better align with our operations and increase clarity around our key customer groups. The table below summarizes revenues by industry:
| Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands, except percentages) | 2026 | % | 2025 | % | 2026 | % | 2025 | % | ||||||||||||||||||||||||||||||||||||||||||
| Therapeutics | $ | 40,766 | 37 | % | $ | 26,250 | 28 | % | $ | 77,991 | 36 | % | $ | 53,022 | 29 | % | ||||||||||||||||||||||||||||||||||
| Diagnostics | 39,960 | 36 | % | 35,030 | 38 | % | 75,275 | 35 | % | 70,513 | 39 | % | ||||||||||||||||||||||||||||||||||||||
| Industry and applied | 5,797 | 5 | % | 7,043 | 8 | % | 11,918 | 6 | % | 12,570 | 7 | % | ||||||||||||||||||||||||||||||||||||||
| Academic research and government | 12,816 | 12 | % | 12,469 | 13 | % | 25,033 | 12 | % | 24,865 | 14 | % | ||||||||||||||||||||||||||||||||||||||
| Global supply partners | 11,376 | 10 | % | 12,001 | 13 | % | 24,196 | 11 | % | 20,536 | 11 | % | ||||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 110,715 | 100 | % | $ | 92,793 | 100 | % | $ | 214,413 | 100 | % | $ | 181,506 | 100 | % | ||||||||||||||||||||||||||||||||||
Product Shipments
The table below summarizes product shipments:
| Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Number of genes shipped | 300 | 227 | 571 | 432 | ||||||||||||||||||||||
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The number of customers who purchased products from us was approximately 2,583 and 2,431 customers for the three months ended March 31, 2026 and March 31, 2025, respectively.
Revenues increased 19% to $110.7 million for the three months ended March 31, 2026, as compared to $92.8 million for the three months ended March 31, 2025. The increase in revenues primarily reflects growth in DNA synthesis and protein solutions revenue of 28% and growth in NGS applications revenue of 12%, both of which are primarily attributable to an increase in revenues from our customers in therapeutics, diagnostics, academic research and government industries, as well as an increase in the number of customers. The number of genes shipped in the three months ended March 31, 2026, increased to approximately 300,000 genes, compared to approximately 227,000 genes in the three months ended March 31, 2025, an increase of 32%.
Revenues increased 18% to $214.4 million for the six months ended March 31, 2026, as compared to $181.5 million for the six months ended March 31, 2025. The increase in revenues primarily reflects growth in DNA synthesis and protein solutions revenue of 28% and growth in NGS applications revenue of 10%, both of which are primarily attributable to an increase in revenues from our customers in therapeutics, diagnostics, academic research and government and global supply partners industries, as well as an increase in the number of customers. The number of genes shipped in the six months ended March 31, 2026, increased to approximately 571,000 genes, compared to approximately 432,000 genes in the six months ended March 31, 2025, an increase of 32%.
Cost of Revenues
| Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands, except percentages) | 2026 | 2025 | Change | % | 2026 | 2025 | Change | % | ||||||||||||||||||||||||||||||||||||||||||
| Cost of revenues | $ | 53,593 | $ | 46,765 | $ | 6,828 | 15 | % | $ | 103,319 | $ | 92,638 | $ | 10,681 | 12 | % | ||||||||||||||||||||||||||||||||||
| Gross profit | $ | 57,122 | $ | 46,028 | $ | 11,094 | 24 | % | $ | 111,094 | $ | 88,868 | $ | 22,226 | 25 | % | ||||||||||||||||||||||||||||||||||
| Gross margin | 51.6 | % | 49.6 | % | 2.0 | % | 51.8 | % | 49.0 | % | 2.8 | % | ||||||||||||||||||||||||||||||||||||||
Cost of revenues increased 15% to $53.6 million for the three months ended March 31, 2026, as compared to $46.8 million for the three months ended March 31, 2025. The increase is primarily attributable to an increase in material costs of $6.3 million driven by increased sales and a $0.7 million increase in personnel costs. Gross margin increased 2.0% to 51.6% for the three months ended March 31, 2026, as compared to 49.6% in the same period of the prior year, mainly due to an increase in revenues and driving additional cost savings through continuous process improvement initiatives.
Cost of revenues increased 12% to $103.3 million for the six months ended March 31, 2026, as compared to $92.6 million for the six months ended March 31, 2025. The increase is primarily attributable to an increase in material costs of $9.0 million driven by increased sales and a $2.1 million increase in personnel costs. Gross margin increased 2.8% to 51.8% for the six months ended March 31, 2026, as compared to 49.0% in the same period of the prior year, mainly due to an increase in revenues and driving additional cost savings through continuous process improvement initiatives.
Research and Development Expenses
| Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands, except percentages) | 2026 | 2025 | Change | % | 2026 | 2025 | Change | % | ||||||||||||||||||||||||||||||||||||||||||
| Research and development | $ | 19,695 | $ | 23,917 | $ | (4,222) | (18) | % | $ | 36,825 | $ | 45,224 | $ | (8,399) | (19) | % | ||||||||||||||||||||||||||||||||||
Research and development expenses decreased 18% to $19.7 million for the three months ended March 31, 2026, as compared to $23.9 million for the three months ended March 31, 2025. The decrease is primarily driven by a $2.0 million decrease in personnel costs, including a $1.4 million decrease in stock-based compensation expenses, a $1.2 million decrease in professional services costs, and a $0.9 million decrease in
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costs for facilities and depreciation and amortization. These decreases are largely attributable to the sale of our DNA data storage business in fiscal year 2025.
Research and development expenses decreased 19% to $36.8 million for the six months ended March 31, 2026, as compared to $45.2 million for the six months ended March 31, 2025. The decrease is primarily driven by a $4.6 million decrease in personnel costs, including a $2.5 million decrease in stock-based compensation expenses, a $2.0 million decrease in professional services costs, and a $1.6 million decrease in costs for facilities and depreciation and amortization. These decreases are largely attributable to the sale of our DNA data storage business in fiscal year 2025.
Selling, General and Administrative Expenses
| Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands, except percentages) | 2026 | 2025 | Change | % | 2026 | 2025 | Change | % | ||||||||||||||||||||||||||||||||||||||||||
| Selling, general and administrative | $ | 76,085 | $ | 63,671 | $ | 12,414 | 19 | % | $ | 145,827 | $ | 119,849 | $ | 25,978 | 22 | % | ||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses increased 19% to $76.1 million for the three months ended March 31, 2026, as compared to $63.7 million for the three months ended March 31, 2025. The increase is primarily attributable to an $8.2 million increase in personnel costs, including a $0.4 million increase in stock-based compensation expense, a $2.4 million increase in IT services costs, an $0.8 million increase in marketing costs, and a $1.9 million increase in other costs. These increases were partially offset by a $0.9 million decrease in professional services costs. The increase in selling, general and administrative expenses reflect headcount additions and investments in our commercial organization and corporate infrastructure to support the continued growth of the business.
Selling, general and administrative expenses increased 22% to $145.8 million for the six months ended March 31, 2026, as compared to $119.8 million for the six months ended March 31, 2025. The increase is primarily attributable to a $15.9 million increase in personnel costs, including a $2.7 million increase in stock-based compensation expense, and a $5.0 million increase in IT services, a $2.3 million increase in marketing costs, and a $4.6 million increase in other costs. These increases were partially offset by a $1.8 million decrease in professional services costs. The increase in selling, general and administrative expenses reflect headcount additions and investments in our commercial organization and corporate infrastructure to support the continued growth of the business.
We expect selling, general and administrative expense to moderate in the second half of fiscal 2026 resulting from a number of cost saving initiatives.
Litigation settlement costs, net of recoveries
| Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands, except percentages) | 2026 | 2025 | Change | % | 2026 | 2025 | Change | % | ||||||||||||||||||||||||||||||||||||||||||
| Litigation settlement costs, net of recoveries | $ | 7,205 | $ | — | $ | 7,205 | NA | $ | 7,205 | $ | — | $ | 7,205 | NA | ||||||||||||||||||||||||||||||||||||
We recorded litigation settlement costs, net of recoveries of $7.2 million for the three and six months ended March 31, 2026.
Interest and Other Income (Expense), net
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| Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands, except percentages) | 2026 | 2025 | Change | % | 2026 | 2025 | Change | % | ||||||||||||||||||||||||||||||||||||||||||
| Interest income | $ | 1,710 | $ | 2,801 | $ | (1,091) | (39) | % | $ | 3,885 | $ | 6,041 | $ | (2,156) | (36) | % | ||||||||||||||||||||||||||||||||||
| Other income (expense), net | 175 | (394) | 569 | (144) | % | 646 | (487) | 1,133 | (233) | % | ||||||||||||||||||||||||||||||||||||||||
| Total interest and other income (expense), net | $ | 1,885 | $ | 2,407 | $ | (522) | (22) | % | $ | 4,531 | $ | 5,554 | $ | (1,023) | (18) | % | ||||||||||||||||||||||||||||||||||
Interest income decreased 39% to $1.7 million for the three months ended March 31, 2026, as compared to $2.8 million for the three months ended March 31, 2025, due to lower cash equivalents and short-term investments balances and lower interest rates.
Interest income decreased 36% to $3.9 million for the six months ended March 31, 2026, as compared to $6.0 million for the six months ended March 31, 2025, due to lower cash equivalents and short-term investments balances and lower interest rates.
Income Tax Expense
| Three months ended March 31, | Six months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands, except percentages) | 2026 | 2025 | Change | % | 2026 | 2025 | Change | % | ||||||||||||||||||||||||||||||||||||||||||
| Income tax expense | $ | (43) | $ | (175) | $ | 132 | (75) | % | $ | (296) | $ | (271) | $ | (25) | 9 | % | ||||||||||||||||||||||||||||||||||
We recorded an income tax provision of less than $0.1 million and $0.2 million for the three months ended March 31, 2026 and March 31, 2025, respectively. We recorded an income tax provision of $0.3 million and $0.3 million for the six months ended March 31, 2026 and March 31, 2025, respectively.
Liquidity and Capital Resources
Liquidity
As of March 31, 2026, we had a balance of $122.7 million of cash and cash equivalents and $49.0 million in short-term investments. We have incurred losses and negative cash flows from operations since our inception, and as of March 31, 2026, we had an accumulated deficit of $1,394.1 million.
Since our inception, we have financed our operations and capital expenditures principally through public equity raises, private placements of our convertible preferred stock, borrowings from credit facilities, proceeds from the royalty purchase agreement, sale of DNA data storage assets and revenue from our commercial operations.
Based on our current business plan, we believe our current cash, cash equivalents and short-term investments and anticipated cash flow from operations will be sufficient to meet our anticipated cash requirements for more than 12 months from the date of this Quarterly Report on Form 10-Q. However, if we need to obtain additional financing to fund operations beyond this period, there can be no assurance that we will be successful in raising additional financing on terms that are acceptable to us.
Capital Requirements and Allocation
Our primary uses of capital are, and we expect will continue to be for the near future, compensation and related expenses, manufacturing costs, laboratory and related supplies, legal and other regulatory expenses and general overhead costs, including facilities costs and capital expenditures. We had $15.7 million in commitments for capital expenditures as of March 31, 2026.
Our future capital requirements will depend on many factors including our revenue growth rate, research and development efforts, investments in or acquisitions of complementary or enhancing technologies or businesses, the timing and extent of additional capital expenditures to invest in existing and new facilities, the expansion of
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sales and marketing and international activities, legal costs associated with defending and enforcing intellectual property rights and the introduction of new products and new versions of existing products.
We take a long-term view in growing and scaling our business and we regularly review acquisition and investment opportunities, and we may in the future enter into arrangements to acquire or invest in businesses, services and technologies, including intellectual property rights, and any such acquisitions or investments could significantly increase our capital needs. We regularly review opportunities that meet our long-term growth objectives.
Cash in excess of immediate requirements is invested in accordance with our investment policy, primarily with a view to providing liquidity while ensuring capital preservation.
Our contractual obligations have not materially changed from those reported in our Annual Report on Form 10-K except for lease commitments. As of March 31, 2026, our operating lease liability was $95.8 million. See Note 10, Leases of the notes to our condensed consolidated financial statements included elsewhere in this Form 10-Q for information on our operating lease commitments.
On November 13, 2025, we entered into a lease amendment for our facilities in South San Francisco, California. This amendment increases the leased premises by approximately 33,000 square feet in order to consolidate other offices in South San Francisco into a single location and extends the termination date of the lease until June 30, 2036. The lease for the additional space is expected to commence on September 1, 2026. As the lease term for the additional space has not yet commenced, we have not yet recorded a right-of-use asset and a corresponding operating lease liability nor have we recognized rent expense for the additional space. These will be recognized on the commencement date of the additional space. We expect future cash commitments related to this lease of the additional space to total $11.6 million through June 30, 2036.
Invenra License Agreement and Investment in Equity Securities
In February 2026, we entered into a co-exclusive license agreement with Invenra Inc. ("Invenra") for its proprietary B-Body bispecific antibody discovery platform and simultaneously acquired a 6.24% ownership interest in Invenra through the purchase of Series B Preferred Stock. Together, these transactions represent a total commitment of $33.8 million, settled through a combination of cash and our common stock. Under the terms of the license agreement, we will also pay royalties to Invenra based on gross sales received from third-party license sales.
The license was acquired for total consideration of $20.0 million, of which $5.0 million was paid in cash at closing, $10.0 million settled through the issuance of common stock at closing, and $5.0 million in common stock remains contingently issuable upon the successful completion of technology transfer. The equity investment was acquired for $13.8 million, settled entirely through the issuance of common stock, comprising $10.0 million issued at initial closing and $3.8 million issued in a subsequent closing on April 7, 2026.
Of the total $33.8 million commitment, $5.0 million represented an outflow of cash, with the remaining $28.8 million was settled or to be settled through the issuance of the Company's common stock, thereby limiting the cash impact on liquidity. The contingent issuance of common stock, which is dependent on the completion of the technology transfer, as well as the common stock issuance for the subsequent closing related to acquiring ownership interests in Invenra, are both recorded as other current liabilities in the consolidated balance sheet as of March 31, 2026.
We filed a prospectus supplement under our existing shelf registration statement on Form S-3 to register the resale of up to 632,328 shares of common stock issued or issuable in connection with these transactions, which will not provide any proceeds to us and will have no material impact on our liquidity or capital resources.
See note 7, Investment in Equity Securities of the notes to our condensed consolidated financial statements included elsewhere in this Form 10-Q.
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Cash Flows
The following table summarizes our sources and uses of cash and cash equivalents:
| Six months ended March 31, | ||||||||||||||
| (in thousands) | 2026 | 2025 | ||||||||||||
| Net cash used in operating activities | $ | (42,373) | $ | (34,414) | ||||||||||
| Net cash provided by (used in) investing activities | (22,639) | (2,962) | ||||||||||||
| Net cash provided by financing activities | 4,436 | 21,140 | ||||||||||||
Operating Activities
Net cash used in operating activities was $42.4 million during the six months ended March 31, 2026, which was primarily due to a net loss of $74.5 million, adjusted for non-cash items, including depreciation and amortization of $12.6 million, stock-based compensation expense of $32.2 million, and a net cash outflow from operating assets and liabilities of $11.8 million. The net cash outflow from operating assets and liabilities was mainly due to increases in inventories of $5.2 million, accounts receivable of $7.4 million due to the increase in revenues and the timing of collections, and prepaid and other current assets of $18.9 million, and a decrease in accrued compensation of $4.3 million, partially offset by an increase in accrued and other liabilities of $22.8 million. The changes in accrued compensation, accrued expenses and other liabilities, and accounts payable are due to timing of payments to vendors and employees.
Net cash used in operating activities was $34.4 million during the six months ended March 31, 2025 primarily due to a net loss of $70.9 million adjusted for non-cash items including depreciation and amortization expense of $12.8 million, stock-based compensation expense of $32.3 million and a net cash outflow from operating assets and liabilities of $9.4 million. The net cash outflow from operating assets and liabilities was mainly due to an increase in accounts receivable of $15.3 million due to timing of collections, a decrease in accrued compensation of $8.7 million offset by decreases in inventories of $3.2 million, increases in accrued expenses of $3.3 million, accounts payable of $6.4 million and other liabilities of $1.3 million. The changes in accrued compensation, accrued expenses, and accounts payable are due to timing of payments to vendors and employees.
Investing Activities
Net cash used in investing activities was $22.6 million during the six months ended March 31, 2026, which consisted of the purchases of property and equipment of $17.9 million and cash paid for asset acquisition of $5.0 million.
Net cash used in investing activities was $3.0 million during the six months ended March 31, 2025, which consisted of the purchases of property and equipment of $6.4 million offset by the proceeds from the net impact of purchases and maturity of investments of $3.5 million.
Financing Activities
Net cash provided by financing activities was $4.4 million in the six months ended March 31, 2026, which consisted of $2.1 million from the exercise of stock options and $2.4 million proceeds from issuance of shares under the ESPP.
Net cash provided by financing activities was $21.1 million in the six months ended March 31, 2025, which consisted of $15.0 million from XOMA for the sale of future revenue, $3.7 million from the exercise of stock options and $2.4 million proceeds from issuance of shares under the ESPP.
Critical Accounting Policies and Significant Management Estimates
The preparation of our Condensed Consolidated Financial Statements in accordance with generally accepted accounting principles in the United States of America requires management to make estimates and judgments that affect the reported amounts in the financial statements and related disclosures. On an ongoing basis, we evaluate our significant accounting policies and estimates. We base our estimates on historical experience and on various market-specific and other relevant assumptions that we believe to be reasonable under the
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circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Estimates are assessed each period and updated to reflect current information. Actual results may differ significantly from these estimates. A summary of our critical accounting policies and estimates is presented in Part II, Item 7 of our Annual Report on Form 10-K. There were no changes to our critical accounting policies and estimates during the six months ended March 31, 2026.
Recently Issued Accounting Pronouncements
For a description of accounting changes and recently issued accounting pronouncements, including the expected dates of adoption and estimated effects, if any, on our condensed consolidated financial statements, see Note 2, “Summary of Significant Accounting Policies” in Item 1 of Part I of this Form 10-Q.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Information about our market risk is presented in Part II, Item 7A “Quantitative and Qualitative Disclosures about Market Risk” of our Annual Report on Form 10-K. Our exposure to market risk has not changed materially since September 30, 2025.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we evaluated the effectiveness of our disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of March 31, 2026, which is the end of the period covered by this Form 10-Q. Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures to ensure that information required to be disclosed by the Company in reports we file or submit under the Exchange Act is (i) recorded, processed, summarized, evaluated and reported, as applicable, within the time periods specified in the SEC’s rules and forms and (ii) accumulated and communicated to the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures were effective as of March 31, 2026.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the quarter ended March 31, 2026, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Limitations on Effectiveness of Controls and Procedures
Our disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives, as specified above. Our management recognizes that any control system, no matter how well designed and operated, is based upon certain judgments and assumptions and cannot provide absolute assurance that its objectives will be met.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
For a description of material pending legal proceedings, see Note 11 “Commitments and Contingencies - Legal Matters” of the Notes to Condensed Consolidated Financial Statements included in Part I, Item 1 of this Form 10-Q. In addition, we are subject to various legal proceedings and claims arising in the ordinary course of business. Although occasional adverse decisions or settlements may occur, management believes that the final disposition of such matters will not have a material adverse effect on our business, financial position, results of operations or cash flows.
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Item 1A. Risk Factors
In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors and other cautionary statements described under the heading “Item 1A. Risk Factors” included in our Annual Report on Form 10-K filed with the SEC on November 17, 2025, which could materially affect our business, financial condition or future results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition or future results. There have been no material changes in our risk factors from those described in our Annual Report on Form 10-K. We may disclose changes to risk factors or additional risk factors from time to time in our future filings with the SEC.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Sales of Unregistered Securities
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Rule 10b5-1 Trading Plans
On February 17, 2026, Dennis Cho, the Company's Chief Legal Officer and Corporate Secretary, adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (a “10b5-1 Plan”). Mr. Cho's 10b5-1 Plan provides for the potential sale of up to 56,820 shares of the Company’s common stock and will expire on the earlier of February 26, 2027 or the date when all shares under Mr. Cho’s 10b5-1 Plan are sold.
Other than as described above, during the three months ended March 31, 2026, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
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Item 6. Exhibits
| Exhibit Number | Description | Filed / Furnished / Incorporated from Form | Incorporated by Reference from Exhibit Number | Date Filed | ||||||||||||||||
| 4.1 | 8-K | 4.1 | 2/17/2026 | |||||||||||||||||
| 31.1 | Filed herewith | |||||||||||||||||||
| 31.2 | Filed herewith | |||||||||||||||||||
| 32.1† | Furnished herewith | |||||||||||||||||||
| 32.2† | Furnished herewith | |||||||||||||||||||
| 101 | The following materials from Twist Bioscience Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in iXBRL (inline eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations and Comprehensive Loss, (iii) the Condensed Consolidated Statements of Stockholders’ Equity, (iv) the Condensed Consolidated Statements of Cash Flows, and (v) Notes to Unaudited Condensed Consolidated Financial Statements, tagged as blocks of text. | Filed herewith | ||||||||||||||||||
| 104 | The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in Inline XBRL (included in Exhibit 101). | Filed herewith | ||||||||||||||||||
| † | The certifications attached as Exhibits 32.1 and 32.2 that accompany this Quarterly Report on Form 10-Q are not deemed filed with the SEC and are not to be incorporated by reference into any filing of Twist Bioscience Corporation under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Quarterly Report on Form 10-Q, regardless of any general incorporation language contained in any filing. | ||||
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| May 4, 2026 | Twist Bioscience Corporation | |||||||
| By: | /s/ Adam Laponis | |||||||
| Adam Laponis | ||||||||
| Chief Financial Officer | ||||||||
| (Authorized officer) | ||||||||
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