Twist Bioscience Corporation · NASDAQ:TWST
Twist Bioscience — William Blair 46th Annual Growth Stock Conference (May 2026)
36 slides from Twist Bioscience's conference presentation, May 2026
Slide 1: Writing the Future
WRITING THE FUTURE : ? oe 68 & * oe ff ey ead eenee s%3. 3 e : a “nigge ee : >” ty = tee. ", ¢ ee e e BIOSCIENCE T W
Slide 2: Legal Disclaimer
LEGAL DISCLAIMER This presentation contains forward-looking statements. All statements other than statements of historical facts contained herein are forward-looking statements the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Li
Slide 3: Twist Bioscience: Customizable Solutions Powering the Biological Continuum
Twist Bioscience Customizable Solutions Powering the Biological Continuum Proprietary Silicon- ~$377M Enabling Based DNA Revenue Therapeutics, Diagnostics, Industrial, Synthesis Platform (FY 2025) Research, Ag and Applied Markets $442 - $447M ~1,000 MULTI-BILLION $ Guided FY26 Revenue Employees (May
Slide 4: Diverse Solutions, Many Applications
DIVERSE SOLUTIONS, MANY APPLICATIONS DNA SYNTHESIS & NGS APPLICATIONS* PROTEIN SOLUTIONS Powering the Design-Build-Test-Learn Enabling Efficient and Effective Customized, Cycle for Early-stage Biotech through Scalable Solutions for Cancer, Inherited and Rare Big Pharma, Large Tech and Academic Resea
Slide 5: 3,800+ Customers Across Industries Rely on Twist
> 3,800 CUSTOMERS ACROSS INDUSTRIES RELY ON TWIST 32 of the top 34 19 of the top 20 21 of the top 30 41 of the top 50 Diagnostics Pharma Top Biotech Top Worldwide Companies Companies Companies Universities (by analyst tracking list) (by 2024 revenue) (by NYSE Biotech Index Fund) (by US News) We Enab
Slide 6: We Continue Loading More on the Same Chip
WE CONTINUE LOADING MORE ON THE SAME CHIP Rapid Growth, Unmatched Scale, High Margin Expansion DNA on Silicon Platform MORE MORE Products Applications MORE MORE Customers Markets PROPRIETARY and CONFIDENTIAL | TWIST BIOSCIENCE | 6
Slide 7: Synergistic Solutions that Work Together
Synergistic Solutions that Work Together Panels Library Prep Kits Synthetic • Exomes • DNA Custom • EF/MF lib prep kits NGS applications • Fusion • RNA Custom • cfDNA lib prep kits Controls • Methylome • MethylSeq Custom • FlexPrep lib prep kits • MRD500 • MRD 10k • RNA lib prep kits UMIs/Adapters •
Slide 8: Continuing to Iterate and Improve Proprietary Platform
CONTINUING TO ITERATE AND IMPROVE PROPRIETARY Cost ~60% PLATFORM ($) reduction in cost 1H2023 2H2023 2024 1Q2026 2Q2026 • Continuing low error rate with improved 2025 consistency 51.4 • Continue to reduce reagent cost and 31.4 29.4 chemical waste Waste 23.1 ~70% (Liter) 14.4 reduction • Faster synth
Slide 9: Automated from Start to Finish
AUTOMATED FROM START TO FINISH Automate key bottleneck steps Building scalable process so that multiple processes can run on the same tools (e.g. complexity process with minimum addition of equipment) Oligo Fragment System Colony Picker System Hands-off oligo to linearized Automated inoculation for
Slide 10: Automating the Automation: Doubling Throughput in 20% of Footprint
AUTOMATING THE AUTOMATION: DOUBLING THROUGHPUT IN 20% OF PHYSICAL FOOTPRINT Then Gene fragment workstation We “automated (step 1 and step 2) ~950 ~950 the automation” sq.ft. sq.ft. Now 2 integrated systems System 1 System 2 Increased capacity ~150 ~160 sq.ft. sq.ft. Increased productivity Reduced he
Slide 11: In Pursuit of Speed: Decreased TAT Over Time
IN PURSUIT OF SPEED: DECREASED TAT OVER TIME 1H 2023 26 hours 2H 2023 13 hours Oligo synthesis time improvement 2024 11 hours 2026 7 hours Standard gene 10-15 days (Up to 5 kb) Express gene 4-7 days Gene fragments 2-4 days IgG (at launch) 20-25 days IgG (Now) 10-15 days Cell free IgG New 5 days PROP
Slide 12: 2030: Continuing to Expand SAMs Driven by NPIs
2030: CONTINUING TO EXPAND SAMS DRIVEN BY NPIs $6B SAM* and >$90B TAM $7B+ SAM* and $18B TAM NGS Applications DNA Synthesis and Protein Solutions AI-enabled Drug Discovery DNA Synthesis and Protein Solutions Nucleic Acid Therapeutics $3.6B $2.5B $2B $0.5B $1.6B $1B $0.5B $800M $500M $400M $400M Onco
Slide 13: Durable Top Line Growth
MULTIPLE GROWTH LEVERS – H1FY2026 TO H1FY2025 Protein Expression and +385% Characterization Biopharma +45% services H1FY2026 YoY Revenue Durable Growth MRD +111% Top Line Growth Library Prep +56% PROPRIETARY and CONFIDENTIAL | TWIST BIOSCIENCE | 13
Slide 14: Our Powerful Advantages
SUPERIOR SOLUTIONS EXCEPTIONAL CUSTOMER EXPERIENCE • No need to compromise on precision, scale, • Customized solutions for a range of needs or value • Excellent experience at every level • Hundreds of SKUs for diverse applications • Meet every challenge head on • Frictionless e-commerce Our Powerful
Slide 15: Profitable Growth Is in Sight
PROFITABLE GROWTH IS IN SIGHT Sustained revenue and margin growth Continued operational and commercial execution New products and AI offering Adjusted EBITDA Breakeven Investment in innovation driving top line acceleration Q4 FY 2026 Growing markets and customers 15 PROPRIETARY and CONFIDENTIAL | TW
Slide 16: Proven Commercial Execution, Financial Discipline
PROVEN COMMERCIAL EXECUTION, FINANCIAL DISCIPLINE Annual Revenue $ Millions $442 - $447*** $376.6 >52% 33% CAGR $313.0 GM over last 6 years $245.1 51% GM $203.6 43% GM 37% $90.1 $132.2 41% GM 20% points 39% GM margin improvement 32% GM GM FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 Guida
Slide 17: 13 Consecutive Quarters of Sequential Revenue Growth
13 CONSECUTIVE QUARTERS OF SEQUENTIAL REVENUE GROWTH $110.7 $ in Millions $103.7 $99.0 $96.1 NGS Applications $92.8 $88.7 $84.7 DNA Synthesis & $81.5 Protein Solutions $75.3 $71.5 $66.9 $63.7 $60.2 $56.1 $57.3 $54.2 $48.1 $42.0 $38.0 $35.0 $32.4 $31.2 $28.2 $21.2 $17.2 $19.3 Dec Ma r Jun Sep Dec Ma
Slide 18: New Industry Revenue Reporting (FY25 Comp)
NEW INDUSTRY REVENUE REPORTING (FY25 Comp) LEGACY +13% +27% +12% +13% Industry Industrial Academic Food/ Reporting research Healthcare chemicals/ agriculture $215M materials FY25 $66M $2M $93M % change vs. PY New Category NEW +13% +26% +25% -15% +28% Industry Academic and Diagnostics Therapeutics In
Slide 19: 2QFY26 Industry Revenue Reporting
2QFY26 INDUSTRY REVENUE REPORTING Industry Reporting (% change vs. 2QFY25) +55% +14% +3% -18% -5% Academic and Industry and Global supply Therapeutics Diagnostics Government applied partners $40.8M $40.0M $12.8M $5.8M $11.4M Discovery research Tools for NGS assays, Chemical and enzyme Research OEMs
Slide 20: Attractive, Profitable Resale & Distributor Models
ATTRACTIVE, PROFITABLE RESALE & DISTRIBUTOR MODELS Resale Distributors & Channel Distributors Partners 18 Global Life Science EMEA 21 APAC AMERICAS Tools Companies Buy from Twist 11 18 • Customers resell our DNA under • Capital efficient way to cultivate their brand future direct customers • Increme
Slide 21: DNA Synthesis & Protein Solutions
DNA SYNTHESIS & PROTEIN SOLUTIONS Powering the Design-Build-Test-Learn Cycle for Early-stage Biotech through Big Pharma, Academic Research 28% YoY Growth $53.3M Revenue 2QFY26 4% QoQ Growth 21 PROPRIETARY and CONFIDENTIAL | TWIST BIOSCIENCE | 21
Slide 22: DNA Synthesis & Protein Solutions Products
DNA SYNTHESIS & PROTEIN SOLUTIONS PRODUCTS PRODUCTS • Clonal genes • Express genes Speed Cost Scale Quality Frictionless • Gene fragments* eCommerce • MGF* • Characterization* Why • Oligo pools We Win • Variant libraries ANTIBODY SERVICES One stop shop Robust AI and data for the • Discovery for disc
Slide 23: AI Enabled Discovery
Frontier AI Lab AI Enabled Large Pharma Discovery Different Approach for Every Customer Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 '21 '21 '21 '21 '22 '22 '22 '22 '23 '23 '23 '23 '24 '24 '24 '24 '25 '25 '25 '25 '26 '26 2021 2022 2023 2024 2025 2026 All Adding IgG/Characterizat
Slide 24: AI Has Opened New Doors for Growth
AI HAS OPENED NEW DOORS FOR GROWTH AI Amplifies the Value of Our Technology Traditional AI & Tech Therapeutics Companies $25M of $66M Companies FY2025 order growth was We sell products and data for AI drug discovery We sell data (Wet lab model) (Dry lab model) On track for triple digit growth in FY2
Slide 25: One Platform, Many Tailored Solutions
ONE PLATFORM, MANY TAILORED SOLUTIONS Meeting customers where they are, supporting them as ambitions grow Workflow 1 Workflow 2 Workflow 3 Workflow 4 Pooled Library Screening Internal Downstream Execution Downstream Entry End-to-End Partnership Up to 100,000+ specific sequences 100s to 1,000s of gen
Slide 26: NGS Applications
NGS APPLICATIONS* Enabling Efficient and Effective Customized, Scalable Solutions for Cancer, Inherited and Rare Disease Diagnostics 12% YoY Growth* $57.4M Revenue 2QFY26 9% QoQ Growth *See Terms and Conditions 26 PROPRIETARY and CONFIDENTIAL | TWIST BIOSCIENCE | 26
Slide 27: NGS Applications Products
NGS APPLICATIONS PRODUCTS PRODUCTS • Fixed panels Uniformity and lower Comprehensive Quality sequencing cost workflows • Custom panels • Alliance panels Rapid Fast Sequencer • Library prep kits customization throughput agnostic • Reagents • Controls and standards Why SERVICES We Win • Pre and post-s
Slide 28: Expanding Order Volume
Growing with our customers as they move from R&D to production EXPANDING ORDER VOLUME Commercial ramp Clinical studies Verification and validation As R&D pilot customers Service lab scale Common Pattern Across Product Lines MRD LIQUID RARE THERAPY BIOPSY DISEASE SELECTION CGP NIPT AGRIGENOMICS POPUL
Slide 29: Expanding Order Volume: Customer Examples
TUMOR INFORMED ONCOLOGY DIAGNOSTICS CUSTOMER, MRD CUSTOMER MULTIPLE TESTS Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Expanding Order Volume RARE DISEASE CUSTOMER ONCOLOGY DI
Slide 30: Twist Powers the Continuum of Care in Cancer Research
Twist Powers the Continuum of Care in Cancer Research INITIAL RELAPSE TREATMENT/SURGERY TREATMENT Treatment Response Monitoring TUMOR LOAD Early Cancer Molecular Detection + Residual Disease Profiling Screening Therapy TIME DIAGNOSTIC THERAPEUTIC SCREENING EARLY DETECTION + PROFILING MINIMAL RESIDUA
Slide 31: Loading More on the Same Chip: Future Innovation
LOADING MORE ON THE SAME CHIP Future Innovation MORE MORE Products Applications • mRNA / complexity • AI antibody discovery • MRD Express • Agrigenomics • siRNA - ASO Discovery MORE MORE Customers Markets • DNA synthesis and • Protein engineering protein solutions • WGS solutions • NGS applications
Slide 32: How Twist Operates Sets Us Apart from Others
How Twist Operates Sets Us Apart from Others New Product Introduction (NPI) Machine Operational Excellence Existing Infrastructure Supports Continued Scale Commercial Execution PROPRIETARY and CONFIDENTIAL | TWIST BIOSCIENCE | 32
Slide 33: Compelling Upside
COMPELLING UPSIDE Differentiated platform provides Durable revenue growth, diversified product, innovation >50% gross margin Growing market share, expanding Line of sight to adj EBITDA breakeven serviceable market opportunities Working with top companies, landing NPI powerhouse paired with and expan
Slide 34: Writing the Future
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Slide 35: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation (In Thousands) FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY2025 GAAP Net Income (Loss) ($ 139,931) ($152,098) ($217,863) ($204,619) $(208,726) $(77,670) Add (Deduct) Adjustments: Interest income ( 1,499) (435) (3,062) (14,365) (15,344) (11,364) Interest expense 787 367 8
Slide 36: Adjusted R&D and SG&A Expenses Reconciliation
Adjusted R&D and SG&A Expenses Reconciliation (In Millions) FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 R&D Expenses — GAAP $43.0 $69.1 $120.3 $106.9 $90.9 $80.3 Adjusted to exclude: Depreciation and Amortization 3.0 3.2 3.5 4.0 3.0 1.3 Stock-based Compensation Expense 3.3 10.2 19.5 13.9 11.2 9.
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