Twist Bioscience Corporation · NASDAQ:TWST
Twist Bioscience — J.P. Morgan 2026 Healthcare Conference
38 slides from Twist Bioscience's conference presentation, January 2026
Slide 1: Writing the Future
WRITING THE FUTURE JANUARY 2026
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 $425 - $435M ~1,000 MULTI-BILLION $ Guided FY26 Revenue Employees (Nov
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, Academic Research Disease Dia
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: Solutions That Work Together
SOLUTIONS THAT WORK TOGETHER 202 6 1 2 3 4 5 NGS APPLICATIONS Synthetic Controls • Exomes PANELS • DNA Custom • LIBRARY PREP KITS EF/MF lib prep kits & prior Oligo Oligo Gene DNA SYNTHESIS Synthesis Pools Fragments & PROTEIN SOLUTIONS Variant Clonal Libraries Genes In Vitro Discovery MORE on the sam
Slide 8: Solutions That Work Together (2026)
SOLUTIONS THAT WORK TOGETHER 2026 NGS APPLICATIONS Synthetic Controls • • • Exomes Fusion Methylome PANELS • • • DNA Custom RNA Custom MethylSeq Custom • • • LIBRARY PREP KITS EF/MF lib prep kits cfDNA lib prep kits FlexPrep lib prep kits UMIs/Adapters • MRD500 • MRD 10k • RNA lib prep kits • Precis
Slide 9: Targeting Multiple Large, Growing Markets
TARGETING MULTIPLE LARGE, GROWING MARKETS $4B+ SAM $3B+ SAM DNA SYNTHESIS & NGS APPLICATIONS PROTEIN SOLUTIONS $18B TAM >$90B $2B TAM $1.5B $1.3B $0.7B $700M $500M $300M $300M DNA Antibody Protein Oncology Rare and Microarray Academic Biotech and Synthesis Discovery Services Expression Diagnostics*
Slide 10: Durable Top Line Growth
MULTIPLE GROWTH LEVERS Protein Expression and +267% Characterization MRD +219% FY2025 +20% YoY Revenue Durable Growth Gene Fragments +49% Top Line Growth Library Prep +32% PROPRIETARY and CONFIDENTIAL | TWIST BIOSCIENCE | 10
Slide 11: We Enable Innovation, at Scale
WE ENABLE INNOVATION, AT SCALE Confidence Without Compromise SOLUTIONS VALUE IMPACT Exceptional Products and Customizable Solutions Relentless Innovation Customer Experience That Enhance Efficiency That Pushes Boundaries Helping customers Giving scientists more shots Powering the future of drug navi
Slide 12: 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 13: 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 PROPRIETARY and CONFIDENTIAL | TWIST
Slide 14: Proven Commercial Execution, Financial Discipline
PROVEN COMMERCIAL EXECUTION, FINANCIAL DISCIPLINE ANNUAL REVENUE FY 2025 REVENUE $ Millions $ Millions $425 - $435 $99.0 $376.6 $96.1 $92.8 $313.0 >52% $88.7 GM 51% 53.4% 51.3% $245.1 GM 49.6% GM GM $203.6 43% 48.3% GM GM GM $132.2 $90.1 41% GM 39% 37% 32% GM GM GM FY 2020 FY 2021 FY 2022 FY 2023 FY
Slide 15: 12 Consecutive Quarters of Revenue Growth
12 CONSECUTIVE QUARTERS OF REVENUE GROWTH $ in Millions ~$103.5- $103.9* NGS Applications $99.0 $96.1 DNA Synthesis & $92.8 $88.7 Protein Solutions $84.7 $81.5 $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 r Jun Se
Slide 16: New Industry Revenue Reporting
NEW INDUSTRY REVENUE REPORTING 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 Industry and G
Slide 17: 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 18: Diverse Revenue Mix (FY 2025)
DIVERSE REVENUE MIX (FY 2025) DNA SYNTHESIS & NGS APPLICATIONS PROTEIN SOLUTIONS INDUSTRY & ACADEMIC & RESALE/ THERAPEUTICS APPLIED GOVERNMENT DISTRIBUTOR DIAGNOSTICS 6% 4% 13% 27% 31% Make this its 96% 94% 73% 69% 87% PROPRIETARY and CONFIDENTIAL | TWIST BIOSCIENCE | 18
Slide 19: DNA Synthesis & Protein Solutions
DNA SYNTHESIS & PROTEIN SOLUTIONS Powering the Design-Build-Test-Learn Cycle for Early-stage Biotech through Big Pharma, Academic Research $169M Revenue FY25 17% YoY Growth PROPRIETARY and CONFIDENTIAL | TWIST BIOSCIENCE | 19
Slide 20: DNA Synthesis & Protein Solutions
DNA SYNTHESIS & PROTEIN SOLUTIONS PRODUCTS PRODUCTS • Clonal genes • Express genes Speed Cost Scale Quality Frictionless • Gene fragments* eCommerce • MGF* • Characterization* Why • Oligo pools We Win • Variant libraries ANTIBODY SERVICES One stop shop Robust AI and data for the • Discovery for disc
Slide 21: Expanding Wallet Share
We move up the customer value chain EXPANDING WALLET SHARE End-to-end discovery services Antibody characterization (data) IgG antibody proteins Customers DNA prep (micro to maxi prep) are leveraging Clonal genes products and services Gene pools to accelerate Gene fragments discovery Oligos A Common
Slide 22: Expanding Wallet Share
EXPANDING WALLET SHARE Revenue ($) LARGE BIOTECH CUSTOMER Oligo Pools Multiplexed Gene Fragments Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Libraries 2022 2023 2024 2025 HT IgG Custom Vector Onboarding Custom Production Revenue ($) Cloned Oligo Pools Clonal Genes Gene Fragments LARGE PHARMA CUS
Slide 23: 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 Companies We sell products and data $25M of $66M We sell data (Wet lab model) FY2025 order growth was (Dry lab model) for AI drug discovery WE ARE THE MARKET LEADER DNA on Silicon
Slide 24: Twist AI Accelerates Discovery
TWIST AI ACCELERATES DISCOVERY BUILD Rapid, Iterative TEST • Oligo synthesis (1 day) and Scalable • Expressability • Clonal gene production (4-5 days) 2-4 Week Cycle* • Developability 5-10 • Protein expression (5-8 days) • Functionality days • Affinity • Cross reactivity START Characterized Antibody
Slide 25: NGS Applications
NGS APPLICATIONS* Enabling Efficient and Effective Customized, Scalable Solutions for Cancer, Inherited and Rare Disease Diagnostics $208M Revenue FY25 23% YoY Growth PROPRIETARY and CONFIDENTIAL | TWIST BIOSCIENCE | 25 *See Terms and Conditions
Slide 26: NGS Applications
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 27: 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 28: Expanding Order Volume
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 29: 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 Neoantigen Detection + Therapy Profiling Minimal Residual Screening Disease TIME DIAGNOSTIC THERAPEUTIC SCREENING EARLY DETECTION + PROFILING MINIMA
Slide 30: Product Innovation + Disciplined Prioritization
PRODUCT INNOVATION + DISCIPLINED PRIORITIZATION DNA SYNTHESIS & NGS APPLICATIONS PROTEIN SOLUTIONS Rapid Solution Uptake Slower Solution Uptake ü Gene fragments in 2-4 days ü FlexPrep™ library prep ü IgG characterization FY25 ü Element Trinity Freestyle on-flowcell enrichment ü Expanded vectors ü On
Slide 31: Loading More on the Same Chip
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: We Can Support Volume and Margin Expansion
WE CAN SUPPORT VOLUME AND MARGIN EXPANSION 90% of FY25 Revenue Growth Dropped to the Gross Margin Line High level of automation Scalable capacity in place Currently using < 50% of existing capacity Low variable costs, leveraging relatively flat fixed costs Options to expand capacity and products PRO
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 EBITDA Reconciliation
Adjusted EBITDA Reconciliation (In Thousands) Q1 2025 Q2 2025 Q3 2025 Q4 2025 GAAP Net Income (loss) $(31,594) $(39,328) $20,390 $(27,138) Add (Deduct) Adjustments: Interest Income (3,240) (2,801) (2,690) (2,633) Income Tax Expense 97 175 191 256 Depreciation and Amortization 6,382 6,402 6,065 6,004
Slide 37: 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.
Slide 38: Adjusted R&D and SG&A Expenses Reconciliation
Adjusted R&D and SG&A Expenses Reconciliation (In Millions) Q1 2025 Q2 2025 Q3 2025 Q4 2025 R&D Expenses — GAAP $21.3 $23.9 $18.0 $17.0 Adjusted to exclude: Depreciation and Amortization 0.4 0.4 0.2 0.2 Stock-based Compensation Expense 2.7 3.5 0.9 1.8 Adjusted R&D Expenses $18.1 $20.0 $16.9 $15.0 SG
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