Twist Bioscience
Twist Bioscience Corporation is a synthetic biology company that manufactures synthetic DNA-based products using a proprietary semiconductor-based platform for high-throughput synthesis on silicon chips.[1][2]
Founded in 2013 by Emily Leproust, Bill Banyai, and Bill Peck in South San Francisco, California, the company sought to disrupt traditional DNA synthesis methods by scaling production to industrial levels, enabling applications in gene therapy, diagnostics, therapeutics development, and agricultural biotechnology.[3][4]
Twist Bioscience went public in 2018 and has expanded operations, including a secondary facility dubbed the "Factory of the Future" in Wilsonville, Oregon, to meet growing demand for custom genes, oligonucleotides, and variant libraries used in next-generation sequencing and protein engineering.[5][6]
Key achievements include collaborations with entities like Absci for AI-driven antibody design and advancements in synthetic biology tools that support research in infectious diseases, oncology, and genomics.[7][1]
The company has faced controversies, including a 2015 trade secrets lawsuit from former employer Agilent Technologies, settled for $22.5 million, and more recent challenges such as a 2022 short-seller report alleging misleading claims about its technology's scalability, alongside an ongoing federal securities lawsuit accusing executives of overstating platform capabilities.[8][9][10]
History
Founding and Early Development
Twist Bioscience was founded in 2013 in South San Francisco, California, by Emily M. Leproust, Bill Banyai, and Bill Peck to develop a scalable, silicon-based platform for high-throughput DNA synthesis, aiming to address limitations in traditional phosphoramidite-based methods by leveraging semiconductor manufacturing techniques for greater efficiency and reduced costs.[3][11] Leproust, who became the company's CEO, brought expertise from prior roles in oligonucleotide synthesis at Agilent Technologies, while Banyai contributed hardware engineering experience from Complete Genomics, and Peck provided chemical engineering insights.[12] In its initial years, the company focused on research and development of its proprietary silicon chip technology, which enables parallel synthesis of thousands of DNA oligos on a single wafer, followed by enzymatic assembly into longer genes. By 2014, Twist secured $26 million in Series B funding led by investors including Threshold Ventures and Alta Partners to advance commercialization of this semiconductor-based synthetic gene manufacturing process.[13] The following year, it raised an oversubscribed $37 million Series C round, supporting platform scaling and early customer engagements.[14] Early milestones included a 2015 partnership with Ginkgo Bioworks, under which Twist produced over 100 million bases of synthetic DNA—representing approximately 10% of the global synthetic DNA market that year—and a collaboration with Microsoft to encode and store digital data in synthesized DNA strands, demonstrating the platform's versatility for data storage applications.[3] These efforts culminated in the 2016 commercial launch of synthetic genes and a $61 million Series D financing, bringing total equity funding since inception to $133 million alongside $20 million in debt, positioning the company for broader market expansion.[15]Initial Public Offering and Growth Phase
Twist Bioscience Corporation priced its initial public offering on October 30, 2018, selling 5.2 million shares of common stock at $14 per share, the low end of the marketed range of $14 to $16, raising net proceeds of approximately $70.5 million after underwriting discounts and commissions.[16] The shares began trading on the Nasdaq Global Select Market under the ticker symbol "TWST" the following day, October 31, 2018.[17] The IPO provided capital to accelerate platform development, expand manufacturing capacity, and support commercial scaling of its silicon-based DNA synthesis technology, amid a market valuation that positioned the company at around $350 million at pricing.[18] Post-IPO, the stock price more than doubled within nine months, reflecting investor optimism about its disruptive potential in synthetic biology despite operating in a low-margin sector.[19] Revenue growth accelerated in the years immediately following the IPO, driven by expanded customer adoption in biopharma, academic research, and next-generation sequencing (NGS) applications. Fiscal year 2019 revenue, ended September 30, reached $53.9 million, more than doubling from $24.9 million in fiscal 2018.[20] This momentum continued with fiscal 2020 revenue climbing to $90.1 million and fiscal 2021 to $131.6 million, supported by increased order volumes and diversification into NGS tools launched in late 2018.[20][21] To fund further expansion, the company conducted follow-on public offerings, including an upsized $130 million raise in February 2020 and another in February 2022.[22] Operational scaling included infrastructure investments and strategic acquisitions to broaden capabilities beyond core DNA synthesis. In 2020, Twist announced construction of a second manufacturing facility in Wilsonville, Oregon—termed the "Factory of the Future"—designed for higher throughput and automation, with initial commercial shipments commencing in 2021.[6] The company also pursued inorganic growth, completing acquisitions such as Abveris in 2021 to integrate antibody discovery services, enhancing its offerings in therapeutic development and enabling entry into higher-value markets like biopharma toolkits.[23] By fiscal 2023, cumulative revenue had grown to $245.1 million, a 20% increase from the prior year, underscoring sustained demand despite competitive pressures and early skepticism regarding profitability in DNA synthesis.[24][25]Recent Developments and Milestones
In August 2024, Twist Bioscience expanded its gene synthesis offerings to include long gene fragments up to 50 kilobases, enabling more complex construct assembly for applications in protein engineering and pathway optimization.[26] This followed the launch of Express Genes, which contributed to a significant backlog buildup and order volume increase in the second half of fiscal 2024, reflecting improved throughput in high-volume, low-complexity gene production.[27] The company advanced its antibody discovery capabilities through multiple collaborations. In August 2024, Twist partnered with bitBiome to develop a Transaminase Enzyme Screening Kit, leveraging Twist's DNA synthesis for rapid screening from bitBiome's microbial database.[28] October 2024 saw an agreement with Absci to design novel therapeutic antibodies using Absci's AI platform and Twist's synthetic DNA libraries against an undisclosed target.[7] In May 2025, Twist revised its collaboration with Ginkgo Bioworks into a three-year, $15 million agreement with prepaid DNA orders and licensing rights for Ginkgo's tools.[29] That same month, it expanded its partnership with Element Biosciences to co-develop end-to-end next-generation sequencing solutions for the AVITI system.[30] By September 2025, Twist collaborated with the Synthetic Design Lab to support high-throughput binder discovery and screening.[31] Financially, Twist demonstrated operational efficiency gains since the fiscal second quarter of 2023, with gross margins rising from 30.8% to near 50% targets by mid-2025 amid stagnant customer numbers but higher per-customer output.[32] Quarterly revenue reached $92.8 million in the fiscal second quarter of 2025 (ended March 31, 2025), up 23% year-over-year, and $96.06 million in the third quarter (ended June 30, 2025), reflecting 17.91% growth.[33][34] Biopharma segment revenue increased 10% to $5.6 million in the third quarter.[35] In October 2024, Twist secured $15 million upfront from XOMA Royalty in exchange for royalties on future therapeutic milestones.[36] The company also released its 2024 Corporate Responsibility Report in September 2024, quantifying the carbon footprint of its oligo manufacturing for NGS target enrichment.[37]Technology and Platform
Core Silicon-Based DNA Synthesis Method
Twist Bioscience's core DNA synthesis method relies on a proprietary semiconductor-based platform that adapts traditional phosphoramidite chemistry to silicon chips etched with high-density nanowells.[11] Each chip, comparable in size to a standard 96-well plate, contains approximately 10,000 nanowells, with each well holding a reaction volume of about 100 nL— a 1,000-fold reduction from the 100 μL volumes in conventional 96-well plate methods.[11][38] This miniaturization, inspired by semiconductor fabrication techniques, enables parallel synthesis of unique single-stranded DNA oligonucleotides (ssDNA oligos) in individual wells, where reagents are precisely dispensed—often via inkjet-like printing—to specific locations for spatially controlled reactions.[39] The synthesis process begins with the attachment of nucleoside phosphoramidites to the silicon surface within each nanowell, followed by iterative cycles of deprotection, coupling, capping, and oxidation to extend the DNA chain base by base.[11] Wells are designed with uniform dimensions, such as diameters around 600 Å, to ensure consistent reaction efficiency and minimize cross-contamination.[11] This setup supports the production of oligos up to 300 base pairs in length, with the platform capable of generating over 1 million unique ssDNA oligos per run, organized in discrete clusters featuring up to 121 individually addressable synthesis sites.[39] Post-synthesis, the oligos are cleaved from the chip and purified, yielding quantities optimized for downstream enzymatic assembly into longer genes via methods like Gibson assembly, rather than the excess or insufficient amounts produced by traditional phosphoramidite in plates or microarray-based approaches.[11][39] Key advantages stem from the silicon substrate's precision engineering, which allows for higher density and uniformity compared to glass-based microarrays, reducing error rates and reagent consumption while lowering costs to approximately 10 cents per base—versus 17–30 cents in competing methods.[11] The platform's scalability supports synthesizing up to 9,600 genes per chip at full capacity, facilitating high-throughput applications without proportional increases in volume or waste.[38] This approach addresses limitations of earlier techniques, such as low yield in microarrays or labor-intensive scaling in well plates, by leveraging semiconductor-derived automation for error-corrected, parallel production.[39]Innovations and Technical Advantages
Twist Bioscience's silicon-based DNA synthesis platform represents a core innovation by adapting semiconductor fabrication techniques to phosphoramidite chemistry, enabling the production of oligonucleotides in billions of discrete nanowells etched onto silicon chips. This method allows for the parallel synthesis of up to 9,600 genes per chip, contrasting sharply with traditional 96-well plate approaches that yield only one gene in equivalent space.[38] The addressable and discrete nature of each nanowell cluster minimizes cross-contamination risks and synthesis complications inherent in bulkier, less parallel traditional formats.[40] A primary technical advantage is the drastic miniaturization of reaction volumes, reduced from 50 µL in conventional methods to 50 nL—a 1,000-fold decrease—which slashes reagent consumption, boosts efficiency, and lowers per-gene costs by 2-3 times while enabling higher DNA output per chip.[38] The platform achieves ultra-high throughput, capable of generating one million oligonucleotides simultaneously, and delivers DNA with low error rates that outperform competitors in gene fragment comparisons.[41][42] Further advantages include scalability for rapid, affordable production, such as clonal genes up to 1.8 kb at 9 cents per base or up to 5 kb within 15 days, alleviating bottlenecks in research workflows compared to cloning-dependent traditional synthesis.[43] This high-quality, uniform output supports diverse applications in genomics and synthetic biology by providing large quantities of error-minimized DNA at reduced timelines and expense.[43]Limitations and Technical Challenges
Twist Bioscience's silicon-based DNA synthesis platform, while enabling high-throughput production, faces constraints in handling complex sequences, including repetitive regions of 20 base pairs or longer with melting temperatures of 60°C or higher, extreme GC content outside the 25-65% range, and homopolymers, which can hinder successful synthesis due to secondary structure formation and uneven phosphoramidite coupling efficiency.[44][45] The company employs machine learning algorithms to score sequences for synthesis feasibility, flagging potential issues but rejecting or requiring modifications for highly problematic designs, such as unpadded repetitive hormone response elements where other vendors decline outright.[46][47] Error rates represent another challenge, with oligonucleotides exhibiting an average of one error per 3,000 bases and gene fragments one per 7,500 bases, necessitating downstream screening of multiple clones or next-generation sequencing verification to isolate correct sequences, which increases time and cost for error-prone assemblies.[48][49][50] These rates stem from the platform's reliance on phosphoramidite chemistry adapted to silicon arrays, where incomplete elongation cycles (efficiencies around 99% per step) compound over length, yielding diminishing full-length products without amplification.[51] Length limitations further constrain direct synthesis, with current capabilities topping at 5 kb for gene fragments, beyond which hierarchical assembly via PCR and cloning is required, introducing additional error propagation, bias in amplification of GC-rich regions, and labor-intensive purification steps.[26][51] Scalability challenges have manifested in operational disruptions, such as a 2021 gene production halt due to manufacturing inconsistencies, highlighting vulnerabilities in transitioning from chip-based oligo pools to assembled products at commercial volumes despite expansions in facilities.[52]Products and Services
Core DNA Synthesis Offerings
Twist Bioscience's core DNA synthesis offerings center on custom synthetic genes and oligonucleotide pools, leveraging a proprietary silicon-based platform that enables high-throughput production of double-stranded DNA (dsDNA) genes up to 5 kb in length and single-stranded DNA (ssDNA) oligonucleotides up to 300 nucleotides (nt).[49][53] The platform synthesizes up to 9,600 genes or over 1 million unique ssDNA oligos per silicon chip in a single run, facilitating scalable, cost-effective manufacturing for research and industrial applications.[40] Synthetic gene products include linear gene fragments and clonal genes. Gene fragments are dsDNA sequences ranging from 0.3 to 5 kb, delivered at yields of 100 ng to 1 µg with a turnaround time of 2–4 business days and an error rate of 1 in 7,500 bases.[49] Clonal genes, cloned into customer-specified vectors, offer similar length ranges but higher yields up to 1 mg, with express options delivering in 4–7 business days and standard in 10 business days; these undergo next-generation sequencing (NGS) verification for sequence-perfect clones.[49] Pricing starts at 7¢ per base pair for fragments and 9¢ per base pair for clonal genes, subject to terms.[49] Oligonucleotide pools consist of user-designed collections of ssDNA oligos, typically 20–300 nt long, with no upper limit on pool size and minimum orders around 2,000 oligos.[53] These pools achieve high uniformity, with over 90% of oligos represented within twofold of the mean coverage, yields exceeding 0.2 fmol per oligo, and error rates up to 1 in 3,000 bases, supporting applications such as CRISPR guide RNA libraries and massively parallel reporter assays.[53] Double-stranded oligo pools are also available for specific needs like pooled RNA structure synthesis.[53] These offerings emphasize precision and speed over traditional phosphoramidite-based methods, with the silicon platform's miniaturization reducing costs and enabling complex designs without sequence constraints common in older technologies.[40] Recent expansions, such as express delivery for all gene fragments starting at two business days as of July 2025, further enhance accessibility for time-sensitive projects.[54]Specialized Applications and Tools
Twist Bioscience develops specialized tools for next-generation sequencing (NGS), including hybrid capture-based target enrichment panels and associated library preparation kits that achieve high on-target capture efficiency and uniform coverage across targeted regions.[55] These kits support streamlined workflows, converting samples to sequencer-ready libraries in a single day while maximizing sequencing efficiency through optimized dsDNA probes verified via NGS quality control.[55] Custom panels accommodate over one million probes per pool, enabling precise targeting of genomic areas such as medically relevant genes or large cohorts, which reduces overall sequencing costs and enhances variant detection confidence by increasing depth without proportional input increases.[55] For antibody discovery and optimization, Twist offers the Library of Libraries, a suite of over 17 off-the-shelf synthetic libraries designed for challenging targets, each comprising up to $10^{10} antibody variants in developable human frameworks across Fab, scFv, and VHH scaffolds.[56] These libraries facilitate high-throughput screening for therapeutic antibodies, with validation through NGS to confirm variant presence and support hit identification in phage or yeast display systems.[56] The Twist Antibody Optimization (TAO) platform extends this capability by generating custom display libraries from client sequences, exerting precise control over diversity, CDR length variation, amino acid ratios, and codon usage to tailor libraries for specific optimization needs in drug development.[57] Oligo pools represent another specialized toolset, synthesized at scale for applications in synthetic biology, including CRISPR guide RNA libraries and genomic perturbation screens, where uniformity and high fidelity enable accurate functional genomics studies.[1] These offerings, built on the company's silicon-platform DNA synthesis, address limitations in traditional phosphoramidite methods by providing error-corrected, high-diversity reagents essential for iterative research in therapeutics and diagnostics.[40]Custom Solutions for End-Users
Twist Bioscience offers custom DNA synthesis services directly to end-users, including academic researchers, biotechnology companies, and pharmaceutical developers, enabling the production of tailored synthetic DNA for applications in synthetic biology, drug discovery, and genomics. These solutions utilize the company's proprietary silicon-based platform, which supports high-throughput synthesis of gene fragments, oligo pools, and libraries with high fidelity and scalability. Customers can specify sequences for synthesis, with options for codon optimization, complex designs, and integration into workflows such as next-generation sequencing (NGS) target enrichment.[41][58][1] Gene synthesis services provide custom fragments starting at 7 cents per base pair, with rapid delivery options including an express service for urgent needs and multiplexed gene fragments for high-volume parallel synthesis. Clonal genes and pre-designed vectors are available for immediate cloning, achieving turnaround times as short as 4 business days, facilitating experiments in protein expression and functional studies. Oligo pools, synthesized in massive parallel formats, support applications like CRISPR screening, variant libraries, and epigenetic analysis, where uniformity and low error rates are critical.[41][59][60] For NGS-focused end-users, custom panels enable targeted enrichment across diverse genomic regions, with designs accommodating varying panel sizes, multiplexing requirements, and coverage depths for research in cancer, infectious diseases, and human genetics. These panels integrate with standard sequencing workflows, offering high on-target efficiency and uniformity to minimize off-target noise. Twist also provides technical support for probe design and customization, ensuring solutions align with specific experimental goals such as methyl-seq or large-scale genomic screens.[61][1] End-users benefit from the platform's advantages in cost-efficiency and precision, as the silicon chip-based process allows for denser array synthesis compared to traditional phosphoramidite methods, reducing per-base costs for complex orders. However, customization is limited to sequence-verified outputs, with users responsible for downstream validation in biological assays. These offerings position Twist as a key supplier for iterative R&D cycles, where rapid prototyping of genetic constructs accelerates innovation in therapeutic development and agricultural biotechnology.[1][40]Operations
Facilities and Manufacturing
Twist Bioscience's manufacturing operations center on a proprietary silicon-based DNA synthesis platform that fabricates oligonucleotides in parallel across thousands of nanowells etched into silicon chips, enabling scalable production of custom genes and libraries.[40] This semiconductor-inspired process, which "writes" DNA sequences directly onto the silicon substrate, supports high-throughput output with reduced costs compared to traditional phosphoramidite methods, though it requires precise control over phosphoramidite deposition and cleavage steps within controlled cleanroom environments.[11][62] The company's primary commercial-scale manufacturing facility is a 110,000-square-foot site in Wilsonville, Oregon, dubbed the "Factory of the Future," which commenced shipping synthetic DNA products on January 26, 2023.[23] This automated, assembly-line-oriented plant more than doubles Twist's overall production capacity from prior levels equivalent to approximately $200 million in annual revenue potential, targeting up to $500 million through enhanced throughput and new product lines.[63] The $100 million investment in this facility incorporates advanced robotics and real-time monitoring to accelerate cycle times, achieving DNA order fulfillment in 5 to 7 business days by late 2023.[64][65] Initial and R&D-focused manufacturing originated at Twist's headquarters in South San Francisco, California, where a 2018 expansion added 12,000 square feet of production space, effectively doubling output at the time through integrated video-monitored workflows.[66] Complementary operations include a Boston, Massachusetts, facility opened on July 6, 2022, dedicated to antibody-related synthesis and discovery scaling, leveraging the same silicon platform for high-volume gene assembly.[67] These sites collectively address demand for next-generation sequencing tools and synthetic biology products, with Wilsonville handling the bulk of volume manufacturing as of fiscal 2024 SEC disclosures.[68] No major facility expansions were announced through October 2025, though ongoing optimizations in the Oregon plant continue to support revenue growth projections.[35]Partnerships and Collaborations
Twist Bioscience maintains extensive partnerships with pharmaceutical and biotechnology firms, primarily focused on antibody discovery, therapeutic development, and synthetic biology applications leveraging its high-throughput DNA synthesis platform. Notable collaborations include agreements with Kyowa Kirin for GPCR-targeted antibody discovery using Twist's "Library of Libraries," announced in 2023, which enables the partner to access diverse synthetic libraries for biologics optimization.[69] Similarly, Ono Pharmaceutical entered a drug discovery collaboration in August 2023 to identify therapeutic candidates against undisclosed targets via Twist's synthetic antibody libraries.[70] These deals often involve upfront payments, milestone-based royalties, and access to Twist's proprietary libraries, supporting operational scalability through recurring synthesis orders. In next-generation sequencing (NGS) workflows, Twist has strategic alliances with leading instrument providers, including Illumina, PacBio, Ultima Genomics, Oxford Nanopore Technologies (ONT), and Thermo Fisher Scientific, facilitating integrated library preparation and sequencing solutions for research and clinical applications.[71] A key expansion occurred in May 2025 with Element Biosciences, co-developing end-to-end workflows for the AVITI system, followed by the October 2025 launch of the Trinity Freestyle sequencing workflow, which streamlines sample-to-data processes and enhances Twist's role in NGS supply chains.[30][72] Additional collaborations span synthetic biology and data management. Twist revised its multi-year agreement with Ginkgo Bioworks in May 2025, securing a $15 million commitment over three years for DNA synthesis orders without minimums, while gaining licenses to Ginkgo's long DNA technology assets.[29] In September 2025, Twist partnered with Synthetic Design Lab to integrate DNA synthesis with antibody engineering for biopharma solutions, combining in vivo and in vitro screening capabilities.[31] Earlier efforts include a 2020 alliance with Illumina, Western Digital, and Microsoft to develop DNA-based data storage standards, positioning Twist's platform for archival applications beyond traditional biotech.[73]| Partner | Focus Area | Key Date | Terms Highlights |
|---|---|---|---|
| Absci | AI-driven antibody design | October 2024 | Undisclosed target; leverages generative AI with synthetic DNA libraries[7] |
| bitBiome | Biocatalytic enzymes | August 2024 | Access to microbial database for enzyme discovery via high-capacity synthesis[28] |
| Astellas | Antibody therapeutics (third collaboration) | April 2023 | Supports immuno-oncology and other modalities with Twist Biopharma Solutions[74] |
| Boehringer Ingelheim | Therapeutic antibodies | September 2021 | Broad research across multiple targets using synthetic libraries[75] |
Supply Chain and Scalability
Twist Bioscience procures raw materials, components, and sub-assemblies from a global network of suppliers for its silicon-based DNA synthesis operations, including specialized items such as silicon wafers, reagents, and microfluidic elements. The company primarily operates on a purchase order basis rather than long-term contracts for most materials, supplemented by contingency plans, vendor assessments, and select long-term agreements to ensure supply continuity and quality control. Some sub-assemblies are outsourced to third-party contract manufacturers.[77] A notable vulnerability exists in the reliance on a single-source supplier for a critical component integral to the DNA synthesis process; although Twist maintains reserve stockpiles and has identified alternative sources, the loss of this supplier could necessitate manufacturing process redesigns, leading to production delays and operational disruptions. Supply chain risks are exacerbated by potential shortages, geopolitical tensions, trade policy changes, or cyberattacks targeting supplier IT systems, which could increase costs or interrupt material flows. Third-party carriers handle product distribution, adding exposure to logistics disruptions.[77][79] To address scalability, Twist has expanded manufacturing through its "Factory of the Future" in Wilsonville, Oregon—a 110,000-square-foot facility leased through 2044, operational since 2022 and initiating commercial gene shipments in January 2023 after an approximately $87 million investment—which doubled overall production capacity when combined with the existing 91,791-square-foot South San Francisco site leased through 2028. These facilities, staffed by 357 operations personnel as of September 30, 2024, enable 24/7 automated synthesis of millions of high-quality oligonucleotides daily via proprietary equipment and processes. The silicon platform's standardization and digitization support efficient scaling, bolstered by a $1 billion infrastructure investment program. As of June 2025, the Wilsonville plant operated below 50% capacity, affording significant headroom for demand-driven growth.[77][80][81] Scalability enhancements include workflow optimizations yielding express delivery turnarounds of two business days for gene fragments as of July 2025, irrespective of length, volume, or format, demonstrating improved throughput without proportional cost increases. Historical challenges, such as a 2021 gene production halt due to synthesis errors that temporarily disrupted supply, were resolved by early 2022 through process refinements, underscoring the complexities of high-precision scaling. Ongoing risks include failure to expand capacity commensurate with customer demand—potentially forfeiting revenue—and integration hurdles for new automation, though the platform's design mitigates legacy synthesis bottlenecks.[54][52][77]Financial Performance
Revenue Growth and Profitability Path
Twist Bioscience has achieved sustained revenue expansion since its inception, with fiscal year 2024 revenue reaching $312.97 million, a 27.7% increase from $245.11 million in fiscal 2023, primarily fueled by demand in next-generation sequencing (NGS) tools and synthetic biology (SynBio) applications.[82] This growth trajectory persisted into fiscal 2025, where second-quarter revenue (ended March 31, 2025) totaled $92.8 million, reflecting a 23% year-over-year rise, followed by third-quarter revenue of $96.1 million, up 18% from the prior year's third quarter.[83] [84] The company guided full fiscal 2025 revenue to $374–376 million, implying approximately 20% annual growth, supported by NGS revenue projected at 22–23% expansion and contributions from biopharma services.[84] [35] Despite revenue gains, Twist Bioscience remains unprofitable on a net income basis, reporting a trailing twelve-month net loss of $85.19 million as of June 30, 2025, with a profit margin of -23.51%.[85] Progress toward breakeven has materialized through gross margin improvements and operational efficiencies; third-quarter fiscal 2025 gross margin reached 53.4%, up from 49.6% in the second quarter and prior years' levels around 40%, driven by higher throughput in silicon-based DNA synthesis platforms and reduced per-base costs.[84] Adjusted EBITDA losses narrowed to approximately $8 million in the third quarter, reflecting scaled fixed costs against growing topline revenue.[86] The company's strategy for achieving profitability centers on leveraging its proprietary high-throughput synthesis technology to capture larger shares of the $10 billion-plus DNA synthesis market, while controlling cash burn—reduced by 31% year-over-year through disciplined R&D and manufacturing investments.[87] Management has emphasized sequential EBITDA improvements and margin targets exceeding 50%, predicated on sustained demand from academic, biopharma, and industrial clients, though execution risks persist amid competitive pressures from traditional phosphoramidite-based providers.[88] As of October 2025, Twist has not attained positive cash flow from operations but anticipates further leverage from facility expansions in South San Francisco and the UK to support volume-driven economies of scale.[89]| Fiscal Year | Revenue ($M) | YoY Growth (%) |
|---|---|---|
| 2021 | 132 | - |
| 2022 | 204 | 54.5 |
| 2023 | 245 | 20.1 |
| 2024 | 313 | 27.7 |
| 2025 (Guided) | 375 (midpoint) | 20.0 |