2026-10-08 AI × 生物医药上市公司：TWST 的业务兑现、估值与急跌

行情时间：2026-10-07 美国常规收盘，TWST 155.65 美元；非10月8日盘中报价。
财务时间：TWST FY2026 Q3截至6月30日；同业使用2026年第二季度披露。
研究状态：初步覆盖。财报与行情证据较强；当前股本、现金与融资后回报尚待更新。
范围：七家美国上市公司，重点TWST；未进行私人持仓分析。

结论与建议

TWST 是本次首选研究对象，当前价格下新增资金不参与。 DNA合成与实验服务已有可收费的需求，DSPS收入增长支持经营假说；股价仍要求更强的增长及现金兑现。10月6–7日累计跌 24.07%，放量跌破MA20，尚未确认止跌。

字段	判断
最高优先级观点	优先研究TWST的实验投入与服务收入；155.65美元缺少足够安全边际。分别评估业务吸引力与价格吸引力。
市场隐含判断	从约22–24倍FY26收入的历史融资桥推断，价格包含持续高增长与盈利改善要求；这是作者解释，当前一致预期缺失。
不同判断	合作提供客户入口，收入取决于重复付费；实验件数增加、单位成本下降与优选定价对毛利和现金的净影响尚未量化。
传导机制	AI设计增加 → 合成/实验订单 → 利用率提高 → 售价、产品组合与单位成本决定毛利 → SG&A、SBC、capex决定每股现金回报。
观点状态与证据变化	首次覆盖。支持：Q3 DSPS +39%、合作入口；反对：EBITDA同比亏损扩大、负现金流、较高估值与放量急跌。尚未形成完整买入承销。
当前首选动作	pass / 新增资金不参与TWST；回避按主题篮子追涨。研究优先级TWST > SDGR > TEM > ABCL > RXRX > ABSI > DNA，按本轮经营证据与验证路径排序；同行未完成估值，该顺序不是买入排名。
置信度	财报历史和行情：高；TWST价格判断：中；AI增量收入、下跌归因与同行投资性价比：低至中。
主要依据	Q3收入118.4m、DSPS +39%；九个月FCF proxy -68.9m；历史融资桥EV/收入21.76–23.73倍；10/6、10/7量比3.94、2.26。
最大反证	新财报显示DSPS持续增长、重复AI实验付费显著、毛利及费用率改善、融资后现金回报持续，则目前保守判断可能低估增长。
失效条件	Q4实际收入低于123m，或adjusted EBITDA低于0，任一成立则对应指引兑现判断失效；DSPS连续两季同比不增长，则需求持续假说失效。下一季DSPS低于20%是较早预警，技术位仅改变价格风险判断。
下一验证	TWST全年/Q4财报：123–124m收入目标、EBITDA、CFO/capex/SBC、实际现金与股数、FY27指引、AI客户重复订单。公告日尚未核实。
条件式框架	新增风险复查须同时满足：更新股本/现金、现金回报证据改善、重估风险收益合适。收复165–167并回踩守住仅是技术复查信号；152.50失守强化下行风险。

板块地图：收费路径与风险不同

AI × 生物医药的收益链包括模型/软件、实验材料与数据、临床开发、检测应用。一次设计成本下降后，需求扩张是否超过单位价格下降，是供应商的重要分歧；药物资产则还需通过安全性、疗效与审批。

本次选择七家有代表性的公司。LLY、Novo等大型药企在公告中是合作及采购方，其整体估值不在覆盖范围；本报告也未穷尽全球上市公司。

公司	收费与AI关联	最近季度事实，美元百万	判断中的关键变量
TWST · Twist Bioscience	DNA、蛋白及NGS实验投入/服务	收入118.4；DSPS同比+39%；adj EBITDA -11.3	重复订单、产品毛利、融资后现金回报；本次重点
SDGR · Schrödinger	分子设计软件，加药物发现合作	收入58.9、+8%；软件32.5、-10%；ACV +27%	合同到确认收入、Bunsen增量、一次性收益
TEM · Tempus AI	检测、数据许可与临床AI应用	收入382.5、+22%；Data & Applications 93.2、+28%；adj EBITDA +8.0	AI收入拆分、并购整合与可转债后回报
ABCL · AbCellera	抗体合作前期费、里程碑/版税，加临床资产	收入4.1、净亏损55.4；6/30现金/证券逾565	临床耐久性、融资后现金；AI技术归属证据仍有限
RXRX · Recursion	自有/合作药物，前期费与里程碑	收入7.7、净亏损131.0；现金/受限现金556.8	临床成功率、付款节奏与现金消耗
ABSI · Absci	生成式抗体设计、合作及临床管线	收入0.3、净亏损33.2；现金等201.1	疗效、开发成本、融资与时间表
DNA · Ginkgo Bioworks	自动化实验室、实验数据/服务	持续经营收入20、-48%；adj EBITDA -36；现金等302	合同到交付/确认收入、毛利与转型现金消耗

来源：TWST Q3、SDGR Q2、TEM Q2、ABCL Q2、RXRX Q2、ABSI Q2、DNA Q2。现金为季度历史余额，口径不同。

SDGR 为次选研究对象：软件已收费，但Q2确认收入下滑、ACV（年度合同价值）增长，需解释合同到收入的转化。药物发现23m收入含10m Ajax里程碑；净利润6m受48.9m其他收益（other income）支持，主要来自Ajax相关投资收益。BMS软件合作及Bunsen早期使用提供入口，增量金额未披露。9月Tectora的55m融资属于新公司资金，SDGR经济利益需通过股权、里程碑及其他权利分析。SDGR Q2、Tectora。

TEM 位列第三：检测与数据分部已有收入。Q2净利润5.6m受98.5m未实现证券收益支持，经营亏损仍为75.9m。现金/证券820.7m与已完成460m可转债需共同看待。Personalis交割指引是晚Q4 2026或早2027；10/7 Moderna/Merck合作扩展服务入口，商业化服务取决于相应产品获批。TEM Q2、10/7合作。

ABCL、RXRX、ABSI的临床数据可显著改变资产价值，适合分项目风险调整净现值（rNPV）和现金跑道分析。DNA虽然有Novo、TuneLab合同，收入与现金流仍要求证明转型效果。同行当前EV及完整临床资产估值未覆盖，不能用现金规模或主题涨幅确定性价比。

TWST：业务质量与AI需求如何兑现

两项主要收入是 DNA Synthesis and Protein Solutions（DSPS） 与 NGS Applications。客户在候选分子筛选时即可为合成/实验投入付费，因此对单一药物最终获批的直接依赖相对较低；客户研发预算、实验效率与竞争价格仍会影响订单。

Q3向约2,650个客户发货，去年同期2,480；基因出货约369,000，去年237,000，增长约56%，支持实验活动扩张。基因件数与包含DSPS、NGS的总收入口径不同，单件利润仍需对应产品的收入、规格及成本数据。公司以合成平台、复杂序列能力及周转为优势，5月扩大复杂基因供给是产品事实；经济护城河仍需重复购买、定价及单位利润验证。Q3、复杂基因公告。

9/16 Lilly TuneLab公告提供抗体发现、表征服务、优选协议及定价。潜在价值是减少接入摩擦、扩大客户入口；合同额、最低采购量与独家安排均未披露。Lilly公告。

Anthropic研究介绍列Twist、Adaptyv为实验验证参与方，报告1,320个设计中354个有结合信号、15个目标中14个有命中。这支持计算设计需要实验验证的需求链，证据来自开发商研究介绍；临床价值与Twist所得收入尚未披露。研究页面持续更新，初始时间由8/18 SEC文件锚定。Anthropic研究、8/18文件。

判断链为：客户入口 → 重复实验消费 → 利用率 → 毛利 → 每股现金回报。经营反证是模型筛选效率提高后总实验需求低于预期，或优选价格下件数增加而增量利润有限。

财务：收入增长明确，现金回报仍待兑现

TWST指标	FY26 Q3	去年同期/相关比较	含义
总收入	118.376m	96.057m；+23.2%	增长有财报支持
DSPS	56.6m	40.8m；+39%	本轮最强经营证据
NGS	61.8m	55.3m；+12%	需求分散，非全部AI收入
毛利率	52.8%	去年53.4%；前季51.6%	环比改善、同比略降
SG&A	80.709m	63.370m；+27.4%	高于收入增速
GAAP经营亏损	-36.280m	-30.120m	同比杠杆仍弱
adjusted EBITDA	-11.326m	-7.998m	同比亏损扩大
GAAP净结果	-35.051m	+20.390m	去年含Atlas收益48.847m

九个月CFO -41.258m、capex 27.624m，相减的FCF proxy -68.882m；SBC 50.385m，占收入 15.14%。季度SBC为18.176m。现金消耗与股份稀释共同影响每股回报。

8月管理层指引FY26收入 456–457m、全年毛利率 高于52%；Q4收入 123–124m，实现adjusted EBITDA盈亏平衡。财年已于9/30结束，下一财报直接验证目标。即使非GAAP目标兑现，现金流仍受营运资金、capex和SBC调整影响。财报公告、10-Q。

团队与资本动作方面，8月每股96美元定价发行3.125m股，承销商行使0.46875m股选择权；8/5文件的预期净所得为327.1m。资金缓冲增加，同时股数增加。管理层的下一项验证，是利用新增资本形成扣除稀释后的可持续回报。

估值与情景：急跌之后仍有较高增长要求

历史融资桥用于理解价格要求，保持初步估值状态：

7/29普通股62.707424m，加发行及已行使选择权3.59375m，模拟基础股本 66.301174m。
6/30现金/短期投资166.839m，加预期融资净所得327.1m，模拟现金 493.939m；未计后续现金流。
本口径把租赁负债93.590m及未来收入出售负债15m加入EV，模拟净现金 385.349m。
使用融资补充文件的历史期权997,499股、加权行权价33.15美元做近似treasury stock method；加2.602711m普通RSUs后为 69.689m股，再纳入2.394498m条件性performance RSUs的压力口径为 72.083m股。不是当日GAAP稀释股数或所有奖励的最大值。

在155.65美元，模拟基础股权价值 103.20亿美元、EV 99.34亿美元；对FY26收入指引中点4.565亿美元为 21.76倍。普通稀释口径 22.92倍，绩效权益压力口径 23.73倍。10月实际股本、现金与奖励条件尚待新文件验证。10-Q、融资补充文件、8/5文件。

基准判断为不新增风险。 下表收入与倍数均为作者假设，以72.083m股及模拟净现金计算；未分配概率、未作时间折现，也未使用同行当前倍数。

作者情景	FY27收入假设	较FY26中点增长	EV/收入假设	股价敏感值	较155.65变化
兑现偏慢	520m	+13.9%	10倍	77.48美元	-50.22%
增长延续	600m	+31.4%	15倍	130.20美元	-16.35%
AI需求加速	700m	+53.3%	20倍	199.57美元	+28.21%

计算：“收入 × 倍数 + 模拟净现金”，除模拟股数。以15倍承接现价下压力口径EV，需要收入约 722m、较FY26中点增长约 58%；以20倍则需约 542m、增长约 19%。同样经营增长，多重估值收缩可以显著影响价格。

缺少客户cohort、产能单位现金回报与正常化capex，本轮不设正式评级、目标价或长期DCF。向下重估可能改善性价比，需与更新后的现金、股数及收入路径共同判断。

近期走势：中期相对强，短期结构转弱

最近60个交易日价格指数

2026-07-14收盘为100，价格收益不含分红；事件竖线仅表示同日位置。来源：IBKR完整日线，截至10/7。

标的	收盘美元	10/7单日	5交易日	20交易日	60交易日
TWST	155.65	-6.78%	-19.45%	24.00%	68.22%
RXRX	4.27	-7.78%	3.39%	33.02%	27.84%
SDGR	27.29	-5.57%	-12.11%	42.14%	69.19%
ABSI	9.22	-10.22%	-14.39%	6.59%	-9.87%
ABCL	12.83	-2.43%	-12.06%	16.11%	90.36%
TEM	70.35	-2.26%	-14.10%	14.80%	19.91%
DNA	11.47	-7.57%	-10.60%	68.92%	26.88%
XBI	150.23	-0.44%	-4.72%	-5.74%	-3.36%
SPY	777.22	-0.24%	1.91%	1.94%	3.38%

TWST 60日 +68.22%，XBI -3.36%，相对收益差 71.57个百分点；20日仍 +24.00%。近期跌幅发生在大幅超额上涨之后。10/6 TWST跌18.55%、XBI跌3.39%；10/7 TWST跌6.78%、XBI跌0.44%，板块压力与更大的个股波动并存，贡献比例未估计。

SDGR、TEM在中期上涨后跌破各自MA20；ABCL仍接近MA20上方，RXRX短期相对较强。DNA 20日+68.92%与收入下滑形成明显业绩验证要求。短窗口收益差异尚不能证明长期alpha。

TWST多周期结构与关键价位

日线低于MA5 180.87、MA10 183.02、MA20 165.58，接近MA30 155.51；MA60 132.68、MA120 102.28、MA200 79.22仍远低于现价。MA20五根变化仍+8.75%，受前期上涨及低价数据离开窗口影响；MACD柱 -3.90、RSI6 30.61、RSI12 45.84显示短期动能弱化。

4H MA20 184.33斜率转负；1H MA20 160.93也下行。两者包含盘前盘后，仅用于节奏观察。日线九转当前低序列第 2 根，上一高9在9/23完成，尚无低9。

区域	已观测依据	作者结构判断
150.73–155.51	4H下轨、10/7低点152.50、日MA30	第一观察区；守152.50、卖压缩量并重回小时160.93才有初步修复
165–167	日MA20 165.58、10/6收166.97、10/7高167.44	首个重要修复区；常规日线收复并回踩守住才缓解弱势
180.87–184.33	日MA5/MA10、4H MA20	更强上方阻力；需先完成前一档修复
205–219.72	10/5收205、10/6高219.72	近期高位压力区，非必达目标
140.80–132.68	9/2枢轴、日MA60	152.50持续失守且反弹未收回时，下一观察区

分区来自已观测结构，均线随新数据变化。短期超卖允许反弹，但反弹后的结构确认与经营验证分别进行。

10月6–7日：行情确定，原因未定

10/5收 205.00。10/6高 219.72、收 166.97，跌 18.55%，成交 531.7万股、前20日量比 3.94倍；10/7收 155.65，跌 6.78%，成交 352.9万股、量比 2.26倍。从日内高点到10/7收盘回撤 29.16%。

公司新闻页本次最新仍为9/16，未核实10/6–7经营预警。媒体解释留作雷达：Investing.com将卖压与ARK减持、估值分歧联系；TipRanks提到未具名看空分析师质疑Lilly合作价值。原始机构交易与研报缺失，因果贡献未定；抓取状态和链接保留在阅读索引。

关键时间节点与监控雷达

时间	状态	事件及意义
2026-05-04	已公告	TWST复杂基因供给扩大；业务增量待财报
2026-08-03	已披露	Q3收入、指引上调；股价当天+10.39%、量比2.54，仅属同期观察
2026-08-04–05	已定价/选择权行使	96美元融资及额外0.46875m股；实际结算未独立核实
2026-08-18	已披露	Anthropic实验验证；当天-6.68%、次日+22.64%，时序未证明单一因果
2026-09-16	已公告	TWST及DNA的TuneLab服务；TWST当天+3.60%，金额/使用量未披露
2026-09-30	财年结束	TWST Q4目标成为待披露结果
2026-10-06–07	已完成交易日	TWST两日-24.07%，放量跌破MA20
下一次TWST全年/Q4公告	日期未核实	第一经营验证节点；官方日历尚未确认具体公告日
2026-11-02 13:30–15:00 MST	公司已公告会议时段	RXRX REC-4881 TUPELO安全/疗效展示；北京时间11/3 04:30–06:00，结果尚未发生
2026-11-09	已确认财报日期	ABCL Q3；复核临床、合作与融资后现金
2026年下半年	公司指引窗口	ABSI HEADLINE脱发项目中期概念验证；此前安全/PK与疗效需分别看待
2027年初 / 年中	公司指引窗口	ABSI完整26周数据预计年初；STORYLINE Phase2预计年中启动，9/24指引取代旧Q4 2026安排
晚Q4 2026或早2027	公司指引、附条件	TEM Personalis交割；融资、整合与增量回报待验证

未来节点来源：RXRX Q2、ABCL 11/9公告、ABSI最新STORYLINE、TEM Q2；TWST日期来自官方日历。

监控项	频率/来源	改变判断的条件
TWST DSPS/NGS、客户及组合	每季财报/10-Q	DSPS同比低于20%为作者预警线；连续两季不增长则需求持续假说失效；解释件数与美元增长差异
Q4收入、EBITDA与现金流	下一财报	核对123–124m目标，以及CFO、capex和SBC
实际股本、现金与融资	最新10-K/10-Q/8-K	更新EV；现金下降、股数增加降低同一EV假设的每股价值
AI客户重复订单、价格/毛利	财报/新公告	量化重复付费和增量现金，才增加收益预测依据
152.50 / 165–167及量能	每个完整交易日、IBKR	价格修复改变执行节奏，经营证据决定长期判断
同行临床数据与跑道	公告/每季	项目成功率、阶段及rNPV更新；同时核对再融资
减持与看空研报原始材料	SEC/基金/原始研报	补齐后分析资金供给与预期分歧；目前仅媒体雷达

快讯、文章与研报页内阅读

金十快讯

文章与研报

来源	发布日期	站内阅读	状态
Twist Bioscience	2026-09-16	Twist接入礼来抗体研发平台	原文与中文摘要已归档
Twist Bioscience	2026-05-04	Twist复杂基因产品扩大供给	原文与中文摘要已归档
Anthropic	2026-08-18	Claude蛋白设计获实验验证	原文与中文摘要已归档
Twist Bioscience / SEC	2026-08-03	Twist收入新高与盈利目标	原文与中文摘要已归档
Twist Bioscience / SEC	2026-08-04	Twist增发募资与股本稀释	原文与中文摘要已归档
Investing.com	2026-10-06	TWST急跌：减持与估值解释待核实	正文未取得：HTTP 403
TipRanks	2026-10-06	TWST合作价值：媒体称分析师有分歧	正文未取得：HTTP 403

打开原文

Twist接入礼来抗体研发平台

重要性4/5 中高

官方合作公告明确TWST的服务入口与数据角色，发布时间较近，但未量化商业贡献。

来源信息

来源：Twist Bioscience发布日期：2026-09-16归档状态：readyHTTP：200

中文摘要

核心结论

Twist Bioscience（合成生物学工具公司，TWST）加入礼来 TuneLab（人工智能与机器学习药物发现平台），为用户提供抗体表征数据服务。合作将模型预测与真实实验数据连接起来，商业规模仍需后续披露。

重要性评级

评级：4/5｜中高。公司官方披露了明确合作方、服务内容和用户采购路径，对理解 TWST 在人工智能药物研发中的角色有直接价值；文章发表于2026年09/16（未给出具体时刻）。

关键事实

TuneLab 由 Eli Lilly and Company（礼来）创建，参与公司可使用基于礼来多年专有研究数据训练的模型，筛选候选分子。
Twist 将提供抗体表征数据服务，覆盖 AbLab（抗体可开发性预测模型）。用户可按 TuneLab 优选的 Twist 实验方案订购服务，生成模型需要的高质量实验数据。
Twist 首席执行官 Emily M. Leproust 表示，用户可获得优选方案与优惠定价，筛选针对目标的抗体序列，并将数据反馈至 TuneLab，用于联邦训练，即通过分布式数据协同改进模型。
TuneLab 属于礼来 Catalyze360 创新体系，该体系同时提供资本、实验室空间、技术和研发资源。

作者观点与证据

新闻稿强调 Twist 的规模、高通量和数据一致性，认为这些能力能够帮助模型训练并加快抗体发现。加入平台及服务安排属于公司披露的合作事实；研发提速和生态效应属于管理层对未来收益的判断，原文未给出实际提速结果。

与相关标的的关系

TWST 是直接服务提供方。该安排说明其人工智能药物研发业务可以通过抗体实验及数据服务连接平台用户，原文未披露协议金额、最低采购承诺、用户数量、订单量或收入贡献，因此尚无法量化合作对公司财务的影响。

后续跟踪

关注 TuneLab 用户实际采用 Twist 服务的情况、生成数据能否改善候选筛选，以及公司是否披露相关订单和收入。上述变量对应新闻稿提出的服务路径与预期收益。

证据限制：Original text is extracted for authorized station-internal report reading under configured access protection.；公司事实及主张不等于独立验证或未来结果。

原文

Twist Bioscience | Twist Bioscience Joins Lilly TuneLab to Advance Antibody Drug Discovery

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Press Release Details

Twist Bioscience Joins Lilly TuneLab to Advance Antibody Drug Discovery

Sep 16, 2026

PDF Version

Antibody characterization data generated by Twist supports TuneLab AI models designed to accelerate antibody discovery

SOUTH SAN FRANCISCO, Calif. --(BUSINESS WIRE)--Sep. 16, 2026--

Twist Bioscience Corporation (NASDAQ: TWST), a mid-cap growth and value biotech company, today announced an agreement with Lilly TuneLab, a collaborative AI/ML drug discovery platform created by Eli Lilly and Company (Lilly). Twist is a provider of antibody characterization data services for TuneLab, including for AbLab, an antibody developability prediction model.

TuneLab was created to accelerate biotech innovation by enabling participating companies to access AI/ML drug discovery models trained on decades of Lilly's proprietary research data. Participating companies may use the TuneLab prediction models to more rapidly down-select candidate molecules. Through this agreement, users will be able to order antibody services from Twist using TuneLab preferred Twist protocols to generate high-quality wet lab data. This approach connects experimental data with AI-enabled discovery, allowing researchers to potentially accelerate antibody drug discovery.

“The quality of an AI model’s output depends on the quality of the data used to train it,” said Emily M. Leproust, Ph.D., CEO and co-founder of Twist Bioscience . “Twist has the scale and high-throughput capabilities to generate consistent and reliable antibody characterization data these models need to be trained on. Lilly’s leadership in empowering AI-enabled drug discovery and its impressive network of partnerships create a powerful ecosystem that brings together advanced models and high-quality data. Through this arrangement, TuneLab users can select preferred protocols to generate high-quality data with preferred pricing - both helping them to more efficiently select antibody sequences against their targets and contribute that data back to TuneLab for federated training.”

Lilly TuneLab is part of Lilly Catalyze360, alongside Lilly Ventures , Lilly Gateway Labs , and Lilly ExploR&D, which together support biotech innovation by providing access to strategic capital, lab space and technology, and research and development capabilities.

About Twist Bioscience Corporation

At Twist Bioscience, our customizable solutions across the biological continuum raise the bar in diagnostics, therapeutics, industrial, agriculture and research markets.

We drive innovation with confidence, without compromise. Whether delivering oligos, genes, proteins, libraries, characterization data, antibody discovery solutions, or NGS workflow tools, our scientific expertise and exceptional customer experience help navigate complex challenges, all with precision and at the scale and speed customers require. By enhancing R&D efficiency at every turn, we give scientists more shots on goal – more experiments, more iterations, more chances for remarkable discoveries.

Together, we stand with customers in the relentless pursuit of progress, backed by enterprise reliability, to shape a healthier and more sustainable future for all. For more information about our products and services, please visit www.twistbioscience.com .

Twist Bioscience Legal Notice Regarding Forward-Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical facts contained herein are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the expected benefits of the agreement with Lilly TuneLab and the use of Twist-generated characterization data to support AI models designed to accelerate antibody discovery. Forward-looking statements involve known and unknown risks, uncertainties, and other important factors that may cause Twist’s actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the ability to attract new customers and retain and grow sales from existing customers; the ability of Twist to achieve sufficient revenue to achieve or maintain positive cash flow from operations or profitability in any given period; risks and uncertainties of rapidly changing technologies and extensive competition in synthetic biology that could make the products Twist is developing obsolete or non-competitive; the ability to integrate and leverage artificial intelligence and machine learning technologies to improve operational efficiency, product development, and customer solutions; the ability to expand DNA synthesis manufacturing capacity; dependence on one supplier for a critical component; dependence on key personnel; additional regulations that could increase Twist’s costs and delay commercialization efforts; changes in U.S. trade policies and other trade actions that could result in increased costs and supply chain disruptions; the ability to maintain and enforce intellectual property protection; uncertainty as to economic and market conditions and the impact of adverse economic conditions; and the ability to obtain financing when necessary. For a description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Twist’s business in general, see Twist’s risk factors set forth in Twist’s Annual Report on Form 10-K for the year ended September 30, 2025 filed with the Securities and Exchange Commission (SEC) on November 17, 2025 and subsequent filings with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and Twist specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260916492399/en/

For Investors:

Angela Bitting

SVP, Corporate Affairs

925-202-6211

abitting@twistbioscience.com

For Media:

Amanda Houlihan

Communications Manager

774-265-5334

ahoulihan@twistbioscience.com

Source: Twist Bioscience Corporation

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The figures contained in the analyst consensus tables are a simple arithmetic average of the most recent forecasts that have been provided to Twist. The figures do not give greater weight to more recent forecasts or to the forecasts of any individual analyst.

Moreover, the data has not been adjusted to exclude any submission.

The information is provided purely for convenience to users of our website, for information purposes only. This information is, by definition, forward-looking and is therefore subject to various risks and uncertainties which are subject to change at any time and may materially affect actual results or performance.

The consensus data is based on the analysts' opinions, forecasts, estimates, projections and predictions regarding Twist's performance.

It does not represent Twist's own views on its performance nor does Twist endorse or concur with any of such analysts’ opinions, estimates, forecasts or recommendations. Twist has not verified any of the information it has received and none of Twist, its affiliates or their respective directors, officers and employees make any representation or warranty, express or implied, as to, or accept any responsibility for, the accuracy or completeness of the consensus information. Twist does not assume any responsibility to update, revise or supplement such information.

The consensus data was last updated on November 20, 2025.

Continue

打开原文

Twist复杂基因产品扩大供给

重要性3/5 中

产品范围与交期提供明确供给能力证据，但旧文时效较弱且缺少客户采用及财务结果。

来源信息

来源：Twist Bioscience发布日期：2026-05-04归档状态：readyHTTP：200

中文摘要

核心结论

Twist Bioscience（合成生物学工具公司，TWST）推出 Complex Genes（复杂基因产品）的早期访问版本，扩展长序列和复杂序列的制造能力。它面向人工智能蛋白设计及核酸疗法的实验需求，产品性能与订单覆盖率主要来自公司披露。

重要性评级

评级：3/5｜中。官方产品参数具体，有助于解释 TWST 如何承接复杂序列需求；文章发表于2026年05/04（未给出具体时刻），属于产品发展背景。

关键事实

公司将克隆基因序列长度扩展至最高7,000个碱基对。管理层预计可接受客户提交的约99.5%克隆基因序列及99.9%的全部 DNA（脱氧核糖核酸）产品订单。
产品覆盖短串联重复、倒置重复、长重复、最长30个碱基对的单一碱基连续区，以及局部高或低 GC 含量区域，即鸟嘌呤和胞嘧啶占比较高或较低的区域。这些结构可出现在启动子、非翻译区和其他功能序列中。
公司给出的标准交付范围为300至7,000个碱基对，周转时间15个工作日，并称该时间适用于不同规模及复杂度订单。
客户提交序列后，可获得复杂度与可制造性评分；基因可克隆到 Twist 目录载体或已经导入系统的客户自选载体。
公司将能力提升归于自有硅基 DNA 合成平台，以及制造、自动化和测序等下游流程的改进。

作者观点与证据

管理层认为，人工智能蛋白设计、细胞与基因疗法、mRNA（信使核糖核酸）疗法的发展，会增加对复杂基因的需求。其产品主张是直接制造研究者需要的序列，减少为适应制造条件而修改设计的环节。

原文提供了明确的产品范围和交期口径，但99.5%与99.9%是预期接受率，缺少独立验证数据及样本口径；这些比例描述可接订单的覆盖面，没有给出交付成功率。研究迭代加快亦为公司提出的预期效益。

与相关标的的关系

TWST 直接提供合成制造服务。复杂序列能力有助于理解其在人工智能生成蛋白序列与实物实验之间的供应角色，原文没有披露定价、客户新增采购、销售额或毛利贡献。

时效性与限制

这份公告记录的是5月早期访问阶段，未提供截至10月的产品采用情况或最新交期。公司列出的执行风险包括技术竞争、扩产、关键供应商依赖和客户增长。

后续跟踪

关注早期访问转向广泛商业供应的进展，以及实际订单接受范围、交付可靠性和客户采用情况。

证据限制：Original text is extracted for authorized station-internal report reading under configured access protection.；公司事实及主张不等于独立验证或未来结果。

原文

Twist Bioscience | Twist Bioscience Expands Clonal Genes Offering to Include Long and Complex Sequences

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Twist Bioscience Expands Clonal Genes Offering to Include Long and Complex Sequences

May 04, 2026

PDF Version

Synthesis of structurally complex and highly-engineered protein sequences to enable acceptance of approximately 99.5% of clonal gene orders and 99.9% of all DNA products

Complex synthesis capabilities to support further advancement of AI-enabled drug discovery and nucleic acid therapeutics

SOUTH SAN FRANCISCO, Calif. --(BUSINESS WIRE)--May 4, 2026--

Twist Bioscience Corporation (NASDAQ: TWST), a mid-cap growth and value biotech company, today expanded its clonal genes portfolio with the early access launch of Complex Genes .

“As research in nucleic acid therapeutics and AI-guided protein design and therapeutics discovery accelerate, scientists need a reliable partner to consistently deliver genes rapidly at scale and with more complex sequences,” said Emily M. Leproust, Ph.D., CEO and co-founder of Twist Bioscience . “At Twist we already had the speed, scale and cost advantage. Now, we’ve added complex sequences to our gene synthesis offering and expanded our length up to 7,000 base pairs. With reliable complexity at scale, we expect to be able to accept about 99.5% of clonal genes sequences sent to us by our customers and 99.9% of all DNA products, making Twist their one-stop-shop, whether they’re ordering straightforward constructs or highly challenging sequences, enabling faster iteration and accelerated discovery timelines for our customers.”

Sequences with complex elements have historically been difficult to produce at commercial scale. Leveraging its proprietary silicon-based DNA synthesis platform and improved downstream processes in manufacturing, automation, and sequencing, Twist can now reliably synthesize and deliver these previously out-of-reach complex sequences at scale. Complex sequence elements such as short tandem, inverted and long repeats, as well as high or low GC content and more, can be essential components of customers’ sequences in the development of nucleic acid therapeutics such as cell and gene therapies, mRNA therapies and more. The ability to synthesize complex sequences is also essential for AI-enabled drug discovery where researchers need their AI-generated sequences manufactured exactly, without adding a step to alter the sequences for manufacturability. By delivering genes with novel and complex structures combined with a transparent online ordering and tracking process, Twist enables customers to advance cutting edge research, empowering the development of new and next-generation therapeutics.

About Twist Complex Genes

Twist can synthesize and deliver complex sequences including short tandem repeats, inverted repeats, long repeats, homopolymers up to 30 base pairs and localized regions of high or low GC content. These are features commonly found in sequence elements such as advanced promoters, UTRs, ITRs, secondary structures and GS linkers. When customers submit sequences, they will receive a complexity score and a manufacturability score, for full transparency during the ordering process. Twist reliably delivers constructs ranging from 300 to 7,000 base pairs within 15 business days standard turnaround time, regardless of order scale or complexity. All Twist Clonal Genes can be cloned into a Twist catalog vector, or an onboarded vector of the customer’s choice. Learn more here .

About Twist Bioscience Corporation

At Twist Bioscience , our customizable solutions across the biological continuum raise the bar in diagnostics, therapeutics, industrial, agriculture and research markets.

Twist Bioscience Legal Notice Regarding Forward-Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical facts contained herein are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the anticipated performance and adoption of the Complex Genes offering, the potential utility of complex sequences in AI-enabled drug discovery and nucleic acid therapeutics, and expectations regarding delivery timelines and manufacturing reliability for complex sequences. Forward-looking statements involve known and unknown risks, uncertainties, and other important factors that may cause Twist’s actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the ability to attract new customers and retain and grow sales from existing customers; the ability of Twist to achieve sufficient revenue to achieve or maintain positive cash flow from operations or profitability in any given period; risks and uncertainties of rapidly changing technologies and extensive competition in synthetic biology that could make the products Twist is developing obsolete or non-competitive; the ability to integrate and leverage artificial intelligence and machine learning technologies to improve operational efficiency, product development, and customer solutions; the ability to expand DNA synthesis manufacturing capacity; dependence on one supplier for a critical component; dependence on key personnel; additional regulations that could increase Twist’s costs and delay commercialization efforts; changes in U.S. trade policies and other trade actions that could result in increased costs and supply chain disruptions; the ability to maintain and enforce intellectual property protection; uncertainty as to economic and market conditions and the impact of adverse economic conditions; and the ability to obtain financing when necessary. For a description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Twist’s business in general, see Twist’s risk factors set forth in Twist’s Annual Report on Form 10-K for the year ended September 30, 2025 filed with the Securities and Exchange Commission (SEC) on November 17, 2025 and subsequent filings with the SEC . Any forward-looking statements contained in this press release speak only as of the date hereof, and Twist specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

View source version on businesswire.com : https://www.businesswire.com/news/home/20260504627436/en/

For Investors:

Angela Bitting

SVP, Corporate Affairs

925-202-6211

abitting@twistbioscience.com

For Media:

Amanda Houlihan

Communications Manager

774-265-5334

ahoulihan@twistbioscience.com

Source: Twist Bioscience Corporation

Print Page

Email Page

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RSS Feeds

Quick Links

Twist Bioscience HQ

681 Gateway Blvd

South San Francisco, CA 94080

Moreover, the data has not been adjusted to exclude any submission.

The consensus data is based on the analysts' opinions, forecasts, estimates, projections and predictions regarding Twist's performance.

The consensus data was last updated on November 20, 2025.

Continue

打开原文

Claude蛋白设计获实验验证

重要性4/5 中高

包含外部实验测试、命中率和失败案例，直接说明TWST实验服务用途，但旧文未给出商业规模。

来源信息

来源：Anthropic发布日期：2026-08-18归档状态：readyHTTP：200

中文摘要

核心结论

Anthropic 报告，Claude（其人工智能模型）在多靶点蛋白设计中取得实验验证结果，并完成一项化学分析案例。Twist Bioscience（TWST）参与设计产物的制造与测试，为其人工智能研发服务角色提供了实际案例；实验终点仍集中在分子结合和测量分析。

重要性评级

评级：4/5｜中高。文章发表于2026年08/18（未给出具体时刻），披露命中率、实验规模、失败靶点和资源条件，证据密度较高；来源为模型开发商自己的研究介绍。

关键事实

文章呈现15个靶点的结果，其中14个获得成功结合的设计。总计1,320个设计产生354个结合蛋白，由 Adaptyv Bio 和 Twist 独立开展实验室制造与测试。
在同时处理多靶点的48小时任务中，Mythos Preview 与 Opus 4.8 的总体命中率分别为26.7%和22.6%。Mythos Preview 逐靶点运行24小时任务时，总体命中率为35.1%。文中引用的常见设计活动命中率为10%至15%，该参考来自公开蛋白设计数据汇总。
作者称，至少6个靶点获得高亲和力结合蛋白，至少4个靶点的结果达到或超过已发表的最佳亲和力。高亲和力在文中定义为平衡解离常数低于10纳摩尔，数值越低通常代表结合越紧密。
对 RBX1（参与调控蛋白降解的蛋白），Mythos Preview 单靶点任务命中率为40%，文章对照的设计竞赛参与者命中率为3.7%。Opus 4.8 在 TNFα（肿瘤坏死因子α，炎症信号蛋白）上成功，Mythos Preview 在该靶点上未成功，说明整体模型能力排序没有覆盖所有靶点差异。
文章还报告了含较多β折叠结构的15个已确认结合蛋白，覆盖6个靶点和10种不同骨架，显示设计结构具有一定多样性。
两类难度较高的靶点中，BBF-14（人工设计的β桶状蛋白）获得3个亲和力较弱的结合蛋白；MBP（麦芽糖结合蛋白）的90个设计均未被确认结合，其中1个出现弱而可重复的信号。
化学分析案例使用一般可访问的 Opus 5。核磁共振分析与液相色谱质谱分析分别用时23分钟和19分钟，二者并行完成。各峰氢原子计数与实验室结果的差异在0.08以内，纯度为96.4%，实验室结果为96.33%。

作者观点与证据

Anthropic 认为通用模型能够协调专业蛋白设计模型，减少人工组织计算及筛选的工作。实验采用已有的专业设计、结构预测与筛选工具；模型开发商提供研究设定并报告结果，外部实验机构承担实物验证。

资源条件对结果解释很重要：多靶点任务最多使用12,500个 NVIDIA H100 图形处理器小时，单靶点任务每个靶点最多2,500个此类计算小时。任务启动后研究人员仍负责访问审批、基础设施维护和送样验证。文中给出了较少人工干预的案例，但没有提供与同等计算资源下人工团队的全面成本比较。

化学分析案例展示了接近实验室结果的测量处理，并包含自我纠正。时间比较有不同口径：文章称常见样本人工分析约需半小时至一小时，而该实验室记录的核磁共振直接操作约2分钟；报告在首轮测量4天后送达，包含工作排队和其他环节。因此23分钟的自动结果与4天报告周期分别反映分析执行和完整交付时间。

与相关标的的关系

TWST 的直接关联是承担蛋白设计产物的制造及实验测试。该案例支持人工智能设计需要真实实验验证的服务需求，但原文没有披露 Twist 获得的订单金额、实验收入、定价或扩展采购计划。

时效性与限制

最初选择了16个靶点，因成熟型 GDF-8（生长分化因子8）出现聚集和非特异性黏附，实验数据不确定，文章仅呈现其余15个。作者计划进一步表征，以确认命中率与亲和力测量。

微型结合蛋白尚非标准药物形式；高亲和力结合只是药物开发中的早期结果，文中没有展示临床疗效、完整药物开发成本或上市成功率。蛋白设计功能还涉及受控科研访问安排，具体可用性以文章发布时的描述为准。

后续跟踪

关注进一步实验表征是否维持当前命中率与亲和力结果，以及作者向其他药物形式、后续研发环节扩展的研究结果。

证据限制：Original text is extracted for authorized station-internal report reading under configured access protection.；Living page has current model content; initial announcement date independently anchored to 8/18 SEC 8-K.

原文

Claude accelerates protein design and analytical chemistry

Science

How Claude is accelerating protein design and analytical chemistry

Aug 18, 2026

Summary: In this post, we share two results that show how Claude can help life scientists increase the pace of their research. In the first, we tested Claude’s ability to design protein binders from scratch, a key task representative of the early parts of the drug design process and one that has historically taken a specialist weeks or months per target. Claude (Mythos Preview and Opus 4.8) designed protein binders against 15 targets, and succeeded against 14 of them. Between 22% and 35% of its individual designs bound successfully, depending on the setup, compared to the 10-15% that is typical in protein design campaigns today. Some of its strongest designs bound several times more tightly than the best previously published result. In the second example, we evaluated whether Claude can accelerate chemical analysis. Claude Opus 5, a generally available model, was given NMR and LC-MS data (the data that allows chemists to assess the identity and purity of the compounds they work with). Provided with only a contract lab’s raw files and a two-sentence prompt, Claude returned finished results in 23 and 19 minutes, matching the lab’s own analysis on hydrogen counts and purity (96.4% versus 96.33%). These examples demonstrate how Claude can reduce the time and computational expertise currently required to make progress on complex scientific tasks.

The pace of AI-enabled discoveries has quickened over the past few months. The bulk of these discoveries have been in areas where verification is relatively fast. In mathematics, for example, agents have begun to work their way through unsolved problems: Erdős problems that have stood for decades are falling at a rate of several a month, and we recently shared how Claude improved on a longstanding lower bound on the Riemann zeta function .

AI models are also beginning to hasten progress in experimental fields where verifying the results is more complex and expensive, such as in the life sciences. In this post, we share the results of two experiments into Claude’s scientific capabilities. First, we present findings from our investigation into Claude’s performance on a protein design campaign, showing that Claude can design protein binders against a variety of targets as well as (or even better than) leading human experts. Second, we share how Claude Opus 5 performed on an analytical chemistry task, demonstrating how general-access models can support the routine and time-intensive aspects of research.

The protein design and analytical chemistry tasks described below are representative of the work that makes up some parts of the early stages of the drug development process. Accelerating these phases is one component of our much larger effort to speed up drug development end-to-end, many aspects of which have more to do with policy and operational bottlenecks than with improvements in core scientific capabilities.

The results that we’re sharing today were obtained with a combination of our Mythos and Opus models. While life science research tasks are currently blocked in our most capable model, one of our highest priorities is to launch an access program for scientists, and we expect to share more on this soon. In the meantime, Opus 5 remains our most capable generally available model.

Claude designs proteins

When we announced Claude Mythos 5 , we shared that we were experimenting with the model to accelerate parts of the drug design process. As an ongoing part of this work, we have been investigating Claude’s ability to design minibinders for multiple protein targets. A minibinder is a small protein designed to latch tightly onto a target protein. Binding is how a large proportion of modern medicines work: they attach to a target and inhibit, activate, or deliver something to it. Designing a new binder (known as de novo design) has historically taken protein engineers months of computation, optimization, and screening per target.

In recent years, machine-learning models that can design proteins and rank which are most likely to bind have greatly expedited the protein design process. But these models still generally require days (and often weeks) of laborious orchestration by computational experts. And although general reasoning models like Claude can help both experts and non-experts more efficiently design proteins computationally, validating that data in a wet lab (where scientists physically test chemicals, drugs, and other biological substances) still takes weeks.

We have now received wet lab data back for the first of these experiments, a multi-arm protein design campaign against 15 targets using Claude Opus 4.8 and Mythos Preview. Our external evaluators, Adaptyv Bio and Twist Bioscience , independently produced and tested Claude’s designs in the lab, finding that of the 15 targets we designed against, Claude successfully designed binders against 14 of them. These include high-affinity binders 1 against at least six targets, and binders matching or exceeding the best reported affinity against at least four targets. Affinity is a measure of how strongly a protein binds to its target; high-affinity binders are generally needed to achieve a therapeutic effect because they make the drug effective at lower doses, reducing the risk of side effects and the cost to manufacture them.

Mythos Preview and Opus 4.8 achieve overall hit rates—how many of the designs are, in fact, binders—of 26.7% and 22.6%, respectively, when designing against all targets simultaneously in a 48-hour session. 10 to 15% is typical in protein design campaigns today. 2

After assessing Claude’s ability to design against multiple targets, we wanted to understand whether having it focus on a single target at a time would improve its performance, especially given that this better represents the approach typically taken by a protein engineer. Indeed, we found that Mythos Preview achieves an overall hit rate of 35.1% when designing against each target separately using multiple 24-hour sessions.

Mythos Preview and Opus 4.8 achieve hit rates over 20% across a set of 15 targets, with target-level hit rates ranging from as high as 90% to as low as 0%.

This campaign was carried out with minimal human involvement 3 beyond the information we provided Claude in our initial prompt ( link ). We expect that in the hands of expert protein designers this approach would yield even stronger results, especially if they give Claude active guidance and feedback on intermediate results.

The campaign

We began our protein design campaign by selecting multiple targets 4 that are commonly used in protein design benchmarks, including all of Adaptyv Bio’s BenchBB . Because these targets have been studied extensively, we can compare our results against published hit rates and affinities. We also chose two novel targets, 15-PGDH and GDF-8 , from Adaptyv Bio’s most recent competitions to ensure Claude was able to design against targets without drawing upon pre-recorded successes in its training data or from online search (for all targets, we required Claude to check for and ensure that its designs were original).

We then prompted Claude to design protein binders against these targets in Claude Science . For this, we took two approaches. The first was a multi-target mode, where Claude designed against all targets simultaneously in a single Claude Science session. The second was a single-target mode, in which each session addressed one target and sessions for all targets ran in parallel.

We ran Opus 4.8 and Mythos Preview in multi-target mode with 48 hours of wall time and up to 12,500 NVIDIA H100 hours of compute for running specialized protein design and folding models. We also ran Mythos Preview in single-target mode with 24 hours of wall time and up to 2,500 NVIDIA H100 hours of compute for each target. 5

To emulate the resources available during a typical protein design campaign, we gave Claude the following:

An extensive protein design prompt 6 that was also included in the agent context;

Access to the internet and a corpus of resources, such as papers, on protein design;

Connectors for Google Drive, Slack, Gmail, and BioRxiv;

Access to GPUs for running specialized protein design and folding models;

No limits on token and sub-agent budget within the allotted time, and fast mode enabled.

After giving Claude the prompt, we left the model to execute autonomously. We provided no additional scientific, technical, or operational guidance after we initiated the campaigns.

Our only involvement was granting access approvals (such as network access requests) and monitoring the infrastructure to ensure the sessions were running. Claude conducted all of the work that goes into designing a binder, which can take a human operator weeks. It chose where on each protein target to design against; generated candidate structures and sequences by orchestrating several structure design, sequence design, and co-folding models (models that predict the structure of a protein, together with whatever it binds, in a single pass); ran the designs through multiple cycles of in silico optimization; and computationally screened for novel, diverse candidates that would express, stay soluble, and bind.

For each of the 15 targets, we asked Claude to design 30 protein binders. Claude did this by operating publicly available specialist protein design and co-folding models that the field already uses. Claude’s designs were then sent to Adaptyv Bio and Twist Bioscience to validate.

Claude successfully orchestrates multiple open-source protein design models, generating binders with high success rates and high affinities. a) Sankey diagram depicting Claude’s combinations of structure design, sequence design, and optimization rounds. b, c) Claude designs binders with hit rates over 20%, including high-affinity binders, for all structure design methods with at least 100 ordered designs.

Claude’s performance on the targets

By the end of this effort, we produced 354 binders against 14 of 15 targets using a total of 1,320 designs. This represents a significant contribution to the total corpus of publicly available de novo protein designs; for example, the two largest collections, proteinbase.com and the collection curated by Overath et al. , consist of approximately 770 binders out of 5,700 designs against 40 targets. Below, we share three examples highlighting Claude’s capabilities, and one showing its limitations. You can find more detail in our technical report ( link ).

Claude’s designs are competitive with entries in Adaptyv Bio’s protein design competition

We found that for the targets Adaptyv Bio has run competitions for, Claude performs at or beyond the level of the top participants on both hit rate and affinity. Against RBX1 (a small protein that drives the targeted destruction of specific regulatory proteins), Mythos Preview in single-target mode achieved a 40% hit rate, compared to a 3.7% hit rate among participants. Its top-ranked design was a high-affinity binder that outperformed the winning design, which was among 245 designs entered.

Claude designs binders against RBX1 with state-of-the-art affinity, and routinely surpasses hit rates recorded in Adaptyv Bio’s protein design competitions.

Claude designs species cross-reactive binders against TNFα , a challenging, therapeutically relevant target

Interestingly, Opus 4.8, and not Mythos Preview, succeeds on TNFα, a target multiple expert groups have struggled with. TNFα is a signaling protein released by the immune system to trigger inflammation, and blocking it is the therapeutic basis for some of the most impactful drugs ever made, including Humira. It’s a challenging target to design against because of its multimeric structure, which requires targeting a binding site in the groove formed by two proteins. Although Mythos Preview was unsuccessful, Opus 4.8 designed multiple binders, including some that worked across species, binding human, cynomolgus monkey, and mouse TNFα, which is important for conducting animal studies. We’re not sure why Opus 4.8 was successful on this target and Mythos Preview was not. When we assess our models' capabilities, we do so holistically. Given the inherent complexity of protein design, it’s unsurprising that there would be specific areas where an overall less capable model could still outperform one that was generally more capable.

Opus 4.8 successfully designed de novo binders against TNFα, some of which were cross-reactive and bound human, cynomolgus monkey, and mouse TNFα.

Claude designs fold-diverse binders with β-sheets

Most computationally designed binders are bundles of α-helices, a protein secondary structure consisting of coils. β-sheets, in which extended strands of amino acids must line up side by side, are harder to design and more prone to misfolding and aggregation (when protein molecules stick to each other instead of staying separate and properly folded). Claude designed 15 confirmed binders across six targets that contain at least 20% β-strand, demonstrating its ability to reason about protein structure.

Claude successfully designed 15 binders (across 10 distinct backbones) with β-sheets against six targets.

Claude struggled against some targets

Certain targets remained a challenge for Claude, including BBF-14 and maltose-binding protein (MBP). BBF-14 is a β-barrel-shaped protein that does not exist in nature: it was itself de novo designed , and it is now used as a benchmark for binder design precisely because of its novelty. MBP’s structure is also especially difficult. MBP is a large, flexible bacterial protein with a smooth, water-loving surface that makes it a good lab reagent. This leaves a binder very little to grab on to. Claude still managed to produce three independent BBF-14 binders—one from each design arm, and each built on a different backbone—with modest (sub-micromolar to micromolar) affinities. Against MBP, however, none of the 90 designs was confirmed to have bound to the target, although one demonstrated a weak, reproducible binding signal.

Claude had limited success in designing protein binders against BBF-14, a de novo designed beta barrel, and maltose binding protein (MBP).

To better understand how well Claude performed across these design campaigns, we intend to follow our experiments with more extensive characterization to confirm our hit rates and affinity measurements. In the meantime, we are sharing the prompts we used for these campaigns, as well as all in vitro and in silico data we generated. 7

Agentic biological discovery is dual-use

The uplift provided by the increasingly autonomous research capabilities of AI models will undoubtedly speed the development of human therapies and fundamental scientific discoveries. However, such capabilities are also dual-use: without robust safety measures, they could enable bad actors to perform dangerous research, such as the development of bioweapons. As we work to deliver these capabilities safely via trusted access programs, protein design and other dual-use research biology capabilities remain unavailable for general access in Claude Fable 5. However, as you’ll see below, our Opus-class models are capable of remarkable scientific work.

Claude runs the analytical chemistry workflow

Where the protein binder campaign tested Claude’s ability to design new molecules, the second experiment tested its ability to interpret measurements of molecules already made. Characterizing a compound is cumbersome work; much like protein design, it requires chemists to perform many rounds of measurement, analysis, and iteration. For example, every time a chemist creates a molecule, they must establish whether it is what they intended to produce and how pure it is. This is typically done with nuclear magnetic resonance (NMR) spectroscopy. An NMR spectrum is a series of peaks, each corresponding to a hydrogen atom, or a group of equivalent hydrogens, somewhere in the molecule. The location of the peaks shows chemists what each hydrogen atom is attached to, and the size of the peak shows how many hydrogens it represents. Confirming a structure is one of the most time-consuming steps in synthetic chemistry; for every compound, a chemist has to match each peak in the spectrum to an atom in the proposed structure by hand.

The other technique, used mainly to assess purity, is liquid chromatography–mass spectrometry (LC-MS), which first separates the sample into its individual components as they flow through a column, then records how much of each is present based on its ultraviolet absorbance, before measuring the molecular mass of each one. For both techniques, the instrument run itself takes only a few minutes (two to three for a routine proton NMR spectrum; about 10 for an LC-MS run). The tedious part is analyzing the output. After NMR and LC-MS are run, each instrument produces a raw file in the manufacturer’s own format that is meant to be opened in that manufacturer’s (or other specialist) software. 8

Given how painstaking it is to process and interpret these files, we wanted to see how a generally available model such as Claude Opus 5 would perform at this task. 9 Supplied with only a contract lab’s raw files for a routine quality-control sample and a short plain-language prompt, 10 with no vendor software and no operator, Claude, working within Claude Science, returned processed NMR and LC-MS results in 23 and 19 minutes, respectively, working in parallel. Its results matched the lab’s own processing—hydrogen counts per peak were within 0.08 ¹H of the lab’s, and its purity was measured at 96.4% versus the 96.33% of the lab.

What the lab sent, and what Claude returned 23 minutes later. (left) The raw NMR signal as it comes off the instrument; (right) the processed spectrum, with each peak located and its hydrogens counted.

For the NMR data, Claude converted the raw data from the instrument into a calibrated spectrum and a table of 18 peaks, with a hydrogen count for each. Next, as a chemist would, it flagged four broad peaks as hydrogens that were probably attached to nitrogen or oxygen. It then proposed the standard check: add heavy water to the NMR sample, which swaps those hydrogens out so their peaks shrink or vanish. (Independently, the lab had run this same check three days after the first measurement.) Given the raw file from the heavy-water run, Claude quantified what had changed in the data, caught and corrected an overstatement in its first reading (its first pass reported that all four flagged peaks had disappeared, but its own self-check showed that only two had), and arrived at the same conclusion as the lab’s operator.

(left) The LC-MS run as it arrived, as a file of raw bytes in a format only the manufacturer’s software is meant to read. (right) The chromatogram Claude recovered from it 19 minutes later: a single component at 4.34 minutes carrying 96.4% of the UV signal, with a molecular mass of 504 daltons.

The LC-MS instrument files use an undocumented vendor format. Claude worked out how the data was encoded, then confirmed it had read the file correctly by reproducing the instrument's own recorded totals for all 2,664 scans before analyzing anything. It then delivered all the outputs a chemist would expect: the separation trace, mass and UV spectra, a purity table, the compound’s molecular mass, as well as reusable code for reading such files, alongside its own list of caveats about the trustworthiness of the results (it noted, for example, that this class of instrument gives the mass only to the nearest whole unit).

Ordinarily, a chemist does all this analysis by hand. This typically takes half an hour to an hour per sample for a therapeutically relevant small molecule (the lab’s own records show about two minutes of hands-on processing per NMR spectrum, with the LC-MS report following about two hours after the sample was loaded onto the instrument). Claude Science processed and interpreted both files in parallel within those 25 minutes. Claude also produced a written report in that time, whereas the lab’s finished report for this sample arrived four days after the first spectrum was acquired—a fairly standard lag time given that they analyze molecules one at a time, and work may crop up in between.

Beyond the increased efficiency, Claude’s run also showed a degree of scientific judgment, for instance in proposing the very same follow-up experiment the contract lab had independently run. As these models continue to improve, we expect Claude’s scientific judgment to become more acute.

To try this yourself in Claude Science , give Claude a raw NMR or LC-MS file and ask the model to confirm the compound’s identity and purity.

Conclusion

Both of the examples above demonstrate how AI models can accelerate research in the life sciences by reducing the expertise, cost, and time involved in scientific discovery. In chemistry, Claude is automating analyses that chemists have historically done by hand. In protein design, Claude can execute binder design campaigns end-to-end with minimal input, producing binders that match or surpass the best previously published designs.

Protein minibinders are not a standard therapeutic modality for drugs and even for the common drug modalities, such as monoclonal antibodies and small molecules, designing a high-affinity binder is just the first step in the process of generating a drug-like molecule. However, we view this work as foundational, and are extending it so that Claude can run the entire development process end-to-end across all drug modalities.

Footnotes

We consider binders to be high-affinity if they have at most single-digit nanomolar equilibrium dissociation constants (KD < 10 nM).

Derived by calculating overall de novo protein binder hit rates on https://proteinbase.com/ .

This consisted of approving certain requests made by Claude (e.g., network access requests, code execution requests), resolving infrastructure issues outside of the protein design sessions, and ordering the generated designs for experimental validation.

In total, we selected 16 targets (the default species was human where relevant). In alphabetical order, they are: 15-PGDH, BBF-14, BHRF1, Cas9, EGFR, GDF-8 (Latent), GDF-8 (Mature), IL-7Rα, Maltose Binding Protein (MBP), Nipah virus Glycoprotein G, PD-L1, RBX1, TNFα, TREM2, TrkA, and VEGF-A. We present results for 15 of 16 targets, as the experimental data for one target, GDF-8 (Mature), were inconclusive due to target aggregation and non-specific stickiness.

15-PGDH and latent GDF-8 were not used in multi-target mode. Opus 4.8 was run in single-target mode against three targets: TNFα, latent GDF-8, and mature GDF-8.

Consisting of roughly 30,000 tokens, shared here .

Prompts, computational models of the designed protein complexes, and experimental data can all be found here .

For NMR, the raw signal (a “free induction decay”) as written by the spectrometer; for LC-MS, the instrument’s binary run file. Both are raw proprietary instrument files.

We have previously shared work on Claude’s performance analyzing NMR data against standard software.

The NMR prompt, in full: “i have a raw 1H FID: process it: FT, phase, baseline-correct. show me the spectrum. then pick peaks and integrate: give me a table with δ (ppm), multiplicity, J (Hz), and integral.” The LC-MS prompt: “Process the raw LCMS file: extract chromatograms and mass spectra, and summarize with figures.”

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打开原文

Twist收入新高与盈利目标

重要性5/5 高

官方财务附件具备分部增长、费用与盈利调节信息，直接约束TWST增长及盈利判断。

来源信息

来源：Twist Bioscience / SEC发布日期：2026-08-03归档状态：readyHTTP：200

中文摘要

核心结论

Twist Bioscience（合成生物学工具公司，TWST）2026财年第三季度收入增长23%至1.184亿美元，毛利率升至52.8%，并上调全年收入指引。公司继续预计第四季度调整后 EBITDA（息税折旧摊销前利润，按公司口径剔除额外项目）盈亏平衡，第三季度实际仍为亏损。

重要性评级

评级：5/5｜高。2026年08/03（未给出具体时刻）公布的官方财报附件提供分部收入、成本、流动资金和盈利指标，是判断 TWST 业务表现的直接基础；报告期截至06/30。

关键事实

第三季度收入1.184亿美元，上年同期9,610万美元；公司称连续14个季度环比增长。
DNA Synthesis and Protein Solutions（DNA合成与蛋白解决方案，DSPS）收入5,660万美元，同比增长39%，较前季5,330万美元增长6%。NGS Applications（下一代测序应用，NGS）收入6,180万美元，同比增长12%，较前季5,740万美元增长8%。
收入成本5,590万美元，毛利率52.8%，较前季51.6%提高1.2个百分点。研发费用约1,800万美元，与上年同期基本持平；销售、一般及行政费用8,070万美元，上年同期6,340万美元。
按 GAAP（美国通用会计准则），经营亏损3,628万美元，上年同期亏损3,012万美元；净亏损3,505万美元，稀释每股亏损0.56美元。上年同期净利润2,039万美元包含 Atlas Data Storage 分拆产生的4,885万美元出售业务收益。
调整后 EBITDA 亏损1,133万美元，上年同期亏损800万美元。公司本季调整项目包括1,818万美元股权薪酬及678万美元折旧摊销等。
截至06/30，现金、现金等价物与短期投资合计约1.67亿美元。第三季度向约2,650名客户发货，上年同期约2,480名；实际发运约36.9万个基因，上年同期约23.7万个，公司同时报告数据表征用基因制造量持续环比增长。
公司称 Complex Genes（复杂基因产品）结束早期访问阶段并向广泛客户正式商业推出。

作者观点与证据

管理层强调收入增长和毛利率提升，预计以第四季度调整后 EBITDA 盈亏平衡为基础推进2027财年的盈利增长。已公布的季度财务数据与这一前瞻目标分别对应实际结果和管理层预期。

业务增长较快的分部为 DSPS，但公告没有将其收入拆分为人工智能客户贡献。销售及管理费用增长、经营亏损扩大和调整后 EBITDA 同比亏损增加，说明本季度毛利改善尚未形成相应盈利结果。去年净利润中的出售业务收益也影响年度净利润对比。

与相关标的的关系

所有财务数据直接对应 TWST。数据表征基因制造量增长与复杂基因正式商业供应，提供了研发服务及产品扩展的业务线索；原文没有单独披露人工智能相关订单、收入或利润。

时效性与限制

公司将2026财年全年收入指引由4.42亿至4.47亿美元提高至4.56亿至4.57亿美元，中点上调1,200万美元，预计同比增长约21%；全年毛利率预计高于52%。第四季度收入指引为1.23亿至1.24亿美元，中点同比增幅约25%，并预计两个分部均环比增长。

上述指引和第四季度调整后 EBITDA 盈亏平衡目标为8月发布时的预期，文章没有第四季度实际结果。调整后指标排除股权薪酬等成本；公司未提供对应的第四季度 GAAP 净损益指引，解释为未来调整项难以可靠预测。

后续跟踪

关注第四季度收入及两个分部增长是否符合指引、毛利率能否维持高于52%，以及调整后 EBITDA 目标的实际兑现，同时结合 GAAP 费用与损益观察盈利质量。

证据限制：Original text is extracted for authorized station-internal report reading under configured access protection.；公司事实及主张不等于独立验证或未来结果。

原文

Document

Exhibit 99.1

Twist Bioscience Reports Fiscal Third Quarter 2026 Financial Results

— Record revenue of $118.4 million in 3QFY26 ; Increase of more than 23% over $96.1 million in 3QFY25; 14th consecutive quarter of sequential growth —

— Gross margin of 52.8% in 3QFY26, sequential increase of 120 basis points —

— FY 2026 Revenue guidance raised to $456-$457M, an increase of $12M at the midpoint; Reiterating Q4 FY26 Adj EBITDA breakeven —

SOUTH SAN FRANCISCO, Calif. -- (August 3, 2026) — Twist Bioscience Corporation (NASDAQ: TWST), a mid-cap growth and value biotech company, today reported financial results and business highlights for the third quarter ended June 30, 2026.

"We continued our pattern of strong growth, reporting our fourteenth consecutive quarter of growth and exceeding guidance with revenue for the third quarter of fiscal 2026 of $118.4 million, growth of more than 23% compared to the third quarter of fiscal 2025," said Emily M. Leproust, Ph.D., CEO and co-founder of Twist Bioscience. "Well into our final quarter of the fiscal year, we remain confident in our trajectory and continue to expect to achieve adjusted EBITDA breakeven this quarter. That milestone is not the destination. It's the foundation for delivering disciplined execution and profitable growth as we move through fiscal 2027."

See "Non-GAAP Information" below for a discussion of the measure adjusted EBITDA.

FISCAL 2026 THIRD QUARTER FINANCIAL RESULTS

• Revenue: Total revenues for the third quarter of fiscal 2026 grew 23% to $118.4 million compared to $96.1 million for the same period of fiscal 2025.

◦ DNA Synthesis and Protein Solutions (DSPS) revenue grew 39% to $56.6 million for the third quarter of fiscal 2026 compared to $40.8 million for the same period of fiscal 2025, and grew 6% sequentially, compared to $53.3 million for the second quarter of fiscal 2026.

◦ NGS Applications (NGS) revenue grew 12% to $61.8 million for the third quarter of fiscal 2026 compared to $55.3 million for the same period of fiscal 2025, and grew 8% sequentially, compared to $57.4 million for the second quarter of fiscal 2026.

• Cost of Revenues: Cost of revenues for the third quarter of fiscal 2026 increased to $55.9 million compared to $44.8 million for the same period of fiscal 2025.

• Gross Margin : Gross margin for the third quarter of fiscal 2026 was 52.8%, up sequentially from 51.6% in the second quarter of fiscal 2026.

• Research and Development Expenses: Research and development expenses for the third quarter of fiscal 2026 were $18.0 million consistent with $18.0 million for the same period of fiscal 2025.

• Selling, General and Administrative Expenses: Selling, general and administrative expenses for the third quarter of fiscal 2026 were $80.7 million compared to $63.4 million for the same period of fiscal 2025.

• Net (Loss) Income: Net loss for the third quarter of fiscal 2026 increased to $35.1 million, or $0.56 per diluted share, compared to net income of $20.4 million, or $0.33 per diluted share, for the same period of fiscal 2025. The third quarter of fiscal 2025 included a gain of $48.8 million from the spin out of Atlas Data Storage.

• Adjusted EBITDA: Adjusted EBITDA for the third quarter of fiscal 2026 was $(11.3) million compared to $(8.0) million for the same period of fiscal 2025. See the table included in this release for a reconciliation between adjusted EBITDA, and net (loss) income attributable to common stockholders, the most directly comparable GAAP financial measure.

• Ca sh Position: As of June 30, 2026, the company had approximately $167 million in cash, cash equivalents and short-term investments.

Recent Highlights:

• Shipped products to approximately 2,650 customers in the third quarter of fiscal 2026, versus approximately 2,480 in the same period of fiscal 2025.

• Physically shipped approximately 369,000 genes in the third quarter of fiscal 2026, plus consecutive quarter over quarter growth in genes manufactured for data characterization compared with approximately 237,000 in the same period of fiscal 2025.

• Hosted inaugural Investor Day at the Twist Wilsonville, OR site.

• Twist Comprehensive Viral Research Panel enabled researchers in the Democratic Republic of the Congo to identify a rare strain of Ebola that PCR tests missed.

• Following early access period, launched Twist Complex Genes commercially for broad access.

Fiscal 2026 Financial Guidance

The following statements are based on Twist’s current expectations for fiscal 2026. The following statements are forward-looking, and actual results could differ materially depending on market conditions and the factors set forth under “Forward-Looking Statements” below.

For the full fiscal year 2026, Twist expects :

• Total revenue in the range of $456 million to $457 million, growth of approximately 21% year over year, compared to prior guidance of $442 to $447 million.

• Gross margin to be above 52%.

For the fourth quarter, Twist expects:

• Total revenue of approximately $123 million to $124 million, growth of approximately 25% yea r over year at the midpoint, with sequential growth in both DSPS and NGS Applications.

• To achieve adjusted EBITDA breakeven.

Non-GAAP Information

This release includes adjusted EBITDA, which is a non-GAAP financial measure, for the periods presented. Adjusted EBITDA is defined as net (loss) income adjusted to exclude interest income, income tax expense, depreciation and amortization, litigation settlement costs, net of recoveries, other income/expense, net, and stock-based compensation expense. These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles (GAAP) and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. We believe that these non-GAAP financial measures, when considered together with our financial information prepared in accordance with GAAP, can enhance investors’ and analysts’ ability to meaningfully compare our results from period to period and to our forward-looking guidance, and to identify operating trends in our business. However, non-GAAP information is not superior to financial measures calculated in accordance with GAAP, is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. A reconciliation table of the most comparable GAAP financial measure to the non-GAAP financial measures is included at the end of this press release.

A reconciliation of adjusted EBITDA for the fourth quarter of fiscal 2026 to a corresponding GAAP financial guidance measure is not available on a forward-looking basis because the Company does not provide guidance on GAAP net (loss) income and is not able to present the various reconciling cash and non-cash items between GAAP net (loss) income and adjusted EBITDA without unreasonable effort. In particular, stock-based compensation expense is impacted by the Company’s future hiring and retention needs, as well as the future fair market value of its common stock, all of which is difficult to predict and is subject to change. The actual amount of these expenses during the fourth quarter of fiscal 2026 will have a significant impact on Twist’s future GAAP financial results.

Conference Call Information

The company plans to hold a conference call and live audio webcast for analysts and investors at 8:00 a.m. Eastern Time today to discuss its financial results and provide an update on the company’s business. The conference call will be webcast live through the Investor Relations section under the “Company” tab at www.twistbioscience.com. Those parties interested in participating via telephone must register on the Company’s Investor Relations website or by clicking here. Upon registration, all telephone participants will receive the dial-in number along with a unique PIN number that can be used to access the call. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. The webcast replay will be available for two weeks.

About Twist Bioscience

At Twist Bioscience, our customizable solutions across the biological continuum raise the bar in diagnostics, therapeutics, industrial, agriculture and research markets.

Legal Notice Regarding Forward-Looking Statements

unknown risks, uncertainties, and other important factors that may cause Twist’s actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the ability to attract new customers and retain and grow sales from existing customers; the ability of Twist to achieve sufficient revenue to achieve or maintain positive cash flow from operations or profitability in any given period; risks and uncertainties of rapidly changing technologies and extensive competition in synthetic biology that could make the products Twist is developing obsolete or non-competitive; the ability to integrate and leverage artificial intelligence and machine learning technologies to improve operational efficiency, product development, and customer solutions; the ability to expand DNA synthesis manufacturing capacity; dependence on one supplier for a critical component; dependence on key personnel; additional regulations that could increase Twist’s costs and delay commercialization efforts; changes in U.S. trade policies and other trade actions that could result in increased costs and supply chain disruptions; risks associated with the spin out of Atlas Data Storage; the ability to maintain and enforce intellectual property protection; uncertainty as to economic and market conditions and the impact of adverse economic conditions; and the ability to obtain financing when necessary. For a description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Twist’s business in general, see Twist’s risk factors set forth in Twist’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on November 17, 2025. Any forward-looking statements contained in this press release speak only as of the date hereof, and Twist specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

For Investors:

Angela Bitting

SVP, Corporate Affairs

925-202-6211

abitting@twistbioscience.com

For Media:

Amanda Houlihan

Communications Manager

774-265-5334

ahoulihan@twistbioscience.com

Twist Bioscience Corporation

Condensed Consolidated Statements of Operations

(Unaudited)

(in thousands)

Three months ended June 30, Nine months ended June 30,

(In thousands, except per share data) 2026 2025 2026 2025

Revenues

$ 118,376 $ 96,057 $ 332,789 $ 277,563

Costs and expenses:

Cost of revenues $ 55,922 $ 44,760 $ 159,241 $ 137,398

Research and development expenses 18,025 18,047 54,850 63,271

Selling, general and administrative expenses 80,709 63,370 226,536 183,219

Litigation settlement costs, net of recoveries — — 7,205 —

Total costs and expenses $ 154,656 $ 126,177 $ 447,832 $ 383,888

Loss from operations $ (36,280) $ (30,120) $ (115,043) $ (106,325)

Gain on sale of business $ — $ 48,847 $ — $ 48,847

Interest income $ 1,500 $ 2,690 $ 5,385 $ 8,731

Other income (expense), net 40 (836) 686 (1,323)

Income tax expense (311) (191) (607) (462)

Net (loss) income $ (35,051) $ 20,390 $ (109,579) $ (50,532)

Net (loss) income per share — basic $ (0.56) $ 0.34 $ (1.78) $ (0.85)

Weighted average shares used in computing net (loss) income per share — basic 62,403 59,995 61,726 59,600

Net (loss) income per share — diluted $ (0.56) $ 0.33 $ (1.78) $ (0.85)

Weighted average shares used in computing net (loss) income per share —diluted 62,403 61,164 61,726 59,600

Twist Bioscience Corporation

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands)

(In thousands) June 30,

2026 September 30,

2025

Assets

Current assets:

Cash and cash equivalents $ 117,436 $ 183,049

Short-term investments 49,403 49,385

Accounts receivable, net 65,055 57,019

Inventories 35,162 28,309

Prepaid expenses and other current assets 54,239 15,204

Total current assets $ 321,295 $ 332,966

Property and equipment, net 111,888 102,283

Operating lease right-of-use assets 68,736 49,377

Investment in equity securities 68,087 54,337

Other non-current assets 102,432 102,898

Total assets $ 672,437 $ 641,861

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable $ 17,043 $ 11,094

Accrued compensation 34,879 31,288

Current portion of operating lease liability 8,630 13,822

Other current liabilities 59,703 35,202

Total current liabilities $ 120,255 $ 91,406

Operating lease liability, net of current portion 84,960 61,750

Liability related to the sale of future revenue 15,000 15,000

Other non-current liabilities 6,483 747

Total liabilities $ 226,698 $ 168,903

Total stockholders’ equity $ 445,739 $ 472,958

Total liabilities and stockholders’ equity $ 672,437 $ 641,861

Twist Bioscience Corporation

Adjusted EBITDA

(Unaudited)

(in thousands)

The following table sets forth a reconciliation between our Adjusted EBITDA and net (loss) income attributable to common stockholders, the most directly comparable GAAP financial measure, for each of the periods presented:

Three months ended June 30, Nine months ended June 30,

(In thousands) 2026 2025 2026 2025

GAAP net (loss) income $ (35,051) $ 20,390 $ (109,579) $ (50,532)

Add (Deduct) adjustments:

Interest income $ (1,500) $ (2,690) $ (5,385) $ (8,731)

Income tax expense 311 191 607 462

Depreciation and amortization 6,778 6,065 19,386 18,849

EBITDA $ (29,462) $ 23,956 $ (94,971) $ (39,952)

Add (Deduct) adjustments:

Litigation settlement costs, net of recoveries $ — $ — $ 7,205 $ —

Gain on sale of business — (48,847) — (48,847)

Other (income) expense, net (40) 836 (686) 1,323

Stock-based compensation expense 18,176 16,057 50,385 48,376

Adjusted EBITDA $ (11,326) $ (7,998) $ (38,067) $ (39,100)

打开原文

Twist增发募资与股本稀释

重要性4/5 中高

SEC一手融资披露包含发行价格、净募资、股本和亏损数据，对TWST资金及稀释研究直接有用；8月文件的历史时效限制了当日报告优先级。

来源信息

来源：Twist Bioscience / SEC发布日期：2026-08-04归档状态：readyHTTP：200

中文摘要

核心结论

Twist Bioscience（股票代码 TWST）的招股补充书披露，以每股96美元发行312.5万股普通股，基础发行总额3亿美元，预计净募资约2.843亿美元，用于研发、制造产能、产品及一般经营支出。文件同时明确了新增股本、持续亏损和后续融资空间，是评估公司资金补充与稀释的重要历史证据。

重要性评级

评级4/5，中高。公司向 SEC（美国证券交易委员会）提交的一手文件直接披露融资条款、经营数据及股本口径，证据密度较高；发布日期为2026年08/04（未给出具体时刻），截至10/08已是历史融资资料，不能视为当日新增催化。

关键事实

发行价格与费用： 每股发行价96美元；承销折扣及佣金每股4.80美元，基础发行合计1,500万美元；扣除承销费用、尚未扣除其他发行费用的所得为2.85亿美元。公司另估计承担约70万美元发行费用，因此预计最终净募资为2.843亿美元。文中列出的08/04纳斯达克最后成交价为99.44美元，该价格仅对应文件日期。
额外发行与交付安排： 承销商获得30天内购买最多468,750股额外普通股的选择权；若全部行使，预计净募资约3.271亿美元。文件预计于2026年08/06（未给出具体时刻）前后交付股份。承销代表为 Goldman Sachs（高盛）、William Blair、Leerink Partners 和 Guggenheim Securities。
发行后的股本口径： 以2026年06/30的62,674,150股已发行普通股为基数，基础发行后预计为65,799,150股，额外购买权全部行使后为66,267,900股。这些数字未计入997,499股期权、2,602,711股限制性股票单位、2,394,498股绩效限制性股票单位，以及激励计划和员工购股计划下的预留股份。公司当时另有约2亿美元 ATM（按市场价格发行股票）额度，销售代理为 TD Securities（道明证券）；截至补充书日期该计划尚未出售股份。
资金用途： 公司拟将募集所得与已有现金、现金等价物和短期投资共同用于研发投入、扩大制造产能、产品开发、营运资本及其他一般公司用途。部分资金也可能用于技术许可、收购或投资互补业务、平台、产品与资产，但当时没有相应承诺或义务；管理层保留较广泛的资金分配裁量权，文件没有逐项预算或实施时间表。
经营与亏损： 截至2026年06/30的2026财年第三季度，收入1.184亿美元，净亏损约3,510万美元，稀释后每股亏损0.56美元；调整后 EBITDA（息税折旧摊销前利润）为负1,130万美元。该非 GAAP（非美国公认会计准则）指标剔除了包括约1,817.6万美元股权薪酬在内的调整项，不能替代净利润或现金流。
账面稀释： 06/30未经审计的有形净资产为约3.508亿美元，每股5.60美元；按基础发行及费用作备考调整后约为6.352亿美元，每股9.65美元。文件所称新投资者每股86.35美元稀释，是96美元发行价与发行后每股有形净资产的差额；它不代表预计股价跌幅，也不等同于现有股东持股比例被稀释的幅度。
股份出售与分红安排： 公司及董事、高管原则上承诺60天出售限制，但含激励、特定战略交易、既有预设交易计划等例外，高盛可给予书面豁免。公司没有支付过普通股现金股息，且当时没有可预见时期内支付股息的计划。

作者观点与证据

这是发行人的融资披露，业务优势和市场预测体现公司管理层的表述。Twist称，其硅芯片合成 DNA（脱氧核糖核酸）平台通过专有硬件、软件与自动化实现精度、规模和成本优势，产品覆盖克隆基因、NGS（下一代测序）样本制备、抗体文库及生物药发现服务。公司以2025年09/30为基准披露，年服务客户超过3,800家，覆盖全球前35家诊断公司的33家、前20家药企的19家、前30家生物科技公司的21家及前50所大学的41所。客户覆盖支持平台具有广泛应用，但文件没有给出各类客户的订单金额或收入贡献。

公司结合第三方行业报告与内部估计，预计2030年可服务市场超过130亿美元，其中 NGS 应用约60亿美元、DNA合成和蛋白解决方案超过70亿美元，对应综合年增长率估计分别约14%和11%。这些属于带有假设的市场机会估计，文件并未据此提供确定的公司收入预测，也提醒部分统计来源未逐项列明、行业数据不保证完整准确。

与相关标的的关系

TWST是本次普通股发行的直接主体，募资及新增股份影响其资金资源与每股口径。文件将传统和 AI（人工智能）辅助药物发现列为产品应用场景，并提到将人工智能与机器学习用于运营、产品开发及客户解决方案的能力；它没有披露人工智能相关收入占比、特定客户采购量或由人工智能带来的新增订单，因而对该业务主题提供的是应用背景。

时效性与限制

该文件包含08/04补充书及06/18基础招股书，补充书的具体发行条款应优先于基础文件的一般发行描述。文中的净募资、交付和发行后股本均为文件时点的预计或备考口径；这份资料本身不能确认后续是否完成交割、额外购买权是否行使、ATM额度是否使用，或10/08的实际现金与流通股数。多项经营风险及完整财务报表通过引用其他申报文件纳入，本文没有展开这些被引用文件的全部内容。SEC接收披露不构成对证券价值或材料完整性的批准。

后续跟踪

原文支持继续核对交割与额外购买权结果、后续实际股本和现金变化、研发及制造扩张支出、毛利率和亏损改善，以及ATM和股权激励带来的新增股份。相关观察需要后续申报数据确认，不能从本次募资用途自动推定投资回报或盈利时间。

证据限制：Original text is extracted for authorized station-internal report reading under configured access protection.；公司事实及主张不等于独立验证或未来结果。

原文

tm2622018-3_424b5 - none - 4.9843994s

TABLE OF CONTENTS

Filed Pursuant to Rule 424(b)(5)

Registration No. 333-296897

PROSPECTUS SUPPLEMENT

(To Prospectus dated June 18, 2026)

3,125,000 Shares

Common Stock

Twist Bioscience Corporation is offering 3,125,000 shares of its common stock.

Our common stock is listed and trades on the Nasdaq Global Select Market under the symbol “TWST.” On August 4, 2026, the last reported sale price on Nasdaq of our common stock on the Nasdaq Global Select Market was $99.44 per share.

Investing in our common stock involves risks. See the section titled “Risk Factors” beginning on page S-7 of this prospectus supplement, as well as in the accompanying prospectus and the documents incorporated by reference into this prospectus supplement and the accompanying prospectus.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

Per

Total

Public offering price

96.00

300,000,000

Underwriting discounts and commissions (1)

4.80

15,000,000

Proceeds, before expenses, to Twist Bioscience Corporation

91.20

285,000,000

(1)

See the section titled “Underwriting” for a description of the compensation payable to the underwriters.

We have granted the underwriters an option for a period of 30 days to purchase up to 468,750 additional shares of our common stock at the public offering price less underwriting discounts and commissions.

The underwriters expect to deliver the shares against payment in New York, New York on or about August 6, 2026.

Goldman Sachs & Co. LLC

William Blair

Leerink Partners

Guggenheim Securities

Prospectus Supplement dated August 4, 2026

TABLE OF CONTENTS

Prospectus Supplement

Page

ABOUT THIS PROSPECTUS SUPPLEMENT

S-1

PROSPECTUS SUMMARY

S-3

THE OFFERING

S-5

RISK FACTORS

S-7

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

S-10

USE OF PROCEEDS

S-12

DILUTION

S-13

DIVIDEND POLICY

S-15

MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR NON-U.S. HOLDERS

S-16

UNDERWRITING

S-20

LEGAL MATTERS

S-29

EXPERTS

S-29

WHERE YOU CAN FIND MORE INFORMATION

S-29

INCORPORATION OF CERTAIN INFORMATION BY REFERENCE

S-30

Prospectus

Page

ABOUT THIS PROSPECTUS

PROSPECTUS SUMMARY

RISK FACTORS

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

USE OF PROCEEDS

SELLING SECURITYHOLDERS

DESCRIPTION OF OUR CAPITAL STOCK

DESCRIPTION OF OUR DEBT SECURITIES

DESCRIPTION OF OUR WARRANTS

DESCRIPTION OF OUR UNITS

PLAN OF DISTRIBUTION

LEGAL MATTERS

EXPERTS

WHERE YOU CAN FIND ADDITIONAL INFORMATION

INCORPORATION OF CERTAIN INFORMATION BY REFERENCE

S-i

TABLE OF CONTENTS

ABOUT THIS PROSPECTUS SUPPLEMENT

This document is in two parts. The first part is this prospectus supplement, which describes the specific terms of this offering of shares of our common stock and also adds to and updates information contained in the accompanying base prospectus and the documents incorporated by reference into this prospectus supplement and the accompanying base prospectus. The second part, the accompanying base prospectus, gives more general information, some of which may not apply to this offering. You should read both this prospectus supplement and the accompanying base prospectus before deciding to invest in our common stock.

In this prospectus supplement and the accompanying prospectus, as permitted by law, we “incorporate by reference” information from other documents that we file with the Securities and Exchange Commission (the “SEC”). This means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to be a part of this prospectus supplement and the accompanying prospectus and should be read with the same care. When we update the information contained in documents that have been incorporated by reference by making future filings with the SEC, the information incorporated by reference in this prospectus supplement and the accompanying prospectus is considered to be automatically updated and superseded. In other words, in case of a conflict or inconsistency between information contained in this prospectus supplement and the accompanying prospectus and information incorporated by reference into this prospectus supplement and the accompanying prospectus, you should rely on the information contained in the document that was filed most recently with the SEC.

Neither we nor the underwriters have authorized any other person to provide you with any information other than that contained or incorporated by reference into this prospectus supplement, the accompanying prospectus or any relevant free writing prospectus prepared by or on behalf of us or to which we have referred you. We and the underwriters take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. We are offering to sell, and seeking offers to buy, shares of our common stock only in jurisdictions where offers and sales are permitted. The distribution of this prospectus supplement and the offering of the common stock in certain jurisdictions may be restricted by law. Persons outside the United States who come into possession of this prospectus supplement must inform themselves about, and observe any restrictions relating to, the offering of the common stock and the distribution of this prospectus supplement outside the United States. This prospectus supplement does not constitute, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy, any securities offered by this prospectus supplement by any person in any jurisdiction in which it is unlawful for such person to make such an offer or solicitation.

The information contained in this prospectus supplement and the accompanying prospectus is accurate only as of the date of this prospectus supplement or the date of the accompanying prospectus, as applicable, and the information in the documents incorporated by reference in this prospectus supplement and the accompanying prospectus is accurate only as of the date of those respective documents, regardless of the time of delivery of this prospectus supplement and the accompanying prospectus or of any sale of our common stock. Our business, financial condition, results of operations and prospects may have changed since those dates. It is important for you to read and consider all information contained or incorporated by reference in this prospectus supplement and the accompanying prospectus in making your investment decision. You should read this prospectus supplement, the accompanying prospectus and any free writing prospectus that we have authorized for use in connection with this offering, as well as the documents incorporated by reference herein and therein and the additional information described under “Where You Can Find More Information” and “Incorporation by Reference” in this prospectus supplement and in the accompanying prospectus, before investing in our common stock.

When we refer to “Twist,” “we,” “our” and “us” in this prospectus supplement, we mean Twist Bioscience Corporation and its consolidated subsidiaries, unless otherwise specified.

“Twist Bioscience” is a registered trademark in the United States and, in some cases, in certain other countries, and our logo is an unregistered trademark of Twist Bioscience Corporation. All other brand names or trademarks appearing in this prospectus supplement, the accompanying prospectus and

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the information incorporated by reference herein, are the property of their respective holders. Solely for convenience, the trademarks and trade names in this prospectus supplement, the accompanying prospectus and the information incorporated by reference herein, are referred to without the ® and ™ symbols, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto.

This prospectus supplement, the accompanying prospectus and the information incorporated by reference contain statistical data, estimates and forecasts that are based on independent industry publications or other publicly available information, as well as other information based on our internal sources. In some cases, we do not expressly refer to the sources from which this data is derived. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates. In addition, industry publications, studies and surveys generally state that they have been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those described under the heading “Risk Factors” in this prospectus supplement and the documents incorporated by reference in this prospectus supplement. These and other factors could cause results to differ materially from those expressed in these publications and other publicly available information.

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PROSPECTUS SUMMARY

This summary highlights selected information contained elsewhere, or incorporated by reference, in this prospectus supplement. This summary does not contain all of the information that you should consider before deciding to invest in our common stock. For a more complete understanding of our company and this offering, you should carefully read and consider the more detailed information included or incorporated by reference in this prospectus supplement and the accompanying base prospectus, including the factors described under the heading “Risk Factors” on page S-7 of this prospectus supplement and the documents incorporated by reference in this prospectus supplement.

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 multiple products and services, including clonal genes, next-generation sequencing (“NGS”), 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, DNA synthesis and protein solutions and NGS applications, 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.

As of September 30, 2025, we serve more than 3,800 customers annually across therapeutics, diagnostics, industrial and applied markets, academia, government and global supply partners, including 33 of the top 35 diagnostic companies, 19 of the top 20 pharmaceutical companies, 21 of the top 30 leading biotech companies and 41 of the top 50 worldwide universities. Our multi-channel commercial strategy includes direct sales teams aligned to key markets, an e-commerce platform that enables customers to design, validate and order customized products on demand, with real-time pricing and order tracking, a custom API for those wishing to order directly, an inside sales team and OEM agreements with many companies to expand our reach.

We believe our solutions address large and growing market opportunities. Based on multiple third-party industry reports and our internal estimates, we believe that new product introductions, together with market share gains, will expand our combined serviceable addressable market across our solutions to more than $13 billion by 2030. Specifically, we estimate that, by 2030, the serviceable addressable market for our NGS applications will be approximately $6 billion, within a total addressable market of more than $90 billion, growing at a blended rate of approximately 14% annually, and the serviceable addressable market for our DNA synthesis and protein solutions will be more than $7 billion, within a total addressable market of approximately $18 billion, growing at a blended rate of approximately 11% annually.

Recent Developments

Revenue for the third quarter of fiscal 2026 was $118.4 million. Net loss for the third quarter of fiscal 2026 was $35.1 million, or $0.56 per diluted share. Adjusted EBITDA for the third quarter of fiscal 2026 was $(11.3) million.

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Adjusted EBITDA is a non-GAAP financial measure and is defined as net (loss) income adjusted to exclude interest income, income tax expense, depreciation and amortization, other income/expense, net, and stock-based compensation expense. These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles (GAAP) and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. We believe that these non-GAAP financial measures, when considered together with our financial information prepared in accordance with GAAP, can enhance investors’ and analysts’ ability to meaningfully compare our results from period to period and to our forward-looking guidance, and to identify operating trends in our business. However, non-GAAP information is not superior to financial measures calculated in accordance with GAAP, is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP.

The following table sets forth a reconciliation between adjusted EBITDA and net (loss) income attributable to common stockholders, the most directly comparable GAAP financial measure, for the three months ended June 30, 2026:

(In thousands)

Three months

ended

June 30, 2026

GAAP net (loss) income

(35,051 )

Add (Deduct) adjustments:

Interest income

(1,500 )

Income tax expense

311

Depreciation and amortization

6,778

EBITDA

(29,462 )

Add (Deduct) adjustments:

Other (income) expense, net

(40 )

Stock-based compensation expense

18,176

Adjusted EBITDA

(11,326 )

Corporate Information

We were incorporated in Delaware on February 4, 2013. Our principal executive offices are located at 681 Gateway Blvd., South San Francisco, CA 94080. Our telephone number at that location is (800) 719-0671. Our corporate website address is www.twistbioscience.com . The information contained on our website is not incorporated by reference into this prospectus supplement and the accompanying base prospectus, and you should not consider any information contained on, or that can be accessed through, our website to be part of this prospectus supplement and the accompanying base prospectus. We have included our website address only as an inactive textual reference and do not intend it to be an active link to our website.

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THE OFFERING

Issuer

Twist Bioscience Corporation

Common stock offered by us

3,125,000 shares.

Underwriters’ option to purchase additional shares

We have granted the underwriters an option for a period of 30 days to purchase up to 468,750 additional shares of our common stock. The underwriters can exercise this option at any time within 30 days after the date of this prospectus supplement.

Shares of common stock outstanding after this

offering

65,799,150 shares (or 66,267,900 shares if the underwriters exercise their option to purchase additional shares in full).

Use of proceeds

We expect to receive net proceeds from this offering of approximately $284.3 million (or approximately $327.1 million if the underwriters exercise in full their option to purchase additional shares), after deducting underwriting discounts and commissions and our estimated offering expenses.

We currently intend to use the net proceeds from this offering, together with our existing cash, cash equivalents and short-term investments, to fund research and development investments, expansion of manufacturing capacity, product offerings, and the remainder for working capital and other general corporate purposes. We may also use a portion of the net proceeds and our existing cash, cash equivalents and short-term investments to in-license, acquire or invest in complementary businesses, technology platforms, products or assets. However, we have no current commitments or obligations to do so. Our management will retain broad discretion over the allocation of the net proceeds from the sale of the shares of our common stock offered by this prospectus supplement. See the section titled “Use of Proceeds.”

Risk factors

See the section titled “Risk Factors” in this prospectus supplement and the accompanying base prospectus and in the documents incorporated herein by reference for a discussion of certain factors you should carefully consider before deciding to invest in shares of our common stock.

Nasdaq Global Select Market symbol

Our common stock is currently traded on the Nasdaq Global Select Market under the symbol “TWST.”

The number of shares of common stock outstanding immediately after this offering is based on 62,674,150 shares of common stock outstanding as of June 30, 2026, and excludes:

•

997,499 shares of common stock issuable upon the exercise of stock options outstanding as of June 30, 2026, with a weighted-average exercise price of $33.15 per share;

•

2,602,711 shares of common stock underlying restricted stock units outstanding as of June 30, 2026;

•

2,394,498 shares of common stock underlying performance-based restricted stock units outstanding as of June 30, 2026;

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•

2,623,685 shares of common stock reserved for future issuance under our 2018 Equity Incentive Plan (the “2018 Plan”), as of June 30, 2026, as well as any automatic increases in the number of shares of common stock reserved for issuance under the 2018 Plan;

•

861,767 shares of common stock reserved for future issuance under our 2018 Employee Stock Purchase Plan (the “2018 ESPP”), as of June 30, 2026, as well as any automatic increases in the number of shares of common stock reserved for issuance under the 2018 ESPP; and

•

272,370 shares of common stock reserved for future issuance under our Amended and Restated Inducement Equity Incentive Plan (the “Inducement Plan”) as of June 30, 2026.

Unless otherwise indicated, all information in this prospectus supplement:

•

assumes no exercise of outstanding stock options or vesting of restricted stock described above;

•

assumes no exercise of the underwriters’ option to purchase additional shares of common stock; and

•

does not reflect the potential issuance of up to approximately $200.0 million of shares of common stock that remains available for sale from time to time as of the date of this prospectus supplement under an at-the-market program and sales agreement, dated June 18, 2026 (the “Sales Agreement”), with TD Securities (USA) LLC, as sales agent, of which no shares have been sold to date.

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RISK FACTORS

Investing in our common stock involves a high degree of risk. Before making a decision whether to invest in our common stock, you should consider carefully the risks and uncertainties described below and discussed under “Part I, Item 1A. Risk Factors” contained in our most recent Annual Report on Form 10-K and in “Part II, Item 1A. Risk Factors” in our most recent Quarterly Reports on Form 10-Q filed subsequent to such Form 10-K, as well as any amendments thereto, which are incorporated by reference into this prospectus supplement in their entirety, as updated or superseded by the risks described under similar headings in the other documents that are filed after the date hereof and incorporated by reference into this prospectus supplement, together with the other information in this prospectus supplement, the documents incorporated by reference and any applicable prospectus supplement or any free writing prospectus that we may authorize for use in connection with this offering. See the section titled “Where You Can Find More Information.” The risks described in these documents are not the only ones we face. There may be other unknown or unpredictable economic, business, competitive, regulatory or other factors that could have material adverse effects on our future results. Past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results or trends in future periods. If any of these risks actually occurs, our business, financial condition, results of operations or cash flow could be seriously harmed. This could cause the trading price of our common stock to decline, resulting in a loss of all or part of your investment.

Risks Relating to This Offering and Our Common Stock

We will have broad discretion in the use of the net proceeds from this offering and may not use them effectively.

Our management will have broad discretion in the application of the net proceeds from this offering and our existing cash and cash equivalents, including for any of the purposes described in the section titled “Use of Proceeds,” and you will be relying on the judgment of our management regarding such application. Accordingly, you will have to rely upon the judgment of our management with respect to the use of the proceeds, with only limited information concerning management’s specific intentions. You will not have the opportunity, as part of your investment decision, to assess whether the net proceeds are being used appropriately. Because of the number and variability of factors that will determine our use of the net proceeds from this offering, their ultimate use may vary substantially from their currently intended use. Our management might not apply the net proceeds or our existing cash in ways that ultimately increase the value of your investment. If we do not invest or apply the net proceeds from this offering or our existing cash and cash equivalents in ways that enhance stockholder value, we may fail to achieve expected business and financial results, which could cause our stock price to decline.

You may experience immediate and substantial dilution as a result of this offering.

The price per share of our common stock being offered may be higher than the net tangible book value per share of our outstanding common stock prior to this offering. Our net tangible book value per share as of June 30, 2026, was approximately $5.60 per share. After giving effect to this offering at the public offering price of $96.00 per share and after deducting underwriting discounts and commissions and estimated offering expenses payable by us, you will experience immediate dilution of $86.35 per share (or $85.77 per share if the underwriters exercise their option to purchase additional shares in full), representing the difference between the offering price and our as adjusted net tangible book value per share as of June 30, 2026. For a more detailed discussion of the foregoing, see the section titled “Dilution” below. To the extent after this offering we make any future equity issuances, including the issuance of common stock under our 2018 Plan, 2018 ESPP, and Inducement Plan, there will be further dilution to investors. In addition, to the extent we need to raise additional capital in the future by issuing equity securities under the Sales Agreement or otherwise issue shares of our common stock or securities convertible or exchangeable for our common stock, our then existing stockholders may experience dilution. Additionally, the new securities may have rights senior to those of our common stock offered in this offering.

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Future sales of equity could result in dilution to our existing stockholders.

In order to raise additional capital, we may in the future offer additional shares of our common stock or other securities convertible into or exchangeable for our common stock at prices that may not be the same as the price per share in this offering. We may sell shares or other securities in any other offering, including under the Sales Agreement, at a price per share that is less than the price per share paid by any investors in this offering, and investors purchasing shares or other securities in the future could have rights superior to existing stockholders. The price per share at which we sell additional shares of our common stock, or securities convertible or exchangeable into our common stock, in future transactions, including under the Sales Agreement, may be higher or lower than the price per share paid by any investors in this offering.

Sales of a substantial number of shares of our common stock in the public market could cause the market price of our common stock to drop significantly, even if our business is doing well.

Sales of a substantial number of shares of our common stock in the public market, or the perception in the market that the holders of a large number of shares intend to sell shares, could reduce the market price of our common stock, impair our ability to raise capital through the sale of additional equity securities, and make it more difficult for our stockholders to sell their common stock at a time and price that they deem appropriate.

We and our executive officers and directors have agreed that, subject to certain exceptions, during the period ending 60 days after the date of this prospectus supplement, we and they will not offer, sell, dispose of or hedge any shares of our common stock or securities convertible into or exchangeable for shares of our common stock, subject to specified limited exceptions, without, in each case, the prior written consent of Goldman Sachs & Co. LLC, who may release any of the securities subject to these lock-up agreements at any time without notice. Shares held by directors, executive officers and other affiliates will be subject to volume limitations under Rule 144 under the Securities Act, and various vesting agreements. Sales of a substantial number of such shares upon expiration of the lock-up agreements, the perception that such sales may occur or early release of these agreements, could cause our market price to fall or make it more difficult for you to sell your common stock at a time and price that you deem appropriate.

In addition, certain of our executive officers, directors and affiliated stockholders have entered or may enter into Rule 10b5-1 plans providing for sales of shares of our common stock from time to time. Under a Rule 10b5-1 plan, a broker executes trades pursuant to parameters established by the executive officer, director or affiliated stockholder when entering into the plan, without further direction from the executive officer, director or affiliated stockholder. A Rule 10b5-1 plan may be amended or terminated in some circumstances. Our executive officers, directors and affiliated stockholders that have entered into Rule 10b5-1 plans may not purchase or sell the Company’s common stock outside of such Rule 10b5-1 plan as long as such plan is in place.

We have filed an automatic shelf registration statement on Form S-3ASR, which allows us to offer and sell an indeterminate amount of common stock, preferred stock, warrants, debt securities, or units from time to time pursuant to one or more offerings at prices and terms to be determined at the time of the sale.

We have never paid dividends on our capital stock and we do not intend to pay dividends for the foreseeable future. Consequently, any gains from an investment in our common stock will likely depend on whether the price of our common stock increases.

We have never declared or paid any dividends on our common stock and do not intend to pay any dividends in the foreseeable future. We anticipate that we will retain all of our future earnings for use in the operation of our business and for general corporate purposes. Any determination to pay dividends in the future will be at the discretion of our board of directors. Accordingly, investors must rely on sales of their common stock after any price appreciation as the only way to realize any future gains on their investments.

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There are risks, including stock market volatility, inherent in owning our common stock.

The market price and volume of our common stock have been, and may continue to be, subject to significant fluctuations. These fluctuations may arise from general stock market conditions, the impact of risk factors described herein, or changes in the market regarding our business, financial performance and other factors.

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This prospectus supplement and the accompanying base prospectus, as well as the documents we have filed with the SEC that are incorporated by reference in this prospectus supplement, contain “forward-looking statements” within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act. These statements relate to, among other matters, future growth, expansion and other expectations regarding future operations, plans and financial performance, expectations plans for product development and licensing to third parties, expectations regarding market penetration, anticipated customer conversions to our products, plans to expand in the international markets and identification and development of potential antibody candidates, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. All statements other than statements of historical facts contained in this prospectus supplement, including statements regarding our future results of operations and financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, forward-looking statements may be identified by words such as “anticipate,” “believe,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “predict,” “project,” “should,” “will” or the negative of these terms or other similar expressions.

We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions, including risks described in the section titled “Risk Factors” and elsewhere in this prospectus supplement and in our most recent Annual Report on Form 10-K, as updated by our subsequent Quarterly Reports on Form 10-Q and other filings we make with the SEC, which are incorporated by reference into this prospectus supplement in their entirety, together with other information in this prospectus supplement and the accompanying base prospectus and the documents incorporated by reference. These factors include, among other things:

•

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 synthetic biology, biologic drug industries, including our portfolio of Express products;

•

our ability to leverage our investment in our manufacturing facility in Wilsonville, Oregon;

•

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;

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•

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;

•

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.”

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 prospectus supplement 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.

You should read this prospectus supplement and the documents that we reference in this prospectus supplement and have filed as exhibits to the registration statement of which this prospectus supplement is a part with the understanding that our actual future results, levels of activity, performance and achievements may be different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

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USE OF PROCEEDS

We estimate that the net proceeds from the sale of 3,125,000 shares of our common stock in this offering will be approximately $284.3 million, or approximately $327.1 million if the underwriters exercise their option to purchase additional shares in full, after deducting the underwriting discounts and commissions and estimated offering expenses we expect to pay.

Our management will have broad discretion over the uses of the net proceeds in this offering. We currently intend to use the net proceeds from this offering, together with our existing cash, cash equivalents and short-term investments, to fund research and development investments, expansion of manufacturing capacity, product offerings, and the remainder for working capital and other general corporate purposes. We may also use a portion of the net proceeds and our existing cash, cash equivalents and short-term investments to in-license, acquire or invest in complementary businesses, technology platforms, products or assets. However, we have no current commitments or obligations to do so.

The amounts and timing of our expected use of the net proceeds from this offering represent our intentions based upon our current plans and business conditions, which could change in the future as our plans and business conditions evolve. As of the date of this prospectus supplement, we cannot specify with certainty all of the particular uses for the net proceeds to us from the sale of the securities offered by us hereunder. Accordingly, our management will have broad discretion in the application of the net proceeds and investors will be relying upon the judgment of our management regarding the application of these proceeds. We reserve the right to change the use of these proceeds.

Pending application of any net proceeds as described above, net proceeds may be invested temporarily until they are used for their stated purpose or for general corporate purposes.

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DILUTION

If you purchase shares of our common stock in this offering, your interest will be diluted to the extent of the difference between the public offering price per share of our common stock and the unaudited net tangible book value per share of our common stock after this offering. As of June 30, 2026, our unaudited net tangible book value was $350.8 million or $5.60 per share of our common stock. We calculate net tangible book value per share by dividing our net tangible assets (total assets, less total liabilities, goodwill and intangible assets) by the shares of our common stock issued and outstanding as of June 30, 2026.

After giving effect to our sale in this offering of 3,125,000 shares of common stock at the public offering price of $96.00 per share, and after deducting underwriting discounts and commissions and estimated offering expenses payable by us, our as adjusted unaudited pro forma net tangible book value as of June 30, 2026 would have been approximately $635.2 million, or $9.65 per share of our common stock. This represents an immediate increase in as adjusted unaudited pro forma net tangible book value of $4.06 per share to existing stockholders and an immediate dilution of $86.35 per share to investors purchasing securities in this offering.

The following table illustrates the dilution:

Public offering price per share

96.00

Unaudited net tangible book value per share of our common stock as of June 30, 2026

5.60

Increase in unaudited net tangible book value per share of our common stock attributable to investors in this offering

4.06

As adjusted unaudited pro forma net tangible book value per share as of June 30, 2026, immediately after this offering

9.65

Dilution per share to new investors participating in this offering

86.35

If the underwriters’ option to purchase additional shares in this offering is exercised in full, the as adjusted net tangible book value would be $10.23 per share, the increase in the net tangible book value per share for existing stockholders would be $4.63 per share and the dilution to new investors participating in this offering would be $85.77 per share.

The foregoing tables and calculations (other than the historical net tangible book value calculation) are based on 62,674,150 shares of common stock outstanding as of June 30, 2026, and excludes:

•

997,499 shares of common stock issuable upon the exercise of stock options outstanding as of June 30, 2026 with a weighted-average exercise price of $33.15 per share;

•

2,602,711 shares of common stock underlying restricted stock units outstanding as of June 30, 2026;

•

2,394,498 shares of common stock underlying performance-based restricted stock units outstanding as of June 30, 2026;

•

2,623,685 shares of common stock reserved for future issuance under the 2018 Plan, as of June 30, 2026, as well as any automatic increases in the number of shares of common stock reserved for issuance under the 2018 Plan;

•

861,767 shares of common stock reserved for future issuance under the 2018 ESPP, as of June 30, 2026, as well as any automatic increases in the number of shares of common stock reserved for issuance under the 2018 ESPP; and

•

272,370 shares of common stock reserved for future issuance under the Inducement Plan as of June 30, 2026.

•

Up to approximately $200.0 million of shares of our common stock that may be sold from time to time under the Sales Agreement.

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To the extent that any options are exercised, any restricted stock units vest, any new awards are issued under our 2018 Plan, 2018 ESPP and Inducement Plan, or we otherwise issue additional shares of common stock or securities convertible into shares of our common stock in the future, there will be further dilution to new investors. In addition, we may choose to raise additional capital due to market conditions or strategic considerations, even if we believe we have sufficient funds for our current or future operating plans.

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DIVIDEND POLICY

We have not paid any cash dividends on our common stock to date. We may retain future earnings, if any, for future operations, expansion and debt repayment and have no current plans to pay cash dividends for the foreseeable future. Any decision to declare and pay dividends in the future will be made at the discretion of the board of directors and will depend on, among other things, our results of operations, financial condition, cash requirements, contractual restrictions and other factors that the board of directors may deem relevant. In addition, our ability to pay dividends may be limited by covenants of any existing and future outstanding indebtedness we incur. We do not anticipate declaring any cash dividends to holders of our common stock in the foreseeable future.

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MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR NON-U.S. HOLDERS

This section discusses the material U.S. federal income tax considerations of the ownership and sale, exchange or other taxable disposition of our common stock sold pursuant to this offering to a “non-U.S. holder” (as defined below). This discussion does not provide a complete analysis of all potential tax considerations. The information provided below is based upon provisions of the Internal Revenue Code of 1986, as amended, or Code, the Treasury regulations promulgated thereunder, administrative rulings and pronouncements of the Internal Revenue Services, or IRS, and judicial decisions currently in effect. These authorities may change at any time, possibly on a retroactive basis, or the IRS might interpret the existing authorities differently. In either case, the U.S. federal income tax considerations of owning or disposing of our common stock could differ from those described below. As a result, we cannot assure you that the U.S. federal income tax considerations described in this discussion will not be challenged by the IRS or will be sustained by a court if challenged by the IRS.

This discussion does not address the tax considerations arising under any alternative minimum tax, the net investment income tax, the laws of any state, local or non-U.S. jurisdiction, or under U.S. federal gift and estate tax laws. In addition, this discussion does not address tax considerations applicable to an investor’s particular circumstances or to investors that may be subject to special tax rules, including, without limitation:

•

banks, insurance companies or other financial institutions;

•

partnerships or entities or arrangements treated as partnerships or other pass-through entities for U.S. federal income tax purposes (or investors in such entities);

•

corporations that accumulate earnings to avoid U.S. federal income tax;

•

tax-exempt or governmental organizations or tax-qualified retirement plans;

•

real estate investment trusts or regulated investment companies;

•

controlled foreign corporations, foreign controlled foreign corporations or passive foreign investment companies;

•

persons who acquired our common stock pursuant to the exercise of an employee stock option or otherwise as compensation for services;

•

brokers or dealers in securities or currencies;

•

traders in securities that elect to use a mark-to-market method of accounting for their securities holdings;

•

persons that own, or are deemed to own, more than 5% of our capital stock (except to the extent specifically set forth below);

•

certain former citizens or long-term residents of the United States;

•

persons who hold our common stock as a position in a hedging transaction, “straddle,” “conversion transaction” or other risk reduction transaction;

•

persons required to accelerate the recognition of any item of gross income with respect to our common stock as a result of such income being recognized on an applicable financial statement;

•

persons who do not hold our common stock as a capital asset within the meaning of Section 1221 of the Code (generally, for investment purposes); or

•

persons deemed to sell our common stock under the constructive sale provisions of the Code.

In addition, if a partnership or entity classified as a partnership for U.S. federal income tax purposes is a beneficial owner of our common stock, the tax treatment of a partner in the partnership or an owner of the entity will depend upon the status of the partner or owner and the activities of the partnership or entity.

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Accordingly, this discussion does not address U.S. federal income tax considerations applicable to partnerships that hold our common stock, and partners in such partnerships should consult their tax advisors.

Investors considering the purchase of our common stock should consult their own tax advisors regarding the application of the U.S. federal income, gift and estate tax laws to their particular situations and the consequences of non-U.S., state or local laws, and tax treaties.

Non-U.S. Holder Defined

For purposes of this section, a “non-U.S. holder” is any beneficial owner of our common stock, other than an entity or arrangement taxable as a partnership for U.S. federal income tax purposes, that is not:

•

an individual who is a citizen or resident of the United States for U.S. federal income tax purposes;

•

a corporation, or other entity taxable as a corporation for U.S. federal income tax purposes, created or organized under the laws of the United States, any state therein or the District of Columbia or otherwise treated as such for U.S. federal income tax purposes;

•

a trust that (1) is subject to the primary supervision of a U.S. court and one or more U.S. persons have authority to control all substantial decisions of the trust or (2) has a valid election in effect under applicable Treasury regulations to be treated as a U.S. person; or

•

an estate whose income is subject to U.S. federal income tax regardless of source.

If you are a non-U.S. citizen who is an individual, you may be deemed to be a resident alien, as opposed to a nonresident alien, by virtue of being present in the United States for at least 31 days in the calendar year and for an aggregate of at least 183 days during a three-year period ending in the current calendar year. For these purposes, all the days present in the current year, one-third of the days present in the immediately preceding year, and one-sixth of the days present in the second preceding year are counted. Resident aliens are subject to U.S. federal income tax as if they were U.S. citizens. Such an individual is urged to consult his or her own tax advisor regarding the U.S. federal income tax consequences of the ownership and sale, exchange or other taxable disposition of our common stock.

Distributions

As described in the section entitled “Dividend Policy,” we do not anticipate declaring or paying in the foreseeable future any cash dividends on our capital stock. In the future, if we make any distributions on shares of our common stock, such distributions will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions in excess of our current and accumulated earnings and profits will constitute a return of capital that is applied against and reduces, but not below zero, a non-U.S. holder’s adjusted tax basis in shares of our common stock. Any remaining excess will be treated as gain realized on the sale, exchange or other taxable disposition of our common stock. See the section titled “— Sale, Exchange or other Taxable Disposition of Common Stock.”

Any distribution made to a non-U.S. holder on our common stock that is not effectively connected with a non-U.S. holder’s conduct of a trade or business in the United States will generally be subject to U.S. withholding tax at a 30% rate. Subject to the discussion below regarding the Foreign Account Tax Compliance Act, or FATCA, and backup withholding, the 30% withholding tax might not apply, or might apply at a reduced rate, under the terms of an applicable income tax treaty between the United States and the non-U.S. holder’s country of residence. You should consult your tax advisors regarding your entitlement to benefits under a relevant income tax treaty. Generally, in order for us or our paying agent to withhold tax at a lower treaty rate, a non-U.S. holder must certify its entitlement to treaty benefits. A non-U.S. holder generally can meet this certification requirement by providing an IRS Form W-8BEN or W-8BEN-E (or any successor form to the IRS Form W-8BEN or W-8BEN-E) to us or our paying agent. If the non-U.S. holder holds the stock through a financial institution or other intermediary, the non-U.S. holder will be required to provide appropriate documentation to the applicable withholding

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agent. If you are eligible for a reduced rate of U.S. federal withholding tax under an income tax treaty, you may obtain a refund or credit from the IRS of any excess amounts withheld by filing an appropriate claim for a refund with the IRS in a timely manner.

Distributions received by a non-U.S. holder that are effectively connected with a U.S. trade or business conducted by the non-U.S. holder, and, if required by an applicable income tax treaty between the United States and the non-U.S. holder’s country of residence, are attributable to a permanent establishment maintained by the non-U.S. holder in the United States, are not subject to the 30% withholding tax. To obtain this exemption, a non-U.S. holder must provide us with an IRS Form W-8ECI properly certifying such exemption. Such effectively connected distributions, although not subject to U.S. withholding tax, are generally taxed at the same regular rates applicable to U.S. persons, net of certain deductions and credits. Distributions received by corporate non-U.S. holders that are effectively connected with a U.S. trade or business of the corporate non-U.S. holder may also be subject to a branch profits tax equal to 30% of its effectively connected earnings and profits for the taxable year, as adjusted for certain items, although an applicable income tax treaty between the United States and the non-U.S. holder’s country of residence might provide for a lower rate.

Sale, Exchange or other Taxable Disposition of Common Stock

Subject to the discussion below regarding FATCA and backup withholding, non-U.S. holders will generally not be subject to U.S. federal income or withholding tax on any gains realized on the sale, exchange or other taxable disposition of our common stock unless:

•

the gain (1) is effectively connected with the conduct by the non-U.S. holder of a U.S. trade or business and (2) if required by an applicable income tax treaty between the United States and the non-U.S. holder’s country of residence, is attributable to a permanent establishment (or, in the case of an individual, a fixed base) maintained by the non-U.S. holder in the United States (in which case the special rules described below apply);

•

the non-U.S. holder is an individual who is present in the United States for 183 days or more in the taxable year of the sale, exchange or other taxable disposition of our common stock, and certain other requirements are met (in which case the gain would be subject to a flat 30% tax, or such reduced rate as may be specified by an applicable income tax treaty, which may be offset by certain U.S.-source capital losses, even though the individual is not considered a resident of the United States, provided that the non-U.S. holder has timely filed U.S. federal income tax returns with respect to such losses); or

•

the rules of the Foreign Investment in Real Property Tax Act, or FIRPTA, treat the gain as effectively connected with a U.S. trade or business.

The FIRPTA rules may apply to a sale, exchange or other taxable disposition of our common stock if we are at the time of the sale, exchange, or other taxable disposition, or were within the shorter of the five-year period preceding the disposition and the non-U.S. holder’s holding period, a “United States real property holding corporation,” or USRPHC. In general, we would be a USRPHC if the fair market value of our U.S. real property interests constituted at least half of the fair market value of our business assets and our U.S. and non-U.S. real property interests. If we are or become a USRPHC, as long as our common stock is regularly traded on an established securities market at the time of the disposition, such common stock will be treated as U.S. real property interests subject to the FIRPTA rules only if a non-U.S. holder actually or constructively owns more than 5% of our outstanding common stock at any time within the shorter of the five-year period preceding the disposition and the non-U.S. holder’s holding period. Currently, we believe we are not, and do not anticipate becoming, a USRPHC, however there can be no assurance in this regard.

If any gain from the sale, exchange or other taxable disposition of our common stock (1) is effectively connected with a U.S. trade or business conducted by a non-U.S. holder and (2) if required by an applicable income tax treaty between the United States and the non-U.S. holder’s country of residence, is attributable to a permanent establishment (or, in the case of an individual, a fixed base) maintained by such non-U.S. holder in the United States, then the gain generally will be subject to U.S. federal income tax at the same regular rates applicable to U.S. persons, net of certain deductions

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and credits. If the non-U.S. holder is a corporation, under certain circumstances, that portion of its earnings and profits that is effectively connected with its U.S. trade or business, subject to certain adjustments, generally would be subject to a “branch profits tax.” The branch profits tax rate is equal to 30% of its effectively connected earnings and profits for the taxable year, as adjusted for certain items, although an applicable income tax treaty between the United States and the non-U.S. holder’s country of residence might provide for a lower rate.

Backup Withholding and Information Reporting

Payments of dividends on our common stock will not be subject to backup withholding, provided the non-U.S. holder certifies its non-U.S. status, such as by furnishing a valid IRS Form W-8BEN, W-8BEN-E or W-8ECI (and we or our paying agent do not have actual knowledge or reason to know the holder is a U.S. person or that the conditions of any other exemption are not, in fact, satisfied), or otherwise establishes an exemption. However, information returns are required to be filed with the IRS in connection with any distributions on our common stock paid to the non-U.S. holder, regardless of whether any tax was actually withheld. Copies of these reports may be made available to tax authorities in the country where the non-U.S. holder resides. In addition, proceeds of the sale or other taxable disposition of our common stock within the United States or conducted through certain U.S.-related brokers generally will not be subject to backup withholding or information reporting if the applicable withholding agent receives the certification described above or the non-U.S. holder otherwise establishes an exemption. Proceeds of a disposition of our common stock conducted through a non-U.S. office of a non-U.S. broker that does not have certain enumerated relationships with the United States generally will not be subject to backup withholding or information reporting. The backup withholding rate is currently 24%.

Backup withholding is not an additional tax. Any amounts withheld from a payment to a holder of our common stock under the backup withholding rules can be credited against any U.S. federal income tax liability of the holder and may entitle the holder to a refund from the IRS, provided that the required information is furnished to the IRS in a timely manner.

Foreign Account Tax Compliance Act, or FATCA

FATCA imposes U.S. federal withholding tax of 30% on certain types of U.S. source “withholdable payments” (including dividends and the gross proceeds from the sale, exchange or other taxable disposition of U.S. stock) to “foreign financial institutions,” which are broadly defined for this purpose, and other non-U.S. entities in connection with the failure to comply with certain certification and information reporting requirements regarding U.S. account holders or owners of such institutions or entities. The obligation to withhold under FATCA applies to any dividends on our common stock. While withholding under FATCA would have applied to gross proceeds from the sale, exchange or other taxable disposition of our common stock and to certain “pass-thru” payments received with respect to instruments held through foreign financial institutions after the date on which applicable final Treasury regulations are issued, proposed Treasury regulations eliminate FATCA withholding on payments of gross proceeds entirely and limit FATCA withholding on these “pass-thru” payments to those payments made two years after the date on which applicable final Treasury regulations are issued. Taxpayers generally may rely on these proposed Treasury regulations until final Treasury regulations are issued. An intergovernmental agreement between the United States and an applicable foreign country may modify the requirements described in this paragraph. Non-U.S. holders should consult their own tax advisors regarding the possible implications of FATCA on their investment in our common stock.

The preceding discussion of U.S. federal income tax considerations is for general information only. It is not tax advice. Each prospective investor should consult its own tax advisor regarding the particular U.S. federal, state, local and non-U.S. tax consequences of the sale, exchange or other taxable disposition of our common stock, including the consequences of any proposed change in applicable laws.

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UNDERWRITING

We and the underwriters named below have entered into an underwriting agreement with respect to the shares being offered. Subject to certain conditions, each underwriter has severally agreed to purchase the number of shares indicated in the following table. Goldman Sachs & Co. LLC, William Blair & Company, L.L.C., Leerink Partners LLC and Guggenheim Securities, LLC are the representatives of the underwriters (the “Representatives”).

Underwriter

Number of Shares

Goldman Sachs & Co. LLC

1,406,250

William Blair & Company, L.L.C.

625,000

Leerink Partners LLC

625,000

Guggenheim Securities, LLC

468,750

Total

3,125,000

The underwriters are committed to take and pay for all of the shares being offered, if any are taken, other than the shares covered by the option described below unless and until this option is exercised.

The underwriters have an option to buy up to an additional 468,750 shares of our common stock from us. They may exercise that option for 30 days. If any shares are purchased pursuant to this option, the underwriters will severally purchase shares in approximately the same proportion as set forth in the table above.

The following table shows the per share and total underwriting discounts and commissions to be paid to the underwriters by us. Such amounts are shown assuming both no exercise and full exercise of the underwriters’ option to purchase up to an additional 468,750 shares of our common stock from us.

No Exercise

Full Exercise

Per Share

4.80

Total

15,000,000

17,250,000

Shares sold by the underwriters to the public will initially be offered at the public offering price set forth on the cover of this prospectus supplement. Any shares sold by the underwriters to securities dealers may be sold at a discount of up to $2.88 per share from the public offering price. After the initial offering of the shares, the Representatives may change the offering price and the other selling terms. The offering of the shares by the underwriters is subject to receipt and acceptance and subject to the underwriters’ right to reject any order in whole or in part.

We have agreed with the underwriters, subject to certain exceptions, during the period from the date of this prospectus supplement continuing through the date 60 days after the date of this prospectus supplement (the “restricted period”), not to (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly, or submit or file with the SEC a registration statement under the Securities Act relating to, any shares of our common stock or any securities convertible into or exercisable or exchangeable for our common stock, or publicly disclose the intention to make any offer, sale, pledge, disposition or filing, or (ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of our common stock or any such other securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of our common stock or such other securities, in cash or otherwise, without the prior written consent of Goldman Sachs & Co. LLC on behalf of the Representatives, other than (a) the shares of common stock to be sold in this offering, (b) any shares of our common stock issued upon the exercise of stock options or settlement of restricted stock unit awards granted under our stock-based compensation plans (“Stock Plans”), (c) the grant or issuance by us of employee, consultant, or director stock options, restricted stock unit or other equity awards in the ordinary course of business under our Stock Plans described in this prospectus supplement and the accompanying prospectus,

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(d) shares registered, or to be registered, on Form S-8 relating to the Stock Plans described in this prospectus supplement and the accompanying prospectus, (e) the issuance of securities (and the filing of resale registration statements on Form S-3 in respect of same) in connection with the acquisition or license by us or any of our subsidiaries of the securities, businesses, property or other assets of another person or entity or pursuant to any employee benefit plan assumed by us in connection with any such acquisition or license, (f) the issuance of securities in connection with joint ventures, commercial relationships, or other strategic transactions, or (g) the issuance of up to $5.0 million of shares of our common stock to Invenra Inc. (“Invenra”) pursuant to the License Agreement, dated February 11, 2026, by and between us and Invenra, as amended; provided that, (x) in the case of clauses (e), (f) and (g), the aggregate number of shares issued in all such acquisitions and transactions taken together does not exceed 10.0% of our outstanding shares of common stock following the offering of common stock contemplated by this offering and (y) each person to whom such shares or securities are issued or granted pursuant to clauses (e) and (f) during the restricted period described above executes or has executed a lock-up agreement.

Our executive officers and directors have agreed with the underwriters, subject to certain exceptions, during the restricted period, not to and not to cause or direct any of their affiliates to (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of our common stock, or any securities convertible into or exercisable or exchangeable for our common stock (including without limitation, our common stock or such other securities which may be deemed to be beneficially owned by the securityholder in accordance with the rules and regulations of the SEC and securities which may be issued upon exercise of a stock option or warrant, collectively the “Securityholder’s Shares”), or publicly disclose the intention to make any offer, sale, pledge or disposition thereof, (ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Securityholder’s Shares, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of our common stock or such other securities, in cash or otherwise or (iii) make any demand for or exercise any right with respect to the registration of any Securityholder’s Shares. The securityholder acknowledges and agrees that the foregoing precludes the securityholder from engaging in any hedging or other transactions or arrangements (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or any other derivative transaction or instrument, however described or defined) designed or intended, or which could reasonably be expected to lead to or result in, a sale or disposition or transfer (whether by the securityholder or any other person) of any economic consequences of ownership, in whole or in part, directly or indirectly, of any Securityholder’s Shares, whether any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of Securityholder’s Shares, in cash or otherwise.

Notwithstanding the foregoing, the securityholder may:

(a)

sell any shares of our common stock to be sold by the securityholder pursuant to this offering;

(b)

transfer the Securityholder’s Shares as a bona fide gift or gifts;

(c)

transfer or dispose of the Securityholder’s Shares to any trust for the direct or indirect benefit of the securityholder or the immediate family of the securityholder;

(d)

transfer or dispose of the Securityholder’s Shares to any corporation, partnership, limited liability company or other entity all of the beneficial ownership interests of which are held by the securityholder or the immediate family of the securityholder;

(e)

transfer or dispose of the Securityholder’s Shares by will, other testamentary document or intestate succession to the legal representative, heir, beneficiary or a member of the immediate family of the securityholder;

(f)

distribute the Securityholder’s Shares to partners, members or stockholders of the securityholder;

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(g)

transfer to the securityholder’s affiliates or to any investment fund or other entity controlled or managed by, controlling or managing, or under common control with, the securityholder; or

(h)

transfer pursuant to a bona fide third party tender offer, merger, consolidation or other similar transaction made to all holders of our common stock and involving a change of control, provided that in the event that the tender offer, merger, consolidation or other such transaction is not completed, our common stock owned by the securityholder shall remain subject to the restrictions contained in the lock-up agreement; provided that in the case of any transfer or distribution pursuant to clause (b), (c), (d), (e), (f) or (g), each transferee, donee or distributee shall execute and deliver to the Representatives a lock-up agreement; and provided, further, that in the case of any transfer, disposition or distribution pursuant to clause (b), (c), (d), (e), (f) or (g), no filing by any party (donor, donee, transferor or transferee) under the Exchange Act, or other public announcement shall be required or shall be made voluntarily in connection with such transfer or distribution (other than a filing on a Form 5 after the expiration of the restricted period referred to above and any such filing shall clearly indicate in the footnotes thereto that the filing relates to the circumstances described in (b), (c), (d), (e), (f) or (g), above, as the case may be, or the filing of a required Schedule 13F or 13G) and any such transfer or distribution shall not involve a disposition for value. For purposes of the lock-up agreement, “immediate family” shall mean any relationship by blood, marriage or adoption, not more remote than first cousin and “Change of Control” shall mean the consummation of any bona fide third party tender offer, merger, consolidation or other similar transaction the result of which is that any “person” (as defined in Section 13(d)(3) of the Exchange Act), or group of persons, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 of the Exchange Act) of more than 50% of total voting power of our voting stock.

Furthermore, notwithstanding the restrictions imposed by the lock-up agreement, the securityholder may, without the prior written consent of Goldman Sachs & Co. LLC (i) exercise any outstanding warrant, or any option to purchase shares of our common stock granted under any of our stock incentive plans or stock purchase plans, provided that the underlying shares of our common stock shall continue to be subject to the restrictions on transfer described herein, (ii) establish a trading plan pursuant to Rule 10b5-1 under the Exchange Act for the transfer of our common stock, provided that such plan does not provide for any transfers of our common stock during the restricted period, (iii) transfer or dispose of shares of our common stock acquired in this offering or on the open market following this offering, provided that no filing under the Exchange Act or other public announcement shall be required or shall be made voluntarily in connection with such transfer or disposition during the restricted period (other than a required filing on a Schedule 13F or 13G), (iv) transfer or surrender to us shares of our common stock pursuant to any contractual arrangement that provides us with an option to repurchase such shares of our common stock in connection with the termination of the securityholder’s employment or other service relationship with us, or pursuant to a right of first refusal with respect to transfers of such shares of our common stock or other securities, or on a cashless or “net exercise” basis or to cover tax withholding obligations of the securityholder in connection with the vesting, exercise or settlement of such shares of our common stock or other securities, provided that any filing under Section 16 of the Exchange Act shall clearly indicate in the footnotes thereto that the filing relates to the circumstances described in this clause (iv) above and no other public announcement shall be required or shall be made voluntarily in connection with such transfer or surrender, (v) transfer or dispose of our common stock by operation of law pursuant to a qualified domestic order or in connection with a divorce settlement or other court order, provided that the recipient of such shares of our common stock shall execute and deliver to the Representatives a lock-up agreement, provided, further that any filing under Section 16 of the Exchange Act shall clearly indicate in the footnotes thereto that the filing relates to the circumstances described in this clause (v) above and no other public announcement shall be required or shall be made voluntarily in connection with such transfer or disposition, and (vi) sell such number of shares of our common stock as is necessary to satisfy applicable tax withholding and remittance obligations of the securityholder arising in connection with the vesting or settlement of our equity awards granted under any plan or arrangement described in this prospectus supplement and the accompanying prospectus (each, a “Sell-to-Cover Transaction”); provided, that, (x) the number of shares of our common stock sold in such Sell-to-Cover Transaction shall not exceed 175,000 shares of our common stock (in the

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aggregate for our directors and executive officers who are subject to the reporting requirements of Section 16 of the Exchange Act) during the restricted period to satisfy the tax withholding and remittance obligations arising from the applicable vesting or settlement event, (y) such Sell-to-Cover Transaction shall not otherwise involve any sale, disposition or transfer of the Securityholder’s Shares, except as necessary to satisfy such tax withholding and remittance obligations, and (z) any filing under Section 16 of the Exchange Act that is made in connection with any such Sell-to-Cover Transaction during the restricted period shall clearly indicate in the footnotes thereto that the filing relates to the circumstances described in this clause (vi) above and no other public announcement shall be required or shall be made voluntarily in connection with such Sell-to-Cover Transaction. Notwithstanding clause (ii) above, sales of the Securityholder’s Shares may be effected pursuant to a trading plan adopted pursuant to Rule 10b5-1 (an “Existing 10b5-1 Plan”) under the Exchange Act, provided that, (x) such Existing 10b5-1 Plan was entered into prior to the date of this prospectus supplement and (y) any filing under Section 16 of the Exchange Act that is made in connection with any such sales during the restricted period shall state that such sales have been executed under a trading plan pursuant to Rule 10b5-1 under the Exchange Act and shall also state the date such trading plan was adopted.

Our common stock is listed on the Nasdaq Global Select Market under the symbol “TWST.”

In connection with the offering, the underwriters may purchase and sell shares of our common stock in the open market. These transactions may include short sales, stabilizing transactions and purchases to cover positions created by short sales. Short sales involve the sale by the underwriters of a greater number of shares than they are required to purchase in the offering, and a short position represents the amount of such sales that have not been covered by subsequent purchases. A “covered short position” is a short position that is not greater than the amount of additional shares for which the underwriters’ option described above may be exercised. The underwriters may cover any covered short position by either exercising their option to purchase additional shares or purchasing shares in the open market. In determining the source of shares to cover the covered short position, the underwriters will consider, among other things, the price of shares available for purchase in the open market as compared to the price at which they may purchase additional shares pursuant to the option described above. “Naked” short sales are any short sales that create a short position greater than the amount of additional shares for which the option described above may be exercised. The underwriters must cover any such naked short position by purchasing shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the common stock in the open market after pricing that could adversely affect investors who purchase in the offering. Stabilizing transactions consist of various bids for or purchases of common stock made by the underwriters in the open market prior to the completion of the offering.

The underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the Representatives have repurchased shares sold by or for the account of such underwriter in stabilizing or short covering transactions.

Purchases to cover a short position and stabilizing transactions, as well as other purchases by the underwriters for their own accounts, may have the effect of preventing or retarding a decline in the market price of our common stock, and together with the imposition of the penalty bid, may stabilize, maintain or otherwise affect the market price of our common stock. As a result, the price of our common stock may be higher than the price that otherwise might exist in the open market. The underwriters are not required to engage in these activities and may end any of these activities at any time. These transactions may be effected on the Nasdaq Global Select Market, in the over-the-counter market or otherwise.

We estimate that our share of the total expenses of the offering, excluding underwriting discounts and commissions, will be approximately $0.7 million. We have agreed to reimburse the underwriters for certain of their expenses in an amount up to $30,000. The underwriters have also agreed to reimburse us for certain of our expenses incurred in connection with this offering.

We have agreed to indemnify the several underwriters against certain liabilities, including liabilities under the Securities Act.

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The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include sales and trading, commercial and investment banking, advisory, investment management, investment research, principal investment, hedging, market making, brokerage and other financial and non-financial activities and services. Certain of the underwriters and their respective affiliates have provided in the past, currently provide, and may in the future provide, a variety of these services to us and to persons and entities with relationships with us, for which they will receive customary fees and expenses.

In the ordinary course of their various business activities, the underwriters and their respective affiliates, officers, directors and employees may purchase, sell or hold a broad array of investments and actively trade securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments for their own account and for the accounts of their customers, and such investment and trading activities may involve or relate to assets, securities and/or instruments of ours (directly, as collateral securing other obligations or otherwise) and/or persons and entities with relationships with us. The underwriters and their respective affiliates may also communicate independent investment recommendations, market color or trading ideas and/or publish or express independent research views in respect of such assets, securities or instruments and may at any time hold, or recommend to clients that they should acquire, long and/or short positions in such assets, securities and instruments.

European Economic Area

In relation to each Member State of the European Economic Area, each a Relevant Member State, no securities have been offered or will be offered pursuant to the offering to the public in that Relevant Member State prior to the publication of a prospectus in relation to the securities which has been approved by the competent authority in that Relevant Member State or, where appropriate, approved in another Relevant Member State and notified to the competent authority in that Relevant Member State, all in accordance with the Prospectus Regulation, except that the securities may be offered to the public in that Relevant Member State at any time:

(a) to any legal entity which is a qualified investor as defined under Article 2 of the Prospectus Regulation;

(b) to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the Prospectus Regulation), subject to obtaining the prior consent of the Representatives for any such offer; or

(c) in any other circumstances falling within Article 1(4) of the Prospectus Regulation, provided that no such offer of the securities shall require us or any of the underwriters or any of their respective affiliates to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation.

For the purposes of this provision, the expression an “offer to the public” in relation to the securities in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and any securities to be offered so as to enable an investor to decide to purchase or subscribe for any securities, and the expression “Prospectus Regulation” means Regulation (EU) 2017/1129.

United Kingdom

No securities have been offered or will be offered pursuant to the offering to the public in the United Kingdom except that the securities may be offered to the public in the United Kingdom at any time:

(a)

where the offer is conditional on the admission of securities to trading on the London Stock Exchange plc’s main market (in reliance on the exception in paragraph 6(a) of Schedule 1 of the POATR);

(b)

to any qualified investor as defined under paragraph 15 of Schedule 1 of the POATR;

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(c)

to fewer than 150 persons (other than qualified investors as defined under paragraph 15 of Schedule 1 of the POATR), subject to obtaining the prior consent of the Representatives for any such offer; or

(d)

in any other circumstances falling within Part 1 of Schedule 1 of the POATR.

For the purposes of this provision, the expression an “offer to the public” in relation to the securities in the United Kingdom means the communication to any person which presents sufficient information on: (a) the securities to be offered; and (b) the terms on which they are to be offered, to enable an investor to decide to buy or subscribe for the securities and the expressions “POATR” means the Public Offers and Admissions to Trading Regulations 2024.

Canada

The securities may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions, and Ongoing Registrant Obligations. Any resale of the securities must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus supplement (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser’s province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser’s province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

Hong Kong

The securities may not be offered or sold in Hong Kong by means of any document other than (i) in circumstances which do not constitute an offer to the public within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32 of the Laws of Hong Kong), or the Companies (Winding Up and Miscellaneous Provisions) Ordinance, or which do not constitute an invitation to the public within the meaning of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong), or the Securities and Futures Ordinance, or (ii) to “professional investors” as defined in the Securities and Futures Ordinance and any rules made thereunder, or (iii) in other circumstances which do not result in the document being a “prospectus” as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance, and no advertisement, invitation or document relating to the securities may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to securities which are or are intended to be disposed of only to persons outside Hong Kong or only to “professional investors” in Hong Kong as defined in the Securities and Futures Ordinance and any rules made thereunder.

Singapore

This prospectus supplement has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus supplement and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the securities may not be circulated or distributed, nor may the securities be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined under Section 4A of the Securities and Futures Act, Chapter 289 of

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Singapore, or the “SFA”) under Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to conditions set forth in the SFA.

Where the securities are subscribed or purchased under Section 275 of the SFA by a relevant person which is a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor, the securities (as defined in Section 239(1) of the SFA) of that corporation shall not be transferable for six months after that corporation has acquired the securities under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer in that corporation’s securities pursuant to Section 275(1A) of the SFA, (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA, or (6) as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore, or Regulation 32.

Where the securities are subscribed or purchased under Section 275 of the SFA by a relevant person which is a trust (where the trustee is not an accredited investor (as defined in Section 4A of the SFA)) whose sole purpose is to hold investments and each beneficiary of the trust is an accredited investor, the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferable for six months after that trust has acquired the securities under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer that is made on terms that such rights or interest are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction (whether such amount is to be paid for in cash or by exchange of securities or other assets), (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA, or (6) as specified in Regulation 32.

Solely for the purposes of its obligations pursuant to Section 309B of the SFA, we have determined, and hereby notify all relevant persons (as defined in the CMP Regulations 2018), that the securities are “prescribed capital markets products” (as defined in the CMP Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

Japan

The securities have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended), or the FIEA. The securities may not be offered or sold, directly or indirectly, in Japan or to or for the benefit of any resident of Japan (including any person resident in Japan or any corporation or other entity organized under the laws of Japan) or to others for reoffering or resale, directly or indirectly, in Japan or to or for the benefit of any resident of Japan, except pursuant to an exemption from the registration requirements of the FIEA and otherwise in compliance with any relevant laws and regulations of Japan.

Australia

No placement document, prospectus, product disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments Commission, or ASIC, in relation to the offering. This offering document does not constitute a prospectus, product disclosure statement or other disclosure document under the Corporations Act 2001, or the Corporations Act, and does not purport to include the information required for a prospectus, product disclosure statement or other disclosure document under the Corporations Act.

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Any offer in Australia of the securities may only be made to persons, or the Exempt Investors, who are “sophisticated investors” (within the meaning of section 708(8) of the Corporations Act), “professional investors” (within the meaning of section 708(11) of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer the securities without disclosure to investors under Chapter 6D of the Corporations Act.

The securities applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment under the offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring securities must observe such Australian on-sale restrictions.

This offering document contains general information only and does not take account of the investment objectives, financial situation or particular needs of any particular person. It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors need to consider whether the information in this offering document is appropriate to their needs, objectives and circumstances, and, if necessary, seek expert advice on those matters.

Dubai International Financial Centre

This offering document relates to an Exempt Offer in accordance with the Offered Securities Rules of the Dubai Financial Services Authority, or the DFSA. This offering document is intended for distribution only to persons of a type specified in the Offered Securities Rules of the DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus nor taken steps to verify the information set forth in this prospectus and has no responsibility for the offering document. The securities to which this offering document relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the securities offered should conduct their own due diligence on the securities. If you do not understand the contents of this offering document you should consult an authorized financial advisor.

Switzerland

We have not and will not register with the Swiss Financial Market Supervisory Authority, or the FINMA, as a foreign collective investment scheme pursuant to Article 119 of the Federal Act on Collective Investment Scheme of 23 June 2006, as amended, or CISA, and accordingly the securities being offered pursuant to this prospectus have not and will not be approved, and may not be licenseable, with FINMA. Therefore, the securities have not been authorized for distribution by FINMA as a foreign collective investment scheme pursuant to Article 119 CISA and the securities offered hereby may not be offered to the public (as this term is defined in Article 3 CISA) in or from Switzerland. The securities may solely be offered to “qualified investors,” as this term is defined in Article 10 CISA, and in the circumstances set out in Article 3 of the Ordinance on Collective Investment Scheme of 22 November 2006, as amended, or CISO, such that there is no public offer. Investors, however, do not benefit from protection under CISA or CISO or supervision by FINMA. This prospectus and any other materials relating to the securities are strictly personal and confidential to each offeree and do not constitute an offer to any other person. This prospectus may only be used by those qualified investors to whom it has been handed out in connection with the offer described in this prospectus and may neither directly or indirectly be distributed or made available to any person or entity other than its recipients. It may not be used in connection with any other offer and shall in particular not be copied and/or distributed to the public in Switzerland or from Switzerland. This prospectus does not constitute an issue prospectus as that term is understood pursuant to Article 652a and/or 1156 of the Swiss Federal Code of Obligations. We have not applied for a listing of the securities on the SIX Swiss Exchange or any other regulated securities market in Switzerland, and consequently, the information presented in this prospectus does not necessarily comply with the information standards set out in the listing rules of the SIX Swiss Exchange and corresponding prospectus schemes annexed to the listing rules of the SIX Swiss Exchange.

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Brazil

The offer and sale of the securities have not been and will not be registered with the Brazilian Securities Commission (Comissão de Valores Mobiliários, or “CVM”) and, therefore, will not be carried out by any means that would constitute a public offering in Brazil under CVM resolution no 160, dated 13 July 2022, as amended (“CVM Resolution 160”), or unauthorized distribution under Brazilian laws and regulations. The securities may only be offered to Brazilian professional investors (as defined by applicable CVM Regulation), who may only acquire the securities through a non-Brazilian account, with settlement outside Brazil in non-Brazilian currency. The trading of these securities on regulated securities markets in Brazil is prohibited.

United Arab Emirates

The securities have not been, and are not being, publicly offered, sold, promoted or advertised in the United Arab Emirates (including the Dubai International Financial Centre) other than in compliance with the laws of the United Arab Emirates (and the Dubai International Financial Centre) governing the issue, offering and sale of securities. Further, this prospectus supplement does not constitute a public offer of securities in the United Arab Emirates (including the Dubai International Financial Centre) and is not intended to be a public offer. This prospectus supplement has not been approved by or filed with the Central Bank of the United Arab Emirates, the Securities and Commodities Authority, Financial Services Regulatory Authority (FSRA) or the Dubai Financial Services Authority.

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LEGAL MATTERS

The validity of the shares of our common stock offered by this prospectus supplement will be passed upon for the company by Orrick, Herrington & Sutcliffe LLP, San Francisco, California. Cooley LLP, San Francisco, California, is acting as counsel for the underwriters in connection with this offering.

EXPERTS

Ernst & Young LLP, independent registered public accounting firm, has audited our consolidated financial statements included in our Annual Report on Form 10-K for the year ended September 30, 2025 , and the effectiveness of our internal control over financial reporting as of September 30, 2025, as set forth in their reports, which are incorporated by reference in this prospectus supplement. Our financial statements are incorporated by reference in reliance on Ernst & Young LLP’s reports, given on their authority as experts in accounting and auditing.

WHERE YOU CAN FIND MORE INFORMATION

This prospectus supplement and the accompanying base prospectus are part of the automatic registration statement on Form S-3 we filed with the SEC under the Securities Act of 1933, as amended (the “Securities Act”) and do not contain all the information set forth or incorporated by reference in the registration statement, this prospectus supplement and the accompanying base prospectus. Whenever a reference is made in this prospectus supplement or the accompanying base prospectus to any of our contracts, agreements or other documents that are filed as exhibits to the registration statement or any document incorporated by reference therein, the reference may not be complete and you should refer to such exhibits for a copy of such contract, agreement or other document. Because we are subject to the information and reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we file annual, quarterly and current reports, proxy statements and other information with the SEC. Our SEC filings are available to the public over the Internet at the SEC’s website at www.sec.gov .

Our website address is www.twistbioscience.com . Through our website, we make available, free of charge, the following documents as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC: our Annual Reports on Form 10-K; our proxy statements for our annual and special stockholder meetings; our Quarterly Reports on Form 10-Q; our Current Reports on Form 8-K; Forms 3, 4 and 5 and Schedules 13D and 13G with respect to our securities filed on behalf of our directors and our executive officers; and amendments to those documents. The information contained on, or that may be accessed through, our website or any of our social media channels is not a part of, and is not incorporated into, this prospectus supplement and the accompanying base prospectus.

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INCORPORATION OF CERTAIN INFORMATION BY REFERENCE

The SEC allows us to “incorporate by reference” the information from other documents we file with the SEC, which means that we disclose important information to you by referring you to those documents. The information incorporated by reference is part of this prospectus supplement, and information that we file with the SEC will automatically update and supersede this information. We incorporate by reference the documents listed below and any future filings we make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act on or after the date of this prospectus supplement (other than, in each case, documents or information that have been furnished and not filed in accordance with SEC rules) until the termination of the registration statement of which this prospectus supplement is a part:

•

Our Annual Report on Form 10-K for the year ended September 30, 2025, as filed with the SEC on November 17, 2025;

•

Our Quarterly Reports on Form 10-Q for the quarters ended December 31, 2025, March 31, 2026, and June 30, 2026 filed on February 2, 2026 (and amended on February 26, 2026 ), May 4, 2026 , and August 3, 2026 , respectively;

•

The information specifically incorporated by reference into our Annual Report on Form 10-K from our Definitive Proxy Statement on Schedule 14A, filed with the SEC on January 6, 2026 ;

•

Our Current Reports on Form 8-K filed with the SEC on February 6, 2026 and February 17, 2026 ; and

•

The description of our common stock contained in our registration statement on Form 8-A, which was filed with the SEC on October 25, 2018 , as updated by the description of our capital stock included in Exhibit 4.5 of our Annual Report on Form 10-K filed with the SEC on November 27, 2020, and any other amendment or report filed for the purpose of updating such description.

Any statement contained in this prospectus supplement, or in a document all or a portion of which is incorporated by reference in this prospectus supplement, shall be modified or superseded for purposes of this prospectus supplement to the extent that a statement contained in any applicable prospectus supplement and any related free writing prospectus or any document incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not, except as so modified or superseded, constitute a part of this prospectus supplement.

Upon request, we will provide, without charge, to each person, including any beneficial owner, to whom a copy of this prospectus supplement is delivered a copy of the documents incorporated by reference into this prospectus supplement. You may request a copy of these filings, and any exhibits we have specifically incorporated by reference as an exhibit in this prospectus supplement, at no cost by writing or telephoning us at the following:

Twist Bioscience Corporation

681 Gateway Blvd.

South San Francisco, CA 94080

Telephone: (800) 719-0671

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PROSPECTUS

Twist Bioscience Corporation

Common Stock

Preferred Stock

Debt Securities

Warrants

Units

From time to time, we or any selling securityholders may offer and sell any combination of the securities described in this prospectus in one or more offerings. The securities we may offer may be convertible into or exercisable or exchangeable for other securities. We or any selling securityholders may offer the securities separately or together, in separate classes, series and in amounts, at prices and on terms that will be determined at the time the securities are offered. We will not receive any of the proceeds from the sale of securities by the selling securityholders.

This prospectus describes some of the general terms that may apply to these securities. Each time securities are sold, the specific terms and amounts of the securities being offered, and any other information relating to the specific offering and, if applicable, the selling securityholders, will be set forth in a supplement to this prospectus. We may also authorize one or more free writing prospectuses to be provided to you in connection with these offerings. The prospectus supplement and any related free writing prospectus may also add, update or change information contained in this prospectus. You should carefully read this prospectus, the applicable prospectus supplement and any related free writing prospectus, as well as any documents incorporated by reference, before you invest in any of the securities being offered.

This prospectus may not be used to sell our securities unless accompanied by a prospectus supplement.

Our common stock is traded on the Nasdaq Global Select Market under the symbol “TWST”. The applicable prospectus supplement will contain information, where applicable, as to any other listing, if any, of the securities covered by the applicable prospectus supplement.

We or any selling securityholders may offer and sell our securities to or through one or more underwriters, dealers and agents, or directly to one or more purchasers, on a continuous or delayed basis. The names of any underwriters, dealers or agents and the terms of the arrangements with such entities will be stated in the accompanying prospectus supplement. The price to the public of such securities and the net proceeds we or the selling securityholders expect to receive from such sale will also be set forth in a prospectus supplement. Unless the applicable prospectus supplement provides otherwise, we will not receive any proceeds from the sale of securities by selling securityholders. See the sections of this prospectus entitled “About this Prospectus” and “Plan of Distribution” for more information.

Investing in our securities involves a high degree of risk. You should review carefully the risks and uncertainties referenced under the heading “Risk Factors” on page 4 of this prospectus as well as those contained in the applicable prospectus supplement and any related free writing prospectus, and in the other documents that are incorporated by reference into this prospectus or the applicable prospectus supplement.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

The date of this prospectus is June 18, 2026.

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Page

ABOUT THIS PROSPECTUS

PROSPECTUS SUMMARY

RISK FACTORS

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

USE OF PROCEEDS

SELLING SECURITYHOLDERS

DESCRIPTION OF OUR CAPITAL STOCK

DESCRIPTION OF OUR DEBT SECURITIES

DESCRIPTION OF OUR WARRANTS

DESCRIPTION OF OUR UNITS

PLAN OF DISTRIBUTION

LEGAL MATTERS

EXPERTS

WHERE YOU CAN FIND ADDITIONAL INFORMATION

INCORPORATION OF CERTAIN INFORMATION BY REFERENCE

We are responsible for the information contained and incorporated by reference in this prospectus, in any accompanying prospectus supplement and in any related free writing prospectus we prepare or authorize. We have not authorized anyone to give you any other information, and we take no responsibility for any other information that others may give you. If you are in a jurisdiction where offers to sell, or solicitations of offers to purchase, the securities offered by this document are unlawful, or if you are a person to whom it is unlawful to direct these types of activities, then the offer presented in this document does not extend to you. The information contained in this document speaks only as of the date of this document, unless the information specifically indicates that another date applies. Neither the delivery of this prospectus or any accompanying prospectus supplement, nor any sale of securities made under these documents, will, under any circumstances, create any implication that there has been no change in our affairs since the date of this prospectus, any accompanying prospectus supplement or any free writing prospectus we may provide you in connection with an offering or that the information contained or incorporated by reference is correct as of any time subsequent to the date of such information. You should assume that the information in this prospectus or any accompanying prospectus supplement, as well as the information incorporated by reference in this prospectus or any accompanying prospectus supplement, is accurate only as of the date of the documents containing the information, unless the information specifically indicates that another date applies. Our business, financial condition, results of operations and prospects may have changed since those dates.

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ABOUT THIS PROSPECTUS

This prospectus is part of a registration statement we filed with the Securities and Exchange Commission (SEC), as a “well-known seasoned issuer” as defined in Rule 405 under the Securities Act of 1933, as amended (the Securities Act), using a “shelf” registration process. Under this process, we and/or the selling securityholders to be named in a prospectus supplement may sell any combination of the securities described in this prospectus from time to time in one or more offerings. Before purchasing any securities, you should read this prospectus and any applicable prospectus supplement together with the additional information described under the heading “Where You Can Find Additional Information” and “Incorporation of Certain Information by Reference.”

This prospectus only provides you with a general description of the securities we or any selling securityholders may offer. Each time we or any selling securityholders sell a type or series of securities under this prospectus, we or the selling securityholders, as the case may be, will provide a prospectus supplement that will contain more specific information about the terms of the offering, including the specific amounts, prices and terms of the securities offered, and, if applicable, the selling securityholders. We may also authorize one or more free writing prospectuses to be provided to you that may contain material information relating to these offerings. Each such prospectus supplement and any free writing prospectus that we may authorize to be provided to you may also add, update or change information contained in this prospectus or in documents incorporated by reference into this prospectus. If this prospectus is inconsistent with the prospectus supplement, you should rely upon the prospectus supplement.

This prospectus may not be used to sell our securities unless accompanied by a prospectus supplement.

This prospectus contains summaries of certain provisions contained in some of the documents described herein, but reference is made to the actual documents for complete information. All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to herein have been filed, will be filed or will be incorporated by reference as exhibits to the registration statement of which this prospectus is a part, and you may obtain copies of those documents as described below under the heading “Where You Can Find Additional Information.”

This prospectus incorporates by reference, and any prospectus supplement or free writing prospectus may contain and incorporate by reference, market data and industry statistics and forecasts that are based on independent industry publications and other publicly available information. Although we believe these sources are reliable, we do not guarantee the accuracy or completeness of this information and we have not independently verified this information. In addition, the market and industry data and forecasts that may be included or incorporated by reference in this prospectus, any prospectus supplement or any applicable free writing prospectus may involve estimates, assumptions and other risks and uncertainties and are subject to change based on various factors, including those discussed under the heading “Risk Factors” contained in this prospectus, the applicable prospectus supplement and any applicable free writing prospectus, and under similar headings in other documents that are incorporated by reference into this prospectus. Accordingly, investors should not place undue reliance on this information.

Unless otherwise mentioned or unless the context requires otherwise, throughout this prospectus, any applicable prospectus supplement and any related free writing prospectus, the words “Twist”, “we”, “us”, “our”, the “company” or similar references refer to Twist Bioscience Corporation and its subsidiaries; and the term “securities” refers collectively to our common stock, preferred stock, warrants, debt securities, units or any combination of the foregoing securities.

We own various U.S. federal trademark registrations and applications and unregistered trademarks, including our corporate logo. This prospectus and the information incorporated herein by reference contains references to trademarks, service marks and trade names owned by us or other companies. Solely for convenience, trademarks, service marks and trade names referred to in this prospectus and the information incorporated herein, including logos, artwork and other visual displays, may appear without the ® or ™ symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks, service marks and trade names. We do not intend our use or display of other companies’ trade names, service marks or trademarks to imply a relationship with, or endorsement or sponsorship of us by, any other companies. All trademarks, service marks and trade names included or incorporated by reference into this prospectus, any applicable prospectus supplement or any related free writing prospectus are the property of their respective owners.

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PROSPECTUS SUMMARY

This summary highlights selected information appearing elsewhere in this prospectus or incorporated by reference in this prospectus, and does not contain all of the information that you need to consider in making your investment decision. You should carefully read the entire prospectus, the applicable prospectus supplement and any related free writing prospectus, including the risks of investing in our securities discussed under the section titled “Risk Factors” contained in the applicable prospectus supplement and any related free writing prospectus, and under similar headings in the other documents that are incorporated by reference into this prospectus and the applicable prospectus supplement. You should also carefully read the information incorporated by reference into this prospectus, including our financial statements, and the exhibits to the registration statement of which this prospectus is a part.

Except as otherwise indicated herein or as the context otherwise requires, references in this prospectus to “Twist”, “we”, “us”, “our”, the “company” or similar references refer to Twist Bioscience Corporation and its subsidiaries, if any, unless otherwise specified.

Company Overview

Our solutions DNA synthesis and protein solutions (“DSPS”) and NGS applications, 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, an e-commerce platform that enables customers to design, validate and order customized products on demand, with real-time pricing and order tracking, a custom API for those wishing to order directly, an inside sales team and OEM agreements with many companies to expand our reach.

Corporate Information

We were incorporated in Delaware on February 4, 2013. Our principal executive offices are located at 681 Gateway Blvd., South San Francisco, CA 94080. Our telephone number at that location is (800) 719-0671. Our corporate website address is www.twistbioscience.com . The information contained on our website is not incorporated by reference into this prospectus, and you should not consider any information contained on, or that can be accessed through, our website to be part of this prospectus. We have included our website address only as an inactive textual reference and do not intend it to be an active link to our website.

The Securities We May Offer

We may offer shares of common stock, shares of preferred stock, debt securities, warrants, either individually or in units from time to time under this prospectus at prices and on terms to be determined by

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market conditions at the time of the offering. Our common stock is currently listed on the Nasdaq Global Select Market under the symbol “TWST.” Shares of common stock that may be offered in this offering will, when issued and paid for, be fully paid and non-assessable.

We refer to our common stock, preferred stock, debt securities, warrants and units in this prospectus as “securities.” This prospectus provides you with a general description of the securities we may offer. Each time we offer a type or series of securities, we will provide a prospectus supplement that will describe the specific amounts, prices and other important terms of the securities, as described below under “Plan of Distribution.”

Use of Proceeds

We will retain broad discretion over the use of the net proceeds to us from the sale of our securities under this prospectus. Unless otherwise indicated in one or more prospectus supplements to this prospectus, we anticipate the net proceeds from the sale of securities offered by this prospectus and any applicable prospectus supplement or free writing prospectus, and from the exercise of any convertible securities, if any, will be used for general corporate purposes.

Nasdaq Global Select Market Listing

Our common stock is listed on the Nasdaq Global Select Market under the symbol “TWST.” The applicable prospectus supplement will contain information, where applicable, as to other listings, if any, on the Nasdaq Global Select Market or other securities exchange of the securities covered by the applicable prospectus supplement.

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RISK FACTORS

Investing in our securities involves a high degree of risk. Before making a decision to invest in our securities, you should carefully consider the risks described under the heading “Risk Factors” in the applicable prospectus supplement and any related free writing prospectus, and discussed under “Part I, Item 1A. Risk Factors” contained in our most recent annual report on Form 10-K and in “Part II, Item 1A. Risk Factors” in our most recent quarterly reports on Form 10-Q filed subsequent to such Form 10-K, as well as any amendments thereto, which are incorporated by reference into this prospectus and the applicable prospectus supplement in their entirety, together with other information in this prospectus and the applicable prospectus supplement, the documents incorporated by reference herein and therein, and any free writing prospectus that we may authorize for use in connection with a specific offering. See “Where You Can Find Additional Information.” Please also read carefully the section entitled “Cautionary Statement Regarding Forward-Looking Statements” in this prospectus.

We could be materially and adversely affected by any or all of these risks or by additional risks and uncertainties not presently known to us or that we currently deem immaterial that may adversely affect us or a particular offering in the future.

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This prospectus, any prospectus supplement and any related free writing prospectus, including the information incorporated by reference herein and therein, contain forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Any statements about our expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. 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.

We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions, including risks described in the section titled “Risk Factors” and elsewhere in this prospectus and in our most recent Annual Report on Form 10-K, as well as any amendments thereto reflected in subsequent filings with the SEC, which are incorporated by reference into this prospectus in their entirety, together with other information in this prospectus, the documents incorporated by reference and any free writing prospectus that we may authorize for use in connection with a specific offering. Forward-looking statements may 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;

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our estimates of the size of our market opportunities;

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our ability to increase DNA production, reduce turnaround times and drive cost reductions for our customers;

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our ability to effectively manage our growth and maintain and improve operational efficiency, cost control and gross margin as we scale;

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our ability to successfully enter new markets and manage our international expansion;

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our ability to comply with evolving international regulatory requirements, including those in the European Union and other key markets;

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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;

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our ability to leverage our investment in our manufacturing infrastructure;

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our ability to protect our intellectual property, including our proprietary DNA synthesis platform;

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costs associated with defending intellectual property infringement and other claims;

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the effects of increased competition in our business;

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our ability to keep pace with rapid changes in technology and evolving competitive dynamics;

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our ability to integrate and leverage artificial intelligence and machine learning technologies to improve operational efficiency, product development and customer solutions;

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our ability to successfully identify, evaluate and manage any future acquisitions of businesses, solutions or technologies;

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the success of our marketing efforts;

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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;

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our ability to attract and retain qualified employees and key personnel;

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the effects of natural or man-made catastrophic events or public health emergencies;

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the effectiveness of our internal controls;

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changes in government regulation affecting our business;

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uncertainty as to economic and market conditions and the impact of adverse economic conditions; and

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other risk factors included under the section titled “Risk Factors”

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 prospectus 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.

You should read this prospectus, any applicable prospectus supplement, together with the documents we have filed with the SEC that are incorporated by reference herein and therein and any free writing prospectuses that we may authorize for use in connection with a specific offering completely and with the understanding that our actual future results, levels of activity, performance and achievements may be different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

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USE OF PROCEEDS

Unless otherwise indicated in a prospectus supplement, we intend to use the net proceeds from the sale of securities offered by this prospectus and any applicable prospectus supplement for general corporate purposes. General corporate purposes may include, but are not limited to, additions to working capital, capital expenditures, future acquisitions or in-licensing of technology or complementary businesses, or other assets, investments in our subsidiaries, stock repurchases or repayment or refinancing of indebtedness. Until we apply the proceeds from a sale of securities to their intended purposes, we may invest those proceeds in a variety of capital preservation instruments or hold as cash.

Unless otherwise set forth in a prospectus supplement, we will not receive any proceeds from the sale of any securities by any selling securityholders.

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SELLING SECURITYHOLDERS

In addition to covering the offering of the securities described in this prospectus by us, this prospectus covers the offering of securities by selling securityholders. Information about selling securityholders, if any, will be set forth in a prospectus supplement, in a free writing prospectus, in an amendment to the registration statement of which this prospectus is a part or in filings we make with the SEC under the Exchange Act, which are incorporated by reference.

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DESCRIPTION OF OUR CAPITAL STOCK

General

The following is a summary of the rights of our common stock and preferred stock and certain provisions of our amended and restated certificate of incorporation, as amended, and amended and restated bylaws as they are currently in effect, which we refer to in this section as our certificate of incorporation and bylaws, respectively. This summary does not purport to be complete and is qualified in its entirety by the provisions of our certificate of incorporation and bylaws, copies of which have been filed with the SEC.

Our authorized capital stock consists of 210,000,000 shares, of which 200,000,000 shares are designated as common stock, par value $0.00001 per share, and 10,000,000 shares, are designated as preferred stock, par value $0.00001 per share. As of March 31, 2026, we had 62,154,412 shares of common stock outstanding, and no shares of preferred stock issued and outstanding.

Common Stock

The holders of our common stock are entitled to one vote per share on all matters to be voted on by our stockholders. Holders of common stock are entitled to receive such dividends as may be declared by the board of directors out of funds legally available therefor. In the event of our liquidation, dissolution or winding up, holders of common stock are entitled to share ratably in all assets remaining after payment of liabilities and distribution of the liquidation preferences of any then outstanding shares of preferred stock. There are no redemption or sinking fund provisions applicable to the common stock.

Stock Exchange Listing

Our common stock is listed on the Nasdaq Global Select Market. The trading symbol for our common stock is “TWST.”

Transfer Agent and Registrar

Equiniti Trust Company, LLC is the transfer agent and registrar for our common stock. Equiniti Trust Company, LLC’s address is 28 Liberty Street, 53 rd Floor, New York, New York 10005.

Preferred Stock

Our board of directors has the authority, without further action by our stockholders, to designate and issue up to the total number of authorized shares of preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions granted to or imposed upon each such series of preferred stock, including dividend rights, dividend rate, conversion rights, voting rights, rights and terms of redemption, redemption prices, liquidation preference and sinking fund terms, any or all of which may be greater than or senior to the rights of the common stock. The issuance of preferred stock could adversely affect the voting power of holders of common stock and reduce the likelihood that such holders will receive dividend payments or payments upon liquidation. Such issuance could have the effect of decreasing the market price of the common stock. The issuance of preferred stock or even the ability to issue preferred stock could also have the effect of delaying, deterring or preventing a change of control or other corporate action.

Anti-Takeover Effects of Delaware Law and Our Certificate of Incorporation and Bylaws

Our certificate of incorporation and our bylaws contain certain provisions that could have the effect of delaying, deterring or preventing another party from acquiring control of us. These provisions and certain provisions of Delaware law, which are summarized below, are expected to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed, in part, to encourage persons seeking to acquire control of us to negotiate first with our board of directors. We believe that the benefits of increased protection of our potential ability to negotiate more favorable terms with an unfriendly or unsolicited acquirer outweigh the disadvantages of discouraging a proposal to acquire us.

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Undesignated preferred stock

As discussed above, our board of directors has the ability to issue preferred stock with voting or other rights or preferences that could impede the success of any attempt to change control of us. These and other provisions may have the effect of deterring hostile takeovers or delaying changes in control or management of our company.

Limits on ability of stockholders to act by written consent or call a special meeting

Our certificate of incorporation provides that our stockholders may not act by written consent, which may lengthen the amount of time required to take stockholder actions. As a result, a holder controlling a majority of our capital stock would not be able to amend our bylaws or remove directors without holding a meeting of our stockholders called in accordance with our bylaws.

In addition, our bylaws provide that special meetings of the stockholders may be called only by the majority of our board of directors, the chairperson of our board of directors or the chief executive officer (or president in the absence of a chief executive officer). Stockholders may not call a special meeting, which may delay the ability of our stockholders to force consideration of a proposal or for holders controlling a majority of our capital stock to take any action, including the removal of directors.

Requirements for advance notification of stockholder nominations and proposals

Our bylaws establish advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of our board of directors or a committee of our board of directors. These provisions may have the effect of precluding the conduct of certain business at a meeting if the proper procedures are not followed. These provisions may also discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to obtain control of our company.

Board classification

Our board of directors is divided into three classes, one class of which is elected each year by our stockholders. The directors in each class serve three-year terms. A third party may be discouraged from making a tender offer or otherwise attempting to obtain control of us as it is more difficult and time-consuming for stockholders to replace a majority of the directors on a classified board.

No cumulative voting

Our certificate of incorporation and bylaws do not provide for cumulative voting in the election of directors. Cumulative voting allows a stockholder to vote a portion or all of its shares for one or more candidates for seats on the board of directors. Without cumulative voting, a minority stockholder may not be able to gain as many seats on our board of directors as the stockholder would be able to gain if cumulative voting were permitted. The absence of cumulative voting makes it more difficult for a minority stockholder to gain a seat on our board of directors to influence our board’s decision regarding a takeover.

Amendment of charter and bylaws provisions

The amendment of the above provisions of our certificate of incorporation requires approval by holders of at least two-thirds of our outstanding capital stock entitled to vote generally in the election of directors. The amendment of certain provisions of our bylaws also requires approval by the holders of at least two-thirds of our outstanding capital stock entitled to vote generally in the election of directors.

Delaware anti-takeover statute

We are subject to the provisions of Section 203 of the Delaware General Corporation Law (“DGCL”) regulating corporate takeovers. In general, Section 203 prohibits a publicly held Delaware corporation from engaging, under certain circumstances, in a business combination with an interested stockholder for a period of three years following the date the person became an interested stockholder unless:

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prior to the date of the transaction, our board of directors approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

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upon completion of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, calculated as provided under Section 203; or

•

at or subsequent to the date of the transaction, the business combination is approved by our board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least two-thirds of the outstanding voting stock which is not owned by the interested stockholder.

Generally, a business combination includes a merger, asset or stock sale or other transaction resulting in a financial benefit to the interested stockholder. An interested stockholder is a person who, together with affiliates and associates, owns or, within three years prior to the determination of interested stockholder status, did own 15% or more of a corporation’s outstanding voting stock. We expect the existence of this provision to have an anti-takeover effect with respect to transactions our board of directors does not approve in advance. We anticipate that Section 203 may also discourage attempts that might result in a premium over the market price for the shares of common stock held by stockholders.

These provisions of Delaware law and of our certificate of incorporation and bylaws could have the effect of discouraging others from attempting hostile takeovers and, as a consequence, they might also inhibit temporary fluctuations in the market price of our common stock that often result from actual or rumored hostile takeover attempts. These provisions might also have the effect of preventing changes in our management. It is possible that these provisions could make it more difficult to accomplish transactions that stockholders might otherwise deem to be in their best interests.

Our certificate of incorporation provides that the Court of Chancery of the State of Delaware is the sole and exclusive forum for any derivative action or proceeding brought on our behalf, any action asserting a breach of fiduciary duty owed by any of our directors, officers or other employees to us or our stockholders, any action asserting a claim against us arising pursuant to any provisions of the DGCL, our certificate of incorporation or our bylaws, any action or proceeding asserting a claim as to which the DGCL confers jurisdiction upon the Court of Chancery of the State of Delaware or any action asserting a claim against us that is governed by the internal affairs doctrine, subject in each case to the Court of Chancery having personal jurisdiction over the parties named as defendants therein. The exclusive forum provision does not apply to suits brought to enforce any liability or duty created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction.

In addition, our certificate of incorporation provides that the U.S. federal district courts are the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act. Our exclusive forum provision will not relieve us of our duties to comply with the federal securities laws and the rules and regulations thereunder, and our stockholders will not be deemed to have waived our compliance with these laws, rules and regulations. While the Delaware Supreme Court determined that such choice of forum provisions are facially valid, a stockholder may nevertheless seek to bring such a claim arising under the Securities Act against us, our directors, officers or other employees in a venue other than in the U.S. federal district courts. In such instance, we would expect to vigorously assert the validity and enforceability of the exclusive forum provisions of our certificate of incorporation, and this may require significant additional costs associated with resolving such action in other jurisdictions.

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DESCRIPTION OF OUR DEBT SECURITIES

The debt securities will constitute either senior or subordinated debt of Twist Bioscience Corporation. The debt securities that are sold may be exchangeable for and/or convertible into shares of common stock or any of the other securities that may be sold under this prospectus. The debt securities will be issued under one or more separate indentures between us and a designated trustee. We will include in a prospectus supplement the specific terms of each series of senior or subordinated debt securities being offered, including the terms, if any, on which a series of senior or subordinated debt securities may be convertible into or exchangeable for other securities. In addition, the material terms of any indenture, which will govern the rights of the holders of our senior or subordinated debt securities will be set forth in the applicable prospectus supplement.

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DESCRIPTION OF OUR WARRANTS

We may issue warrants to purchase our debt or equity securities or securities of third parties or other rights, including rights to receive payment in cash or securities based on the value, rate or price of one or more specified commodities, currencies, securities or indices or any combination of the foregoing. Warrants may be issued independently or together with any other securities and may be attached to, or separate from, such securities. Each series of warrants will be issued under a separate warrant agreement to be entered into between us and a warrant agent. The terms of any warrants to be issued and a description of the material provisions of the applicable warrant agreement will be set forth in the applicable prospectus supplement.

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DESCRIPTION OF OUR UNITS

As specified in the applicable prospectus supplement, we may issue units consisting of one or more shares of common stock, shares of preferred stock, debt securities or warrants or any combination of such securities.

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PLAN OF DISTRIBUTION

We and any selling securityholder, as applicable, may offer and sell the securities being offered hereby in one or more of the following ways from time to time:

•

to or through underwriters or dealers;

•

on any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale;

•

in the over-the-counter market;

•

in transactions other than on these exchanges or systems or in the over-the-counter market;

•

in “at the market offerings,” within the meaning of Rule 415(a)(4) of the Securities Act, to or through market makers or into an existing market for the securities;

•

through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

•

ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

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block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction;

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purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

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an exchange distribution in accordance with the rules of the applicable exchange;

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privately negotiated transactions;

•

directly to purchasers;

•

a combination of any of these methods of sale; and

•

any other method permitted pursuant to applicable law.

We will describe the method of distribution of the securities in the applicable prospectus supplement. We may also determine the price or other terms of the securities offered under this prospectus by use of an electronic auction. We will describe how any auction will determine the price or any other terms, how potential investors may participate in the auction and the nature of the obligations of the underwriter, dealer or agent in the applicable prospectus supplement.

Unless otherwise specified in the applicable prospectus supplement, each class or series of securities will be a new issue with no established trading market, other than our common stock, which is traded on The Nasdaq Global Select Market. We may elect to list any other class or series of securities on any exchange, but we are not obligated to do so. It is possible that one or more underwriters may make a market in a class or series of securities, but the underwriters will not be obligated to do so and may discontinue any market making at any time without notice. We cannot give any assurance as to whether an active trading market will develop for the offered securities or the liquidity of the trading market for any of the securities. We have no current plans for listing of the preferred stock, debt securities, warrants or units on any securities exchange or quotation system. Any such listing with respect to any particular preferred stock, debt securities, warrants or units will be described in the applicable prospectus supplement or other offering materials, as the case may be.

Underwriters, dealers or agents may receive compensation in the form of discounts, concessions or commissions from us or our purchasers (as their agents in connection with the sale of the securities). In addition, underwriters may sell the securities to or through dealers, and those dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters and/or commissions from the purchasers for whom they act as agent. These underwriters, dealers or agents may be considered to be underwriters under the Securities Act. As a result, discounts, commissions or profits on resale received by the underwriters, dealers or agents may be treated as underwriting discounts and commissions. The prospectus supplement will identify any such underwriter, dealer or agent, and describe any compensation received by them from us as well as any other offering expenses. Only underwriters named

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in the prospectus supplement are underwriters of the securities offered by the prospectus supplement. Any initial public offering price and any discounts or concessions allowed or reallowed or paid to dealers may be changed from time to time.

We may sell the securities directly or through agents we designate from time to time. We will name any agent involved in the offering and sale of securities and we will describe any commissions we will pay the agent in the prospectus supplement. Unless the prospectus supplement states otherwise, our agent will act on a best-efforts basis for the period of its appointment.

We may authorize agents or underwriters to solicit offers by certain types of institutional investors to purchase securities from us at the public offering price set forth in the prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery on a specified date in the future. We will describe the conditions to these contracts and the commissions we must pay for solicitation of these contracts in the prospectus supplement.

Underwriters, dealers and agents may be entitled to indemnification by us against certain civil liabilities, including liabilities under the Securities Act, or to contribution with respect to payments made by the underwriters, dealers or agents, under agreements between us and the underwriters, dealers and agents.

Any person participating in the distribution of common stock registered under the registration statement that includes this prospectus will be subject to applicable provisions of the Exchange Act, and the applicable SEC rules and regulations, including, among others, Regulation M, which may limit the timing of purchases and sales of any of our common stock by any such person. Furthermore, Regulation M may restrict the ability of any person engaged in the distribution of our common stock to engage in market-making activities with respect to our common stock. These restrictions may affect the marketability of our common stock and the ability of any person or entity to engage in market-making activities with respect to our common stock.

We may grant underwriters who participate in the distribution of the securities an option to purchase additional securities to cover overallotments, if any, in connection with the distribution. Any underwriter may engage in overallotment, stabilizing transactions, short-covering transactions and penalty bids in accordance with Regulation M that stabilize, maintain or otherwise affect the price of the offered securities. Overallotment involves sales in excess of the offering size, which create a short position. Stabilizing transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum. Short covering transactions involve purchases of the common stock in the open market after the distribution is completed to cover short positions. Penalty bids permit the underwriters to reclaim a selling concession from a dealer when the common stock originally sold by the dealer is purchased in a covering transaction to cover short positions. Those activities may cause the price of the common stock to be higher than it would otherwise be. If commenced, the underwriters may discontinue any of the activities at any time. If any such activities will occur, they will be described in the applicable prospectus supplement.

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LEGAL MATTERS

Unless the applicable prospectus supplement indicates otherwise, the validity of the securities being offered by this prospectus will be passed upon by Orrick, Herrington & Sutcliffe LLP, San Francisco, California. Additional legal matters may be passed upon for us or any underwriters, dealers or agents by counsel that we will name in the applicable prospectus supplement.

EXPERTS

Ernst & Young LLP, independent registered public accounting firm, has audited our consolidated financial statements included in our Annual Report on Form 10-K for the year ended September 30, 2025 , and the effectiveness of our internal control over financial reporting as of September 30, 2025, as set forth in their reports, which are incorporated by reference in this prospectus and elsewhere in the registration statement. Our financial statements are incorporated by reference in reliance on Ernst & Young LLP’s reports, given on their authority as experts in accounting and auditing.

WHERE YOU CAN FIND ADDITIONAL INFORMATION

We file annual, quarterly and current reports, proxy statements and other information with the SEC. Our SEC filings are available to the public at the SEC’s website at www.sec.gov . Copies of certain information filed by us with the SEC are also available on the “Investor Relations” page of our website at www.twistbioscience.com . Information contained on our website is not incorporated by reference into this prospectus, and you should not consider any information on, or that can be accessed from, our website as part of this prospectus or any accompanying prospectus supplement.

We have filed with the SEC a registration statement on Form S-3 relating to the securities covered by this prospectus. This prospectus is a part of the registration statement and does not contain all the information in the registration statement. Other documents establishing the terms of the offered securities are or may be filed as exhibits to the registration statement or documents incorporated by reference in the registration statement. You should review the information and exhibits in the registration statement for further information on us and our consolidated subsidiaries and the securities we are offering. Statements in this prospectus concerning any document we filed as an exhibit to the registration statement or that we otherwise filed with the SEC are not intended to be comprehensive and are qualified by reference to these filings. You should review the complete document to evaluate these statements. You may review a copy of the registration statement through the SEC’s website, as provided above.

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INCORPORATION OF CERTAIN INFORMATION BY REFERENCE

The SEC allows us to “incorporate by reference” the information from other documents we file with the SEC, which means that we can disclose important information to you by referring you to those documents instead of having to repeat the information in this prospectus. The information incorporated by reference is considered to be part of this prospectus, and later information that we file with the SEC will automatically update and supersede this information. We incorporate by reference the documents listed below and any future filings we make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act on or after the date of this prospectus (other than, in each case, documents or information deemed to have been furnished and not filed in accordance with SEC rules) until the termination of the registration statement of which this prospectus is a part:

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Our Annual Report on Form 10-K for the year ended September 30, 2025, as filed with the SEC on November 17, 2025 ;

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Our Quarterly Reports on Form 10-Q for the quarters ended December 31, 2025 and March 31, 2026, filed on February 2, 2026 (and amended on February 26, 2026 ) and May 4, 2026 , respectively;

•

Our Current Reports on Form 8-K filed with the SEC on February 6, 2026 and February 17, 2026 ; and

•

Any statement contained in this prospectus, or in a document all or a portion of which is incorporated by reference, shall be modified or superseded for purposes of this prospectus to the extent that a statement contained in this prospectus, any applicable prospectus supplement and any related free writing prospectus or any document incorporated by reference modifies or supersedes such statement. Any such statement so modified or superseded shall not, except as so modified or superseded, constitute a part of this prospectus.

Upon request, we will provide, without charge, to each person, including any beneficial owner, to whom a copy of this prospectus is delivered a copy of the documents incorporated by reference into this prospectus. You may request a copy of these filings, and any exhibits we have specifically incorporated by reference as an exhibit in this prospectus, at no cost by writing or telephoning us at the following:

Twist Bioscience Corporation

681 Gateway Blvd.

South San Francisco, CA 94080

Telephone: (800) 719-0671

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3,125,000 Shares

Common Stock

PROSPECTUS SUPPLEMENT

Goldman Sachs & Co. LLC

William Blair

Leerink Partners

Guggenheim Securities

August 4, 2026

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TWST急跌：减持与估值解释待核实

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来源：Investing.com发布日期：2026-10-06归档状态：fetch_failedHTTP：403

已取得事实摘录

该媒体将卖压与ARK减持、内部人交易、估值分歧联系；未在本任务核对原始交易明细。

证据限制：Original text fetch failed; no fallback article body was generated.；HTTP403 archive; web extraction only; AI-assisted article. Radar only, not causal evidence.

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TWST合作价值：媒体称分析师有分歧

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来源：TipRanks发布日期：2026-10-06归档状态：fetch_failedHTTP：403

已取得事实摘录

该媒体称有看空分析师质疑Lilly合作价值；正文没有研究机构、分析师姓名和原始研报链接。

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来源

行情：IBKR TWS/IB Gateway只读历史TRADES；七家公司与XBI/SPY日线、TWST小时/4小时。指标、量比及派生图均来自相同历史源。
TWST财务：8/3 Q3公告、截至6/30的10-Q、8/4融资补充文件、8/5 8-K。
产品/合作：5/4复杂基因、Anthropic研究及8/18 SEC文件、9/16 Lilly。
当前扫描：TWST新闻页、事件日历，10/8观测。
SDGR：Q2、BMS/Bunsen、9/9 Tectora。
TEM：Q2、9/28 ECG-MR（公司FDA状态公告）、10/7 Moderna/Merck。
ABCL：Q2、8/10 Phase2、8/13融资定价、10/1公布Q3日期。
RXRX：Q2及临床安排；ABSI：Q2、9/24 STORYLINE。
DNA：Q2 SEC附件、9/15 Novo、9/16 TuneLab。
媒体雷达：Investing.com / Louis Juricic、TipRanks自动快讯；均为AI辅助写作，原始研报及交易信息未确认。
估值：作者历史融资桥、FCF proxy和情景计算；收入与倍数假设公开列示，非街端一致预期。

2026-10-08 AI × 生物医药上市公司：TWST 的业务兑现、估值与急跌 ​

结论与建议 ​

板块地图：收费路径与风险不同 ​

TWST：业务质量与AI需求如何兑现 ​

财务：收入增长明确，现金回报仍待兑现 ​

估值与情景：急跌之后仍有较高增长要求 ​

近期走势：中期相对强，短期结构转弱 ​

TWST多周期结构与关键价位 ​

10月6–7日：行情确定，原因未定 ​

关键时间节点与监控雷达 ​

快讯、文章与研报页内阅读 ​

金十快讯 ​

文章与研报 ​

Twist接入礼来抗体研发平台

中文摘要

核心结论

重要性评级

关键事实

作者观点与证据

与相关标的的关系

后续跟踪

Twist Bioscience | Twist Bioscience Joins Lilly TuneLab to Advance Antibody Drug Discovery

Twist复杂基因产品扩大供给

中文摘要

核心结论

重要性评级

关键事实

作者观点与证据

与相关标的的关系

时效性与限制

后续跟踪

Twist Bioscience | Twist Bioscience Expands Clonal Genes Offering to Include Long and Complex Sequences

Claude蛋白设计获实验验证

中文摘要

核心结论

重要性评级

关键事实

作者观点与证据

与相关标的的关系

时效性与限制

后续跟踪

Claude accelerates protein design and analytical chemistry

How Claude is accelerating protein design and analytical chemistry

Claude designs proteins

The campaign

Claude’s performance on the targets

Claude’s designs are competitive with entries in Adaptyv Bio’s protein design competition

Claude designs species cross-reactive binders against TNFα , a challenging, therapeutically relevant target

Claude designs fold-diverse binders with β-sheets

Claude struggled against some targets

Agentic biological discovery is dual-use

Claude runs the analytical chemistry workflow

Conclusion

Further reading

Footnotes

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What work can robots do?

What do you want from AI?

Subscribe to Anthropic Science

Twist收入新高与盈利目标

中文摘要

核心结论

重要性评级

关键事实

作者观点与证据

与相关标的的关系

时效性与限制

后续跟踪

Document

Twist增发募资与股本稀释

中文摘要

核心结论

重要性评级

关键事实

作者观点与证据

与相关标的的关系

时效性与限制

后续跟踪

tm2622018-3_424b5 - none - 4.9843994s

2026-10-08 AI × 生物医药上市公司：TWST 的业务兑现、估值与急跌

结论与建议

板块地图：收费路径与风险不同

TWST：业务质量与AI需求如何兑现

财务：收入增长明确，现金回报仍待兑现

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