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"google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 36, "frameworkName": "authority-citation" }, { "matchId": "a8e9d758-b0cb-4a14-9372-3c5192a64e0e", "evidence": "Contrasting company marketing claims with the author's skeptical framing.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:11:11.477+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 37, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "99b0e2b4-c490-41c9-8035-e8dc34046679", "evidence": "Argues that core products are undifferentiated commodities leading to price wars.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:11:11.727+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 40, "frameworkName": "commodity-trap" }, { "matchId": 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"extraction": { "at": "2026-05-02 20:11:12.2+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 43, "frameworkName": "antagonist-introduction" }, { "matchId": "9048eb7c-8a81-4fe2-9ad8-370096783808", "evidence": "Frames specific companies as 'scams' and 'villains' in a playbook.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:11:13.649+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 44, "frameworkName": "antagonist-introduction" }, { "matchId": "6c872920-2973-412f-ae2e-4b4b0583628c", "evidence": "Uses external source (Wikipedia) to undermine the company's claim of innovation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:11:13.483+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 45, "frameworkName": "expose_contradiction" }, { "matchId": "7796df1d-f4f5-41ad-8352-cf0f5638b4a0", "evidence": "The slide systematically presents testimonials to undermine the core value proposition of the company's technology.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:11:13.909+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 46, "frameworkName": "fraud-exposure" }, { "matchId": "267567ff-28b7-4b2a-9d21-9f864662df7e", "evidence": "Contrasting company claims with public domain evidence to undermine credibility.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:11:13.805+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 47, "frameworkName": "fraud-exposure" }, { "matchId": "1cae17de-b548-4b06-959e-f89c24cdcacb", "evidence": "The slide explicitly attempts to 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20:11:15.591+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 50, "frameworkName": "antagonist-introduction" }, { "matchId": "6321642f-7a27-48ae-a380-3eb87cd96afb", "evidence": "Uses academic citations to expose alleged intellectual property copying and business failure.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:11:15.731+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 51, "frameworkName": "fraud-exposure" }, { "matchId": "d2725903-793d-4c61-9d72-0a0bf6336f3f", "evidence": "Frames the founder and company as having copied technology and misled investors.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:25:34.773+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 52, "frameworkName": "antagonist-introduction" }, { "matchId": "21223964-5f09-455b-9e6d-342090caca00", "evidence": "Framing Twist as a deceptive actor using 'sexy marketing' to hide legacy technology.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:11:22.014+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 53, "frameworkName": "antagonist-introduction" }, { "matchId": "7ffa8ae3-634f-4be7-bcd7-a323f25877d1", "evidence": "The slide frames the technology as a 'colossal failure' and uses expert testimony to discredit it.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:11:15.798+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 54, "frameworkName": "antagonist-introduction" }, { "matchId": "2881a6d1-ce62-4716-89f0-17316dbab33b", "evidence": "The slide explicitly frames 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"framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:11:15.608+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 57, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "ffff2de8-fb2f-43af-9d68-d215b4c42d23", "evidence": "The slide uses expert testimony to frame the company's pricing strategy as predatory and economically unsustainable.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:11:15.772+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 58, "frameworkName": "fraud-exposure" }, { "matchId": "e737d9bf-6c6e-4e4a-bf4b-244053d0d029", "evidence": "The slide frames the company as a predatory actor using price dumping.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:11:14.858+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 59, "frameworkName": "antagonist-introduction" }, { "matchId": "07bd8a31-b99b-4418-8ec7-bdf852ec3698", "evidence": "The slide uses expert testimony to expose a predatory pricing strategy that contradicts the company's public narrative.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:11:16.176+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 60, "frameworkName": "fraud-exposure" }, { "matchId": "71b742d6-b290-417d-ba1e-6180a99df001", "evidence": "Uses expert testimony to allege predatory pricing and financial instability.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:11:16.371+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 61, "frameworkName": "fraud-exposure" }, { "matchId": 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"seconds": null, "promptVersion": null }, "pageNumber": 67, "frameworkName": "evidence-matrix" }, { "matchId": "fe846b87-2fd5-404f-88b3-67bb3dccb5d4", "evidence": "The slide attempts to frame the company's business model as a 'Ponzi scheme' to expose potential fraud or unsustainable practices.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:11:17.513+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 68, "frameworkName": "fraud-exposure" }, { "matchId": "16a31515-32e3-43cd-b8d7-084f2bb92510", "evidence": "Uses expert testimony to highlight uneconomic pricing practices.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:11:17.414+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 69, "frameworkName": "fraud-exposure" }, { "matchId": 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20:11:19.209+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 79, "frameworkName": "expose_contradiction" }, { "matchId": "018f6996-8b01-44fb-b0b9-c46a444319e9", "evidence": "The slide explicitly contrasts the company's 'fully automated' claim with an expert's testimony of 'tremendous human intervention'.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:11:20.332+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 80, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "bd823504-bc85-49b8-8d2d-9715c4d1cb2f", "evidence": "The slide explicitly attempts to debunk a company claim by citing an ex-employee and showing off-the-shelf alternatives.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:11:18.952+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", 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20:11:19.417+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 89, "frameworkName": "fraud-exposure" }, { "matchId": "1b2bd65e-55ef-4619-b0d3-1b3705e6c9b0", "evidence": "Frames Twist as the 'villain' or failing entity by comparing it to failed predecessors.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:11:25.085+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 91, "frameworkName": "antagonist-introduction" }, { "matchId": "0acbe177-6727-423f-8d8b-950b55616513", "evidence": "The slide explicitly frames the company's technology as a 'fatal flaw' and 'self-defeating' using external expert testimony to undermine the company's value proposition.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:11:21.082+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", 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"2026-05-02 20:11:25.477+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 113, "frameworkName": "fraud-exposure" }, { "matchId": "d4af0776-e08b-4941-88ee-b9a1a048af9f", "evidence": "The slide explicitly frames the company's guidance behavior as a 'beat-and-raise' narrative, implying manipulation of market expectations.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:11:36.246+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 114, "frameworkName": "fraud-exposure" }, { "matchId": "55202ae4-d20a-4dad-aa46-3ca0fb6879bb", "evidence": "Uses historical accounting fraud case (WorldCom) to frame current allegations.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:11:24.526+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, 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Heavy use of highlighted ex-employee/competitor quote extracts as primary evidence. No stake disclosed — only 'short' posture stated in disclaimers. Memorable rhetorical devices: 'Bernie Madoff and Elizabeth Holmes secret love child' framing of CEO/CFO; 'shipping a $20 bill with every order'; 'suicide bomber blowing off its own limbs.' Visual design is functional sans-serif PowerPoint with red highlights and screenshot exhibits — not editorial craft, but clean.", "kpisCited": [ { "detail": "$2.1B at $38/share as of 11/14/22", "metric": "Market cap" }, { "detail": "11% per Capital IQ", "metric": "Short interest" }, { "detail": "Reported 40% LTM, guided to 60%+; Scorpion believes actually negative", "metric": "Gross margin (reported vs claimed)" }, { "detail": "$2M (2016) → $184M (LTM 6/30/22); 45% YoY", "metric": "Revenue growth" }, { "detail": "-127% LTM (vs BLI -93% at time of Scorpion's 2021 short)", "metric": "EBIT margin" }, { "detail": "-119% LTM (vs BLI -86%)", "metric": "EBITDA margin" }, { "detail": "-136% LTM (vs BLI -87%)", "metric": "FCF as % of revenue" }, { "detail": "60% — $110M LTM, implausible for a commodity DNA manufacturer", "metric": "R&D as % of revenue" }, { "detail": "$94M LTM vs $2-5M/quarter historically; ~$88M attributed to 'Factory of the Future'", "metric": "Capex spike" }, { "detail": "73% below IDT, 76% below GeneArt, 76% below GenScript, 69% below Genewiz", "metric": "Discount vs competitors (website calculator)" }, { "detail": "5 cents at launch vs prevailing 35 cents — 85% discount", "metric": "Price per base pair" }, { "detail": "$1.6B over a decade with nothing to show", "metric": "Cumulative paid-in capital" }, { "detail": "'~1 billion base pairs over 4 years' ≈ $15M at ~1.5 cents/bp — trivial for 'dominant' player", "metric": "Ginkgo deal volume" } ], "closingAsk": "Short Twist Bioscience; target price $0.", "extraction": { "at": "2026-04-22 22:34:39+00", "model": "unknown-legacy", "runId": null, "seconds": 216.40434, "promptVersion": null }, "scqaReward": "Target price $0: Scorpion slots Twist alongside its prior synthetic-biology shorts Berkeley Lights (-90%) and Ginkgo Bioworks (-78%), arguing FCF -136% of revenue and EBIT -127% make bankruptcy inevitable absent continued capital raises.", "thesisTypes": [ "fraud_exposure" ], "top3Reasons": [ "Silicon 'DNA chip' is a Theranos-style hoax masking a manual, error-ridden, loss-making workflow", "Price-dumping 50-90% below competitors — even Chinese vendors — is an unsustainable Ponzi", "Reported 45% gross margins are WorldCom-style fiction, hiding COGS in R&D and 'Factory of the Future' capex" ], "scqaSituation": "Twist Bioscience is a publicly-traded synthetic DNA manufacturer with a $2.1B market cap, marketed as a disruptive 'silicon chip' biotech platform destined to industrialize DNA synthesis and scale into a 60%-gross-margin software-like business.", "thesisSummary": "Scorpion Capital argues Twist Bioscience (TWST) is a Ponzi-like scheme destined for bankruptcy, drawing on 20 interviews with ex-employees, competitors, and customers plus a private-investigator field visit. Twist sells commodity synthetic DNA 50-90% below competitors — even undercutting Chinese labor-cost vendors — to buy revenue, funded by serial capital raises rather than operating cash flow. Its much-hyped 'silicon DNA chip' is branded a Theranos-style gimmick: the real workflow is manual, labor-intensive, error-ridden, with implausibly high rework. Scorpion believes reported 45% gross margins are fabricated via WorldCom-style misclassification — dumping COGS into R&D (60% of revenue) and capitalizing costs through a purported 'Factory of the Future' in Oregon that a PI found essentially deserted. Management is tainted: CFO Thorburn came from a 'prisoner-leasing' staffing firm and the pre-IPO largest holder links back through GF Securities to China's $12.7B Kangmei fraud. Target price: $0.", "primaryDemands": [ "Short Twist Bioscience; target price $0 (bankruptcy)", "Scrutinize gross-margin classification: COGS misreported as R&D and capex", "Investigate 'Factory of the Future' capex and offshore Chinese investor ties (FCPA)" ], "scqaResolution": "Short the stock before the Ponzi-like capital-raise treadmill stalls; Scorpion points to a deserted 'Factory of the Future,' suspicious offshore Chinese investor ties linked to the Kangmei fraud, and a CFO from a 'prisoner-leasing' firm.", "thesisOneLiner": "Twist is a textbook Ponzi — price-dumping commodity DNA below cost, inventing a fake 'DNA chip,' masking negative gross margins via WorldCom-style accounting fraud. 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As a result of the re-work and duplicative manufacturing caused by errors, it is simply implausible that Twist has a positive gross margin. Twist is the equivalent of Tesla having to re-make a car 5-10 times to get one right, and then discounting it at 95% off because that's the clearing price for junk – but with a crucial difference that makes the situation even more dire: Tesla in that scenario could re-use the parts, while Twist has to eat the variable cost of chips for each run as well as expensive reagents, enzymes, and other inputs on top of labor. Gen9, a failed company that used the same Agilent chip as Twist, experienced yields of only 30% and minus 30% gross margins, according to an-executive: \"the cost of goods are pretty horrendous\"; the gross margins \"were pretty shitty...yeah, they were negative.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:08.661+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a1d56d69-b1d2-4364-9c49-08e8ea77213a", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.43 }, "kind": "paragraph", "text": "9. The sheer dysfunctionality of Twist's errors, yields, and re-work is such an anomaly that we wonder if there's another public manufacturing company with gross margins this catastrophic. 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During our research, we were troubled by a massive discrepancy: ex-employees, competitors, and industry experts provided overwhelming color that Twist sells below its cost of goods... 2. As we studied Twist's reported gross margin, we noted a number of striking anomalies... 3. 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Twist exhibits telling signs that growth that has peaked and saturation is imminent... 2. Twist is becoming especially saturated in NGS...", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:08.749+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3bbcc38a-70b6-47ee-bd78-c04c40c5442d", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.11 }, "kind": "paragraph", "text": "Part VI: Twist exhibits telling signs that its “growth” is about to hit the wall, beyond the accounting games that typically signal desperation: a) saturation in its tiny niche of price-sensitive, smaller customers, particularly in NGS; b) struggles in competing against large incumbents that own the market; c) a miniscule TAM, as it lacks the capability to compete in the largest part of the NGS market, which is already shrinking as pricing collapses; d) an imminent flood of disruptive, venture-backed entrants with newer DNA synthesis technologies. 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IDT, another key competitor, provided additional evidence of Twist’s struggles and saturation, stating that Twist initially took “substantial” share – “especially in NGS” – given their “insane prices,” but that IDT is now “having a substantial amount of success at winning back the customers they had lost several years before,” due to frustrations with Twist’s lead times and quality. He observed that “there’s definitely a change in customer attitude happening” away from Twist – despite is radically lower prices – and large players have all “released new chemistry” that eliminated Twist’s momentary advantage within its little niche in NGS. He continued that he’s “not bullish about their NGS products” and described a race to the bottom in pricing – “it’s a much more competitive space.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:10.568+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ae7fb05-cc69-4bf3-aac4-1593320b4fa5", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "paragraph", "text": "3. Twist’s Chinese competitors provided market intelligence similar to US ones, stating that Twist hasn’t had “much of an impact” on the market and that they no longer see it as a threat or even as a “major competitor.” Genscript called out Twist’s nascent, much-hyped antibody discovery business as a flop, listing a number of antibody discovery customers who worked with Twist, only to now return, and indicated that these customers painted Twist’s antibody efforts as a face-plant – that they couldn’t come up with antibody leads nor honor timelines, taking 7-8 months before failing. 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Twist’s total addressable market is tiny, particularly in NGS, and helps to explain why Twist is fast approaching saturation. The NGS market is composed of two segments: hybrid-capture and amplicon sequencing. Hybrid-capture is the smaller of the two, with one former employee saying it’s “hundreds of millions…probably less than $500 million” with Twist attempting to compete for a small pie against Agilent, Roche, and IDT. 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A recurring theme during our research interviews was Twist’s difficulty in competing against large incumbents that own the market – which is why it’s only option for entering the market was discounts and customer subsidies. These larger players are now actively using their fly swatter, and Twist is starting to struggle. 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20:11:11.139+00", "seconds": 4.262, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-4b91788fc785/22", "deck": "/decks/019dd923-622c-750b-8b9a-4b91788fc785", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-4b91788fc785#slide-22", "deckJson": "/decks/019dd923-622c-750b-8b9a-4b91788fc785.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Box of now-forgotten corruption.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d2-7657-bbf2-480bff880a2e", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.17 }, "kind": "paragraph", "text": "3. Ever Alpha L.P., per a search in the Cayman Islands corporate registry. was a de novo entity that had only been formed about only two months prior to Twist’s Series D, and is linked by a daisy chain of offshore Caribbean entities to one in China, which we believe to be Guangfa Securities aka GF Securities. GF was implicated in a $12.7B fraud in China, centered on one of China’s largest public pharma firms, Kangmei Pharmaceutical, which overstated its cash balance by $4.3 billion “using false documents.” The fraud was “unprecedented in China” - with the ex-Chairman of Kangmei sentenced to 12 years. GF executives were sanctioned, banned from securities underwriting, and/or “publicly condemned by the Securities Bureau.” Two of the sanctioned individuals - Lin Zhihai and Qin Li - appear to be listed in Twist’s prospectus as having “voting and dispositive power over the shares held by Ever Alpha Fund L.P.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:11.139+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3e34fe50-3bc8-4206-9721-9b412d15d310", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.77 }, "kind": "paragraph", "text": "6. We note that GF Securities – the entity that sits at the top of Ever Alpha and was sanctioned for its involvement with the Kangmei fraud – still sits on Twist’s board of directors, via a 35-year old representative named Xiaoying Mai, who conveniently serves on the audit committee, and strikes us as the kind of puppet that’s ideal for this sort of thing. When we asked the ex-Twist employee what she’s doing there, the ex-employee stated that Emily – Twist’s CEO – “wants to be the only channel to talk to her” and that others inside Twist were “instructed directly by the CEO, Emily, that “[redacted] should not disclose...details to her directly.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:11.139+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "478df219-fd92-41a2-93b4-91278f5ab8a1", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.55 }, "kind": "paragraph", "text": "5. We spoke with an ex-Twist employee involved with its activities in China, who indicated that “an investment was made,” but “production never really kicked off” and Twist bailed on manufacturing in China. As we asked about the side letter and the $25MM, the ex-employee became instantly uncomfortable: “I didn’t even know the letter was disclosed to the public. Even within Twist, we really downplayed that...I don’t feel comfortable elaborating on that one, unfortunately.” We asked if the side letter was a touchy topic because it reflected something improper, to which the ex-employee chuckled and said “I think you’re a smart guy. You figure it out. I just really don’t want to go on that topic, because even within Twist, [redacted] was not allowed to talk about it to other employees.” Box of now-forgotten corruption.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:11.139+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "53e09409-c971-4c5e-b4b8-a6748c734286", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.43 }, "kind": "paragraph", "text": "4. Given that Kangmei’s ex-Chairman was sentenced to 12 years in prison after it overstated its cash balance by $4.3B “using false documents,” we were tunned to see a 2017 press release from Twist stating that Kangmei Group was actually an investor in the company. We could locate no subsequent disclosures from Twist stating whether $25MM of the Ever Alpha L.P. investment was recycled back – and if so, to whom?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:11.139+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "67dcb43f-e953-449d-91ac-1749dbbeb1e8", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "I didn't even know the letter was disclosed to the public. Even within Twist, we really downplayed that...I don't feel comfortable elaborating on that one, unfortunately. — Ex-Twist employee", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d2-7657-bbf2-4c6eed3017a5", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.05, "y": 0.11 }, 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"confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:11:09.956+00", "seconds": 3.075, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-4b91788fc785/23", "deck": "/decks/019dd923-622c-750b-8b9a-4b91788fc785", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-4b91788fc785#slide-23", "deckJson": "/decks/019dd923-622c-750b-8b9a-4b91788fc785.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We find it troubling that both 3W Partners and NFT Investment Limited appear to have the same address in Hong Kong, suggesting that they are linked.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0931-74b9-a339-d2818861756a", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.17 }, "kind": "paragraph", "text": "7. As we examined other names in Twist’s pre-IPO investor list, we noticed a plethora of opaque Chinese and other offshore entities. For example, 3W Partners Capital strikes us another front, as does another investor, NFT Investment Limited, for which the first search hits are from the ICIJ Offshore Leaks Database concerning the Panama Papers database, which state it’s based in British Anguilla. Another hit is from the Securities and Futures Commission of Hong Kong, which states it’s based in Hong Kong. The website listed for it in the Hong Kong registry goes to a dead website parked at GoDaddy.com. We find it troubling that both 3W Partners and NFT Investment Limited appear to have the same address in Hong Kong, suggesting that they are linked..", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:09.956+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "75bbcf37-58c3-4bae-acba-2940f9009e45", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.43 }, "kind": "paragraph", "text": "8. Ever Alpha Fund L.P. aka GF Securities, Kangmei, 3W Partners, and NFT Investment are the not the only fish swimming in Twist’s cesspool of investors. Another of its largest holders at IPO was Paladin Capital, which quickly dumped its shares, and was founded by Michael Steed, who appears to go to some lengths to obscure his past in his bio. We discovered that Steel worked for Ullico, the captive insurance arm of various labor unions. 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Whether the guillotine drops after this audit or next is irrelevant, for the endgame is near – and Twist’s auditor, Price Waterhouse, seems a harsher mistress than usual in scams of this sort - already firing a warning shot, in the form of an unusually broad material weakness in the last opinion, dated Nov 22, 2021, which in plain English says – “watch out below.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:14.543+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "25bc518b-d28f-4113-b00e-2c600d83bb2c", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.23 }, "kind": "paragraph", "text": "There is no J-curve at Twist, no operating leverage, no “adjusted EBITDA breakeven” coming “at scale” at $300MM. 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Can things go undetected? Probably could. That was just the tip of the iceberg.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0931-74b9-a33a-0399d8d39f99", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "list", "text": "Finance organization “was a mess”; “manual processes”; ““just the tip of the iceberg”", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:10.994+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7bd99b21-a18a-4ed0-b5ea-af10ca59b6c3", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "Price Waterhouse’s summary of material weaknesses in internal controls and financial reporting is striking – “a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected....” Ex-employees, as we shall detail, paint Twist’s manufacturing operations as a meltdown. 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It was probably the saddest group I’ve ever seen. Not the best-trained group, who are really understaffed...it was a very overworked team. They relied heavily on manual processes.” Q: “What problems did that create?” A: “The possibility of people doing something on the accounting system and other people making changes. Not that it happened, but the ability was there as a function of the understaffing and not being able to play ball with SAP...only a handful of people worked there. And not very well in tune with what was going on in the company.... What I would say was the possibility due to a lack of proper control for accounting games to occur certainly was there...the lack of controls. Can things go undetected? Probably could. 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The CEO, who we shall shortly get to, volunteered odd comments on a recent earnings call: “so we’re definitely not subsidizing...we’re not in the business of subsidizing...” – a doth protest too much moment, in our view, and indicia of mens rea, Latin for guilty mind. An executive in Twist’s space summarized it as “shipping with every gene and every oligo pool a $20 bill to people.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:10.927+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3033acd-d1ab-448f-b151-30b9ea8bcb50", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.9, "x": 0.05, "y": 0.68 }, "kind": "quote", "text": "They have a very, very large and complicated manufacturing scheme where they overbuild in order to deliver the product [...] The thing I kept on saying is they were shipping with every gene and every oligo pool a $20 bill to people. That's basically that they were fundamentally flawed, that they were trying to keep up with the price, and they were taking it as a loss every time. But what they have never done is fix the fundamental manufacturing flaw that they have. They need to overbuild or do extensive rework in order to deliver these products.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:10.927+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1a8bf78b-4150-4af6-adbc-47d81a43e98a", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.52 }, "kind": "quote", "text": "So we’re definitely not subsidizing anybody else's drug discovery [...] In terms of our ability or our willingness to be flexible on economic terms, we are very flexible. But there's definitely a red line where any deal has to pay for our cost, right? So the bare minimum. We're not going to do a deal that's not a gross margin positive. We're not in the business of subsidizing our customers' research.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:10.927+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf6a02d3-6e74-474c-b6be-a30becf14292", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“So we’re definitely not subsidizing anybody else's drug discovery [...] In terms of our ability or our willingness to be flexible on economic terms, we are very flexible. 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"kind": "quote", "text": "A: “Seventy-five percent discount. That is correct. It was shocking.” Q: “It sounds similar to a Ponzi scheme. It’s like you’re basically giving away product. You’re buying market share. You burn money hand over fist to show growth. Then, the only way you can show more growth is by raising more money to give away more money to customers with these obscene prices.” A: “Yeah, I think that was the exact phrase that was used in internal discussions, yeah.” Q: “You guys used the phrase “Ponzi scheme,” or somebody mentioned it?” A: “Yeah...it was a word that was used. There was a remarkable amount of skepticism, which is why the response was patience. 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Originally, the buy team was put together to buy Twist, and then they walked very quickly. 2017, 2018. I think that’s when Danaher –” Q: “Have you heard other people in the space using the phrase “Ponzi scheme” or express a similar sentiment?” A: “Sentiment, but I never heard the actual term. But yes, the Ponzi scheme, I’ve never heard it called that. But yes, similarly, yes, I’ve heard people say things like that. Most of it is the revenues they’re putting together. 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It appears she even blew money on a comic book where she’s the superhero – the caption says “Let’s go save the world!” We’re not experts in cosplay, but rather than posing as Wonder Woman, may we suggest the Human Torch from The Fantastic Four, as Leproust’s only superpower seems to be incinerating cash.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:13.168+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "823b52e3-851b-4408-b5f2-ab5d0164f000", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Let’s go save the world! — Comic book caption", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:33+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0932-77cf-bfe7-0712adb60bf8", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source/notes: Image on left is a superimposition of two still frames from a video of the comic book, which may be viewed in full here - https://wandp.co.uk/twist-bioscience/; https://www.rimonthly.com/our-favorite-cosplays-from-rhode-island-comic-con-2021/", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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null, "promptVersion": null }, "componentId": "6af922fd-29c5-4725-9d49-0107745e66bc", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Total shares outstanding: 56.3", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0931-74b9-a33a-4c81f28d2664", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "paragraph", "text": "She pumps the stock with one hand, while dumping her own shares with the other. Twist is a serial capital raiser and stock dilution machine. Its earnings calls swarm with sell-side analysts, for Twist is the perfect junkie - the crackhead that staggers back to the den once or twice a year for one last bag of rocks. Serial capital raisers make fantastic shorts, as they dilute stockholders into oblivion just like a Ponzi: the share count expands with each new raise, crushing the value of each share. Just like hyper-inflation eventually turns paper currency into toilet paper, dilution does the same to stock certificates – and hyper-inflation is the correct term to describe the near-doubling of Twist’s share count since IPO.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:11.082+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f3191943-8d3d-4af1-bb29-a1957d4bb31c", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Capital IQ data", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Equivalent Held: $135MM", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0931-74b9-a33a-8aa963d41bdb", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "Leproust says she tries to “approach everything with as much savagery as possible” and that “you just have to go big or go home” – an accurate description of her stock sales, as well as those by the management team. We estimate she has sold ~$70MM of stock; co-founder and SVP Bill Banyai, ~$42MM; CFO Jim Thorburn, ~$15MM; and President/COO Patrick Finn, ~$11MM – a total of $135MM across these four alone.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:12.063+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9f38aa3c-33df-4f40-966f-252c35450ff4", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.85, "x": 0.05, "y": 0.33 }, "kind": "quote", "text": "“I try to approach everything with as much savagery as possible because life’s too short to make small increments,” Leproust told me. “You just have to go big or go home.” -Emily Leproust, Twist CEO, Aug 2022 interview", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:12.063+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "58304b54-0b59-4897-931e-6fcd30eaaa7b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“I try to approach everything with as much savagery as possible because life’s too short to make small increments,” Leproust told me. “You just have to go big or go home.” — Emily Leproust, Twist CEO, Aug 2022 interview", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0931-74b9-a33a-8640c4c3a825", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Capital IQ data; Scorpion Capital analysis and estimates; https://www.bizjournals.com/bizwomen/news/latest-news/2022/08/most-admired-ceo-emily-leproust.html?page=all", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"Kris Corzine LinkedIn profile showing Twist as client and former employer", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:11.976+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ebb33c69-144f-487b-9cd1-1c551793605d", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "We find the pump-and-dump ironic given the CEO’s virtue signaling and wokeness, to the point that the E in ESG may stand for Emily – “we’ve initiated monthly Culture Conversations where we explore identities and systems of power using an intersectional lens…LGBTQIA+, ageism, Latinx identity.” Twist has an Anti-Corruption Policy, yet remains a safe space for nepotism, as an ex-employee told us that Leproust hired her wife as Twist’s Director of Growth, who the company still appears to use as a consultant. Twist has an Anti-Money Laundering Policy, yet engages in suspicious transactions with offshore Chinese entities. It even has a Modern Slavery Act Statement that opposes “compulsory or forced labor,” which we find cute as the CFO’s last job was at a “prisoner leasing” company that “employs” female inmates – with Twist as a client.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:11.976+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "db792db3-3140-4bc8-aaf0-d37c950fbef6", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“we’ve initiated monthly Culture Conversations where we explore identities and systems of power using an intersectional lens...LGBTQIA+, ageism, Latinx identity.” — Emily Leproust (Twist CEO)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0931-74b9-a33a-d3c71dd30b9f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.05, "y": 0.94 }, "kind": "source-note", "text": "Source: https://www.youtube.com/watch?v=bjhvoNlTn60; https://www.linkedin.com/in/kcorzine/details/experience/. We have not verified whether Kris Corzine is or was the Twist CEO's spouse or partner, and refer you to our disclosures on page 2 regarding the potential accuracy or lack thereof of statements made to us by paid experts.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Bio's hard-charging CEO hit by claims she stole Agilent's trade secrets", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:29.555+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f0d2441c-e86d-43a4-af6f-feb71b1b21c6", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Twist paid Agilent $22.5MM to settle the lawsuit – we’re going to guess right on the eve of trial.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0931-74b9-a33a-68b5f2959213", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "We’re curious what Twist’s Code of Ethics says about theft, as Leproust was sued by her previous employer, Agilent Technologies, where she worked for 13 years, before leaving in 2013 to found Twist. Far from being an innovation, Twist’s “DNA chip” is simply a cut-and-paste of an old technology that Agilent developed in the early 2000’s – which eventually ended up as an epic flop. 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NGS panels, ~50% of revenue, are the primary driver of Twist's recent growth. They are simply a single-stranded oligo with a chemically modified tip. The tips are complementary to and bind with small sections of a genome, enabling researchers to fish out and amplify specific sequences such as cancer-causing genes. Unfortunately for Twist, oligos and their by-products are a pure commodity, as synthetic DNA is just a specialty industrial chemical, priced by length like nylon rope at Home Depot, at pennies per base pair. 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It is a standard, commodity industrial process using a method that is 40 years old, called phosphoramidite chemistry. Twist and each of its competitors – and every student in a lab – use the same method. The four bases – ATCG – are added one at a time to form a growing chain of DNA, sort of like an inkjet printer squirting black, green, red, and blue ink one layer at a time. The process involves reagents and solvents, and is typically done in a well plate with 96 or more test tube-like chambers. Given the need to repetitively pipette various chemicals into each well, it’s standard to automate with liquid handling machines that squirt and dart like old dot matrix printers. 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The acquisition illustrates the negligible value of Twist’s “chip” and the lack of any intellectual property – an inexpensive, commodity technology readily available from numerous mom-and-pop fabricators. Custom Array lists only 9 employees on LinkedIn, was presumably purchased for peanuts, yet produces an array with throughput that leaves Twist in the dust. Note that Custom Array describes itself with identical language: “semiconductor chip technology to electrochemically synthesize DNA right on the chip surface.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:18.121+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "33d161a1-8148-4164-b339-a2066b241229", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.6, "x": 0.05, "y": 0.45 }, "kind": "paragraph", "text": "Dec 2017 press release\nGenScript Biotech Acquires CustomArray to Expand Synthetic Biology Product Portfolio", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:18.121+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ddcadbb-916e-49c8-aca3-02dc2ec98212", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“semiconductor chip technology to electrochemically synthesize DNA right on the chip surface.” — Dec 2017 press release", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0932-77cf-bfe7-225b4df4140d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: https://www.prnewswire.com/news-releases/genscript-biotech-acquires-customarray-to-expand-synthetic-biology-product-portfolio-300575432.html", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"/slides/019dd923-622c-750b-8b9a-4b91788fc785/50", "deck": "/decks/019dd923-622c-750b-8b9a-4b91788fc785", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-4b91788fc785#slide-50", "deckJson": "/decks/019dd923-622c-750b-8b9a-4b91788fc785.json" }, "components": [ { "bbox": { "h": 0.2, "w": 0.45, "x": 0.05, "y": 0.045 }, "kind": "callout", "text": "Dec 2017 press release\nGenScript Debuts Industry's\nHighest Throughput DNA\nSynthesis Platform for\nCommercial DNA Digital Data\nEach CMOS DNA chip carries 8.4 million unique oligos", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:15.591+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0762b730-0ff5-469a-97fa-5995016cc746", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Twist is not even the fastest pig at the county fair.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0932-77cf-bfe7-5528d862ac24", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "The Genscript/Custom Array chip that leaves Twist in the dust was announced about 6 months ago, and Twist’s investors appear blissfully ignorant of it. Genscript’s array has the capacity to manufacture 8.4 million DNA strands simultaneously vs. Twist’s claim of >1 million – an almost 10X difference. A former Twist employee told us it “even surpasses Twist’s ability to play in that space” and that Genscript’s “manufacturing platform” is “extremely similar to Twist.” We note that Genscript is also a cash-burning dumpster fire - the announcement is less a validation of the space or technology than a reminder that Twist is not even the fastest pig at the county fair.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:15.591+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e95c9e0c-86f6-47f6-98c0-7d6145bc0ae6", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.7 }, "kind": "quote", "text": "Ex-Twist employee: GenScript chip “surpasses Twist’s ability”; “extremely similar to Twist”\n“However, recently, I don’t know if you caught the announcement from GenScript with their new semiconductor synthesis platform and their ability to make, I think it’s over 8 million unique oligos, which even surpasses Twist’s ability to play in that space. GenScript is focusing on synthetic biology. I would argue that’s Twist’s core focus. If you look at all of their products, most of them are synthetic biology driven. GenScript just came out with a semiconductor manufacturing platform that’s extremely similar to Twist, so I wonder about the future uniqueness of their ability to play in both markets, NGS and synthetic biology, in the five-year stretch.” —Former employee now at a key competitor", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:15.591+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "54f2e96d-9cae-40df-a396-6ee0b0ea73c5", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“However, recently, I don’t know if you caught the announcement from GenScript with their new semiconductor synthesis platform and their ability to make, I think it’s over 8 million unique oligos, which even surpasses Twist’s ability to play in that space. GenScript is focusing on synthetic biology. I would argue that’s Twist’s core focus. If you look at all of their products, most of them are synthetic biology driven. 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{ "slide": "/slides/019dd923-622c-750b-8b9a-4b91788fc785/51", "deck": "/decks/019dd923-622c-750b-8b9a-4b91788fc785", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-4b91788fc785#slide-51", "deckJson": "/decks/019dd923-622c-750b-8b9a-4b91788fc785.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Twist simply copied the Agilent chip, and is now crippled by the same losses that led Agilent to throw in the towel.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, 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The method, in which layers of DNA nucleotides are \"printed\" onto desired microarray feature locations to synthesize probes, circumvents many of the limitations of light-based synthesis methods, and is capable of producing oligonucleotide probes of unprecedented quality and length. — Agilent 2008 Paper", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0932-77cf-bfe7-3db814b4a4e7", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.05, "y": 0.94 }, "kind": "source-note", "text": "Source: https://www.semanticscholar.org/paper/Agilent-%E2%80%99s-Microarray-Platform-%3A-How-High-Fidelity-Leproust/da1310fa8968f90b59f393bb69c07ab424893afd; https://academic.oup.com/nar/article/38/8/2522/3112266", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Gen9 was Twist's identical twin, employing the same Agilent \"chip\" to manufacture DNA. We spoke with multiple people from Gen9's management team, who alleged that Twist's founder simply copied the arrays that Gen9 was purchasing from Agilent and hyped them as something new: \"Emily had heard the story from us when she was at Agilent. Then she left Agilent to start Twist.\" Another ex-Gen9 executive stated \"Essentially it's the same\"; \"very, very similar to the technology Twist is using as their starting point...\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:34.773+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9362e3b9-4eea-4a57-8d85-1b67af9bc30c", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "paragraph", "text": "Twist's entire model is based on the same Agilent array as Gen9 was, yet Gen9 blew up\nA: \"Gen9 had a partnership with Agilent. So, the technology that we were using to build our genes from was very, very similar to the technology Twist is using as their starting point. They had comparable starting products because of this Agilent-like technology...Essentially, it's the same. They actually have some limitations on their process that we didn't have.\"\nQ: \"Isn't that damning for Twist that Gen9 had the same technology from Agilent that Twist is built on, and Gen9 basically blew up and had to sell to Ginkgo?\"\nA: \"It should be, yeah. But people keep giving them money.\" -Executive recently at a key Twist competitor, as well as Gen9, another competitor; currently employed at another synthetic biology player", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:34.773+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b0ac6a37-322f-44ed-8a06-667d6e32d8e6", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.72 }, "kind": "paragraph", "text": "Twist's \"chip\" technology was taken from Agilent, which resulted in a lawsuit; other companies used the same technology, for which \"there weren't a lot of customers\"\n\"At the end of the day, Emily was at Agilent, and she worked for Agilent before she started Twist. And we went to Agilent, and we said to Agilent, right now we're buying your chips at whatever retail; we're using other vendors.... So, Agilent did become a strategic investor in Gen9, which is part of what led to that lawsuit because ultimately, Emily had heard the story from us when she was at Agilent. Then she left Agilent to start Twist. And you can read the legal everything there...However, Agilent had that technology. They weren't sure how to commercialize it, which is why the partnership with Gen9 was so good because there weren't a lot of customers for those chips, and we were one.\" -Founding member of Gen9, an almost identical company to Twist", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:34.773+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d920a4c7-09a2-44ae-ac92-ac313200708a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Essentially it’s the same”; “very, very similar to the technology Twist is using as their starting point…” — Executive recently at a key Twist competitor, as well at Gen9, another competitor; currently employed at another synthetic biology player", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0932-77cf-bfe7-93bb1fbf4e38", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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They say they have this microchip, and it just looks like a miniaturized well plate with a silicon coating on it.” A: “That’s exactly what it is.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:22.014+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d140eb0-eef2-4db9-bb57-68b79f33b413", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.73 }, "kind": "paragraph", "text": "“The catch is that they can only make femtograms of that material, which for some applications is fine, such as screen applications or single-use experimental hybridization capture pools. However, for most applications, you need at least picogram quantities of DNA, if not nanogram quantities. So, many orders of magnitude greater than what you can make on these array synthesizers. That’s what I would call Twist and Agilent’s technology. They are an array synthesizer. I wouldn’t call their chip a microchip. I’d call it an array. 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How did you guys react to this thing?” A: “I think most people reacted like, oh, cool. This is Agilent. This is Agilent again. The form factor, I mean, I don’t see how you can call it a microchip. It’s a laser-etched slide. It doesn’t have, to my knowledge, transistors on the slide, but whatever, Twist has some sexy marketing.” –IDT ex-regional sales manager, left recently", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:22.014+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f9687aaf-15a7-4498-8f39-5379059ebf53", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“This is Agilent. This is Agilent again...I don’t see how you can call it a microchip”; “That’s what I would call Twist and Agilent’s technology...it’s an array panel.” — IDT ex-regional sales manager, left recently", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0932-77cf-bfe7-a5967a02e506", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0932-77cf-bfe7-cac8a1847963", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.9, "x": 0.05, "y": 0.58 }, "kind": "image", "text": "Genes Calculator interface showing 73%, 76%, 76%, 69% savings", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": 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"framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0932-77cf-bfe7-cf6ca23d6595", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "Twist’s entire strategy is to lead with price, prominently showcasing prices it says are a fraction of the competition, across its entire product line. For example, the website page for ordering synthetic genes displays a price calculator with a drop-down box for Twist’s discount vs. various competitors - 73% and 76% below US competitors Danaher/IDT and Thermo Fisher/Geneart, and even 76% and 69% below two Chinese competitors, Genscript and Genewiz. 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But I never understood why they dropped so low when there was a little bit of room there.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:15.608+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "324104c3-36df-460b-bfba-aabca5f2bf60", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.7 }, "kind": "quote", "text": "Twist came out very early out of the gate, talking about 5 cents a base. Of course, with everything, people want things bigger, faster, and cheaper, so people started listening. They also had a very, very good marketing department. Everywhere they go, they're very shouty-shouty...But when I would listen to Twist speak, I could read between the lines and know that things they said meant that they weren't succeeding in building people's orders. They weren't succeeding in delivering people's orders on time.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:15.608+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "72d25187-7d57-474d-98eb-c54d925fd2c6", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“What happened was Twist started to come out—so, right out of the gate, as a finance person, what I never understood was you price DNA by the base, and at the time, a low price point for a gene was something like 35 cents a base and normally a fragment would be 1,000 to 2,000 bases. 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giving money away to buy market share", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0932-77cf-bfe7-b7fede3f3fb5", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.55 }, "kind": "list", "text": "Twist slashed industry pricing to new lows, more than 2/3 below the then-prevailing price\n“With Gen9, if we were at 15 cents a base, they might come in at like 10. 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The one thing that I have to remind people when I say that is that even though it was a similar product, it was a lower-quality product, and they marketed it that way. Twist came on and promised clonal DNA for half or a quarter of that price to try to disrupt the market and get early share.”\nQ: “When you said Twist took pricing to a quarter or half, what did that translate into in cents per base pair?”\nA: “They were doing deals at 5, 6, 7, 8, 9, and 10 cents a base pair right out of the gate.”\nQ: “So, they were just giving away money to people, just purely buying market share.”\nA: “Absolutely. 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Essentially, gene synthesis was never meant to make money.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:14.858+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa33d989-cfe9-4302-9f90-65f1d5efaaf6", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Essentially, the way that Twist was able to elbow its way into the market compared to other competitors like IDT or GenScript is they came in operating at a loss, offered the DNA at half the price, expecting that their technology would improve over time and enable them to make a profit. But if you want to enter a market, you either have to offer something that is differentiated, or you have to offer something at a lower price. In the case of synthetic DNA, there is not a very good way to differentiate the product. The sequence is the sequence. 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A former employee stated that key competitors IDT and Genscript – both larger than Twist – had to “drop their prices in response” and that the move “really put a squeeze” on other vendors. 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Competitors at IDT and GenScript were at about 20 cents per base pair. What I've seen is that it has actually driven GenScript and IDT to drop their prices in response. Especially for larger customers, folks like GenScript and IDT are able to apply bulk discounts. But you can tell that it's really put a squeeze on some of those other vendors who are struggling to offer that price point and still make a profit. 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Q: “My understanding is that when Twist started growing, they cut price dramatically, and other people had to cut their price. Did Twist lower the pricing in the industry?” A: “Yeah. 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“impossible” to recover from price death spiral; never “going to recover from that”; competing against players with other sources of revenue vs. Twist with only one loss leader", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:16.674+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2232a9f7-3c7b-4b89-8447-adb2b9534b6e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.38 }, "kind": "paragraph", "text": "“Selling below the cost of their product”; wrecked pricing in the industry and put companies out of business by price dumping; destroyed the industry and made it unsustainable for everyone", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:16.674+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "832cd2a5-5ce3-42ec-9aa0-9854d64c64c7", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.8 }, "kind": "quote", "text": "“They went to market against a bunch of entrenched competitors and won customers with price solely because what you’re receiving is a commodity, and it’s assumed to be all equivalent to some extent, at least for your purpose, your intended use. So, they displaced people with pricing. Once you displace price and that badly, it’s almost impossible to lift it again because there’s been some market follow into that space, which I’m sure is hurting everybody else as well. I don’t think they’re ever going to recover from that. We are probably going to see more competitors drop out. They’re competing with companies that have other sources of revenue, and gene synthesis is just something that helps support maybe their downstream businesses like GenScript. GenScript charges a little more for the gene synthesis, but they also do all sorts of work with the gene synthesis that generates revenue.” --Ex-employee in senior product management and sales leadership roles", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:16.674+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cd7c8862-58db-4842-9b5a-1c027c911fb5", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.9, "x": 0.05, "y": 0.47 }, "kind": "quote", "text": "“I think they’re selling below the cost of their product. They set their pricing based on assumed cost and the fact that they have cash to weather it. They did change pricing in the industry and have hurt some people there. They put Gen9 out of business using that pricing, and Gen9 had fairly good fundamentals from a manufacturing standpoint. Profitability wasn’t shared grossly internally. I can do my own math. I can run a business unit and see what things are costing, and I have a pretty good feeling we were losing a lot of money, and, of course, when we went public, that was reported. Honestly, I think they’ve taken too much value out of the market with their pricing for it to be sustainable for anybody.” -Ex-employee in senior product management and sales leadership roles", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:16.674+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d0aadb8d-dfa2-4f71-bc6c-2bc28873cd22", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“I think they're selling below the cost of their product. They set their pricing based on assumed cost and the fact that they have cash to weather it. They put Gen9 out of business using that pricing... 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“extremely competitive”; customization means losing even more money at those prices", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:15.994+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "18b6d748-3bac-4ddc-a00c-02708934b64c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.72 }, "kind": "paragraph", "text": "Discounting is rampant in the industry, with typical discounts of 25-50% off list", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:15.994+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "94d1a2a3-d423-4d1d-aec2-4928c0cb4808", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.76 }, "kind": "quote", "text": "“I will say, and this probably doesn’t surprise you at all. Nobody pays list price. You go to IDT, Thermo, GENEWIZ—and of the competitors in that space, very, very few people actually pay the list price that you see on the website. But for a ballpark estimate, I would conservatively, if I were in your shoes, would say that people were paying between 50% and 75% of list price that you find on the website of various companies.” -IDT ex-regional sales manager, left recently", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:15.994+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f72ed89-177e-42d3-9d74-d27c2230a259", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.35 }, "kind": "quote", "text": "A; “The company’s trying to deliver on all three: the fastest, the best, and the cheapest. And the cheapest is almost a foregone conclusion because if you know the competitive nature, the price matching, price is very predatory in that market.” Q: “You’re saying the pricing in this market is very predatory?” A: “It’s extremely competitive. It doesn’t matter if it’s in the U.S. or across the pond. It’s extremely competitive, and what happens is due to the high degree of Twist customization and trying to do it as fast as you can. What also happens sometimes is that there’s always the risk if you’re customizing something would require, let’s call it, a bit of a re-pricing, i.e., there’s not an apples-to-apples, say an IDT or Codex or whoever else is bidding for that customer. Sometimes what happens is money can be left on the table if you’re pricing something for the first time because it has a different type...of customization.” -Ex-Twist executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:15.994+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b31d9676-0910-45bf-90b0-9bfa9126be71", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“The company's trying to deliver on all three: the fastest, the best, and the cheapest. 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I think 9 cents is very reasonable. There are lost-cost providers that can do things in China for maybe 7 cents.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:15.766+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc64431d-e188-4932-90d0-b208df016364", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“I think Twist is not profitable because I was shocked when you mentioned the pricing of 7 cents to 10 cents a base pair. 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A key Twist competitor stated that Chinese companies will now “just find out what we quoted and undercut the quote.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:20.699+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e01b4bad-5e60-4d26-ba55-0182f7bc402f", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.7 }, "kind": "quote", "text": "The phrase “race to the bottom” came up a lot, yeah... I can’t help but wonder if that’s where people get confused, thinking this market is growing to blow up, that their segment of it, Twist’s segment of it, the DNA synthesis piece.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:20.699+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5efd7bd6-b67c-423e-9e33-2145ed5c235c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.48 }, "kind": "quote", "text": "It’s an interesting market... big companies that have been around a long time... GenScript, for example, would just find out what we quoted and undercut the quote. And then, our understanding of the market was GenScript tended to throw more people on a project because they have a low waiver cost in China.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:20.699+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68eced8c-5a7b-4bf5-ae1c-e8b8c45ee7b5", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“It’s an interesting market. I was going over some stuff the last time I really dove deeply into this. For example, the top competitors for Twist are GenScript, Thermo Fisher - sometimes people refer to them as GeneArt, and IDT - and these are big companies that have been around a long time. Sometimes to get a contract, we had an experience at Gen9 that GenScript, for example, would just find out what we quoted and undercut the quote. 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How quickly that happens, I don’t want to get wildly excited about it, but I think it’s happening.” — IDT ex-regional sales manager", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:36+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0932-77cf-bfe9-27889e0eea96", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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an 80-90% discount off typical list prices.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:36+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0932-77cf-bfe9-05e132f39d48", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "discount rate: 90%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:36+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0932-77cf-bfe9-0c7021e00d4d", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.23 }, "kind": "paragraph", "text": "An R&D Director at Abbvie stated that they receive a 20% discount and that Twist has been recently dangling larger discounts in exchange for more regular orders. As another example, we note Twist’s much-hyped deal with Ginkgo Bioworks, which we discuss later. Our interviews suggest that Twist charges Ginkgo 1.5 to 2 cents per base pair – an 80-90% discount off typical list prices.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:17.414+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9faefe3a-f61b-4dd4-b23d-d7107dc74387", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "quote", "text": "We got a maximum of 20% discount, and that’s for larger volume. They keep telling us - they told me if you can give us some visibility into the year at the beginning of the year, we can work out a better discount if you tell us how much you’re going to order. But, in the end, it wasn’t worth it for us. We got maybe 15% and no more than 20%. -Abbvie R&D Director; Twist customer", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:17.414+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "36271480-76cd-4217-82f1-acb1e765b954", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.65 }, "kind": "quote", "text": "A: “I can tell you it’s consistent with what the buzz was, which I believe they were at 2 cents a base.” ... A: “I believe Twist went to 2 cents. That’s my understanding. I mean, I didn’t see the contract.” - Executive previously at Gen9", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:17.414+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4561a1f2-fe83-4b21-ae64-904dacdf8276", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "I believe Twist went to 2 cents. That's my understanding. I mean, I didn't see the contract. — Executive previously at Gen9, a key Twist competitor.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:36+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0932-77cf-bfe9-08880b9047ba", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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23:08:37+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0932-77cf-bfe9-91f2043f383b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.35 }, "kind": "paragraph", "text": "Twist sells hard-to-manufacture customized panels with absurdly small and uneconomic minimum order sizes", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:18.751+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1887c9db-a55d-4017-8680-74c50e644d36", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.58 }, "kind": "paragraph", "text": "Twist's losses driven by the expense of customizing orders, in a crowded market and inherently low margins", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:18.751+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec2eede7-b4b5-405c-a63f-eab16fd30738", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.75 }, "kind": "paragraph", "text": "Twist has a minimum order size that's a fraction of the competition's yet its pricing doesn't reflect the radically higher cost of the customization and lack of standardization in its orders", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:18.751+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fbc5e364-b80a-42c3-b5a5-fe604854e1dd", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.8 }, "kind": "quote", "text": "The minimum order from Agilent at $20,000 might do you 1,000 samples or 10,000 samples of the same sequence. The price per panel might be the same. The price per sample, but you need to buy a bigger pack. It's like going to the supermarket and buying a pack of 1,000 eggs. Twist will sell you six eggs; Agilent will sell you 1000 eggs. Per sample, yes.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:18.751+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5e77db4a-77bf-4c2b-ad7d-6a1e485e6ec7", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.4 }, "kind": "quote", "text": "One of the big benefits of Twist is the lower entry point if you've got a custom panel. You can get a custom panel from Twist for around $2,000. With the likes of Agilent, the minimum is something like $10,000 to $20,000... IDT, their minimum level of synthesis is like 1,000 times higher, and you will pay $10 per oligo, whereas, with Twist, you're getting millions of oligos for $1,000. Each oligo costs way less.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:18.751+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "81013ade-ac8e-45c9-866f-533db4d5b935", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.63 }, "kind": "quote", "text": "Customization is sort of an inherent aspect of the DNA synthesis industry... there is no DNA manufacturer out there that is the equivalent of a Model T manufacturer; they're all custom. To your question about why are they so unprofitable? DNA synthesis is extremely low margins, and the reason is there are so many competitors out there.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:18.751+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8951eb85-33f4-4d02-8ecf-7424cc31223f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“One of the big benefits of Twist is the lower entry point if you’ve got a custom panel. You can get a custom panel from Twist for around $2,000. With the likes of Agilent, the minimum is something like $10,000 to $20,000... IDT, their minimum level of synthesis is like 1,000 times higher, and you will pay $10 per oligo, whereas, with Twist, you’re getting millions of oligos for $1,000. Each oligo costs way less.” — Major Twist customer, one of largest genomics centers in Europe; “Customization is sort of an inherent aspect of the DNA synthesis industry... To your question about why are they so unprofitable? DNA synthesis is extremely low margins, and the reason is there are so many competitors out there.” — Former Twist manager in a manufacturing role; “It’s like going to the supermarket and buying a pack of 1,000 eggs. 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“seismic shift” as new players cut prices another 70%", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:18.637+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb062a55-bd3e-4192-9eaa-a4397ae060ab", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.68 }, "kind": "list", "text": "“Not bullish” on their NGS offering; race to the bottom in pricing; competitors’ NGS chemistries have caught up", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:18.637+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c8be4424-d59a-420e-928f-44a31148a783", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.4 }, "kind": "paragraph", "text": "A: “There are a lot of vendors out there that are in the phase where they’ve received money to scale up, and they’re looking for customers... If Rootpath is able to deliver on the 3 cents per base pair, they will probably get bought by someone... If that pans out, I do see a seismic shift in the DNA synthesis market; if one of these vendors can actually hit those prices and deliver consistently.” Q: “Have you ordered from Rootpath?” A: “I probably shouldn’t go into details about current relationships with my current employer.” - Former Twist manager in a manufacturing role, previously and currently employed by key competitors", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:18.637+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09f79ed2-19f7-44b9-ad6f-f8e68baa1230", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.73 }, "kind": "paragraph", "text": "A: “I’m not bullish about their NGS products. They had a dominant position in hybrid capture when chemistries weren’t caught, and performance wasn’t caught up in their ability to sell the unique relationship. I think the business models have changed at their competitors to catch up. So, it’s a much more competitive space.” Q: “Is it a race to the bottom in pricing?” A: “Usually, sequencing comes first, and that’s what’s happening. Everyone’s going to focus on the race to the bottom for sample prep next. 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A former Twist manufacturing manager predicted another “seismic shift in the DNA synthesis market” as disruptive entrants like Rootpath collapse pricing another 70% from already rock-bottom levels. 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The people who are making money in this space are doing the volume that Twist is, and they’re not doing it at 10 cents a base. They have much, much higher pricing, but they will make any sequence you want. Some sequences are really complex to, and pharma customers will put a value of $1.50 or $2 a base or more on those, depending on how hard they’ve tried to make them before they look for someone who can do it for them. There is money to be had there, but you can’t go after the entire commodity market. I don’t think Twist has the capability to make that harder stuff yet. I know they’ve talked about building it. They even talked about doing it when I was there, but it’s a different kind of manufacturing to make that work. It requires a different approach to what you’re doing, and I don’t think they’ve established that ability.” - Ex-employee in senior product management and sales leadership roles", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:17.889+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa45b343-fa2b-4b71-8d92-b2869496ad93", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.72 }, "kind": "quote", "text": "Twist’s competitors like Thermo Fisher are disciplined and charge double the price; “don’t lose money” as they price properly vs. Twist’s price dumping approach “They charge a lot higher prices for their work. Almost double. No, they don’t lose money. Thermo wouldn’t tolerate that. They also have a better algorithm for scoring them so that that you can say the average gene is going to cost you 18 cents a base. This one’s really complex and long. It’s going to cost you 45 cents a base. 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The people who are making money in this space are doing the volume that Twist is, and they’re not doing it at 10 cents a base. They have much, much higher pricing, but they will make any sequence you want. Some sequences are really complex to make, and pharma customers will put a value of $1.50 or $2 a base or more on those, depending on how hard they’ve tried to make them before they look for someone who can do it for them. There is money to be had there, but you can’t go after the entire commodity market. I don’t think Twist has the capability to make that harder stuff yet. I know they’ve talked about building it. They even talked about doing it when I was there, but it’s a different kind of manufacturing to make that work. It requires a different approach to what you’re doing, and I don’t think they’ve established that ability.” — Ex-employee in senior product management and sales leadership roles; “They charge a lot higher prices for their work. Almost double. 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It takes probably another one to two hours of manipulation... you have people to change different plates and add things. It’s very labor-intensive.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:19.507+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2b93c2e5-2707-4bff-9f9b-e7680ce05f1c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.67 }, "kind": "quote", "text": "Q: “So they’re basically using these well plates, just like everybody else. Do they have any advantage versus people like GenScript and others? I’m trying to understand what Twist’s advantage is.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:19.507+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "93afe9ab-4195-43b6-af79-8d595c966453", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.73 }, "kind": "quote", "text": "A: “You are absolutely right. ... their cost is much higher than, say, GenScript ... The advantage basically disappears once you go through the labor-intensive process ... Those are very labor-intensive. It’s like a one-week process.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:19.507+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a7714e21-41e1-4de7-a5cf-be40c7247a10", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“You are absolutely right. You are right. 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replied affirmatively if asked the chip is a \"giant scam\"; \"don't know how they can make it\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:18.671+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cb11825e-ff30-44bc-9747-389af68a3382", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.84, "x": 0.08, "y": 0.53 }, "kind": "paragraph", "text": "A: \"I think the problem is that the whole process is labor-intensive. They cannot bunch orders together because currently, they have to wait a few days; otherwise, they lose too much money, and they cannot stay utilizing 1/10th of the chip. They have to utilize the whole chip for a million oligos or rather 80% or 90% capacity, then start synthesizing. Otherwise, it's just too costly. It's not cost-effective. Right now, they have to wait sometimes for four or five days to start printing on the chip. Another one is I don't know how they can streamline the process and also build up the scale parallel so people have a more manageable workload and split the work. 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It's not cost-effective.\" In other words, the 96,000 test-tube equivalent capacity of the chip has spectacularly backfired – sort of like a plane that's a thousand times larger than a typical one and has to spend days at the airport gathering passengers to amortize the fuel and labor. We asked if the chip is \"a giant scam, to be blunt,\" which led the former employee to laugh and say \"yeah, yeah.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:18.671+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d778d23b-eae8-4700-8f9b-9567206dfd32", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.84, "x": 0.08, "y": 0.76 }, "kind": "paragraph", "text": "Q: \"Would they do better if they didn't have this chip? 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That’s my personal opinion from looking at their financials.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:37+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0932-77cf-bfe9-d881fb5f51e9", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "gross margin", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:37+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0932-77cf-bfe9-e1ae65952d3f", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.9, "x": 0.05, "y": 0.35 }, "kind": "paragraph", "text": "Executive skeptical they have a positive gross margin; “shocked” after visiting their manufacturing operations and seeing “what they were doing”\nA: “They’ve taken the approach, and they’ve had the investor base to focus on revenue growth, not operational efficiency and profitability. So, even though they sunk a lot of money into operations, they sunk much more into R&D and continue to sink more into R&D. So, even if they could get operationally profitable, which they’re not—you still have to pay for the remainder of the company, which they can’t. That ends up being your huge loss right there. I don’t even think they’re getting a positive margin on the product if you exclude R&D and G&A. That’s my personal opinion from looking at their financials.”\nQ: “So, you’re saying you don’t even think they’re profitable in terms of gross margin?”\nA: “I think that if they are, I’d be surprised.”\nQ: “So, you think they’re running a negative gross profit business?”\nA: “On the genes, definitely. The oligo pools may be a slightly different cost structure because you don’t need to do cloning and things like that. But, yeah, I would find it hard to believe. When I went out there and saw what they were doing, I was shocked.”\nQ: “What were you shocked by?”\nA: “In my world, you focus on building things inexpensively but with the highest quality. They’re focusing on trying to turn it around as fast as they can. So, get everything you can done in a short period of time and hope that you’re going to get the quality at the back end. 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Yeah, you need a new chip for each run. And each of those chips is not super expensive. They’ve got to be a couple of thousand bucks. They’re not cheap either. The actual reagents that they flow over it are not cheap. When you’re working in a micro-fluidic or nano-fluidic environment, you need super high-quality base reagents. Those aren’t cheap. To make the oligos, your A’s, C’s, G’s, and T’s, those are not cheap. The other enzymes and reagents, they’ve done some fantastic deals, but those aren’t cheap either. The most important thing that got a lot of people who work around and have to make sure that all of these things are connected together, and so they have quite a bit of labor, even though they’re “fully automated.”\nQ: “It basically seems like a body shop. It doesn’t seem like very much is automated. Everything requires tremendous human intervention.”\nA: “Yup. I’m right there with you. For me, I never understood Twist and Ginkgo. 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If you don’t like the pool once they’ve made it for you, the rework time... is the same months and the same cost.” - Ex-employee in senior product management and sales leadership roles", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:20.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c7305787-9cd5-449f-b4ed-1246cc734496", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“A hospital comes in and says we want to use NGS to detect the mutation... It takes them probably three to six months to develop those assets and validate those.” — Ex-Twist director-level employee; “It involves a lot of people just given that from sequence origination to supporting their algorithms to go to their chips, and then the post-manufacturing formulation, QC testing. It touches a lot of hands, and it is laborious.” — Former employee now at a key competitor; “It takes them months to turn around a pool, and it’s a full-scale synthesis, so it’s quite expensive... 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This thing goes through multiple times where it spits out a little bubble of adenosine... There’s tons of room for error.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:19.417+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b12f0e41-9999-454d-8690-7d39ae10d912", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“If you look at the process, the process is like a jet ink dot matrix printer. It’s the same thing. It has four heads, and they use piezoelectric crystal to spit out these droplets containing the base pair, A, T, G, and C. So, you have four heads, one has A, one has T, one has G, and one has C. The customer will order an oligonucleotide gene sequence of 1000 pairs. This thing goes through multiple times where it spits out a little bubble of adenosine to put them in the right place. 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“way more expensive” as Twist then has to re-manufacture “multiple times”", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:21.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc5ed2b1-6a98-4493-81fc-31eb2e542218", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "Another DNA synthesis expert, who was part of the founding team of Gen9 – which used the same Agilent “chip” as Twist and blew up – detailed numerous ways that “very high error rates” get introduced when oligos are stitched together, to the point that a sequence gets garbled into a completely different gene than intended. This results in expensive and time-consuming error-correction and re-work: “the error rate is really, really high and that makes [the oligos] not useful” and is “way more expensive because they probably have to built it multiple times.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:21.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f394faf3-a390-4e3c-b660-97f686360f94", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.84 }, "kind": "quote", "text": "“The ability to take these short strands of these oligos and stitch them together and make them really, really long, that’s fine, except for the error rate is really, really high, and that makes them not useful. So, if you’re looking today at their numbers when you look at different services that they offer, you’ll see that besides the pools, they also offer specific genes. That is way more expensive because they probably have to build it multiple times.” –Founding member of Gen9, a virtually identical company to Twist that failed", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:21.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5145f5b4-d393-47b4-9005-b83a4f259df0", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.43 }, "kind": "quote", "text": "“Short is generally 20 base pairs. You need 4 on each end at least to create the overlap in order to stitch them together, which means your payload is—each one of these is about 10 to 12 base pairs, which means you’re going to need a lot of little pieces. Every time you come to stitch those together, there’s a potential error. The wrong pieces may connect because they’re too close in what they look like. And so now, the wrong one is in the wrong place, and it starts to connect, and it’s a different whole set, and that happens often. Or, they overlap incorrectly, so even if you miss by one, it’s off. Those things are happening when you have this massive pool, and they’re all trying to come together, and you’re trying to create this reaction to bring them together. It ends up being what could be very high error rates because even if we’re off by one on that stitch, that’s one in, a 12 payload, it’s one every 20. It used to be that people were ordering an average of about 1500 to 2000 base pairs, but today, everybody’s claiming they can go up to 10,000. So, even in just 1000, there’s a good chance that you’re having 50 errors. That’s a lot. That’s a different gene. 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You need 4 on each end at least to create the overlap in order to stitch them together, which means your payload is—each one of these is about 10 to 12 base pairs, which means you’re going to need a lot of little pieces. Every time you come to stitch those together, there’s a potential error. The wrong pieces may connect because they’re too close in what they look like. And so now, the wrong one is in the wrong place, and it starts to connect, and it’s a different whole set, and that happens often. Or, they overlap incorrectly, so even if you miss by one, it’s off. Those things are happening when you have this massive pool, and they’re all trying to come together, and you’re trying to create this reaction to bring them together. It ends up being what could be very high error rates because even if we’re off by one on that stitch, that’s one in, a 12 payload, it’s one every 20. 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Twist experiencing same problems as other companies that therefore exited the space or failed; same technology and same problems as Agilent", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:25.085+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "96cc8409-2546-4358-9b11-045c70968a19", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "paragraph", "text": "Errors in oligo manufacturing are inevitable and require “very long and arduous next-generation sequencing” that’s “expensive,” “slow,” and requires “a lot of high-level PhD’s”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:25.085+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef94e889-a02e-4cfb-91bc-bf31973a83c6", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.32 }, "kind": "quote", "text": "“Once you get the sequences made, you need a special process... Now you have to examine every one of those oligonucleotides and determine how many errors were created... you're going to get errors... 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They do what’s called “tiling,” which is - theoretically if you want to sequence a single segment of a genome with this hybridization capture method, you only need one piece of DNA to match up with that area of the genome that you want to sequence. The way Twist has gotten around the fact that they don’t have enough of that one piece of DNA to replicate out over many panels and/or have consistency with their results is by adding many, many pieces that target the same area of the genome that you want to sequence and that’s called tiling. They literally amplify out their panels using polymerase chain reaction. That kind of has solved their problems. Whenever you amplify out a panel, you have the risk of introducing mutations and each piece of DNA that you replicate. And if you do that too many times, your consistency of the use of that panel, the consistency of the data that would come out of using that panel, degrades because you’re introducing variation by amplifying it. 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They do what’s called “tiling,” which is - theoretically if you want to sequence a single segment of a genome with this hybridization capture method, you only need one piece of DNA to match up with that area of the genome that you want to sequence. The way Twist has gotten around the fact that they don’t have enough of that one piece of DNA to replicate out over many panels and/or have consistency with their results is by adding many, many pieces that target the same area of the genome that you want to sequence and that’s called tiling. They literally amplify out their panels using polymerase chain reaction. That kind of has solved their problems. Whenever you amplify out a panel, you have the risk of introducing mutations and each piece of DNA that you replicate. And if you do that too many times, your consistency of the use of that panel, degrades because you’re introducing variation by amplifying it. 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So, there’s a whole process whereby you pick out the good clones and discard the bad clones.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:20.552+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3687e53-30fc-46a1-8f5f-2bd12aa71a0a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“From there, you have to account for the fact that during the synthesis process, random errors are introduced, and most customers want sequence-perfect clones. 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Was it the amount of labor? The speed? The cost of the inputs? There must be a big driver.”\nA: “Reworks. When you’re making a fixed-length gene and they do 1.8 KB or something is their largest size, and if it’s an easy sequence, you sequence five and two of them are right. If it’s a complicated sequence, you sequence 15, and maybe none of them are right. So, your costs very quickly change since sequencing is a big driver of the cost there.”\nQ: “Is it that the longer the sequence, the more quality problems you have and the more attempting to redo it?”\nA: “The longer the sequence and the higher complexity of the sequence. So, that can be GC percentages, so how much of a GC versus AT. If you go from a low of like 20% to up to 65% or 70%, you can handle that. When you get outside those bounds, some organisms definitely have genes outside those boundaries, and even some of the human genomes are outside those bounds. It’s much harder to assemble. 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What is flow-based versus this chip that that Twist has?”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:32.037+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9669e005-1d1f-4eb8-b0da-01b36874ecf5", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "quote", "text": "A: “I just don’t think that they’re bringing in the right type of people to fix those things. But is their array a boat anchor, so to speak? Yeah. If you can’t fill up the chip, it’s going to be really hard to create such high-value product that amortizes that chip over how many genes or pools you’re going to get. You’ve got to use that entire landscape of a chip. If you use half a chip or a quarter chip, you’re going to lose money because each of those things is really expensive. It’s slightly over-engineered. They thought that solvents and temperature were going to solve everything, and it does make some improvements, but, at the same time, if you compare that to IDT using a flow-based oligos system, IDT is so much more profitable.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:32.037+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0f628a86-1c6b-4f87-9aa1-f3e6f9e82d81", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.75 }, "kind": "quote", "text": "A: “Think about a tube, and you flow reagents down the tube, and then in a well, you’re actually doing the actual synthesis of the reagents. So, every time you add a base, it adds the base, then you flow in your next reagent, and it does a de-protection. Then you throw in another base and add the base after that. In the array system, you’re flowing the bases over hundreds or thousands of spots at the same time, and sometimes, you’re not meeting that base, but you’re flowing it over because you have to. So, instead of focusing on the reagent, you need to build a growing oligo. You have to worry about different ways of protecting and de-protecting to make sure that the base only goes to the wells or the nano-wells that need it and then doing it again. And you’re doing it on a planar surface with these little convex holes in it. It’s a very different thing. The way you quality control that. The way that you minimize reagents, all of those things are very different. I’m not saying that the way IDT does it is best. 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It’s actually extraordinary that the thing they flaunt as their secret sauce is actually ruining them.” A: “It’s their Achilles’ Heel at the same time.” Q: “Yeah, that’s a better way of putting it. Why don’t they ditch it and change it and do like what IDT does with this flow-based system?” A: “If I were there, I’d go in, and the first thing I’d do is reduce the redundancy. I’d see what my actual yields are based on those qualities, and then I would supplement my array system with individual gene synthesizers to do final product or finished product...The second thing I would do is reduce the number of clones they pick by focusing on the quality of the oligos. 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Twist loses money on a gross margin basis; their “investors are subsidizing” the free money that Twist metaphorically ships to customers with every order; “I’ve never understood”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:22.784+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "181e2c15-5889-4245-bdd1-0c35a2159bee", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "quote", "text": "Twist’s pricing doesn’t cover cost of goods sold, given errors and quality control; 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An ex-Agilent executive involved with their failed investment in Gen9 stated it was running a negative 30% gross margin as “the cost of goods are pretty horrendous” – the gross margins “were pretty shitty…yeah, they were negative for sure.” Similar to Twist’s rampant problems with errors and quality control, he explained the driver was high waste and negligible yields: “...the waste at the manufacturing plant exceeded 60%. They only had like a 30% yield. 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So, even though they sunk a lot of money into operations, they sunk much more into R&D and continue to sink more into R&D. So, even if they could get operationally profitable, which they’re not—you still have to pay for the remainder of the company, which they can’t. That ends up being your huge loss right there. I don’t even think they’re getting a positive margin on the product if you exclude R&D and G&A. That’s my personal opinion from looking at their financials.”\nQ: “So, you’re saying you don’t even think they’re profitable in terms of gross margin?”\nA: “I think that if they are, I’d be surprised.”\nQ: “So, you think they’re running a negative gross profit business?”\nA: “On the genes, definitely. The oligo pools may be a slightly different cost structure because you don’t need to do cloning and things like that. But, yeah, I would find it hard to believe. When I went out there and saw what they were doing, I was shocked.”\nQ: “What were you shocked by?”\nA: “In my world, you focus on building things inexpensively but with the highest quality. They’re focusing on trying to turn it around as fast as they can. So, get everything you can done in a short period of time and hope that you’re going to get the quality at the back end. 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Are they bending over a barrel with pricing?”\nA: “Yes, they love it. At the beginning, Ginkgo wanted to shave and reuse oligos DNA. Now it’s so cheap. It’s cheaper than storing it in their freezer. They just reorder it from Twist. Then they used the Gen9, what we called the assembly technology, to build up their organisms. But, yeah, they buy really cheap what I’ll call semi-high-quality DNA from Twist at next to nothing. I think it’s a cent-and-a-half a base pair.”\nQ: “And what do you think it costs Twist to make the stuff that they’re giving them at a cent-and-a-half?”\nA: “For that particular product, which are mainly 500 pairs, probably 9-10 cents at this point.”\nQ: “So, they’re running a negative 70-80% gross margin on this stuff to Ginkgo?”\nA: “On the Ginkgo deal, yeah.”\nQ: “Is Ginkgo just laughing at them?”\nA: “Ginkgo loves them because it allows them to be sloppy with their work, too. What’s Ginkgo have for revenue? $177 million or something like that. 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"paragraph", "text": "James M. Thorburn, Twist CFO: Thank you, Emi. We had another good quarter...Gross margin for the quarter was 44.8%... Our gross margin for the quarter was approximately $25.2 million or 44.8% of revenue as compared to 40% in Q3 FY '21 and up from 38.3% in Q2. 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Thorburn, Twist CFO: ...And as we continue to scale the business we're looking at gross margin range of 55% to 60%. I think it's notable this quarter that we achieved gross margin of 45%...So the setup is extremely strong for us....", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:25.477+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "80e062f6-7763-44b6-be10-293c1d6c3c73", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.56 }, "kind": "paragraph", "text": "Puneet Souda, SVB analyst: Jim, on gross margin came in strong this quarter. You're guiding to a number that is higher than what we had for the year...And how should we start to think about gross margin cadence here over the next couple of quarters?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:25.477+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ca07b4d-3320-4cd0-b285-62328b3f5cb1", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.23 }, "kind": "paragraph", "text": "On the last call in August, “gross margin” was mentioned 15 times, and 14 times in the call prior. Both the CEO and CFO repeatedly emphasize gross margin accomplishments, and questions by sell-side analysts indicate a fixation on the issue in the new environment. We note how often the CFO projects gross margins of 60% or more.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:25.477+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "93d21e2d-5af4-4149-9467-0794331876dd", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.79 }, "kind": "paragraph", "text": "Unknown Analyst: And I guess that's a great point on the margins there. Any way to talk about the long-term margin profile for Twist?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:25.477+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a6e57bb7-c5ef-4606-be55-5e1503f77085", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.83 }, "kind": "paragraph", "text": "James M. Thorburn: Yes....We're targeting gross margins of 60% in terms of getting to adjusted EBITDA breakeven....", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:25.477+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b84b6b96-b20e-4b76-a8ea-83baec546bd5", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.75 }, "kind": "paragraph", "text": "James M. 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Our gross margin for the quarter was approximately $25.2 million or 44.8% of revenue as compared to 40% in Q3 FY '21 and up from 38.3% in Q2. The increased gross margin reflects the impact of higher revenues in particular higher NGS revenues and thus leveraging our fixed costs. — James M. 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We note that Worldcom’s fraud actually began by shifting labor costs from one category into another, and only later metastasized into capitalizing them.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:24.526+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8f7358d0-bce3-42f1-a0e5-8bbdfc0a926e", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.05, "y": 0.65 }, "kind": "paragraph", "text": "Ex-WorldCom CFO Sullivan gets five years in jail. Received reduced sentence after cooperating with prosecutors", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:24.526+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d47b0025-010d-4d59-8c84-46e139c5d195", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: https://www2.ljworld.com/news/2005/jul/14/celebrated_worldcom_ceo_cries_25year_sentence_read/; https://www.computerworld.com/article/2558072/ex-worldcom-cfo-sullivan-gets-five-years-in-jail.html; https://www.pbs.org/newshour/economy/business-july-dec02-worldcom_09-26; https://www.deseret.com/2005/8/6/19905771/2-workers-sentenced-in-worldcom-scandal", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Twist's historical and recently exploding R&D costs make no sense and strain credibility for a commodity DNA manufacturing company and glorified CRO. Twist reported R&D expenses of $110MM in the last 12 months - a staggering 60% of revenue. We find it inconceivable that LTM R&D is actually equivalent to COGS – also 60% of revenue. 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Of these employees, 26 hold advanced degrees in engineering and biology or other sciences, including either a Ph.D. or master’s degree...As of June 30, 2018, we had 221 full-time employees and a team of 14 dedicated commercial consultants across the European Union and United Kingdom and five dedicated commercial consultants across Asia. 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We expense our research and development expenses in the period in which they are incurred. We expect to increase our research and development expenses as we continue to develop new products.” — S-1/A filed Oct 29, 2018", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0932-77cf-bfed-d6d9e0a8ad65", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Twist SEC filings", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Flow Cytometry", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:26.567+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee1d89aa-6569-4a43-8b00-ef6b7b8f93b6", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "The pattern is apparent in one so-called R&D job posting after another, where the titles and/or job descriptions outline responsibilities that are clearly manufacturing-related or directly related to fulfilling lab-based production orders or services for customers. 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On the Aug 5, 2022 call, he stated that Twist had already spent $73MM in capex for the “factory.” His past comments suggest $13MM in capex for the factory in FY2021; $22MM capex in the quarter ended Dec 2021, “mostly associated with our Factory of the Future investments”; $22MM for the Mar 2022 quarter, although SEC filings indicated it was $32MM, far higher than the number in his prepared comments; and $30MM for the June 200 quarter.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:26.386+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e7987c36-186a-4b3f-930b-28a8fc96b385", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“CapEx for the year was $27 million, including $13 million for Wilsonville, mostly for equipment deposits and facility improvements...Our CapEx for FY '22 is projected to be $80 million to $90 million with approximately $75 million investment in Wilsonville.” — James M. Thorburn, Twist CFO; “CapEx for the quarter was $22 million, mostly associated with our Factory of the Future investments.” — James M. Thorburn, Twist CFO; “CapEx for the quarter was $22 million, mostly associated with our Factory of the Future investment...In terms of CapEx, we're projecting approximately $90 million to $100 million for CapEx. So that should help you frame the cash burn. So if you step back and look at that, it's approximately around about $260 million for the year...I mean, obviously, a good chunk of that is being invested in ramping up R&D for biopharma, reinvesting in the core business. We're investing about $40 million in Data Storage. And obviously, for overall CapEx, the bulk of the CapEx investment, approximately $75 million of the $100 million this year is for the Factory of the Future.” — James M. Thorburn, Twist CFO; “CapEx for the quarter was $40 million including approximately $30 million for the factory of the future. 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"w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "As we went through the CFO’s comments, we began to notice large discrepancies in his prepared comments vs. the 10Q’s filed later. For example, on the Feb 4, 2022 call covering the quarter ended Dec 2021, he stated that “capex for the quarter was $22MM mostly associated with our Factory of the Future investments.” Yet the 10Q filed five days later indicated total capex was only $12.8MM. 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Thorburn, Twist CFO", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0932-77cf-bfee-8f1261c46b31", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Capital IQ earnings call transcripts; Twist SEC filings; Scorpion Capital analysis and estimates", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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On the May 5, 2022 call, he indicated that the $90-100MM of projected FY2022 capex was “associated with increased investment in our Biopharma business” – contradicting his comments on previous calls, as well as later in the same call, which attributed most of the capex to the Factory of the Future. 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Just trying to get a sense there of how you guys are thinking about that through the rest of the year.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:28.262+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "37323478-b68c-43cc-a7bb-a8deb3dc1e96", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.53 }, "kind": "quote", "text": "James Thorburn, Twist CFO: “CapEx for the quarter was $22 million, mostly associated with our Factory of the Future investment...Projected CapEx for fiscal '22 is expected to be in the range of $90 million to $100 million, associated with increased investment in our Biopharma business.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:28.262+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3966e1fe-0dee-417f-99ba-5ca3772368c1", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.75 }, "kind": "quote", "text": "James Thorburn, Twist CFO: “...In terms of CapEx, we're projecting approximately $90 million to $100 million for CapEx. So that should help you frame the cash burn. So if you step back and look at that, it's approximately around about $260 million for the year... I mean, obviously, a good chunk of that is being invested in ramping up R&D for biopharma, reinvesting in the core business. We're investing about $40 million in Data Storage. 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We will pay an initial annual base rent of approximately $1.7 million [...] We have been provided a tenant improvement allowance of $13.3 million [...] The total future minimum lease payments under the agreement are $27.9 million. On April 13, 2021, we entered into the First Lease Amendment, which amends the terms of the Wilsonville, Oregon lease agreement dated December 18, 2020. 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The production site should be fully up and running in January, Twist CEO Emily Leproust said in a Tuesday interview. Renovations at the Wilsonville building, a former Xerox plant located at 26600 S.W. Parkway Ave., are complete, and the equipment is in place. Twist received a certificate of occupancy from the city on Tuesday. 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Twist appears to be stuffing a few bodies into Oregon in an attempt to create superficial legitimacy.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:28.334+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "83f6e0e6-8a1f-473b-b935-feca3720e61c", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "While the CEO claims “We’re in a very aggressive hiring spree in Wilsonville,” Twist currently lists only 12 manufacturing job openings in Oregon, 6 in G&A, and 2 in R&D – which makes no sense if one has just spent $75MM to get a “Factory of the Future” equipped and ready.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:28.334+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d4909cbe-cc5a-4daf-aab1-73fb0a0945e3", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“We’re in a very aggressive hiring spree in Wilsonville,” — CEO", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0932-77cf-bfef-11e685ace867", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: https://www.twistbioscience.com/company/careers/openings", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We reviewed each profile, and consistent with the CFO's comments, they strike us as either remote workers to support its California-based manufacturing, or as low-level positions with generally inexperienced employees straight out of school.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:29.281+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3b6dd578-3e40-4a2c-bcff-5658c90f6887", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.52, "x": 0.43, "y": 0.45 }, "kind": "quote", "text": "To date, we've invested a total of $73 million in the factory of the future. Total investments can be, from a CapEx point of view, it's going to be roughly about $110 million... We've actually hired 40 people from our San Francisco site to move up to the Factory of the Future.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:29.281+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c4a643d1-85ec-44bc-a9ab-4f25d3fd12cc", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"To date, we've invested a total of $73 million in the factory of the future. 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A longtime executive in the space, who has advised the company's management and was affiliated with a close competitor, described the “Factory of the Future” as just a “story that I think Wall Street wants to hear”; that it’s “unnecessary and won’t change their costs”; that he’d be “shocked” if they’re out of capacity in San Francisco; and that it will simply “add a bunch of new costs and redundancies.” An ex-Twist executive expressed similar skepticism, stating that is will actually worsen their cost structure with “artificial double expenses” – “that’s an anomaly there.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:29.957+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "191aea24-0a26-4bcf-b693-feaca8f17941", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.84, "x": 0.08, "y": 0.68 }, "kind": "quote", "text": "“Factory of the Future” creates redundancy and doubles expenses\n“The plan is—as you’ve probably seen—that the factory of the future was eventually going to take over anything of what was being built and manufactured in south San Francisco. I haven’t seen financials currently. I imagine that you’re going to be building it out, then you’re going to be starting to turn it on for tests, and there’s going to be a period of time—I think we’re in the middle of it—in which you’re going to have artificial double expenses because you are producing in one place for real in south San Francisco and you have basically everything in place as you test and whatnot. That’s an anomaly there.” — Ex-Twist executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:29.957+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b6d9293-238b-4ac7-ac70-33cea0bd9d9a", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.84, "x": 0.08, "y": 0.41 }, "kind": "quote", "text": "“As soon as I saw that, I knew it was a story, right? [for Wall Street]. In the Bay area, she’s got the most expensive labor. Your ML scientists are making $300-400k. Your senior executives are making - up in Oregon, you’ll get people a lot less expensive. Your space is a lot less expensive, but you’re still going to have the same challenges. If you’re not going to change the process, it’ll be slightly cheaper because you’ll have cheaper labor, but does that really make that much of a difference? It might in some product areas. I can’t imagine it’s fundamentally going to change their operational efficiency or be profitable, for that matter. I think she’s just going to add a second site. Add a bunch of new costs and redundancies unless they’re at capacity, which I would be shocked. It’s unnecessary. 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[for Wall Street]. In the Bay area, she’s got the most expensive labor... I can’t imagine it’s fundamentally going to change their operational efficiency or be profitable, for that matter. I think she’s just going to add a second site. Add a bunch of new costs and redundancies unless they’re at capacity, which I would be shocked. It’s unnecessary. It just fills into a story that I think Wall Street wants to hear.” — Longtime executive in Twist’s space; “The plan is—as you’ve probably seen—that the factory of the future was eventually going to take over anything of what was being built and manufactured in south San Francisco... I think we’re in the middle of it—in which you’re going to have artificial double expenses because you are producing in one place for real in south San Francisco and you have basically everything in place as you test and whatnot. 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In 2021 and the most recent call in Aug 2022, timelines are now simply dispensed with, replaced by rambling monologues of intention and potential.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:29.27+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "db0478dd-ac22-4334-a00b-497e69c8568a", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.84, "x": 0.08, "y": 0.08 }, "kind": "paragraph", "text": "Twist’s CEO has been repeating the same promises on earnings calls since IPO, about how “the next-generation silicon chip specific to DNA data storage” is imminent, as is its commercialization – with of course nothing to see or show.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:29.27+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e481b96f-91fa-4cfb-84b7-36560d5f4e5d", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.84, "x": 0.08, "y": 0.62 }, "kind": "quote", "text": "Aug 6, 2020 - earnings call – Emily Leproust, Twist CEO: Now I'll move to data storage. Last year, we reported that we were pursuing the fabrication of our first silicon chip, specifically for data storage.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:29.27+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0265bf3a-3faa-49da-aba3-bedd0d12958a", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.84, "x": 0.08, "y": 0.45 }, "kind": "quote", "text": "Aug 1, 2019 earnings call – Emily Leproust, Twist CEO: We're also excited to announce that in anticipation of this program, we are proceeding forward with the design of our next-generation silicon chip specific to DNA data storage.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:29.27+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3b951738-f236-446a-adf3-348dc4d76d0c", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.84, "x": 0.08, "y": 0.76 }, "kind": "quote", "text": "Aug 6, 2021 - earnings call – Emily Leproust, Twist CEO: Moving to data storage, we continue to make solid progress as we drive towards commercialization, working with a proof-of-principle chip at 1-micron pitch.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:29.27+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b6ac71f-7c2e-4403-8a76-0caecff87ced", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“We're also excited to announce that in anticipation of this program, we are proceeding forward with the design of our next-generation silicon chip specific to DNA data storage.” — Emily Leproust, Twist CEO (Aug 1, 2019); “Now I'll move to data storage. Last year, we reported that we were pursuing the fabrication of our first silicon chip, specifically for data storage.” — Emily Leproust, Twist CEO (Aug 6, 2020); “Moving to data storage, we continue to make solid progress as we drive towards commercialization, working with a proof-of-principle chip at 1-micron pitch.” — Emily Leproust, Twist CEO (Aug 6, 2021).", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0932-77cf-bff0-04a3a72ed711", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.08, "y": 0.95 }, "kind": "source-note", "text": "Source: Capital IQ earnings calls transcripts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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headcount and expertise to challenge corporate financial disclosures.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 54, "componentCount": 5, "textChars": 1669, "nDataPoints": 6, "notes": "Uses LinkedIn search results as a proxy for employee headcount and expertise to challenge corporate financial disclosures.", "elementsJson": [ "paragraph", "screenshot", "bullet_list", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:11:30.128+00", "seconds": 3.6, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-4b91788fc785/145", "deck": "/decks/019dd923-622c-750b-8b9a-4b91788fc785", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-4b91788fc785#slide-145", "deckJson": "/decks/019dd923-622c-750b-8b9a-4b91788fc785.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "It is utterly implausible that Twist is spending $40MM on data storage, as it appears to have hardly any staff working on it.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:45+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0932-77cf-bfef-d197a646d21a", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.35, "x": 0.05, "y": 0.6 }, "kind": "image", "text": "LinkedIn search result of Twist employee profiles with “data storage”", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:30.128+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5bef1328-acdb-4102-ba34-341957def9fe", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.5, "x": 0.42, "y": 0.6 }, "kind": "list", "text": "Scientist, DNA Data Storage at Twist Bioscience | PhD, Chemical Engineering\nResearch Associate at Twist Bioscience | DNA Data Storage | Berkeley ChemE 2020\nScientist | DNA Data Storage at Twist Bioscience | Ph.D., Chemical Biology\nDirector, Enzyme / Protein Engineering (DNA Data Storage) at Twist Bioscience", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:30.128+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ad44a81-550d-4323-8b5c-d5141749fcf1", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "It is utterly implausible that Twist is spending $40MM on data storage, as it appears to have hardly any staff working on it. A LinkedIn search of its employee base returns only 20 profiles that mention “data storage,” out of 962 total employees shown. After removing interns and incorrect search hits, only 4 of these profiles suggest any related scientific background, of which two are recent post-docs and one is a recent college grad – and we suspect they spend most of their time supporting its core manufacturing activities. We note that LinkedIn is a very accurate representation of Twist’s employee distribution. The last employee count we found is in Twist’s 10K filed Nov 23, 2021, which states that as of Sep 30, 2021, it had 652 employees – almost identical to LinkedIn’s data, which counted 651 employees as of May 2021 and 712 as of Nov 2021. The average is 682, almost identical to LinkedIn’s 652 figure.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:30.128+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "79e6dfb2-0e70-4b22-b176-8af8705abebc", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: LinkedIn search https://www.linkedin.com/company/twist-bioscience/people/?keywords=data%20storage; https://www.linkedin.com/in/mpreddick/; https://www.linkedin.com/in/christinewu58/; https://www.linkedin.com/in/kishore-kakani-phd-9450a811/;", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"/slides/019dd923-622c-750b-8b9a-4b91788fc785/146", "deck": "/decks/019dd923-622c-750b-8b9a-4b91788fc785", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-4b91788fc785#slide-146", "deckJson": "/decks/019dd923-622c-750b-8b9a-4b91788fc785.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Twist has no value proposition beyond price and is a bottom-tier vendor with a poor reputation, viewed as inferior to even Chinese vendors, due to escalating manufacturing delays, product limitations, a lack of sample purity and quality control, and other problems that have shut it out of pharma, clinical work, and anything FDA-related.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", 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I don’t know if you know BioTechne. They also bought a lot of different kinds of protein companies like R&D Systems, especially R&D Systems is also exceptionally good. And it’s part of BioTechne. Promega is exceptionally good. There are some companies that have very good relationships, they care, and their sales representatives contact me from time to time. They check on us. I never get a query from a Twist sales representative. 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He indicated they have shifted their business to two Chinese companies that are cheaper and “significantly faster” – delivering orders in 3-4 weeks vs. 2-3 months at Twist: “Definitely we were frustrated, so we just walked away.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:32.415+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "afde6058-fd20-4c4d-8a8c-5389a1e8f416", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.62 }, "kind": "quote", "text": "“There’s a lot of competition. You probably realized we’re shifting a lot of the business away from them, actually. We’re rarely using Twist now. That’s my current company’s situation. So, a lot of gene synthesis, the majority of gene synthesis is called protein expression. It’s a protein or an antibody. We can actually use a different company in China called Biointron. They synthesize DNA from DNA synthesis to deliver protein in three weeks. That’s three weeks. Twist can barely deliver DNA construct. 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If you use all the agents and protein, they can make the protein in three weeks, plus one-week shipping from China to here; it’s four weeks for protein, and in that time, we can get a DNA construct. Essentially, it’s significantly faster, so we completely shifted to Biointron for most of the services we need. For most of our DNA synthesis, we do the coupling ourselves, just order the gBlock from IDT, or we get the service from GENEWIZ. It Twist takes two to three months to get protein from DNA synthesis. Two to three months. 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I’m frustrated currently. I’m at a different company now. Sometimes, we have to contract out gene synthesis with Twist. And they’re delayed a few months, a couple of months. Definitely, we were frustrated, so we just walked away and worked with other companies. 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Half of them we make the DNA construct ourselves. For the other half, we use different vendors. We use IDT to synthesize the gene and then just code them into the vector ourselves. We do one step. IDT is very cheap and very fast. They can synthesize the gene fragments to use in the oligos to make the fragments. 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What happened is they advertised that their turnaround time is 15 days for gene synthesis. But they can rarely keep their delivery time. Usually, there’s a delay. It’s always delayed, pretty much. So, their service turnaround time for customers who want a quick turnaround time, to expedite research, generate data faster and generate protein faster - they are not faster. I would say probably an average level in the industry at best.” – Former Twist employee, director-level", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:31.682+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b8202dd6-517b-4354-80b2-4a6b9c1e3b77", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.3 }, "kind": "paragraph", "text": "Twist’s manufacturing is a month slower than the competition; “getting worse” recently; can’t scale\nQ: “How long does the competition take if Twist takes a couple of months - how much slower are they?”\nA: “They are slower than one month over the competition. 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But recently, I think it’s just getting worse.” — Former Twist employee, director-level", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0932-77cf-bff0-f02f878ce6e6", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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So, if they could push people more to pool their libraries, they probably have a better chance, but they can’t charge as much for that.” —Founding member of Gen9, an identical company to Twist", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:36.732+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1d55d05a-c58b-469d-8937-caa784c82c5e", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.75 }, "kind": "list", "text": "Longtime executive in the space says his companies avoid ordering from Twist, unless the order can make-do with lower quality and error rates of 20%\n“I can tell you, though, from my portfolio companies’ perspective, they will order from IDT without hesitation when they need something that IDT can make...The only thing that becomes competitive is really those pools or libraries, and that, again, goes to quality control. So, if they can give them a reliable quality—which, let’s say, is an 80% correction, so they have a 20% error rate. In a pool, you could probably manage that. It’s okay. In a library, you can get away with that. 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It varies quite a bit. More recently, they’ve had a lot of orders, and they were a little bit slower than usual.”\nQ: “And what are the lead times and delays right now?”\nA: “I would say you’d be safer if you add one or two weeks to the regular time.”\nQ: “So, what does that end up being total?”\nA: “Total for very simple, shorter gene, it’s going to be three to three-and-a-half weeks.” — Abbvie R&D Director", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:36.732+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4c5f05a7-888d-4362-90cb-a3a61404edcb", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "Abbvie, another large pharma company, confirmed Twist’s delays and lead time problems, indicating 4-5 week lead times and noting a recent deterioration. Another expert, a longtime executive and investor in the space, stated that “it takes them very long these days” due to manufacturing errors which force “multiple builds, that’s where you find they’re losing money on every order”; and that his portfolio companies avoid ordering from Twist given low quality and high error rates.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:36.732+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa8f85ff-de7d-4325-a91d-81f417aeffce", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“it takes them very long these days” — Founding member of Gen9; “they’re making multiple builds, that’s where you find that they’re losing money on every order” — Founding member of Gen9; “they will order from IDT without hesitation when they need something that IDT can make” — Founding member of Gen9", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0932-77cf-bff1-49c29be6cfd9", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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And they produce a lot of that kind of marketing material. That's your first hint. I have seen Twist marketing material that shows stuff like on-target percentages for - this is getting into the weeds of next-gen sequencing, but they will display data for different quality metrics that researchers will use to judge the effectiveness of a next-generation sequencing lockdown panel, hybridization capture panel. But they won't do scales or legends consistently, which makes you think that's weird. Any scientist is going to be like, if you were a graduate student and you presented that to your research professor, they'd be like, you're an idiot. Why are you here? 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He stated that the “emperor has no clothes\" - a reputation in the market for low-quality sequences with consistency problems; misleading marketing that would get a grad student called out; and that Twist “scares the living heck out of anyone in the clinical space” who would be “scared to death” of being “censured by the FDA” for using an “inconsistent panel.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:32.121+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b680e41-9702-4e94-8db9-9a66203e2b0d", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.78 }, "kind": "paragraph", "text": "A: “Yeah, yeah. I think that is how they're perceived in the market. Actually, I don't think. I know that's how they're perceived in the market. Depending on your application, you might not care. But yeah, they have a quality and more importantly, especially for regulated spaces like oncology sequencing, they have a consistency problem. The consistency problem is what scares the living heck out of anyone in a clinical space because the last thing that those lab directors want is the FDA to be knocking on their doors and be like, show me the variants of your results. And they're scared to death that because they used an inconsistent panel, they're going to get censured by the FDA.” -IDT ex-regional sales manager, left recently", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:32.121+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "623ac962-e1f3-4fa9-903a-8e54bc0ab2dc", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.7 }, "kind": "paragraph", "text": "Q: “Are you saying their products are fairly inferior? You said they got the price-sensitive, less quality-sensitive customer that you described as a cut above McDonald's. So, their genes, NGS, oligo pools, the fact that they aren't using legends - are you essentially saying that their stuff isn't as high quality? 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Any scientist is going to be like, if you were a graduate student and you presented that to your research professor, they'd be like, you're an idiot. Why are you here? 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I didn’t get it. It went against everything that I learned in my science career.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0932-77cf-bff1-309c1a9446fb", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.84, "x": 0.08, "y": 0.38 }, "kind": "list", "text": "Well-known” that Twist’s product is inferior; quality issues also a “fairly known problem”; across the entire product line of oligos and genes", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:31.951+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "176f5a44-ad8e-4e99-a2e4-933bb61ea18f", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.84, "x": 0.08, "y": 0.45 }, "kind": "paragraph", "text": "Q: “How do you know that Twist’s product is inferior? 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It went against everything that I learned in my science career.” –Longtime executive in Twist’s space", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:31.951+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a73e98f-8b84-4d46-a89b-e6ce092b9a38", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.84, "x": 0.08, "y": 0.08 }, "kind": "paragraph", "text": "A longtime executive in Twist’s space, who has advised the management team and remains on friendly terms, indicated that it’s “well-known” that Twist’s product is inferior and that its quality issues are also a “fairly known problem” – adding that the problems afflict their entire product line from oligos to genes to NGS. 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So, at about 70% GC content, they will say we're not even going to try making this sequence. There are also other complexities involved in the way that sequences interact with each other. One of the fundamental properties of DNA is this thing called base pairing, where A's pair with T's and G's pair with C's, and so if you have stretches of sequences that are inverses of each other, they will base-pair with each other. I would just call that sequence complexity. So, they screen for high GC or low GC content sequences and high complexity sequences, and then they tell a customer we're not even going to try these. 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It’s the size of a well plate that has some kind of a silicon coating on it. If they can’t produce fast enough for you and at scale, I don’t really understand how it helps them.”\nA: “But the problem is that yeah, they have this - with all these different plaster surfaces - but I think they can also produce oligos up to 200 or 300 nucleotides, so they cannot come up with these really long oligos in that oligo pool.”\nQ: “And what about Thermo and IDT? Do other people produce longer oligos?”\nA: “Yes. When you need to produce genes and things, you need at least 1000, 2000, and even longer nucleotides. That pool that you mean, that oligo pool, that one is very useful for CRISPR libraries. But the problem is that these CRISPR libraries and the application of this tool are very limited. You only use that in the early, early stages of discovery, which is mostly in academia, biotech, or in some labs in the pharma. 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limited growth opportunity; larger vendors will continue to dominate; Twist may “go bankrupt” or “collapse” because of their pricing; Novartis will reduce spend", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:32.027+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0ad66255-c582-42cd-8324-6082d6a06653", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "quote", "text": "A: “Exactly. For that product, yes. It’s a very dedicated niche...I don’t think the stock will suddenly in two years or in five years that everybody will buy from Twist.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:32.027+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ed953ee-fb9d-442f-8b7a-cc09e6c8efff", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.75 }, "kind": "quote", "text": "A: “Probably every year, it will decrease because we will invest more into the Thermo’s and the Sigma’s because they will dominate more and more.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:32.027+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "77e62c38-f40c-4b67-b220-8917e471b3af", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.55 }, "kind": "quote", "text": "A: “Because I think the big ones are getting bigger and bigger and dominating more and more of the market, and big pharma is consolidating with a smaller number of vendors that have a better offering. 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We ordered an oligo pool, and on a few technical dimensions, the chemical material was not as uniform and high quality as when we were ordering last year. At first, it seemed like it was going to ruin our experiment, so we asked them to redo it, and they did, and then that second print was no better than the first, or maybe it was very slightly better than the first. And so, we went through a bunch of troubleshooting with them to try to understand what was going on. They were very accommodating as far as redoing things without charging us and talking to us to investigate all of the possible causes, but it didn’t actually get anywhere. 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At least in this year, I at least met like five clients that switched to us. They told us that the antibody screening result did not end up giving them that many lead candidates. And number two was the timeline... 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They certainly have positioned themselves as the maybe not quite McDonald’s. They’re like an In and Out Burger, maybe.” –IDT ex-regional sales manager, left recently", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:33.955+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "27a94407-e52c-40c2-b971-f15f2c1e76ab", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“No. You can get it from other companies... There’s nothing we can’t do easily—it would be a similar process, a similar approach, similar synthesizing. DNA is like traditional chemistry, just typical DNA synthesis method using phosphoramidite. So, there is no advantage.” — Former Twist employee, director-level. “They’ve certainly positioned themselves as a commodity provider. They certainly have positioned themselves as maybe not quite McDonald’s. 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Abbvie, a Twist customer, occasionally places orders but expressed ambivalence and couldn’t explain why they buy anything from Twist at all.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:33.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "161409ee-7466-4113-ba18-7585fc4ec5e8", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.42 }, "kind": "paragraph", "text": "A: “From IDT, we also order some clonal genes... 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Also, there are other companies starting to make synthetic DNA with lots of different other technologies such as enzymatic methods and true microchip printing that claim that they can get longer oligos than Twist, claim to be cheaper and do it in a more highly parallel fashion to reduce the process. It’s becoming quite a crowded market.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:27:42.79+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f544e06-5cdf-40a7-a86a-424dd63fc502", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.46 }, "kind": "paragraph", "text": "A: “All the other companies, Roche, IDT, Agilent - all of the capability. They don’t have quite the flexibility for the custom panels, but they are always iterating and producing better-performing exome panels. I would guess that it’s the exome stuff that globally is at least half if probably not 75% of all the target enrichment that’s used. 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Their only real IP is in the miniaturized equipment that they use for printing, and there are other companies developing platforms that might have similar functionality.” – Major Twist customer, one of largest genomics centers in Europe", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:27:42.79+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b8e37721-1c48-4890-aebd-f2edb6af90ab", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.58 }, "kind": "paragraph", "text": "Q: “Do you see the competition catching up to a point where they would regain your business and ends up being a major threat to Twist?”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:27:42.79+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "be165870-a25c-4eed-afb7-5c790df9f065", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "quote", "text": "“When we buy single genes, sometimes we buy Twist, and sometimes we use some other people like GenScript, but that’s totally - we haven’t done a lot of research to try to figure out who’s the best people. I’ve worked with GenScript before and always found their stuff pretty good.” – Current Twist customer, professor with a protein therapeutics lab at a major university", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:27:42.79+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4c9816c0-1baf-4fc5-b228-0b9e617f3618", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"I would guess that it's the exome stuff that globally is at least half if probably not 75% of all the target enrichment that's used. So, there's a threat that it's a commodity and given economies of scale, even if they're not as good with custom.\" — Major Twist customer, one of largest genomics centers in Europe; \"Yeah, they're improving all the time. Also, there are other companies starting to make synthetic DNA with lots of different other technologies such as enzymatic methods and true microchip printing that claim that they can get longer oligos than Twist, claim to be cheaper and do it in a more highly parallel fashion to reduce the process. It's becoming quite a crowded market.\" — Major Twist customer, one of largest genomics centers in Europe; \"When we buy single genes, sometimes we buy Twist, and sometimes we use some other people like GenScript, but that's totally - we haven't done a lot of research to try to figure out who's the best people. 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manufacturing oligos is a commodity process any vendor can replicate", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0932-77cf-bff2-bdfa4f8dc683", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.23 }, "kind": "paragraph", "text": "He continued that “everybody who’s a customer in this space has at least two key suppliers”; “lot of little local suppliers”; “very low switching cost”; “it’s all molecular biology” and “the methods are well published.” Another ex-employee stated Twist has “no advantage” and that their offering is a commodity any vendor can offer using traditional DNA synthesis on plastic well plates.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:36.132+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21a7eca7-a964-450d-b3f8-a6d38a060e19", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.54 }, "kind": "quote", "text": "“Everybody” has “at least two key suppliers”; “very low switching cost”; “lot of little local suppliers”\n“Everybody who’s a customer in this space has at least two key suppliers because people do make mistakes. And there’s a very low switching cost to go from one to another. Every major pharma company has someone they’re using as a primary supplier and someone as a secondary supplier for a project. GeneArt, which is now part of Thermo Fisher, GenScript, and IDT does a little bit in the oligo space. Sigma in Europe does DNA. Eurofins does oligos and genes. And there are a lot of little local suppliers where they have a personal relationship with the supplier. The barrier to getting into the gene synthesis business if you’re a small supplier is pretty low. You can buy the hardware to sequence oligos. It’s all molecular biology. The methods are well published.” -Ex-employee in senior product and sales roles", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:36.132+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "01c94458-fa89-4318-b91f-53a67d852dc9", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.8 }, "kind": "quote", "text": "Twist has “no advantage”; manufacturing oligos is a commodity process any vendor can replicate\nQ: “Is there anything that Twist sells that you can’t get from 10 other companies?”\nA: “No. You can get it from other companies. Even the NGS panel—you can imagine if you need a few hundred cancer-related genes, you probably need a few thousand oligos. So, you can imagine, you only need a few at the most, a few hundred oligos or a few thousand oligos. A few thousand oligos, people can say I could use 384, and I can use ten 384 plates, just like one chip. There’s nothing we can’t do easily—it would be a similar process, a similar approach, similar synthesizing. DNA is like traditional chemistry, just the typical DNA synthesis method using phosphoramidite. So, there is no advantage.” -Former Twist employee, director-level", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:36.132+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b79e5f4-80bb-4da4-9726-acfec0e4f17c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.41 }, "kind": "quote", "text": "“Tons of players”; “very low barrier to entry”; “always someone willing to do it for less margin”\n“Yes, there are tons of players. If you don’t want to manufacture on a global scale, there’s a very low barrier to entry. There’s always someone willing to do it for less margin than you’d like to make, so you have to do something to differentiate it.” -Ex-employee in senior product and sales roles", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:36.132+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b7b8dc0b-67ad-4add-8d54-0787d353fb7f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Yes, there are tons of players. If you don't want to manufacture on a global scale, there's a very low barrier to entry. There's always someone willing to do it for less margin than you'd like to make, so you have to do something to differentiate it.” — Ex-employee in senior product and sales roles", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0932-77cf-bff2-c2cffe371fc2", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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It’s like any other biotech company that provides antibody engineering or library services. So, there’s not much of a differentiator.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0932-77cf-bff2-7e453198b053", "parentComponentId": null }, { "bbox": { "h": 0.125, "w": 0.884, "x": 0.058, "y": 0.665 }, "kind": "list", "text": "Abveris acquisition, the foundation of their antibody business, is “very generic and nothing special”; “typical, traditional”\n“Abveris is a typical, traditional hybridoma service that provides immunization services and hybridoma generation to customers so they can generate antibody discovery services. It’s very generic and nothing special.” – Former Twist employee, director-level", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:34.877+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "369fef6c-a9ae-4730-b982-e89ab16caca3", "parentComponentId": null }, { "bbox": { "h": 0.235, "w": 0.884, "x": 0.058, "y": 0.405 }, "kind": "list", "text": "Antibody engineering is “nothing special”; no differentiator; just “like any other biotech company”\nQ: “Why didn’t the antibody business grow more? What was the issue in scaling it - was this a key growth area that they had hoped and that didn’t work out?”\nA: “That’s right. They really pushed it. Twist - why is their cost so high? I’ll give you an example. They very aggressively promote and advertise their business. But the reality is this is nothing special. It’s like any other biotech company that provides antibody engineering or library services. So, there’s not much of a differentiator. 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ongoing price war; no one has a differentiated offering; “continue to be a commodity”; Twist’s market focus is “not a successful strategy”...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:34.884+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "724754a1-99f6-4dc8-961e-c9d006f798df", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"In terms of profit margin, it’s got to be one of the lowest. There’s a lot of competition in the market, and over time, people expect the price to drop and drop, so we keep dropping it. Relative to other types of more sophisticated services, we cannot charge a lot of money for that. We cannot say we are truly differentiated in gene synthesis. That’s not something that is conventional to say...I don’t think for gene synthesis, and I think we have gone past that time point where we can say that. So, I think going forward; it will probably continue to be a commodity. 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Your quality might be a little bit different. I don’t know that there’s any one place really sticking out. IDT has a great reputation for quality and being reliable, and a lot of people stick with them because of that. 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I don’t know if that’s accurate. What are your thoughts on their customer base and customer profile?” A: “Yeah, they get a lot of academics, and they get a lot of places like Ginkgo, which is a super-high volume user. Where I haven’t seen them get much traction is selling their product into what I’ll call quality-controlled places like pharma. You’ll find that a lot of them are the startup biotech’s in the Bay Area, less so the Amgen’s and the GSK’s.” Q: “Is that because their product isn’t as reliable or as high quality?” A: “That’s correct. Generally, in pharma, if they order 100 genes, you better deliver them 100 genes. You can’t turn around after three or four weeks and say, here is 90. Good luck getting the rest of the 10. That’s not going to last long. That will be a disaster for a pharma company. Emily’s business was academic.” Q: “So, this is unique to Twist, basically. Is IDT selling to pharma, and are other people selling to pharma?” A: “Oh yeah. 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They have their market, which is laboratories in universities and smaller startups....", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0932-77cf-bff3-a39ceba216ed", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.38 }, "kind": "paragraph", "text": "Twist’s chip can only make smaller oligos, which are a small niche; limited growth opportunity; larger vendors will continue to dominate; Twist may “go bankrupt” or “collapse”; Novartis plans to reduce spending with Twist", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:36.215+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8bf58184-744a-4c27-a341-08fe3a9dfc69", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "quote", "text": "A: “What I’m trying to say is how many times you need these small oligos, 90 to 100 at once. 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So, it’s very easy to gain traction in the beginning. Nowadays, it’s much harder to gain traction...so, it’s much more competitive. There was an exponential curve of customer acquisition that I don’t believe is continuing. if you look at their number of customers and you plot it on a graph, you could probably see a good plateau of NGS-specific customers within the last year.”\nQ: “Are there signs that you see that they’re having growth or saturation challenges in their NGS business?”\nA: “Yes.”\nQ: “What are those signs that you’re seeing?”\nA: “I’ll put it like this: if they were only an NGS company, I would not look favorably in their - ”\nQ: “Well, they basically are because NGS is 60% of their revenue now, and it’s their main growth driver.”\nA: “The first two years I was with Twist, it was like customer acquisition - I got a new customer two, three times a week. And I still have many friends over there, and the mood isn’t so great. –Former employee now at a key competitor", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:37.339+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a6b7fdde-74a9-4fc9-a22b-7ea64617a310", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.23 }, "kind": "paragraph", "text": "We spoke with an ex-Twist employee now at its key competitor – we shield the company’s name to protect his identity - which provides him with a unique vantage point. He indicated that Twist took “a lot of share in the beginning” but is now struggling to find growth: “Nowadays it’s much harder to gain traction...it’s much more competitive”: a “plateau of NGS-specific customers within the last year”; “I still have many friends there, and the mood isn’t so great”; “there was an exponential curve of customer acquisition that I don’t believe is continuing.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:37.339+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f8dda347-801d-4d39-8678-b9b0fb8bc382", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“I think Twist took a lot of share in the beginning because of the fact that the market wasn't well-supported by IDT or Agilent. 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He stated that in his current role at a key competitor, he now has “visibility into a lot more than I had at Twist” and that he can “see the progression of the business, who has what, a lot more clearly.” Based on his competitive intelligence, he stated that Twist has hit the wall: “since moving over, there’s been no traction, no loss of business [to Twist] in what I would consider those whale accounts.” He explained that the entire NGS market is driven by “only a handful of very, very large, what I’d call whales, the big, big, big NGS customers” that are “the driver” of NGS market growth. Based on their purchase activity, he stated Twist isn’t gaining any share.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:36.259+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6eb326ce-dc20-46b5-bc9f-47789a5e5448", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.9, "x": 0.05, "y": 0.55 }, "kind": "paragraph", "text": "A: “I’ll say that there are only a handful of very, very large, what I’d call whales, the big, big, big NGS customers in the American market.”\nQ: “For hybrid capture or NGS specifically?”\nA: “Yes, well, both. Library prep and hybrid capture. Twist was able to gain traction with two of those within the time that I was there, but since joining [key competitor name redacted], I have visibility into a lot more than I had at Twist, given it was all business development and [competitor name redacted] has had primer business in every molecular biology lab in the U.S., so I had a lot more visibility. I could see the progression of the business, who has what, a lot more clearly. Since moving over, there’s been no traction, no loss of business in what I would consider those whale accounts, and that really is the driver of a lot of sustainable and profitable growth in the NGS market or hybrid capture.”\nQ: “Who are those whales that are well-known in the hybrid capture market? Sounds like every competitor knows them.”\nA: “GeneDx, Regeneron, The Broad Institute, Ambry Genetics, and Tempus. They’re are in the clinical market, as a service provider for health systems or hospitals for NGS. 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I think they need to specialize more in library prep to compete with players who dominate that market like Roche, NEB, and even now IDT, and to making primers...where I think they are lacking in the ability to grow is they can’t make primers. That’s a huge portion of the market. That’s one of the reasons why they said they were investing in enzymatic DNA synthesis. If they can pull that off, yeah, they would have the ability to make primers and enter that market but one that is a very saturated space, and it’s very transactional.”\nQ: “Is their NGS offering basically a commodity?”\nA: “I would say everything that they offer, with the exception of their probes, are a commodity.”\nQ: “Would you say the same thing about IDT and others? Or are you saying they actually have unique technology?”\nA: “I would say the probes are also a commodity. IDT acquired a specialized library prep company that made library prep chemistry that is unique to the market and applications, so a kind of niche player in that. Library prep, yes, is a commodity across the board. Everyone makes a kit that’s just as good as the other. It’s not a huge difference between the two. If I were to run all kits side-by-side, you wouldn’t see much difference. Before there were bigger competitors in library prep, Roche and NEB dominated the market as they still do today.” –Former employee now at a key competitor", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:36.379+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8edf08cb-f583-4499-a5e8-afdd51c235e3", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“I don’t think it is. 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"Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:37.084+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6f17ca6c-f194-48ae-b8ec-e0b526c0411f", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.31 }, "kind": "quote", "text": "“To be brutally honest, they really didn’t have much impact as we thought they would [when they launched]...they really didn’t have much impact on us, and our business continued to grow, like 20% to 30% every year...we haven’t seen them as a big threat...I don’t see them as a major competitor to us. –Executive at Genscript, key Twist competitor", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:37.084+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c60c94a-f3fe-4290-91ac-240238be73bc", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.52 }, "kind": "quote", "text": "“All of those services we already have at GenScript, and we have been doing it for over 20 years now...people can find a lot more affordable and quicker solutions outside of the country.” –Executive at Genscript, key Twist competitor", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:37.084+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0500057-8937-4eae-911e-c10b7712bdb1", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.69 }, "kind": "quote", "text": "Q: “When you say they haven’t made an impact in the market, you’re talking about their antibody discovery effort?” A: “Yes, usually antibody discovery, but even in gene synthesis, just looking at our numbers, it has been going up steadily, and then there’s no basis for us to say that Twist is taking a lot of our clients...there is no basis for me to say that they are taking market share from us.” –Executive at Genscript, key Twist competitor", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:37.084+00", "model": 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They told them they had a plethora of antibodies in their library... but the result that they got didn't present them with that many leads... the timeline... went well over 7-8 months.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:27:42.067+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "55c98ca3-f483-4117-bb8c-1ef6636f0052", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.82 }, "kind": "quote", "text": "To switch over from a tool company to a drug company... it's a bit naïve to think that Twist can hire in Aaron Sato... and think that they're going to do that with all those gigantic legacy manufacturing and overhead.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:27:42.067+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ca33d702-01fa-4c19-be90-d74bc17fb02d", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Yeah, at least 4-5 antibody discovery customers switched to us because that’s the part of the business that I’m in... They pretty much told me the same thing that I described. They told them they had a plethora of antibodies in their library and that they could deliver a certain number of leads based on the screening. But the result that they got didn’t present them with that many leads from the screening. And the timeline that they promised was not kept. It usually takes about 4-5 months, but I think they went well over 7-8 months for many of them. And that actually wasn’t a bad case. For a GMP manufacturing part, it’s like one year.” — Executive at Genscript, key Twist competitor; “To switch over from a tool company to a drug company and make antibodies and things like that, it’s easy to do a couple of deals. It’s hard to actually turn the whole thing around and actually make it into anything...because it’s so different. I’ve been in both worlds. It’s a completely different world. 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Our research suggests that these players are now actively using their fly swatter, and Twist is starting to struggle. For example, Novartis stated that it plans to reduce its spend with Twist in favor of larger vendors that are “dominating more and more of the market”: “Twist is not a big vendor, and they cannot offer many different things. 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NGS comprises half of Twist’s revenue and has been its key driver of recent growth. Despite its hype and lofty aspirations, Twist’s financials show that it remains for all intents and purposes nothing more than a commodity NGS play – and the small TAM helps to explain why Twist is fast approaching saturation. The NGS market is composed of two segments: hybrid-capture and amplicon sequencing. 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You want to sequence only that. You have two ways of doing it. One, you can order a primer, and you can get a primer set to amplify it and then sequence it. Or you order a hybrid capture probe that has the sequence of BRCA defined in it. 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I would say probably less than 500 million, and it’s dominated by four key players in the market: IDT, Twist, Roche, and Agilent.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:37.521+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "edfb0098-0a2f-41d3-b93a-47d39582a3e2", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“An NGS is what you mentioned where you make a probe, and you put a piece of biotin on it, and that sequence, it’s specific to a sequence that the customer defines, and I’ll use an example like BRCA 1, BRCA 2. You want to sequence only that. You have two ways of doing it. One, you can order a primer, and you can get a primer set to amplify it and then sequence it. Or you order a hybrid capture probe that has the sequence of BRCA defined in it. Build the library up and pull it out, and then put it on a sequencer and sequence only what you pulled out using the probes.” — Former employee now at a key competitor; “Specifically, hybrid capture, it’s hundreds of millions. 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Their technology doesn’t really produce enough mass—and this is well-known—to make primers, which make up a significant portion of the targeted sequencing market. From my perspective, you go and address the hybrid capture market. There’s a fixed amount of space there. Then there’s the rest of the NGS market, which you need tools to address. Their core competency from their original business was to make lower-costing synthetic biology products.” –Former employee now at a key competitor", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:38.674+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5fb05ffb-fdb0-4f12-aa60-6fe50fd360ee", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "paragraph", "text": "No ability to enter the broader NGS market; \"don't have the core competency\"; space is \"owned by\" Roche. Originally, they were a synthetic biology company, and the NGS market for targeted sequencing is a very specific one that is only what they are addressing. Their ability to enter the broader NGS market is limited because of the fact that they make probes for hybridization capture—targeted sequencing. The rest of the market is either of the two: one being old genome sequencing, that's just library prep. It doesn't involve an enrichment step. They can sell into that, but they don't have the core competency to go after run rate business that is owned by their competition like Roche.” – Former employee now at a key competitor", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:38.674+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7606b678-f9c4-4c4c-b3d6-87e558f5c3d5", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.7 }, "kind": "paragraph", "text": "Inability to make primers – a key weakness of their technology –locks them out of most of the NGS market. “Taking a step back, there are really two different reasons someone would use NGS. One is to profile an inherited change in a genome or a portion of it. To sequence a portion of it, you need to use hybridization capture or—and I’ll cite an example—or use primers. Twist just can’t make primers because their technology is limited in making the mass, the actual mass of primer that’s required to run PCR. So, you can search for inherited disease. You do that two ways. One, you can run an exome, which is what Twist offers, which is what IDT offers, and which is what Roche, Agilent, and others offer. Or you can sequence the whole genome, the entire thing. So, you don’t need to use target enrichment to sequence that. You just need a library prep kit. 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The Ginkgo post noted that price per base pair was in 2005 was $1 per base pair and 30 cents per bp in 2014. Assuming Twist list pricing around 10 cents, then presumably further reduced to 1.5 cents in the Ginkgo deal, pricing has fallen 98.5%. Volumes have to increase exponentially for the TAM to stay flat - and comments by Ginkgo and Twist indicate that volumes are growing at a modest pace while prices have collapsed. 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I think the enzymatic DNA methods will replace the oligo pools produced otherwise because it's going to be super cheap. But then whole genome sequencing is getting so cheap. Why would you do pools anymore if you get the whole genome for $100? There's no use buying something to do a panel, which will cost you $20 when the whole genome is $100. So, I'd be worried about enzymatic DNA synthesis. I'd be worried about the desktop synthesis. I'd be real worried about the price of whole genome sequencing.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:39.93+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ec9e531-82c3-4993-8b79-317ce3891c8f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“From a competitive situation, IDT has still got a great business. GenScript still has a great business. You see multiple new competitors start in this space. I think there are going to be some challenges coming up in the future. GenScript has been around since before Twist, and they've done fairly well in growing. There are some new ones springing up,” — Longtime executive in Twist’s space; ex-founder of a key competitor. “I would personally be more worried if I were Twist about the companies that are coming online with the desktop gene printers as well as some of the new enzymatic DNA methods. I think the enzymatic DNA methods will replace the oligo pools produced otherwise because it’s going to be super cheap. But then whole genome sequencing is getting so cheap. Why would you do pools anymore if you get the whole genome for $100? There’s no use buying something to do a panel, which will cost $20 when the whole genome is $100. So, I’d be worried about enzymatic DNA synthesis. I’d be real worried about the price of whole genome sequencing.” — Longtime executive in Twist’s space; ex-founder of a key competitor. “The antibody business that they’ve embarked on...what they’re doing is no different from about 45 other companies. Distributed Bio, which is now part of Charles River—both of those companies are younger, and both of those are making much more money and far more profitable than Twist. And you’ve got to ask the question, why is that? They’re focused, they have a better product, and they have a higher quality discovery system. 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New DNA sequencers could be a ‘game changer’ for biology, medicine. This is the year of the big shake-up. Ultima Genomics Claims the $100 Genome and Raises $600M to Go Even Lower", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:32.791+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f9a4505a-93d4-442b-b223-f97bcb48c3ee", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "The only point of Twist's NGS offering is to sequence a small part of the genome given the cost of the entire genome.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0933-75bb-9bf5-974eba50903c", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.44, "x": 0.06, "y": 0.53 }, "kind": "chart", "text": "Cost per Raw Megabase of DNA Sequence", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:32.791+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf868037-6495-4896-8a39-86e232b33272", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Cost per Raw Megabase: $100", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0933-75bb-9bf5-9f957b90a372", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "The cost of whole genome sequencing has fallen much faster than Moore’s law, with players already targeting a cost <$100 vs. $10K and $1K ten and five years ago, respectively. The only point of Twist's NGS offering is to sequence a small part of the genome given the cost of the entire genome. As the previous expert indicated: “Why would you do pools anymore if you get the whole genome for $100? There’s no use buying something to do a panel, which will cost you $20 when the whole genome is $100. So, I’d be worried about enzymatic DNA synthesis. I’d be worried about the desktop synthesis. And I’d be real worried about the price of whole genome sequencing.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:32.791+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26a37008-51f1-4345-8adb-eebaa186aa6b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Why would you do pools anymore if you get the whole genome for $100? 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He described Televerde as an “outsourcing company” that provided “second and third-level sales support” for Twist, and described the size of the relationship as “a couple of million bucks a year at most.” We do not know whether the ex-executive’s statements are accurate, and have not verified whether Televerde provided any services to Twist.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:38.3+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "01e11286-3821-42a8-afa1-688986c81f42", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.9, "x": 0.05, "y": 0.42 }, "kind": "paragraph", "text": "Q: “Did they have any relationships with related parties when you were there?”\nA: “I’m only aware of one, and they were disclosed, and a couple of people in the finance organization had shares in a company that provided calls to customers. That’s the only one that I’m aware of. It was a company that provided second and third-level sales support. So, it was an outsourcing company. But that’s the only one that I’m aware of. I believe it’s disclosed as well.”\nQ: “Who owned it?”\nA: “I’m not too sure of the entire ownership structure. There were two people in the finance organization that had worked there and still had some minority stake.”\nQ: “And what did the company do for Twist?”\nA: “They provided sales support. So, second, third-tier types of customers calling out, reaching out, and trying to generate business and support. That’s what they did in the outsourcing provider market.”\nQ: “How large was that relationship?”\nA: “A couple of million bucks a year at most, at least when I was there. Not big.”\nQ: “What is the name of that entity/business?”\nA: “It may come back to me as we talk but right now, it’s not coming to mind. Televerde.”\nQ: “Televerde: revenue and growth solutions for B2B companies?”\nA: “You found it.”\nQ: “What was the relationship of these people with Twist?”\nA: “There were two senior individuals in the finance organization...they had equity in that company as they were previously employed by that company prior to joining Twist.” – Ex-Twist executive", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:38.3+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6441b1b8-ba2d-435b-989a-bc8679161014", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“I’m only aware of one, and they were disclosed, and a couple of people in the finance organization had shares in a company that provided calls to customers... 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L.P.\nIn March 2018, in connection with Ever Alpha Fund L.P. and certain other investors’ purchase of Series D convertible preferred stock, we entered into a side letter with Ever Alpha Fund L.P. and certain other parties pursuant to which, among other things, we have committed to using commercially reasonable efforts to invest up to $5.0 million, $10.0 million and $10.0 million over a three year period in connection with the incorporation, business and/or operations of a wholly owned foreign enterprise in the PRC, subject to and contingent upon the approval of our board of directors and any applicable regulatory agencies in the PRC and U.S., and compliance with any applicable laws and regulations. The foreign enterprise will be exclusively owned and controlled by us through a subsidiary that we will wholly own, and Ever Alpha Fund L.P. will not have any direct economic, voting or other interests in this enterprise or any of our subsidiaries. Ever Alpha Fund L.P.’s interests in this enterprise are limited to its equity interest as a stockholder in the Company and its belief that expanding our manufacturing capacity and growing our sales organization in China will have a positive impact on our business and long-term value.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:35.14+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7af13cb5-965e-4dfd-a311-9fa742cb444d", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "As we read the prospectus filed on Oct 29, 2018, we were struck by an opaque disclosure about a “Side Letter” with Ever Alpha and “certain other parties.” Side letters are unusual, and we wondered why this side letter committed Twist to investing $25MM over three years into an entity in China. We further wondered who the “certain other parties” were, and why they were not disclosed. A transaction with a offshore Chinese entity that invests $70MM with $25MM round-tripped back raises obvious concerns relating to the Foreign Corrupt Practices Act.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:35.14+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fb98e707-ee09-44a9-bcbf-5aad1074226c", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Twist S-1 filed Oct 29, 2018", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Please revise to clarify the nature and extent of Ever Alpha's interest in the transaction described here. Please also file the side letter as an exhibit.\nResponse:\nThe Company respectfully notes the Staff's comment. In response to the Staff's comment, the Company has revised page 153 of the prospectus to include the requested disclosure On September 26, 2018, we supplementally provided a copy of the side letter.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:35.549+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4d823bfe-83c8-4277-a7a7-ce8d38b48a2f", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.33 }, "kind": "list", "text": "SEC letter to Twist, Sep 20, 2018\nSide Letter with Ever Alpha Fund L.P., page 153\n3. Please revise to clarify the nature and extent of Ever Alpha's interest in the transaction described here. Please also file the side letter as an exhibit.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:35.549+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3a07409-ccae-4985-8e40-5e0563883c7b", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "The SEC, in correspondence related to its review of the prospectus, asked Twist to include the side letter with Ever Alpha as an exhibit. We could locate no such exhibit, and it appears Twist didn't want investors to see it, and seems to have gotten away with \"supplementally providing it\" only to the SEC – presumably a busy staffer who didn't even notice the lack of an exhibit.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:35.549+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "41e0a882-7503-4689-8913-0ef3847d721d", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Please also file the side letter as an exhibit. — SEC letter to Twist, Sep 20, 2018", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:56+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0933-75bb-9bf6-75780899f5b4", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.05, "y": 0.94 }, "kind": "source-note", "text": "Source: SEC correspondence https://www.sec.gov/Archives/edgar/data/1581280/000000000018029836/filename1.pdf; https://www.sec.gov/Archives/edgar/data/1581280/000119312518291190/filename1.htm", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The fine print in the S-1 contained a footnote, indicating that the entity was at the end of a daisy chain of other entities. The first step in the chain began with the general partner of Ever Alpha L.P., another Cayman entity called Ever Glory Limited. Other SEC filings led us to conclude that the entity at the top this chain is GF Securities, which the footnote appears to refer to as Guangfa Securities.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:41.07+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2e1c91cb-feda-4c80-a9e8-530c58ae0cb4", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "paragraph", "text": "(1) Consists of 32,623,385 shares held of record by Ever Alpha Fund L.P. Ever Glory Limited is the general partner of Ever Alpha Fund L.P. Ever Glory Limited is a wholly owned subsidiary of Guangfa Xinde Capital Management Limited. Guangfa Xinde Capital Management Limited is a wholly owned subsidiary of Guangfa Investment (Hong Kong) Company Limited. Guangfa Investment (Hong Kong) Company Limited is a wholly owned subsidiary of Guangfa Holding (Hong Kong) Corporation Limited. Guangfa Holding (Hong Kong) Corporation Limited is the wholly owned subsidiary of Guangfa Securities Co., Ltd, a publicly listed company in Hong Kong. Sun Shuming, Lin Zhihai, Qin Li, Sun Xiaoyan, Yang Xiong, Tang Xin. Chan Kalok, Shang Shuzhi, Li Xiulin, Li Yanxi and Liu Xuetao serve on the Board of Directors of Guangfa Securities Co., Ltd and may be deemed to share voting and dispositive power over the shares held by Ever Alpha Fund L.P. The address of Ever Alpha Fund L.P. is Fl 16th, 183rd Tianhebei Rd, Guangzhou, PR China", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:41.07+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ffd81d4-6fce-4ac8-b707-cf69a86d33e5", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "(1) Consists of 32,623,385 shares held of record by Ever Alpha Fund L.P. Ever Glory Limited is the general partner of Ever Alpha Fund L.P. Ever Glory Limited is a wholly owned subsidiary of Guangfa Xinde Capital Management Limited. — Twist S-1 filing, Oct 3 2018", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:08:56+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0933-75bb-9bf7-2fc3c58f4e49", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Twist S-1 filed Oct 3, 2018; https://sec.report/Document/0001104659-21-022549/ - states Ever Alpha is Cayman-domiciled", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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{ "bbox": { "h": 0.45, "w": 0.6, "x": 0.05, "y": 0.45 }, "kind": "list", "text": "Asia Financial article, June 2020\nGF Securities under administration, activities frozen\nS&P Global article, July 2020\nChinese regulator suspends GF Securities from sponsorship business\nBloomberg article, May 2019\nChinese Firm Overstates Cash by $4.3 Billion Using False Documents", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:36.503+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e89cf3b-b36a-489a-82e4-ad048856218a", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "We questioned why Ever Alpha LP would invest $70MM in Twist, and Twist would recycle back $25MM via a side letter with Ever Alpha and “certain other parties.” If meant to capitalize an entity in China, why didn’t Ever Alpha just invest $25MM in the entity and $45MM into Twist – the net amount? 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NFT Investment Limited, KANGMEI Group, Bay City Capital GF Xinde Life Science Investment Fund, 3W Partners Capital and Ditch Plains Capital Management LP.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:38.754+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5e53bda0-55c2-4254-a4e0-1258ddca5214", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "As we examined other names in Twist’s pre-IPO investor list, we noticed a plethora of opaque Chinese and other offshore entities. For example, 3W Partners Capital strikes us another front, given a superficial website with no team members shown on the relevant tab or any we could find on LinkedIn – nor any other information about its portfolio or activities. 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We believe a new generation of industry leaders will emerge which can pursue sustainable growth through Consolidation and Innovation.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:38.754+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc21638b-34be-4495-9192-23f81c14d65a", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: https://investors.twistbioscience.com/news-releases/news-release-details/twist-bioscience-raises-additional-27-million; https://www.3wpcap.com/about-us", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"confidence": null, "extraction": { "at": "2026-05-02 21:25:38.509+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e75daee-0800-4f34-9073-efef92ef7052", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.33, "x": 0.058, "y": 0.335 }, "kind": "image", "text": "ICIJ Panama Papers record for NFT Investment Limited", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:38.509+00", "model": 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Another hit is from the Securities and Futures Commission of Hong Kong, which states it’s based in Hong Kong. The website listed for it in the Hong Kong registry goes to a dead website parked at GoDaddy.com.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:38.509+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "76064dd3-6e02-492c-8794-083ed14fda67", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.058, "y": 0.95 }, "kind": "source-note", "text": "Source: https://offshoreleaks.icij.org/nodes/10014391; https://www.sfc.hk/en/alert-list/1391", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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21:25:43.98+00", "seconds": 7.195, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-4b91788fc785/233", "deck": "/decks/019dd923-622c-750b-8b9a-4b91788fc785", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-4b91788fc785#slide-233", "deckJson": "/decks/019dd923-622c-750b-8b9a-4b91788fc785.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We find it troubling that both 3W Partners and NFT Investment Limited appear to have the same address in Hong Kong, suggesting that they are linked – both at “Jardine House, 1 Connaught Place” in Hong Kong, but with different rooms listed.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": 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Detailing the fraud at Ullico and Steed’s role is beyond the scope of this report, but all one has to do is google terms like “Ullico” – the name Steed left off his bio – along with “Steed,” “fraud,” “organized crime,” “insider trading,” and “government hearings” to open a Pandora’s Box of now-forgotten corruption.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:41.117+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef491635-945a-4da6-ae4d-887cf20f874c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.35, "x": 0.05, "y": 0.74 }, "kind": "paragraph", "text": "Ullico: The AFL-CIO’s corporate scandal", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:41.117+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f1ea1b8e-5be0-4fd2-8cd2-ef80d72e163a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "32239404-2253-4f9e-88f8-9102aec31fa5", "evidence": "The slide explicitly links a nominee to a known scandal and provides external documentation to prove the omission.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 21:25:41.117+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 236, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 1, "to": 5, "label": "Introduction to Twist Bioscience's issues", "description": "Executive summary highlighting key concerns" }, { "from": 6, "to": 20, "label": "Exposing contradictions in Twist's narrative", "description": "Detailed criticisms of Twist's business practices and financials" }, { "from": 21, "to": 35, "label": "Critique of Twist's management and strategy", "description": "Analysis of management's red flags and strategic missteps" }, { "from": 55, "to": 70, "label": "Presentation of the thesis", "description": "Clear articulation of the case against Twist" } ], "loops": [ { "from": 40, "to": 50, "label": "Aha Moment", "description": "Reveal the flaws in Twist's DNA chip narrative" }, { "from": 90, "to": 100, "label": "Cost Of Inaction", "description": "Highlight the consequences of Twist's actions" } ] }