TWST

Twist Bioscience is the leading provider of synthetic DNA manufactured on a proprietary silicon-chip platform, selling into NGS tools, synthetic biology and biopharma. The FY2025 trajectory is the encouraging part of the story: revenue grew 20.3% to $377M, and the bottom line improved dramatically — the net loss narrowed to -$77.7M from -$209M (a 62.8% improvement), the operating loss shrank to -$136M, and operating cash burn fell to -$47.6M (a 25.7% improvement). The company is clearly executing on a path from growth-at-all-costs toward operating leverage, even trimming R&D 11.6% to $80.3M while still growing the top line.

The balance sheet is reasonable for a growth-stage tools company: $183M cash, total liabilities of just $169M (0.36x equity), and minimal debt. That said, cash fell 19.1% as the company still burns cash and stepped up capex 451.7% to $28M to expand capacity, so it is not yet self-funding and the 10-K explicitly warns it 'may require additional financing' and 'may never achieve profitability.'