twst-20251231

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

(Amendment No. 1)

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-38720

Twist Bioscience Corporation

(Exact Name of Registrant as Specified in its Charter)


Delaware			46-2058888
(State or other jurisdiction of			(I.R.S. Employer
incorporation or organization)			Identification No.)

681 Gateway Blvd, South San Francisco, CA 94080

(Address of principal executive offices and zip code)

(800) 719-0671

(Registrant’s telephone number, including area code)

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

TWST

The Nasdaq Global Select Market

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐


FORWARD-LOOKING STATEMENTS		3
PART I. FINANCIAL INFORMATION		4
Item 1.	Financial Statements (unaudited)	4
	Condensed Consolidated Balance Sheets (unaudited)	4
	Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited)	5
	Condensed Consolidated Statements of Stockholders’ Equity (unaudited)	6
	Condensed Consolidated Statements of Cash Flows (unaudited)	7
	Notes to Unaudited Condensed Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	28
Item 4.	Controls and Procedures	28
PART II. OTHER INFORMATION		29
Item 1.	Legal Proceedings	29
Item 1A.	Risk Factors	29
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	29
Item 3.	Defaults Upon Senior Securities	29
Item 4.	Mine Safety Disclosures	29
Item 5.	Other Information	29
Item 6.	Exhibits	30
Signatures		31


(In thousands, except per share data)	December 31, 2025		September 30, 2025
Assets
Current assets:
Cash and cash equivalents	$	148,591	$	183,049
Short-term investments	49,358		49,385
Accounts receivable, net [1]	50,062		57,019
Inventories	32,924		28,309
Prepaid expenses and other current assets [2]	22,947		15,204
Total current assets	$	303,882	$	332,966
Property and equipment, net	105,119		102,283
Operating lease right-of-use assets	72,266		49,377
Investment in equity securities[3]	54,337		54,337
Goodwill	82,195		82,195
Intangible assets, net	13,162		13,425
Restricted cash, non-current	2,394		2,376
Other non-current assets [4]	4,730		4,902
Total assets	$	638,085	$	641,861
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	12,493	$	11,094
Accrued expenses	23,405		23,053
Accrued compensation	18,835		31,288
Current portion of operating lease liability	12,242		13,822
Other current liabilities	13,466		12,149
Total current liabilities	$	80,441	$	91,406
Operating lease liability, net of current portion	85,808		61,750
Liability related to the sale of future revenue	15,000		15,000
Other non-current liabilities[5]	741		747
Total liabilities	$	181,990	$	168,903
Commitments and contingencies (Note 10)
Stockholders’ equity
Common stock, $0.00001 par value —200,000 and 200,000 shares authorized at December 31, 2025 and September 30, 2025, respectively; 61,274 and 60,632 shares issued and outstanding at December 31, 2025 and September 30, 2025, respectively	$	—	$	—
Additional paid-in capital	1,806,751		1,793,163
Accumulated other comprehensive loss	(571)		(627)
Accumulated deficit	(1,350,085)		(1,319,578)
Total stockholders’ equity	$	456,095	$	472,958
Total liabilities and stockholders’ equity	$	638,085	$	641,861


	Three months ended December 31,
(In thousands, except per share data)	2025		2024
Revenues [1]	$	103,698	$	88,713
Costs and expenses:
Cost of revenues	$	49,726	$	45,873
Research and development expenses	17,130		21,307
Selling, general and administrative expenses[2]	69,742		56,177
Total costs and expenses	$	136,598	$	123,357
Loss from operations	$	(32,900)	$	(34,644)
Interest income	2,175		3,240
Other income (expense), net [3]	471		(93)
Loss before income taxes	$	(30,254)	$	(31,497)
Income tax expense	(253)		(97)
Net loss	$	(30,507)	$	(31,594)
Other comprehensive loss:
Change in unrealized gain (loss) on investments	$	18	$	(66)
Foreign currency translation adjustment	38		(61)
Comprehensive loss	$	(30,451)	$	(31,721)
Net loss per share — basic and diluted	$	(0.50)	$	(0.53)
Weighted average shares used in computing net loss per share — basic and diluted	61,080		59,162


	Three Months Ended December 31, 2025
	Common stock			Additional paid-in capital		Accumulated Other comprehensive loss		Accumulated deficit		Total stockholders' equity
(In thousands)	Shares	Amount
Balances as of September 30, 2025	60,632	$	—	$	1,793,163	$	(627)	$	(1,319,578)	$	472,958
Vesting of restricted stock units	627	$	—	$	—	$	—	$	—	$	—
Exercise of stock options	15	—		300		—		—		300
Repurchases of common stock for income tax withholding	—	—		(2)		—		—		(2)
Stock-based compensation	—	—		13,290		—		—		13,290
Other comprehensive income	—	—		—		56		—		56
Net loss	—	—		—		—		(30,507)		(30,507)
Balances as of December 31, 2025	61,274	$	—	$	1,806,751	$	(571)	$	(1,350,085)	$	456,095


	Three Months Ended December 31, 2024
	Common stock			Additional paid-in capital		Accumulated Other comprehensive income		Accumulated deficit		Total stockholders' equity
(In thousands)	Shares	Amount
Balances as of September 30, 2024	58,877	$	—	$	1,715,119	$	(522)	$	(1,241,908)	$	472,689
Vesting of restricted stock units	536	$	—	$	—	$	—	$	—	$	—
Exercise of stock options	169	—		2,950		—		—		2,950
Repurchases of common stock for income tax withholding	—	—		(6)		—		—		(6)
Stock-based compensation	—	—		12,029		—		—		12,029
Other comprehensive loss	—	—		—		(127)		—		(127)
Net loss	—	—		—		—		(31,594)		(31,594)
Balances as of December 31, 2024	59,582	$	—	$	1,730,092	$	(649)	$	(1,273,502)	$	455,941


(in thousands)	December 31, 2025		September 30, 2025
Cash and cash equivalents	$	148,591	$	183,049
Restricted cash, non-current	2,394		2,376
Total cash, cash equivalents and restricted cash	$	150,985	$	185,425


(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Cash	$	30,994	$	—	$	—	$	30,994
Cash equivalents - money market funds	117,597		—		—		117,597
Total cash and cash equivalents	$	148,591	$	—	$	—	$	148,591
Short-term investments:
U.S. government treasury bills	$	49,271	$	87	$	—	$	49,358
Total short-term investments	$	49,271	$	87	$	—	$	49,358
Total cash, cash equivalents and short-term investments	$	197,862	$	87	$	—	$	197,949


(in thousands)	Level 1		Level 2		Level 3		Fair value
Assets
Money market funds	$	117,597	$	—	$	—	$	117,597
U.S. government treasury bills	49,358		—		—		49,358
Total financial assets	$	166,955	$	—	$	—	$	166,955


(in thousands)	December 31, 2025
Balance at beginning of period	$	82,195
Balance at end of period	$	82,195


(in thousands)	December 31, 2025		September 30, 2025
Contract assets(1)	$	12,299	$	3,857
Contract liabilities(2)	9,017		6,884


	Three months ended December 31,
(in thousands)	2025		2024
Therapeutics	$	37,225	$	26,772
Diagnostics	35,315		35,483
Industry and applied	6,121		5,528
Academic research and government	12,217		12,396
Global supply partners	12,820		8,534
Total	$	103,698	$	88,713


(in thousands)	December 31, 2025		September 30, 2025
Raw materials	$	24,666	$	20,191
Work-in-process	2,320		2,265
Finished goods	5,938		5,853
	$	32,924	$	28,309


(in thousands)	December 31, 2025		September 30, 2025
Laboratory equipment	$	105,492	$	101,583
Furniture, fixtures and other equipment	2,906		2,905
Vehicles	211		211
Computer equipment	3,290		3,176
Computer software	11,009		11,009
Leasehold improvements	64,688		58,277
Construction in progress	17,689		20,116
	$	205,285	$	197,277
Less: Accumulated depreciation and amortization	(100,166)		(94,994)
	$	105,119	$	102,283


	December 31, 2025
(in thousands, except for years)	Weighted average Amortization period in years	Gross carrying amount		Accumulated amortization		Net book value
Developed Technology	17	$	17,900	$	(4,738)	$	13,162

Total finite-lived intangible assets		$	17,900	$	(4,738)	$	13,162


(in thousands)	Operating leases		Sublease income
Years ending September 30:
Remainder of 2026	$	10,078	$	1,438
2027	8,450		1,975
2028	12,572		2,035
2029	10,793		—
2030	11,096		—
2031	11,409		—
Thereafter	90,605		—
Total minimum lease payments	$	155,003	$	5,448
Less: imputed interest	(56,953)
Total operating lease liabilities	$	98,050
Less: current portion	(12,242)
Operating lease liabilities, net of current portion	$	85,808


	Three months ended December 31,
(in thousands except years and percentage)	2025			2024
Operating lease costs	$	3,556		$	3,738
Variable lease costs	$	2,072		$	1,920
Sublease income	$	738		$	—
Weighted-average remaining lease term (in years) - operating leases	14.2 years
Weighted-average discount rate - operating leases	6.9		%


(in thousands, except per share data)	Shares	Weighted average grant date fair value per share
Nonvested shares at September 30, 2025	1,882	$	37.21
Granted	1,381	29.07
Vested/Issued	(208)	38.51
Forfeited	(43)	36.66
Nonvested shares at December 31, 2025	3,012	$	33.40


(in thousands, except per share and contractual term data)	Shares	Weighted average exercise price per share		Weighted average remaining contractual term (years)	Aggregate intrinsic value
Outstanding at September 30, 2025	1,276	$	30.80	3.59	$	6,616
Forfeited	(2)	69.87		—	—
Exercised	(15)	19.48		—	172
Outstanding at December 31, 2025	1,259	$	30.88	3.34	$	10,051
Vested and exercisable at December 31, 2025	1,259	$	30.88	3.34	$	10,051


(in thousands)						Shares available
As of September 30, 2025						716
Additional shares authorized						249
Shares issued during the period						—
As of December 31, 2025						965

Amendment: SEC Form 10-Q/A filed by Twist Bioscience Corporation