Twist Bioscience : January 2021 Slide Presentation

Writing the Future

EMILY LEPROUST, PH.D., CEO and CO-FOUNDER

J A N U A R Y 2 0 2 1

Legal Disclaimers

This presentation contains forward-looking statements. In particular, statements regarding Twist Bioscience Corporation's ("Twist," "we" or "our") expectations regarding its future financial performance, the impact of the COVID-19 pandemic on Twist's future financial performance, Twist's ability to address the challenges posed by the business and economic impacts of COVID-19 pandemic, diversification and revenue growth across all product categories, introduction of new products, the use of our products by the healthcare sectors for the potential detection and treatment of diseases, expectations regarding partnerships, the impact of Twist's "Factory of the Future" and expectations and objectives of management constitute forward-looking statements. Forward-looking statements can be identified by the fact that they do not relate strictly to historical facts and generally contain words such as "believes," "expects," "may," "will," "should," "seeks," "approximately," "intends," "plans," "estimates," "anticipates," and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters. Although the forward-looking statements contained in this presentation are based upon information available at the time the statements are made and reflect management's good faith beliefs, forward-looking statements inherently involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to differ materially from anticipated future results. Important factors that could cause actual results to differ materially from expectations include, among others: the risks and uncertainties of the duration, extent and impact of the COVID-19 pandemic, including any reductions in demand for Twist's products (or deferred or canceled orders) globally or in certain regions; the ability to attract new customers and retain and grow sales from existing customers; risks and uncertainties of rapidly changing technologies and extensive competition in synthetic biology could make the products Twist is developing obsolete or non-competitive; uncertainties of the retention of a significant customer; supply chain and other disruptions caused by the COVID-19 pandemic or otherwise; risks of third party claims alleging infringement of patents and proprietary rights or seeking to invalidate Twist's patents or proprietary rights; and the risk that Twist's proprietary rights may be insufficient to protect its technologies. You should not place undue reliance on these forward-looking statements, which speak only as of the date hereof. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. Factors that may cause actual results to differ materially from any future results expressed or implied by any forward-looking statements include the risks described in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended September 30, 2020, as well as those set forth from time to time in our other Securities and Exchange Commission ("SEC") filings, available at http://www.sec.gov. We do not undertake to update or revise any forward-looking statements after they are made, whether as a result of new information, future events, or otherwise, except as required by applicable law.

This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Neither we nor any other person makes any representation as to the accuracy or completeness of such data or undertakes any obligation to update such data after the date of this presentation. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk.

2 | T W I S T B I O S C I E N C E

DNA isIs Changing the World

3 | T W I S T B I O S C I E N C E

Synthetic DNA Is the Future of Everything

Chemicals	Food	Therapeutics	Diagnostic	Data Storage
Sustainability	Food Security	Health	Precision Medicine	Preserving Heritage

4 | T W I S T B I O S C I E N C E

Twist DNA Writing on Silicon Platform

Everyone Else

1 Oligo per well

96 Well Plate makes 1 gene

1M Oligos per chip

Up to

10,000x

more scale & throughput

Twist Silicon Platform can make 9,600 genes

State of the art commercial infrastructure

Proprietary software

Robotics

Integrated

ecommerce platform

Manufacturing execution system

5 | T W I S T B I O S C I E N C E

Strong Revenue Growth and Increasing Gross Margin

$90.1

32% GM

$54.4

13%

GM

$25.4

$10.8

$2.3

FY 2016

FY 2017

FY 2018

FY 2019

FY 2020

6 | T W I S T B I O S C I E N C E

We are Building

a Diverse Portfolio of Businesses

Drug

Discovery

Synthetic

Biology

High-value

solutions

Future upside

Data

Storage

Tools

High-growth

Next-Gen revenue today

Sequencing

D N A W R I T I N G

O N S I L I C O N

7 | T W I S T B I O S C I E N C E

Synthetic Bio: Largest Selection of DNA Offered

Genes		Oligo Pools		Variant Libraries		Pharma / Biotech
						Solutions
Clonal		sgRNA		Site saturation		DNA preps
Non-clonal fragments				Combinatorial		lgG
Clonal-ready gene
fragments

8 | T W I S T B I O S C I E N C E

Innovative Buying Experience

9 | T W I S T B I O S C I E N C E

Synthetic Bio: Why We Win

Factory of the Future

More DNA and

Protein Products

Speed

Service

UX

Scale

Price

2017

2018

2019

2020

2021

10 | T W I S T B I O S C I E N C E

We Deliver

• High-qualityDNA
• Competitive turnaround times
• Affordability
• High throughput
• Unique customer experience
• Innovative products and solutions
• • Twist's very high-throughput platform allowed us to quickly and efficiently examine thousands of possible antibodies in order to select the best results faster than ever before. "
    Robert Carnahan, Associate Director, Vanderbilt Vaccine Center

Synthetic Bio: Scratching the Surface

FY20 Proof Points

1,590

Customers

339K

Genes shipped

99%

Orders via ecommerce

Strategy to Capture Large

Market Potential

$1.8B / year

1	Large-scale			3	Convert makers
commercial users		"Make"	to buyers
				Synthesis Supplies
				"Buy"	(Enzymes, Primers,
		~10% of
			Cells, Plates)
		market		Synthetic DNA
		today		$425M	$1.4B
2 Long tail

Source: BCC Research, Markets and Markets Report, Twist company estimates

11 | T W I S T B I O S C I E N C E

Synthetic Bio: Roadmap to Expand Our Leadership

IgG	Clonal Ready	Business to Business
Gene Fragments	Integration

Factory of the Future (2022)

Commercial	Serving long tail	Software to accelerate
ramp in pharma	of the market	order processing

•

•

•

New Portland facility to:

Double capacity Reduce turnaround time Target new segments

12 | T W I S T B I O S C I E N C E

NGS: Broad Offering to Meet Expanding Applications

Today

Human Core Exome

Fixed Panels

Custom Panels

Library Preparation

Reagents and Kits

Synthetic Viral Controls

Targeted Methylation (early access)

Targeted Sequencing

is powering new applications

• Liquid biopsy
• Rare disease
• Oncology
• Population genetics
• Infectious diseases

13 | T W I S T B I O S C I E N C E

NGS: Population Genetics SNP Microarray Conversion

Twist NGS

Target Enrichment

+

Sequencing

• Addresses need to represent diverse populations in genetic analyses
• Global content with multiple races
• Driving new disease insights, identify drug targets and accelerate drug discovery and development
• More cost effective than microarray

14 | T W I S T B I O S C I E N C E

NGS: Why We Win

Low Cost per Sample

Rapid Customization

Fast Throughput*

	High		Significantly		DNA to
	uniformity	8-10
	20 hours	sequencer
	drives lower	faster R&D
	weeks		in 1 day
	costs
	Test
Sequencing
Cost				Hybridization
	50%		~4 weeks
	Build
	Less+
					5 hours
Enrichment
Kit		Design
Others**	TWIST	Others**	TWIST	Others**	TWIST

• Based on customer testimonial and Twist's experience

*Includes pooling, pre-hybridization, hybridization, binding, wash steps, amplification, purification, target environment QC, and NGS prep **Illustrative models based on Twist's knowledge of competing technologies.

15 | T W I S T B I O S C I E N C E

NGS: Investing in Growth

FY20 Proof Points

>1,000

Customers shipped

55

in production

13

OEM partners

3

SNP microarray conversion

Strategy for Expanding Market to >$1B

1 More pilots	Add
3 applications
$0.7B	$0.5B
Targeted	SNP
Sequencing
Drive
2 conversion

16 | T W I S T B I O S C I E N C E

Core Business Growth

Total Customers

(SynBio & NGS)

YoY growth %

69%

Orders

Biopharma
NGS	67%
SynBio (Ginkgo)
$117M
SynBio (Non-Ginkgo)

82%

2200

79%

$70M

151%1305

195%717

117%

$39M

500%

97

286

$18M

$3M

2016

2017

2018

2019

2020

FISCAL YEAR

FY Ends September 30

17 | T W I S T B I O S C I E N C E

2016

2017

2018

2019

2020

FISCAL YEAR

We are Building

a Diverse Portfolio of Businesses

Data Storage

High-value

solutions

Future upside

Drug

Discovery

D N A W R I T I N G

O N S I L I C O N

18 | T W I S T B I O S C I E N C E

Biopharma: Why We Win

Everyone Else

TWIST

Everyone Else

TWIST

Everyone Else

TWIST

1	Library of
libraries
library	fully validated
	targets
Broad "DNA" Buffet	Every Sequence Always			Miniaturization
		Explicitly Synthesized			and Automation
Allowing us more shots on	Never random:	Increasing efficiency and speed of
goal with more diversity	All our DNA is human-derived	key process steps, including library
		and higher quality,			production, screening,
		following human repertoire rules	reformatting, and functional &
					affinity testing

19 | T W I S T B I O S C I E N C E

Biopharma: Advancing Business Models with Partners

			LIBRARY OF	DISCOVERY	OPTIMIZATION	PRECLINICAL	IND
	INDICATION	MODALITY	LIBRARIES	DEVELOPMENT
	Autoimmune and inflammatory disease	Bispecific
	Antibody
	Optimization of cat and dog therapeutics	Antibody
	Antibody discovery for range	Antibody/Peptide
	of applications
	Immuno-oncology	Bispecific
	Antibody
	Cancer therapeutics	Antibody/TCR
Undisclosed	Dermatology	Protein
Engineering
Undisclosed	Industrial enzymes	Enzyme
Undisclosed	Infectious disease	Engineered
Enzyme
Undisclosed	Infectious disease	Antibody
Undisclosed	Neuroscience	VHH, Antibody
Undisclosed	Neuroscience	VHH, ADC
Undisclosed	Neuroscience	Antibody
Undisclosed	Neuroscience	Antibody

20 | T W I S T B I O S C I E N C E

Biopharma: Pipeline of Preclinical-Ready Functional Monoclonal Antibodies

DNA WRITING

ON SILICON

21 | T W I S T B I O S C I E N C E

TARGET	INDICATION
GLP1R	Diabetes &
rare metabolic diseases
PD1	Immuno-oncology
TIGIT	Immuno-oncology
CD3	Immuno-oncology
ADORA2A	Immuno-oncology
CXCR4	Oncology
ACE2	COVID-19
SARS-CoV-2 S1	COVID-19
SARS-CoV-2 N	COVID-19

Leveraging

Twist platform to discover

functional monoclonal

antibodies against high value

targets

Open to engaging in licensing

• partnering discussions for these assets

Biopharma: Immuno-oncology Target ADORA2A

Checkpoint Inhibitor Market

is Growing Rapidly

This market is expected to reach

$40 billion by 2025

Significant Unmet Needs

Remain

Only ~20-30% of eligible cancer patients benefit

from first generation checkpoint inhibitors

Large Opportunity for Novel

Immunotherapies

Twist can rapidly discover and optimize antibody-based immunotherapy leads across oncology indications

Adenosine A2a Receptor

(ADORA2A)

Adenosine pathway is a master

checkpoint in the tumor

microenvironment

Highly expressed in:

Lung

Colorectal

Prostate cancer

A2a antibody antagonist has the potential to have high potency and specificity, improved dosing, and low CNS permeability

22 | T W I S T B I O S C I E N C E

Biopharma: Adenosine Pathway Targets Master Checkpoint in TME

Hyperoxia

					CD39		CD73		A1	TB206-001
				ATP	AMP	Adenosine	A2a	Twist Biopharma
Cellular
	Hypoxia		Hypoxia		A2b
damage						A3
hypoxia

ImmunostimulatoryImmunosuppressive

Tumors can evade immune		Incomplete inhibition of upstream		TB206-001 directly targets the A2a
responses from first generation		enzymes in this pathway would still		receptor, the primary adenosine
checkpoint inhibitors by usurping the		produce adenosine and thus drive		receptor on immune cells, to block
adenosine pathway		immunosuppressive signaling		immunosuppression

23 | T W I S T B I O S C I E N C E

Biopharma: TB206-001 Potent A2a Antibody Antagonist Candidate

TB206-001 is a high		TB206-001 is a
affinity binder to		functional antagonist
hA2a receptor		in vitro
TB206-001 (hIgG)		TB206-001 (hIgG)
Control A2a (mIgG)

	IgG (nM)
	TB206-001	R&D A2a			TB206-001
EC50	5.76	14.35		IC50	3.52

In vitro specificity with

TB206-001 in

cross reactivity study

hA1 receptor

hA2b receptor

hA3 receptor

mA2a receptor

TB206-001 was screened against cells expressing

each of the adenosine receptors.

This lead is specific to A2a and is a human/mouse

cross-reactive antibody.

We are optimizing and developing this preclinical lead candidate (TB206-001)

24 | TWIST BIOSCIENCE

Biopharma: Rapid Discovery of SARS CoV-2 Antibodies

Our Focus

SARS-CoV-2 Virus

Anti-S1 Protein Antibody

Epithelial

Cell

Twist

ACE2

Anti-ACE2 Antibody

Novel Therapeutic

Antibody Leads

IgG (TB181-8, 28, 36)

VHH (TB201-202)

Well-Characterized and Well-Validated

High-affinity and unbiased, with extensive pseudovirus and live virus, preclinical animal data

25 | T W I S T B I O S C I E N C E

Biopharma: VHH Single Domain Leads (TB202-3, 63) and IgG Lead (TB181-36)Show Potent In Vivo Activity in Hamster Model

TB202-3 and TB202-63 Protect Against Weight Loss at the Lowest Dose of 1 mg/kg

TB202-3

c7D11 = Negative control mAb ConvalescentPlasma = Positive control

Day PI
TB202-63	TB181-36

26	| T W I S T B I O S C I E N C E	Day PI	Data generated at USAMRIID	Day PI

Data Storage in DNA

DNA for

Recovered from Lunar Orbiter 1 TapesArchival Storage of

Digital Information

Permanence

Density

Random access

Universal format

27 | T W I S T B I O S C I E N C E

Data Storage: How It Works

1 Coding	2 Synthesis	3 Storage
4 Retrieval	5 Sequencing	6 Decoding

28 | T W I S T B I O S C I E N C E

Data Storage: $35B Large Market Opportunity*

Production

Replication

Long-termArchive

*Includes including solid-state disk, magnetic disk, magnetic tape and optical disc storage **Horizon Information Strategies Report

HOT STORAGE

WARM

STORAGE

COLD STORAGE

60%

of Storage Market**

29 | T W I S T B I O S C I E N C E

Data Storage: Clear Development Path

OLIGO
SYNTHESIS
TECHNOLOGY
50μm:	CHIP	CHIP	TEST &
$1000/Mb	DESIGN	FABRICATION	DEBUG

					Proven Approach
		10μm pitch	>$1000/Mb		Standard CMOS
					Integrated Circuit
		1μm pitch		2021	design and fabrication
		$1000/Gb

150nm pitch

2022

$100/Tb

PROTOTYPE

COMMERCIAL

PRODUCTION

30 | T W I S T B I O S C I E N C E

DNA Data Storage Alliance

Industry Leaders Joining Forces to

Advance DNA Data Storage

Twist Bioscience	Illumina
Microsoft	Western Digital

DNA Script	EPFL
Catalog DNA	Claude Nobs Foundation
IMEC	University of Washington
Molecular Assemblies	ETH Zurich
Ansa Biotechnologies	Iridia

31 | T W I S T B I O S C I E N C E

Generate industry roadmap

Develop use cases

Educate for broader

awareness and adoption

by 2024

30%

of digital business will mandate DNA storage trials

− GARTNER, OCT. 2020

Large and Expanding Addressable Market

$3.0B

TAM

$1.4B

$0.4B

$0.7B $0.5B

			Drug
			Discovery
	SynBio	SynBio	$Bs
SynBio	"Makers"	Market Growth
"Buyers"		26%
Targeted		NGS
Sequencing
SNP	Market Growth
	20%	Data
			Storage

$Bs

Source: BCC Research, Kalorama, Markets & Markets Research, Twist's internal estimates

32 | T W I S T B I O S C I E N C E

Quarterly Revenue Growth

35

30

25

20

15

10

5

0

$1.7

Revenue ($M)

Biopharma

$32.4

NGS

SynBio (Ginkgo)

SynBio (Non-Ginkgo)

						$21.2
						$19.3
					$15.7	$17.2
				$13.6	$13.6
				$11.5
				$8.4
			$6.2	$6.5
$2.4	$3.2	$3.5	$4.3

Dec '16

Mar '17 Jun '17 Sep '17 Dec '17 Mar '18 Jun '18 Sep '18 Dec '18 Mar'19 Jun '19 Sep '19 Dec '19 Mar '20 Jun '20 Sep '20

FY Ends September 30

33 | T W I S T B I O S C I E N C E

Making our Vision a Reality Near Term Objectives

Synbio

• Focus on continued growth and diversification of revenue stream
• Ramping pharma-focused products, including DNA preps and IgG
• Launch of clonal ready gene fragments
• B2B solutions to allow capture of specific multi-site institutions
• Significant investment in "Factory of the Future"
• Expand OEM Strategy

NGS

• Continued revenue growth and customer ramping production
• Full launch of methylation solution
• Technical addition of UMIs
• Continued conversion of SNP Microarrays to NGS + sequencing, particularly in AgBio
• Expand OEM Strategy

Biopharma

• Additional partnerships to expand technology base and generate revenue
• Additional internal pipeline of antibodies, pursuing out licensing opportunities over the next 18 months

Data Storage

• Drive technology forward, demonstration of 300 nanometer silicon synthesis on 1-micron pitch
• Execute on IARPA contract

Expand and Accelerate Internal Efforts and Inorganic Investment to Help Ensure Long-term Leadership

34 | T W I S T B I O S C I E N C E

Writing the Future

Platform for writing DNA on silicon

Large, growing markets

Differentiated value proposition

Portfolio of high growth businesses Validated business models

High revenue growth

Track record of execution and innovation

35 | T W I S T B I O S C I E N C E

Writing the Future

EMILY LEPROUST, PH.D., CEO and CO-FOUNDER

J A N U A R Y 2 0 2 1