October 3, 2018
Twist Bioscience Files for $86.3M IPO
Today, Twist Bioscience filed an S-1 with the U.S. Securities and Exchange Commission (SEC), announcing its intent to undergo an initial public offering. The filing shows that Twist intends to raise $86.3 million in funds, though it does not include the proposed price per share or number of shares that will be offered. The proceeds of the offering will be used to improve their platform and core technologies, expand sales capabilities around the world, develop manufacturing operations in China, and fuel their push into biologics drug discovery and DNA data storage.
This filing is the first look the public has gotten into some of the numbers behind Twist’s business. In the first three quarters of 2018, Twist recorded $17.0 million in revenue and a net loss of $51.4 million. The $17.0 million in revenue represented a 133% increase over the same time period in 2017, where revenue was $7.3 million. Of the revenue generated in 2018, their agreement with Ginkgo Bioworks – announced at SynBioBeta 2017 – made up $5.5 million, or 32% of their revenue.
Ultimately, Twist has served 539 different customers in 2018. 50% of these customers were industrial chemicals companies, 47% were academic research institutions, and the remaining 3% were agricultural and healthcare companies. In all of 2017, Twist served 286 customers, showing that there is broad demand for easy and inexpensive gene synthesis. The new funds will allow Twist to build on their current capabilities and support the quickly-growing synthetic biology industry with the building blocks that are used to construct innovative new forms of life.