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Press Release: Twist Bioscience Reports First -2-

· 02/04/2021 16:05
CONTACT: Angela BittingTwist Bioscience Corporation Condensed Consolidated Statements of Operations (Unaudited) (in thousands, except per share data) Three months ended December 31, --------------------------------------- 2020 2019 ------------- ------------ Revenues $ 28,161 $ 17,164 Operating expenses: Cost of revenues 18,162 13,792 Research and development 14,000 10,297 Selling, general and administrative 28,792 26,405 Litigation settlement - 22,500 ------------- ------------ Total operating expenses 60,954 72,994 ------------- ------------ Loss from operations (32,793) (55,830) Interest income 134 564 Interest expense (118) (248) Other income (expense), net (77) (87) Provision for income taxes (46) (37) ------------- ------------ Net loss attributable to common stockholders $ (32,900) $ (55,638) ============= ============ Net loss per common share, basic and diluted $ (0.72) $ (1.69) ============= ============ Weighted average shares used in computing net loss per share attributable to common stockholders--basic and diluted 46,000 32,976 ============= ============ Twist Bioscience Corporation Condensed Consolidated Balance Sheets (unaudited) (in thousands) December 31, 2020 September 30, 2020 ------------------- -------------------- Assets Cash and cash equivalents $ 348,789 $ 93,667 Short-term investments 238,496 196,335 Accounts receivable, net 25,492 26,376 Inventories 13,409 12,289 Prepaid expenses and other current assets 8,242 6,203 --- -------------- --- --------------- Total current assets 634,428 334,870 Property and equipment, net 27,153 25,466 Operating lease right-of-use assets 32,330 33,699 Other non-current assets 5,659 4,847 --- -------------- --- --------------- Total assets $ 699,570 $ 398,882 --- -------------- --- --------------- Current liabilities Accounts payable $ 8,932 $ 4,830 Accrued liabilities 15,087 18,846 Current portion of long-term debt 3,333 3,333 Current portion of operating lease liabilities 6,444 6,409 Other current liabilities 3,306 2,611 --- -------------- --- --------------- Total current liabilities 37,102 36,029 Operating lease liabilities, net of current portion 23,681 24,837 Long-term debt, net of current portion 625 1,403 Other non-current liabilities 210 351 --- -------------- --- --------------- Total liabilities 61,618 62,620 --- -------------- --- --------------- Total stockholders' equity (deficit) $ 637,952 $ 336,262 --- -------------- --- --------------- Total liabilities and stockholders' equity $ 699,570 $ 398,882 --- -------------- --- ---------------

This press release contains forward-looking statements. All statements other than statements of historical facts contained herein are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements under the heading "Fiscal 2021 Financial Guidance" and contained in the quotations of our Chief Executive Officer and Chief Financial Officer, as well as statements regarding future growth and expansion plans and Twist's other expectations regarding its future financial performance. Such forward-looking statements involve known and unknown risks, uncertainties, and other important factors that may cause Twist's actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the risks and uncertainties of the duration, extent and impact of the COVID-19 pandemic, including any reductions in demand for our 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 significant customers; 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. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Twist's business in general, see Twist's risk factors set forth in Twist's Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on November 27, 2020 and subsequent filings with the SEC. In addition, many of the foregoing risks and uncertainties are, and could be, exacerbated by the COVID-19 pandemic and any worsening of global or regional business and economic environment as a result. We cannot at this time predict the extent of the impact of the COVID-19 pandemic and any resulting business or economic impact, but it could have a material adverse effect on our business, financial condition, results of operations and cash flows. Any forward-looking statements contained in this press release speak only as of the date hereof, and Twist Bioscience specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210204005935/en/

SVP, Corporate Affairs

925- 202-6211

abitting@twistbioscience.com

(END) Dow Jones Newswires

February 04, 2021 16:05 ET (21:05 GMT)