0001104659-22-017090 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Dec. 31, 2021	Feb. 07, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	001-38720
Entity Registrant Name	Twist Bioscience Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-2058888
Entity Address, Address Line One	681 Gateway Blvd
Entity Address, State or Province	CA
Entity Address, City or Town	South San Francisco
Entity Address, Postal Zip Code	94080
City Area Code	800
Local Phone Number	719-0671
Title of 12(b) Security	Common Stock
Trading Symbol	TWST
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		50,885,068
Amendment Flag	false
Entity Central Index Key	0001581280
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Current assets:
Cash and cash equivalents	$ 191,624	$ 465,829
Short-term investments	110,235	12,034
Accounts receivable, net	32,872	28,549
Inventories	40,239	31,800
Prepaid expenses and other current assets	10,037	8,283
Total current assets	385,007	546,495
Long term investment	106,843
Property and equipment, net	65,135	44,122
Operating lease right-of-use assets	72,020	61,580
Goodwill	84,244	22,434
Intangible assets, net	63,921	18,262
Restricted cash, non-current	1,572	1,530
Other non-current assets	7,425	7,674
Total assets	786,167	702,097
Current liabilities:
Accounts payable	23,073	14,900
Accrued expenses	11,686	6,437
Accrued compensation	18,735	22,327
Current portion of operating lease liability	12,684	8,213
Current portion of long-term debt		1,552
Other current liabilities	13,856	9,623
Total current liabilities	80,034	63,052
Operating lease liability, net of current portion	60,285	53,156
Other non-current liabilities	19,670	5,068
Total liabilities	159,989	121,276
Commitments and contingencies
Stockholders' equity
Common stock, $0.00001 par value-100,000 and 100,000 shares authorized at December 31, 2021 and September 30, 2021, respectively; 50,735 and 49,499 shares issued and outstanding at December 31, 2021 and September 30, 2021, respectively
Additional paid-in capital	1,281,931	1,190,828
Accumulated other comprehensive income	363	546
Accumulated deficit	(656,116)	(610,553)
Total stockholders' equity	626,178	580,821
Total liabilities and stockholders' equity	$ 786,167	$ 702,097

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2021	Sep. 30, 2021
Consolidated Balance Sheets
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, share authorized	100,000	100,000
Common stock, share issued	50,735	49,499
Common stock, share outstanding	50,735	49,499

Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statements of Operations and Comprehensive Loss
Revenues	$ 42,018	$ 28,161
Operating expenses:
Cost of revenues	27,056	18,162
Research and development	22,630	14,000
Selling, general and administrative	51,098	28,792
Change in fair value of contingent consideration and indemnity holdback	(2,826)	0
Total operating expenses	97,958	60,954
Loss from operations	(55,940)	(32,793)
Interest income	154	134
Interest expense	(26)	(118)
Other income (expense), net	(156)	(77)
Loss before income taxes	(55,968)	(32,854)
Benefit from (provision for) income taxes	10,405	(46)
Net loss attributable to common stockholders	(45,563)	(32,900)
Other comprehensive loss:
Change in unrealized gain (loss) on investments	277	(8)
Foreign currency translation adjustment	(94)	63
Comprehensive loss	$ (45,380)	$ (32,845)
Net loss per share attributable to common stockholders-basic and diluted	$ (0.91)	$ (0.72)
Weighted average shares used in computing net loss per share attributable to common stockholders-basic and diluted	49,912	46,000

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated deficit [Member]	Total
Beginning Balance at Sep. 30, 2020		$ 794,630	$ 87	$ (458,455)	$ 336,262
Beginning Balance, shares at Sep. 30, 2020	45,083
Issuance of common stock in public offering, net of underwriting discounts and commissions and offering expenses		323,851			323,851
Issuance of common stock in public offering, net of underwriting discounts and commissions and offering expenses, shares	3,136
Vesting of restricted stock units	54
Exercise of stock options		6,072			6,072
Exercise of stock options, shares	345
Net exercise of stock warrants	22
Repurchases of common stock for income tax withholding		(2,410)			(2,410)
Repurchases of common stock for income tax withholding , shares	(24)
Stock-based compensation		7,022			7,022
Other comprehensive income			55		55
Net loss				(32,900)	(32,900)
Ending Balance at Dec. 31, 2020		1,129,165	142	(491,355)	637,952
Ending Balance, shares at Dec. 31, 2020	48,616
Beginning Balance at Sep. 30, 2021		1,190,828	546	(610,553)	580,821
Beginning Balance, shares at Sep. 30, 2021	49,499
Business acquisition		72,514			72,514
Business acquisition, shares	928
Vesting of restricted stock units	62
Exercise of stock options		3,039			3,039
Exercise of stock options, shares	270
Repurchases of common stock for income tax withholding		(2,558)			(2,558)
Repurchases of common stock for income tax withholding , shares	(24)
Stock-based compensation		18,108			18,108
Other comprehensive income			(183)		(183)
Net loss				(45,563)	(45,563)
Ending Balance at Dec. 31, 2021		$ 1,281,931	$ 363	$ (656,116)	$ 626,178
Ending Balance, shares at Dec. 31, 2021	50,735

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Parenthetical) $ in Thousands	3 Months Ended
	Dec. 31, 2020 USD ($)
Common Stock [Member]
Net of underwriting discounts, commissions and offering expenses	$ 21,149

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net loss	$ (45,563)	$ (32,900)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	3,150	2,111
Deferred tax liability	(10,545)
Loss on disposal of property and equipment		2
Non-cash lease expense	1,174	248
Stock-based compensation	18,108	7,022
Discount accretion on investment securities	318	122
Change in fair value of contingent consideration and indemnity holdback	(2,826)	0
Non-cash interest expense	3	25
Amortization of debt discount	4	30
Unrealized currency translation (gain/loss)	70
Changes in assets and liabilities:
Accounts receivable, net	(2,032)	884
Inventories	(8,436)	(1,122)
Prepaid expenses and other current assets	(91)	(2,043)
Other non-current assets	3,231	59
Accounts payable	(5)	3,459
Accrued expenses	445	(149)
Accrued compensation	(3,624)	(3,357)
Other liabilities	(34)	677
Net cash used in operating activities	(46,653)	(24,932)
Cash flows from investing activities
Purchases of property and equipment	(12,783)	(3,629)
Business acquisition, net of cash acquired	(8,160)
Purchases of investments	(217,639)	(74,292)
Proceeds from maturity of investments	12,000	32,000
Net cash used in investing activities	(226,582)	(45,921)
Cash flows from financing activities
Proceeds from exercise of stock options	3,105	6,084
Proceeds from public offerings, net of underwriting discounts, commissions and offering expenses		324,080
Proceeds from (repayments of) long-term debt	(1,558)	(833)
Repurchases of common stock for income tax withholding	(2,558)	(2,410)
Net cash used in financing activities	(1,011)	326,921
Effect of exchange rates on cash, cash equivalents and restricted cash	83	5
Net increase (decrease) in cash, cash equivalents, and restricted cash	(274,163)	256,073
Cash, cash equivalents, and restricted cash at beginning of period	467,359	94,246
Cash, cash equivalents, and restricted cash at end of period	193,196	350,319
Supplemental disclosure of cash flow information
Interest paid	9	61
Income taxes paid, net of refunds	91	81
Non-cash investing and financing activities
Property and equipment additions included in accounts payable and accrued expenses	11,479	1,515
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	10,423
Deferred offering costs included in accounts payable and accrued expenses		229
Issuance of common stock in connection with the business acquisition	$ 72,514	$ 0

The company

3 Months Ended

Dec. 31, 2021

The company

The company

1. The Company

Twist Bioscience Corporation (the Company) was incorporated in the state of Delaware on February 4, 2013. The Company is a synthetic biology company that has developed a disruptive DNA synthesis platform. DNA is used in many applications across different industries: industrial chemicals/materials, academic, healthcare and food/agriculture. The Company’s fiscal year ends on September 30.

The Company has generated net losses in all periods since its inception. As of December 31, 2021, the Company had an accumulated deficit of $656.1 million and has not generated positive cash flows from operations since inception. Losses are expected to continue as the Company continues to invest in product development, manufacturing, and sales and marketing.

Since its inception, the Company has received an aggregate of $1,063.9 million in net proceeds from the issuance of equity securities and an aggregate of $13.8 million from debt. Management believes that these proceeds combined with existing cash balances on hand will be sufficient to fund operations for at least one year from the issuance of these consolidated financial statements. However, if the Company needs to obtain additional financing to fund operations beyond this period, there can be no assurance that it will be successful in raising additional financing on terms which are acceptable to the Company.

If the Company requires but is unable to obtain additional funding, the Company could be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations.

During the three months ended December 31, 2021, financial results of the Company were not significantly affected by the COVID-19 pandemic, which continues to have global impact. The Company has considered all information available as of the date of issuance of these financial statements and the Company is not aware of any specific events or circumstances that would require an update to its estimates or judgments, or a revision to the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information becomes available. The extent to which the COVID-19 outbreak affects the Company’s future financial results and operations will depend on future developments which continue to evolve and are difficult to predict, including new information concerning mutations in the SARS-CoV-2 virus, which may make it more contagious, and current or future domestic and international actions to contain it and treat it.

Summary of significant accounting policies

3 Months Ended

Dec. 31, 2021

Summary of significant accounting policies

Summary of significant accounting policies

2. Summary of significant accounting policies

Basis of presentation and use of estimates

The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information. Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in the Annual Report on Form 10-K for the fiscal year ended September 30, 2021 (the Annual Report on Form 10-K) filed with the Securities and Exchange Commission on November 23, 2021. The condensed consolidated financial statements are unaudited and have been prepared on a basis consistent with that used to prepare the audited annual consolidated financial statements and include, in the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair statement of the condensed consolidated financial statements. The condensed consolidated balance sheet at September 30, 2021 is derived from audited consolidated financial statements but does not include all disclosures required by GAAP. The operating results for the three months ended December 31, 2021 are not necessarily indicative of the results expected for the full year ending September 30, 2022 or any interim period.

The presentation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company’s unaudited condensed consolidated financial statements include its wholly owned subsidiaries. The Company consolidates Revelar Biotherapeutics, Inc. (“Revelar”) as a variable interest entity (“VIE”) for which it is the primary beneficiary (see Note 15 “Investment in consolidated variable interest entity” for further information). All intercompany balances and accounts are eliminated in consolidation.

The following table provides a reconciliation of the Company’s cash and cash equivalents and non-current portion of restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total cash, cash equivalents and restricted cash shown in the Company’s condensed consolidated statements of cash flows:


	December 31,		September 30,
(in thousands)	2021		2021
Cash and cash equivalents	$	191,624	$	465,829
Restricted cash, non-current		1,572		1,530
Total cash, cash equivalents and restricted cash	$	193,196	$	467,359

Significant accounting policies

There have been no material changes in the accounting policies from those disclosed in the audited consolidated financial statements and the related notes included in the Annual Report on Form 10-K other than the following variable interest entities policy.

Variable interest entities

The Company consolidates a VIE in which the Company is deemed to be the primary beneficiary. An entity is generally a VIE if it meets any of the following criteria: (i) the entity has insufficient equity to finance its activities without additional subordinated financial support from other parties, (ii) the equity investors cannot make significant decisions about the entity’s operations or (iii) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity or receive the expected returns of the entity and substantially all of the entity’s activities involve or are conducted on behalf of the investor with disproportionately few voting rights. The Company periodically makes judgments in determining whether its investees are VIEs and, for each reporting period, the Company assesses whether it is the primary beneficiary of its VIE. As of December 31, 2021, the Company was deemed the primary beneficiary of Revelar . See Note 15 “Investment in consolidated variable interest entity”.

Recent accounting pronouncements

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). The Company considered the applicability and impact of all recent ASUs. ASUs not listed below were assessed and determined to be not applicable to the Company’s consolidated financial position and results of operations.

Recent accounting pronouncements adopted

In December 2019, the FASB issued ASU 2019 12, Simplifying the Accounting for Income Taxes. The ASU simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740, Income Taxes, related to the approach for allocating income tax expense or benefit for the year to continuing operations, discontinued operations, other comprehensive income, and other charges or credits recorded directly to shareholders’ equity; the methodology for calculating income taxes in an interim period; and the recognition of deferred tax liabilities for outside basis differences. The Company adopted this standard effective October 1, 2021. The adoption of ASU 2019 12 did not have an impact on the Company’s consolidated financial statements for either period presented.

Recently issued accounting pronouncement not yet adopted

In November 2021, the FASB issued ASU 2021 10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. The amendments in this update require the following annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model. The amendments in this update are effective for all entities within their scope for financial statements issued for annual periods beginning after December 15, 2021. Early application is permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements.

In October 2021 the FASB issued ASU 2021 08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this update require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts as if it had originated the contracts. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements.

In June 2016, the FASB issued ASU 2016 13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new standard requires entities to use the new “expected credit loss” impairment model for most financial assets measured at amortized cost, including trade and other receivables and held-to-maturity debt securities, and modifies the impairment model for available-for-sale debt securities. The standard is effective for the Company for the fiscal year ending September 30, 2024, including interim periods within that fiscal year. Early application is permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements.

Fair value measurement

3 Months Ended

Dec. 31, 2021

Fair value measurement

Fair value measurement

3. Fair value measurement

The Company assesses the fair value of financial instruments based on the provisions of ASC 820, Fair Value Measurements. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1—Quoted prices in active markets for identical assets or liabilities.

Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Company short-term and long-term investments primarily utilize broker quotes in a non-active market for valuation of its investments.

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value.

As of December 31, 2021, financial assets and liabilities measured and recognized at fair value are as follows:


(in thousands)	Level 1		Level 2		Level 3		Fair value
Assets
Money market funds	$	143,015	$	—	$	—	$	143,015
Corporate bonds		—		43,218		—		43,218
Commercial paper		—		60,406		—		60,406
U.S. government treasury bills		113,454		—		—		113,454
Total financial assets	$	256,469	$	103,624	$	—	$	360,093

Liabilities
Contingent consideration and indemnity holdback	$	—	$	20,568	$	7,800	$	28,368
Total financial liabilities	$	—	$	20,568	$	7,800	$	28,368

As of September 30, 2021, financial assets and liabilities measured and recognized at fair value are as follows:


(in thousands)	Level 1		Level 2		Level 3		Fair value
Assets
Money market funds	$	430,438	$	—	$	—	$	430,438
U.S. government treasury bills		12,034		—		—		12,034
Total financial assets	$	442,472	$	—	$	—	$	442,472

Liabilities
Contingent consideration and indemnity holdback	$	—	$	9,856	$	—	$	9,856
Total financial liabilities	$	—	$	9,856	$	—	$	9,856

As of December 31, 2021 and September 30, 2021, gross unrealized gains and unrealized losses for cash equivalents and investments were not material.

Following table provided a reconciliation of beginning and ending balances of the Level 3 financial liabilities during the three months ended December 31, 2021:


(in thousands)	Total
Balance as of September 30, 2021	$	—
Contingent consideration – additions		8,500
Change in fair value		(700)
Balance as of December 31, 2021	$	7,800

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Balance sheet components

3 Months Ended

Dec. 31, 2021

Balance sheet components

Balance sheet components

4. Balance sheet components

The Company’s accounts receivable, net balance consists of the following:


	December 31,		September 30,
(in thousands)	2021		2021
Trade Receivables	$	27,375	$	26,549
Other Receivables		5,834		2,337
Allowance for Doubtful Accounts		(337)		(337)
Accounts Receivable, net	$	32,872	$	28,549

Inventories consist of the following:



	December 31,		September 30,
(in thousands)	2021		2021
Raw Materials	$	30,336	$	18,778
Work-in-process		3,143		4,837
Finished Goods		6,760		8,185
	$	40,239	$	31,800

The work-in-process inventory included gross consigned inventory of $1.4 million and $1.9 million as of December 31, 2021 and September 30, 2021, respectively.

Other non-current assets

The other non-current assets consist of the following:


	December 31,		September 30,
(in thousands)	2021		2021
Convertible note receivable	$	3,051	$	3,021
Other non-current assets		4,374		4,653
	$	7,425	$	7,674

On September 10, 2021, the Company entered into a convertible promissory note agreement with a privately held company (“Borrower”) pursuant to which the Company agreed to loan to the Borrower up to an aggregate of $3.0 million in a series of loan installments, evidenced by a convertible promissory note having a maturity date of May 1, 2023 (“Convertible Note”). The Convertible Note accrues interest at a rate of 4% per annum. Outstanding principal and any unpaid accrued interest will be converted into preferred shares of the Borrower if before the repayment of the Note, the Borrower has an equity financing round.

Accrued expenses

The accrued expenses consist of the following:


	December 31,		September 30,
(in thousands)	2021		2021
Professional services fees payable	$	8,796	$	5,057
Other accrued expenses		2,890		1,380
	$	11,686	$	6,437

Accrued compensation

The accrued compensation consists of the following:


	December 31,		September 30,
(in thousands)	2021		2021
Accrued vacation	$	5,227	$	4,643
Accrued bonus		2,858		8,584
Accrued commissions		2,520		3,330
Accrued payroll and related taxes		5,603		4,676
Other accrued compensation		2,527		1,094
	$	18,735	$	22,327

Other current liabilities

The other current liabilities consist of the following:


	December 31,		September 30,
(in thousands)	2021		2021
Contingent consideration and indemnity holdback	$	9,082	$	5,186
Income and sales taxes payable		3,165		2,440
Other current liabilities		1,609		1,997
	$	13,856	$	9,623

Other non current liabilities

The other non current liabilities consist of the following:


	December 31,		September 30,
(in thousands)	2021		2021
Contingent consideration and indemnity holdback	$	19,286	$	4,671
Other non current liabilities		384		397
	$	19,670	$	5,068

Goodwill and intangible assets

3 Months Ended

Dec. 31, 2021

Goodwill and intangible assets

Goodwill and intangible assets

5. Goodwill and intangible assets

During the three months ended December 31, 2021, the goodwill balance and intangible assets were increased by $61.8 million and $46.5 million, respectively, as a result of a business acquisition. See Note 14, “Business acquisition”. Total amortization expense related to intangible assets was $0.8 million for the three months ended December 31, 2021 and less than $0.1 million for the three months ended December 31, 2020.

The intangible assets balances are presented below:


	December 31, 2021
	Weighted average	Gross
	Amortization period	carrying		Accumulated		Net book
(in thousands, except for years)	in years	amount		amortization		value
Developed Technology	15	$	50,020	$	(1,880)	$	48,140
Customer Relationships	10		15,210		(304)		14,906
Tradenames & Trademarks	3		900		(25)		875
Total indefinite-lived intangible assets		$	66,130	$	(2,209)	$	63,921


	September 30, 2021
	Weighted average	Gross
	Amortization period	carrying		Accumulated		Net book
(in thousands, except for years)	in years	amount		amortization		value
Developed Technology	16	$	19,120	$	(1,361)	$	17,759
Customer Relationships	1.5		510		(7)		503
Total indefinite-lived intangible assets		$	19,630	$	(1,368)	$	18,262

Commitments and contingencies

3 Months Ended

Dec. 31, 2021

Commitments and contingencies

Commitments and contingencies

6. Commitments and contingencies

The Company may be subject to litigation, claims and disputes in the ordinary course of business. There is an inherent risk in any litigation or dispute and no assurance can be given as to the outcome of any claims.

Indemnifications

In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend the indemnified parties for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third-party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. To date, the Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company has also entered into indemnification agreements with its directors and officers that may require it to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by corporate law. The Company also has directors’ and officers’ insurance.

Leases

The Company leases certain of its facilities under non-cancellable operating leases expiring at various dates through 2044. The Company is also responsible for utilities, maintenance, insurance, and property taxes under these leases.

Certain leases include options to renew or terminate at the Company’s discretion. The lease terms include periods covered by these options if it is reasonably certain the Company will renew or not terminate. The Company’s lease agreements do not contain any material residual value guarantees or restrictive covenants.

Supplemental balance sheet information related to the Company’s operating lease as of December 31, 2021 was the following:


	December 31,
(in thousands)	2021
Assets:
Operating lease right-of-use asset	$	72,020
Current liabilities:
Current portion of operating lease liabilities	$	12,684
Noncurrent liabilities:
Operating lease liabilities, net of current portion	$	60,285

Future minimum lease payments under all non-cancelable operating leases that have commenced as of December 31, 2021 are as follows:


	Operating
(in thousands)	leases
Years ending September 30:
Remainder of 2022	$	9,474
2023		13,203
2024		12,275
2025		12,487
2026		11,012
Thereafter		88,764
Total minimum lease payments	$	147,215
Less: imputed interest		(56,618)
Less: tenant improvement allowance (receipt anticipated in 2022)		(17,628)
Total operating lease liabilities	$	72,969
Less: current portion		(12,684)
Operating lease liabilities, net of current portion	$	60,285

For the remainder of 2022, future minimum lease payments are comprised of the anticipated receipt of tenant improvement allowances totaling $17.6 million anticipated to be received in 2022, partially offset by non-cancelable operating lease payments of $9.5 million. The statement of cash flows for the three months ended December 30, 2021, include changes in right-of-use assets and operating lease liabilities of $10.4 million and $11.6 million, respectively. For the three months ended December 30, 2020, changes in right-of-use assets and operating lease liabilities were $1.4 million and $1.1 million, respectively.

Operating lease expense was $3.5 million and $1.9 million for the three months ended December 31, 2021 and 2020, respectively. Cash payments for amounts included in the measurement of operating lease liabilities were $2.9 million and $1.7 million for the three months ended December 31, 2021 and 2020, respectively. As of December 31, 2021, the weighted-average remaining lease term was 15.97 years and the weighted-average discount rate was 6.39%.

On July 28, 2021, the Company entered into a 7-year operating lease for approximately 21,000 square-feet of office space located in South San Francisco, California, to further expand the Company operations. Upon execution of the lease agreement, the Company provided the landlord an approximate $0.2 million security deposit. The Company will pay an initial annual base rent of approximately $1.7 million, which is subject to scheduled 3% annual increases, plus certain operating expenses. The Company has the right to sublease the facility, subject to landlord consent. The lease commenced on October 1, 2021. As of lease commencement date, the total future minimum lease payments under the agreement were $13.1 million.

Related party transactions

3 Months Ended

Dec. 31, 2021

Related party transactions

Related party transactions

7. Related party transactions

During the three months ended December 31, 2021 and 2020, the Company purchased raw materials from a related party investor in the amount of $1.7 million and $1.1 million, respectively. Payable balances and receivable balances with the related party were immaterial as of December 31, 2021 and September 30, 2021.

Income taxes

3 Months Ended

Dec. 31, 2021

Income taxes

Income taxes

8. Income taxes

In determining quarterly provisions for income taxes, the Company uses the annual estimated effective tax rate applied to the actual year-to-date profit or loss, adjusted for discrete items arising in that quarter. The Company’s annual estimated effective tax rate differs from the U.S. federal statutory rate primarily as a result of state taxes, foreign taxes, and changes in the Company’s valuation allowance against its deferred tax assets. For the three months ended December 31, 2021 the Company recorded $10.5 million income tax benefit due to the deferred tax liability assumed as part of the business acquisition (see Note 14, “Business acquisition”). For the three months ended December 31, 2020, the Company recorded an immaterial provision for income taxes.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Warrants

3 Months Ended

Dec. 31, 2021

Warrants

Warrants

9. Warrants

In connection with its long-term debt agreements, the Company issued 18,854 and 7,531 warrants for its common stock on December 22, 2015 and March 28, 2016, respectively. As of September 30, 2020, there were 26,385 warrants outstanding. In October 2020, a total of 18,854 warrants with an exercise price of $14.85 per common share were exercised for a net 16,051 common shares issued by the Company. In November 2020, a total of 7,531 warrants with an exercise price of $21.24 per common share were exercised for a net 6,041 common shares issued by the Company. There are no outstanding warrants for the Company’s common stock as of December 31, 2021.

Common stock

3 Months Ended

Dec. 31, 2021

Common stock

Common stock

10. Common stock

In December 2020, the Company completed an underwriting public offering of 3,136,362 shares of its common stock at a price to the public of $110.00 per share, including the full exercise of underwriters’ option to purchase an additional 409,090 shares of common stock. The Company received total net proceeds from the offering of $323.9 million, net of estimated underwriting discounts and commissions and offering expenses.

Stock-based compensation

3 Months Ended

Dec. 31, 2021

Stock-based compensation

Stock-based compensation

11. Stock-based compensation

2018 Equity Incentive Plan

On September 1, 2020, the board of directors approved the implementation of a revised annual equity award program for executive officers and senior level employees to be granted as performance-based stock options (PSOs) under the 2018 Plan. The number of PSOs ultimately earned under these awards is calculated based on the achievement of certain total revenue threshold during the fiscal year ending September 30, 2022. The percentage of performance stock options that vest will depend on the board of directors’ determination of total revenue at the end of the performance period and can range from 0% to 150% of the number of options granted. The provisions of the PSO are considered a performance condition, and the effects of that performance condition are not reflected in the grant date fair value of the awards. The Company used the Black-Scholes method to calculate the fair value at the grant date without regard to the vesting condition and will recognize compensation cost for the options that are expected to vest. As of December 31, 2021, the Company determined that 256,665 shares are expected to vest based on the probability of the performance condition that will be achieved under this equity award program. The Company reassesses the probability of the performance condition at each reporting period and adjusts the compensation cost based on the probability assessment. The weighted-average grant date fair value was determined to be $45.18 per share. As of December 31, 2021, the unrecognized compensation costs related to these awards was $4.2 million. The Company expects to recognize those costs over a weighted average period of 0.8 years.

Any shares subject to outstanding awards under the 2013 Plan that are canceled or repurchased subsequent to the 2018 Plan’s effective date are returned to the pool of shares reserved for issuance under the 2018 Plan. Awards granted under the 2018 Plan may be non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, and performance units.

Activity under the equity incentive plans during the three months ended December 31, 2021 is summarized below:


					Weighted
			Weighted		average
			average		remaining
			exercise		contractual	Aggregate
	Shares	Options	price		term	intrinsic
(In thousands, except per share data)	available	outstanding	per share		(years)	value
Outstanding at September 30, 2021	1,728	3,132	$	27.15	7.3	$	251,343
Additional shares authorized	1,000
Stock options granted	(168)	168		15.95	—		—
Stock options exercised	—	(293)		10.62	—		—
Stock options forfeited	67	(67)		28.65	—		—
Restricted stock units granted	(995)	—		—	—		—
Forfeiture of restricted stock units	35	—		—	—		—
Shares withheld for payment of taxes	24	—		—	—		—
Outstanding at December 31, 2021	1,691	2,940	$	27.78	7.2	$	148,550
Vested or expected to vest at December 31, 2021	—	2,940	$	27.78	7.2	$	148,550
Vested and exercisable at December 31, 2021	—	1,636	$	19.04	6.6	$	95,627

Total stock-based compensation expense recognized was as follows:


	Three months ended
	December 31,
(in thousands)	2021		2020
Cost of revenues	$	878	$	487
Research and development		4,027		2,001
Selling, general and administrative		13,163		4,534
Total stock-based compensation	$	18,068	$	7,022

As of December 31, 2021, there was $25.3 million of total unrecognized compensation cost related to non-vested stock options under the equity incentive plans that is expected to be recognized over a weighted average period of 1.5 years. The weighted-average grant date fair value of stock options granted during the three months ended December 31, 2021 was $83.07 per share.

Restricted Stock Units

Restricted stock primarily consists of restricted stock unit awards (RSUs) which have been granted to employees. The value of an RSU award is based on the Company’s stock price on the date of grant. The shares underlying the RSU awards are not issued until the RSUs vest. Upon vesting, each RSU converts into one share of the Company’s common stock.

Activity with respect to the Company’s restricted stock units during the three months ended December 31, 2021 was as follows:


		Weighted		Weighted
		average		average
	Number	grant date		remaining	Aggregate
	of	fair value		contractual	Intrinsic
(in thousands, except per share data)	Shares	per share		term (years)	Value
Outstanding at September 30, 2021	707	$	73.86	2.7	$	75,629
Restricted stock units granted	995		82.50	—		—
Restricted stock units vested	(62)		64.90	—		—
Restricted stock units forfeited	(35)		60.95	—		—
Outstanding at December 31, 2021	1,605	$	79.85	3.05	$	124,238
Expected to vest at December 31, 2021	1,605	$	79.85	3.05	$	124,238

As of December 31, 2021, there was $119 million of total unrecognized compensation cost related to these issuances that is expected to be recognized over a weighted average period of 3 years.

2018 Employee Stock Purchase Plan

On September 26, 2018, the board of directors adopted the 2018 Employee Stock Purchase Plan (the 2018 ESPP). The number of shares reserved for issuance under the 2018 ESPP upon approval was 275,225 shares of the Company’s common stock, and it increases automatically on the first day of each fiscal year, following the fiscal year in which the 2018 ESPP becomes effective, by a number equal to the least of 249,470 shares, 1% of the shares of common stock outstanding at that time, or such number of shares determined by the Company’s board of directors. The number of shares reserved for issuance as at December 31, 2021 is as follows:


		Shares
(In thousands)		available
Outstanding at September 30, 2021		355
Additional shares authorized		250
Shares issued during the period		—
Outstanding at December 31, 2021		605

Subject to any plan limitations, the 2018 ESPP allows eligible service providers (through qualified and non-qualified offerings) to contribute, normally through payroll deductions, up to 15% of their earnings for the purchase of the Company’s common stock at a discounted price per share. The offering periods begin in February and August of each year, except for the initial offering period which commenced with the initial public offering in October 2018 and ended on August 20, 2019. The common shares issuable under the 2018 ESPP were registered pursuant to a registration statement on Form S-8 on November 26, 2018.

Unless otherwise determined by the board of directors, the Company’s common stock will be purchased for the accounts of employees participating in the 2018 ESPP at a price per share that is the lesser of 85% of the fair market value of the Company’s common stock on the first trading day of the offering period. During the three months ended December 31, 2021 and 2020, activity under the 2018 ESPP was immaterial.

Abveris Acquisition

As discussed further in Note 14 “Business acquisition”, on December 1, 2021, the Company completed the acquisition of Abveris and granted certain equity awards to new employees. These equity awards include up to 185,342 restricted shares of the Company’s common stock subject and up to 47,946 options which are issuable based on achievement of the 2022 calendar revenue target, which have an aggregate grant date fair value of $20.1 million. In addition, all employees must remain employed through the payout date,

and certain employees have an additional vesting period of up to two years from the acquisition date. The vesting upon achievement of the 2022 calendar revenue target is considered a performance condition, and the effects of that performance condition are not reflected in the grant date fair value of the awards. The Company used the stock price as of December 1, 2021 for the fair value of restricted shares, and the Black-Scholes method to calculate the fair value of options as of December 1, 2021 without regard to the vesting condition and will recognize compensation cost for the awards that are expected to vest. As of December 31, 2021, the Company determined that 185,342 shares and 47,946 options are expected to vest based on the probability of the performance condition that will be achieved under this equity award program. The Company reassesses the probability of the performance condition at each reporting period and adjusts the compensation cost based on the probability assessment. The Company recorded approximately $1.1 million in stock-based compensation expense for the three months ended December 31, 2021 related to these awards. The grant date fair value was determined to be $87.06 per share for restricted shares and the weighted-average grant date fair value of options was $84.24 per option. As of December 31, 2021, the unrecognized compensation costs related to these awards were $19.1 million. The Company expects to recognize those costs over a weighted average period of 1.4 years.

Net loss per share attributable to common stockholders

3 Months Ended

Dec. 31, 2021

Net loss per share attributable to common stockholders

Net loss per share attributable to common stockholders

12. Net loss per share attributable to common stockholders

The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders:


	Three months ended
	December 31,
(in thousands, except per share data)	2021		2020
Numerator:
Net loss attributable to common stockholders	$	(45,563)	$	(32,900)
Denominator:
Weighted average shares used in computing net loss per share, basic and diluted		49,912		46,000
Net loss per share attributable to common stockholders, basic and diluted	$	(0.91)	$	(0.72)

The potentially dilutive common shares that were excluded from the calculation of diluted net loss per share because their effect would have been antidilutive for the periods presented are as follows:


	Three months ended
	December 31,
(in thousands)	2021	2020
Shares subject to options to purchase common stock	2,939	3,569
Shares subject to performance-based stock options	—	37
Unvested restricted shares of common stock	—	—
Unvested restricted stock units	1,605	793
Unvested shares of common stock issued upon early exercise of stock options	1	13
Shares subject to employee stock purchase plan	38	31
Total	4,583	4,443

Geographic, product and industry information

3 Months Ended

Dec. 31, 2021

Geographic, product and industry information

Geographic, product and industry information

13. Geographic, product and industry information

The table below sets forth revenues by geographic region, based on ship-to destinations. Americas consists of the United States of America, Canada, Mexico and South America; EMEA consists of Europe, the Middle East, and Africa; and APAC consists of Japan, China, South Korea, India, Singapore, Malaysia, and Australia.


	Three months ended
	December 31,
(in thousands)	2021		2020
Americas	$	22,611	$	17,336
EMEA		15,365		9,058
APAC		4,042		1,767
Total	$	42,018	$	28,161

The table below sets forth revenues by products.


	Three months ended
	December 31,
(in thousands)	2021		2020
Synthetic genes	$	13,525	$	8,874
Oligo pools		3,188		1,510
DNA libraries		1,261		1,101
Antibody discovery		4,813		1,104
NGS tools		19,231		15,572
Total	$	42,018	$	28,161

The table below sets forth revenues by industry.


	Three months ended
	December 31,
(in thousands)	2021		2020
Industrial chemicals/materials	$	12,526	$	7,132
Academic research		7,887		4,901
Healthcare		21,053		15,976
Food/agricultural		552		152
Total	$	42,018	$	28,161

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Business acquisition

3 Months Ended

Dec. 31, 2021

Business acquisition

Business acquisition

14. Business acquisition

On December 1, 2021, the Company acquired all of the outstanding stock of AbX Biologics, Inc. (“Abveris”), a privately-held company providing in vivo antibody discovery services. Abveris offers animal-based antibody discovery services using its proprietary DiversimAb and DivergimAb mouse models, which the Company can humanize using its antibody optimization solution. In addition, Abveris provides antibody screening for its customers.

The acquisition date fair value of the consideration transferred for Abveris was $102.6 million, consisting of cash totaling $9.5 million, 759,601 shares of the Company’s common stock valued at $66.1 million based on the Company’s closing stock price on December 1, 2021, employee stock awards issued to certain Abveris employees valued at $6.4 million, contingent consideration of $8.5 million, holdbacks of $12.8 million, and an estimated net working capital adjustment of $(0.7) million.

The contingent consideration is subject to the attainment of the calendar year 2022 revenue target. The contingent consideration becomes payable after December 31, 2022 and will be settled in a combination of cash and up to 334,939 shares of the Company’s common stock. The acquisition date fair value of the contingent consideration was based on forecasted revenue of Abveris relative to the 2022 revenue target as well as the Company’s stock price as of December 1, 2021.

The Company maintains an indemnity and adjustment holdback for the purposes of providing security against any adjustment to the amounts at closing. The indemnity holdback period extends for 18 months from the anniversary of the closing date. The indemnity holdback will be settled by transferring up to 128,351 shares of the Company’s stock, 15,304 options of the Company’s common stock and an immaterial amount of cash. The fair value of the indemnity holdback was $12.5 million as of the acquisition date. The adjustment holdback will be settled by transferring up to 3,416 shares of the Company’s stock, 408 options of the Company’s common stock and an immaterial amount of cash. The holdback liability was $0.3 million as of the acquisition date.

Additionally, a working capital adjustment of $0.7 million decreased the total purchase price. The purchase price continues to be subject to adjustment for working capital adjustments as allowed under terms of the agreement.

Post combination compensation expense excluded from the purchase price includes employee stock awards issued to certain Abveris employees valued at $41.0 million. This includes awards valued at $17.7 million which vest over a two year service period following the acquisition date and awards valued at $3.2 million with no future vesting requirements, which were deemed accelerated by the Company at the acquisition date and expensed within the three months ended December 31, 2021. Finally, post-combination expense includes awards valued at approximately $20.1 million which vest based on achievement of the calendar year 2022 revenue target and continuing employment through the payout date, and for certain employees, additional continuing employment through the two year anniversary of the acquisition date.

This acquisition was accounted for using the acquisition method of accounting in accordance with the business combination guidance in ASC 805. Under the acquisition accounting method, the total estimated purchase price was allocated to the identifiable assets acquired and liabilities assumed based on their fair values. The excess of the purchase price over the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed has been recorded as goodwill. Management’s estimate of the fair values of the acquired intangible assets at December 1, 2021 is preliminary and subject to change and is based on established and accepted valuation techniques performed with the assistance of third-party valuation specialists. Additional information, which existed as of the acquisition date but is yet unknown to the Company, may become known to the Company during the remainder of the measurement period, which will not exceed twelve months from the acquisition date. Changes to amounts will be recorded as adjustments to the provisional amounts recognized as of the acquisition date and may result in a corresponding adjustment to goodwill in the period in which new information becomes available. The goodwill that arose from the acquisition consists of synergies expected from integrating Abveris into the Company’s operations and customer base. The goodwill recognized is not expected to be deductible for income tax purposes..

The following table summarizes the preliminary fair value amounts of the assets acquired and liabilities assumed as of the acquisition date, as well as the purchase consideration:


(in thousands)	December 1, 2021
Assets acquired
Cash and cash equivalents	$	1,306
Accounts receivable		2,309
Other current assets and prepaid expenses		1,654
Property, plant and equipment		1,078
Other non-current assets		2,970
Intangible assets		46,500
Liabilities assumed		—
Current liabilities		3,549
Non-current liabilities		846
Deferred tax liability		10,545
Fair value of assets acquired and liabilities assumed	$	40,877
Goodwill		61,768
Total purchase price	$	102,645
Consideration transferred
Cash	$	9,467
Company common stock		72,514
Contingent consideration		8,500
Holdback liabilities		12,838
Net working capital adjustment		(674)
Fair value of purchase consideration	$	102,645

The following table summarizes the preliminary estimate of the intangible assets as of the acquisition date:


	Estimated
	Weighted
	Average
	Useful Lives	Estimated Fair
(in thousands except for years)	in Years	Value
Developed technology	14	$	30,900
Customer relationships	10		14,700
Trade name	3		900
Estimated fair value of acquired intangible assets		$	46,500

The Company estimated the fair value of the developed technology intangible asset and a portion of the customer relationships intangible assets using an excess earnings model. An additional portion of the customer relationships intangible assets were valued using the with and without method. The Company estimated the fair value of the trade name intangible asset using a relief from royalty approach. These fair value measurements were based on significant inputs not observable in the market and thus represent a Level 3 measurement. Key assumptions include the level and timing of expected future revenue, conditions and demands specific to each intangible asset over its remaining useful life, and discount rates the Company believes to be consistent with the inherent risks associated with each type of asset, which was approximately 9.6%. The fair value of these intangible assets is primarily affected by the projected revenues, gross margins, operating expenses, the technology obsolescence curve, and the anticipated timing of the projected income associated with each intangible asset coupled with the discount rates used to derive their estimated present values. The Company believes the level and timing of expected future cash flows appropriately reflects market participant assumptions.

The Company included the financial results of Abveris in its condensed consolidated financial statements from the date of acquisition, which were not material. The Company incurred transaction costs related to the acquisition of $1.2 million, which were recorded as an operating expense on the condensed consolidated statements of operations and comprehensive loss for the three months ended December 31, 2021.

The following table provided a reconciliation of contingent consideration and indemnity holdback balances from acquisition date to the December 31, 2021:


	Contingent		Indemnity
(in thousands)	consideration		holdback		Total
Balance at December 1, 2021 – acquisition date	$	8,500	$	12,838	$	21,338
Change in fair value during the period		(700)		(1,352)		(2,052)
Balance at December 31, 2021	$	7,800	$	11,486	$	19,286

The estimated fair value of the contingent consideration liability decreased as a result of the change in the Company’s stock price as of December 31, 2021, and the probability of the attainment of the calendar year 2022 revenue target as calculated using the Monte Carlo simulation model. The estimated fair value of the holdback liability decreased as a result of the change in the Company’s stock price as of December 31, 2021. For the three months ended December 31, 2021, the Company recognized a charge of $2.1 million relating to the change in fair value of acquisition consideration in its condensed consolidated statement of operations.

The post-combination effect from net deferred tax liability assumed from the Abveris acquisition also caused a release of the Company’s deferred income tax valuation allowance. The release resulted in an income tax benefit of $10.5 million.

The following unaudited pro forma financial information presents the combined results of operations for the Company and Abveris as if the Abveris acquisition had occurred on October 1, 2020. The pro forma information contains the actual operating results of the Company Abveris, adjusted to include the pro forma impact of acquisition, which is primarily additional expense as a result of the amortization of identifiable intangible assets. The unaudited pro forma financial information is prepared for comparative purposes only and does not purport to be indicative of the actual operating results that would have been recorded had the Abveris acquisition actually taken place on October 1, 2020 and should not be taken as indicative of future consolidated operating results. Additionally, the unaudited pro forma financial results do not include any anticipated synergies or other expected benefits from the Abveris acquisition.


	Three months ended
	December 31,
(in thousands)	2021		2020
Revenues	$	44,464	$	30,903
Net loss attributable to common stockholders		(44,496)		(31,480)

Investment in variable interest entity

12 Months Ended

Dec. 31, 2021

Investment in variable interest entity

Investment in variable interest entity

15. Investment in variable interest entity

On November 1, 2021, the Company contributed certain assets and licensed certain intellectual property rights to the newly formed Revelar Biotherapeutics, Inc. (“Revelar”), an independently operated, new biotechnology company to develop and commercialize an antibody, discovered and optimized by Twist Biopharma, a division of the Company, that neutralizes all known variants of concern of the SARS-CoV-2 virus in preclinical studies. The Company granted a license to Revelar for the exclusive development of an antibody lead along with a series of back up compounds for the potential treatment of SARS-CoV-2. The Company is eligible to receive success-based milestone payments totaling over $100.0 million for the achievement of key development, regulatory and commercial milestones, as well as mid-single digit royalties on any future net sales. The Company’s receipt of such payments, if any, will depend on Revelar’s ability to successfully develop and commercialize compounds, obtain and maintain necessary regulatory approvals, complete clinical site initiation and finalize clinical trial agreements, none of which can be assured. In addition, Revelar may license up to five additional antibody therapeutics over the next four years, each of which will be subject to additional upfront, milestone and royalty payments to the Company. The Company committed to invest up to $10.0 million in seed funding based on Revelar’s progress in the development of the lead antibody and the potential licensing of additional antibody therapeutics, of which the Company has invested $5.0 million in a simple agreement for future equity (“SAFE”) as of the date of these consolidated financial statements. In exchange for the assignment of certain contractual rights and the license to the antibody, and its back-up compounds, the Company received stock of Revelar amounting to an ownership percentage as of the date of these financial statements of 49.80%, excluding shares and options reserved for future stock awards and further excluding shares that Revelar may issue to the Company upon conversion of its SAFEs.

The Company determined that Revelar is a VIE as the entity lacks sufficient equity to finance its activities without additional support. Additionally, the Company determined that it has (a) the power to direct the activities that significantly impact Revelar’s economic performance and (b) the obligation to absorb losses of and the right to receive benefits from Revelar that are potentially significant to Revelar. As a result, the Company is deemed to be the primary beneficiary of Revelar and is required to consolidate Revelar in accordance with ASC 810.

Revelar incurred a net loss of approximately $3.1 million for the period ended December 31, 2021, and the decrease in net assets was fully absorbed by Twist.

Total assets included on the consolidated balance sheet for Revelar as of December 31, 2021 were $3.5 million, primarily consisting of cash and cash equivalents. Total liabilities included on the consolidated balance sheet for Revelar as of December 31, 2021 were $1.7 million, primarily consisting of accrued expenses.

Subsequent events

3 Months Ended

Dec. 31, 2021

Subsequent events

Subsequent events

16. Subsequent events

Issuance of contingent consideration for iGenomX acquisition

During December 2021, the Company determined that the transition milestones specified in the iGenomX acquisition agreement were completed, and the Company became obligated to issue 59,190 shares of its common stock to satisfy the contingent consideration. The shares of common stock were subsequently issued by the Company during January 2022 along with an immaterial cash payment for fractional shares. The contingent consideration expense was accrued at fair market value as of December 31, 2021.

Revelar SAFE

On February 3, 2022, the Company purchased an additional SAFE issued by Revelar for $2.5 million pursuant to the Asset License and Contract Assignment Agreement between the parties. In exchange for the SAFE, the Company obtained the right to receive shares of Revelar issued in a future preferred stock financing.

Summary of significant accounting policies (Policies)

3 Months Ended

Dec. 31, 2021

Summary of significant accounting policies

Basis of presentation and use of estimates


	December 31,		September 30,
(in thousands)	2021		2021
Cash and cash equivalents	$	191,624	$	465,829
Restricted cash, non-current		1,572		1,530
Total cash, cash equivalents and restricted cash	$	193,196	$	467,359

Significant accounting policies

Variable interest entities

Recent accounting pronouncements

Recent accounting pronouncements adopted

Recently issued accounting pronouncement not yet adopted

Summary of significant accounting policies (Tables)

3 Months Ended

Dec. 31, 2021

Summary of significant accounting policies

Summary of Cash, Cash Equivalents and Restricted Cash


	December 31,		September 30,
(in thousands)	2021		2021
Cash and cash equivalents	$	191,624	$	465,829
Restricted cash, non-current		1,572		1,530
Total cash, cash equivalents and restricted cash	$	193,196	$	467,359

Fair value measurement (Tables)

3 Months Ended

Dec. 31, 2021

Fair value measurement

Summary of Company's Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

As of December 31, 2021, financial assets and liabilities measured and recognized at fair value are as follows:


(in thousands)	Level 1		Level 2		Level 3		Fair value
Assets
Money market funds	$	143,015	$	—	$	—	$	143,015
Corporate bonds		—		43,218		—		43,218
Commercial paper		—		60,406		—		60,406
U.S. government treasury bills		113,454		—		—		113,454
Total financial assets	$	256,469	$	103,624	$	—	$	360,093

Liabilities
Contingent consideration and indemnity holdback	$	—	$	20,568	$	7,800	$	28,368
Total financial liabilities	$	—	$	20,568	$	7,800	$	28,368

As of September 30, 2021, financial assets and liabilities measured and recognized at fair value are as follows:


(in thousands)	Level 1		Level 2		Level 3		Fair value
Assets
Money market funds	$	430,438	$	—	$	—	$	430,438
U.S. government treasury bills		12,034		—		—		12,034
Total financial assets	$	442,472	$	—	$	—	$	442,472

Liabilities
Contingent consideration and indemnity holdback	$	—	$	9,856	$	—	$	9,856
Total financial liabilities	$	—	$	9,856	$	—	$	9,856

Summary of Reconciliation of Beginning and Ending Balances of the Level 3 Instruments


(in thousands)	Total
Balance as of September 30, 2021	$	—
Contingent consideration – additions		8,500
Change in fair value		(700)
Balance as of December 31, 2021	$	7,800

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Balance sheet components (Tables)

3 Months Ended

Dec. 31, 2021

Balance sheet components

Schedule Of Accounts Notes Loans And Financing Receivable

The Company’s accounts receivable, net balance consists of the following:


	December 31,		September 30,
(in thousands)	2021		2021
Trade Receivables	$	27,375	$	26,549
Other Receivables		5,834		2,337
Allowance for Doubtful Accounts		(337)		(337)
Accounts Receivable, net	$	32,872	$	28,549

Summary of inventories

Inventories consist of the following:



	December 31,		September 30,
(in thousands)	2021		2021
Raw Materials	$	30,336	$	18,778
Work-in-process		3,143		4,837
Finished Goods		6,760		8,185
	$	40,239	$	31,800

Schedule of other non-current assets

The other non-current assets consist of the following:


	December 31,		September 30,
(in thousands)	2021		2021
Convertible note receivable	$	3,051	$	3,021
Other non-current assets		4,374		4,653
	$	7,425	$	7,674

Schedule of accrued expenses

The accrued expenses consist of the following:


	December 31,		September 30,
(in thousands)	2021		2021
Professional services fees payable	$	8,796	$	5,057
Other accrued expenses		2,890		1,380
	$	11,686	$	6,437

Schedule of accrued compensation

The accrued compensation consists of the following:


	December 31,		September 30,
(in thousands)	2021		2021
Accrued vacation	$	5,227	$	4,643
Accrued bonus		2,858		8,584
Accrued commissions		2,520		3,330
Accrued payroll and related taxes		5,603		4,676
Other accrued compensation		2,527		1,094
	$	18,735	$	22,327

Schedule of other current liabilities

The other current liabilities consist of the following:


	December 31,		September 30,
(in thousands)	2021		2021
Contingent consideration and indemnity holdback	$	9,082	$	5,186
Income and sales taxes payable		3,165		2,440
Other current liabilities		1,609		1,997
	$	13,856	$	9,623

Schedule of other non current liabilities

The other non current liabilities consist of the following:


	December 31,		September 30,
(in thousands)	2021		2021
Contingent consideration and indemnity holdback	$	19,286	$	4,671
Other non current liabilities		384		397
	$	19,670	$	5,068

Goodwill and intangible assets (Tables)

3 Months Ended

Dec. 31, 2021

Goodwill and intangible assets

Summary of Intangible Assets Balances

The intangible assets balances are presented below:


	December 31, 2021
	Weighted average	Gross
	Amortization period	carrying		Accumulated		Net book
(in thousands, except for years)	in years	amount		amortization		value
Developed Technology	15	$	50,020	$	(1,880)	$	48,140
Customer Relationships	10		15,210		(304)		14,906
Tradenames & Trademarks	3		900		(25)		875
Total indefinite-lived intangible assets		$	66,130	$	(2,209)	$	63,921


	September 30, 2021
	Weighted average	Gross
	Amortization period	carrying		Accumulated		Net book
(in thousands, except for years)	in years	amount		amortization		value
Developed Technology	16	$	19,120	$	(1,361)	$	17,759
Customer Relationships	1.5		510		(7)		503
Total indefinite-lived intangible assets		$	19,630	$	(1,368)	$	18,262

Commitments and contingencies (Tables)

3 Months Ended

Dec. 31, 2021

Commitments and contingencies

Schedule of Supplemental Balance Sheet Information Relating to Companies Operating Lease

Supplemental balance sheet information related to the Company’s operating lease as of December 31, 2021 was the following:


	December 31,
(in thousands)	2021
Assets:
Operating lease right-of-use asset	$	72,020
Current liabilities:
Current portion of operating lease liabilities	$	12,684
Noncurrent liabilities:
Operating lease liabilities, net of current portion	$	60,285

Schedule of Future Minimum Rental Payments for Operating Leases

Future minimum lease payments under all non-cancelable operating leases that have commenced as of December 31, 2021 are as follows:


	Operating
(in thousands)	leases
Years ending September 30:
Remainder of 2022	$	9,474
2023		13,203
2024		12,275
2025		12,487
2026		11,012
Thereafter		88,764
Total minimum lease payments	$	147,215
Less: imputed interest		(56,618)
Less: tenant improvement allowance (receipt anticipated in 2022)		(17,628)
Total operating lease liabilities	$	72,969
Less: current portion		(12,684)
Operating lease liabilities, net of current portion	$	60,285

Stock-based compensation (Tables)

3 Months Ended

Dec. 31, 2021

Stock-based compensation

Schedule of activity under the equity incentive plans

Activity under the equity incentive plans during the three months ended December 31, 2021 is summarized below:


					Weighted
			Weighted		average
			average		remaining
			exercise		contractual	Aggregate
	Shares	Options	price		term	intrinsic
(In thousands, except per share data)	available	outstanding	per share		(years)	value
Outstanding at September 30, 2021	1,728	3,132	$	27.15	7.3	$	251,343
Additional shares authorized	1,000
Stock options granted	(168)	168		15.95	—		—
Stock options exercised	—	(293)		10.62	—		—
Stock options forfeited	67	(67)		28.65	—		—
Restricted stock units granted	(995)	—		—	—		—
Forfeiture of restricted stock units	35	—		—	—		—
Shares withheld for payment of taxes	24	—		—	—		—
Outstanding at December 31, 2021	1,691	2,940	$	27.78	7.2	$	148,550
Vested or expected to vest at December 31, 2021	—	2,940	$	27.78	7.2	$	148,550
Vested and exercisable at December 31, 2021	—	1,636	$	19.04	6.6	$	95,627

Schedule of nonvested restricted stock units activity

Activity with respect to the Company’s restricted stock units during the three months ended December 31, 2021 was as follows:


		Weighted		Weighted
		average		average
	Number	grant date		remaining	Aggregate
	of	fair value		contractual	Intrinsic
(in thousands, except per share data)	Shares	per share		term (years)	Value
Outstanding at September 30, 2021	707	$	73.86	2.7	$	75,629
Restricted stock units granted	995		82.50	—		—
Restricted stock units vested	(62)		64.90	—		—
Restricted stock units forfeited	(35)		60.95	—		—
Outstanding at December 31, 2021	1,605	$	79.85	3.05	$	124,238
Expected to vest at December 31, 2021	1,605	$	79.85	3.05	$	124,238

Schedule of stock-based compensation expenses

Total stock-based compensation expense recognized was as follows:


	Three months ended
	December 31,
(in thousands)	2021		2020
Cost of revenues	$	878	$	487
Research and development		4,027		2,001
Selling, general and administrative		13,163		4,534
Total stock-based compensation	$	18,068	$	7,022

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions


		Shares
(In thousands)		available
Outstanding at September 30, 2021		355
Additional shares authorized		250
Shares issued during the period		—
Outstanding at December 31, 2021		605

Net loss per share attributable to common stockholders (Tables)

3 Months Ended

Dec. 31, 2021

Net loss per share attributable to common stockholders

Computation of the Company's Basic and Diluted Net Loss Per Share Attributable to Common Stockholders

The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders:


	Three months ended
	December 31,
(in thousands, except per share data)	2021		2020
Numerator:
Net loss attributable to common stockholders	$	(45,563)	$	(32,900)
Denominator:
Weighted average shares used in computing net loss per share, basic and diluted		49,912		46,000
Net loss per share attributable to common stockholders, basic and diluted	$	(0.91)	$	(0.72)

Summary of Calculation of Diluted Net Loss Per Share


	Three months ended
	December 31,
(in thousands)	2021	2020
Shares subject to options to purchase common stock	2,939	3,569
Shares subject to performance-based stock options	—	37
Unvested restricted shares of common stock	—	—
Unvested restricted stock units	1,605	793
Unvested shares of common stock issued upon early exercise of stock options	1	13
Shares subject to employee stock purchase plan	38	31
Total	4,583	4,443

Geographic, product and industry information (Tables)

3 Months Ended

Dec. 31, 2021

Geographic, product and industry information

Summary of Revenue by Geographic Region


	Three months ended
	December 31,
(in thousands)	2021		2020
Americas	$	22,611	$	17,336
EMEA		15,365		9,058
APAC		4,042		1,767
Total	$	42,018	$	28,161

Summary of Revenue by Product

The table below sets forth revenues by products.


	Three months ended
	December 31,
(in thousands)	2021		2020
Synthetic genes	$	13,525	$	8,874
Oligo pools		3,188		1,510
DNA libraries		1,261		1,101
Antibody discovery		4,813		1,104
NGS tools		19,231		15,572
Total	$	42,018	$	28,161

Summary of Revenue by Industry

The table below sets forth revenues by industry.


	Three months ended
	December 31,
(in thousands)	2021		2020
Industrial chemicals/materials	$	12,526	$	7,132
Academic research		7,887		4,901
Healthcare		21,053		15,976
Food/agricultural		552		152
Total	$	42,018	$	28,161

Business acquisition (Tables)

3 Months Ended

Dec. 31, 2021

Business acquisition

Schedule of preliminary fair value amounts of the assets acquired and liabilities assumed

The following table summarizes the preliminary fair value amounts of the assets acquired and liabilities assumed as of the acquisition date, as well as the purchase consideration:


(in thousands)	December 1, 2021
Assets acquired
Cash and cash equivalents	$	1,306
Accounts receivable		2,309
Other current assets and prepaid expenses		1,654
Property, plant and equipment		1,078
Other non-current assets		2,970
Intangible assets		46,500
Liabilities assumed		—
Current liabilities		3,549
Non-current liabilities		846
Deferred tax liability		10,545
Fair value of assets acquired and liabilities assumed	$	40,877
Goodwill		61,768
Total purchase price	$	102,645
Consideration transferred
Cash	$	9,467
Company common stock		72,514
Contingent consideration		8,500
Holdback liabilities		12,838
Net working capital adjustment		(674)
Fair value of purchase consideration	$	102,645

Schedule of preliminary estimate of the intangible assets

The following table summarizes the preliminary estimate of the intangible assets as of the acquisition date:


	Estimated
	Weighted
	Average
	Useful Lives	Estimated Fair
(in thousands except for years)	in Years	Value
Developed technology	14	$	30,900
Customer relationships	10		14,700
Trade name	3		900
Estimated fair value of acquired intangible assets		$	46,500

Schedule of reconciliation of contingent consideration and indemnity holdback


	Contingent		Indemnity
(in thousands)	consideration		holdback		Total
Balance at December 1, 2021 – acquisition date	$	8,500	$	12,838	$	21,338
Change in fair value during the period		(700)		(1,352)		(2,052)
Balance at December 31, 2021	$	7,800	$	11,486	$	19,286

Schedule of pro forma financial results


	Three months ended
	December 31,
(in thousands)	2021		2020
Revenues	$	44,464	$	30,903
Net loss attributable to common stockholders		(44,496)		(31,480)

The company - (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
The company - (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2021	Sep. 30, 2021
Accumulated deficit		$ (656,116)	$ (610,553)
Subsequent Public Offering [Member]
Proceeds from the issuance of equity securities	$ 323,900	1,063,900
Proceeds from issuance of debt		$ 13,800

Summary of Significant Accounting Policies - Summary of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 191,624	$ 465,829
Restricted cash, non-current	1,572	1,530
Total cash, cash equivalents and restricted cash	$ 193,196	$ 467,359	$ 350,319	$ 94,246

Fair Value Measurement - Summary of Company's Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Assets
Total financial assets	$ 360,093	$ 442,472
Liabilities
Total financial liabilities	28,368	9,856
Commercial Paper [Member]
Assets
Total financial assets	60,406
US Government Treasury Bills [Member]
Assets
Total financial assets	113,454	12,034
Contingent consideration and indemnity holdback
Liabilities
Total financial liabilities	28,368	9,856
Fair Value, Inputs, Level 1 [Member]
Assets
Total financial assets	256,469	442,472
Fair Value, Inputs, Level 1 [Member] \| US Government Treasury Bills [Member]
Assets
Total financial assets	113,454	12,034
Fair Value, Inputs, Level 2 [Member]
Assets
Total financial assets	103,624
Liabilities
Total financial liabilities	20,568	9,856
Fair Value, Inputs, Level 2 [Member] \| Commercial Paper [Member]
Assets
Total financial assets	60,406
Fair Value, Inputs, Level 2 [Member] \| Contingent consideration and indemnity holdback
Liabilities
Total financial liabilities	20,568	9,856
Fair Value, Inputs, Level 3 [Member]
Liabilities
Total financial liabilities	7,800
Fair Value, Inputs, Level 3 [Member] \| Contingent consideration and indemnity holdback
Liabilities
Total financial liabilities	7,800
Money Market Funds [Member]
Assets
Total financial assets	143,015	430,438
Money Market Funds [Member] \| Fair Value, Inputs, Level 1 [Member]
Assets
Total financial assets	143,015	$ 430,438
Corporate bonds
Assets
Total financial assets	43,218
Corporate bonds \| Fair Value, Inputs, Level 2 [Member]
Assets
Total financial assets	$ 43,218

Fair Value Measurement - Summary of Reconciliation of Beginning and Ending Balances of the Level 3 Instruments (Detail) $ in Thousands	3 Months Ended
	Dec. 31, 2021 USD ($)
Fair value measurement
Contingent consideration - additions	$ 8,500
Change in fair value	(700)
Fair value, ending balance	$ 7,800

Balance sheet components - Receivable (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Balance sheet components
Trade Receivables	$ 27,375	$ 26,549
Other Receivables	5,834	2,337
Allowance for Doubtful Accounts	(337)	(337)
Accounts Receivable, net	$ 32,872	$ 28,549

Balance sheet components - Inventory (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Balance sheet components
Raw Materials	$ 30,336	$ 18,778
Work-in-process	3,143	4,837
Finished Goods	6,760	8,185
Total inventories	40,239	31,800
Work-in-process inventory included gross consigned	$ 1,400	$ 1,900

Balance sheet components - Other non-current assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2021
Convertible note receivable	$ 3,021	$ 3,051
Other non-current assets	4,653	4,374
Other non-current assets	7,674	$ 7,425
Convertible note receivable
Maximum loan offered to borrower	$ 3,000
Interest rate on promissory note	4.00%

Balance sheet components - Accrued expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Balance sheet components
Professional services fees payable	$ 8,796	$ 5,057
Other accrued expenses	2,890	1,380
Accrued expenses	$ 11,686	$ 6,437

Balance sheet components - Accrued compensation (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Balance sheet components
Accrued vacation	$ 5,227	$ 4,643
Accrued bonus	2,858	8,584
Accrued commissions	2,520	3,330
Accrued payroll and related taxes	5,603	4,676
Other accrued compensation	2,527	1,094
Accrued compensation	$ 18,735	$ 22,327

Balance sheet components - Other current liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Other current liabilities	$ 13,856	$ 9,623
Other current liabilities
Contingent consideration and indemnity holdback	9,082	5,186
Income and sales taxes payable	3,165	2,440
Other current liabilities	1,609	1,997
Other current liabilities	$ 13,856	$ 9,623

Balance sheet components - Other non current liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Balance sheet components
Contingent consideration and indemnity holdback	$ 19,286	$ 4,671
Other non current liabilities	384	397
Other Liabilities, Noncurrent, Total	$ 19,670	$ 5,068

Goodwill and Intangible Assets - Goodwill (Detail) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
iGenomX
Goodwill And Intangible Assets [Line Items]
Increase in goodwill	$ 61.8
Increaes in intangible assets	46.5
Maximum
Goodwill And Intangible Assets [Line Items]
Total amortization expense related to intangible assets	$ 0.8	$ 0.1

Goodwill and Intangible Assets - Intangible Assets Balances (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 66,130	$ 19,630
Accumulated amortization	(2,209)	(1,368)
Net book value	$ 63,921	$ 18,262
Developed Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Weighted Average Useful Lives in Years	15 years	16 years
Gross carrying amount	$ 50,020	$ 19,120
Accumulated amortization	(1,880)	(1,361)
Net book value	$ 48,140	$ 17,759
Tradenames & Trademarks
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Weighted Average Useful Lives in Years	3 years
Gross carrying amount	$ 900
Accumulated amortization	(25)
Net book value	$ 875
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Weighted Average Useful Lives in Years	10 years	1 year 6 months
Gross carrying amount	$ 15,210	$ 510
Accumulated amortization	(304)	(7)
Net book value	$ 14,906	$ 503

Commitments and contingencies - Operating Leases On Balance Sheet (Detail) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Sep. 30, 2021
Commitments and contingencies
Lessor, Operating Lease, Existence of Option to Extend [true false]	true
Lessor, Operating Lease, Existence of Option to Terminate [true false]	true
Assets:
Operating lease right-of-use assets	$ 72,020	$ 61,580
Current liabilities:
Current portion of operating lease liability	12,684	8,213
Noncurrent liabilities:
Operating lease liability, net of current portion	$ 60,285	$ 53,156

Commitments and contingencies - Minimum Rental Payments (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Commitments and contingencies
Remainder of 2022	$ 9,474
2023	13,203
2024	12,275
2025	12,487
2026	11,012
Thereafter	88,764
Total minimum lease payments	147,215
Less: imputed interest	(56,618)
Less: tenant improvement allowance (receipt anticipated in 2022)	(17,628)
Total operating lease liabilities	72,969
Less: current portion	(12,684)	$ (8,213)
Operating lease liability, net of current portion	$ 60,285	$ 53,156

Commitments and contingencies - Lease Contracts (Detail) $ in Thousands		3 Months Ended
	Jul. 28, 2021 USD ($) ft²	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Operating lease expense		$ 3,500	$ 1,900
Operating lease payment		$ 2,900	1,700
Lease weighted-average remaining lease term		15 years 11 months 19 days
Lease weighted average discount rate		6.39%
Operating lease area \| ft²	21,000
Anticipated receipt of the tenant incentive		$ 17,628
Change in right-of-use asset		10,400	1,400
Change in operating lease liabilities.		11,600	1,100
Non-cancelable operating lease payments in 2022		9,474
Future minimum payments		$ 147,215
South San Francisco, California [Member]
Operating lease term	7 years
Operating lease security deposit with the lessor	$ 200
Initial annual base rent	$ 1,700
Operating lease base rent annual percentage increase	3.00%
Future minimum payments			$ 13,100

Related Party Transactions - (Detail) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Related party transactions
Raw materials purchased from related party investor	$ 1.7	$ 1.1

Income taxes (Detail) $ in Thousands	3 Months Ended
Income taxes (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
Income taxes
Income tax benefit, due to deferred tax liabilty as part of business acquisition	$ 10,545

Warrants - (Detail) - $ / shares			1 Months Ended
Warrants - (Detail) - $ / shares	Mar. 28, 2016	Dec. 22, 2015	Nov. 30, 2020	Oct. 31, 2020	Dec. 31, 2021	Sep. 30, 2020
Class of Warrant or Right [Line Items]
Class of warrants or rights outstanding					0	26,385
Number of warrants exercised			7,531	18,854
Exercise price per share			$ 21.24	$ 14.85
Common stock issued for cashless exercise			6,041	16,051
Warrants One [Member]
Class of Warrant or Right [Line Items]
Class of warrants or rights number of warrants issued during the period	7,531	18,854

Common stock - (Detail) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
Over-Allotment Option [Member]
Issuance of common stock, shares	409,090
Subsequent Public Offering [Member]
Issuance of common stock, shares	3,136,362
Shares issued, price per share	$ 110.00
Proceeds of underwritten public offering common stock	$ 323.9	$ 1,063.9

Stock-based compensation - Additional information (Detail) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Sep. 01, 2020	Sep. 26, 2018	Dec. 31, 2021	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of common stock shares reserved for issuance			605,000	355,000
Unrecognized compensation cost, stock options			$ 25.3
Unrecognized stock-based compensation expense, period for recognition			1 year 6 months
Weighted average grant date fair value of stock options granted			$ 83.07
2018 ESPP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum annual increase in share reserved for issuance		249,470
Annual automatic Increase in share reserved for issuance (as a percent)		1.00%
Aggregate number of common stock shares reserved for issuance		275,225
Percentage of payroll deduction to purchase common stock		15.00%
2015 ESPP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP eligible employee common stock purchase price ratio		85.00%
Unvested restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement equity instruments other than options non vested outstanding grant date fair value			$ 79.85	$ 73.86
Unvested restricted stock units \| 2018 ESPP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, stock options			$ 119.0
Unrecognized stock-based compensation expense, period for recognition			3 years
Phantom Share Units (PSUs) [Member] \| Revised Annual Equity Award Program [Member] \| Executive Officers and Senior Level Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares expected to vest			256,665
Share based compensation by share based payment arrangement equity instruments other than options non vested outstanding grant date fair value			$ 45.18
Share based compensation by share based payment arrangement equity instruments other than options unrecognized compensation			$ 4.2
Unrecognized stock-based compensation expense, period for recognition			9 months 18 days
Phantom Share Units (PSUs) [Member] \| Revised Annual Equity Award Program [Member] \| Maximum \| Executive Officers and Senior Level Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of PSUs that may vest based on performance	150.00%
Phantom Share Units (PSUs) [Member] \| Revised Annual Equity Award Program [Member] \| Minimum \| Executive Officers and Senior Level Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of PSUs that may vest based on performance	0.00%

Stock-based compensation - Activity Under The Equity Incentive Plans (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021
Shares available
Shares available, Additional shares authorized	250
2018 Equity Incentive Plan [Member]
Shares available
Shares available, Outstanding Beginning Balance	1,728
Shares available, Additional shares authorized	1,000
Shares available, Stock options granted	(168)
Shares available, Stock options forfeited	67
Shares available, Restricted stock units granted	(995)
Shares available, Forfeiture of restricted common stock	35
Shares available, Shares withheld for payment of taxes	24
Shares available, Outstanding Ending Balance	1,691	1,728
Options outstanding
Number of options, Outstanding beginning balance	3,132
Options outstanding, Stock options granted	168
Options outstanding, Stock options exercised	(293)
Options outstanding, Stock options forfeited	(67)
Number of options, Outstanding ending balance	2,940	3,132
Options outstanding, Vested or expected to vest	2,940
Options outstanding, Vested and exercisable	1,636
Weighted average exercise price per share
Weighted average exercise price per share, Outstanding Beginning Balance	$ 27.15
Weighted average exercise price per share, Stock options granted	15.95
Weighted average exercise price per share, Stock options exercised	10.62
Weighted average exercise price per share, Stock options forfeited	28.65
Weighted average exercise price per share, Outstanding Ending Balance	27.78	$ 27.15
Weighted average exercise price per share, Vested or expected to vest	27.78
Weighted average exercise price per share, Vested and exercisable	$ 19.04
Weighted average remaining contractual term (years)
Weighted average remaining contractual term, Outstanding	7 years 2 months 12 days	7 years 3 months 18 days
Weighted average remaining contractual term, Vested or expected to vest	7 years 2 months 12 days
Weighted average remaining contractual term, Vested and exercisable	6 years 7 months 6 days
Aggregate intrinsic value
Aggregate intrinsic value, Outstanding	$ 148,550	$ 251,343
Aggregate intrinsic value, Vested or expected to vest	148,550
Aggregate intrinsic value, Vested and exercisable	$ 95,627

Stock-based compensation - Reserved For Issuance (Detail) shares in Thousands	3 Months Ended
	Dec. 31, 2021 shares
Disclosure Of Employee Stock Purchase Plan [Line Items]
Outstanding at September 30, 2021	355
Additional shares authorized	250
Outstanding at December 31, 2021	605

Stock-based compensation - Restricted Stock Units Activity (Detail) - Unvested restricted stock units - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021
Number of Shares
Number of shares, Outstanding Beginning Balance	707
Number of shares, granted	995
Number of shares, vested	(62,000)
Number of shares, forfeited	(35)
Number of shares, Outstanding Ending Balance	1,605	707
Expected to vest, Outstanding	1,605
Weighted average grant date fair value per share
Weighted average grant date fair value price per share, Outstanding Beginning Balance	$ 73.86
Weighted average grant date fair value price per share, granted	82.50
Weighted average grant date fair value price per share, vested	64.90
Weighted average grant date fair value price per share, forfeited	60.95
Weighted average grant date fair value price per share, Outstanding Ending Balance	79.85	$ 73.86
Weighted average grant date fair value price per share, Expected to vest	$ 79.85
Weighted average remaining contractual term (years)
Weighted average remaining contractual term, Outstanding	3 years 18 days	2 years 8 months 12 days
Weighted average remaining contractual term, Expected to vest	3 years 18 days
Aggregate Intrinsic Value
Aggregate intrinsic value, Outstanding	$ 124,238	$ 75,629
Aggregate intrinsic value, Expected to vest	$ 124,238

Stock-based compensation - Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 18,068	$ 7,022
Cost of Revenues [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	878	487
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	4,027	2,001
Selling, General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 13,163	$ 4,534

Stock-based compensation - Abveris Acquisition (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Dec. 01, 2021	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense		$ 18,068	$ 7,022
Weighted average grant date fair value of stock options granted		$ 83.07
Recognize cost weighted average period		1 year 6 months
Abveris
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock subject to options issued	47,946
Awards aggregate fair value	$ 20,100
Vesting period from date of acquisition	2 years
Options outstanding, Vested or expected to vest		47,946
Stock based compensation expense		$ 1,100
Weighted average grant date fair value of stock options granted		$ 84.24
Unrecognized compensation cost		$ 19,100
Recognize cost weighted average period		1 year 4 months 24 days
Abveris \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards restricted shares	185,342
Shares expected to vest		185,342
Weighted average grant date fair value price per share, granted		$ 87.06

Net loss per share attributable to common stockholders - Computation (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net loss attributable to common stockholders	$ (45,563)	$ (32,900)
Denominator:
Weighted-average shares used in computing net loss per share, basic and diluted (in shares)	49,912	46,000
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share)	$ (0.91)	$ (0.72)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net loss per share attributable to common stockholders -Anti-dilutive (Detail) - shares shares in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	4,583	4,443
Shares subject to options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	2,939	3,569
Shares subject to performance-based stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount		37
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	1,605	793
Unvested shares of common stock issued upon early exercise of stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	1	13
Shares subject to employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	38	31

Geographic, product and industry information - Geographic Region (Detail) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenue	$ 42,018	$ 28,161
Americas
Segment Reporting Information [Line Items]
Revenue	22,611	17,336
EMEA
Segment Reporting Information [Line Items]
Revenue	15,365	9,058
APAC
Segment Reporting Information [Line Items]
Revenue	$ 4,042	$ 1,767

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Geographic, product and industry information - By Product (Detail) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenue	$ 42,018	$ 28,161
Synthetic genes
Segment Reporting Information [Line Items]
Revenue	13,525	8,874
Oligo pools
Segment Reporting Information [Line Items]
Revenue	3,188	1,510
DNA libraries
Segment Reporting Information [Line Items]
Revenue	1,261	1,101
Antibody discovery
Segment Reporting Information [Line Items]
Revenue	4,813	1,104
NGS tools
Segment Reporting Information [Line Items]
Revenue	$ 19,231	$ 15,572

- Definition

+ References

+ Details

Geographic, product and industry information - By Industry (Detail) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenue	$ 42,018	$ 28,161
Industrial chemicals/materials
Segment Reporting Information [Line Items]
Revenue	12,526	7,132
Academic research
Segment Reporting Information [Line Items]
Revenue	7,887	4,901
Healthcare
Segment Reporting Information [Line Items]
Revenue	21,053	15,976
Food/agriculture
Segment Reporting Information [Line Items]
Revenue	$ 552	$ 152

- Definition

+ References

+ Details

Business acquisition (Details) - Abveris - USD ($) $ in Thousands		3 Months Ended
	Dec. 01, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Fair value of consideration transferred	$ 102,645
Cash consideration	$ 9,467
Shares of the company's common stock	759,601
Common stock	$ 66,100
Options consisderation	6,400
Contingent consideration	8,500
Indemnity holdbacks	12,800
Working capital adjustment	$ (674)
Indemnity holdbacks period	18 months
Indemnity holdback shares	128,351
Indemnity holdback options	15,304
Indemnity holdback consideration	$ 12,500
Adjustment holdback shares	3,416
Adjustment holdback options	408
Value of adjustment holdback	$ 300
Post combination compensation expenses includes employee stock awards		$ 41,000
Vesting period from acquisition date	2 years
Awards with vesting requirements
Business Acquisition [Line Items]
Post combination compensation expenses includes employee stock awards		17,700
Vesting period from acquisition date	2 years
Awards without vesting requirements
Business Acquisition [Line Items]
Post combination compensation expenses includes employee stock awards		3,200
Performance Shares
Business Acquisition [Line Items]
Post combination compensation expenses includes employee stock awards		$ 20,100

Business acquisition - Assets acquired and liabilities assumed (Details) - USD ($) $ in Thousands	Dec. 01, 2021	Dec. 31, 2021	Sep. 30, 2021
Liabilities assumed
Goodwill		$ 84,244	$ 22,434
Abveris
Assets acquired
Cash and cash equivalents	$ 1,306
Accounts receivable	2,309
Other current assets and prepaid expenses	1,654
Property, plant and equipment	1,078
Other non-current assets	2,970
Intangible assets	46,500
Liabilities assumed
Current liabilities	3,549
Non-current liabilities	846
Deferred tax liability	10,545
Fair value of assets acquired and liabilities assumed	40,877
Goodwill	61,768
Total purchase price	102,645
Consideration transferred
Cash	9,467
Company common stock	72,514
Contingent consideration	8,500
Holdback liabilities	12,838
Net working capital adjustment	(674)
Fair value of purchase consideration	$ 102,645

Business acquisition - Preliminary estimate of the intangible assets (Details) - Abveris $ in Thousands		3 Months Ended
	Dec. 01, 2021 USD ($)	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Estimated fair value of acquired intangible assets	$ 46,500
Discount rate		9.6
Transaction costs		$ 1,200
Developed Technology
Business Acquisition [Line Items]
Estimated Weighted Average Useful Lives in Years	14 years
Estimated fair value of acquired intangible assets	$ 30,900
Customer relationships
Business Acquisition [Line Items]
Estimated Weighted Average Useful Lives in Years	10 years
Estimated fair value of acquired intangible assets	$ 14,700
Trade name
Business Acquisition [Line Items]
Estimated Weighted Average Useful Lives in Years	3 years
Estimated fair value of acquired intangible assets	$ 900

Business acquisition - Change in contingent consideration (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition, Contingent Consideration [Line Items]
Income tax benefit		$ (10,405)	$ 46
Abveris
Business Acquisition, Contingent Consideration [Line Items]
Balance at begining	$ 21,338
Change in fair value during the period	(2,052)	(2,100)
Balance at ending	19,286	19,286
Income tax benefit		10,500
Contingent consideration \| Abveris
Business Acquisition, Contingent Consideration [Line Items]
Balance at begining	8,500
Change in fair value during the period	(700)
Balance at ending	7,800	7,800
Indemnity holdback \| Abveris
Business Acquisition, Contingent Consideration [Line Items]
Balance at begining	12,838
Change in fair value during the period	(1,352)
Balance at ending	$ 11,486	$ 11,486

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Business acquisition - Pro forma financial results (Details) - Abveris - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Revenue	$ 44,464	$ 30,903
Net loss attributable to common stockholders	$ (44,496)	$ (31,480)

Investment in variable interest entity (Details) $ in Thousands		3 Months Ended
	Nov. 01, 2021 USD ($) item	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)
Variable Interest Entity [Line Items]
Total assets		$ 786,167	$ 702,097
Total liabilities		159,989	$ 121,276
Variable Interest Entity, Primary Beneficiary [Member] \| Revelar
Variable Interest Entity [Line Items]
Eligible success based payments to be received	$ 100,000
Additional antibody therapeutics that may license \| item	5
Period of additional antibody therapeutics that maybe licensed	4 years
Investment Amount	$ 5,000
Ownership percentage	49.80%
Loss absorbed by reporting entity		3,100
Total assets		3,500
Total liabilities		$ 1,700
Variable Interest Entity, Primary Beneficiary [Member] \| Revelar \| Maximum
Variable Interest Entity [Line Items]
Investment Amount	$ 10,000

Subsequent events (Details) - USD ($) $ in Millions		1 Months Ended
Subsequent events (Details) - USD ($) $ in Millions	Feb. 03, 2022	Dec. 31, 2021
Subsequent events \| Revelar
Subsequent Event [Line Items]
Additioanl SAFE issued	$ 2.5
iGenomX International Genomics Corporation (iGenomX)
Subsequent Event [Line Items]
Contingent consideration (in Shares)		59,190