Thread by @Biotech2k1

Taking a look at $DNA the science side:

I had to break this down into the business side and the science as my notes are too big for one thread.

1/ Their mission is cell programming. They are not a fully vertical platform from source to customer. They are built to program cells for other companies that sell to the customers.

2/ That means they also have suppliers. Key public suppliers to them are $TWST for DNA and $BLI for workflow machines. They then sell the cells they design to their customers.

3/ $DNA = Foundry + Codebase. The foundry is the lab, equipment and personnel. The codebase is the database of all the genetic information on cell engineering

4/ They are focused on the area of synthetic biology that programs cells to produce a product like bio-factories. These cells are delivered to the customer where they are fermented into a commercial scale.

5/ Since 2015, they increased the scale of the foundry 3 fold while reducing the cost per unit by 50%.

6/ Computers are programmed to manipulate information while cells can be programmed to manipulate atoms. Cells are the building blocks of all life on earth. $DNA is focused on programming cells on behalf of their partners.

7/ The foundry is built around designing DNA, writing DNA and inserting DNA into cells. Its about testing the performance of the engineered cells.

8/ The process is about taking genes from any species that produce enzymes. These enzymes work in series to take a feedstock like sugar and convert it through a series of reactions into a product.

9/ Building their platform based of Software as a Service with Cell Programming as a Service. The end markets for Health, Agriculture, Consumer, Materials and Energy could be a total addressable market of over $1 trillion.

10/ As their Codebase of gene and cell building data grows, it can drive more value as it makes it easier to draw on past design to help with future designs. This makes it faster, cheaper and easier to make new designs.

11/ It might even grow large enough that customers could design anything based on the knowledge of the Codebase. It could be as easy as a build your own website software, but for designing cells.

12/ They developed a Biosecurity division in 2020 as part of the Covid response. They plan to keep this segment going even beyond Covid. The sales from biosecurity made up half of Q3 revenues.