Cover Page
Cover Page - shares | 6 Months Ended | |
Mar. 31, 2021 | May 05, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | Twist Bioscience Corporation | |
Entity Central Index Key | 0001581280 | |
Document Type | 10-Q | |
Entity File Number | 001-38720 | |
Entity Tax Identification Number | 46-2058888 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --09-30 | |
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 Shell Company | false | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 48,894,038 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 681 Gateway Blvd | |
Entity Address, City or Town | South San Francisco | |
Entity Address, Country | CA | |
Entity Address, Postal Zip Code | 94080 | |
City Area Code | 800 | |
Local Phone Number | 719-0671 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 399,329 | $ 93,667 |
Short-term investments | 156,329 | 196,335 |
Accounts receivable, net | 27,290 | 26,376 |
Inventories | 15,838 | 12,289 |
Prepaid expenses and other current assets | 9,213 | 6,203 |
Total current assets | 607,999 | 334,870 |
Property and equipment, net | 31,975 | 25,466 |
Operating lease right-of-use assets | 30,997 | 33,699 |
Goodwill | 1,138 | 1,138 |
Intangible assets, net | 203 | 307 |
Restricted cash, non-current | 1,530 | 579 |
Other non-current assets | 3,447 | 2,823 |
Total assets | 677,289 | 398,882 |
Current liabilities: | ||
Accounts payable | 8,528 | 4,830 |
Accrued expenses | 3,272 | 3,901 |
Accrued compensation | 14,897 | 14,945 |
Current portion of operating lease liability | 6,514 | 6,409 |
Current portion of long-term debt | 3,168 | 3,333 |
Other current liabilities | 4,063 | 2,611 |
Total current liabilities | 40,442 | 36,029 |
Operating lease liability, net of current portion | 22,244 | 24,837 |
Long-term debt, net of current portion | 1,403 | |
Other non-current liabilities | 422 | 351 |
Total liabilities | 63,108 | 62,620 |
Commitments and contingencies (Note 6) | ||
Stockholders' equity | ||
Common stock, $0.00001 par value-100,000 and 100,000 shares authorized at March 31, 2021 and September 30, 2020, respectively; [48,616] and 45,083 shares issued and outstanding at March 31, 2021 and September 30, 2020, respectively | ||
Additional paid-in capital | 1,143,265 | 794,630 |
Accumulated other comprehensive income | 190 | 87 |
Accumulated deficit | (529,274) | (458,455) |
Total stockholders' equity | 614,181 | 336,262 |
Total liabilities and stockholders' equity | $ 677,289 | $ 398,882 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, share authorized | 100,000 | 100,000 |
Common stock, share issued | 48,860 | 45,083 |
Common stock, share outstanding | 48,860 | 45,083 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statements of Operations and Comprehensive Loss | ||||
Revenues | $ 31,204 | $ 19,297 | $ 59,364 | $ 36,461 |
Operating expenses: | ||||
Cost of revenues | 19,028 | 13,564 | 37,190 | 27,356 |
Research and development | 15,791 | 10,629 | 29,791 | 20,926 |
Selling, general and administrative | 34,389 | 27,190 | 63,181 | 53,595 |
Litigation settlement | 22,500 | |||
Total operating expenses | 69,208 | 51,383 | 130,162 | 124,377 |
Loss from operations | (38,004) | (32,086) | (70,798) | (87,916) |
Interest income | 157 | 576 | 291 | 1,140 |
Interest expense | (95) | (215) | (213) | (463) |
Other income (expense), net | 84 | 18 | 8 | (69) |
Loss before income taxes | (37,858) | (31,707) | (70,712) | (87,308) |
Provision for income taxes | (61) | (61) | (107) | (98) |
Net loss attributable to common stockholders | (37,919) | (31,768) | (70,819) | (87,406) |
Other comprehensive loss: | ||||
Change in unrealized income on investments | 10 | 12 | 1 | 27 |
Foreign currency translation adjustment | 38 | 11 | 102 | 5 |
Comprehensive loss | $ (37,871) | $ (31,745) | $ (70,716) | $ (87,374) |
Net loss per share attributable to common stockholders-basic and diluted | $ (0.78) | $ (0.85) | $ (1.50) | $ (2.49) |
Weighted average shares used in computing net loss per share attributable to common stockholders-basic and diluted | 48,709 | 37,164 | 47,340 | 35,058 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | AOCI Attributable to Parent [Member] | Additional Paid-in Capital [Member] | Common Stock [Member] | Accumulated deficit [Member] | Total |
Beginning Balance at Sep. 30, 2019 | $ 181 | $ 470,425 | $ (318,524) | $ 152,082 | |
Beginning Balance , shares at Sep. 30, 2019 | 32,873 | ||||
Issuance of common stock in public offering, net of underwriting discounts and commissions and offering expenses | 188,174 | 188,174 | |||
Issuance of common stock in public offering, net of underwriting discounts and commissions and offering expenses, shares | 7,579 | ||||
Vesting of restricted stock units, shares | 119 | ||||
Exercise of stock options | 3,102 | 3,102 | |||
Exercise of stock options , shares | 389 | ||||
Issuance of shares under the employee stock purchase plan | 1,522 | 1,522 | |||
Issuance of shares under the employee stock purchase plan , shares | 58 | ||||
Repurchases of early exercised stock options, shares | (1) | ||||
Repurchases of common stock for income tax withholding | (1,198) | (1,198) | |||
Repurchases of common stock for income tax withholding , shares | (47) | ||||
Stock-based compensation | 7,894 | 7,894 | |||
Other comprehensive income | 32 | 32 | |||
Net loss | (87,406) | (87,406) | |||
Ending Balance at Mar. 31, 2020 | 213 | 669,919 | (405,930) | 264,202 | |
Ending Balance , shares at Mar. 31, 2020 | 40,970 | ||||
Beginning Balance at Dec. 31, 2019 | 190 | 477,053 | (374,162) | 103,081 | |
Beginning Balance , shares at Dec. 31, 2019 | 33,261 | ||||
Issuance of common stock in public offering, net of underwriting discounts and commissions and offering expenses | 186,150 | 186,150 | |||
Issuance of common stock in public offering, net of underwriting discounts and commissions and offering expenses, shares | 7,482 | ||||
Vesting of restricted stock units, shares | 35 | ||||
Exercise of stock options | 1,387 | 1,387 | |||
Exercise of stock options , shares | 147 | ||||
Issuance of shares under the employee stock purchase plan | 1,522 | 1,522 | |||
Issuance of shares under the employee stock purchase plan , shares | 58 | ||||
Repurchases of common stock for income tax withholding | (390) | (390) | |||
Repurchases of common stock for income tax withholding , shares | (13) | ||||
Stock-based compensation | 4,197 | 4,197 | |||
Other comprehensive income | 23 | 23 | |||
Net loss | (31,768) | (31,768) | |||
Ending Balance at Mar. 31, 2020 | 213 | 669,919 | (405,930) | 264,202 | |
Ending Balance , shares at Mar. 31, 2020 | 40,970 | ||||
Beginning Balance at Sep. 30, 2020 | 87 | 794,630 | (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 | 323,887 | 323,887 | |||
Issuance of common stock in public offering, net of underwriting discounts and commissions and offering expenses, shares | 3,136 | ||||
Vesting of restricted stock units, shares | 121 | ||||
Exercise of stock options | 9,137 | 9,137 | |||
Exercise of stock options , shares | 497 | ||||
Issuance of shares under the employee stock purchase plan | 2,787 | $ 2,787 | |||
Issuance of shares under the employee stock purchase plan , shares | 49 | 49 | |||
Net exercise of stock warrants , shares | 22 | ||||
Repurchases of early exercised stock options, shares | (2) | ||||
Repurchases of common stock for income tax withholding | (5,751) | $ (5,751) | |||
Repurchases of common stock for income tax withholding , shares | (46) | ||||
Stock-based compensation | 18,575 | 18,575 | |||
Other comprehensive income | 103 | 103 | |||
Net loss | (70,819) | (70,819) | |||
Ending Balance at Mar. 31, 2021 | 190 | 1,143,265 | (529,274) | 614,181 | |
Ending Balance , shares at Mar. 31, 2021 | 48,860 | ||||
Beginning Balance at Dec. 31, 2020 | 142 | 1,129,165 | (491,355) | 637,952 | |
Beginning Balance , shares at Dec. 31, 2020 | 48,616 | ||||
Vesting of restricted stock units, shares | 67 | ||||
Exercise of stock options | 3,066 | 3,066 | |||
Exercise of stock options , shares | 152 | ||||
Issuance of shares under the employee stock purchase plan | 2,787 | 2,787 | |||
Issuance of shares under the employee stock purchase plan , shares | 49 | ||||
Public offering expense adjustment | 36 | 36 | |||
Repurchases of early exercised stock options, shares | (2) | ||||
Repurchases of common stock for income tax withholding | (3,341) | (3,341) | |||
Repurchases of common stock for income tax withholding , shares | (22) | ||||
Stock-based compensation | 11,552 | 11,552 | |||
Other comprehensive income | 48 | 48 | |||
Net loss | (37,919) | (37,919) | |||
Ending Balance at Mar. 31, 2021 | $ 190 | $ 1,143,265 | $ (529,274) | $ 614,181 | |
Ending Balance , shares at Mar. 31, 2021 | 48,860 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Common Stock [Member] | |||
Net of underwriting discounts, commissions and offering expenses | $ 11,030 | $ 21,113 | $ 11,306 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities | ||
Net loss | $ (70,819) | $ (87,406) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 4,575 | 3,064 |
Loss on disposal of property and equipment | 2 | |
Non-cash lease expense | 214 | (227) |
Stock-based compensation | 18,575 | 7,894 |
Discount (premium) accretion on investment securities | 314 | (232) |
Realized gain on investments | (4) | |
Non-cash interest expense | 44 | 87 |
Bad debt expense | 417 | |
Amortization of debt discount | 53 | 105 |
Changes in assets and liabilities: | ||
Accounts receivable, net | (1,331) | (2,727) |
Inventories | (3,544) | (3,433) |
Prepaid expenses and other current assets | (2,731) | (1,953) |
Other non-current assets | (87) | (196) |
Accounts payable | 3,798 | (3,075) |
Accrued expenses | (45) | (3,037) |
Accrued Compensation | (38) | (1,848) |
Other liabilities | 1,126 | (601) |
Net cash used in operating activities | (49,481) | (93,585) |
Cash flows from investing activities | ||
Purchases of property and equipment | (12,030) | (4,795) |
Purchases of investments | (58,795) | (6,537) |
Proceeds from maturity of investments | 98,494 | 52,500 |
Net cash (used in) / provided by investing activities | 27,669 | 41,168 |
Cash flows from financing activities | ||
Proceeds from exercise of stock options | 9,116 | 3,061 |
Proceeds from public offering, net of underwriting discounts and commissions and offering expenses | 323,887 | 188,376 |
Proceeds from issuance of common stock under employee stock purchase plan | 2,787 | 1,522 |
Repayments of long-term debt | (1,667) | (1,667) |
Repurchases of common stock for income tax withholding | (5,751) | (1,198) |
Net cash provided by financing activities | 328,372 | 190,094 |
Effect of exchange rates on cash, cash equivalents and restricted cash | 53 | (18) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 306,613 | 137,659 |
Cash, cash equivalents, and restricted cash at beginning of period | 94,246 | 47,398 |
Cash, cash equivalents, and restricted cash at end of period | 400,859 | 185,057 |
Supplemental disclosure of cash flow information | ||
Interest paid | 109 | 271 |
Income taxes paid, net of refunds | 1 | 120 |
Non-cash investing and financing activities | ||
Property and equipment additions included in accounts payable and accrued expenses | 197 | 774 |
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $ 63 | 2,833 |
Deferred offering costs included in accounts payable and accrued expenses | $ 203 |
The company
The company | 6 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 and genomics company that has developed a disruptive DNA synthesis platform. DNA is used in many applications across different industries: industrial chemicals, academic, healthcare and agriculture. The Company’s fiscal year ends on September 30. The Company has generated net losses in all periods since its inception. As of March 31, 2021, the Company had an accumulated deficit of $529.3 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. In March 2020, the World Health Organization declared the COVID-19 outbreak to be a pandemic. During the three and six months ended March 31, 2021, financial results of the Company were not significantly affected by the COVID-19 outbreak. 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 accounti
Summary of significant accounting policies | 6 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
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, 2020 (the Annual Report on Form 10-K) dated November 27, 2020. 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, 2020 is derived from audited consolidated financial statements but does not include all disclosures required by GAAP. The operating results for the three and six months ended March 31, 2021 are not necessarily indicative of the results expected for the full year ending September 30, 2021 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. All intercompany balances and accounts are eliminated in consolidation. The following table provides a reconciliation of the Company’s cash and cash equivalents, current portion of restricted cash 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: March 31, September 30, (in thousands) 2021 2020 Cash and cash equivalents $ 399,329 $ 93,667 Restricted cash, non-current 1,530 579 Total cash, cash equivalents and restricted cash $ 400,859 $ 94,246 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 except as disclosed below. The Company’s current Biopharma libraries revenue primarily consists of research and development agreements with third parties that provide for up-front and periodic payments. The Company also generates revenue from research and development agreements that do not include upfront or milestone-based payments and generally recognize revenue on these types of agreements based on the timing of development activities. All these agreements may include more than one performance obligation. At the inception of the contract, the Company assesses whether each obligation represents a separate performance obligation or whether such obligations should be combined as a single performance obligation. The transaction price for each development agreement is determined based on the amount of consideration the Company expects to be entitled to for satisfying all performance obligations within the agreement. The Company usually assesses the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. In arrangements where the Company satisfies performance obligation(s) over time, the Company recognizes development revenue typically using an input method based on the costs incurred relative to the total expected cost which determines the extent of our progress toward completion. As part of the accounting for these arrangements, the Company must develop estimates and assumptions that require judgment to determine the transaction price and progress towards completion. The Company reviews their estimates of the transaction price and progress toward completion based on the best information available to recognize the cumulative progress toward completion as of the end of each reporting period and make revisions to such estimates as necessary. Also, these research and development agreements may include license payments. The Company recognizes revenue from functional license agreements when the license is transferred to the customer and the customer is able to use and benefit from the license. The Company has contract assets of $0.8 million and contract liabilities of $0.6 million as of March 31, 2021. There were no significant contract assets and liability as of September 30, 2020. For all periods presented, the Company did not recognize revenue from amounts that were included in the contract liability balance at the beginning of each period. In addition, for all periods presented, there was no revenue recognized in a reporting period from performance obligations satisfied in previous periods. Recent accounting pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued new lease accounting guidance in Accounting Standard Update (ASU) 2016-02, Leases, and in July 2018 issued ASU 2018-10, Codification Improvements to Topic 842, Leases, and ASU 2018-11, Leases (Topic 842): Targeted Improvements (the foregoing ASUs collectively referred to as “Topic 842”). Under the new guidance, lessees are required to recognize for all leases (with the exception of short-term leases) at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use or control the use of, a specified asset for the lease term. On October 1, 2019, the Company adopted Topic 842 using the modified retrospective approach. The adoption had a material effect on the condensed consolidated balance sheets but did not have a material effect on the condensed consolidated statements of operations and comprehensive loss. Prior period amounts were not adjusted and continue to be reported in accordance with the previous accounting under ASC 840, Leases. The Company elected the package of practical expedients permitted under the transition guidance which, among other things, allows carrying forward the historical classification of existing leases as of October 1, 2019. As a result of electing the transition guidance as described above, on October 1, 2019, the Company recorded operating lease right-of-use assets of $35.8 million, including the derecognition of deferred rent of $0.1 million and prepaid rent of $1.6 million, with the corresponding lease liabilities totaling $34.3 million. There was no material effect to the Company’s statements of operations and comprehensive loss upon adoption. Under Topic 842, the Company determines if an arrangement is a lease at inception primarily based on the determination of the party responsible for directing the use of an underlying asset within a contract. Operating lease right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of committed lease payments over the lease term. In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date which includes significant assumptions made including the Company’s estimated credit rating, annual percentage yields from corporate debt financings of companies of similar size and credit rating over a loan term approximating the remaining term of each lease, and government bond yields for terms approximating the remaining term of each lease in countries where the leased assets are located. Certain leases include payments of operating expenses that are dependent and may be revised based on the landlord’s estimate, and these variable payments are therefore excluded from the lease payments used to determine the operating lease right-of-use asset and lease liability. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise any such options. Lease expense is recognized on a straight-line basis over the expected lease term. The Company elected to not apply the recognition requirements of Topic 842 to short-term leases with terms of 12 months or less which do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. For short-term leases, lease payments are recognized as operating expenses on a straight-line basis over the lease term. The Company elected to account for lease and non-lease components as a single lease component. Additional information and disclosures required by Topic 842 are contained in Note 6. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Subtopic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements on fair value measurements. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company adopted this standard effective October 1, 2020. The adoption of ASU 2018-13 did not have an impact on the Company’s consolidated financial statements for either period presented. In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction Between Topic 808 and Topic 606, which, among other things, provides guidance on how to assess whether certain collaborative arrangement transactions should be accounted for under Topic 606. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Company adopted this standard effective October 1, 2020. The adoption of ASU 2017-09 did not have an impact on the Company’s consolidated financial statements for either period presented. Recently issued accounting pronouncements not yet adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes Income Taxes |
Fair value measurement
Fair value measurement | 6 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
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 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 investments primarily utilize broker quotes in a non-active market for valuation of its short-term 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. The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 and September 30, 2020 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value. March 31, 2021 (in thousands) Level 1 Level 2 Level 3 Fair value Assets Cash $ 33,515 $ — $ — $ 33,515 Money market funds 365,814 — — 365,814 Commercial paper — 74,958 — 74,958 U.S. government treasury bills 81,371 — — 81,371 Totals $ 480,700 $ 74,958 $ — $ 555,658 September 30, 2020 (in thousands) Level 1 Level 2 Level 3 Fair value Assets Cash $ 20,254 $ — $ — $ 20,254 Money market funds 73,413 — — 73,413 Commercial paper — 94,840 — 94,840 U.S. government treasury bills 101,495 — — 101,495 Totals $ 195,162 $ 94,840 $ — $ 290,002 As of March 31, 2021 and September 30, 2020, gross unrealized gains and unrealized losses for cash equivalents and short-term investments were not material, and the contractual maturities of all marketable securities were less than one year. |
Balance sheet components
Balance sheet components | 6 Months Ended |
Mar. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance sheet components | 4. Balance sheet components The Company’s accounts receivable, net balance consists of the following: March 31, September 30, (in thousands) 2021 2020 Trade Receivables $ 24,953 $ 25,790 Other Receivables 3,068 951 Allowance for Doubtful Accounts (731) (365) Accounts Receivable, net $ 27,290 $ 26,376 Inventory amounts consist of the following: March 31, September 30, (in thousands) 2021 2020 Raw Materials $ 11,387 $ 9,237 Work-in-process 2,594 2,021 Finished Goods 1,857 1,031 $ 15,838 $ 12,289 |
Goodwill and intangible assets
Goodwill and intangible assets | 6 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and intangible assets | 5. Goodwill and intangible assets There were no changes to the carrying value of goodwill as of March 31, 2021 and September 30, 2020. Total amortization expense related to intangible assets was less than $0.1 million for the three months ended March 31, 2021 and 2020. The intangible assets balances are presented below: March 31, 2021 Useful Gross life in carrying Accumulated Net book (in thousands, except for years) years amount amortization value Developed Technology 6 $ 1,220 $ (1,017) $ 203 Tradenames & Trademarks 2 20 (20) — Total indefinite-lived intangible assets $ 1,240 $ (1,037) $ 203 September 30, 2020 Useful Gross life in carrying Accumulated Net book (in thousands, except for years) years amount amortization value Developed Technology 6 $ 1,220 $ (913) $ 307 Tradenames & Trademarks 2 20 (20) — Total indefinite-lived intangible assets $ 1,240 $ (933) $ 307 |
Commitments and contingencies
Commitments and contingencies | 6 Months Ended |
Mar. 31, 2021 | |
Commitments and contingencies [Abstract] | |
Commitments and contingencies | 6. Commitments and contingencies We 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 2026. 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 March 31, 2021, was the following: March 31, (in thousands) 2021 Assets: Operating lease right-of-use-asset $ 30,997 Current liabilities: Current portion of operating lease liabilities $ 6,514 Noncurrent liabilities: Operating lease liabilities, net of current portion $ 22,244 Future minimum lease payments under all non-cancelable operating leases as of March 31, 2021 are as follows: Operating (in thousands) leases Years ending September 30: Remainder of 2021 $ 3,118 2022 7,169 2023 6,766 2024 6,393 2025 6,433 Thereafter 4,907 Total minimum lease payments $ 34,786 Less: imputed interest (6,028) Total operating lease liabilities $ 28,758 Less: current portion (6,514) Operating lease liabilities, net of current portion $ 22,244 During the three and six months ended March 31, 2021, operating lease expense was $1.9 million and $3.8 million, respectively. Cash payments for amounts included in the measurement of operating lease liabilities for the three and six months ended March 31, 2021 were $1.8 million and $3.6 million, respectively. As of March 31, 2021, the weighted-average remaining lease term was 5.1 years and the weighted-average discount rate was 7%. In December 2020, the Company entered into a 12-year operating lease for a 110,995-square-foot facility in Wilsonville, Oregon to further expand the Company operations. Upon execution of the lease agreement, the Company provided the landlord an approximately $1.0 million security deposit in the form of a letter of credit. Subject to certain conditions pursuant to the lease, the Company expects monthly rent payments on the new facility to commence in the first quarter of 2022. 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 been provided a tenant improvement allowance of $13.3 million. The Company has the right to sublease the facility, subject to landlord consent. The Company also has the option to extend the lease for two terms of five years. The lease had not commenced as of March 31, 2021. The lease commencement is contingent upon assuming control over the facility which is not expected to occur until the landlord completes their portion of the buildout which was not completed as of March 31, 2021. The future minimum lease payments under the agreement are $27.9 million. Refer to note 14 for the first amendment of the lease agreement. |
Related party transactions
Related party transactions | 6 Months Ended |
Mar. 31, 2021 | |
Related party transactions [Abstract] | |
Related party transactions | 7. Related party transactions During the three months ended March 31, 2021 and 2020, the Company purchased raw materials from a related party investor in the amount of $1.2 million and $0.9 million, respectively. During the six months ended March 31, 2021 and 2020, the Company purchased raw materials from a related party investor in the amount of $2.3 million and $1.6 million, respectively. Payable balances and cash receipts and receivable balances with the related parties were immaterial as of March 31, 2021 and September 30, 2020. |
Income taxes
Income taxes | 6 Months Ended |
Mar. 31, 2021 | |
Income taxes [Abstract] | |
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 each of the three and six months ended March 31, 2021 and 2020, the Company recorded an immaterial provision for income taxes. |
Warrants
Warrants | 6 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
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 net 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 net 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 March 31, 2021. |
Common stock
Common stock | 6 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Common stock | 10. Common stock In December 2019, the Company entered into a sales agreement with Cowen and Company, LLC for an at-the-market offering (ATM) to offer and sell shares of its common stock having an aggregate offering price of up to $50.0 million from time to time. The offering was completed during December 2019 and January 2020. During this period, the Company sold a total of 2,239,680 shares of its common stock at a weighted-average price of $22.32 per share and received total net proceeds of $48.0 million under the ATM, net of estimated underwriting discounts and commissions and offering expenses. In February 2020, the Company completed an underwritten public offering of 4,642,857 shares of its common stock at a price to the public of $28.00 per share, including the full exercise of the underwriters’ option to purchase an additional 696,428 shares of common stock. The Company received total net proceeds from the offering of $140.2 million, net of estimated underwriting discounts and commissions and offering expenses. In June 2020, the Company completed an underwriting public offering of 3,484,848 shares of its common stock at a price to the public of $33.00 per share, including the full exercise of underwriters’ option to purchase an additional 454,545 shares of common stock. The Company received total net proceeds from the offering of $107.4 million, net of estimated underwriting discounts and commissions and offering expenses. 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
Stock-based compensation | 6 Months Ended |
Mar. 31, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based compensation | 11. Stock-based compensation 2018 Equity Incentive Plan On September 26, 2018, the board of directors adopted the 2018 Equity Incentive Plan (the 2018 Plan) as a successor to the 2013 Stock Plan (the 2013 Plan). The number of shares reserved for issuance under the 2018 Plan upon approval of the plan was 5,856,505 shares of the Company’s common stock. The number of shares reserved for issuance under the 2018 Plan will increase automatically on the first day of each fiscal year, following the fiscal year in which the 2018 Plan became effective, by a number equal to the least of 999,900 shares, 4% of the shares of common stock outstanding at that time, or such number of shares determined by the Company’s board of directors. The common shares issuable under the 2018 Plan were registered pursuant to a registration statement on Form S-8 on November 1, 2018. 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 units (PSUs) under the 2018 Plan. The number of PSUs 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 PSUs 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 units granted. The provisions of the PSUs 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 units that are expected to vest. As of March 31, 2021, the Company determined that 245,913 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 $45.01 per share. As of March 31, 2021, the unrecognized compensation costs related to these awards were $8.0 million. The Company expects to recognize those costs over a weighted average period of 1.5 years. Any shares subject to outstanding awards under the 2013 Equity Incentive 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 nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, and performance units. Activity under the equity incentive plans during the six months ended March 31, 2021 is summarized below: Weighted Weighted average average exercise remaining Aggregate Shares Options price per contractual intrinsic (in thousands, except per share data) available outstanding share term (years) value Outstanding at September 30, 2020 1,034 3,913 $ 24.35 8.1 $ 204,365 Additional shares authorized 1,000 — — — — Stock options granted (108) 108 50.13 — — Stock options exercised — (498) 18.66 — — Stock options forfeited 57 (57) 29.46 — — Restricted stock units granted (315) — — — — Forfeiture of restricted stock units 27 — — — — Shares withheld for payment of taxes 46 — — — — Early exercised options repurchased 2 — — — — Outstanding at March 31, 2021 1,743 3,466 $ 25.21 7.7 $ 342,000 Vested or expected to vest at March 31, 2021 3,466 $ 25.21 7.7 $ 342,000 Vested and exercisable at March 31, 2021 1,477 $ 16.07 6.9 $ 159,173 Total stock-based compensation expense recognized was as follows: Three months ended Six months ended March 31, March 31, (in thousands) 2021 2020 2021 2020 Cost of revenues $ 731 $ 250 $ 1,218 $ 610 Research and development 2,427 797 4,428 1,524 Selling, general and administrative 8,394 3,150 12,929 5,760 Total stock-based compensation $ 11,552 $ 4,197 $ 18,575 $ 7,894 As of March 31, 2021, there was $33.9 million of total unrecognized compensation cost related to non-vested stock options under the equity incentive plans that are expected to be recognized over a weighted average period of 2.1 years. The weighted-average grant date fair value of stock options granted during the three months ended March 31, 2021 was $30.33 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 six months ended March 31, 2021 was as follows: Weighted Weighted average average Number grant date remaining Aggregate of fair value contractual Intrinsic (in thousands, except share and per share data) Shares per share term (years) Value Outstanding at September 30, 2020 569 $ 32.96 3.2 $ 43,260 Restricted stock units granted 315 106.80 — — Restricted stock units vested (121) 36.47 — — Restricted stock units forfeited (27) 79.88 — — Outstanding at March 31, 2021 736 $ 62.27 3.1 $ 91,209 Expected to vest at March 31, 2021 736 $ 62.27 3.1 $ 91,209 As of March 31, 2021, there was $43.6 million of total unrecognized compensation cost related to these issuances that is expected to be recognized over a weighted average period of 2.8 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 March 31, 2021 is as follows: Shares (In thousands) available Outstanding at September 30, 2020 179 Additional shares authorized 250 Shares issued during the period (49) Outstanding at March 31, 2021 380 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 and six months ended March 31, 2021 and 2020, activity under the 2018 ESPP was immaterial. |
Net loss per share attributable
Net loss per share attributable to common stockholders | 6 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
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 Six months ended March 31, March 31, (in thousands, except per share data) 2021 2020 2021 2020 Numerator: Net loss attributable to common stockholders $ (37,919) $ (31,768) $ (70,819) $ (87,406) Denominator: Weighted average shares used in computing net loss per share, basic and diluted 48,709 37,164 47,340 35,058 Net loss per share attributable to common stockholders, basic and diluted $ (0.78) $ (0.85) $ (1.50) $ (2.49) The potentially dilutive common shares that were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented are as follows: Three and six months ended March 31, (in thousands) 2021 2020 Shares subject to options to purchase common stock 3,466 4,062 Shares subject to performance-based stock options 37 — Unvested restricted shares of common stock — 3 Unvested restricted stock units 736 531 Unvested shares of common stock issued upon early exercise of stock options 9 27 Shares subject to employee stock purchase plan 23 56 Shares subject to warrants to purchase common stock — 27 Total 4,271 4,706 |
Geographic, product and industr
Geographic, product and industry information | 6 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
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 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 Six months ended March 31, March 31, (in thousands) 2021 2020 2021 2020 United States $ 18,077 $ 11,752 $ 35,111 $ 21,579 EMEA 9,978 6,232 19,036 12,172 APAC 2,665 944 4,432 2,186 Americas 484 369 785 524 Total $ 31,204 $ 19,297 $ 59,364 $ 36,461 The table below sets forth revenues by products. Three months ended Six months ended March 31, March 31, (in thousands) 2021 2020 2021 2020 Synthetic genes $ 9,189 $ 9,116 $ 18,064 $ 16,952 Oligo pools 1,841 1,101 3,351 2,342 DNA and Biopharma libraries 3,223 1,354 5,427 2,412 NGS tools 16,951 7,726 32,522 14,755 Total $ 31,204 $ 19,297 $ 59,364 $ 36,461 The table below sets forth revenues by industry. Three months ended Six months ended March 31, March 31, (in thousands) 2021 2020 2021 2020 Industrial chemicals $ 8,661 $ 7,541 $ 15,793 $ 13,678 Academic research 5,648 5,542 10,549 10,493 Healthcare 16,564 5,752 32,540 11,587 Agricultural 331 462 482 703 Total $ 31,204 $ 19,297 $ 59,364 $ 36,461 |
Subsequent events
Subsequent events | 6 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent events | 14. Subsequent events On April 30, 2021, the Company was issued a Convertible Promissory Note (Note) by a privately held company (Borrower) in the sum of $5.0 million. On May 3, 2021, the Company advanced $1.0 million to the Borrower under the Note. The Note is unsecured, bears interest at 4% per annum, and matures on May 31, 2021. 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. On April 13, 2021, the Company entered into a first amendment (the "First Lease Amendment"), which amends the terms of the Wilsonville, Oregon lease agreement dated December 18, 2020. The First Lease Amendment increases the premises originally leased within the same building by approximately 101,000 square feet (the "Additional Premises"). The Company intends to use the Additional Premises to support its additional product offerings, including DNA data storage, or other high value growth product lines. The First Lease Amendment also extends the termination date until April 1, 2034 and modifies the Company's option to extend the term to an additional 10-year term for the Premises. Additional rent under the First Lease Amendment for the Additional Premises commences April 1, 2022 with approximately $1.2 million in rent payments due the first year and approximately $17.6 million in aggregate estimated rent payments due over the total initial term of the First Lease Amendment. In addition, the First Lease Amendment increases the base rental payments relating to the Original Premises by 3% for the period in which the First Lease Amendment extends the term of the original premises. The Company is obligated to pay approximately 26% of the operating expenses and utilities applicable to the Additional Premises. The Landlord will provide the Company with a tenant improvement allowance in connection with the Company's improvements to the Additional Premises of approximately $4.3 million. On April 14, 2021, the Company entered into a 5-year operating lease for a 15,538-square-feet warehouse in Brisbane, California to further expand the Company operations. Upon execution of the lease agreement, the Company provided the landlord an approximately $0.2 million security deposit. The Company will pay an initial annual base rent of approximately $0.3 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 future minimum lease payments under the agreement are $2.2 million. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 6 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation and use of estimates | 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, 2020 (the Annual Report on Form 10-K) dated November 27, 2020. 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, 2020 is derived from audited consolidated financial statements but does not include all disclosures required by GAAP. The operating results for the three and six months ended March 31, 2021 are not necessarily indicative of the results expected for the full year ending September 30, 2021 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. All intercompany balances and accounts are eliminated in consolidation. The following table provides a reconciliation of the Company’s cash and cash equivalents, current portion of restricted cash 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: March 31, September 30, (in thousands) 2021 2020 Cash and cash equivalents $ 399,329 $ 93,667 Restricted cash, non-current 1,530 579 Total cash, cash equivalents and restricted cash $ 400,859 $ 94,246 |
Significant accounting policies | 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 except as disclosed below. The Company’s current Biopharma libraries revenue primarily consists of research and development agreements with third parties that provide for up-front and periodic payments. The Company also generates revenue from research and development agreements that do not include upfront or milestone-based payments and generally recognize revenue on these types of agreements based on the timing of development activities. All these agreements may include more than one performance obligation. At the inception of the contract, the Company assesses whether each obligation represents a separate performance obligation or whether such obligations should be combined as a single performance obligation. The transaction price for each development agreement is determined based on the amount of consideration the Company expects to be entitled to for satisfying all performance obligations within the agreement. The Company usually assesses the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. In arrangements where the Company satisfies performance obligation(s) over time, the Company recognizes development revenue typically using an input method based on the costs incurred relative to the total expected cost which determines the extent of our progress toward completion. As part of the accounting for these arrangements, the Company must develop estimates and assumptions that require judgment to determine the transaction price and progress towards completion. The Company reviews their estimates of the transaction price and progress toward completion based on the best information available to recognize the cumulative progress toward completion as of the end of each reporting period and make revisions to such estimates as necessary. Also, these research and development agreements may include license payments. The Company recognizes revenue from functional license agreements when the license is transferred to the customer and the customer is able to use and benefit from the license. |
Recent accounting pronouncements | Recent accounting pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued new lease accounting guidance in Accounting Standard Update (ASU) 2016-02, Leases, and in July 2018 issued ASU 2018-10, Codification Improvements to Topic 842, Leases, and ASU 2018-11, Leases (Topic 842): Targeted Improvements (the foregoing ASUs collectively referred to as “Topic 842”). Under the new guidance, lessees are required to recognize for all leases (with the exception of short-term leases) at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use or control the use of, a specified asset for the lease term. On October 1, 2019, the Company adopted Topic 842 using the modified retrospective approach. The adoption had a material effect on the condensed consolidated balance sheets but did not have a material effect on the condensed consolidated statements of operations and comprehensive loss. Prior period amounts were not adjusted and continue to be reported in accordance with the previous accounting under ASC 840, Leases. The Company elected the package of practical expedients permitted under the transition guidance which, among other things, allows carrying forward the historical classification of existing leases as of October 1, 2019. As a result of electing the transition guidance as described above, on October 1, 2019, the Company recorded operating lease right-of-use assets of $35.8 million, including the derecognition of deferred rent of $0.1 million and prepaid rent of $1.6 million, with the corresponding lease liabilities totaling $34.3 million. There was no material effect to the Company’s statements of operations and comprehensive loss upon adoption. Under Topic 842, the Company determines if an arrangement is a lease at inception primarily based on the determination of the party responsible for directing the use of an underlying asset within a contract. Operating lease right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of committed lease payments over the lease term. In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date which includes significant assumptions made including the Company’s estimated credit rating, annual percentage yields from corporate debt financings of companies of similar size and credit rating over a loan term approximating the remaining term of each lease, and government bond yields for terms approximating the remaining term of each lease in countries where the leased assets are located. Certain leases include payments of operating expenses that are dependent and may be revised based on the landlord’s estimate, and these variable payments are therefore excluded from the lease payments used to determine the operating lease right-of-use asset and lease liability. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise any such options. Lease expense is recognized on a straight-line basis over the expected lease term. The Company elected to not apply the recognition requirements of Topic 842 to short-term leases with terms of 12 months or less which do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. For short-term leases, lease payments are recognized as operating expenses on a straight-line basis over the lease term. The Company elected to account for lease and non-lease components as a single lease component. Additional information and disclosures required by Topic 842 are contained in Note 6. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Subtopic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements on fair value measurements. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company adopted this standard effective October 1, 2020. The adoption of ASU 2018-13 did not have an impact on the Company’s consolidated financial statements for either period presented. In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction Between Topic 808 and Topic 606, which, among other things, provides guidance on how to assess whether certain collaborative arrangement transactions should be accounted for under Topic 606. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Company adopted this standard effective October 1, 2020. The adoption of ASU 2017-09 did not have an impact on the Company’s consolidated financial statements for either period presented. Recently issued accounting pronouncements not yet adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes Income Taxes |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of the Company’s cash and cash equivalents, current portion of restricted cash 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: March 31, September 30, (in thousands) 2021 2020 Cash and cash equivalents $ 399,329 $ 93,667 Restricted cash, non-current 1,530 579 Total cash, cash equivalents and restricted cash $ 400,859 $ 94,246 |
Fair value measurement (Tables)
Fair value measurement (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Company's Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 and September 30, 2020 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value. March 31, 2021 (in thousands) Level 1 Level 2 Level 3 Fair value Assets Cash $ 33,515 $ — $ — $ 33,515 Money market funds 365,814 — — 365,814 Commercial paper — 74,958 — 74,958 U.S. government treasury bills 81,371 — — 81,371 Totals $ 480,700 $ 74,958 $ — $ 555,658 September 30, 2020 (in thousands) Level 1 Level 2 Level 3 Fair value Assets Cash $ 20,254 $ — $ — $ 20,254 Money market funds 73,413 — — 73,413 Commercial paper — 94,840 — 94,840 U.S. government treasury bills 101,495 — — 101,495 Totals $ 195,162 $ 94,840 $ — $ 290,002 |
Balance sheet components (Table
Balance sheet components (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule Of Accounts Notes Loans And Financing Receivable | The Company’s accounts receivable, net balance consists of the following: March 31, September 30, (in thousands) 2021 2020 Trade Receivables $ 24,953 $ 25,790 Other Receivables 3,068 951 Allowance for Doubtful Accounts (731) (365) Accounts Receivable, net $ 27,290 $ 26,376 |
Summary of Inventory | Inventory amounts consist of the following: March 31, September 30, (in thousands) 2021 2020 Raw Materials $ 11,387 $ 9,237 Work-in-process 2,594 2,021 Finished Goods 1,857 1,031 $ 15,838 $ 12,289 |
Goodwill and intangible assets
Goodwill and intangible assets (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets Balances | The intangible assets balances are presented below: March 31, 2021 Useful Gross life in carrying Accumulated Net book (in thousands, except for years) years amount amortization value Developed Technology 6 $ 1,220 $ (1,017) $ 203 Tradenames & Trademarks 2 20 (20) — Total indefinite-lived intangible assets $ 1,240 $ (1,037) $ 203 September 30, 2020 Useful Gross life in carrying Accumulated Net book (in thousands, except for years) years amount amortization value Developed Technology 6 $ 1,220 $ (913) $ 307 Tradenames & Trademarks 2 20 (20) — Total indefinite-lived intangible assets $ 1,240 $ (933) $ 307 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Commitments and contingencies [Abstract] | |
Schedule of Supplemental Balance Sheet Information Relating to Companies Operating Lease | Supplemental balance sheet information related to the Company’s operating lease as of March 31, 2021, was the following: March 31, (in thousands) 2021 Assets: Operating lease right-of-use-asset $ 30,997 Current liabilities: Current portion of operating lease liabilities $ 6,514 Noncurrent liabilities: Operating lease liabilities, net of current portion $ 22,244 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments under all non-cancelable operating leases as of March 31, 2021 are as follows: Operating (in thousands) leases Years ending September 30: Remainder of 2021 $ 3,118 2022 7,169 2023 6,766 2024 6,393 2025 6,433 Thereafter 4,907 Total minimum lease payments $ 34,786 Less: imputed interest (6,028) Total operating lease liabilities $ 28,758 Less: current portion (6,514) Operating lease liabilities, net of current portion $ 22,244 |
Stock-based compensation (Table
Stock-based compensation (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Activity Under The Equity Incentive Plans | Activity under the equity incentive plans during the six months ended March 31, 2021 is summarized below: Weighted Weighted average average exercise remaining Aggregate Shares Options price per contractual intrinsic (in thousands, except per share data) available outstanding share term (years) value Outstanding at September 30, 2020 1,034 3,913 $ 24.35 8.1 $ 204,365 Additional shares authorized 1,000 — — — — Stock options granted (108) 108 50.13 — — Stock options exercised — (498) 18.66 — — Stock options forfeited 57 (57) 29.46 — — Restricted stock units granted (315) — — — — Forfeiture of restricted stock units 27 — — — — Shares withheld for payment of taxes 46 — — — — Early exercised options repurchased 2 — — — — Outstanding at March 31, 2021 1,743 3,466 $ 25.21 7.7 $ 342,000 Vested or expected to vest at March 31, 2021 3,466 $ 25.21 7.7 $ 342,000 Vested and exercisable at March 31, 2021 1,477 $ 16.07 6.9 $ 159,173 |
Total Stock-based Compensation Expense | Total stock-based compensation expense recognized was as follows: Three months ended Six months ended March 31, March 31, (in thousands) 2021 2020 2021 2020 Cost of revenues $ 731 $ 250 $ 1,218 $ 610 Research and development 2,427 797 4,428 1,524 Selling, general and administrative 8,394 3,150 12,929 5,760 Total stock-based compensation $ 11,552 $ 4,197 $ 18,575 $ 7,894 |
Schedule of Nonvested Restricted Stock Units Activity | Activity with respect to the Company’s restricted stock units during the six months ended March 31, 2021 was as follows: Weighted Weighted average average Number grant date remaining Aggregate of fair value contractual Intrinsic (in thousands, except share and per share data) Shares per share term (years) Value Outstanding at September 30, 2020 569 $ 32.96 3.2 $ 43,260 Restricted stock units granted 315 106.80 — — Restricted stock units vested (121) 36.47 — — Restricted stock units forfeited (27) 79.88 — — Outstanding at March 31, 2021 736 $ 62.27 3.1 $ 91,209 Expected to vest at March 31, 2021 736 $ 62.27 3.1 $ 91,209 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Shares (In thousands) available Outstanding at September 30, 2020 179 Additional shares authorized 250 Shares issued during the period (49) Outstanding at March 31, 2021 380 |
Net loss per share attributab_2
Net loss per share attributable to common stockholders (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
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 Six months ended March 31, March 31, (in thousands, except per share data) 2021 2020 2021 2020 Numerator: Net loss attributable to common stockholders $ (37,919) $ (31,768) $ (70,819) $ (87,406) Denominator: Weighted average shares used in computing net loss per share, basic and diluted 48,709 37,164 47,340 35,058 Net loss per share attributable to common stockholders, basic and diluted $ (0.78) $ (0.85) $ (1.50) $ (2.49) |
Summary of Calculation of Diluted Net Loss Per Share | Three months ended Six months ended March 31, March 31, (in thousands, except per share data) 2021 2020 2021 2020 Numerator: Net loss attributable to common stockholders $ (37,919) $ (31,768) $ (70,819) $ (87,406) Denominator: Weighted average shares used in computing net loss per share, basic and diluted 48,709 37,164 47,340 35,058 Net loss per share attributable to common stockholders, basic and diluted $ (0.78) $ (0.85) $ (1.50) $ (2.49) |
Geographic, product and indus_2
Geographic, product and industry information (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Summary of Revenue by Geographic Region | The table below sets forth revenues by geographic region, based on ship-to destinations. Americas consists of 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 Six months ended March 31, March 31, (in thousands) 2021 2020 2021 2020 United States $ 18,077 $ 11,752 $ 35,111 $ 21,579 EMEA 9,978 6,232 19,036 12,172 APAC 2,665 944 4,432 2,186 Americas 484 369 785 524 Total $ 31,204 $ 19,297 $ 59,364 $ 36,461 |
Summary of Revenue by Product | The table below sets forth revenues by products. Three months ended Six months ended March 31, March 31, (in thousands) 2021 2020 2021 2020 Synthetic genes $ 9,189 $ 9,116 $ 18,064 $ 16,952 Oligo pools 1,841 1,101 3,351 2,342 DNA and Biopharma libraries 3,223 1,354 5,427 2,412 NGS tools 16,951 7,726 32,522 14,755 Total $ 31,204 $ 19,297 $ 59,364 $ 36,461 |
Summary of Revenue by Industry | The table below sets forth revenues by industry. Three months ended Six months ended March 31, March 31, (in thousands) 2021 2020 2021 2020 Industrial chemicals $ 8,661 $ 7,541 $ 15,793 $ 13,678 Academic research 5,648 5,542 10,549 10,493 Healthcare 16,564 5,752 32,540 11,587 Agricultural 331 462 482 703 Total $ 31,204 $ 19,297 $ 59,364 $ 36,461 |
The company - (Detail)
The company - (Detail) - USD ($) $ in Thousands | 1 Months Ended | 98 Months Ended | |||
Dec. 31, 2020 | Jun. 30, 2020 | Feb. 29, 2020 | Mar. 31, 2021 | Sep. 30, 2020 | |
Accumulated deficit | $ (529,274) | $ (458,455) | |||
Subsequent Public Offering [Member] | |||||
Proceeds from the issuance of equity securities | $ 323,900 | $ 107,400 | $ 140,200 | 1,063,900 | |
Proceeds from issuance of debt | $ 13,800 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Accounting pronouncements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | Oct. 01, 2019 | |
Operating lease right of use assets | $ 30,997 | $ 30,997 | $ 33,699 | |||
Operating lease liabilities | 28,758 | 28,758 | ||||
Contract assets | 800 | 800 | ||||
Contract liabilities | 600 | 600 | ||||
Revenue from amounts that were included in the contract liability balance at the beginning of period | 0 | $ 0 | 0 | $ 0 | ||
Revenue recognized in a reporting period from performance obligations satisfied in previous periods | $ 0 | $ 0 | $ 0 | $ 0 | ||
Accounting Standards Update 2018-11 [Member] | ||||||
Operating lease right of use assets | $ 35,800 | |||||
Operating lease deferred rent | 100 | |||||
Operating lease prepaid rent | 1,600 | |||||
Operating lease liabilities | $ 34,300 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 399,329 | $ 93,667 | ||
Restricted cash, non-current | 1,530 | 579 | ||
Total cash, cash equivalents and restricted cash | $ 400,859 | $ 94,246 | $ 185,057 | $ 47,398 |
Fair Value Measurement - (Detai
Fair Value Measurement - (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Assets | ||
Assets, Totals | $ 555,658 | $ 290,002 |
Commercial Paper [Member] | ||
Assets | ||
Assets, Totals | 74,958 | 94,840 |
US Government Treasury Bills [Member] | ||
Assets | ||
Assets, Totals | 81,371 | 101,495 |
Cash [Member] | ||
Assets | ||
Assets, Totals | 33,515 | 20,254 |
Money Market Funds [Member] | ||
Assets | ||
Assets, Totals | 365,814 | 73,413 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Assets, Totals | 480,700 | 195,162 |
Fair Value, Inputs, Level 1 [Member] | US Government Treasury Bills [Member] | ||
Assets | ||
Assets, Totals | 81,371 | 101,495 |
Fair Value, Inputs, Level 1 [Member] | Cash [Member] | ||
Assets | ||
Assets, Totals | 33,515 | 20,254 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Assets | ||
Assets, Totals | 365,814 | 73,413 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets | ||
Assets, Totals | 74,958 | 94,840 |
Fair Value, Inputs, Level 2 [Member] | Commercial Paper [Member] | ||
Assets | ||
Assets, Totals | $ 74,958 | $ 94,840 |
Balance sheet components - Rece
Balance sheet components - Receivable (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Balance Sheet Related Disclosures [Abstract] | ||
Trade Receivables | $ 24,953 | $ 25,790 |
Other Receivables | 3,068 | 951 |
Allowance for Doubtful Accounts | (731) | (365) |
Accounts Receivable, net | $ 27,290 | $ 26,376 |
Balance sheet components - Inve
Balance sheet components - Inventory (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Balance Sheet Related Disclosures [Abstract] | ||
Raw Materials | $ 11,387 | $ 9,237 |
Work-in-process | 2,594 | 2,021 |
Finished Goods | 1,857 | 1,031 |
Total inventories | $ 15,838 | $ 12,289 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Goodwill (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Changes in carrying value of goodwill | $ 0 | $ 0 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets Balances (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Sep. 30, 2020 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount | $ 1,240 | $ 1,240 | $ 1,240 | |
Accumulated amortization | (1,037) | (1,037) | (933) | |
Net book value | 203 | $ 203 | $ 307 | |
Maximum [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Total amortization expense related to intangible assets | 100 | $ 100 | ||
Developed Technology [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Useful life in years | 6 years | 6 years | ||
Gross carrying amount | 1,220 | $ 1,220 | $ 1,220 | |
Accumulated amortization | (1,017) | (1,017) | (913) | |
Net book value | 203 | $ 203 | $ 307 | |
Tradenames & Trademarks [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Useful life in years | 2 years | 2 years | ||
Gross carrying amount | 20 | $ 20 | $ 20 | |
Accumulated amortization | $ (20) | $ (20) | $ (20) |
Commitments and contingencies -
Commitments and contingencies - Operating Leases On Balance Sheet (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2021 | Sep. 30, 2020 | |
Commitments and contingencies [Abstract] | ||
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-asset | $ 30,997 | $ 33,699 |
Current liabilities: | ||
Current portion of operating lease liabilities | 6,514 | 6,409 |
Noncurrent liabilities: | ||
Operating lease liabilities, net of current portion | $ 22,244 | $ 24,837 |
Commitments and contingencies_2
Commitments and contingencies - Minimum Rental Payments (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Commitments and contingencies [Abstract] | ||
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year | $ 3,118 | |
Lessee, Operating Lease, Liability, to be Paid, Year One | 7,169 | |
Lessee, Operating Lease, Liability, to be Paid, Year Two | 6,766 | |
Lessee, Operating Lease, Liability, to be Paid, Year Three | 6,393 | |
Lessee, Operating Lease, Liability, to be Paid, Year Four | 6,433 | |
Thereafter | 4,907 | |
Total minimum lease payments | 34,786 | |
Less: imputed interest | (6,028) | |
Operating Lease, Liability, Total | 28,758 | |
Less: current portion | (6,514) | $ (6,409) |
Operating lease liabilities, net of current portion | $ 22,244 | $ 24,837 |
Commitments and contingencies_3
Commitments and contingencies - Lease Contracts (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended |
Dec. 31, 2020USD ($)ft²item | Mar. 31, 2021USD ($) | Mar. 31, 2021USD ($) | |
Operating lease expense | $ 1,900 | $ 3,800 | |
Operating lease payment | $ 1,800 | $ 3,600 | |
Lease weighted-average remaining lease term | 5 years 1 month 6 days | 5 years 1 month 6 days | |
Lease weighted average discount rate | 7.00% | 7.00% | |
Future minimum payments | $ 34,786 | $ 34,786 | |
Wilsonville Oregon [Member] | |||
Operating lease term | 12 years | ||
Operating lease area | ft² | 110,995 | ||
Operating lease security deposit with the lessor | $ 1,000 | ||
Initial annual base rent | $ 1,700 | ||
Operating lease base rent annual percentage increase | 3.00% | ||
Tenant improvement allowance from lessor | $ 13,300 | ||
Number of extensions | item | 2 | ||
Extension of lease term | 5 years | ||
Future minimum payments | $ 27,900 |
Related Party Transactions - (D
Related Party Transactions - (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Related party transactions [Abstract] | ||||
Raw materials purchased from related party investor | $ 1.2 | $ 0.9 | $ 2.3 | $ 1.6 |
Warrants - (Detail)
Warrants - (Detail) - $ / shares | Mar. 28, 2016 | Dec. 22, 2015 | Nov. 30, 2020 | Oct. 31, 2020 | Sep. 30, 2020 |
Class of Warrant or Right [Line Items] | |||||
Class of warrants or rights outstanding | 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)
Common stock - (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 2 Months Ended | 98 Months Ended | |||
Dec. 31, 2020 | Jun. 30, 2020 | Feb. 29, 2020 | Jan. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2019 | |
At The Market Offering [Member] | ||||||
Sale Of Stock Authorized Amount | $ 50 | |||||
Number of shares issued | 2,239,680 | |||||
Price per share | $ 22.32 | |||||
Proceeds of underwritten public offering common stock | $ 48 | |||||
Over-Allotment Option [Member] | ||||||
Issuance of common stock, shares | 409,090 | 454,545 | 696,428 | |||
Subsequent Public Offering [Member] | ||||||
Issuance of common stock, shares | 3,136,362 | 3,484,848 | 4,642,857 | |||
Shares issued, price per share | $ 110 | $ 33 | $ 28 | |||
Proceeds of underwritten public offering common stock | $ 323.9 | $ 107.4 | $ 140.2 | $ 1,063.9 |
Stock-based compensation - Para
Stock-based compensation - Paragraphs (Detail) - USD ($) $ / shares in Units, $ in Millions | Sep. 01, 2020 | Sep. 26, 2018 | Mar. 31, 2021 | Mar. 31, 2021 | Sep. 30, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Aggregate number of common stock shares reserved for issuance | 380,000 | 380,000 | 179,000 | ||
Unrecognized compensation cost, stock options | $ 33.9 | $ 33.9 | |||
Unrecognized stock-based compensation expense, period for recognition | 2 years 1 month 6 days | ||||
Weighted average grant date fair value of stock options granted | $ 30.33 | ||||
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% | ||||
2018 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Minimum annual increase in share reserved for issuance | 999,900 | ||||
Annual automatic Increase in share reserved for issuance (as a percent) | 4.00% | ||||
2018 Equity Incentive Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Aggregate number of common stock shares reserved for issuance | 5,856,505 | ||||
2015 ESPP [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
ESPP eligible employee common stock purchase price ratio | 85.00% | ||||
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 | $ 62.27 | $ 62.27 | $ 32.96 | ||
Restricted stock units | 2018 ESPP [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost, stock options | $ 43.6 | $ 43.6 | |||
Unrecognized stock-based compensation expense, period for recognition | 2 years 9 months 18 days | ||||
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] | |||||
Share based compensation by share based payment arrangement instruments other than options expected to vest outstanding | 245,913 | 245,913 | |||
Share based compensation by share based payment arrangement equity instruments other than options non vested outstanding grant date fair value | $ 45.01 | $ 45.01 | |||
Share based compensation by share based payment arrangement equity instruments other than options unrecognized compensation | $ 8 | $ 8 | |||
Unrecognized stock-based compensation expense, period for recognition | 1 year 6 months | ||||
Phantom Share Units (PSUs) [Member] | Revised Annual Equity Award Program [Member] | Maximum [Member] | 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 [Member] | 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 - Rese
Stock-based compensation - Reserved For Issuance (Detail) shares in Thousands | 6 Months Ended |
Mar. 31, 2021shares | |
Disclosure Of Employee Stock Purchase Plan [LineItems] | |
Outstanding at September 30, 2020 | 179 |
Additional shares authorized | 250 |
Shares issued during the period | (49) |
Outstanding at March 31, 2021 | 380 |
Stock-based compensation - Acti
Stock-based compensation - Activity Under The Equity Incentive Plans (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended |
Sep. 30, 2020USD ($)$ / sharesshares | Mar. 31, 2021USD ($)$ / sharesshares | |
Shares available | ||
Shares available, Additional shares authorized | 250 | |
2018 Equity Incentive Plan [Member] | ||
Shares available | ||
Shares available, Outstanding Beginning Balance | 1,034 | |
Shares available, Additional shares authorized | 1,000 | |
Shares available, Stock options granted | (108) | |
Shares available, Stock options forfeited | 57 | |
Shares available, Restricted stock units granted | (315) | |
Shares available, Forfeiture of restricted common stock | 27 | |
Shares available, Shares withheld for payment of taxes | 46 | |
Early exercised options repurchased | 2 | |
Shares available, Outstanding Ending Balance | 1,034 | 1,743 |
Options outstanding | ||
Number of options, Outstanding beginning balance | 3,913 | |
Options outstanding, Stock options granted | 108 | |
Options outstanding, Stock options exercised | (498) | |
Options outstanding, Stock options forfeited | (57) | |
Number of options, Outstanding ending balance | 3,913 | 3,466 |
Options outstanding, Vested or expected to vest | 3,466 | |
Options outstanding, Vested and exercisable | 1,477 | |
Weighted average exercise price per share | ||
Weighted average exercise price per share, Outstanding Beginning Balance | $ / shares | $ 24.35 | |
Weighted average exercise price per share, Stock options granted | $ / shares | 50.13 | |
Weighted average exercise price per share, Stock options exercised | $ / shares | 18.66 | |
Weighted average exercise price per share, Stock options forfeited | $ / shares | 29.46 | |
Weighted average exercise price per share, Outstanding Ending Balance | $ / shares | $ 24.35 | 25.21 |
Weighted average exercise price per share, Vested or expected to vest | $ / shares | 25.21 | |
Weighted average exercise price per share, Vested and exercisable | $ / shares | $ 16.07 | |
Weighted average remaining contractual term (years) | ||
Weighted average remaining contractual term, Outstanding | 8 years 1 month 6 days | 7 years 8 months 12 days |
Weighted average remaining contractual term, Vested or expected to vest | 7 years 8 months 12 days | |
Weighted average remaining contractual term,Vested and exercisable | 6 years 10 months 24 days | |
Aggregate intrinsic value | ||
Aggregate intrinsic value, Outstanding | $ | $ 204,365 | $ 342,000 |
Aggregate intrinsic value, Vested or expected to vest | $ | 342,000 | |
Aggregate intrinsic value, Vested and exercisable | $ | $ 159,173 |
Stock-based compensation - Expe
Stock-based compensation - Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | $ 11,552 | $ 4,197 | $ 18,575 | $ 7,894 |
Cost of Revenues [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | 731 | 250 | 1,218 | 610 |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | 2,427 | 797 | 4,428 | 1,524 |
Selling, General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | $ 8,394 | $ 3,150 | $ 12,929 | $ 5,760 |
Stock-based compensation -Restr
Stock-based compensation -Restricted Stock Units Activity (Detail) - Restricted stock units $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended |
Sep. 30, 2020USD ($)$ / sharesshares | Mar. 31, 2021USD ($)$ / sharesshares | |
Number of Shares | ||
Number of shares, Outstanding Beginning Balance | shares | 569 | |
Number of shares, granted | shares | 315 | |
Number of shares, vested | shares | (121) | |
Number of shares, forfeited | shares | (27) | |
Number of shares, Outstanding Ending Balance | shares | 569 | 736 |
Expected to vest, Outstanding | shares | 736 | |
Weighted average grant date fair value per share | ||
Weighted average grant date fair value price per share, Outstanding Beginning Balance | $ / shares | $ 32.96 | |
Weighted average grant date fair value price per share, granted | $ / shares | 106.80 | |
Weighted average grant date fair value price per share, vested | $ / shares | 36.47 | |
Weighted average grant date fair value price per share, forfeited | $ / shares | 79.88 | |
Weighted average grant date fair value price per share, Outstanding Ending Balance | $ / shares | $ 32.96 | 62.27 |
Weighted average grant date fair value price per share, Expected to vest | $ / shares | $ 62.27 | |
Weighted average remaining contractual term (years) | ||
Weighted average remaining contractual term, Outstanding | 3 years 2 months 12 days | 3 years 1 month 6 days |
Weighted average remaining contractual term, Expected to vest | 3 years 1 month 6 days | |
Aggregate Intrinsic Value | ||
Aggregate intrinsic value, Outstanding | $ | $ 43,260 | $ 91,209 |
Aggregate intrinsic value, Expected to vest | $ | $ 91,209 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders - Computation (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Numerator: | ||||
Net loss attributable to common stockholders | $ (37,919) | $ (31,768) | $ (70,819) | $ (87,406) |
Denominator: | ||||
Weighted average shares used in computing net loss per share, basic and diluted | 48,709 | 37,164 | 47,340 | 35,058 |
Net loss per share attributable to common stockholders, basic and diluted | $ (0.78) | $ (0.85) | $ (1.50) | $ (2.49) |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable to Common Stockholders -Anti-diluteve (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 4,271 | 4,706 |
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 | 3,466 | 4,062 |
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 shares of common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 3 | |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 736 | 531 |
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 | 9 | 27 |
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 | 23 | 56 |
Shares subject to warrants 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 | 27 |
Geographic, Product and Indus_3
Geographic, Product and Industry Information - Geographic Region (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 31,204 | $ 19,297 | $ 59,364 | $ 36,461 |
United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 18,077 | 11,752 | 35,111 | 21,579 |
EMEA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 9,978 | 6,232 | 19,036 | 12,172 |
APAC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 2,665 | 944 | 4,432 | 2,186 |
Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 484 | $ 369 | $ 785 | $ 524 |
Geographic, Product and Indus_4
Geographic, Product and Industry Information - By Product (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 31,204 | $ 19,297 | $ 59,364 | $ 36,461 |
Synthetic Genes [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 9,189 | 9,116 | 18,064 | 16,952 |
Oligo Pools [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,841 | 1,101 | 3,351 | 2,342 |
DNA and Biopharma libraries [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 3,223 | 1,354 | 5,427 | 2,412 |
NGS Tools [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 16,951 | $ 7,726 | $ 32,522 | $ 14,755 |
Geographic, Product and Indus_5
Geographic, Product and Industry Information - By Industry (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 31,204 | $ 19,297 | $ 59,364 | $ 36,461 |
Industrial Chemicals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 8,661 | 7,541 | 15,793 | 13,678 |
Academic Research [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 5,648 | 5,542 | 10,549 | 10,493 |
Health Care [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 16,564 | 5,752 | 32,540 | 11,587 |
Agricultural [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 331 | $ 462 | $ 482 | $ 703 |
Subsequent events - (Detail)
Subsequent events - (Detail) $ in Thousands | Apr. 14, 2021USD ($)ft² | Apr. 13, 2021USD ($)ft² | May 03, 2021USD ($) | Apr. 30, 2021USD ($) | Mar. 31, 2021USD ($) |
Subsequent Event [Line Items] | |||||
Future minimum payments | $ 34,786 | ||||
Subsequent Event [Member] | Convertible Notes Payable [Member] | |||||
Subsequent Event [Line Items] | |||||
Amount of borrowings | $ 1,000 | $ 5,000 | |||
Interest rate | 4.00% | ||||
Subsequent Event [Member] | First Lease Amendment [Member] | |||||
Subsequent Event [Line Items] | |||||
Operating lease area | ft² | 101,000 | ||||
Extend lease term | 10 years | ||||
Initial annual base rent | $ 1,200 | ||||
Future minimum payments | $ 17,600 | ||||
Percentage of increases base rental payments relating to original premises | 3.00% | ||||
Percentage of obligated to payment of operating expenses | 26.00% | ||||
Tenant improvement allowance connection with improvements to additional premises | $ 4,300 | ||||
Brisbane California [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Operating lease area | ft² | 15,538 | ||||
Initial annual base rent | $ 300 | ||||
Future minimum payments | $ 2,200 | ||||
Lessee, Operating Lease, Term of Contract | 5 years | ||||
Security deposit | $ 200 | ||||
Operating lease base rent annual percentage increase | 3.00% |