My pleasure is to introduce our next company, Twist, with us today, Patrick Finn, President and COO, and Adam Laponis, CFO, from Twist Bioscience. So let's keep it as interactive as possible. You can raise your hand or just ask some questions. Someone will run a microphone to you. Otherwise, you can email me questions at steven.mah@cowen.com. But, you know, let's just get into it. So, you know, Twist is, you know, pretty well-known, so maybe we'll just jump right into it and maybe just start with, you know, kind of the core business. And specifically right now, let's talk about the core NGS business. You know, I know there was a large NGS order, last fiscal Q1. You know, what's sort of driving your NGS business and, you know, what can we look for as to potential growth drivers?
I know, I know, you guys have talked about MRD as being a big driver for the NGS market. And, you know, maybe give us a little bit more color on that part of the business.
That's a fine, spot-on question. Yeah. It was a decent Q1, quite pleased with commercial and operational execution. I think what you're seeing is validation of the platform. It's scaling really quite beautifully. The value proposition is clear. Basically, the ability to customize to any panel that you want, the ability to basically spend less money on sequencing, so less sequencing per sample really matters, particularly in the liquid biopsy space. And then the third part is how well the platform scales from the research experiment all the way through to commercialization. If you think about our sales cycle and the scaling that we go through, what you're seeing there in the last quarter is really results from work we've done over the last few years.
So that early proof of concept experiment that's very cost-effective compared to the competition, the research work, the development work, verification, validation, ultimately to some form of clinical trial, perhaps, for that segment, and then ultimately bringing that up to volume as our customers commercialize. It's really gone very, very nicely. So delighted with performance. You know, we'll aim to do it again, which is a message I'll always leave for the sales team.
Right.
And so, you know, good, good print.
Right.
Oh. Okay. Oh, sorry. Yep. Green lights are clear. Oh.
Oh, there you go.
I had no idea it sounded like that.
Sounds great.
All right. Well, ho-ho, hopefully people got most of that. Maybe just digging in a little bit deeper. You know, you're talking about, you know, the advantages, especially, like, in liquid biopsy.
Mm-hmm.
You know, maybe, maybe talk about the continued growth and strength in liquid biopsy. You know, maybe talk about MRD as well. You guys introduced this customizable MRD Reveal 500 Panel. You know, give, give us a little bit of a sense of, you know, how that's going. And I know it's early.
Yeah. It's still early. I mean, it really shows how good the platform is. It's really built to customize, and we've worked out how to industrialize customization. The MRD space, it is still super early from a revenue standpoint, but from a technology and platform and product offering standpoint, we're in a really good place. So if you back into three different scenarios, the first one being where there's gonna be some sort of low-pass whole genome sequencing, we have a really beautiful new library construction product. It's all about efficiency and molecular conversion. No molecule gets left behind when it comes to the assay. So we're well equipped to serve folks that are gonna do low-pass whole genome. Second part would be if there's a fixed panel that customers are going to use to scan across, you know, many different diseases, many different patients.
And that's just like the regular liquid biopsy offering. Again, the platform scales beautifully. Less sequencing per sample, better economics. Sometimes the difference between life or death for our customer base in terms of their financial viability. Then this third part is if it truly is tumor-informed, the ability to get on the platform, customize, turn a product around quickly, get that into the customer's hands is absolutely spectacular. Now, we're in the early stages of adoption cycle. The value proposition and the product is doing, again, exactly what it says on the label. So early, but pleased with the early results that we're seeing.
And then you envision the use of, you know, eventual use of the MRD 500, that bespoke tumor-informed panel that's gonna be done in, like, CLIA labs and, and.
Tha-that's correct.
Their LDT regulation.
That's, that's correct. Absolutely. And again, we it would be the same with any of our offerings. So we have the quality and regulatory infrastructure to sustain that customer segment.
Okay. Got it. And, you know, maybe getting off into a tangent and into maybe, like, a you know a new potential area to improve your kits. Now, there's been some recent companies have, you know, kind of touted, you know, next-generation NGS kits powered by kind of engineered enzymes.
Mm-hmm.
Such as, you know, better ligases. You know, what's your guys' take on that? Is that some area you potentially gonna get into, or are your products already pretty much well-optimized?
That's a great area of interest. And, you know, good use of the platform to drive improved and tuned enzymes to serve an application need. The ligase actually that we're using in our recent product launch is optimized to capture as many molecules as possible. And so when we benchmark that against the second generation of ligases or next generation of ligases, we really like the performance of our formulation. And that will underpin, again, efficient capture, efficient sequencing, better clinical or better clinical result and outcome. So that is an area of interest that we'll continue to pursue.
Okay. And these are enzymes you're engineering yourself at Twist?
We're looking at all different options for having best-in-class enzymes across all of our workflows, Steve.
Okay.
Sorry for the great answer.
No, it's okay.
That we'll have the best component in the kit manufactured either by ourselves or the right partner with the right grade of quality to stand behind the product. All options on the table.
Okay. Got it. Understood. All right. Maybe let's start pivoting. Let's pivot over to synthetic biology. Let's talk about your newest offering, Express Genes. You know, I know it's again, this is early, but you know, has a tremendous potential to impact gross margins. Maybe talk about what assumptions Express Genes are going into your fiscal year 2024 guidance, and then maybe talk about you know, the potential upside because I know it's based on on-demand pricing.
Right.
You know, I've seen some days it's like 85% premium. So,
Did you buy anything?
I didn't.
We'll track you down. Maybe I'll talk a little bit about the product, Adam. You can maybe talk about the numbers.
Of course.
If you go back in time, Twist historically hasn't been known for being fast in terms of making genes. So the importance of the Express Genes is it really opens up the serviceable market to us. So whether you're a customer that truly values time, say, someone like someone in the drug discovery space where you've got a team of people waiting for product, or you're an academic researcher that's looking to get the publication out first, that has been historically a challenge for us to serve unless you're a very high-volume customer. But now, by getting an Express Genes with a five- to seven-day turnaround time, that allows us to basically serve all of the existing DNA buyers' market. But also, most importantly, when you look at the economics of the product, it allows us to really begin to drive the DNA maker to DNA buyer conversion.
So it's a massively important product from a customer acquisition standpoint, from a wallet share standpoint, and also then enables us to look downstream of the chip to look at some of the, the products we can add downstream of a piece of DNA, whether it's a prep, IgG, or other products to be determined. Adam, maybe I'll pass to you for your comments on your thoughts on numbers, pricing.
No, absolutely. And so if I kind of take a step back of where we are today, and if you think about the timing of the launch, it was, you know, mid-November when we did our limited launch. It was the end of January. We did our full launch. And now, if you think about where we go, our first full quarter of actually having Express Genes won't be until our fiscal Q3 that ends in June of this year. For me, the excitement around Express Genes is an ability to learn. And part of that learning comes in of it understanding our customers better and what's important to them. And it's in the way that price discovery. So by having dynamic pricing and you said it well.
It's like we're seeing it. We're there. There's days we've tested as low as 20%-200% and everything in between. So we're learning what behavior, what price points the different customers have where they will accept or they won't and under what conditions. So it's very much a learning journey, and it's very early days in that learning journey. We are also seeing, you know, confirmed interest from a handful of very large accounts to say, "Hey, we would trade that dynamic pricing for a fixed contract. And we're happy to engage in that." But by having dynamic pricing, that allows us to have more productive conversations with those accounts as we look to set their pricing over time.
So for me, as I look at the guidance and I look at the projections of the years, we have built in an impact from Express Genes in our guidance. I think the counter to that is, as Paddy said it well, is Express Genes aren't just for Christmas. This is gonna be a long-term play. This is not gonna turn a switch on, and we're gonna see this change. We expect to develop over many quarters and even still be talking about the development of it a year from now or beyond.
Okay. Got it. Maybe dig into a little bit more in the DNA makers market. You know, you know, maybe remind us of the potential total adjustable market. And, you know, what's sort of the early conversion of getting the DNA makers to ordering from Twist? And, you know, how do you see the kind of that path of conversion going?
Sure. So if you think about all the molecular biology stuff that people would buy from some of the old-school vendors, it totals up to probably about $1.4 billion-ish, ballpark, in terms of their total addressable opportunity for us, Steve. And right now, we're very early. We haven't historically been known for speed. We're rest assured with a good price point and fast turnaround time. We're very confident that we can push that out into that market segment. Places to look, I mean, we'll be looking at the academic segment to see if we start to get lift there.
Okay.
We'll see it in the number of customers that we acquire. So that's something we're gonna start getting very, very aggressive with. I'm looking at net new. I'm looking at the order size, quite frankly. We expect many more, much smaller orders. So again, it's having the operational infrastructure to sustain essentially turning the business upside down, right? You're going from a few high-volume customers to a lot of lower-volume customers. So we'll see that over time. And again, as a reminder, we're not known for speed. So we've got a whole stack of market development work to do. You know, scientists are quite rightly gonna wanna see the proof's in the pudding, right? Does the product do what it says on the label? We'll be nice and careful with the launch. Operationally, the product does exactly what we say it's going to do.
So we've just gotta continue to build that momentum into the market. And what we've seen, across the market segments that we measure has actually been fairly favorable adoption. There's a couple of surprises in terms of, you know, how well-received it's been in the academic segment. So, you know, time really does seem to matter. So we look forward to pressing and trying to compound growth over the coming quarters.
Okay. Great. And it may be just to remind everyone, Express Genes are 100% made in the Factory of the Future, up in Portland.
That's correct. The factory we're at now, Steve, the factory's performing very, very well. It's got a few commercial quarters under its belt. You know, we like the performance of the product. That's correct. So that's where it's produced.
Okay. Got it. And then, you know, I know the turnaround time has gone down.
Mm-hmm.
As the Factory of the Future's, you know, gonna, you know, I guess it's now launched over a year now. It's fully operational now. Can you give us a sense of how you were able to achieve kind of this, you know, higher turnaround time, which, you know, essentially, you know, improves the total revenue capacity of the facility if you can get its products, you know, built faster? So maybe give us a sense of, you know, how that's going and then, you know, what the current revenue capacity of the Factory of the Future is.
Sure. Things are back in tip. We've got about total capacity of about $500 million of business as it stands today across the whole place. And quite frankly, we've actually been in the gene synthesis business for quite a long time. And I think we've made more genes than anybody else in the market. Just sheer volume play. So we've learned a lot about the method. But having the factory at scale, having the square footage, having the right tools lined up, having optimized and spent time optimizing every step over the hundreds of people years we've been in the business has really allowed us to eke out performance on that five- to seven-day range. But the most critically important thing is we broke the correlation of turnaround time and scale.
In theory, you can buy fast genes or fast-ish or almost as fast as us genes in the market today. If you wanna buy 1, you can do that. But we believe and what we've shown is if you wanna buy one gene or 1,000 genes or 10,000 genes, we can still deliver in that five-seven-day time scale that no one else can do. And so the value proposition is straightforward. The economics, even with a premium or a surge price, are incredibly favorable versus the competition. More shots on goal to the research community is a great thing. Discoveries will improve and ultimately, you know, better outcomes in research and your product.
Okay. Great. And maybe pivoting over to you, Adam, on the gross margins. You know, as the Factory of the Future, I mean, there was a downturn initially when it launched last year because of amortizing fixed costs over the facility. You know, as it starts to scale up and as maybe Express Genes sort of comes along, you know, what are some potential upsides to the guidance that you guys gave, you know, on the gross margins?
No, Steve, it's a great question. And if I had my chance to actually visit the Factory of the Future a couple of weeks ago for the first time, and I'd encourage others to come and visit us. It's, it's amazing to see what the team's doing up there, not just in understanding our processes but continuously optimizing them. So let me talk a little bit about what I see going on in the business. First day in the business, it's great to come into a team where the entire organization is uniformly focused on the priority of gross margin expansion and the priority of, you know, of, of capital, you know, making sure we're managing our cash management to never have to go back to the market to raise equity again.
So to have that alignment through everything from our short-term and long-term compensation incentives all the way down to how we think about our goals across the organization, you've got a, you know, a whole organization focused on these efforts as well, which is great to see. What I see going on in the Factory of the Future in terms of cost is now that we have the capacity, we're able to and the focus is shifting away from enabling that capacity to come online. It's now focusing on how do we optimize it, and how do we drive down cost ever in every step of the way. It's, it's, it's in my mind, it's the war on waste. It's how do we drive efficiency out of the into the process. And the team up there is doing an amazing work.
I mean, there's simple examples of I think it was, one of our research scientists identified if we use Pyrex glass instead of plastic, we can save, you know, $500,000 a year on this consumables. It'll be these incremental improvements that'll come into the process every week, every month, every quarter. It'll drive that cost efficiency. In addition to continued expansion and growth on, you know, NGS and the SynBio side, whether it be through Express Genes at a higher price or it be continued NGS expansion, that also allows us to tap into that fixed capacity and expand margin as well. So it's coming at it from both fronts, both managing down the cost and also the continuity to drive the growth.
Okay. Yeah. That makes sense. And from a headcount perspective, are you guys right-sized now, or how should we think about that?
No. And I, I'd say I, I am extremely encouraged by the work that's been done in advance of me arriving. I think that some of the tough decisions that were made back in 2023 are playing out fruitfully now. And I don't see a massive expansion in our, our footprint of people from a manufacturing perspective anytime in the near future. I think, I think we are in a good place. There's always gonna be refinement. There's always gonna be adjustment. And we're gonna continue to tune the machine to optimize it. But I feel really good about the path we're on and the opportunity to live into that $500 million of capacity that we now have online.
Okay. Great. You know, one of the questions I get from investors often is, you know, you know, at one point, you guys were providing guidance on, you know, core business. You know, this would be the synthetic biology and the NGS business, you know, of achieving, you know, EBITDA profitability, you know, at certain revenue points. You know, what are you guys' thoughts on that and potentially reinstating guidance? Why or why not?
Right. No, it's—I mean, Steve, it's a fair question. It's a good question. So kind of, you know, coming into it new, 17 days in the job, I was in my first earnings call. I wanna make sure I don't get over my skis was part of my thinking. I also we don't break out guidance or we won't be breaking out guidance to across business units. We're talking about reporting on different business units in Twist. So we're gonna be looking at the whole of the business.
Right. Okay.
The focus of the organization, though, is very much on that path of profitability as it being a primary note, driving growth, driving margin expansion, and cash preservation on that path of profitability. So from where I sit, you know, that this is the number one thing. We'll continue to provide updates. If you look at our full-year guide, it does talk about the $293 million on the upside at the higher end of the range. And it does talk about the 40%-41% gross margin and the $245 million of cash balance at end of year. We'll continue to provide more color on these as we progress throughout the year.
Okay. No, appreciate that. And another question I get, and this is relating more to kind of geopolitical risk, or geopolitical considerations. You know, obviously, there's been that this BIOSECURE bill, which has been proposed. And, you know, it's, I believe it's getting actually marked up, either today or tomorrow. You know, assuming that maybe kind of goes forward and, you know, we've done quite a bit of work with our Washington research group as well. You know, given sort of that bill, comments from Michelle Rozo, who's the vice chair of the National Security Commission on Emerging Biotech, you know, where she's actually flagged DNA synthesis as a critical choke point, critical emerging technology.
You know, if, you know, if there were to be some sort of export controls into China, you know, how would that potentially impact your business from a customer standpoint? And then conversely, you know, there's a number of Chinese companies which, you know, are, you know, while they're not named as a potential threat actor, you know, it could there be a perception that, you know, as an American or US company or an allied country sending potentially proprietary or human-based DNA sequences to be synthesized in China, you know, there would be a perception, whether it's right or wrong, that, you know, this is something that probably should be restricted? You know, how could that potentially impact Twist? And yeah, sorry for the kind of rambling, long question, but.
Steve, it's a long question. It's a very, very good question and very, very good homework. I mean, there are existing export controls around DNA products today. Excuse me. You know, if your DNA from, you know, viruses, toxins, bacteria, I think if they're shipped to countries outside of the Australia Group, multilateral agreement countries, and there's export controls, they're there. And there's also controls around some of the decentralized synthesis platforms around I think it's around the size of DNA you can synthesize and I think the quality or the purity of DNA you can synthesize. So that already exists today. Emily, there's a couple of things I think are very important.
I mean, I think we should see maybe a little bit stiffening of the regulations around or it's more favorable to companies to actually screen sequences coming into their factory. I think that, that's very important. That's something that we take incredibly seriously. But then going forward, you know, in the event something like what you were describing were to happen, that we're well-equipped to help there. We have capacity to sustain global demand. We have a product that absolutely hits the sweet spot what customers are looking for. So, you know, it's still quite mind-blowing to me that, you know, you would still have that perceived risk of, you know, shipping your very important intellectual property overseas. So, you know, there's the possibility of some tailwind there should something happen.
Okay. All right.
Adam, I don't know if you want to add anything to that.
Well, I think so, well. All right. No, that's fair enough. All right. So yeah, maybe pivoting over to the other parts of the business. I do wanna spend some time on Biopharma. So you're not gonna be breaking Biopharma revenues out anymore, right? It's just gonna be lumped into total, or is that still gonna be broken out?
We break out the revenue. So we'll be looking, I mean, we break out revenue in a number of different ways. So we look at it just on a product family as well as a geographic as well as an industry perspective. So the Biopharma is broken out on a revenue basis. And we'll continue to do that.
You'll continue to do that. Okay. Got it. And, you know, again, I at some point, you guys did mention you achieve kind of break-even on a just-at-EBITDA basis for the biopharma business at a certain revenue mark. Is that still gonna be?
It's the way I'm thinking about it is right now, and I think this is really with the services we offer in the biopharma space, we wanna make sure that they are contributing to the overall profitability of the business. And of course, there's and we talk about the potential for royalty upside. And none of that's ever baked into any of our modeling or thinking on it.
Right.
On how to manage the business, but really making sure that that is the business of Biopharma that we offer is self-sustaining. And so there's still work we have to do on that. And I think the end of Q1, we had a good first quarter on that. And so, you know, one data point does not make a trend yet. But I think the quote that you gave is we're seeing some green shoots.
Yep.
So there's some encouragement there. But I think we have a long way to go to be where we wanna be in that business.
Right. Okay. Got it. And then, yeah, maybe pivoting over to DNA data storage. Can you give us an update on where it stands today in terms of development?
I'm happy to jump in here to.
Oh, please. Go ahead.
I'm in on this one. So I think we just announced the benchtop proof of concept end-to-end workflow on the gigabyte scale. And that was here in the last couple of weeks was part of the last earnings cycle. The milestone and marker that we're looking for that we'll be talking a lot more about is how do we get to the terabyte scale? And we've put out there the intent is, by year-end calendar 2025, we wanna see that being proven out. And that's what allows us to really start then talking commercially. We did spend, you know, you do think about the cycles of how these development cycles work on new silicon. It takes about 12 to 18 months to go through a development cycle.
So we just proved out the gigabyte-scale chip to go to the terabyte-scale chip. That's gonna take another, you know, 12-18 months of real work here. We also talked about where we are in terms of a CFO's OpEx burn on that business.
Yep.
We did invest about $8 million in total OpEx, cash and non-cash, in Q1 of this year.
Okay. And is that a good run rate to think of going forward on a quarterly basis?
My sense is there'll be some noise, but it's a good start. I think the quote is Q1 was a very clean quarter up and down the P&L. That's a really good starting point for us to think about it.
Okay. Okay. Yeah. And, you know, last year, at our Revolutions Conference, I did ask Emily if there was a potential to, you know, spin off the DNA data storage business, you know, considering there's already a DNA data storage consortium, you know, with, you know, relatively large players: Western Digital, Illumina, Microsoft, and others. You know, she said it was a possibility. And we'll be evaluating all options. Is that kind of still the case?
I think the quote that Emily would use is, "We're a public company, so for the right number of zeros in a check, we're happy to go and wash your car for you." So we are open for business. But we are, you know, obviously, we're very excited about the future of the DNA storage business as well.
Okay. All right. Fair enough. All right. Maybe, like, in the last five minutes, maybe let's talk about 2024 kind of catalyst. You know, what kind of new products are you guys expecting to launch, you know, this year?
Good, great question, Steve. I'm really excited about the product portfolio and what's coming. And with the Express Gene is a big deal.
Yeah.
Again, hate to go over the same point again and again. We're, we're gonna focus on pounding that out into the market. It's great from a sort of DNA selling standpoint, but equally, it's enabling to allow us to move downstream of the gene where speed really matters to our customer base on, on unmatched scale is, is incredibly powerful. So I, I think you'll see a lot of effort and focus in the SynBio business there. And obviously, you know, the economics we've discussed at length. The NGS side of the business, we just announced our IVDR launch this morning. That's to support our European customer base. You've got some turmoil from a regulatory standpoint in Europe.
What we saw was if we could go first with a product that IVDR-grade of quality, we're trying to take some of the hesitation for our customers out of their decision-making around which kit to use as they think about future assays. That's a really nicely balanced product of workflow, the ability to use Twist probes, bring your own probes, but get to a point where you've got an IVDR-grade of assay available today. That's our first truly regulated product, which I'm incredibly excited about. The other launches we spoke about just recently, actually, Twist cfDNA Library Preparation Kit, our cell-free library construction kit is absolutely incredible. Benchmarks to really quite beautifully against the competition. You'll see continued focus and emphasis on beyond just enrichment. Enrichment is very good.
Total workflow solution where, you know, we're gonna sell best-in-class workflow with best-in-class results supported by best-in-class field application and customer service and support is a really interesting way to take more wallet share for each experiment. We're looking at other workflow improvements to simplify adoption and, you know, library construction protocols to get samples onto sequencers. So from a product standpoint, we've got internal R&D scientists that are excited about the products they're working on. We can't wait to bring them out to the market, into a sales channel. We're never happy with sales performance, but a sales channel that's fairly effective in terms of taking product to the customer base. Adam, I don't know if there's anything you wanted to add?
I think we hit it. It's a very exciting time.
All right. Well, great. I wanted to leave a few minutes just for the audience to have any questions, if there's anyone here, we're happy to pass around a microphone. Anybody? All right. All right. If not, I got a few, oh, here we go.
Great. If you break out the EU for the biopsy customers and the US for the biopsy customers, what's the mix between target enrichment and library prep for both? Are you seeing any trend one way or the other, particularly moving to library prep for US customers?
I think, sorry, can't give you the exact numbers. I don't have them right in front of me. I need to go back and do some homework. We are definitely seeing that customers like one neck to choke, to quote Emily. Okay. So that integrated workflow where if something goes wrong, you don't wanna call two or three different vendors. And so in that segment, I think having a total solution is a very, very enabling thing. And it's a total solution customized to exactly what the customer is wanting to do. So we, we like that offering.
Right. And just to kind of comment on the segmentation just a little bit, with the variability I see account to account might be greater than the geographic variability.
Right.
So, I just don't know if it's. I couldn't tell you. And I think the example we use is our top 10 customers in NGS, where a little over 40% of our volume or revenue in Q1, you know, which 10 customers may change every quarter, but it is definitely. We're seeing that concentration slightly creep up. But it's, it is that variability account to account more than I'd say anything. I'm seeing it in a specific geography.
All right. Good question. I have one question came in here on the DNA data storage. I know you guys had been developing an enzymatic DNA synthesis solution specifically to maybe decentralize DNA data storage production 'cause, you know, again, there's people have some issues with sending their IP to third parties. Is there any updates on that side?
We continue to invest. It is the right application of enzymatic DNA synthesis. And I think if you think about going out to the field where somebody wants their you know the hyperscalers are gonna want something on-site, they don't wanna have to deal with organic chemistry. They'll look for sort of soap and water-type chemistry that they're familiar with. And there was a lot of potential in enzymatic synthesis, but to us, that is the killer application.
Okay. There's no sense on, like, timing or in that?
It's still research and development.
Okay. Okay. All right. Perfect. Any other questions here? Oh, there's one. Oh, hold on one second. The microphone's coming.
Yeah. It's good. Maybe leave the microphone there.
But it's not working. But as RNA continues to gain buzz, where are you at with the express RNA product? And would that be priced similarly with the dynamic pricing as the express gene product?
So we're continuing to look at the RNA space. There are some areas where our platform is, is absolutely just, just incredible, just the sheer number of sequences that we can create in a day. We're, we're synthesizing up or we have the potential to synthesize up to 16 million oligos per day, which is extraordinary scale. So there's applications where we think that is gonna be incredibly enabling. You know, for example, personalized cancer therapeutic I, I think it was previously called vaccines is a really interesting space to us. So we, we continue to develop the infrastructure and the product offering that's gonna support and sustain discovery in that space. We've obviously done quite well with controls historically during COVID. You know, we, we know we have the chemistry right and the methods to make a good product.
You'll be hearing more from us in the not-too-distant future.
And maybe a follow-up on kind of your RNA offering. So is that kind of use of kind of the same silicon chip and same technology? I know, you know, RNA is, you know, fundamentally more labile than.
Mm-hmm.
Than DNA. Is there, is there any differences in the technology?
So right now, we use enzymes to do the conversion step. So we absolutely utilize our unfair advantage. That DNA writing scale is absolutely incredible. To get DNA into RNA form is a relatively straightforward process. And depending on the customer segment, they may actually want a DNA product from us that they'll then take forward themselves depending upon the grade of quality required. But you know, what we're doing is look at this classic twisting, build from where we're strong, but then look to expand out across the product offering.
Yeah.
Okay. Okay. So your options are DNA to RNA using a chemical conversion.
Right. Yeah.
Or just making DNA and, like, a plasmid, and then people can do their in vitro transcription and such.
But that's for the moment, that's how we're seeing the market near term. But rest assured, we don't think in single product launches. We think in multi-generation, multi-year.
Yeah. Yeah.
The platform, the scale, and the quality of the product is unmatched. So, it would be truly rude not to point it in that direction.
All right. All right. Fantastic. Well, we are out of time. I wanna thank Patty and Adam for joining us today. Appreciate it.
Thank you, Steve.