Initiate at Buy: Democratizing Synthetic Biology For The Masses

EQUITY RESEARCH
Codex DNA Inc (DNAY)
Codex DNA Initiating Coverage

Initiate at Buy: Democratizing Synthetic Biology for the USA | Life Sciences & Diagnostic Tools
Masses RATING BUY
July 13, 2021 PRICE $16.57^
MARKET CAP $508.7M
Key Takeaway
PRICE TARGET (PT) $23.00
DNAY is a commercial-stage synthetic biology player focused on enabling researchers
UPSIDE SCENARIO PT $40.00
to rapidly & accurately "print" high-quality synthetic DNA and mRNA at the bench top. It
DOWNSIDE SCENARIO PT $12.00
already has a strong installed base (>160 systems), which we think could grow to >1,200
units by '25 (compared to 15K+ NGS systems globally). Trading at ~10.5x our '23E revs, ^Prior trading day's closing price unless
otherwise noted.
the stock trades at a discount to peers (median: 17.5x), despite DNAY's superior 3-yr
CAGR. Initiate at Buy, $23 PT. FY Dec
USD 2020A 2021E 2022E 2023E
JEF acted as joint IPO bookrunner (priced at $16 on 6/18/21). EPS (0.58) (1.07) (1.30) (1.01)
Big picture. The genomics revolution of the past 20 years enabled researchers to FY P/E NM NM NM NM
affordably read DNA at scale. The next revolution in life sciences will be driven by
synthetic biology applications that enable researchers to write, or recode DNA, to address Chart 1 - Attractive Razor/Razor Blade
Model: >1,200 Instruments & Reagent
large new oppt'ys in healthcare. DNAY has developed the first & only automated, push- Annuity >$50K by '25
button workstation, the BioXp, which is democratizing synthetic biology by simplifying 1,400
BioXp 3200/3250
$60,000
the complex & lengthy process of building synthetic DNA & mRNA at the bench. 1,200 BioXp 9600
BioXp Oligo
$50,000
Avg. annual pull-thru (per box)

1,000
BioXp DBC $40,000
Installed Base (Total)

DNAY's differentiated solution. The BioXp addresses multiple bottlenecks involved in 800
$30,000
writing synthetic DNA and mRNA, which today requires using multiple CROs or complex 600
$20,000
manual steps in-house. The BioXp brings automation & standardization to the process,
400
$10,000
200
dramatically accelerating turnaround times (days instead of weeks). In our checks,

. 0 $0
customers noted speed is the main benefit, as well as accuracy & IP security.
'20 '21E '22E '23E '24E '25E
Source: Jefferies estimates.

Large, rapidly growing TAM. The synthetic biology market is expected to grow at a Chart 2 - Peer Valuation vs Rev CAGRs
~30% CAGR, from $5.3B in '19, to ~$19B by '24. Within this, enabling technologies, thru '23E
such as DNAY's workflow solutions, represents a $2-3B TAM for synthetic DNA & mRNA
45.0x
40.0x
SEER
production, most of which is not already outsourced. 35.0x
30.0x
EV/FY23E Revs
Razor/razor blade model; Robust new product pipeline. DNAY makes the kits & reagents
25.0x TWST
20.0x TXG
that run on the BioXp system, creating an attractive razor/razor blade model. It has 15.0x BLI
MASS
10.0x NSTG DNAY
a robust pipeline of new systems (BioXp 9600 in '22 = higher-throughput; BioXp oligo 5.0x PSNL
AKYA
printer in '23) & content (new mRNA & protein synthesis kits in '22), which we expect to 0.0x
0% 50% 100% 150% 200% 250%
. Rev CAGR '21E-23E
drive its installed base to >1,200 systems & reagent annuity/box to >$50K by '25. Source: Factset, Jefferies estimates.
Solid management team. CEO Dr. Todd Nelson (owns ~20% of DNAY) has strong
scientific & operational expertise having run three life sci. co's over the past ~15 yrs,
Brandon Couillard *
including CEO of eBiosciences (acquired by AFFX in 2012). CTO Dr. Dan Gibson invented Equity Analyst
the "Gibson Assembly" method for stitching together DNA fragments & is widely regarded (212) 284-2462
as a luminary in molecular biology. bcouillard@jefferies.com
Matthew Stanton *
Attractive valuation. DNAY trades at ~10.5x our '23E revs, a healthy discount to other
Equity Associate
early-stage, high-growth tools comps (median: 17.5x). Our $23 PT implies an EV of 15x (615) 963-8397
'23E revs, even though we could potentially argue for a premium over time, given DNAY's mstanton@jefferies.com
superior growth outlook ('21-23E CAGR: +94% vs ~30%). We see scope for multiple
Peter Apockotos *
expansion as mgmt executes post-IPO and investors gain greater conviction in the future Equity Associate
growth runway & pipeline oppt'y. (615) 963-8377
papockotos@jefferies.com
Please see analyst certifications, important disclosure information, and information regarding the status of non-US analysts on
pages 29 to 34 of this report.
* Jefferies LLC / Jefferies Research Services, LLC
EQUITY RESEARCH
CODEX DNA (DNAY) The Long View
| Scenarios
Estimates
USD 2020A 2021E 2022E 2023E
Base Case
Rev. (MM) 6.6 12.6 20.3 47.6
'21 revs: $12.5M w/ ~60 new system placements / ~$11K
avg utilization per system
Previous
'23 revs: ~$48M w/ ~200 new placements / ~$38K avg
EPS utilization per system
Q1 - (0.24)A - - 2H22: BioXp 9600 system launch
Previous
Break-even in '25/26 on ~$125M of revenue
Q2 - (0.34) - -
No value for future BioXp Needle-Ready Vaccine Printer
Previous System
Q3 - (0.25) - - Price Target: $23 based on DCF, implies EV of 15x our '23E
Previous revs
Q4 - (0.24) - -
Upside Scenario
Previous
'21 revs: $20M w/ ~100 new system placements
FY Dec (0.58) (1.07) (1.30) (1.01)
'23 revs: $70M; 250-300 new placements/yr; ~$50K
Previous annuity pull-thru
Faster-than-expected adoption across biopharma
Valuation customer base
2020A 2021E 2022E 2023E Breakeven EBIT by 2024
EV/Rev 92.7x 48.5x 30.1x 12.9x Price target: $40 = ~$1.2B market cap, based on ~18x
'23E revs (in line with other emerging, high-growth tools
P/Rev 77.1x 40.4x 25.1x 10.7x
comps)
FY P/E NM NM NM NM
Downside Scenario
'21 revs: ~$10M with ~40 new system placements
Market Data
52-Week Range: $25.70 - $16.50 '23 revs: $35M w/ ~100 new placements/yr; ~$20K avg
utilization
Total Entprs. Value $611.7M
Slower-than-expected adoption; pipeline delays
Avg. Daily Value MM (USD) 6.76
Challenges/delays activating new OUS commercial
Float (%) 24.8% channels
Price target: $12 = ~$370M market cap, based on ~10x
'23E revs
| Investment Thesis / Where We Differ

DNAY has commercialized a unique platform to
democratize the synthetic engineering of DNA and mRNA
materials. We believe its BioXp system has a strong
value proposition, enabling researchers to accelerate the
"design-build-test" cycle of synthetic biology.
| Catalysts
Quarterly earnings
New pipeline product launches, including new kits &
BioXp instrument introductions
Higher utilization pull-thru per BioXp system
Greater investor visibility/awareness post-IPO
July 13, 2021 2

Please see important disclosure information on pages 29 - 34 of this report.
Table of Contents
• Portfolio Manager Summary: Our Thesis in a Nutshell

• Intro: Synthetic Biology Market Overview
• DNAY’s End-to-End Synthetic Biology Solution

• BioXp Instrument & Kits
• BioFoundry Services
• Competitive Landscape, Key Advantages

• Value Proposition & Customer Anecdotes
• Robust Pipeline & Future Growth Drivers

• Key new product launches
• Commercial Strategy
• Appendix: Valuation, Management Summary & Key Risks
Brandon Couillard, Equity Analyst, (212) 284-2462, bcouillard@jefferies.com

Codex DNA (DNAY)
Our Thesis in a Nutshell
 Big picture. The genomics revolution of the past 20 years enabled researchers to affordably read DNA at scale. The next revolution in life
sciences will be driven by synthetic biology applications that enable researchers to write, or recode DNA, to address large new
opportunities in healthcare.
 DNAY has developed the first & only automated, pushbutton workstation, the BioXp, which is democratizing synthetic biology by
simplifying the complex & lengthy process of building synthetic DNA & mRNA at the bench.
 We see a long runway for future BioXP systems (“DNA writers”) relative to the ~15,000+ NGS systems (“DNA readers”) installed globally
 DNAY’s differentiated solution… DNAY's BioXp platform addresses multiple bottlenecks involved in writing synthetic DNA and mRNA,
which today requires using multiple CROs or complex manual steps in-house. The BioXp brings automation & standardization to the
process, dramatically accelerating turnaround times (days instead of weeks).
 In our channel checks, customers noted speed is the main benefit of using the BioXp in-house, as well as accuracy & IP security.
 Large, rapidly growing TAM. The synthetic biology market is expected to grow at a ~30% CAGR, from $5.3B in '19, to ~$19B by '24.
Within this, enabling technologies, such as DNAY's workflow solutions, represents a $2-3B TAM for synthetic DNA & mRNA production,
most of which is not already outsourced.
 Razor/razor blade model; Robust new product pipeline. DNAY manufactures all the kits & reagents that run on the BioXp system,
creating an attractive razor/razor blade model…
 DNAY has a robust pipeline of new instruments (BioXp 9600 in '22 = higher-throughput; BioXp oligo printer in '23) & content (three
new mRNA & protein synthesis kits in '21/22), which we expect to drive its installed base to >1,200 systems & reagent annuity to >
$50K/box by ‘25.
 Solid management team, deep scientific background. CEO Dr. Todd Nelson (owns ~20% of DNAY) has strong scientific &
operational expertise having run three life sci. co's over the past ~15 yrs, including CEO of eBiosciences (acquired by AFFX in 2012). CTO
Dr. Dan Gibson invented the “Gibson Assembly” method for stitching together DNA fragments & is widely regarded as a luminary in
molecular biology.
 Attractive valuation. DNAY trades at ~10.5x our '23E revs, a healthy discount to other early stage, high-growth tools comps (median:
17.5x). Our $23 PT implies an EV of 15x '23E revs, even though we could potentially argue for a premium over time, given DNAY's
superior growth outlook ('21-23E CAGR: +94% vs ~30%). We see scope for multiple expansion as management executes post-IPO and
investors gain greater conviction in the future growth runway & pipeline opportunity.
 Risks… Challenges/delays activating new OUS commercial channels, slower-than-expected utilization/annuity pull-through per
instrument ramp, pipeline delays and heightened competition.
Source: company data, Jefferies estimates

Codex DNA (DNAY)
Introduction: Key Highlights
Revenue Mix by Customer
 Leader in providing commercialized, automated benchtop solutions in
synthetic biology across a variety of the fastest growing life-science Biotech, 65%
applications (e.g., cell/gene therapy, biologic drug vaccine development)
 TAM: ~$5B market opportunity growing ~30% annually, of which it
currently serves (SAM) $2-3B growing 25-30% annually
 Current product offering is comprised of its BioXp3250 instrument, eight
kits, and a portfolio of benchtop reagents
Pharma 14%
 End-to-end automation system for synbio powered by Gibson Assembly Gov't 2%
CRO 5%
Method (invented by CTO) = proprietary method for assembling Academic 14%
overlapping DNA fragments
Revenue Mix by Application
Bottom Line: DNAY offers first & only automated, push-button workstation,
Biologics, 50% Vaccine
the BioXp system, which aims to democratize synthetic biology Development 21%
Its solutions introduce automation and simplification to the creation of

synthetic DNA & mRNA at the benchtop, significantly accelerating workflows
that are currently outsourced or done manually in-house
Spec/Ag 4%
Cell & Gene Therapy 15%
Genome Editing
10%
Major contributions to the synthetic biology from DNAY’s team
First First digital-to-

Gibson First genome First synthetic SARS-CoV-
minimal biological
Assembly synthesized flu vaccine 2 genome
cell converter
2005 2010 2015 2020
Initiate First First synthetic First α/β First commercial

Synthetic life created launch of Vmax launch of DNA
genome
Cell Project DNA printer cells printer
transplanted

Codex DNA (DNAY)
Synthetic Biology Overview
 Synthetic biology is a rapidly evolving area of science which

Global Synthetic Biology Market Growing ~30%+
involves the engineering of biological components (genes,
mRNA, proteins, virus, cells) starting from digital DNA
sequencing, and enabling construction, with new and
improved biological functions
 The $5B+ global synthetic biology market falls into two broad
$9.9
categories:
 Enabling technologies: Various methods (DNA sequencing,
DNA synthesis, DNA assembly, cloning, mRNA production,
protein thesis, genome editing) that utilize molecular biology
components (oligos, enzymes, buffers, vectors, competent
cells) in an effort to engineer higher value product TAM $8.9
$2.7
 Result = new or improved utility from the DNA sequence
“blueprint” TAM $2.6
 Enabled products: the ultimate end-product or byproduct Today 2024E

includes antibody therapeutics, protein engineer biologics,
Enabling Technologies Enabled Products
mRNA vaccines, genetic medicines (DNA/mRNA therapeutics)
& sustainable food or biofuels
 Problem = Existing approaches for writing synthetic DNA & Today DNAY serves ~$2.5-3B market, which is growing healthy double-
mRNA are to do it manually in-house or outsource (IP risk) – digits and is expected to essentially triple by 2024 (to ~$9B). This
both of which are slow & have significant performance market breaks down into three key areas:
limitations. This creates bottlenecks in the build phase within
the design-build-test process of creating new or modified  DNA made at the bench (“makers”) = $1.4B
biological components, which has inhibited synthetic biology  DNA outsourced (“buyers”) = ~$700M
from reaching its full potential
 mRNA = ~$600M
 Solution = DNAY’s synthetic biology offering provides a highly
automated, push-button system with a “set it and forget it” How does DNAY win? By converting two different areas: 1) in-house
workflow done at the benchtop users to its BioXP where speed, quality, scale, control & ease of use
matter ; 2) Outsource to its BioFoundry where speed & quality matters
Source: company data, Jefferies estimates, BCC Research.

Codex DNA (DNAY)
Synthetic Biology Overview (continued)
Synthetic biology enables technology that is able to create highly-iterative experimental design, which permit “reading” of DNA code
 What happens once DNA sequence is read? Gene of interest can then be written or built from a pool of building blocks
 Combination of reading + writing = ability to design-build-test for synthetic biology  resulting in creation of a powerful AND flexible
approach that unlocks new products such a mRNA-based vaccines & protein-based drug candidates
Why is the build-phase important? Bottlenecks may occur across the design-build-test phase; however, the build-phase or “writing” synthetic
DNA is comprised of multiple, complex processes that involve many time-consuming & technical steps (DNA synthesis, assembly, cloning &
scale-up e.coli)
Answering the Synthetic Biology Paradigm: Design-built-test
Design Build Test
DNA synthesis mRNA formulation
DNA assembly mRNA purification

Gene of interest DNA design
DNA cloning 3' tailing Test
DNA redesign
DNA scale-up in E. coli 5' capping
DNA reading In vitro transcription
Process
No Optimized Yes development
& scale-up
DNA sequencing, or reading
Bottom line: Design-phase provides “blueprint” which then moves to the build-phase where it ultimately becomes synthetic DNA or
mRNA – both of which can be easily assayed for desired function in the test-phase. Key differentiators = those that can enhance speed and
scale of design phase…

Codex DNA (DNAY)
Codex DNA Offering
DNAY’s offering, the BioXp system, is a commercially available push-button, walkaway, end-to-end automated workstation that allows
researchers to go from digital DNA sequence to synthetic DNA & mRNA in as few as 8 hours and less than 24 hours (ex. shipping), respectively.
 Key benefits include: 1) consolidation of build phase; 2) flexibility across both DNA & mRNA applications; 3) fast, scalable results; 4)
ability to construct genes, mRNA and clones; 5) access wide range of size & complexity; 6) industry-leading quality & performance; 7)
enhanced productivity; 8) protection of customer proprietary vectors
DNAY unifies synthetic biology efforts into a single platform – scalable across multiple sites, standardized and robust
End-to-end automation
solution
Flexibility across a variety of

DNA, mRNA & protein* Industry-leading DNA design
applications tools and ordering portal
20x improvement in
productivity
Benefits to Benefits to
Codex DNA Trusted & secure
customers organizations
Cloud-based access to
protocol updates & custom
services
Data scales across entire Strategic (global distributed

organization manufacturing)*
Vendor Consolidation,
supply chain & quality

Codex DNA (DNAY)
Codex DNA Solution – The BioXp Platform
 Today, the design-build-test process entails using

multiple CROs and manual benchtop kits which is
inefficient…
 DNAY’s system addresses an unmet need by enabling
automation and standardization to the process of
building synthetic DNA & mRNA that has applications
in many downstream biology workflows
 It already has a strong installed base (>160 units), and
counts many of the top biopharma companies as
customers (15 of top 25)
 We think the installed base could grow to ~850 by
2024, with scope for installed base to grow to 1,000s
of systems over time
BioXp Platform: Revolutionizing Synthetic DNA & mRNA production

Value Proposition
1) Acceleration of the design, build test cycle based on 2) Allows customer control of workflows, control of Intellectual property
decreased time to result (8 - 24 hrs) and scalability (up to 32 and offers end to end solutions for antibody engineering, vaccine discovery
wells) resulting in more than a 20 fold improvement to and development and both genome engineering and editing synthetic
productivity biology workflows
Initial Target Market Customer Segmentation Channel Strategy Customer Acquisition Strategy
Estimate the initial target market Primary: Global pharmaceutical, Direct sales in North America and Focus on customers needing end
for RUO workflow automation biotechnology & CROs focused on Central & Western Europe in to end solutions with a focus on
systems to be 15,000+ biologics drug discovery, vaccine addition to global network of integrating into synthetic biology
installments (reading & writing discovery and development, distributors covering remaining workflows based on value
go together) genome & pathway engineering parts of Europe, APAC and ROW proposition
regions

Codex DNA (DNAY)
Codex DNA Solution – BioXp Kits
BioXp Gene Synthesis Kit
 Fastest build time in the industry: go from DNA design to de novo synthesized fragments in an overnight run, significantly shortening research and development
time and allowing easy experimental iteration so customers can bring your products to market sooner.
 Cloning-ready fragments: Gene synthesis without the presence of adapters outside fragment sequence allows customer to avoid additional steps prior to
cloning into vector of choice.
 Scale with high-throughput synthesis: Improve productivity by enabling customers to synthesize up to 32 de novo synthetic DNA fragments in a single day.
 Simple design and ordering process: Codex DNA’s online portal allows for visual DNA design as well as real time pricing and complexity analysis so that
customers can confirm the BioXp will efficiently build gene fragment sequences.
 High-fidelity de novo gene synthesis: For a wide range of sequence lengths and DNA design complexity, Codex DNA can synthesize different projects with the
best fidelity in the industry due to proprietary two-step error correction process. This allows customers to screen and sequence fewer clones to find error free
genes and get to results sooner.
BioXp DNA Cloning Kit & Custom Cloning Kit
 Speed to result: Significantly shortens development for genetic and protein engineering workflows, going from sequence design to assembled constructs in an
overnight run. Save weeks for faster discovery and development.
 Scale with high-throughput synthesis & cloning: Improves research efficiency enabling customers to synthesize and assemble up to 32 constructs in a single day.
 Automated construct design: Codex DNA’s online portal allows for visual sequence creation and automated Gibson Assembly design for building constructs
effortlessly. Real-time pricing and complexity analysis ensure superior DNA synthesis and cloning efficiency.
 Highest fidelity gene synthesis for an EFC guarantee: Proprietary two-step error correction process for high-fidelity DNA synthesis drives “clone-ready”
acceleration and increased cloning utilization.
 Multiple fragment cloning: Allows customers to synthesize and assemble multiple fragments of synthetic DNA fragments into a single construct to build long or
bicistronic sequences and clone into up to four vectors in a single overnight run.
 Protect IP: On-deck custom cloning avoids the need for subcloning or for sending-out proprietary vectors to service providers. Cloning on the BioXP system
ensures IP (vectors) never leave the lab
BioXp RapidAMP cell-free DNA Amplification Kit
 Expedite time-to-results: Significantly shortens development cycles by almost half so customers can focus efforts elsewhere.
 Seamless integration with Gibson Assembly: Optimized to work with Gibson Assembly cloning for high-throughput automation applications so customers can
avoid reworking existing processes.
 High specificity amplification: Higher yield and specificity than other commercially available RCA kits.
 Skip E.coli transformation & purification steps: Remove microbial genes for streamlined plasmid design so customers can avoid unnecessary steps.
 Avoid endotoxin contamination: Make the switch from E. coli so customers can eliminate the risk of immunogenicity during experiments.
Codex DNA (DNAY)
Codex DNA Solution – BioXp Kits (continued)
BioXp alanine scanning & combinatorial libraries kits
 Unprecedented speed: Significantly shorten development of lead candidates for biologics, vaccine and protein engineering workflows by
weeks or months so customers can bring products to market sooner.
 Scale and throughout: Build up to 64 libraries a day.
 Broad library menu to serve changing need: Degenerate libraries for discovery and targeted libraries for optimization
 Error-corrected libraries: Non-degenerate libraries are synthesized using a proprietary, two-step error correction and purification process
to minimize sequence errors and maximize fidelity so customers can pick fewer colonies and sequence fewer clones for added time
savings
 Flexibility with downstream analysis: Each degenerate position or specific sequence is built as an individual library so customers can have
maximum flexibility with downstream analysis
BioXp small-scale mRNA synthesis kit
Value proposition: Dramatic acceleration of the “design>build>test” cycle based on decreased time-to-result (biologically active mRNA in
less than 24 hours) and scalability resulting in significant improvement to productivity for mRNA-based vaccine discovery and development
for infectious disease and precision medicine
 Contains all Gibson Assembly reagents necessary to synthesize up to ten micrograms of biologically active synthetic mRNA using de novo
synthesized, error-corrected gene fragments (mRNA template) of up to 1.8 kb in length
 Throughput: 8 or 16 samples/run
Revenue Drivers…
 Unique market position: Product is uniquely positioned within the targeted customer segments and workflows for mRNA-based vaccines
for infectious disease, precision medicine and RNA therapeutics
 Platform transition: mRNA vaccines represent a new approved platform for the development of novel vaccines for infectious disease and
precision medicine. Driven by the transition of older more mature protein-based vaccines technologies to an automated mRNA solutions
 Workflow automation instrumentation: Launch of the 9600 series high throughput RUO platform with on-board enzymatic DNA synthesis
will drive increased overall utilization resulting from adoption of distributed manufacturing for biologics and mRNA workflows

Codex DNA (DNAY)
BioFoundry Services
Born out of the need to help accelerate the discovery & development of CV19 therapeutics and vaccines, as well as overcome supply chain
challenges from CV19-related shutdowns, DNAY launched its BioFoundry Services in 2Q20
 DNAY’s BioFoundry Services enables customers to order and receive BioXp end-point ready products (e.g., clones, genes, cell-free DNA,
libraries and mRNA), while using BioXp instrument, kits & bench top reagents with services performed at their San Diego facility
 Services today are focused on three key areas:
 1) strategic pilot program = proof points for customers prior to purchasing
 2) assist current BioXp users with overflow peak volume needs, or those working on highly complex products
 3) solution for customers whose volume needs don’t currently support a BioXp system purchase
 Bottom line: while we don’t see this as a major revenue growth driver going forward, Biofoundry Services does give DNAY a flexible option
to educate users about the BioXp platform
BioFoundry Services: “Try Before you Buy”

Overview Value Proposition
• Established in 2020 as a value added service intended to support customers • Strategically used in a consultative partner approach through our pilot
both in their efforts to accelerate the discovery and development of program to allow customers to see specific proof points prior to
therapeutics and vaccines to combat COVID 19, and to overcome challenges purchasing a BioXp system
in their value chain created by the COVID 19 health crisis • Enables customers to order and receive any of the BioXp system
endpoint ready products including genes, clones, cell free amplified DNA,
• Customers experience the value of high quality products, with expedited
libraries and mRNA
turnaround times compared to similar offerings in the industry
• Assists current BioXp system users with overflow peak volume needs or
to create highly complex products
• Biofoundry services include all BioXp kits and custom libraries, and are
• Represent a solutions for those customers whose volume needs do not
performed in house at San Diego Facility
currently support a BioXp system purchase

Competitive Landscape, Key Advantages & Value Proposition

Codex DNA (DNAY)
Competitive Landscape
Uniquely Positioned within Synthetic DNA Market…
Genewiz TMO Genscript IDT TWST DNAY
Performance
Median error rate not published 1:5,000 not published 1:5,000 1:5,800 1:14,000 on average, 2.7x better
***
Length of gene build (bp) 100 - 10,000 100 - 12,000 455 - 8,000 125 - 3,000 300 - 1,800 300 - 7,000
9 12 11 12 10 8 10 10
Diversity (variant libraries) 10 - 10 10 - 10 >10 >10 >10 >10
Speed*
**
Synthetic genes 2 - 40 days 3 - 27 days 8 - 30 days 10 - 15 days 6 - 9 days 12 hours on average, 15x faster
Synthetic clones 9 - 15 days >7 days >10 days 8 - 25 days 11 - 17 days 14 hours on average, 12x faster
Synthetic variant libraries >11 days 10 - 15 days 21 - 28 days 10 - 15 days 21 - 28 days 8 hours on average, 17x faster
Workflow solution
Automation platform for synthetic DNA - - - - - Process 32 samples in each run highly differentiated
Note: Table does not represent all products offered by competitors or DNAY
*Speed is business days for competitors; BioXp3250 runtime for Codex DNA
**Speed for Genewiz and GenScript may include shipping time
***DNAY BioFoundry services can provide genomes >100,000bp
….and the mRNA Market
17X FASTER
35X FASTER 6X FASTER
Screening
Build mRNA Template Multiple Cycles Test & Scale-Up
Build & mRNA

mRNA Variant Optimization Scaled
clone mRNA template
production library of MRNA production
template scale-up
expression
Traditional Workflow 1 week 3 weeks 1 week 1 week 3 weeks 6 days 69 days
CodexDNA 24 hours 16 hours 24 hours 24 hours ~ 4 days
Bottom line: BioXp wins on speed, scale, throughput and quality


Codex DNA (DNAY)
Key Advantages
DNAY has developed a synthetic biology solution to address an unmet need with an approach that can automate, integrate, optimize and
standardize the process for building synthetic DNA and mRNA, which can eliminate many bottlenecks / pain points for customers
The result = improved workflow with faster outcomes resulting in enhanced productivity across several key applications
Examples of time-savings for various workflows using synthetic DNA or mRNA*
Weeks
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
Antibody, protein, pathway
engineering
BioXp 3250 system Time saved: 11 weeks
mRNA vaccines + therapeutics
Genome engineering

*Excluding shipping times for products
Feedback from our customer calls was largely positive…

 “Number one reason (to select DNAY) was speed, considerably faster (think 2-3x) than alternative and they knew technology so quality on-
par or better than competitors… also, they make constructs you simply can't get anywhere else”
 “Ordered DNA constructs (oligos, genes, full constructs) from number of places, main reason to like Codex is time (a lot faster) and ability
to order what is needed (not constrained)”
 “Big thing = time, can order it and then focus on something else…biggest difference = time, can get it significantly faster than (Chinese)
CROs (could be 2-3 weeks)”
 Drawbacks? “Still order oligos from IDT (DHR)”… “want higher throughput system”

Codex DNA (DNAY)
Value Proposition & Various Customer Use Cases
Value proposition: Codex vs Alternatives
Existing synbio methods Why customers choose Codex Solutions
Offers a product-based end-to-end • Single-source, fully integrated automation for

solution to consolidate projects + synthetic biology applications
CROs
vendors; also enables quality,
• Enables 20x productivity improvements
performance + format flexibility
• Protects intellectual property
Logical alternative to tedious, manual,
• Format flexibility extends beyond synthetic
Kits used in-house non-integrated workflows, enabling
DNA to mRNA and proteins
scale with in-house solutions
• Enabler of biologics, mRNA therapeutics,
Offers a single source for automation,
precision medicine, genome engineering, and
Partial automation standardization of quality and
editing workflows
solutions performance, and end-to end solutions,
all on a single platform • Scalable platforms grow with customer needs
Various use cases across different end-market applications

Biologics mRNA vaccine discovery Precision Medicine Sustainable foods
Customers seeking to Scalable synthetic biology

Rapid DNA synthesis of mRNA Customer seeking rapid synthesis
Need / accelerate # of leads for platform for large-scale
templates for COVID-19 vaccine capabilities for KRAS G12V TCRs as a
Challenge antibody-based manufacturing of heme and
program mRNA therapeutic
therapeutics other proteins
Integrated BioXp 3250 into Customer used Gibson

antibody-engineering Used BioXp system to rapidly & Used BioXp system to synthesize & Assembly reagents as the
Solution workflows; heavy accurately write SARS-CoV-2 spike clone TCRs for KRAS G12V and platform of choice for large-
utilization of synthetic DNA protein gene associated mRNA scale manufacturing platform of
library kits (CDR libraries) heme protein in yeast
Customer purchased multiple Efficient + robust manufacturing

20x productivity mRNA from sythetic TCRs elicited
Result BioXp 3250 systems; Helped platform established around
improvement desired immune response
accelerate vaccine discovery Codex DNA core tech

Future Growth Drivers, Pipeline & Commercial Strategy

Codex DNA (DNAY)
Future Growth Drivers
Key growth drivers moving forward…
 New BioXp system placements: Placed about 160 BioXp systems to-date, including 43 new units in 2020. Initially focused on biopharma
customers currently using DNA readers as part of their “design/build/test” cycle.
 Maximize utilization by developing new BioXp kits: Currently have 8 kits launched with plans to commercially launch at least three new BioXp
kits in 1H22:
 Large-scale mRNA synthesis kit: de novo synthesis up to 7kb; 100µg scale; includes custom vectors
 Rapid-scale mRNA synthesis kit: synthesis up to 20 kb; 100µg scale from previously cloned DNA
 Protein synthesis kit: expect kit to enable adoption for small-scale production of research-grade protein for several workflows, especially biologics
discovery and development
 Market expansion: Near-term, DNAY is focused on driving adoption in target markets, including biologic drug discovery, vaccine
development & genome engineering; Additional emerging markets include DNA storage & cell/gene therapy
 New BioXp system launches (see next slide for additional color): develop & commercialize new BioXp systems to drive higher utilization,
expand breadth of applications
Future Product Launch Timeline
1Q21 2Q21 3Q21 4Q21 2022 2023 2024 2025
BioXp small-scale mRNA synthesis kit 1
BioXP rapid-scale mRNA synthesis kit2
BioXp large scale mRNA synthesis kit3
BioXp protein synthesis kit
BioXp 9600 System
BioXp Oligo Printer System
BioXp DBC System
BioXp Needle-Ready Vaccine Printer System
1,3. Kits starts with DNA synthesis; 2. Kit starts with previously replicon-cloned templates Represents product extension

Codex DNA (DNAY)
Robust New Product Pipeline
DNAY has a robust pipeline of new BioXp instrument launches planned over the next few years, which we believe will provide a strong
foundation for future growth
 BioXP 9600 system
 Higher-throughput version of BioXp 3250 with advanced motion control system allowing for higher processing speed & greater reliability
 Designed to include additional reagent capacity and consumables that enable ~3x as many DNA, mRNA and protein samples to be processed per run
 Status: Prototype stage
 Timeline: Beta-launch expected by CY21-end; Full commercial expected in 2H22
 ASP (JEF model): ~$150,000
 BioXp Oligo Printer system

 Designed to offer on-demand enzymatic DNA synthesis manufacturing of oligonucleotides; enabled by Codex’s proprietary DNA synthesis reagent solution
that has been successfully demonstrated in manual workflows
 Unlike traditional oligo synthesizers using hazardous chemicals (phosphoramidites) and newer oligo synthesis tech using enzymatic chemistry (TdT), the
BioXp Oligo printer will use a DNA ligation and amplification process to generate oligos from a made-to-stock universal library of short DNA building blocks
 Codex expects to use this system in-house to reduce COGS and improve kit turnaround times for BioXp 3250/9600 customers (instead of source oligos from
third-party suppliers)
 Add-on system to the BioXp 9600
 Stage: R&D stage
 Timeline: commercial launch expected in 2H23
 ASP (JEF model): ~$60,000
 BioXp DBC (digital-to-biological converter) system

 DBC = Combination of BioXP oligo printer (front-end) and 9600 systems.
 DBC will provide ability to take digitized DNA code (via internet) and automatically print DNA, mRNA and protein in a field-deployable system
 Truly integrated synthesis utilizing no toxic materials or hazardous waste
 Over time, expect DBC system could provide pathway towards an on-demand printer capable of producing needle-ready vaccines
 Status: R&D stage
 Timeline: commercial launch in 2H23
 ASP (JEF model): $210,000

Codex DNA (DNAY)
Commercial Strategy
DNAY’s commercial team today is comprised of about ~50 employees, with ~40 in sales/marketing roles (including ~20 quota carrying reps) and an
additional ~10 employees in service/support roles focused on the customer experience.
 It currently goes direct in US and 4 major EU markets (UK, Germany, France, Benelux)
 Also selling through 15+ channel partners across Europe, Middle East and APAC.
 Outside the US, DNAY also has 30+ distribution agreements with channel partners which allows them to reach ~60 countries today
 Today = over 300 customers and includes 15 of top 25 global biopharma companies
 Primary focus = biopharma, where sales cycle is fastest, averaging between 1-3 months; gov’t/academic customers: typical sales cycle is closer to
4-8 months generally
Risks? We see one of the biggest risks to DNAY story over next 6-12 months being potential challenges or delays activating its various commercial
channels outside the US
DNAY Commercial Strategy

Existing Customers New Customers
Imminent BioXp Customer Future BioXp Customer
• Grow reagent usage on the BioXp system through inside
• Convert customers who meet qualification criteria to BioXp • Convert to BioXp as Service customer to build
sales engagement and application expansion
relationship
• Onboard and meet brand promise • Strengthen brand reputation through deepening
• Expand usage of other Codex DNA products & services
relationship
• Build word-of-mouth through existing user base • Penetrate deeper into accounts w/ BioXp system expanded
• Place a BioXp system when customer is ready
uses & I/S sales of DNA svcs & custom solutions
Institution Type Funding Sources(s) Internal Driver Biggest Cost Driver

Academic Gov't/Collaboration Publication Personal Reputation
Gov't Gov't Mission Driven Process, Reputation
Corporate Investors/Grants/Profits Speed To Answer, ROI Time / Market

Appendix: Valuation & Management Summary

Codex DNA (DNAY)
Valuation Analysis
 Peer group: the best direct comp = TWST; however, we think it is prudent to also look at a basket of other early-stage Tools companies with
similar revenue trajectories and new product cycles involving high-end instrument placements that generating recurring revenue streams –
these comps trade at median of 17.5x 2023 EV/revenues
 Given DNAY is still in the early-innings of building its installed base of BioXp systems & considering its robust new product pipeline, we
think it is more relevant to look out a few years to better capture DNAY’s future growth runway
 Based on our 2023E forecasts, shares of DNAY trade at an EV of 10.6x revenue, reflecting a 40% discount to our basket of peers, despite a
superior growth profile (‘21-23E rev CAGR: 94% vs 32% median for comps)
 Our assumptions:
 2021: Revs ~$12.5M which includes ~60 new system placements (209 total installed base) & ~$11K avg utilization per system
 2023: Revs ~$48M, driven by 100 new placements in ‘22 and ~200 new placements in ‘23 (total installed base: ~500 systems by yr-end),
with avg. utilization per system rising to ~$38K
 Our $23 PT, supported by our DCF model, implies an EV of 15x our ’23E revs (a 2-3x turn discount to peers)
Mkt Cap EV/Revs Rev CAGR

Company Ticker Rating Price PT YTD (mm) 21E 22E 23E 24E 21-23E
Berkeley Lights Inc BLI NC $46 - (48%) $3,197 32.5x 22.6x 17.5x 13.5x 36%
10x Genomics TXG NC $186 - 31% $16,617 32.3x 23.7x 18.1x 14.8x 34%
NanoString NSTG NC $62 - (8%) $2,836 18.1x 14.2x 10.8x 11.4x 30%
Twist Bioscience Corp. TWST NC $125 - (12%) $6,274 41.4x 30.5x 24.4x 21.7x 30%
Seer SEER NC $33 - (42%) $1,823 - nm 39.2x 20.0x 194%
908 Devices Inc. MASS NC $38 - (34%) $962 21.2x 16.3x 12.9x 10.7x 28%
Akoya Biosciences AKYA NC $20 - 2% $717 - 10.6x 8.1x - 32%
Average (16%) 29.1x 19.6x 18.7x 15.3x 55%

Median (12%) 32.3x 19.4x 17.5x 14.2x 32%
Codex DNA DNAY Buy $17 $23 4% $489 33.4x 23.0x 10.6x 6.0x 94%
DNAY premium / (discount) 3% 18% (39%) (57%)
Source: Factset, company data, Jefferies estimates. Prices as of 7/12/21 close.

Codex DNA (DNAY)
Senior Management & Board of Directors
Senior management Experience Joined DNAY
• 20+ years of business experience across Life Science Tools industry
Todd Nelson, Phd • Previous experience includes CEO of DiscoverX, MP Biomedicals & eBioscience (sold
2018
President & CEO for $330M to Affymetrix/TMO)
• B.A. in Psychology, Ph.D and MBA in Finance from University of Minnesota
• Joined DNAY as CFO in March 2021; Previously VP of IR/Strategy at Calithera Bio
Jennifer McNealey • Background includes: Founder of Laurient LLC (indep. research firm); PM + biotech
2021
Chief Financial Officer analyst at Franklin Templeton, Amerindo Advisors, and Morgan Stanley
• B.A and M.H.A from Cornell University
• Pioneer in molecular biology field; Inventor of "Gibson Assembly Method"
• 2011-2018: Served various roles at Synthetic Genomics (former parent co)
Dan Gibson, Phd
• Professor in synthetic biology group at J. Craig Venter Institute since 2004 2018
Chief Technology Officer
• B.S. in Biological Sciences from State University of NY at Buffalo
• Ph.D. in Molecular Biology from USC
• 15+ years of experience across life science, biopharma & diagnostics industries
• Previous experience includes BioLegend (VP of Marketing & Strategy), Progenity (Dir.
Tim Cloutier, Phd
of Strategic Marketing & Portfolio) & Illumina (Dir. of Commercialization Ops) 2020
SVP, Commercial Operations
• B.S. in Zoology from Michigan State University
• Ph.D in Biochemistry from Albert Einstein College of Medicine
Board members Experience

Former CEO of DNEX & AFFX (sold to TMO in '10/16); Board member @ PKI, CERS;
Frank Witney (Chair)
Operating Partner, Ampersand Capital
Christine Tsingos Former CFO of Bio-Rad (BIO); Board member @ NVST and VREX
Partner at BroadOak Capital (merchant bank focused on life sciences); Former PM at
William Snider
T. Rowe Price
20-yr executive at Intel; Board member @ ISRG, CERS (current); prior board
Jami Nachtsheim
experience at FEIC, AFFX (TMO)
Director, Northpond Ventures (medtech VC firm); Prior commercial leadership roles
Andrea Jackson
at PKI and Millipore; Former Tools/Dx investment banker at JPM
Todd Nelson, PhD President & CEO of Codex DNA (DNAY)
Strategic Advisory Board Experience

Section Head & Professor, La Jolla Institute for Immunology
Steven Schoenberger, PhD
Co-Director, San Diego Center for Precision Immunotherapy
Aaron Miller, M.D., PhD Medical Oncologist and Assistant Clinical Professor, UCSD Moores Cancer Center
Source: company reports, Jefferies.
DNAY’s Historical and Projected Quarterly Revenue Summary
($ in millions, except per share data)
Historical results Projections Projections Projections
2020 2021 2022 2023 2024
Mar-20 Jun-20 Sep-20 Dec-20 Total Mar-21 Jun-21 Sep-21 Dec-21 Total Mar-22 Jun-22 Sep-22 Dec-22 Total Mar-23 Jun-23 Sep-23 Dec-23 Total Mar-24 Jun-24 Sep-24 Dec-24 Total
Revenue
BioXp 3200/3250
Installed base, beginning 150 163 178 193 150 209 226 244 266 209 289 312 337 362 289 387 412 437 462 387
Additions 13 15 15 16 59 17 18 22 23 80 23 25 25 25 98 25 25 25 25 100
Installed base, ending 150 150 163 178 193 209 209 226 244 266 289 289 312 337 362 387 387 412 437 462 487 487
Average installed base 157 171 186 201 218 235 255 278 301 325 350 375 400 425 450 475
Instrument ASP ($) $81,500 $81,500 $83,200 $83,500 $82,475 $83,000 $83,000 $83,000 $83,000 $83,000 $83,000 $83,000 $83,000 $83,000 $83,000 $65,000 $65,000 $65,000 $65,000 $65,000
Instrument revs ($mm) $1.06 $1.22 $1.25 $1.34 $4.87 $1.4 $1.5 $1.8 $1.9 $6.6 $1.9 $2.1 $2.1 $2.1 $8.1 $1.6 $1.6 $1.6 $1.6 $6.5
Kit annuity/box $2,109 $2,530 $3,036 $3,665 $11,340 $4,398 $5,058 $5,816 $6,689 $21,961 $7,358 $8,093 $8,903 $9,793 $34,147 $10,283 $10,797 $11,337 $11,904 $44,320
Kit revenues ($mm) $0.33 $0.43 $0.56 $0.74 $2.06 $0.96 $1.19 $1.48 $1.86 $5.48 $2.21 $2.63 $3.11 $3.67 $11.62 $4.11 $4.58 $5.10 $5.65 $19.44
BioXp 9600
Installed base, beginning 0 0 0 7 0 17 27 37 47 17 57 67 77 87 57
Additions 0 0 7 10 17 10 10 10 10 40 10 10 10 10 40
Installed base, ending 0 0 0 7 17 17 27 37 47 57 57 67 77 87 97 97
Average installed base 0 0 4 12 22 32 42 52 62 72 82 92
Instrument ASP ($) $145,000 $145,000 $145,000 $145,000 $145,000 $150,000 $150,000 $150,000 $150,000 $150,000 $150,000 $150,000 $150,000 $150,000 $150,000
Instrument revs ($mm) $0.0 $0.0 $1.0 $1.5 $2.5 $1.5 $1.5 $1.5 $1.5 $6.0 $1.5 $1.5 $1.5 $1.5 $6.0
Kit annuity/box $7,500 $9,500 $11,500 $13,500 $42,000 $16,000 $18,500 $21,000 $25,000 $80,500 $25,000 $25,000 $25,000 $25,000 $100,000
Kit revenues ($mm) $0.00 $0.00 $0.04 $0.16 $0.20 $0.35 $0.59 $0.88 $1.30 $3.13 $1.55 $1.80 $2.05 $2.30 $7.70
BioXp Oligo / Primer System

Installed base, beginning 0 0 0 10 0 25 55 85 115 25
Additions 0 0 10 15 25 30 30 30 30 120
Installed base, ending 0 0 0 10 25 25 55 85 115 145 145
Average installed base 0 0 5 18 40 70 100 130
Instrument ASP ($) $60,000 $60,000 $60,000 $60,000 $60,000 $60,000 $60,000 $60,000 $60,000 $60,000
Instrument revs ($mm) $0.0 $0.0 $0.6 $0.9 $1.5 $1.8 $1.8 $1.8 $1.8 $7.2
Kit annuity/box $0 $0 $2,121 $2,545 $4,666 $2,545 $2,800 $3,079 $3,387 $11,811
Kit revenues ($mm) $0.00 $0.00 $0.01 $0.04 $0.06 $0.10 $0.20 $0.31 $0.44 $1.05
BioXp DBC system

Installed base, beginning 0 0 0 15 0 40 65 90 115 40
Additions 0 0 15 25 40 25 25 25 25 100
Installed base, ending 0 0 15 40 40 65 90 115 140 140
Average installed base 0 0 8 28 53 78 103 128
Instrument ASP ($) $210,000 $210,000 $210,000 $210,000 $210,000 $210,000 $210,000 $210,000 $210,000 $210,000
Instrument revs ($mm) $0.0 $0.0 $3.2 $5.3 $8.4 $5.3 $5.3 $5.3 $5.3 $21.0
Kit annuity/box $10,000 $12,500 $22,500 $12,500 $13,750 $15,125 $16,638 $58,013
Kit revenues ($mm) $0.08 $0.34 $0.42 $0.66 $1.07 $1.55 $2.12 $5.39
BioXp Systems revenue $0.5 $0.6 $0.8 $1.0 $2.9 $1.060 $1.223 $1.248 $1.336 $4.9 $1.4 $1.5 $2.8 $3.4 $9.1 $3.4 $3.6 $7.3 $9.7 $24.0 $10.2 $10.2 $10.2 $10.2 $40.7
growth 68% 33% 22% 128% 151% 87% 142% 139% 158% 190% 164% 198% 185% 39% 5% 69%
% of revenue
BioXp Kit revenue $0.1 $0.2 $0.3 $0.4 $1.0 $0.330 $0.431 $0.563 $0.737 $2.1 $1.0 $1.2 $1.5 $2.0 $5.7 $2.6 $3.2 $4.1 $5.4 $15.2 $6.4 $7.6 $9.0 $10.5 $33.6
growth 168% 121%
% of revenue
Average annual pull-thru (per box) $7,900 $8,435 $10,121 $12,146 $14,660 $11,340 $17,592 $20,231 $23,573 $27,885 $22,320 $31,789 $36,110 $40,387 $45,436 $38,431 $46,325 $47,484 $49,069 $51,019 $48,474
Biofoundry Services & Catalog Reagents $0.1 $0.3 $0.4 $0.5 $1.3 $0.325 $0.3 $0.5 $0.6 $1.7 $0.5 $0.5 $0.5 $0.5 $2.1 $1.0 $1.0 $1.0 $1.0 $4.0 $1.2 $1.2 $1.2 $1.2 $4.8
Collaboration / Royalties $0.2 $0.3 $0.4 $0.5 $1.4 $0.5 $0.8 $0.8 $1.8 $3.9 $0.9 $0.9 $0.9 $0.9 $3.4 $1.1 $1.1 $1.1 $1.1 $4.3 $1.5 $1.5 $1.5 $1.5 $5.8
Total Other revenue $0.3 $0.6 $0.8 $1.0 $2.7 $0.9 $1.1 $1.3 $2.4 $5.6 $1.4 $1.4 $1.4 $1.4 $5.5 $2.1 $2.1 $2.1 $2.1 $8.3 $2.7 $2.7 $2.7 $2.7 $10.6
Total revenue $0.9 $1.4 $1.9 $2.4 $6.550 $2.24 $2.75 $3.06 $4.49 $12.5 $3.7 $4.1 $5.7 $6.8 $20.3 $8.0 $8.9 $13.5 $17.2 $47.6 $19.2 $20.5 $21.8 $23.3 $84.9
growth 149% 104% 61% 87% 91% 67% 48% 87% 51% 62% 115% 119% 135% 154% 134% 139% 131% 62% 36% 78%
% of total 96.4% 100.0% 100.0% 100.0% 99.3% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Source: Jefferies estimates, company data.

DNAY’s Historical and Projected Quarterly Income Statement
Historical results Projections

2020 2021 2022 2023 2024
Mar-20 Jun-20 Sep-20 Dec-20 Total Mar-21 Jun-21 Sep-21 Dec-21 Total Mar-22 Jun-22 Sep-22 Dec-22 Total Total Total
Net sales $1.4 $1.6 $1.6 $1.9 $6.6 $2.3 $2.7 $3.1 $4.5 $12.6 $3.7 $4.1 $5.7 $6.8 $20.3 $47.6 $84.9
Cost of products sold $0.6 $0.7 $0.7 $1.0 $3.0 $1.0 $1.3 $1.3 $2.0 $5.7 $1.6 $1.7 $2.5 $2.9 $8.7 $20.4 $29.7
Gross profit $0.8 $1.0 $0.9 $0.9 $3.6 $1.3 $1.4 $1.7 $2.5 $6.9 $2.1 $2.3 $3.3 $3.8 $11.6 $27.1 $55.2
G&A expenses $1.1 $0.7 $1.0 $1.3 $4.1 $2.4 $4.3 $4.4 $4.5 $15.6 $4.0 $4.0 $4.3 $4.3 $16.5 $19.0 $22.9
Sales & Marketing $1.3 $1.6 $1.9 $2.2 $6.9 $2.3 $2.6 $2.6 $2.6 $10.1 $4.5 $4.8 $5.0 $5.3 $19.5 $23.3 $33.5
Research & Development $2.0 $2.0 $2.3 $2.7 $8.9 $2.9 $2.2 $2.3 $2.4 $9.7 $3.5 $3.5 $3.5 $4.0 $14.5 $15.2 $17.0
Operating income (EBIT) ($3.6) ($3.3) ($4.3) ($5.2) ($16.4) ($6.3) ($7.7) ($7.5) ($7.0) ($28.4) ($9.9) ($9.9) ($9.5) ($9.7) ($38.9) ($30.4) ($18.2)
Interest expense $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Interest income $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Other expense, net $0.3 $0.2 $0.1 $1.1 $1.6 $1.2 $2.8 $0.3 $0.3 $4.5 $0.3 $0.3 $0.3 $0.3 $1.2 $0.8 $0.4
Income before taxes ($3.9) ($3.5) ($4.4) ($6.2) ($18.0) ($7.4) ($10.4) ($7.8) ($7.3) ($33.0) ($10.2) ($10.2) ($9.8) ($10.0) ($40.1) ($31.2) ($18.6)
Income tax $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Net income ($3.9) ($3.5) ($4.4) ($6.2) ($18.0) ($7.4) ($10.4) ($7.8) ($7.3) ($33.0) ($10.2) ($10.2) ($9.8) ($10.0) ($40.1) ($31.2) ($18.6)
Basic shares outstanding 30.8 30.8 30.8 30.8 30.8 30.8 30.8 30.9 31.0 30.9 31.0 31.1 31.1 31.2 31.1 31.3 34.7
Diluted shares outstanding 30.8 30.8 30.8 30.8 30.8 30.8 30.8 30.8 30.8 30.8 30.8 30.9 30.9 31.0 30.9 31.1 34.5
Basic E.P.S. ($0.13) ($0.11) ($0.14) ($0.20) ($0.58) ($0.24) ($0.34) ($0.25) ($0.24) ($1.07) ($0.33) ($0.33) ($0.31) ($0.32) ($1.29) ($1.00) ($0.54)
Diluted E.P.S. ($0.13) ($0.11) ($0.14) ($0.20) ($0.58) ($0.24) ($0.34) ($0.25) ($0.24) ($1.07) ($0.33) ($0.33) ($0.32) ($0.32) ($1.30) ($1.01) ($0.54)
EBITDA (plus SBC) ($3.6) ($3.3) ($4.3) ($5.2) ($16.4) ($5.9) ($7.3) ($7.1) ($6.6) ($26.8) ($9.0) ($9.1) ($8.7) ($8.8) ($35.6) ($26.1) ($12.1)
Margin Analysis
Gross margin 58.6% 59.8% 56.6% 47.4% 55.1% 56.0% 51.5% 56.6% 55.6% 55.0% 57.0% 57.0% 57.0% 57.0% 57.0% 57.0% 65.0%
G&A expenses 83% 46% 61% 65% 63% 104% 156% 142% 100% 123% 107% 99% 74% 63% 81% 40.0% 27.0%
Sales & Marketing 94% 99% 114% 112% 105% 98% 95% 85% 58% 80% 120% 117% 87% 78% 96% 49.0% 39.5%
Research & Development 141% 121% 143% 137% 136% 124% 80% 73% 54% 77% 94% 86% 61% 59% 71% 32.0% 20.0%
EBIT margin (259% ) (206% ) (261% ) (267% ) (249% ) (269% ) (280% ) (244% ) (156% ) (225% ) (264% ) (245% ) (165% ) (143% ) (192% ) (64% ) (22% )
Income tax 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Net margin (280% ) (216% ) (270% ) (321% ) (274% ) (320% ) (380% ) (254% ) (163% ) (261% ) (272% ) (252% ) (170% ) (147% ) (198% ) (66% ) (22% )
Growth Analysis
Net sales 68% 70% 87% 132% 92% 61% 48% 87% 51% 61% 134% 78%
G&A expenses 111% 482% 339% 259% 277% 66% (7% ) (2% ) (6% ) 6% 15% 20%
Sales & Marketing 75% 63% 40% 20% 45% 98% 83% 92% 102% 94% 19% 44%
Research & Development 47% 12% (4% ) (10% ) 9% 22% 59% 56% 67% 49% 5% 12%
Operating income (EBIT) 74% 131% 75% 36% 74% 58% 29% 27% 38% 37% (22% ) (40% )

DNAY Discounted Cash Flow (DCF) Statement
2020A 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E 2039E 2040E 2041E
6/30/21 6/30/22 6/30/23 6/30/24 6/30/25 6/30/26 6/30/27 6/30/28 6/30/29 6/30/30 6/30/31 6/30/32 6/30/33 6/30/34 6/30/35 6/30/36 6/30/37 6/30/38 6/30/39 6/30/40 6/30/41
Revenue $7 $13 $20 $48 $85 $115 $149 $191 $241 $301 $374 $460 $551 $645 $736 $824 $906 $979 $1,037 $1,089 $1,133 $1,167
growth 61% 134% 78% 35% 30% 28% 26% 25% 24% 23% 20% 17% 14% 12% 10% 8% 6% 5% 4% 3%
Cost of Products Sold $3 $6 $9 $20 $30 $34 $45 $57 $72 $90 $112 $138 $165 $194 $221 $247 $272 $294 $311 $327 $340 $350
Gross Profit $4 $7 $12 $27 $55 $80 $105 $134 $169 $211 $262 $322 $386 $452 $515 $577 $634 $685 $726 $763 $793 $817
Gross margin (%) 55% 55% 57% 57% 65% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70%
Opex $20 $35 $51 $58 $73 $86 $93 $103 $118 $136 $161 $198 $237 $276 $314 $351 $385 $415 $439 $460 $477 $490
Operating income ($16) ($28) ($39) ($30) ($18) ($6) $11 $31 $51 $75 $101 $124 $149 $176 $201 $226 $249 $270 $287 $303 $316 $327
Operating margin (%) -249% -225% -192% -64% -22% -5% 8% 16% 21% 25% 27% 27% 27% 27% 27% 27% 28% 28% 28% 28% 28% 28%
Income Tax $0 $0 $0 $0 $0 $0 $3 $8 $13 $19 $25 $31 $37 $44 $50 $56 $62 $68 $72 $76 $79 $82
EBIAT ($16) ($28) ($39) ($30) ($18) ($6) $8 $23 $38 $56 $76 $93 $112 $132 $151 $169 $187 $203 $216 $227 $237 $245
Net margin -249% -225% -192% -64% -22% -5% 6% 12% 16% 19% 20% 20% 20% 20% 20% 21% 21% 21% 21% 21% 21% 21%
Depreciation & Amortization $1 $2 $3 $4 $6 $7 $4 $6 $7 $9 $11 $14 $17 $19 $22 $25 $27 $29 $31 $33 $34 $35
WC Investment ($1) ($1) ($2) ($5) ($7) ($6) ($7) ($8) ($10) ($12) ($14) ($16) ($21) ($26) ($31) ($36) ($41) ($46) ($51) ($56) ($61) ($66)
Capex ($0) ($1) ($5) ($3) ($6) ($3) ($4) ($6) ($7) ($11) ($13) ($16) ($19) ($23) ($26) ($29) ($32) ($34) ($36) ($38) ($40) ($41)
uFCF ($16) ($29) ($42) ($34) ($25) ($7) $2 $15 $28 $43 $60 $74 $88 $102 $115 $129 $141 $151 $159 $165 $170 $173
Terminal Value $2,468
Revenue multiple exit 2.1x
EV/EBITDA exit 6.8x
Fair Equity Value - DCF Method

FCF Present Value $265
Terminal Value Present Value 333
Enterprise Value $ 598
Less: Net Debt (103.4)
Less: Minority Interest -
Implied Equity Value $ 702
Shares Outstanding 31
Implied Equity Value per Share $ 23
WACC Calculation
WACC 10.0%
Terminal Growth Rate 3.0%

DNAY’s Historical and Projected Quarterly Balance Sheet
Projections Projections
2021 2022 2023
Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23
ASSETS
Current Assets
Cash and equivalents $1.1 $104.7 $96.9 $89.2 $78.4 $67.4 $56.7 $45.8 $40.3 $33.8 $23.8 $11.0
Accounts receivable, net $1.8 $1.9 $2.1 $2.6 $2.9 $3.2 $3.7 $4.2 $4.7 $5.6 $7.1 $9.1
Inventory $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Other current assets $5.9 $5.9 $5.9 $5.9 $5.9 $5.9 $5.9 $5.9 $5.9 $5.9 $5.9 $5.9
Total current assets $8.7 $112.5 $104.8 $97.7 $87.1 $76.4 $66.2 $55.9 $50.8 $45.3 $36.8 $25.9
Plant, property, and equipment, net $0.4 $0.7 $0.9 $1.1 $2.3 $3.5 $4.7 $5.8 $6.4 $7.0 $7.6 $8.2
Intangible assets, net $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Goodwill, net $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Other non-current assets $3.2 $3.2 $3.2 $3.2 $3.2 $3.2 $3.2 $3.2 $3.2 $3.2 $3.2 $3.2
Total long-term assets $3.6 $3.9 $4.1 $4.3 $5.5 $6.7 $7.9 $9.0 $9.6 $10.2 $10.8 $11.4
Total assets $12.3 $116.3 $109.0 $102.0 $92.6 $83.2 $74.1 $64.9 $60.5 $55.5 $47.6 $37.4
LI ABI LI TI ES AND SHAREHOLDERS' EQUI TY

Current Liabilities
Accounts payable $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Accrued expenses $1.5 $1.5 $1.5 $1.5 $1.5 $1.5 $1.5 $1.5 $1.5 $1.5 $1.5 $1.5
Deferred revenues $0.6 $0.6 $0.6 $0.6 $0.6 $0.6 $0.6 $0.6 $0.6 $0.6 $0.6 $0.6
Other current liabilities $1.0 $1.0 $1.0 $1.0 $1.0 $1.0 $1.0 $1.0 $1.0 $1.0 $1.0 $1.0
Current portion of debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Notes payable $1.3 $1.3 $1.3 $1.3 $1.3 $1.3 $1.3 $1.3 $1.3 $1.3 $1.3 $1.3
Total current liabilities $4.4 $4.4 $4.4 $4.4 $4.4 $4.4 $4.4 $4.4 $4.4 $4.4 $4.4 $4.4
Long-term debt $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Deferred revenue $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Other non-current liabilities $4.4 $4.4 $4.4 $4.4 $4.4 $4.4 $4.4 $4.4 $4.4 $4.4 $4.4 $4.4
Total long-term liabilities $4.4 $4.4 $4.4 $4.4 $4.4 $4.4 $4.4 $4.4 $4.4 $4.4 $4.4 $4.4
Total liabilities $8.8 $8.8 $8.8 $8.8 $8.8 $8.8 $8.8 $8.8 $8.8 $8.8 $8.8 $8.8
Preferred stock $38.8 $38.8 $38.8 $38.8 $38.8 $38.8 $38.8 $38.8 $38.8 $38.8 $38.8 $38.8
Common Stock $0.2 $0.2 $0.2 $0.2 $0.2 $0.2 $0.2 $0.2 $0.2 $0.2 $0.2 $0.2
Capital in excess of par value $0.0 $114.1 $114.1 $114.1 $114.1 $114.1 $114.1 $114.1 $114.1 $114.1 $114.1 $114.1
Retained earnings ($32.9) ($43.4) ($51.1) ($58.5) ($68.6) ($78.9) ($88.6) ($98.6) ($103.9) ($109.8) ($118.6) ($129.8)
Accumulated other gain $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Treasury stock, at cost $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Total shareholders' equity $6.1 $109.7 $101.9 $94.6 $84.5 $74.2 $64.4 $54.5 $49.1 $43.3 $34.4 $23.3
Total liabilities and shareholders' equity $14.9 $118.5 $110.7 $103.4 $93.3 $83.0 $73.2 $63.3 $57.9 $52.1 $43.2 $32.1

DNAY’s Historical and Projected Quarterly Statement of Cash Flows
Historical results Projections Projections

2020 2021 2022 2023
Mar-20 Jun-20 Sep-20 Dec-20 Total Mar-21 Jun-21 Sep-21 Dec-21 Total Mar-22 Jun-22 Sep-22 Dec-22 Total Mar-23 Jun-23 Sep-23 Dec-23 Total
Cash Flows from Operating Activities
Net income ($18.0) ($7.4) ($10.4) ($7.8) ($7.3) ($33.0) ($10.2) ($10.2) ($9.8) ($10.0) ($40.1) ($5.4) ($5.9) ($8.8) ($11.2) ($31.2)
Depreciation and amortization $0.9 $0.4 $0.4 $0.4 $0.4 $1.6 $0.8 $0.8 $0.8 $0.8 $3.3 $1.1 $1.1 $1.1 $1.1 $4.3
Equity compensation $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Change in deferred tax asset $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Other non-cash costs $1.7 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Changes in operating accounts
Accounts receivable ($0.8) $0.5 ($0.1) ($0.2) ($0.5) ($0.3) ($0.3) ($0.3) ($0.6) ($0.5) ($1.6) ($0.5) ($0.9) ($1.5) ($2.0) ($4.9)
Inventory $0.1 $0.6 $0.0 $0.0 $0.0 $0.6 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Accounts payable $1.4 ($1.2) $0.0 $0.0 $0.0 ($1.2) $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Other, net ($0.8) ($5.0) $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Cash Flow from Operations ($15.4) ($12.1) ($10.2) ($7.5) ($7.4) ($37.3) ($9.6) ($9.7) ($9.5) ($9.6) ($38.4) ($4.8) ($5.7) ($9.2) ($12.1) ($31.9)
Cash Flows from Investing Activities

# Acquisition of businesses $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
# Purchase of identifiable intangibles $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Capital expenditures ($0.2) ($0.3) ($0.3) ($0.3) ($0.3) ($1.0) ($1.3) ($1.3) ($1.3) ($1.3) ($5.0) ($0.8) ($0.8) ($0.8) ($0.8) ($3.0)
Disposals $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Other, net $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Net cash provided by investing activites ($0.2) ($0.3) ($0.3) ($0.3) ($0.3) ($1.0) ($1.3) ($1.3) ($1.3) ($1.3) ($5.0) ($0.8) ($0.8) ($0.8) ($0.8) ($3.0)
Cash Flows from Financing Activities

# Changes to debt, net $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Proceeds from ESOP $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Proceeds from common stock issuance $0.0 $0.0 $114.1 $0.0 $0.0 $114.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
# Cash paid for dividend $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Other ($0.1) $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Net cash provided by financing activities ($0.1) $0.0 $114.1 $0.0 $0.0 $114.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Net change in cash position ($15.7) ($12.4) $103.6 ($7.8) ($7.7) $75.8 ($10.9) ($10.9) ($10.8) ($10.8) ($43.4) ($5.6) ($6.5) ($10.0) ($12.8) ($34.9)
Foreign exchange $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Net change in cash post foreign exchange ($15.7) ($12.4) $103.6 ($7.8) ($7.7) $75.8 ($10.9) ($10.9) ($10.8) ($10.8) ($43.4) ($5.6) ($6.5) ($10.0) ($12.8) ($34.9)
Cash and equivalents beginning of period $29.1 $13.5 $1.1 $104.7 $96.9 $13.5 $89.2 $78.4 $67.4 $56.7 $89.2 $45.8 $40.3 $33.8 $23.8 $45.8
Change in cash position ($15.7) ($12.4) $103.6 ($7.8) ($7.7) $75.8 ($10.9) ($10.9) ($10.8) ($10.8) ($43.4) ($5.6) ($6.5) ($10.0) ($12.8) ($34.9)
Cash and equivalents end of period $13.5 $1.1 $104.7 $96.9 $89.2 $89.2 $78.4 $67.4 $56.7 $45.8 $45.8 $40.3 $33.8 $23.8 $11.0 $11.0

EQUITY RESEARCH
Company Description
Codex DNA
Codex DNA is a synthetic biology company focused on enabling researchers to rapidly, accurately and reproducibly build or “write” high-
quality synthetic DNA and mRNA that is ready to use in many downstream synthetic biology enabled markets including therapeutics,
vaccines, biologics, genome engineering and digital DNA storage. Its BioXp system offers an end-to-end automated workstation that
fits on the benchtop and is broadly accessible due to ease-of-use and hands-free automation.
Company Valuation/Risks
Codex DNA
Our $23 PT represents a 10-yr horizon in our DCF & implies an EV of 15x our '23E revenues. Risks: slower adoption / penetration of BioXp
systems at key biopharma accounts, heightened competition.
Analyst Certification:
I, Brandon Couillard, certify that all of the views expressed in this research report accurately reflect my personal views about the subject
security(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to
the specific recommendations or views expressed in this research report.
I, Matthew Stanton, certify that all of the views expressed in this research report accurately reflect my personal views about the subject
I, Peter Apockotos, certify that all of the views expressed in this research report accurately reflect my personal views about the subject
As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this
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update our research as appropriate, but various regulations may prevent us from doing so. Aside from certain industry reports published
on a periodic basis, the large majority of reports are published at irregular intervals as appropriate in the analyst's judgement.
Investment Recommendation Record

(Article 3(1)e and Article 7 of MAR)
Recommendation Completion July 13, 2021 , 05:02 ET.
Recommendation Distributed July 13, 2021 , 05:02 ET.
Company Specific Disclosures

Jefferies Group LLC makes a market in the securities or ADRs of Codex DNA Inc.
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Codex DNA Inc within the next three months.
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Buy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.
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a 12-month period.
July 13, 2021 29

EQUITY RESEARCH
The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10
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Risks which may impede the achievement of our Price Target

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Other Companies Mentioned in This Report
• Codex DNA Inc (DNAY: $16.57, BUY)
July 13, 2021 30

EQUITY RESEARCH
Rating and Price Target History for: Codex DNA Inc (DNAY) as of 07-12-2021
23
22
21
20
19
18
17
16
Q2 Q3 2019 Q1 Q2 Q3 2020 Q1 Q2 Q3 2021 Q1 Q2
Notes: Each box in the Rating and Price Target History chart above represents actions over the past three years in which an analyst
initiated on a company, made a change to a rating or price target of a company or discontinued coverage of a company.
Legend:
I: Initiating Coverage
D: Dropped Coverage
B: Buy
H: Hold
UP: Underperform
Distribution of Ratings
Distribution of Ratings
IB Serv./Past12 Mos. JIL Mkt Serv./Past12 Mos.
Count Percent Count Percent Count Percent
BUY 1787 63.26% 163 9.12% 27 1.51%
HOLD 912 32.28% 24 2.63% 4 0.44%
UNDERPERFORM 126 4.46% 1 0.79% 0 0.00%
July 13, 2021 31

EQUITY RESEARCH
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EQUITY RESEARCH
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EQUITY RESEARCH

Codex DNA Inc (DNAY)

Codex DNA Initiating Coverage

Avg. annual pull-thru (per box)

Installed Base (Total)

dramatically accelerating turnaround times (days instead of weeks). In our checks,

Source: Jefferies estimates.

production, most of which is not already outsourced. 35.0x

. Rev CAGR '21E-23E

CODEX DNA (DNAY) The Long View

| Investment Thesis / Where We Differ

July 13, 2021 2

• Portfolio Manager Summary: Our Thesis in a Nutshell

• DNAY’s End-to-End Synthetic Biology Solution

• Competitive Landscape, Key Advantages

• Robust Pipeline & Future Growth Drivers

• Appendix: Valuation, Management Summary & Key Risks

Brandon Couillard, Equity Analyst, (212) 284-2462, bcouillard@jefferies.com

Source: company data, Jefferies estimates

Brandon Couillard, Equity Analyst, (212) 284-2462, bcouillard@jefferies.com

Its solutions introduce automation and simplification to the creation of

First First digital-to-

2005 2010 2015 2020

Initiate First First synthetic First α/β First commercial

Source: company data, Jefferies estimates

Brandon Couillard, Equity Analyst, (212) 284-2462, bcouillard@jefferies.com

 Synthetic biology is a rapidly evolving area of science which

 Enabled products: the ultimate end-product or byproduct Today 2024E

Source: company data, Jefferies estimates, BCC Research.

Brandon Couillard, Equity Analyst, (212) 284-2462, bcouillard@jefferies.com

DNA synthesis mRNA formulation

DNA assembly mRNA purification

DNA reading In vitro transcription

DNA sequencing, or reading

Brandon Couillard, Equity Analyst, (212) 284-2462, bcouillard@jefferies.com

Flexibility across a variety of

Data scales across entire Strategic (global distributed

Source: company data, Jefferies estimates

Brandon Couillard, Equity Analyst, (212) 284-2462, bcouillard@jefferies.com

 Today, the design-build-test process entails using

BioXp Platform: Revolutionizing Synthetic DNA & mRNA production

Brandon Couillard, Equity Analyst, (212) 284-2462, bcouillard@jefferies.com

BioXp alanine scanning & combinatorial libraries kits

BioXp small-scale mRNA synthesis kit

Source: company data, Jefferies estimates

BioFoundry Services: “Try Before you Buy”

Source: company data, Jefferies estimates

Brandon Couillard, Equity Analyst, (212) 284-2462, bcouillard@jefferies.com

Brandon Couillard, Equity Analyst, (212) 284-2462, bcouillard@jefferies.com

….and the mRNA Market

Build & mRNA

Traditional Workflow 1 week 3 weeks 1 week 1 week 3 weeks 6 days 69 days

CodexDNA 24 hours 16 hours 24 hours 24 hours ~ 4 days

Bottom line: BioXp wins on speed, scale, throughput and quality

Brandon Couillard, Equity Analyst, (212) 284-2462, bcouillard@jefferies.com

Examples of time-savings for various workflows using synthetic DNA or mRNA*

BioXp 3250 system Time saved: 11 weeks

mRNA vaccines + therapeutics