people arguing developability is some magic sauce these companies have should look at the literature. you have a series of criteria which are hard coded and very trivial (no cysteines in CDRs, reduce possible glycan sites...etc) to internalize and you have a few softer metrics which are open source on the back end. twist, genscript, thermo.....these guys don't have any functional readouts downstream so they have *zero* inference to the utility of the expressed molecules and very limited data on the runs that they do put in their workflows for things like aggregation or thermal stability there is really genuinely nothing special here. i know many pharmas and CROs that have internalized high throughput antibody expression workflows. TWST and companies like them are selling to a specific crowd (cash rich AI x Bio people) who have shown no ability to do this basic thing (make molecules and test them in vitro) and these companies will eventually run out of money propping up this revenue. likely without any drugs to show for it. that said, this means the trade is short term bullish but long term bearish. there is no $100B+ or $1T TAM for this work. drug discovery is not being 'revolutionized'. it is being pushed forward incrementally by very smart people with S-tier judgement in translational science and a real ability to execute. not new people who can't even internalize in vitro work with hundreds of millions in cash