This is a common curse used on a
bad dog. The classic phrase is, "Bad dog! No biscuit!"
Understanding this, we can take "no biscuit" and utilize it in other situations for added slight.
"You didn't hardlink anything? Bad noder, no biscuit!"
"You denied the puppy's Buddha nature? Bad Buddhist, no biscuit!"
This phrase works well with the sarcastic phrase, "Would you like a cookie?"