Amyris
AMYRIS, INC. (Form: 8-K, Received: 08/10/2017 16:15:13)
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________

Form 8-K
_____________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event Reported): August 10, 2017  

Amyris, Inc.
(Exact Name of Registrant as Specified in Charter)

Delaware 001-34885 55-0856151
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification Number)

 

5885 Hollis Street, Suite 100, Emeryville, CA 94608
(Address of Principal Executive Offices) (Zip Code)

(510) 450-0761
(Registrant's telephone number, including area code)


(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

  [ ]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [ ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [ ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [ ]   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company [   ]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [   ]

 
 

Item 2.02. Results of Operations and Financial Condition.

On August 10, 2017, Amyris, Inc. (the “ Company ”) issued a press release announcing the Company’s financial results for its fiscal quarter ended June 30, 2017.  A copy of this press release, entitled “Amyris Delivers Another Strong Quarter with Revenue of $25.7 Million and Product Sales Increase of 159% over 2nd Quarter of 2016”, is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d)           Exhibits

The following exhibit is furnished herewith:

Exhibit
Number

Description
99.1 Press release, dated August 10, 2017, entitled “Amyris Delivers Another Strong Quarter with Revenue of $25.7 Million and Product Sales Increase of 159% over 2nd Quarter of 2016”

The information in this report, including the exhibit hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section. In addition, the information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing. 


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

  Amyris, Inc.
     
   
Date: August 10, 2017 By:  /s/ Kathleen Valiasek        
    Kathleen Valiasek
    Chief Financial Officer
   


EXHIBIT INDEX

 

Exhibit
Number
  Description
     
99.1   Press release, dated August 10, 2017, entitled “Amyris Delivers Another Strong Quarter with Revenue of $25.7 Million and Product Sales Increase of 159% over 2nd Quarter of 2016”

EXHIBIT 99.1

Amyris Delivers Another Strong Quarter with Revenue of $25.7 Million and Product Sales Increase of 159% over 2nd Quarter of 2016

EMERYVILLE, Calif., Aug. 10, 2017 (GLOBE NEWSWIRE) -- Amyris, Inc. (Nasdaq:AMRS), the industrial bioscience company, today announced financial results for the second quarter ended June 30, 2017.

“Our strong business results are continuing with another consecutive quarter of doubling product revenue year over year,” said John Melo, Amyris President & CEO. “We are continuing to experience very strong product sales growth in our personal care and health and nutrition segments and expect most of our products to generate improved gross margins with the value share component of our business.”

Continued Melo, “With the strong support of DSM as a strategic partner and shareholder we have the necessary resources to maintain our leadership in industrial biotechnology. We have a very strong collaboration and product pipeline with several new partnerships expected to close before the end of this year and several new product deliveries to our strategic partners driving our growth for the remainder of 2017.”

Key Highlights

Other key operating and development highlights during the second quarter and more recently included:   

Financial Performance

Second Quarter 2017        

First Half 2017

FINANCIAL RESULTS AND NON-GAAP INFORMATION

Condensed consolidated financial information has been presented in accordance with US GAAP as well as on a non-GAAP basis. Management believes that it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information for its operating, budgeting and financial planning purposes. These non-GAAP financial measures also facilitate management’s internal comparisons to Amyris’s historical performance as well as comparisons to the operating results of other companies. Management believes these non-GAAP financial measures are useful to investors because they allow for greater transparency into the indicators used by management as a basis for its financial and operational decision-making.

Non-GAAP financial information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under U.S. GAAP in order to understand Amyris’s operating performance. A reconciliation of the non-GAAP financial measures presented in this release, including non-GAAP net loss, and other measures to the most directly comparable GAAP financial measure is provided in the tables attached to this press release.

QUARTERLY CONFERENCE CALL TODAY

Amyris will discuss these results and provide a business update in a conference call scheduled for 4:30 p.m. ET (1:30 p.m. PT) today. Investors may access the call by dialing (866) 516-3867, participant passcode: 58275243.

A live audio webcast of this conference call and accompanying presentation is also available by visiting the investor relations section of the company's website at http://investors.amyris.com. A replay of the webcast will be available at the investor relations section of the company's website approximately two hours after the conclusion of the call.

About Amyris
Amyris is the integrated renewable products company that is enabling the world’s leading brands to achieve sustainable growth. Amyris applies its innovative bioscience solutions to convert plant sugars into hydrocarbon molecules and produce specialty ingredients and consumer products. The company is delivering its No Compromise® products across a number of markets, including specialty and performance chemicals, flavors and fragrances, cosmetics ingredients, pharmaceuticals, and nutraceuticals. More information about the company is available at www.amyris.com.

Forward-Looking Statements

This release contains forward-looking statements, and any statements other than statements of historical fact could be deemed to be forward-looking statements. These forward-looking statements include, among other things, statements regarding future events (such as product development, collaborations and brand expansion plans), that involve risks and uncertainties. These statements are based on management's current expectations and actual results and future events may differ materially due to risks and uncertainties, including risks related to Amyris’s liquidity and ability to fund operating and capital expenses, timing and execution risks associated with manufacturing, uncertainty regarding consummating proposed transactions, including the timing thereof, and growth in sales, potential delays or failures in development, production and commercialization of products, risks related to Amyris's reliance on third parties to achieve its goals, and other risks detailed in the "Risk Factors" section of Amyris's quarterly report on Form 10-Q filed on May 15, 2017. Amyris disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.

Amyris, the Amyris logo, No Compromise, and Biossance are registered trademarks of Amyris, Inc. All other trademarks are trademarks of their respective owners.

            -Financial Tables Attached-


Amyris, Inc.                  
Condensed Consolidated Statement of Operations                
(Unaudited)                
(In thousands, except per share data)                
  Three Months Ended June 30,   Six Months Ended June 30,  
    2017       2016       2017       2016    
Revenues                
Renewables product sales $   12,729     $   4,922     $   21,021     $   8,062    
Grants and collaborations revenue     12,950         4,677         17,639         10,347    
Total revenues     25,679         9,599         38,660         18,409    
Cost and operating expenses                
Cost of products sold     17,279         7,891         30,047         19,068    
Research and development (1)     14,249         13,176         28,956         25,082    
Sales, general and administrative (1)     15,949         11,408         28,799         23,674    
Total cost and operating expenses     47,477         32,475         87,802         67,824    
Loss from operations     (21,798 )       (22,876 )       (49,142 )       (49,415 )  
Other income (expense):                
Gain from change in fair value of derivative instruments (2)     35,775         20,934         38,114         42,612    
Loss upon extinguishment of debt     (3,624 )       (433 )       (3,528 )       (649 )  
Other expense, net     (9,423 )       (11,053 )       (21,926 )       (21,169 )  
Total other income     22,728         9,448         12,660         20,794    
Income (loss) before income taxes     930         (13,428 )       (36,482 )       (28,621 )  
Provision for income taxes     (310 )       (138 )       (269 )       (253 )  
Net income (loss)     620         (13,566 )       (36,751 )       (28,874 )  
Net income (loss) attributable to noncontrolling interest     -         -         -         -    
Net income (loss) attributable to Amyris, Inc.     620         (13,566 )       (36,751 )       (28,874 )  
Deemed dividend (BCF on Series A preferred stock)     (562 )       -         (562 )       -    
Deemed dividend (capital distribution to related parties)     (8,648 )       -         (8,648 )       -    
Cumulative dividends - Series A and Series B     (1,675 )       -         (1,675 )       -    
Net loss attributable to common stock $   (10,265 )   $   (13,566 )   $   (47,636 )   $   (28,874 )  
Net loss per share attributable to common stockholders:                
Basic $   (0.46 )   $   (0.91 )   $   (2.24 )   $   (2.00 )  
Diluted $   (0.46 )   $   (1.67 )   $   (2.24 )   $   (3.46 )  
Weighted-average shares of common stock outstanding used in computing net income (loss) per share of common stock:                
Basic     22,406,414         14,874,135         21,248,306         14,426,247    
Diluted     22,406,414         17,526,410         21,248,306         17,253,961    
                 
(1) Includes stock-based compensation expense as follows:                
Research and development  $   441     $   485     $   924     $   977    
Sales, general and administrative     597         1,304         1,760         2,863    
  $   1,038     $   1,789     $   2,684     $   3,840    
                 
(2) Upon revaluing its derivative liabilities, the Company recorded non-cash gains for the three and six months ended June 30, 2017 and 2016. The gains were the result of changes in the fair value of derivative liabilities primarily as the result of declines in Amyris's stock price during each of the periods presented. The gains for all periods presented included the change in fair value of derivatives in connection with certain features of outstanding convertible notes, related to change in control protection and price-based anti-dilution adjustment provisions. In addition, the gains for the three and six months ended June 30, 2017 included the change in fair value of derivatives in connection with convertible preferred stock that was issued in May 2017.  
                 
Note: Due to the complexity of the accounting associated with the closing of the Company's Series A and Series B financing rounds from May 2017, the Company is still in the process of finalizing it's balance sheet. As a result, the calculation of earnings per share for the periods ended June 30, 2017 may be subject to change. Both the balance sheet and earnings per share will be included in the Company's 10-Q to be filed by August 14, 2017.  
                 
                 
                 
                 
                 
                 
Amyris, Inc.                  
Reconciliation of GAAP to Non-GAAP Financial Information                
(Unaudited)                
(In thousands, except per share data)                
  Three Months Ended June 30,   Six Months Ended June 30,  
    2017       2016       2017       2016    
Net loss attributable to Amyris, Inc. common stockholders (GAAP) $   (10,265 )   $   (13,566 )   $   (47,636 )   $   (28,874 )  
Stock-based compensation expense     1,038         1,789         2,684         3,840    
Gain from change in fair value of derivative instruments (2)     (35,775 )       (20,934 )       (38,114 )       (42,612 )  
Loss upon extinguishment of debt     3,624         433         3,528         649    
Deemed dividend (BCF on Series A preferred stock)     562         -         562         -    
Deemed dividend (capital distribution to related parties)     8,648         -         8,648         -    
Cumulative dividend - Series A and Series B     1,675         -         1,675         -    
Net loss attributable to Amyris, Inc. common stockholders (non-GAAP) $     (30,493 )   $     (32,278 )   $     (68,653 )   $     (66,997 )  
                 
Net loss per share attributable to Amyris, Inc. common stockholders - Basic (GAAP) $   (0.46 )   $   (0.91 )   $   (2.24 )   $   (2.00 )  
Stock-based compensation expense $   0.05     $   0.12     $   0.13     $   0.27    
Gain from change in fair value of derivative instruments (2) $   (1.60 )   $   (1.41 )   $   (1.79 )   $   (2.95 )  
Loss upon extinguishment of debt $   0.16     $   0.03     $   0.17     $   0.05    
Deemed dividend (BCF on Series A preferred stock) $   0.03     $   -      $   0.03     $   -     
Deemed dividend (capital distribution to related parties) $   0.39     $   -      $   0.41     $   -     
Cumulative dividend - Series A and Series B $   0.07     $   -      $   0.08     $   -     
Net loss per share attributable to Amyris, Inc. common stockholders - Basic (non-GAAP) $     (1.36 )   $     (2.17 )   $     (3.23 )   $     (4.64 )  
                 

 

 


Amyris, Inc.                
Reconciliation of GAAP to Non-GAAP Financial Information              
(Unaudited)              
(In thousands)              
  Three Months Ended June 30,   Six Months Ended June 30,
    2017       2016       2017       2016  
Product sales (GAAP and non-GAAP)              
Renewables $   12,729     $   4,922     $   21,021     $   8,062  
Product sales (GAAP and non-GAAP) $     12,729     $     4,922     $   21,021     $     8,062  
               
Grants and collaborations revenue (GAAP) $   12,950     $   4,677     $   17,639     $   10,347  
Change in accounts receivable, deferred revenue and fundings associated with collaborations     (5,886 )       2,828         (5,623 )       (746 )
Grants and collaborations inflows (non- GAAP) (1) $     7,064     $     7,505     $   12,016     $     9,601  
               
Total Revenues (GAAP) $   25,679     $   9,599     $   38,660     $   18,409  
Change in accounts receivable, deferred revenue and fundings associated with collaborations     (5,886 )       2,828         (5,623 )       (746 )
Total cash revenue inflows (non-GAAP) (1) $     19,793     $     12,427     $   33,037     $   17,663  
               
Cost of products sold (GAAP) $   17,279     $   7,891     $   30,047     $   19,068  
  Other costs/provisions     1,966         (1,547 )       4,603         (3,643 )
  Excess capacity     (629 )       (1,420 )       (1,549 )       (4,177 )
Depreciation and amortization     (911 )       (914 )       (1,842 )       (1,730 )
Cost of products sold (non-GAAP) $     17,705     $     4,010     $   31,259     $     9,518  
               
Adjusted gross profit (non-GAAP) (2) $     2,088     $     8,417     $     1,778     $     8,145  
Gross margin (%)   10.5 %     67.7 %     5.4 %     46.1 %
               
Research and development (GAAP) $   14,249     $   13,176     $   28,956     $   25,082  
Stock-based compensation expense     (441 )       (485 )       (924 )       (977 )
Depreciation and amortization     (1,600 )       (1,676 )       (3,201 )       (3,478 )
Research and development (non-GAAP) $     12,208     $     11,015     $   24,831     $   20,627  
               
Sales, general and administrative (GAAP) $   15,949     $   11,408     $   28,799     $   23,674  
Stock-based compensation expense     (597 )       (1,304 )       (1,760 )       (2,863 )
Depreciation and amortization     (179 )       (287 )       (387 )       (565 )
Sales, general and administrative (non-GAAP) $     15,173     $     9,817     $   26,652     $   20,246  
               
(1) The largest differences between the GAAP and non-GAAP collaborations numbers are (i) timing of revenue recognition.
(2) Non-GAAP Adjusted Gross Profit /(Loss) is calculated based on non-GAAP Product Sales & Grants and Collaboration Inflows and Non-GAAP Cost of Products Sold, and does not include costs related to collaborations.

 

Contact:

Peter DeNardo
Director, Investor Relations and Corporate Communications
Amyris, Inc.
+1 (510) 740-7481
investor@amyris.com
pr@amyris.com