We lead the synthetic biology industry, having developed and successfully commercialized the most Lab-to-Market™ ingredients. Our sustainable ingredients are used in thousands of top global brands, including our own family of consumer brands in Clean Beauty and Health markets.
Aggregate revenues for the quarter ended
The company's balance at the end of the second quarter of cash, cash equivalents and marketable securities was
"We are very excited to be expanding our relationship with Total, and view this as an affirmation of our technologies and products by a partner who has come to know us well. We expect that our partnership with Total has the potential to reduce our net cash operating expenditures by as much as
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Conference Call Information
The company will discuss these results in a conference call scheduled for today at
Forward-Looking Statements
This release contains forward-looking statements, and any statements other than statements of historical facts could be deemed to be forward-looking statements. These forward-looking statements include, among other things, statements regarding future events (such as statements regarding a potential diesel collaboration and joint venture with Total and the associated benefits to
Non-GAAP Financial Information
Consolidated financial information has been presented in accordance with GAAP as well as on a non-GAAP basis. On a non-GAAP basis, financial measures exclude non-cash items such as stock-based compensation. Management believes that it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting and financial planning purposes. These non-GAAP financial measures also facilitate management's internal comparisons to
Amyris, Inc. | ||||||||||||||||||||
Condensed Consolidated Statement of Operations | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In thousands, except share and per share amounts) | ||||||||||||||||||||
Three Months Ended |
Six Months Ended |
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2011 | 2010 | 2011 | 2010 | |||||||||||||||||
Revenues | ||||||||||||||||||||
Product sales | $ | 27,816 | $ | 10,028 | $ | 61,836 | $ | 19,982 | ||||||||||||
Grants and collaboration revenue | 4,186 | 2,674 | 7,340 | 6,375 | ||||||||||||||||
Total revenues | 32,002 | 12,702 | 69,176 | 26,357 | ||||||||||||||||
Cost and operating expenses | ||||||||||||||||||||
Cost of product sales | 29,136 | 10,129 | 63,518 | 20,132 | ||||||||||||||||
Research and development (1) | 23,446 | 12,413 | 43,181 | 23,591 | ||||||||||||||||
Sales, general and administrative (1) | 22,249 | 9,686 | 38,227 | 18,902 | ||||||||||||||||
Total cost and operating expenses | 74,831 | 32,228 | 144,926 | 62,625 | ||||||||||||||||
Loss from operations | (42,829 | ) | (19,526 | ) | (75,750 | ) | (36,268 | ) | ||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest income | 341 | 286 | 641 | 562 | ||||||||||||||||
Interest expense | (304 | ) | (376 | ) | (881 | ) | (760 | ) | ||||||||||||
Other income, net | (201 | ) | (575 | ) | (150 | ) | (60 | ) | ||||||||||||
Total other expense | (164 | ) | (665 | ) | (390 | ) | (258 | ) | ||||||||||||
Loss before income taxes | $ | (42,993 | ) | $ | (20,191 | ) | $ | (76,140 | ) | $ | (36,526 | ) | ||||||||
Benefit from income taxes | 175 | - | 175 | - | ||||||||||||||||
Net loss | $ | (42,818 | ) | $ | (20,191 | ) | $ | (75,965 | ) | $ | (36,526 | ) | ||||||||
Net loss attributable to noncontrolling interest | 203 | 247 | 213 | 430 | ||||||||||||||||
Net loss attributable to Amyris, Inc. common stockholders | $ | (42,615 | ) | $ | (19,944 | ) | $ | (75,752 | ) | $ | (36,096 | ) | ||||||||
Net loss per share attributable to common stockholders basic and diluted |
$ | (0.95 | ) | $ | (3.94 | ) | $ | (1.71 | ) | $ | (7.17 | ) | ||||||||
Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic and diluted |
44,626,721 | 5,056,914 | 44,239,104 | 5,034,163 | ||||||||||||||||
(1) Includes stock-based compensation expense of the following for the periods presented: |
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Research and development | $ | 2,009 | $ | 423 | $ | 2,986 | $ | 876 | ||||||||||||
Sales, general and administrative | 5,947 | 2,080 | 8,977 | 3,426 | ||||||||||||||||
Total stock-based compensation expense | $ | 7,956 | $ | 2,503 | $ | 11,963 | $ | 4,302 |
Amyris, Inc. | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(Unaudited) | ||||||||
(In thousands) | ||||||||
June 30, | December 31, | |||||||
2011 | 2010 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash, cash equivalents and marketable securities | $ | 186,970 | $ | 257,933 | ||||
Accounts receivable | 5,967 | 5,215 | ||||||
Inventories | 6,874 | 4,006 | ||||||
Prepaid expenses and other current assets | 5,207 | 2,905 | ||||||
Total current assets | 205,018 | 270,059 | ||||||
Property and equipment, net | 92,618 | 54,847 | ||||||
Other assets | 27,025 | 32,547 | ||||||
Total assets | $ | 324,661 | $ | 357,453 | ||||
Liabilities and Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 12,236 | $ | 7,116 | ||||
Deferred revenue | 591 | 565 | ||||||
Accrued and other current liabilities | 30,340 | 14,795 | ||||||
Capital lease obligation, current portion | 2,992 | 2,854 | ||||||
Debt, current portion | 2,325 | 1,911 | ||||||
Total current liabilities | 48,484 | 27,241 | ||||||
Capital lease obligation, net of current portion | 1,567 | 3,091 | ||||||
Long-term debt, net of current portion | 10,418 | 4,734 | ||||||
Deferred rent, net of current portion | 10,624 | 11,186 | ||||||
Deferred revenue, net of current portion | 847 | 1,130 | ||||||
Other liabilities | 2,185 | 2,523 | ||||||
Total liabilities | 74,125 | 49,905 | ||||||
Amyris, Inc. stockholders' equity | 250,401 | 307,546 | ||||||
Noncontrolling interest | 135 | 2 | ||||||
Total equity | 250,536 | 307,548 | ||||||
Total liabilities and equity | $ | 324,661 | $ | 357,453 |
Amyris, Inc. | |||||||||||||||||
Supplemental Consolidated Financial Information | |||||||||||||||||
(Unaudited) | |||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||||
Other Selected Financial Information: | |||||||||||||||||
Capital expenditures | $ | 17,076 | $ | 1,461 | $ | 30,993 | $ | 4,608 | |||||||||
Depreciation and amortization | $ | 2,726 | $ | 1,796 | $ | 4,831 | $ | 3,421 | |||||||||
Reconciliation of GAAP to Non-GAAP Net Loss Per Share: | |||||||||||||||||
Net loss attributable to Amyris, Inc., common stockholders (GAAP) |
$ | (42,615 | ) | $ | (19,944 | ) | $ | (75,752 | ) | $ | (36,096 | ) | |||||
Stock Compensation Expense | 7,956 | 2,503 | 11,963 | 4,302 | |||||||||||||
Net loss attributable to Amyris, Inc., common stockholders (Non-GAAP) |
$ | (34,659 | ) | $ | (17,441 | ) | $ | (63,789 | ) | $ | (31,794 | ) | |||||
Net loss per share attributed to common stockholders basic and diluted (GAAP) | $ | (0.95 | ) | $ | (3.94 | ) | $ | (1.71 | ) | $ | (7.17 | ) | |||||
Stock Compensation Expense | 0.17 | 0.49 | 0.27 | 0.85 | |||||||||||||
Net loss per share attributed to common stockholders basic and diluted (Non-GAAP) | $ | (0.78 | ) | $ | (3.45 | ) | $ | (1.44 | ) | $ | (6.32 | ) |
Chief Financial Officer
investor@amyris.com
Source:
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