Zymergen Reports Preliminary First Quarter 2021 Financial Results
May 24 2021 - 4:03PM
Zymergen Inc. (“Zymergen”), one of the world’s leading biofacturing
companies, today reported preliminary financial results for the
first quarter ended March 31, 2021.
“I am so proud of our team for their continued
execution across our organization,” says Josh Hoffman, Zymergen
CEO. “With biofacturing, we are committed to transforming what is
possible by partnering with nature to make better products in a
better way. I am confident that we are well positioned to execute
on our strategy to develop and sell superior products across
multiple markets, this year and beyond.”
Recent Highlights
- Completed initial
public offering in April 2021, raising $575 million in gross
proceeds
- Strengthened
leadership by adding Aindrea Campbell as Chief Manufacturing
Officer, a seasoned industry veteran who will be instrumental in
the scaling of Zymergen’s production capabilities
First Quarter 2021 Financial
Results
Total revenue was $3.7 million dollars for the
three months ended March 31, 2021, all relating to R&D services
agreements and Collaboration revenue. This represents a 26%
increase over the same quarter in 2020, and was primarily driven by
the impact of new and acquired contracts.
Total operating expenses for the first quarter
of 2021 were $87.1 million dollars, a 32.8% increase from $65.6
million dollars in the first quarter of 2020. The increase was
driven by an increase in R&D activities to develop Hyaline
production processes, as well as the additional costs associated
with becoming a public company.
Net loss in the first quarter of 2021 was $84.6
million dollars.
Cash and cash equivalents were $121.0 million as
of March 31, 2021. Subsequent to quarter end, Zymergen completed
its initial public offering in April 2021 raising approximately
$530 million in net proceeds.
Webcast Information
Zymergen will host a conference call to discuss
the first quarter 2021 financial results after market close on
Monday, May 24, 2021 at 1:30 pm Pacific Time / 4:30 pm Eastern
Time. A webcast of the conference call can be accessed at
https://investors.zymergen.com/. The webcast will be archived and
available for replay for at least 90 days after the event.
About Zymergen
Zymergen is a biofacturing company using biology
to reimagine the world. Zymergen partners with nature to design,
develop and manufacture bio-based breakthrough products that
deliver value to customers in a broad range of industries. A unique
combination of biology, chemistry, software and automation enables
the company to design and create new materials.
Forward Looking Statements
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, as amended. Such forward-looking statements are
based on the Company’s beliefs and assumptions and on information
currently available to it on the date of this press release.
Forward-looking statements may involve known and unknown risks,
uncertainties and other factors that may cause the Company’s actual
results, performance or achievements to be materially different
from those expressed or implied by the forward-looking statements,
including but not limited to statements regarding our timing and
ability to execute on our strategy to develop and sell superior
products across multiple markets, this year and beyond. These and
other risks are described more fully in the Company’s filings with
the Securities and Exchange Commission (“SEC”), including the
Company’s prospectus dated April 23, 2021 filed with the SEC
pursuant to Rule 424 under the Securities Act of 1933, and other
documents the Company subsequently files with the SEC from time to
time, including the Company’s Quarterly Report on Form 10-Q for the
quarter ended March 31, 2021. Except to the extent required by law,
the Company undertakes no obligation to update such statements to
reflect events that occur or circumstances that exist after the
date on which they were made.
Investor ContactNiraj
Javeriinvestors@zymergen.com
Media ContactMike
Dulinmdulin@zymergen.com502-777-2029
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(In thousands, except share and per
share amounts)(unaudited)
|
|
Three Months Ended March 31, |
|
|
2021 |
|
2020 |
Revenue |
|
$ |
3,735 |
|
|
|
$ |
2,954 |
|
|
Operating expenses: |
|
|
|
|
Cost of service revenue |
|
21,130 |
|
|
|
24,576 |
|
|
Research and development |
|
39,811 |
|
|
|
21,802 |
|
|
Sales and marketing |
|
6,872 |
|
|
|
5,541 |
|
|
General and administrative |
|
19,331 |
|
|
|
13,693 |
|
|
Total operating expenses |
|
87,144 |
|
|
|
65,612 |
|
|
Loss from operations |
|
(83,409 |
) |
|
|
(62,658 |
) |
|
Other income (expense): |
|
|
|
|
Interest income |
|
43 |
|
|
|
377 |
|
|
Interest and other expense |
|
(1,211 |
) |
|
|
(3,166 |
) |
|
Total other expense |
|
(1,168 |
) |
|
|
(2,789 |
) |
|
Loss before income taxes |
|
(84,577 |
) |
|
|
(65,447 |
) |
|
(Provision for) benefit from income taxes |
|
(8 |
) |
|
|
107 |
|
|
Net loss |
|
$ |
(84,585 |
) |
|
|
$ |
(65,340 |
) |
|
Net loss per share attributable to common stockholders, basic |
|
$ |
(6.51 |
) |
|
|
$ |
(5.77 |
) |
|
Net loss per share attributable to common stockholders,
diluted |
|
$ |
(6.51 |
) |
|
|
$ |
(5.77 |
) |
|
Weighted-average shares used
in computing net loss per share to common stockholders, basic |
|
12,996,344 |
|
|
|
11,322,626 |
|
|
Weighted-average shares used
in computing net loss per share to common stockholders,
diluted |
|
13,340,457 |
|
|
|
11,322,626 |
|
|
CONDENSED CONSOLIDATED BALANCE
SHEETS(in
thousands)(unaudited)
|
|
As of March 31,2021 |
|
As of December 31,2020 |
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
121,035 |
|
|
|
$ |
210,205 |
|
|
Accounts receivable, billed and unbilled |
|
4,116 |
|
|
|
4,175 |
|
|
Inventory |
|
5,683 |
|
|
|
4,969 |
|
|
Other current assets |
|
8,896 |
|
|
|
9,225 |
|
|
Total current assets |
|
139,730 |
|
|
|
228,574 |
|
|
Property and equipment, net |
|
55,462 |
|
|
|
48,718 |
|
|
Goodwill |
|
11,604 |
|
|
|
11,604 |
|
|
Intangible assets, net |
|
4,443 |
|
|
|
4,790 |
|
|
Other assets |
|
15,993 |
|
|
|
11,235 |
|
|
Total assets |
|
$ |
227,232 |
|
|
|
$ |
304,921 |
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable, accrued and other liabilities |
|
$ |
37,520 |
|
|
|
$ |
38,985 |
|
|
Short-term debt, net |
|
— |
|
|
|
79,331 |
|
|
Other current liabilities |
|
2,790 |
|
|
|
3,142 |
|
|
Total current liabilities |
|
40,310 |
|
|
|
121,458 |
|
|
Long-term debt, net |
|
79,615 |
|
|
|
— |
|
|
Warrant liabilities |
|
11,952 |
|
|
|
14,231 |
|
|
Other long-term liabilities |
|
15,490 |
|
|
|
12,170 |
|
|
Total liabilities |
|
147,367 |
|
|
|
147,859 |
|
|
Convertible preferred stock |
|
900,798 |
|
|
|
900,798 |
|
|
Total stockholders' deficit |
|
(820,933 |
) |
|
|
(743,736 |
) |
|
Total liabilities and redeemable convertible preferred stock and
stockholders' deficit |
|
$ |
227,232 |
|
|
|
$ |
304,921 |
|
|
Zymergen (NASDAQ:ZY)
Historical Stock Chart
From Aug 2024 to Sep 2024
Zymergen (NASDAQ:ZY)
Historical Stock Chart
From Sep 2023 to Sep 2024