AMYRIS, INC.

CIK:0001365916|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue:
Revenue	$ 56,083	$ 57,709
Cost and operating expenses:
Cost of products sold	51,081	48,995
Research and development	26,765	26,358
Sales, general and administrative	95,870	106,916
Change in fair value of acquisition-related contingent consideration	(28,503)	0
Restructuring	1,013	0
Impairment	95,386	0
Total cost and operating expenses	241,612	182,269
Loss from operations	(185,529)	(124,560)
Other income (expense):
Interest expense	(12,983)	(5,263)
Gain from change in fair value of derivative instruments	1,263	1,815
(Loss) gain from change in fair value of debt	(4,854)	20,796
Other expense, net	(533)	(3,052)
Total other (expense) income, net	(17,107)	14,296
Loss before income taxes and loss from investment in affiliate	(202,636)	(110,264)
Benefit from income taxes	860	820
Loss from investment in affiliate	0	(789)
Net loss	(201,776)	(110,233)
Loss attributable to noncontrolling interest	8,434	2,928
Net loss attributable to Amyris, Inc. common stockholders	$ (193,342)	$ (107,305)
Earnings Per Share [Abstract]
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.53)	$ (0.34)
Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic (in shares)	365,603,738	312,896,452
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.53)	$ (0.37)
Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, diluted (in shares)	365,603,738	323,711,682
Renewable Products
Revenue:
Revenue	$ 40,224	$ 43,465
Licenses and Royalties
Revenue:
Revenue	9,482	9,313
Collaborations, Grants and Other
Revenue:
Revenue	$ 6,377	$ 4,931

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Operating activities
Net loss	$ (201,776)	$ (110,233)
Adjustments to reconcile net loss to net cash used in operating activities:
Accretion of debt discount	5,068	962
Amortization of intangible assets	1,325	892
Amortization of right-of-use assets under operating leases	6,855	754
Depreciation and amortization	4,527	2,400
(Gain) loss from change in fair value of debt	4,854	(20,796)
(Gain) loss from change in fair value of derivative instruments	(1,263)	(1,815)
(Gain) loss on foreign currency exchange rates	661	1,519
Gain from change in fair value of acquisition-related contingent consideration	(28,503)	0
Loss from investment in affiliate	0	789
Impairment of goodwill and intangible assets	95,386	0
Loss on disposal of property, plant and equipment	8	0
Stock-based compensation	5,785	11,588
Changes in assets and liabilities:
Accounts receivable	5,288	(1,554)
Contract assets	(102)	(8,472)
Inventories	2,904	(5,001)
Prepaid expenses and other assets	2,156	(23,881)
Accounts payable	9,112	5,007
Accrued and other liabilities	3,081	6,026
Lease liabilities	(5,375)	(9,658)
Contract liabilities	8	(969)
Net cash used in operating activities	(90,001)	(152,442)
Investing activities
Purchases of property, plant and equipment	(4,815)	(33,751)
Acquisitions, net of cash acquired	0	(13,535)
Net cash used in investing activities	(4,815)	(47,286)
Financing activities
Proceeds from capital contribution by noncontrolling interest	4,650	0
Payment of minimum employee taxes withheld upon net share settlement of restricted stock units	(5)	(3)
Principal payments on financing leases	(3)	(131)
Proceeds from exercises of common stock options	0	98
Proceeds from exercises of warrants	0	3,994
Proceeds from issuance of debt, net of issuance costs	36,972	0
Net cash provided by financing activities	41,614	3,958
Effect of exchange rate changes on cash, cash equivalents and restricted cash	55	169
Net decrease in cash, cash equivalents and restricted cash	(53,147)	(195,601)
Cash, cash equivalents and restricted cash at beginning of period	70,598	488,312	$ 488,312
Cash, cash equivalents and restricted cash at end of the period	17,451	292,711	70,598
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets
Cash and cash equivalents	11,245	287,886	64,437
Restricted cash, current	71	174
Restricted cash, noncurrent	6,135	4,651
Total cash, cash equivalents and restricted cash	17,451	292,711	70,598
Supplemental disclosures of cash flow information:
Cash paid for interest	1,567	52
Cash paid for income taxes	262	100
Supplemental disclosures of non-cash investing and financing activities:
Accrued interest added to debt principal	1,427	0
Acquisition of intangible assets in connection with business combinations	0	18,417
Acquisition of right-of-use assets under operating leases	0	27,165
Common stock issued as purchase consideration in business combinations	0	33,094
Common stock issued for payment of acquisition-related contingent consideration	3,084	0
Goodwill recorded in connection with business combinations	0	7,666	$ 22,231
Measurement adjustment of contingently redeemable noncontrolling interest	4,100	0
Noncontrolling interest recorded in connection with business combinations	0	3,072
Unpaid property, plant and equipment balances in accounts payable and accrued liabilities at end of period	1,062	0
Unpaid property, plant and equipment balances in accounts payable and accrued liabilities at end of period	5,234	4,995
Warrants modified in connection with Perrara Bridge Loan issuance	$ 471	$ 0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 11,245	$ 64,437
Restricted cash	71	71
Accounts receivable, net of allowance of $997 and $995	36,842	45,775
Accounts receivable - related party, net of allowance of $0 and $0	10,836	6,608
Contract assets	3,872	806
Contract assets - related party	33,679	36,638
Inventories	109,021	111,880
Prepaid expenses and other current assets	38,095	40,146
Total current assets	243,661	306,361
Property, plant and equipment, net	189,645	182,224
Restricted cash, noncurrent	6,135	6,090
Recoverable taxes from Brazilian government entities	30,189	29,472
Right-of-use assets under financing leases, net	147	152
Right-of-use assets under operating leases, net	100,721	97,216
Goodwill	50,456	142,575
Intangible assets, net	45,063	46,938
Other assets	13,662	13,904
Total assets	679,679	824,932
Current liabilities:
Accounts payable	200,067	190,486
Accrued and other current liabilities	81,068	73,565
Financing lease liabilities	14	13
Operating lease liabilities	2,484	2,255
Contract liabilities	33	26
Debt, current portion	1,968	1,916
Related party debt, current portion	185,160	118,886
Total current liabilities	470,794	387,147
Long-term debt, net of current portion	675,855	674,891
Related party debt, net of current portion	77,962	97,350
Financing lease liabilities, net of current portion	44	48
Operating lease liabilities, net of current portion	90,986	86,195
Derivative liabilities	4,140	5,403
Acquisition-related contingent consideration	2,241	34,555
Other noncurrent liabilities	5,725	7,053
Total liabilities	1,327,747	1,292,642
Commitments and contingencies
Mezzanine equity:
Contingently redeemable common stock	0	5,000
Contingently redeemable noncontrolling interest	26,058	28,892
Stockholders’ (deficit) equity:
Common stock - $0.0001 par value, 550,000,000 shares authorized as of March 31, 2023 and December 31, 2022; 368,524,240 and 364,745,266 shares issued and outstanding as of March 31, 2023 and December 31, 2022	37	36
Additional paid-in capital	2,465,802	2,455,567
Accumulated other comprehensive loss	(56,682)	(64,114)
Accumulated deficit	(3,073,520)	(2,880,178)
Total Amyris, Inc. stockholders’ (deficit) equity	(664,363)	(488,689)
Noncontrolling interest	(9,763)	(12,913)
Total stockholders' (deficit) equity	(674,126)	(501,602)
Total liabilities, mezzanine equity and stockholders' (deficit) equity	$ 679,679	$ 824,932