BOSTON,
Nov. 15, 2021 /PRNewswire/
-- Ginkgo Bioworks Holdings, Inc. (NYSE: DNA), the leading
horizontal platform for cell programming, today announced its
results for the third quarter ended September 30, 2021. Please visit
investors.ginkgobioworks.com to view the update
including a slide presentation with additional details on the third
quarter and supplemental financial information, which will be
posted following the call.
"We executed well in the third quarter during an
especially exciting time for the company, with our public debut
happening in mid-September," said Jason
Kelly, co-founder and Chief Executive Officer. "I am so
proud of the team for their relentless effort and continued
commitment to our partners, which has resulted in a terrific
quarter, with strong growth in both Foundry revenue and our
biosecurity offering, Concentric by Ginkgo. I'm particularly
excited that this quarter included a realization of downstream
value share from Cronos' commercial scale production of CBG,
demonstrating the potential for this component of our business
model."
Recent Business Highlights
- Listed on the New York Stock Exchange under ticker "DNA"
after closing a business combination that provided Ginkgo with
gross proceeds of over $1.6
billion
- Added 10 new programs in Q3 (bringing the year-to-date
total to 21), with 61 total active programs during the first three
quarters of 2021
- Existing program and partner milestones
included:
-
- the public announcement of a $78
million Series A fundraise by Arcaea (formerly known as Kalo
Ingredients), including Chanel and Givaudan as strategic
investors;
- the announcement of Motif FoodWorks' first two products
(HEMAMI™ and APPETEX™);
- the commencement of commercial operations by Aldevron for
vaccinia capping enzyme, which they are producing using a
Ginkgo-engineered strain that improved efficiency by over
10x;
- the achievement of our first equity milestone for Cronos
in Q3, demonstrating full target performance for manufacturing of
CBG and the first commercial launch of products containing
biosynthetic CBG in October. Additionally, we're thrilled to
announce that just last week, Cronos successfully validated full
target performance for a second cannabinoid molecule, CBGV,
unlocking a second equity milestone (which will be recorded in our
Q4 financials);
- Synlogic's announcement last week that they are advancing
SYNB1353, an investigational living medicine for homocystinuria,
which they developed in partnership with Ginkgo, to IND-enabling
studies
- Concentric, Ginkgo's biosecurity offering, continued to
expand its offering with a lab network that now has state-sponsored
K-12 testing programs in 10 states and active testing in 18 states
(including the District of
Columbia) as well as offerings for correctional facilities
and a new partnership to provide airport testing for international
travelers in partnership with XpresSpa Group.
-
- As of the week of 11/1/2021
Concentric was serving over 220,000 individuals per
week
- Hosted Ginkgo's annual Ferment Conference on October 28, which brought together about 700
people, including stakeholders from across the synthetic biology
ecosystem. The conference featured presentations from customers,
discussions of emerging markets for biotechnology, and highlighted
Ginkgo's new "cell development kit" (CDK) concept, designed to make
it faster, cheaper, and easier for new products to get to
market.
Third Quarter Financial Highlights
- Third quarter 2021 Total revenue of $77.6 million, up from $13.3 million in the comparable prior year
period
-
- Year-to-date Total revenue reached $165.3 million, up from $44.6 million in the comparable prior year
period, an increase of 271%
- Third quarter 2021 Foundry revenue of $34.7 million, up from $11.5 million in the comparable prior-year
period, an increase of 202%
-
- Year-to-date Foundry revenue totaled $78.8 million, up from $42.8 million in the comparable prior-year
period, an increase of 84%
- Third quarter revenue includes an equity milestone
payment from Cronos for commercial-scale production of
CBG
- Third quarter 2021 Biosecurity revenue of $42.9 million continuing strong growth trajectory
with gross profit margins expanding to 48%
-
- Year-to-date Biosecurity revenue of $86.5 million compares to our prior full year
outlook of at least $75
million
- Third quarter 2021 Loss from operations of -$26.7 million, improved from -$34.4 million in the comparable prior-year
period
-
- Year-to-date Loss from operations of -$143.7 million, down from -$81.1 million in the comparable prior-year
period
- Third quarter 2021 Adjusted EBITDA of -$18.0 million, improved from -$30.6 million in the comparable prior-year
period
-
- Year-to-date Adjusted EBITDA of -$106.6 million, down from -$70.7 million in the comparable prior year
period
- Cash and cash equivalents balance as of the end of the
third quarter of $1.7 billion puts
Ginkgo in an extremely strong financial position to pursue its
strategic objectives
2021 Full Year Outlook
- Ginkgo expects to add an incremental 9 programs in Q4
2021, for a total of 30 new programs in the year
- Ginkgo expects total Foundry revenue of at least
$100 million for full year 2021,
inclusive of both downstream value share and services
revenue
- While Biosecurity remains an uncertain business, Ginkgo
has already exceeded its previous full year outlook for Biosecurity
and now expects Biosecurity revenue to be at least $110 million for the full year
Ginkgo shares conclusions from internal investigation,
led by independent law and accounting firms, concluding that short
seller claims were unfounded
- As a leader in an emerging field that is innovating on
multiple fronts, we are used to folks questioning our capabilities
and our valuation and, because those questions are typically in
good faith, we welcome those discussions.
- In October however, a short seller with a vested interest
in driving down our stock price for financial gain published an
inflammatory report claiming financial misconduct by Ginkgo. Due to
the nature of the claims in the short report, it was not entirely
surprising that shortly after the short report was released, we
also received an informal inquiry from the United States Department
of Justice.
- Ginkgo responded seriously to the claims in the short
report and our audit committee proactively commenced a thorough
independent investigation, led by top independent counsel (Milbank)
and forensic accountants (Ankura) with deep expertise in these
matters.
- This investigation has concluded and found that any
suggestion of fraud, reporting violations, accounting errors, or
other wrongdoing contained in the short seller's report were
unfounded and that no restatement of Ginkgo's financials was
needed.
Additional Information on Equity Matters
- The company's Certificate of Incorporation provides that
up to 10% of non-Founder employee equity awards are not subject to
transfer restrictions, and the company expects the Board of
Directors to settle the portion of such equity awards that
represent restricted stock units for cash during the fourth quarter
of 2021.
- As previously disclosed, 90% of employee equity awards
are subject to a full one-year lockup, subject to certain
exceptions, such as selling shares to satisfy tax
obligations.
-
- The vesting and settlement of these shares is expected to
occur over the fourth quarter of 2021 and first quarter of 2022 to
minimize the number of shares being sold to cover taxes on any
given day.
Presentation Information
Ginkgo will host a presentation reviewing the results for
the third quarter of 2021 today, Monday,
November 15, 2021, beginning at 8:00am ET. The presentation will include an
overview of third quarter 2021 financial performance, recent
business updates, a discussion on Ginkgo's outlook, as well as a
moderated question and answer session.
To ask a question ahead of the presentation, please submit
your questions to @Ginkgo on Twitter
(hashtag #GinkgoResults) or by sending an e-mail to
investors@ginkgobioworks.com.
The presentation can be accessed via a live stream on
YouTube. A direct link, along with
audio-only dial-in information is available on Ginkgo's
Investor Relations website and a replay will be
made available following the presentation.
Ginkgo Investor Website:
https://investors.ginkgobioworks.com/events/
An audio-only dial-in will be available at the following
numbers:
Audio-Only Dial Ins:
+1 646 876
9923 (New York)
+1 301 715 8592 (Washington,
D.C.)
+1 312 626 6799 (Chicago)
+1 669 900 6833 (San Jose)
+1 253 215 8782 (Tacoma)
+1 346 248 7799 (Houston)
+1 408 638 0968 (San
Jose)
Webinar ID: 955 5330 6455
For International Dial-Ins, please see our web site at
https://investors.ginkgobioworks.com/
About Ginkgo Bioworks
Ginkgo is building a platform to enable customers to
program cells as easily as we can program computers. The company's
platform is enabling biotechnology applications across diverse
markets, from food and agriculture to industrial chemicals to
pharmaceuticals. Ginkgo has also actively supported a number of
COVID-19 response efforts, including K-12 pooled testing, vaccine
manufacturing optimization, and therapeutics discovery. For more
information, visit www.ginkgobioworks.com.
Forward-Looking Statements of Ginkgo
Bioworks
This press release contains certain forward-looking
statements within the meaning of the federal securities laws,
including statements regardingour current expectations and
anticipated results of operations, all of which are subject to
known and unknown risks, uncertainties and other factors that may
cause our actual results, performance or achievements, market
trends, or industry results to differ materially from those
expressed or implied by such forward-looking statements. These
forward-looking statements generally are identified by the words
"believe," "can," "project," "potential," "expect," "anticipate,"
"estimate," "intend," "strategy," "future," "opportunity," "plan,"
"may," "should," "will," "would," "will be," "will continue," "will
likely result," and similar expressions. Forward-looking statements
are predictions, projections and other statements about future
events that are based on current expectations and assumptions and,
as a result, are subject to risks and uncertainties. Many factors
could cause actual future events to differ materially from the
forward-looking statements in this document, including but not
limited to: (i) the effect of Ginkgo's business combination with
Soaring Eagle Acquisition Corp. ("Soaring Eagle") on Ginkgo's
business relationships, performance, and business generally, (ii)
risks that the business combination disrupts current plans of
Ginkgo and potential difficulties in Ginkgo's employee retention,
(iii) the outcome of any legal proceedings that may be instituted
against Ginkgo related to its business combination with Soaring
Eagle, (iv) volatility in the price of Ginkgo's securities now that
it is a public company due to a variety of factors, including
changes in the competitive and highly regulated industries in which
Ginkgo plans to operate, variations in performance across
competitors, changes in laws and regulations affecting Ginkgo's
business, changes in the combined capital structure and
expectations associated with increases in the number of shares
available for sale, (v) the ability to implement business plans,
forecasts, and other expectations after the completion of the
business combination, and identify and realize additional
opportunities, and (vi) the risk of downturns in demand for
products using synthetic biology. The foregoing list of factors is
not exhaustive. You should carefully consider the foregoing factors
and the other risks and uncertainties described in the "Risk
Factors" section of Ginkgo's current report on Form 8-K filed with
the U.S. Securities and Exchange Commission (the "SEC") on
September 20, 2021, and other
documents filed by Ginkgo from time to time with the SEC. These
filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and Ginkgo assumes no obligation and does not intend to
update or revise these forward-looking statements, whether as a
result of new information, future events, or otherwise. Ginkgo does
not give any assurance that it will achieve its
expectations.
Use of Non-GAAP Measures
Certain of the financial measures included in this
release, including Adjusted EBITDA, have not been prepared in
accordance with generally accepted accounting principles ("GAAP"),
and constitute "non-GAAP financial measures" as defined by the SEC.
Ginkgo has included these non-GAAP financial measures because it
believes they provide an additional tool for investors to use in
evaluating Ginkgo's financial performance and prospects. These
non-GAAP financial measures should not be considered in isolation
from, or as an alternative to, financial measures determined in
accordance with GAAP. In addition, these non-GAAP financial
measures may differ from non-GAAP financial measures with
comparable names used by other companies. See the reconciliation
below for a description of these non-GAAP financial measures and a
reconciliation of the historic measures to Ginkgo's most comparable
GAAP financial measures.
Ginkgo Bioworks Contacts:
INVESTOR CONTACT:
investors@ginkgobioworks.com
MEDIA CONTACT:
press@ginkgobioworks.com
Ginkgo Bioworks
Holdings, Inc. and Subsidiaries
|
Condensed
Consolidated Balance Sheets
|
(in thousands, except
share and per share data)
|
|
|
|
(unaudited)
As of
September 30,
|
|
|
As of
December 31,
|
|
|
|
2021
|
|
|
2020
|
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
1,739,056
|
|
|
$
|
380,801
|
|
Accounts receivable,
net
|
|
|
44,675
|
|
|
|
16,694
|
|
Accounts receivable,
net from related parties
|
|
|
6,050
|
|
|
|
5,212
|
|
Inventory,
net
|
|
|
3,474
|
|
|
|
2,736
|
|
Prepaid expenses and
other current assets
|
|
|
17,314
|
|
|
|
21,099
|
|
Total current
assets
|
|
|
1,810,569
|
|
|
|
426,542
|
|
Property and
equipment, net
|
|
|
142,704
|
|
|
|
121,435
|
|
Investments
|
|
|
104,771
|
|
|
|
74,200
|
|
Equity method
investments
|
|
|
16,357
|
|
|
|
28,924
|
|
Intangible assets,
net
|
|
|
22,568
|
|
|
|
3,294
|
|
Goodwill
|
|
|
16,660
|
|
|
|
1,857
|
|
Loans receivable, net
of current portion
|
|
|
10,161
|
|
|
|
13,298
|
|
Other non-current
assets
|
|
|
26,801
|
|
|
|
5,603
|
|
Total
assets
|
|
$
|
2,150,591
|
|
|
$
|
675,153
|
|
Liabilities and Stockholders'
Equity
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
7,102
|
|
|
$
|
13,893
|
|
Accrued expenses and
other current liabilities
|
|
|
53,554
|
|
|
|
30,505
|
|
Deferred revenue
(includes $15,442 and $22,101 from related parties)
|
|
|
29,649
|
|
|
|
28,823
|
|
Total current
liabilities
|
|
|
90,305
|
|
|
|
73,221
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
Deferred rent, net of
current portion
|
|
|
16,960
|
|
|
|
12,678
|
|
Deferred revenue, net
of current portion (includes $159,268 and $97,977 from related
parties)
|
|
|
163,042
|
|
|
|
99,652
|
|
Lease financing
obligation
|
|
|
16,268
|
|
|
|
16,518
|
|
Warrant
liabilities
|
|
|
212,935
|
|
|
|
—
|
|
Other non-current
liabilities
|
|
|
33,110
|
|
|
|
3,032
|
|
Total
liabilities
|
|
|
532,620
|
|
|
|
205,101
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
Preferred
stock
|
|
|
—
|
|
|
|
—
|
|
Common
stock
|
|
|
148
|
|
|
|
129
|
|
Additional paid in
capital
|
|
|
2,249,549
|
|
|
|
929,125
|
|
Accumulated
deficit
|
|
|
(697,269)
|
|
|
|
(467,878)
|
|
Accumulated other
comprehensive income (loss)
|
|
|
(877)
|
|
|
|
—
|
|
Total Ginkgo Bioworks
Holdings, Inc. stockholders' equity
|
|
|
1,551,551
|
|
|
|
461,376
|
|
Non-controlling
interest
|
|
|
66,420
|
|
|
|
8,676
|
|
Total stockholders'
equity
|
|
|
1,617,971
|
|
|
|
470,052
|
|
Total liabilities and
stockholders' equity
|
|
$
|
2,150,591
|
|
|
$
|
675,153
|
|
Ginkgo Bioworks
Holdings, Inc. and Subsidiaries
|
Condensed
Consolidated Statements of Operations and Comprehensive
Loss
|
(unaudited)
|
(in thousands, except
share and per share data)
|
|
|
|
Three Months Ended
September
30,
|
|
|
Nine Months Ended
September
30,
|
|
|
|
2021
|
|
|
|
2020
|
|
|
2021
|
|
|
|
2020
|
|
Foundry revenue
(related party revenue of $13,124 and $7,270 for the three months
ended September 30, 2021 and 2020, respectively, and $36,746 and
$29,784 for the nine months ended September 30 2021 and 2020,
respectively)
|
|
$
|
34,737
|
|
|
|
|
$
|
11,505
|
|
|
$
|
78,833
|
|
|
|
|
$
|
42,802
|
|
Biosecurity
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
|
|
|
8,492
|
|
|
|
|
|
—
|
|
|
|
14,622
|
|
|
|
|
|
—
|
|
Service
|
|
|
34,381
|
|
|
|
|
|
1,797
|
|
|
|
71,888
|
|
|
|
|
|
1,797
|
|
Total
revenue
|
|
|
77,610
|
|
|
|
|
13,302
|
|
|
|
165,343
|
|
|
|
|
44,599
|
|
Costs and operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Biosecurity
product revenue
|
|
|
3,430
|
|
|
|
|
|
—
|
|
|
|
15,185
|
|
|
|
|
—
|
|
Cost of Biosecurity
service revenue
|
|
|
18,872
|
|
|
|
|
|
1,769
|
|
|
|
47,927
|
|
|
|
|
1,769
|
|
Research and
development
|
|
|
53,021
|
|
|
|
|
|
36,070
|
|
|
|
164,637
|
|
|
|
|
98,576
|
|
General and
administrative
|
|
|
28,959
|
|
|
|
|
|
9,876
|
|
|
|
81,326
|
|
|
|
|
25,393
|
|
Total operating
expenses
|
|
|
104,282
|
|
|
|
|
47,715
|
|
|
|
309,075
|
|
|
|
|
125,738
|
|
Loss from
operations
|
|
|
(26,672)
|
|
|
|
|
(34,413)
|
|
|
|
(143,732)
|
|
|
|
|
(81,139)
|
|
Other (expense)
income, net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
121
|
|
|
|
|
|
3,318
|
|
|
|
341
|
|
|
|
|
5,565
|
|
Interest
expense
|
|
|
(649)
|
|
|
|
|
|
(592)
|
|
|
|
(1,822)
|
|
|
|
|
(1,795)
|
|
Loss on equity method
investments
|
|
|
(39,651)
|
|
|
|
|
|
(237)
|
|
|
|
(72,621)
|
|
|
|
|
(2,151)
|
|
(Loss) gain on
investments
|
|
|
(12,368)
|
|
|
|
|
|
(90)
|
|
|
|
3,009
|
|
|
|
|
(4,978)
|
|
Change in fair value
of warrant liabilities
|
|
|
(18,482)
|
|
|
|
|
|
—
|
|
|
|
(18,482)
|
|
|
|
|
—
|
|
Other (expense)
income, net:
|
|
|
(4,911)
|
|
|
|
|
|
5,894
|
|
|
|
863
|
|
|
|
|
6,055
|
|
Total other (expense)
income, net
|
|
|
(75,940)
|
|
|
|
|
8,293
|
|
|
|
(88,712)
|
|
|
|
|
2,696
|
|
Loss before income
taxes
|
|
|
(102,612)
|
|
|
|
|
(26,120)
|
|
|
|
(232,444)
|
|
|
|
|
(78,443)
|
|
Income tax provision
(benefit)
|
|
|
(207)
|
|
|
|
|
|
6
|
|
|
|
(797)
|
|
|
|
|
|
1,881
|
|
Net loss
|
|
|
(102,405)
|
|
|
|
|
(26,126)
|
|
|
|
(231,647)
|
|
|
|
|
(80,324)
|
|
Net loss attributable
to non-controlling interest
|
|
|
(524)
|
|
|
|
|
|
(71)
|
|
|
|
(2,256)
|
|
|
|
|
|
(639)
|
|
Net loss attributable
to Ginkgo Bioworks Holdings, Inc. stockholders
|
|
|
(101,881)
|
|
|
|
|
(26,055)
|
|
|
|
(229,391)
|
|
|
|
|
(79,685)
|
|
Net loss per share
attributable to Ginkgo Bioworks Holdings, Inc. common stockholders, basic and diluted
|
|
$
|
(0.08)
|
|
|
|
$
|
(0.02)
|
|
|
$
|
(0.18)
|
|
|
|
$
|
(0.06)
|
|
Weighted average
common shares outstanding, basic and diluted
|
|
|
1,323,574,063
|
|
|
|
|
1,287,053,015
|
|
|
|
1,302,253,729
|
|
|
|
|
1,270,297,495
|
|
Comprehensive
loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
(102,405)
|
|
|
|
|
(26,126)
|
|
|
|
(231,647)
|
|
|
|
|
(80,324)
|
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments, net of taxes
|
|
|
(877)
|
|
|
|
|
—
|
|
|
|
(877)
|
|
|
|
|
—
|
|
Comprehensive
loss
|
|
$
|
(103,282)
|
|
|
|
$
|
(26,126)
|
|
|
$
|
(232,524)
|
|
|
|
$
|
(80,324)
|
|
Ginkgo Bioworks
Holdings, Inc. and Subsidiaries
|
Condensed
Consolidated Statements of Cash Flows
|
(unaudited)
|
(in
thousands)
|
|
|
|
Nine Months Ended
September 30,
|
|
|
|
2021
|
|
|
|
2020
|
|
Cash flow from operating
activities:
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(231,647)
|
|
|
|
|
$
|
(80,324)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
21,073
|
|
|
|
|
|
9,860
|
|
Stock-based
compensation
|
|
|
14,764
|
|
|
|
|
|
358
|
|
Non-cash equity
consideration
|
|
|
(12,562)
|
|
|
|
|
|
—
|
|
Loss on equity method
investments
|
|
|
72,621
|
|
|
|
|
|
2,151
|
|
(Gain) loss on
investments
|
|
|
(3,009)
|
|
|
|
|
|
4,978
|
|
Change in fair value
of loans receivable
|
|
|
1,196
|
|
|
|
|
|
(295)
|
|
Change in fair value
of warrant liabilities
|
|
|
18,482
|
|
|
|
|
|
—
|
|
Changes in operating assets and
liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable,
net
|
|
|
(27,832)
|
|
|
|
|
|
(6,338)
|
|
Accounts receivable,
net from related parties
|
|
|
(838)
|
|
|
|
|
|
(446)
|
|
Prepaid expenses and
other current assets
|
|
|
5,565
|
|
|
|
|
|
(1,207)
|
|
Inventory,
net
|
|
|
(738)
|
|
|
|
|
|
(819)
|
|
Other non-current
assets
|
|
|
(35)
|
|
|
|
|
|
2,361
|
|
Accounts
payable
|
|
|
(2,771)
|
|
|
|
|
|
2,700
|
|
Accrued expenses and
other current liabilities
|
|
|
29,599
|
|
|
|
|
|
1,690
|
|
Deferred revenue,
current and non-current (includes $54,632 and $(17,050) from
related parties)
|
|
|
(5,538)
|
|
|
|
|
|
(13,061)
|
|
Deferred rent,
non-current
|
|
|
4,320
|
|
|
|
|
|
39
|
|
Other non-current
liabilities
|
|
|
29,073
|
|
|
|
|
|
1,862
|
|
Net cash used in
operating activities
|
|
|
(88,277)
|
|
|
|
|
(76,491)
|
|
Cash flow from investing
activities:
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
(51,407)
|
|
|
|
|
|
(38,408)
|
|
Issuance of loan
receivable
|
|
|
—
|
|
|
|
|
|
(100)
|
|
Proceeds from loan
receivable
|
|
|
304
|
|
|
|
|
|
217
|
|
Purchase of
non-marketable equity securities
|
|
|
(5,000)
|
|
|
|
|
|
—
|
|
Business acquisition,
net of cash acquired
|
|
|
(21,382)
|
|
|
|
|
|
—
|
|
Net cash used in
investing activities
|
|
|
(77,485)
|
|
|
|
|
(38,291)
|
|
Cash flow from financing
activities:
|
|
|
|
|
|
|
|
Proceeds from reverse
recapitalization, net of redemptions of $867,253 and offering costs
of $106,838 (Note 3)
|
|
|
1,510,909
|
|
|
|
|
|
—
|
|
Proceeds from
exercise of stock options
|
|
|
41
|
|
|
|
|
|
19
|
|
Repurchase of Founder
shares
|
|
|
(24,998)
|
|
|
|
|
|
—
|
|
Principal payment on
capital lease obligations
|
|
|
(592)
|
|
|
|
|
|
(457)
|
|
Non-controlling
interest contributions
|
|
|
60,000
|
|
|
|
|
|
—
|
|
Principal payment on
lease financing obligations
|
|
|
(172)
|
|
|
|
|
|
(98)
|
|
Proceeds from
issuance of Series E convertible preferred stock, net of issuance
costs
|
|
|
—
|
|
|
|
|
|
91,040
|
|
Net cash provided by
financing activities
|
|
|
1,545,188
|
|
|
|
|
90,504
|
|
Effect of foreign
exchange rates on cash and cash equivalents
|
|
|
(8)
|
|
|
|
|
|
—
|
|
Net increase
(decrease) in cash, cash equivalents and restricted cash
|
|
|
1,379,418
|
|
|
|
|
(24,278)
|
|
Cash, cash
equivalents and restricted cash, beginning of period
|
|
|
385,877
|
|
|
|
|
498,510
|
|
Cash, cash
equivalents and restricted cash, end of period
|
|
|
1,765,295
|
|
|
|
|
474,232
|
|
Supplemental disclosure of non-cash investing and
financing activities:
|
|
|
|
|
|
|
|
Purchases of
equipment through capital leases
|
|
$
|
1,981
|
|
|
|
|
$
|
—
|
|
Purchases of property
and equipment included in accounts payable and accrued
expenses
|
|
$
|
2,434
|
|
|
|
|
$
|
9,796
|
|
Deferred offering
costs in accounts payable and accrued expenses
|
|
$
|
1,280
|
|
|
|
|
$
|
—
|
|
Equity received in
related parties
|
|
$
|
60,054
|
|
|
|
|
$
|
—
|
|
Purchase of
non-marketable equity securities
|
|
$
|
10,000
|
|
|
|
|
$
|
—
|
|
Issuance of common
stock for a business acquisition
|
|
$
|
15,087
|
|
|
|
|
$
|
—
|
|
Loan receivable
received as consideration under customer arrangement
|
|
$
|
—
|
|
|
|
|
$
|
300
|
|
Initial fair value of
warrant liabilities
|
|
$
|
194,453
|
|
|
|
|
$
|
—
|
|
The following table provides a reconciliation of the cash,
cash equivalents and restricted cash balances as of each of the
periods shown above:
|
|
As of September 30,
|
|
|
|
2021
|
|
|
|
2020
|
|
Cash and cash
equivalents
|
|
$
|
1,739,056
|
|
|
|
|
$
|
471,057
|
|
Restricted
cash
|
|
|
26,239
|
|
|
|
|
|
3,175
|
|
Total cash, cash
equivalents and restricted cash
|
|
$
|
1,765,295
|
|
|
|
$
|
474,232
|
|
The following table reconciles net loss attributable to
Ginkgo Bioworks Holdings, Inc. stockholders to EBITDA and Adjusted
EBITDA for the three and nine months ended September 30, 2021 and 2020,
respectively:
|
|
Three Months Ended
September
30,
|
|
|
Nine Months Ended
September
30,
|
|
(in thousands)
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Net loss attributable
to Ginkgo Bioworks Holdings, Inc. stockholders
|
|
$
|
(101,881)
|
|
|
$
|
(26,055)
|
|
|
$
|
(229,391)
|
|
|
$
|
(79,685)
|
|
Interest
income
|
|
|
(121)
|
|
|
|
(3,318)
|
|
|
|
(341)
|
|
|
|
(5,565)
|
|
Interest
expense
|
|
|
649
|
|
|
|
592
|
|
|
|
1,822
|
|
|
|
1,795
|
|
Income tax provision
(benefit)
|
|
|
(207)
|
|
|
|
6
|
|
|
|
(797)
|
|
|
|
1,881
|
|
Depreciation and
amortization
|
|
|
8,279
|
|
|
|
3,527
|
|
|
|
21,073
|
|
|
|
9,860
|
|
EBITDA
|
|
|
(93,281)
|
|
|
|
(25,248)
|
|
|
|
(207,634)
|
|
|
|
(71,714)
|
|
Stock-based
compensation
|
|
|
127
|
|
|
|
118
|
|
|
|
14,764
|
|
|
|
358
|
|
Loss on equity method
investments (1)
|
|
|
39,127
|
|
|
|
166
|
|
|
|
70,365
|
|
|
|
1,512
|
|
Loss (gain) on
investments (2)
|
|
|
12,368
|
|
|
|
90
|
|
|
|
(3,009)
|
|
|
|
4,978
|
|
Change in fair value
of warrant liabilities
|
|
|
18,482
|
|
|
|
—
|
|
|
|
18,482
|
|
|
|
—
|
|
Other
(3)
|
|
|
5,192
|
|
|
|
(5,768)
|
|
|
|
421
|
|
|
|
(5,804)
|
|
Adjusted EBITDA
|
|
$
|
(17,985)
|
|
|
$
|
(30,642)
|
|
|
$
|
(106,611)
|
|
|
$
|
(70,670)
|
|
|
|
(1)
|
For the three months
ended September 30, 2021 and 2020, represents losses on equity
method investments under the Hypothetical Liquidation at Book Value
(HLBV) method of $39.7 million and $0.2 million, respectively, net
of losses attributable to non-controlling interests. For the nine
months ended September 30, 2021 and 2020, represents losses on
equity method investments under the HLBV method of $72.6 million
and $2.2 million, respectively, net of losses attributable to
non-controlling interests.
|
|
|
(2)
|
Includes loss (gain)
on the change in fair value of our common stock investments in
Synlogic and Cronos and warrants to purchase Synlogic common stock,
which are all carried at fair value.
|
|
|
(3)
|
For the three months
ended September 30, 2021, includes $0.5 million received pursuant
to our settlement agreement with Amyris, offset by $5.7 million in
mark-to-market adjustments on the Access Bio Convertible Notes and
Glycosyn Promissory Note. For the three months ended September 30,
2020, primarily includes $4.5 million received pursuant to our
settlement agreement with Amyris and $1.2 million in income
generated through our agreement with the NIH. For the nine months
ended September 30, 2021, includes $1.0 million received pursuant
to our settlement agreement with Amyris offset by $1.4 million in
mark-to-market adjustments on Access Bio Convertible Notes and
Glycosyn Promissory Note. For the nine months ended September 30,
2020, primarily includes $4.5 million received pursuant to our
settlement agreement with Amyris and $1.2 million received from the
NIH.
|
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SOURCE Ginkgo Bioworks