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f

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________________ to _________________

Commission File Number: 001-40097

 

GINKGO BIOWORKS HOLDINGS, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

87-2652913

( State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

27 Drydock Avenue
8th Floor
Boston, MA

02210

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (877) 422-5362

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Class A common stock, par value $0.0001 per share

 

DNA

 

NYSE

Warrants to purchase one share of Class A common stock, each at an exercise price of $11.50 per share

 

DNA.WS

 

NYSE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

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.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No ☐

As of November 8, 2021, the registrant had 1,188,712,411 shares of Class A common stock, $0.0001 par value per share, and 298,021,863 shares of Class B common stock, $0.0001 par value per share, outstanding.

 

 


 

Table of Contents

 

 

 

Page

 

 

 

PART I.

FINANCIAL INFORMATION

1

 

 

 

Item 1.

Financial Statements (Unaudited)

1

 

Condensed Consolidated Balance Sheets

1

 

Condensed Consolidated Statements of Operations and Comprehensive Loss

2

 

Condensed Consolidated Statements of Stockholders’ Equity

3

 

Condensed Consolidated Statements of Cash Flows

8

 

Notes to Unaudited Condensed Consolidated Financial Statements

10

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

37

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

53

Item 4.

Controls and Procedures

53

 

 

 

PART II.

OTHER INFORMATION

54

 

 

 

Item 1.

Legal Proceedings

54

Item 1A.

Risk Factors

54

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

93

Item 3.

Defaults Upon Senior Securities

93

Item 4.

Mine Safety Disclosures

93

Item 5.

Other Information

93

Item 6.

Exhibits

94

Signatures

95

 

 

 

 


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

 

Ginkgo Bioworks Holdings, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(unaudited)

(in thousands, except share and per share data)

 

 

 

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

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.0001 par value; 200,000,000 shares authorized; none issued and outstanding

 

 

 

 

 

 

Class A, Class B and Class C common stock $0.0001 par value; 15,800,000,000 shares authorized (Class A 10,500,000,000, Class B 4,500,000,000, Class C 800,000,000); 1,486,954,612 (Class A 1,188,722,056, Class B 298,232,556, Class C 0) and 1,289,014,925 (Class A 974,224,443, Class B 314,790,482, Class C 0) shares issued as of September 30, 2021 and December 31, 2020, respectively; 1,486,712,858 (Class A 1,188,707,589, Class B 298,005,269, Class C 0) and 1,288,595,876 (Class A 974,166,577, Class B 314,429,299, Class C 0) shares outstanding as of September 30, 2021 and December 31, 2020, respectively

 

 

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

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

1


 

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

)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

2


 

Ginkgo Bioworks Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity

(unaudited)

(in thousands, except share data)

 

 

 

Series B, C, D, E Convertible
Preferred Stock

 

 

Old Ginkgo Common Stock

 

 

Common Stock

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Balance as of December 31, 2019 (as previously reported)

 

 

17,774,941

 

 

$

177

 

 

 

7,806,772

 

 

$

79

 

 

 

 

 

$

 

Retroactive application of the reverse recapitalization (Note 3)

 

 

(17,774,941

)

 

 

(177

)

 

 

(7,806,772

)

 

 

(79

)

 

 

1,255,562,032

 

 

 

126

 

Balance as of December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,255,562,032

 

 

 

126

 

Vesting of restricted stock awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

79,412

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,255,641,444

 

 

 

126

 

Exercise of stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

814,490

 

 

 

 

Vesting of restricted stock awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

59,142

 

 

 

 

Issuance of Series E convertible preferred stock, net of issuance costs of $0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23,528,727

 

 

 

2

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,280,043,803

 

 

 

128

 

Exercise of stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

486,878

 

 

 

 

Vesting of restricted stock awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

59,093

 

 

 

 

Issuance of Series E convertible preferred stock, net of issuance costs of $0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,326,338

 

 

 

1

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of September 30, 2020

 

 

 

 

$

 

 

 

 

 

$

 

 

 

1,287,916,112

 

 

$

129

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

 

3


 

Ginkgo Bioworks Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity

(unaudited)

(in thousands, except share data)

 

 

 

 

Additional
Paid-In
Capital

 

 

Accumulated
Deficit

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Non-
Controlling
Interest

 

 

Total
Stockholders’
Equity

 

Balance as of December 31, 2019 (as previously reported)

 

$

834,076

 

 

$

(341,269

)

 

$

 

 

$

8,790

 

 

$

501,853

 

Retroactive application of the reverse recapitalization (Note 3)

 

 

130

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2019

 

 

834,206

 

 

 

(341,269

)

 

 

 

 

 

8,790

 

 

 

501,853

 

Vesting of restricted stock awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

123

 

 

 

 

 

 

 

 

 

 

 

 

123

 

Net loss

 

 

 

 

 

(24,972

)

 

 

 

 

 

(496

)

 

 

(25,468

)

Balance as of March 31, 2020

 

 

834,329

 

 

 

(366,241

)

 

 

 

 

 

8,294

 

 

 

476,508

 

Exercise of stock options

 

 

12

 

 

 

 

 

 

 

 

 

 

 

 

12

 

Vesting of restricted stock awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of Series E convertible preferred stock, net of issuance costs of $0

 

 

71,998

 

 

 

 

 

 

 

 

 

 

 

 

72,000

 

Stock-based compensation expense

 

 

117

 

 

 

 

 

 

 

 

 

 

 

 

117

 

Net loss

 

 

 

 

 

(28,658

)

 

 

 

 

 

(72

)

 

 

(28,730

)

Balance as of June 30, 2020

 

 

906,456

 

 

 

(394,899

)

 

 

 

 

 

8,222

 

 

 

519,907

 

Exercise of stock options

 

 

7

 

 

 

 

 

 

 

 

 

 

 

 

7

 

Vesting of restricted stock awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of Series E convertible preferred stock, net of issuance costs of $0

 

 

22,419

 

 

 

 

 

 

 

 

 

 

 

 

22,420

 

Stock-based compensation expense

 

 

118

 

 

 

 

 

 

 

 

 

 

 

 

118

 

Net loss

 

 

 

 

 

(26,055

)

 

 

 

 

 

(71

)

 

 

(26,126

)

Balance as of September 30, 2020

 

$

929,000

 

 

$

(420,954

)

 

$

 

 

$

8,151

 

 

$

516,326

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

 

4


 

Ginkgo Bioworks Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity

(unaudited)

(in thousands, except share data)

 

 

 

Series B, C, D, E Convertible
Preferred Stock

 

 

Old Ginkgo Common Stock

 

 

Common Stock

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Balance as of December 31, 2020 (as previously reported)

 

 

18,403,604

 

 

$

184

 

 

 

7,851,164

 

 

$

79

 

 

 

 

 

$

 

Retroactive application of the reverse recapitalization (Note 3)

 

 

(18,403,604

)

 

 

(184

)

 

 

(7,851,164

)

 

 

(79

)

 

 

1,288,595,876

 

 

 

129

 

Balance as of December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,288,595,876

 

 

 

129

 

Exercise of stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,758,322

 

 

 

 

Vesting of restricted stock awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

58,995

 

 

 

 

Issuance of warrants to purchase Series D convertible preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,291,413,193

 

 

 

129

 

Exercise of stock options