$314 million of Total revenue
in 2021, representing an increase of 309% over 2020
31 new Cell Programs added in 2021, representing 72% growth
over 2020
Over $1.5 billion cash balance,
providing meaningful multi-year runway as we drive towards
profitability
BOSTON, March 28,
2022 /PRNewswire/ -- Ginkgo Bioworks Holdings,
Inc. (NYSE: DNA, "Ginkgo"), the leading horizontal platform for
cell programming, today announced its results for the fourth
quarter and year ended December 31,
2021. The update, including a webcast slide presentation
with additional details on the fourth quarter and supplemental
financial information, will be available at
investors.ginkgobioworks.com.
"The current market environment provides both challenges and
opportunities, but I've never been more excited about Ginkgo's
future. We met or exceeded each of our publicly disclosed metrics
in 2021, some significantly, and we believe we are in the strongest
position that we've ever been in as a company," said Jason Kelly, co-founder and CEO of Ginkgo. "I
couldn't be prouder of our team and the way they have shown up to
build our platform and deliver cell programs for our partners over
the past year. Some of the greatest challenges of our
generation – including climate change and food security – are
fundamentally biological. Ginkgo is unique in our relative
scale and our focus on the development of broad-based horizontal
technologies to make biology easier to engineer – and on
humankind's ability to do so responsibly."
Recent Business Highlights &
Strategic Positioning
- Added 10 new Cell Programs to the Foundry platform in Q4 2021,
for a total of 31 new programs in the full year, representing 72%
growth over 2020.
- Significantly exceeded outlook for both Foundry and Biosecurity
revenue with full year revenue reaching $314
million, representing growth of 309% over 2020.
- Continued to drive "Knight's Law" Foundry scaling as we were
able to increase our deployment of new technologies, including
multiplexed strain tests.
- Biosecurity offering, Concentric by Ginkgo, grew rapidly in Q4,
reaching $201 million in revenue for
the full year, and is seeing signs of longer-term
opportunities.
-
- Expanded offering with a lab network that has empowered
communities with COVID-19 monitoring programs across the United States.
- Since inception, Concentric has tested more than 7,200,000
samples, and now serves over 280,000 individuals per week.
- Well-positioned to play a role in response to longer-term
needs, including endemic COVID-19, broader pandemic preparedness,
and biodefense.
- Announced two tuck-in acquisitions year-to-date in 2022:
-
- Project Beacon: a Boston-based
social benefit organization focused on increasing the capacity,
availability, accessibility and affordability of COVID-19
testing.
- FGen: a Swiss company specializing in ultra-high-throughput
strain development and optimization.
Fourth Quarter 2021 Financial
Highlights
- Fourth quarter 2021 Total revenue of $148 million, up from $32
million in the comparable prior year period, an increase of
363%.
- Fourth quarter 2021 Foundry revenue of $34 million, up from $16
million in the comparable prior year period, an increase of
108%.
- Fourth quarter 2021 Biosecurity revenue of $114 million with gross profit margin of
42%.
- Fourth quarter 2021 Loss from operations of $(1.7) billion, inclusive of "catch-up" GAAP
stock-based compensation expense of $1.7
billion, compared to Loss from operations of $(56) million in the comparable prior year
period.
- Fourth quarter 2021 Adjusted EBITDA of $1 million, improved from $(51) million in the comparable prior year
period.
- Cash and cash equivalents balance as of the end of the fourth
quarter of over $1.5 billion puts
Ginkgo in a strong financial position to pursue its strategic
objectives.
Full Year 2021 Financial
Highlights
- Full year 2021 Total revenue of $314
million, up from $77 million
in the prior year, an increase of 309%.
- Full year 2021 Foundry revenue of $113
million, up from $59 million
in the prior year, an increase of 91%.
- Full year 2021 Biosecurity revenue of $201 million compares to our full year 2021
outlook of $110 million.
- Full year 2021 Loss from operations of $(1.8) billion, inclusive of "catch-up"
stock-based compensation expense of $1.7
billion, compared to $(137)
million in the prior year.
- Full year 2021 Adjusted EBITDA of $(106)
million, improved from $(121)
million in the prior year.
2022 Guidance
- Ginkgo expects to add 60 new Cell Programs to the Foundry
platform in 2022.
- Ginkgo expects Total revenue of $325 to $340
million in 2022.
-
- Ginkgo expects Foundry revenue of $165 to $180
million in 2022.
- While Biosecurity remains an uncertain business, Ginkgo is
committed to investing in the space and expects Biosecurity revenue
in 2022 of at least $160
million.
Stock Based Compensation
- In the fourth quarter, Ginkgo recognized $1.7 billion of stock-based compensation expense.
Prior to becoming a public company in September 2021, Ginkgo granted restricted stock
units ("RSUs") with both a service-based vesting condition and a
performance-based vesting condition, defined as a change in control
or an initial public offering (both as defined in the underlying
award agreement). Ginkgo historically did not recognize any
stock-based compensation expense associated with these awards due
to the performance-based vesting condition.
- As previously disclosed, on November 17,
2021 the board of directors modified the vesting terms of
RSUs, such that Ginkgo's business combination with Soaring Eagle
Acquisition Corp. was deemed to have met the performance condition
for vesting. This was accounted for as a modification and resulted
in a catch-up adjustment of approximately $1.5 billion of incremental stock-based
compensation expense in the fourth quarter of 2021 (calculated
based on the number of RSUs impacted, which had been granted since
2015, at the share price of $13.59 on
November 17, 2021). Stock-based
compensation expense also increased by $173.5 million related to RSU earnout shares
("Earnout RSUs") which were also subject to the same performance
condition as the underlying RSUs.
- As of December 31, 2021, there
was $2.2 billion of unrecognized
stock-based compensation expense related to the above catch-up
adjustment for those RSUs and Earnout RSUs that had not yet fully
met the service-based vesting condition as of December 31, 2021. This amount will be recognized
over a weighted-average period of 1.6 years.
Conference Call Details
Ginkgo will host a videoconference today, Monday, March 28, 2022, beginning at 4:30 p.m. ET. The presentation will include an
overview of the fourth quarter and full year 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.
A webcast link 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/
Audio-Only Dial
Ins:
+1 646 876 9923 (New York)
+1 301 715 8592 (Washington
DC)
+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: 961 0791
2467
If you experience technical difficulties with any of these
dial-ins or if you need international dial-in numbers, please visit
our web site at
https://investors.ginkgobioworks.com/events/ for updated
dial-in information.
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, the presentation, and the conference call
and webcast contain certain forward-looking statements within the
meaning of the federal securities laws, including statements
regarding our plans, strategies, current expectations, operations
and anticipated results of operations, both business and financial,
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 operates and 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, (vi) the risk of
downturns in demand for products using synthetic biology, (vii) the
unpredictability of the duration of the COVID-19 pandemic and the
demand for COVID-19 testing and the commercial viability of our
COVID-19 testing business, and (viii) changes to the biosecurity
industry, including due to advancements in technology, emerging
competition and evolution in industry demands, standards and
regulations. 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 quarterly report on Form 10-Q filed with the U.S.
Securities and Exchange Commission (the "SEC") on November 15, 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. Due to the
nature and/or size of the items being excluded, such items do not
reflect future gains, losses, expenses or benefits and are not
indicative of our future operating performance. These non-GAAP
financial measures are supplemental to, 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 additional information regarding certain of the non-GAAP
financial measures included in this release, including 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 December
31,
|
|
|
2021
|
|
2020
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
1,550,004
|
|
$
380,801
|
Accounts receivable, net
|
|
131,544
|
|
16,694
|
Accounts receivable - related parties
|
|
4,598
|
|
5,212
|
Inventory, net
|
|
3,362
|
|
2,736
|
Prepaid expenses and other current assets
|
|
33,537
|
|
21,099
|
Total current assets
|
|
1,723,045
|
|
426,542
|
Property and equipment,
net
|
|
145,770
|
|
121,435
|
Investments
|
|
102,037
|
|
74,200
|
Equity method
investments
|
|
13,194
|
|
28,924
|
Intangible assets,
net
|
|
21,642
|
|
3,294
|
Goodwill
|
|
21,312
|
|
1,857
|
Loans receivable, net
of current portion
|
|
—
|
|
13,298
|
Other non-current
assets
|
|
43,990
|
|
5,603
|
Total assets
|
|
$
2,070,990
|
|
$
675,153
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts payable
|
|
$
8,189
|
|
$
13,893
|
Deferred revenue
|
|
33,240
|
|
28,823
|
Accrued expenses and other current liabilities
|
|
93,332
|
|
30,505
|
Total current
liabilities
|
|
134,761
|
|
73,221
|
Non-current
liabilities:
|
|
|
|
|
Deferred rent, net of current portion
|
|
18,746
|
|
12,678
|
Deferred revenue, net of current portion
|
|
155,991
|
|
99,652
|
Lease financing obligation
|
|
22,283
|
|
16,518
|
Warrant liabilities
|
|
135,838
|
|
—
|
Other non-current liabilities
|
|
35,992
|
|
3,032
|
Total liabilities
|
|
503,611
|
|
205,101
|
Commitments and
contingencies
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
Preferred
stock
|
|
—
|
|
—
|
Common stock
|
|
161
|
|
129
|
Additional paid-in
capital
|
|
3,804,844
|
|
929,125
|
Accumulated
deficit
|
|
(2,297,925)
|
|
(467,878)
|
Accumulated other
comprehensive loss
|
|
(1,715)
|
|
—
|
Total Ginkgo Bioworks
Holdings, Inc. stockholders' equity
|
|
1,505,365
|
|
461,376
|
Non-controlling
interest
|
|
62,014
|
|
8,676
|
Total stockholders'
equity
|
|
1,567,379
|
|
470,052
|
Total liabilities and
stockholders' equity
|
|
$
2,070,990
|
|
$
675,153
|
Ginkgo Bioworks
Holdings, Inc. and Subsidiaries
|
Condensed Consolidated
Statements of Operations and Comprehensive Loss
|
(in thousands, except
share and per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended December
31,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Foundry
revenue
|
|
$
34,156
|
|
$
16,419
|
|
$
112,989
|
|
$
59,221
|
Biosecurity
revenue:
|
|
|
|
|
|
|
|
|
Product
|
|
8,418
|
|
8,707
|
|
23,040
|
|
8,707
|
Service
|
|
105,920
|
|
6,932
|
|
177,808
|
|
8,729
|
Total revenue
|
|
148,494
|
|
32,058
|
|
313,837
|
|
76,657
|
Costs and operating
expenses:
|
|
|
|
|
|
|
|
|
Cost of Biosecurity product revenue
|
|
4,832
|
|
6,705
|
|
20,017
|
|
6,705
|
Cost of Biosecurity service revenue
|
|
61,746
|
|
7,137
|
|
109,673
|
|
8,906
|
Research and development (1)
|
|
985,025
|
|
61,191
|
|
1,149,662
|
|
159,767
|
General and administrative (1)
|
|
781,626
|
|
12,913
|
|
862,952
|
|
38,306
|
Total operating
expenses
|
|
1,833,229
|
|
87,946
|
|
2,142,304
|
|
213,684
|
Loss from
operations
|
|
(1,684,735)
|
|
(55,888)
|
|
(1,828,467)
|
|
(137,027)
|
Other (expense)
income:
|
|
|
|
|
|
|
|
|
Interest income
|
|
496
|
|
(2,983)
|
|
837
|
|
2,582
|
Interest expense
|
|
(551)
|
|
(590)
|
|
(2,373)
|
|
(2,385)
|
Loss (gain) on equity method investments
|
|
(4,663)
|
|
1,755
|
|
(77,284)
|
|
(396)
|
Loss (gain) on investments
|
|
(14,552)
|
|
1,245
|
|
(11,543)
|
|
(3,733)
|
Change in fair value of warrant liabilities
|
|
77,097
|
|
—
|
|
58,615
|
|
—
|
Gain on settlement of partnership agreement
|
|
22,847
|
|
3,769
|
|
23,826
|
|
8,286
|
Other (expense) income, net
|
|
(1,617)
|
|
6,301
|
|
(1,733)
|
|
7,839
|
Total other (expense) income,
net
|
|
79,057
|
|
9,497
|
|
(9,655)
|
|
12,193
|
Loss before income
taxes
|
|
(1,605,678)
|
|
(46,391)
|
|
(1,838,122)
|
|
(124,834)
|
Income tax (benefit)
provision
|
|
(683)
|
|
8
|
|
(1,480)
|
|
1,889
|
Net
loss
|
|
(1,604,995)
|
|
(46,399)
|
|
(1,836,642)
|
|
(126,723)
|
Net loss attributable
to non-controlling interest
|
|
(4,339)
|
|
525
|
|
(6,595)
|
|
(114)
|
Net loss attributable
to Ginkgo Bioworks Holdings, Inc. stockholders
|
|
$
(1,600,656)
|
|
$
(46,924)
|
|
$
(1,830,047)
|
|
$
(126,609)
|
Net loss per share
attributable to Ginkgo Bioworks Holdings, Inc. common
stockholders:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
(1.05)
|
|
$
(0.04)
|
|
$
(1.35)
|
|
$
(0.10)
|
Diluted
|
|
$
(1.10)
|
|
$
(0.04)
|
|
$
(1.39)
|
|
$
(0.10)
|
Weighted average common
shares outstanding
|
|
|
|
|
|
|
|
|
Basic
|
|
1,531,138,824
|
|
1,288,078,200
|
|
1,359,848,803
|
|
1,274,766,915
|
Diluted
|
|
1,531,551,830
|
|
1,288,078,200
|
|
1,360,373,343
|
|
1,274,766,915
|
Comprehensive
loss:
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
(1,604,995)
|
|
$
(46,399)
|
|
$
(1,836,642)
|
|
$
(126,723)
|
Other comprehensive
loss:
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment
|
|
(838)
|
|
—
|
|
(1,715)
|
|
—
|
Total other
comprehensive loss
|
|
(838)
|
|
—
|
|
(1,715)
|
|
—
|
Comprehensive
loss
|
|
$
(1,605,833)
|
|
$
(46,399)
|
|
$
(1,838,357)
|
|
$
(126,723)
|
|
|
|
|
|
|
|
|
|
(1) In the fourth
quarter of 2021, R&D and G&A expenses included a
significant adjustment for stock-based compensation expense as a
result of the modification of
the
vesting terms of RSUs and all related earnout shares. Total
stock-based compensation expense inclusive of employer payroll
taxes was allocated as follows
(in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended December
31,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Research and
development
|
|
$
930,300
|
|
$
13
|
|
$
930,360
|
|
$
79
|
General and
administrative
|
|
742,543
|
|
105
|
|
757,247
|
|
397
|
Total
|
|
$ 1,672,843
|
|
$
118
|
|
$ 1,687,607
|
|
$
476
|
|
|
|
|
|
|
|
|
|
Ginkgo Bioworks
Holdings, Inc. and Subsidiaries
|
Condensed Consolidated
Statements of Cash Flows
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
|
2021
|
|
2020
|
Cash flows from
operating activities:
|
|
|
|
|
Net loss
|
|
$
(1,836,642)
|
|
$
(126,723)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
Depreciation and amortization
|
|
29,076
|
|
13,864
|
Stock-based compensation
|
|
1,606,020
|
|
476
|
Non-cash equity consideration
|
|
(24,185)
|
|
—
|
Loss on equity method investments
|
|
77,284
|
|
396
|
Loss on investments
|
|
11,543
|
|
3,733
|
Change in fair value of loans receivable
|
|
3,508
|
|
(1,061)
|
Change in fair value of warrant liabilities
|
|
(58,615)
|
|
—
|
Other non-cash activity
|
|
(270)
|
|
—
|
Changes in operating assets and liabilities:
|
|
|
|
|
Accounts receivable ($614 and
($995) from related parties)
|
|
(114,094)
|
|
(14,228)
|
Prepaid expenses and other
current assets
|
|
(2,981)
|
|
(11,352)
|
Inventory
|
|
(626)
|
|
(2,736)
|
Other non-current
assets
|
|
(539)
|
|
1,834
|
Accounts payable
|
|
(2,247)
|
|
7,019
|
Accrued expenses and other
current liabilities
|
|
44,796
|
|
8,665
|
Deferred revenue, current and
non-current
|
|
(10,498)
|
|
(19,423)
|
Deferred rent,
non-current
|
|
6,032
|
|
1,045
|
Other non-current
liabilities
|
|
18,620
|
|
2,661
|
Net
cash used in operating activities
|
|
(253,818)
|
|
(135,830)
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
Purchases of property
and equipment
|
|
(56,521)
|
|
(57,821)
|
Purchases and issuances
of loan receivable
|
|
—
|
|
(10,100)
|
Proceeds from loans
receivable
|
|
304
|
|
800
|
Purchase of
investments
|
|
(5,000)
|
|
—
|
Business acquisition,
net of cash acquired
|
|
(12,040)
|
|
—
|
Net
cash used in investing activities
|
|
(73,257)
|
|
(67,121)
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
Proceeds from reverse
recapitalization, net of redemptions of $867,253 and offering costs
of $108,118
|
|
1,509,629
|
|
—
|
Proceeds from exercise
of stock options
|
|
167
|
|
26
|
Repurchases of common
stock
|
|
(24,998)
|
|
—
|
Taxes paid related to
net share settlement of equity awards
|
|
(9,463)
|
|
—
|
Principal payments on
capital leases and lease financing obligation
|
|
(1,123)
|
|
(748)
|
Proceeds from lease
financing obligation
|
|
—
|
|
—
|
Contributions from
non-controlling interests
|
|
59,933
|
|
—
|
Proceeds from issuance
of convertible promissory notes, net of issuance
costs
|
|
—
|
|
—
|
Proceeds from issuance
of Series E convertible preferred stock, net of issuance
costs
|
|
—
|
|
91,040
|
Net
cash provided by financing activities
|
|
1,534,145
|
|
90,318
|
Effect of foreign
exchange rates on cash and cash equivalents
|
|
(19)
|
|
—
|
Net
increase (decrease) in cash, cash equivalents and restricted
cash
|
|
1,207,051
|
|
(112,633)
|
Cash, cash equivalents
and restricted cash, beginning of period
|
|
385,877
|
|
498,510
|
Cash, cash equivalents
and restricted cash, end of period
|
|
$
1,592,928
|
|
$
385,877
|
The following table reconciles net loss attributable to Ginkgo
Bioworks Holdings, Inc. stockholders to EBITDA and Adjusted
EBITDA:
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
(in
thousands)
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Net loss attributable
to Ginkgo Bioworks Holdings, Inc. stockholders
|
|
$
(1,600,656)
|
|
$
(46,924)
|
|
$
(1,830,047)
|
|
$ (126,609)
|
Interest
income
|
|
(496)
|
|
(133)
|
|
(837)
|
|
(2,582)
|
Interest
expense
|
|
551
|
|
590
|
|
2,373
|
|
2,385
|
Income tax (benefit)
provision
|
|
(683)
|
|
8
|
|
(1,480)
|
|
1,889
|
Depreciation and
amortization
|
|
8,003
|
|
4,004
|
|
29,076
|
|
13,864
|
EBITDA
|
|
(1,593,281)
|
|
(42,455)
|
|
(1,800,915)
|
|
(111,053)
|
Stock-based
compensation (1)
|
|
1,672,843
|
|
118
|
|
1,687,607
|
|
476
|
Loss (gain) on equity
method investments (2)
|
|
4,080
|
|
(1,230)
|
|
74,445
|
|
282
|
Loss (gain) on
investments (3)
|
|
14,552
|
|
(1,245)
|
|
11,543
|
|
3,733
|
Change in fair value of
warrant liabilities
|
|
(77,097)
|
|
—
|
|
(58,615)
|
|
—
|
Gain on settlement of
partnership agreement
|
|
(22,847)
|
|
(653)
|
|
(23,826)
|
|
(8,286)
|
Other
(4)
|
|
2,312
|
|
(5,287)
|
|
3,712
|
|
(6,574)
|
Adjusted
EBITDA
|
|
$
562
|
|
$
(50,752)
|
|
$
(106,049)
|
|
$ (121,422)
|
|
|
(1)
|
For the three months
ended and the year ended December 31, 2021, includes $5.0 million
in employer payroll taxes related to stock-based
compensation.
|
|
|
(2)
|
For the three months
ended December 31, 2021 and 2020, represents losses on equity
method investments under the hypothetical liquidation
at book value ("HLBV") method of $4.7 million and $1.8 million,
respectively, net of losses attributable to non-controlling
interests. For the years
ended December 31, 2021 and 2020, represents losses on equity
method investments under the HLBV method of $77.3 million and $0.4
million,
respectively, net of losses attributable to non-controlling
interests.
|
|
|
(3)
|
Includes loss 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.
|
|
|
(4)
|
For the three months
ended and the year ended December 31, 2021, includes mark-to-market
adjustments on Access Bio convertible notes
and the Glycosyn promissory note. For the three months ended and
the year ended December 31, 2020, primarily includes milestone
payments
under our agreement with the National Institutes of
Health.
|
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SOURCE Ginkgo Bioworks