UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
Form 8-K
_____________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event Reported): August 4, 2016
Amyris, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware | 001-34885 | 55-0856151 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
5885 Hollis Street, Suite 100, Emeryville, CA 94608 |
(Address of Principal Executive Offices) (Zip Code) |
(510) 450-0761
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | ||
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition.
On August 4, 2016, Amyris, Inc. (the “Company”) issued a press release announcing the Company’s financial results for its fiscal quarter ended June 30, 2016. A copy of this press release, entitled “Amyris Reports Second Quarter 2016 Results”, is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits The following exhibit is furnished herewith: The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing. The information in this report, including the exhibit hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.Exhibit Number Description 99.1 Press release, dated August 4, 2016, entitled “Amyris Reports Second Quarter 2016 Results”
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Amyris, Inc. | ||
Date: August 4, 2016 | By: | /s/ Raffi Asadorian |
Raffi Asadorian | ||
Chief Financial Officer | ||
EXHIBIT INDEX
Exhibit Number | Description | |
99.1 | Press release, dated August 4, 2016, entitled “Amyris Reports Second Quarter 2016 Results” |
EXHIBIT 99.1
Amyris Reports Second Quarter 2016 Results
Strongest Operational Execution to Date while Successfully Moving the Business Beyond Biofuels
EMERYVILLE, Calif., Aug. 04, 2016 (GLOBE NEWSWIRE) -- Amyris, Inc. (Nasdaq:AMRS), the industrial bioscience company, today announced financial results for the second quarter ended June 30, 2016.
“We’re very pleased with reaching our best ever quarter of signing new collaborations that have already funded more than $20 million of payments this year and are expected to more than underpin our full year targets,” said John Melo, Amyris President & CEO. “We are encouraged by these results and our success in delivering on our stated milestones and goals thus far this year. Additional progress in the coming months is anticipated to further grow our customer base, improve our balance sheet and further position the company as the leader in industrial biotechnology.”
Key Highlights
Other key operating and development highlights during the second quarter and more recently included:
Financial Performance
Second Quarter 2016
First Half 2016
FINANCIAL RESULTS AND NON-GAAP INFORMATION
Condensed consolidated financial information has been presented in accordance with GAAP as well as on a non-GAAP basis. Management believes that it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information for its operating, budgeting and financial planning purposes. These non-GAAP financial measures also facilitate management’s internal comparisons to Amyris’s historical performance as well as comparisons to the operating results of other companies. Management believes these non-GAAP financial measures are useful to investors because they allow for greater transparency into the indicators used by management as a basis for its financial and operational decision-making.
Adjusted net loss is calculated by taking GAAP net loss and excluding stock-based compensation and gains and losses from changes in fair value of derivatives and debt extinguishment.
Non-GAAP revenue represents GAAP product revenue plus the cash received from collaborations. Non-GAAP revenue is calculated using GAAP revenues and adding the related changes in accounts receivable and deferred revenue related to revenue recognized for these collaborations and grants to equal funds received during the period, along with any funding associated with collaborations.
Non-GAAP financial information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under U.S. GAAP in order to understand Amyris’s operating performance. A reconciliation of the non-GAAP financial measures presented in this release, including non-GAAP net loss, non-GAAP revenue, and other measures, is provided in the tables attached to this press release.
QUARTERLY CONFERENCE CALL TODAY
Amyris will discuss these results and provide a business update in a conference call scheduled for 4:30 p.m. ET (1:30 p.m. PT) today. Investors may access the call by dialing (866) 516-3867, participant passcode: 49059751.
A live audio webcast of this conference call and accompanying presentation is also available by visiting the investor relations section of the company's website at http://investors.amyris.com. A replay of the webcast will be available at the investor relations section of the company's website approximately two hours after the conclusion of the call.
About Amyris
Amyris is the integrated renewable products company that is enabling the world’s leading brands to achieve sustainable growth. Amyris applies its innovative bioscience solutions to convert plant sugars into hydrocarbon molecules, specialty ingredients and consumer products. The company is delivering its No Compromise® products in focused markets, including specialty and performance chemicals, fragrance ingredients, and cosmetic emollients. More information about the company is available at www.amyris.com.
Forward-Looking Statements
This release contains forward-looking statements, and any statements other than statements of historical facts could be deemed to be forward-looking statements. These forward-looking statements include, among other things, statements regarding future events (such as the expected increase in revenues in the second half of 2016 as a result of collaborations signed in the second quarter, the advancement of the commercialization of Amyris’s technology platform, the anticipated growth of Amyris’s customer base, the anticipated improvement of Amyris’s balance sheet, Amyris’s position as a leader in industrial biotechnology, the expected benefits and results of Amyris’s relationship with Ginkgo Bioworks, including delivering more new cultured ingredients into the global market over the next three years than the entire industry has achieved in the last ten years and amending Amyris’s senior secured credit facility, the commercialization timeline for Amyris’s fragrance product with Takasago International Corporation, increased market access for and accelerated revenue growth of Novvi LLC, continued strong farnesene demand, potentially opening a new area of compounds previously not accessible for new drug discovery, the biopharma market being positioned to become Amyris’s largest opportunity for collaborations, actions to reduce operating expenses, and expectations regarding Amyris’s ability to execute its 2016 plan, including non-core business divestments in Q3, further operating expense improvements, amending near-term debt agreements, and cash generation from collaborations), that involve risks and uncertainties. These statements are based on management's current expectations and actual results and future events may differ materially due to risks and uncertainties, including Amyris’s liquidity and ability to fund operating and capital expenses, timing and execution risks associated with manufacturing, uncertainty regarding consummating proposed transactions, including the timing thereof, and growth in sales, potential delays or failures in development, production and commercialization of products, Amyris's reliance on third parties to achieve its goals, and other risks detailed in the "Risk Factors" section of Amyris's quarterly report on Form 10-Q filed on May 10, 2016. Amyris disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.
Amyris, the Amyris logo, µPharm, and Neossance Squalane are registered trademarks of Amyris, Inc.
-Financial Tables Attached-
Amyris, Inc. | ||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||
(In thousands) | ||||||||||||
June 30, | December 31, | |||||||||||
2016 | 2015 | |||||||||||
(Unaudited) | ||||||||||||
Assets | ||||||||||||
Current assets: | ||||||||||||
Cash, cash equivalents and short-term investments | $ | 2,507 | $ | 13,512 | ||||||||
Restricted cash | 275 | 216 | ||||||||||
Accounts receivable, net | 4,070 | 4,004 | ||||||||||
Related party accounts receivable | 587 | 1,176 | ||||||||||
Inventories, net | 9,996 | 10,886 | ||||||||||
Prepaid expenses and other current assets | 4,043 | 4,583 | ||||||||||
Total current assets | 21,478 | 34,377 | ||||||||||
Property, plant and equipment, net | 65,200 | 59,797 | ||||||||||
Restricted cash | 5,958 | 957 | ||||||||||
Equity and loans in affiliate | 34 | 68 | ||||||||||
Other assets | 12,633 | 10,357 | ||||||||||
Goodwill and intangible assets | 560 | 560 | ||||||||||
Total assets | $ | 105,863 | $ | 106,116 | ||||||||
Liabilities and stockholders' deficit | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable | $ | 9,808 | $ | 7,943 | ||||||||
Deferred revenue | 7,717 | 6,509 | ||||||||||
Accrued and other current liabilities | 30,858 | 24,268 | ||||||||||
Capital lease obligation, current portion | 1,370 | 523 | ||||||||||
Debt, current portion | 54,421 | 36,281 | ||||||||||
Related party debt | 25,558 | - | ||||||||||
Total current liabilities | 129,732 | 75,524 | ||||||||||
Capital lease obligation, net of current portion | 99 | 176 | ||||||||||
Long-term debt, net of current portion | 62,150 | 72,826 | ||||||||||
Related party debt | 39,263 | 42,867 | ||||||||||
Deferred rent, net of current portion | 9,338 | 9,682 | ||||||||||
Deferred revenue, net of current portion | 4,469 | 4,469 | ||||||||||
Derivative liabilities | 6,752 | 51,439 | ||||||||||
Other liabilities | 3,244 | 7,589 | ||||||||||
Total liabilities | 255,047 | 264,572 | ||||||||||
Amyris, Inc. stockholders’ deficit | (149,070 | ) | (158,065 | ) | ||||||||
Noncontrolling interest | (114 | ) | (391 | ) | ||||||||
Total stockholders' deficit | (149,184 | ) | (158,456 | ) | ||||||||
Total liabilities and stockholders' deficit | $ | 105,863 | $ | 106,116 | ||||||||
Amyris, Inc. | ||||||||||||||||||||
Condensed Consolidated Statement of Operations | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, 2016 | June 30, 2015 | June 30, 2016 | June 30, 2015 | |||||||||||||||||
Revenues | ||||||||||||||||||||
Renewable product sales | $ | 4,922 | $ | 3,340 | $ | 8,062 | $ | 5,435 | ||||||||||||
Grants and collaborations revenue | 4,677 | 4,503 | 10,347 | 10,280 | ||||||||||||||||
Total revenues | 9,599 | 7,843 | 18,409 | 15,715 | ||||||||||||||||
Costs and operating expenses | ||||||||||||||||||||
Cost of products sold | 7,891 | 10,959 | 19,068 | 17,602 | ||||||||||||||||
Research and development (1) | 13,176 | 11,168 | 25,082 | 23,178 | ||||||||||||||||
Sales, general and administrative (1) | 11,408 | 14,375 | 23,674 | 28,756 | ||||||||||||||||
Total costs and operating expenses | 32,475 | 36,502 | 67,824 | 69,536 | ||||||||||||||||
Loss from operations | (22,876 | ) | (28,659 | ) | (49,415 | ) | (53,821 | ) | ||||||||||||
Other income (expense): | ||||||||||||||||||||
Gain (loss) from change in fair value of derivatives & debt extinguishment (2) | 20,934 | 28,834 | 42,612 | 11,422 | ||||||||||||||||
Loss on extinguishment of debt | (433 | ) | - | (649 | ) | - | ||||||||||||||
Other income (expense), net (3) | (11,053 | ) | (46,595 | ) | (21,169 | ) | (55,360 | ) | ||||||||||||
Total other income (expense) | 9,448 | (17,761 | ) | 20,794 | (43,938 | ) | ||||||||||||||
Loss before income taxes and loss from investments in affiliates | (13,428 | ) | (46,420 | ) | (28,621 | ) | (97,759 | ) | ||||||||||||
Provision for income taxes | (138 | ) | (121 | ) | (253 | ) | (236 | ) | ||||||||||||
Net loss before loss from investments in affiliates | (13,566 | ) | (46,541 | ) | (28,874 | ) | (97,995 | ) | ||||||||||||
Loss from investments in affiliates | - | (621 | ) | - | (1,429 | ) | ||||||||||||||
Net loss | $ | (13,566 | ) | $ | (47,162 | ) | $ | (28,874 | ) | $ | (99,424 | ) | ||||||||
Net loss attributable to noncontrolling interest | - | 32 | - | 54 | ||||||||||||||||
Net loss attributable to Amyris, Inc. common stockholders | $ | (13,566 | ) | $ | (47,130 | ) | $ | (28,874 | ) | $ | (99,370 | ) | ||||||||
Net loss per share attributable to common stockholders, basic | $ | (0.06 | ) | $ | (0.59 | ) | $ | (0.13 | ) | $ | (1.25 | ) | ||||||||
Net loss per share attributable to common stockholders, diluted (4) | $ | - | $ | (0.62 | ) | $ | - | $ | (1.25 | ) | ||||||||||
Weighted-average shares of common stock outstanding used in | ||||||||||||||||||||
computing net loss per share of common stock: | ||||||||||||||||||||
Basic | 223,112,019 | 80,041,152 | 216,393,705 | 79,633,864 | ||||||||||||||||
Diluted (4) | - | 87,421,439 | - | 79,633,864 | ||||||||||||||||
(1 | ) | Includes stock-based compensation expense of the following for the periods presented: | ||||||||||||||||||
Research and development | $ | 485 | $ | 530 | $ | 977 | $ | 1,246 | ||||||||||||
Sales, general and administrative | 1,304 | 1,526 | 2,863 | 3,462 | ||||||||||||||||
$ | 1,789 | $ | 2,056 | $ | 3,840 | $ | 4,708 | |||||||||||||
(2 | ) | For the second quarter of 2016 and 2015, the Company recorded a non-cash gain from revaluation of its derivative liabilities, which was triggered by certain features of outstanding convertible notes (related to change in control protection and price-based anti-dilution adjustment provisions). The valuation of these derivative liabilities decreased in the second quarter of 2016 and 2015 primarily as a result of a decrease in Amyris’s stock price since March 31, 2016 and 2015, respectively. | ||||||||||||||||||
(3 | ) | Other income (expense), net for the second quarter of 2015 includes $36.6 million charge related to the acceleration of debt discount accretion associated with a debt conversion transaction. | ||||||||||||||||||
(4 | ) | The Company is in process of calculating the fully-diluted earnings per share for the periods ended June 30, 2016, which will be included in the Company's 10-Q to be filed by August 9. | ||||||||||||||||||
Amyris, Inc. | ||||||||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Information | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, 2016 | June 30, 2015 | June 30, 2016 | June 30, 2015 | |||||||||||||||||
Net loss attributable to Amyris, Inc. common stockholders (GAAP) | $ | (13,566 | ) | $ | (47,130 | ) | $ | (28,874 | ) | $ | (99,370 | ) | ||||||||
Stock-based compensation expense | 1,789 | 2,056 | 3,840 | 4,708 | ||||||||||||||||
Gain from change fair in value of derivative & debt extinguishment | (20,934 | ) | (28,834 | ) | (42,612 | ) | (11,422 | ) | ||||||||||||
Acceleration of debt discount accretion associated with the debt | ||||||||||||||||||||
conversion transaction | - | 36,570 | - | 36,570 | ||||||||||||||||
Net loss attributable to Amyris, Inc. common stockholders (Non-GAAP) | $ | (32,711 | ) | $ | (37,338 | ) | $ | (67,646 | ) | $ | (69,514 | ) | ||||||||
Net loss per share attributable to Amyris, Inc. common stockholders, | ||||||||||||||||||||
basic (GAAP) | $ | (0.06 | ) | $ | (0.59 | ) | $ | (0.13 | ) | $ | (1.25 | ) | ||||||||
Stock-based compensation expense | $ | 0.01 | $ | 0.03 | $ | 0.02 | $ | 0.06 | ||||||||||||
Gain (loss) from change fair in value of derivative & debt extinguishment | $ | (0.09 | ) | $ | (0.36 | ) | $ | (0.20 | ) | $ | (0.14 | ) | ||||||||
Acceleration of debt discount accretion associated with the debt | ||||||||||||||||||||
conversion transaction | $ | - | $ | 0.46 | $ | - | $ | 0.46 | ||||||||||||
Net loss per share attributable to Amyris, Inc. common stockholders, | ||||||||||||||||||||
(Non-GAAP) | $ | (0.15 | ) | $ | (0.47 | ) | $ | (0.31 | ) | $ | (0.87 | ) | ||||||||
Amyris, Inc. | |||||||||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Information | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
June 30, 2016 | June 30, 2015 | June 30, 2016 | June 30, 2015 | ||||||||||||||||||
Product sales (GAAP & Non-GAAP) | |||||||||||||||||||||
Renewables | $ | 4,922 | $ | 3,340 | $ | 8,062 | $ | 5,435 | |||||||||||||
Product sales (GAAP & Non-GAAP) | $ | 4,922 | $ | 3,340 | $ | 8,062 | $ | 5,435 | |||||||||||||
Grants and collaborations revenue (GAAP) | $ | 4,677 | $ | 4,503 | $ | 10,347 | $ | 10,280 | |||||||||||||
Change in accounts receivable, deferred revenue and fundings associated | |||||||||||||||||||||
with collaborations | 2,828 | (2,637 | ) | (746 | ) | 19,765 | |||||||||||||||
Collaborations Inflows (Non- GAAP) (1) | $ | 7,505 | $ | 1,866 | $ | 9,601 | $ | 30,045 | |||||||||||||
Total Revenues (GAAP) | $ | 9,599 | $ | 7,843 | $ | 18,409 | $ | 15,715 | |||||||||||||
Change in accounts receivable, deferred revenue and fundings associated | |||||||||||||||||||||
with collaborations | 2,828 | (2,637 | ) | (746 | ) | 19,765 | |||||||||||||||
Total Cash Revenue Inflows (Non-GAAP) (1) | $ | 12,427 | $ | 5,206 | $ | 17,663 | $ | 35,480 | |||||||||||||
Costs of products sold (GAAP) | $ | 7,891 | $ | 10,959 | $ | 19,068 | $ | 17,602 | |||||||||||||
Other costs/provisions | (1,547 | ) | (2,493 | ) | (3,643 | ) | (1,581 | ) | |||||||||||||
Excess capacity | (1,420 | ) | (1,766 | ) | (4,177 | ) | (5,174 | ) | |||||||||||||
Depreciation and amortization | (914 | ) | (1,146 | ) | (1,730 | ) | (2,403 | ) | |||||||||||||
Costs of products sold (Non- GAAP) | $ | 4,010 | $ | 5,554 | $ | 9,518 | $ | 8,444 | |||||||||||||
Adjusted Gross Profit (Non- GAAP) (2) | $ | 5,589 | $ | 2,289 | $ | 8,891 | $ | 7,271 | |||||||||||||
Gross Margin (%) (2) | 58.2 | % | 29.2 | % | 48.3 | % | 46.3 | % | |||||||||||||
Research and development (GAAP) | $ | 13,176 | $ | 11,168 | $ | 25,082 | $ | 23,178 | |||||||||||||
Stock-based compensation expense | (485 | ) | (530 | ) | (977 | ) | (1,246 | ) | |||||||||||||
Depreciation and amortization | (1,676 | ) | (1,847 | ) | (3,478 | ) | (3,732 | ) | |||||||||||||
Research and development (Non-GAAP) | $ | 11,015 | $ | 8,791 | $ | 20,627 | $ | 18,200 | |||||||||||||
Sales, general and administrative (GAAP) | $ | 11,408 | $ | 14,375 | $ | 23,674 | $ | 28,756 | |||||||||||||
Stock-based compensation expense | (1,304 | ) | (1,526 | ) | (2,863 | ) | (3,462 | ) | |||||||||||||
Depreciation and amortization | (287 | ) | (383 | ) | (565 | ) | (761 | ) | |||||||||||||
Sales, general and administrative (Non-GAAP) | $ | 9,817 | $ | 12,466 | $ | 20,246 | $ | 24,533 | |||||||||||||
(1 | ) | The largest differences between the GAAP and non-GAAP collaborations numbers are (i) timing of revenue recognition and (ii) the TOTAL collaboration cash, which is treated as debt for GAAP purposes. | |||||||||||||||||||
The six months ended June 30, 2016 and 2015, includes zero and $10.8 million, respectively, of funding from TOTAL which is in the form of convertible debt financing as contemplated in the July 2012 Amended Collaboration Agreement with TOTAL. | |||||||||||||||||||||
(2 | ) | Non-GAAP Gross Profit /(Loss) is calculated based on non-GAAP Product Sales & Grants and Collaboration Inflows and Cost of Products Sold, and does not include costs related to collaborations. |
Contact:
Peter DeNardo
Director, Investor Relations and Corporate Communications
Amyris, Inc.
+1 (510) 740-7481
investor@amyris.com
pr@amyris.com