UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
November 1, 2011
Date of Report (Date of earliest event reported)
Amyris, Inc.
(Exact name of Registrant as specified in its charter)
Delaware | 001-34885 | 55-0856151 | ||
(State or other jurisdiction of incorporation) |
(Commission file number) |
(I.R.S. Employer Identification No.) | ||
5885 Hollis Street, Suite 100, Emeryville, CA |
94608 | |||
(Address of principal executive offices) | (Zip Code) |
(510) 450-0761
(Registrants telephone number, including area code)
(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 obligations of the registrant under any of the following provisions (see General Instruction A.2 below):
¨ | 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 November 1, 2011, Amyris, Inc. (the Company) issued a press release announcing the Companys financial results for its third quarter ended September 30, 2011. A copy of this press release entitled Amyris Reports Third Quarter Financial 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:
Exhibit |
Description | |
99.1 | Press release, dated November 1, 2011, entitled Amyris Reports Third Quarter Financial Results |
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 to such filing. The information in this report, including the exhibits 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.
SIGNATURES
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: November 1, 2011 |
By: | /s/ Jeryl Hilleman | ||||
Jeryl Hilleman | ||||||
Chief Financial Officer |
EXHIBIT INDEX
Exhibit |
Description | |
99.1 | Press release, dated November 1, 2011, entitled Amyris Reports Third Quarter Financial Results |
Exhibit 99.1
Amyris Reports Third Quarter Financial Results
EMERYVILLE, CA (November 1, 2011) Amyris, Inc. (NASDAQ: AMRS), which applies its industrial synthetic biology platform to provide renewable alternatives to select petroleum-sourced products used in specialty chemical and transportation fuel markets worldwide, today announced financial results for the third quarter ended September 30, 2011.
Aggregate revenues for the quarter ended September 30, 2011 were $36.3 million versus $24.2 million in the third quarter of 2010, and cost of products sold was $35.7 million versus $22.9 million. Research and development expense increased to $23.4 million from $14.7 million, and sales, general and administrative expense increased to $21.2 million from $10.5 million. Third quarter 2011 GAAP net loss attributable to common stockholders was $43.7 million compared with $62.1 million in the same quarter of 2010. In connection with the completion of its initial public offering at the end of the third quarter of 2010, the Company took a non-cash beneficial conversion feature charge of $42.0 million related to the conversion of certain shares of the Companys preferred stock as well as shares of the Companys subsidiary, Amyris Brasil, into shares of the Companys common stock. On a non-GAAP basis, excluding this non-cash beneficial conversion feature charge and stock-based compensation expense, the net loss attributable to Amyris, Inc. common stockholders was $36.8 million compared to $17.5 million. A reconciliation of GAAP to non-GAAP results is included below.
The Companys balance at the end of the third quarter of cash, cash equivalents and marketable securities was $123.8 million.
We have farnesene production underway and finishing operations in place for our squalane and diesel, said John Melo, CEO of Amyris. Our customers continue to express their excitement about our products as we look to commence delivery in cosmetics, lubricants, diesel and other markets over the coming months.
About Amyris
Amyris is an integrated renewable products company focused on providing sustainable alternatives to a broad range of petroleum-sourced products. Amyris uses its industrial synthetic biology platform to convert plant sugars into a variety of hydrocarbon molecules - flexible building blocks which can be used in a wide range of products. Amyris is commercializing these products both as No Compromise® renewable ingredients in cosmetics, flavors and fragrances, polymers, lubricants and consumer products, and also as No Compromise renewable diesel and jet fuel. Amyris Brasil Ltda., a subsidiary of Amyris, oversees the establishment and expansion of Amyriss production in Brazil. Amyris also has fuel distribution capabilities in the United States through its subsidiary, Amyris Fuels, LLC. More information about Amyris is available at www.amyris.com.
Conference Call Information
The Company will discuss these results in a conference call scheduled for today at 2:00 pm PDT/5:00 pm EDT. Investors may access a live audio webcast of this conference call and the earnings call presentation in the investor relations section of the Companys website at http://investors.amyris.com. An audio replay of the conference call will be available approximately two hours after the conclusion of the call and can be accessed by dialing 888-203-1112 if calling from within the United States or 719-457-0820 if calling from outside the United States and entering the replay pass code 7820041. A replay of the webcast will be available on the investor relations section of the Companys website approximately two hours after the conclusion of the call and remain available for approximately 60 calendar days.
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 production and delivery of and customer demand for our products) that involve risks and uncertainties. These statements are based on managements current expectations and actual results and future events may differ materially due to risks and uncertainties, including those associated with any delays in production and commercialization of products and other risks detailed in the Risk Factors section of Amyriss Form 10-K, as filed on March 14, 2011, and Form 10-Q, as filed on May 11, 2011 and August 11, 2011. Amyris disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.
Non-GAAP Financial Information
Consolidated financial information has been presented in accordance with GAAP as well as on a non-GAAP basis. On a non-GAAP basis, financial measures exclude non-cash items such as stock-based compensation. Management believes that it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting and financial planning purposes. These non-GAAP financial measures also facilitate managements internal comparisons to Amyriss historical performance as well as comparisons to the operating results of other companies. In addition, Amyris 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. Non-GAAP 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 when understanding Amyriss operating performance. Reconciliation between GAAP and non-GAAP financial information is provided in the financial statement tables below.
Amyris, the Amyris logo and No Compromise are trademarks or registered trademarks of Amyris, Inc.
Contact Information
Jeryl Hilleman
Chief Financial Officer
Amyris, Inc.
(510) 740-7434
investor@amyris.com
Amyris, Inc.
Condensed Consolidated Statement of Operations
(Unaudited)
(In thousands, except per share data)
Three Months Ended September 30, |
Nine Months Ended September 30, |
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2011 | 2010 | 2011 | 2010 | |||||||||||||
Revenues |
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Product sales |
$ | 31,162 | $ | 22,055 | $ | 92,998 | $ | 42,037 | ||||||||
Grants and collaboration revenue |
5,114 | 2,170 | 12,454 | 8,545 | ||||||||||||
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Total revenues |
36,276 | 24,225 | 105,452 | 50,582 | ||||||||||||
Cost and operating expenses |
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Cost of product sales |
35,729 | 22,900 | 99,247 | 43,032 | ||||||||||||
Research and development (1) |
23,441 | 14,701 | 66,622 | 38,293 | ||||||||||||
Sales, general and administrative (1) |
21,174 | 10,484 | 59,401 | 29,385 | ||||||||||||
Restructuring income |
| (2,061 | ) | | (2,061 | ) | ||||||||||
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Total cost and operating expenses |
80,344 | 46,024 | 225,270 | 108,649 | ||||||||||||
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Loss from operations |
(44,068 | ) | (21,799 | ) | (119,818 | ) | (58,067 | ) | ||||||||
Other income (expense): |
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Interest income |
609 | 702 | 1,250 | 1,264 | ||||||||||||
Interest expense |
(291 | ) | (524 | ) | (1,172 | ) | (1,284 | ) | ||||||||
Other income, net |
310 | 1,013 | 160 | 953 | ||||||||||||
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Total other income |
628 | 1,191 | 238 | 933 | ||||||||||||
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Loss before income taxes |
$ | (43,440 | ) | $ | (20,608 | ) | $ | (119,580 | ) | $ | (57,134 | ) | ||||
Provision for income taxes |
(474 | ) | | (299 | ) | | ||||||||||
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Net loss |
$ | (43,914 | ) | $ | (20,608 | ) | $ | (119,879 | ) | $ | (57,134 | ) | ||||
Net loss attributable to noncontrolling interest |
224 | 477 | 437 | 907 | ||||||||||||
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Net loss attributable to Amyris, Inc. |
$ | (43,690 | ) | $ | (20,131 | ) | $ | (119,442 | ) | $ | (56,227 | ) | ||||
Deemed dividend related to the beneficial conversion feature of Series D convertible preferred stock and conversion of Amyris Brasil S.A. shares held by third parties |
| (42,009 | ) | | (42,009 | ) | ||||||||||
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Net loss attributable to Amyris, Inc. common stockholders |
$ | (43,690 | ) | $ | (62,140 | ) | $ | (119,442 | ) | $ | (98,236 | ) | ||||
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Net loss per share attributable to common stockholders basic and diluted |
$ | (0.97 | ) | $ | (11.89 | ) | $ | (2.68 | ) | $ | (19.26 | ) | ||||
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Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic and diluted |
45,031,613 | 5,227,689 | 44,507,686 | 5,099,635 | ||||||||||||
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(1) Includes stock-based compensation expense of the following for the periods presented:
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Research and development |
$ | 1,711 | $ | 461 | $ | 4,697 | $ | 1,337 | ||||||||
Sales, general and administrative |
5,162 | 2,144 | 14,139 | 5,571 | ||||||||||||
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Total stock-based compensation expense |
$ | 6,873 | $ | 2,605 | $ | 18,836 | $ | 6,908 | ||||||||
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Amyris, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
September 30, | December 31, | |||||||
2011 | 2010 | |||||||
Assets |
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Current assets: |
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Cash, cash equivalents and marketable securities |
$ | 123,794 | $ | 257,933 | ||||
Accounts receivable |
4,982 | 5,215 | ||||||
Inventories |
8,492 | 4,006 | ||||||
Prepaid expenses and other current assets |
9,432 | 2,905 | ||||||
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Total current assets |
146,700 | 270,059 | ||||||
Property and equipment, net |
115,850 | 54,847 | ||||||
Other assets |
38,752 | 32,547 | ||||||
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Total assets |
$ | 301,302 | $ | 357,453 | ||||
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Liabilities and Equity |
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Current liabilities: |
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Accounts payable |
$ | 25,246 | $ | 7,116 | ||||
Deferred revenue |
2,044 | 565 | ||||||
Accrued and other current liabilities |
30,333 | 14,795 | ||||||
Capital lease obligation, current portion |
2,931 | 2,854 | ||||||
Debt, current portion |
2,336 | 1,911 | ||||||
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Total current liabilities |
62,890 | 27,241 | ||||||
Capital lease obligation, net of current portion |
905 | 3,091 | ||||||
Long-term debt, net of current portion |
9,970 | 4,734 | ||||||
Deferred rent, net of current portion |
10,290 | 11,186 | ||||||
Deferred revenue, net of current portion |
4,238 | 1,130 | ||||||
Other liabilities |
9,434 | 2,523 | ||||||
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Total liabilities |
97,727 | 49,905 | ||||||
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Amyris, Inc. stockholders equity |
203,641 | 307,546 | ||||||
Noncontrolling interest |
(66 | ) | 2 | |||||
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Total equity |
203,575 | 307,548 | ||||||
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Total liabilities and equity |
$ | 301,302 | $ | 357,453 | ||||
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Amyris, Inc.
Supplemental Consolidated Financial Information
(Unaudited)
(In thousands, except per share data)
Three Months Ended September 30, |
Nine Months Ended September 30, |
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2011 | 2010 | 2011 | 2010 | |||||||||||||
Other Selected Financial Information: |
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Capital expenditures and deposits on property and equipment |
$ | 40,769 | $ | 5,800 | $ | 71,248 | $ | 10,408 | ||||||||
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Depreciation and amortization |
$ | 2,897 | $ | 1,879 | $ | 7,728 | $ | 5,300 | ||||||||
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Reconciliation of GAAP to Non-GAAP Net Loss Per Share: |
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Net loss attributable to Amyris Inc., common stockholders (GAAP) |
$ | (43,690 | ) | $ | (62,140 | ) | $ | (119,442 | ) | $ | (98,236 | ) | ||||
Deemed dividend related to beneficial conversion feature |
| 42,009 | | 42,009 | ||||||||||||
Stock Compensation Expense |
6,873 | 2,605 | 18,836 | 6,908 | ||||||||||||
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Net loss attributable to Amyris Inc., common stockholders (Non- GAAP) |
$ | (36,817 | ) | $ | (17,526 | ) | $ | (100,606 | ) | $ | (49,319 | ) | ||||
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Net loss per share attributed to common stockholders basic and diluted (GAAP) |
$ | (0.97 | ) | $ | (11.89 | ) | $ | (2.68 | ) | $ | (19.26 | ) | ||||
Deemed dividend related to beneficial conversion feature |
| 8.04 | | 8.24 | ||||||||||||
Stock Compensation Expense |
0.15 | 0.50 | 0.42 | 1.35 | ||||||||||||
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Net loss per share attributed to common stockholders basic and diluted (Non-GAAP) |
$ | (0.82 | ) | $ | (3.35 | ) | $ | (2.26 | ) | $ | (9.67 | ) | ||||
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