Ginkgo Bioworks Holdings Inc Stock Price, News & Analysis

Ginkgo Bioworks (NYSE: DNA) reported its Q2 2024 financial results, showing a 30% decrease in total revenue to $56 million, primarily due to the expected ramp-down of K-12 testing in its Biosecurity segment. Cell Engineering revenue fell 20% to $36 million, while Biosecurity revenue was $20 million with a 41% gross profit margin. The company reported a loss from operations of $223 million, compared to $184 million in the prior year period.

Ginkgo initiated a restructuring process, including a 35% workforce reduction, aiming to achieve over $85 million in annualized cost savings by mid-2025. The company reaffirmed its 2024 outlook, expecting total revenue of $170-$190 million. Despite challenges, Ginkgo added 18 new programs and customer contracts in Q2, including its first Lab Data as a Service (LDaaS) deals with a large tech company.

Ginkgo Bioworks Holdings, Inc. (NYSE: DNA) has announced a special meeting of shareholders to be held virtually on August 14, 2024, at 4:00 pm ET. The primary purpose of this meeting is to vote on permitting a reverse stock split of the company's Class A and Class B common stock. The proposed split ratio ranges from 1:20 to 1:40, with the final ratio to be determined by the Board of Directors.

Shareholders will also vote on approving Ginkgo's Amended and Restated Certificate of Incorporation, which includes updates to permit officer exculpation and remove outdated provisions. Detailed information about the meeting and voting procedures can be found in the proxy materials filed with the SEC.

Ginkgo Bioworks Holdings, Inc. (NYSE: DNA), a leading platform for cell programming and biosecurity, has announced its plans to host a presentation and Q&A session to review its second quarter 2024 business performance. The event is scheduled for Thursday, August 8, 2024, at 5:30 p.m. ET, following the market close. Investors and interested parties can access the presentation details and webcast link on Ginkgo's investor relations website. A replay of the session will be made available afterwards.

To facilitate engagement, Ginkgo is encouraging participants to submit questions in advance. Questions can be posted on X (formerly Twitter) using the hashtag #GinkgoResults or sent via email to investors@ginkgobioworks.com.

Syngenta Crop Protection and Ginkgo Bioworks (NYSE: DNA) have announced a new collaboration to accelerate the launch of an innovative biological solution. Ginkgo will develop and optimize a microbial strain to meet Syngenta's productivity targets for a secondary metabolite from their Biologicals pipeline. This collaboration aims to enable cost-effective and large-scale production of the targeted metabolite, significantly expediting Syngenta's go-to-market timeline.

Ginkgo will leverage its Ag Biologicals capabilities, biological knowledge, and machine learning approaches to develop insights from complex data sources and apply them towards diagnosing strain performance limitations and biological feature discovery. This partnership builds on their previous collaboration on next-generation seed technology and underscores the growing importance of biologicals in sustainable agricultural practices.

Ginkgo Bioworks (NYSE: DNA) announced its participation in two investor conferences in May. On May 22, 2024, Ryan Morhard, Senior Director of Policy and Partnerships, will join the virtual Sustainable API Manufacturing panel during TD Cowen's 2nd Annual Sustainability Week at 4:25 pm ET. On May 30, 2024, Ena Cratsenburg, Chief Business Officer, will host a fireside chat at 10:40 am CT (11:40 am ET) at the Leerink Partners Healthcare Crossroads Conference. Further details, webcast links, and replays will be available on the company's investor relations website.

Sojitz, a prominent Japanese trading company, and Ginkgo Bioworks (NYSE: DNA), known for its cell programming and biosecurity platform, have entered into a binding definitive agreement to promote synthetic biology in Japan.

This collaboration aims to foster connections with key Japanese businesses to encourage sustainable production processes. Sojitz will leverage its extensive network within the Japanese bioeconomy to offer Ginkgo’s R&D services. The Japanese government has set an ambitious goal of achieving a $837 billion bioeconomy by 2050 as part of its climate commitments.

Ginkgo’s technology aims to replace petroleum and chemical-based manufacturing with bio-based alternatives. An upcoming presentation by Ginkgo’s co-founder, Tom Knight, will further detail this partnership at the SusHi Tech Tokyo 2024 conference on May 15th.

On May 7, 2024, Ginkgo Bioworks Holdings (NYSE: DNA) received a notice from the NYSE indicating non-compliance with Section 802.01C of the NYSE Listed Company Manual. This was due to the company's Class A common stock averaging less than $1 per share over a consecutive 30-day trading period. The notice does not lead to immediate delisting. Ginkgo must notify the NYSE within 10 business days of its intention to regain compliance, and it has a six-month period to meet the minimum price criteria. During this period, the stock will trade under the symbol 'DNA.BC' indicating non-compliance but will remain active on the NYSE. Ginkgo is exploring options to regain compliance.

Ginkgo Bioworks Holdings, Inc. (NYSE: DNA) reported first quarter 2024 financial results with a total revenue of $38 million, down 53% YoY. The company announced initiatives to reduce operating expenses by $200 million by mid-2025 to achieve Adjusted EBITDA breakeven by end of 2026. Despite a loss from operations of $(178) million, Ginkgo maintains a cash balance of $840 million. The company aims to simplify operations, expand partnerships, and introduce new offerings to drive revenue growth.

GreenLab partners with Ginkgo Bioworks to scale up production of brazzein, a novel sweetener found in the fruit of the West African Oubli plant. This partnership aims to revolutionize the sweetener industry by leveraging GreenLab's technology to grow proteins in corn kernels and Ginkgo's capabilities to optimize production. By using Plant Trait Services, Protein Services, and Deployment Capabilities, GreenLab intends to be a leading supplier of brazzein to food and beverage companies, reducing market and technical risks.