Zymergen Reports Preliminary First Quarter 2021 Financial Results
Rhea-AI Summary
On May 24, 2021, Zymergen reported preliminary financial results for Q1 2021, highlighting a total revenue of $3.7 million, a 26% increase year-over-year. This growth was driven by R&D services and collaboration revenue. Operating expenses rose to $87.1 million, a 32.8% increase, primarily due to heightened R&D activities and costs related to its IPO. The net loss for the quarter was $84.6 million, with cash reserves at $121 million as of March 31, 2021. Zymergen successfully raised approximately $530 million in net proceeds from its IPO in April 2021.
Positive
- Q1 2021 revenue increased by 26% to $3.7 million.
- Successfully raised $530 million in net proceeds from IPO.
- Strengthened leadership by appointing Aindrea Campbell as Chief Manufacturing Officer.
Negative
- Operating expenses increased by 32.8% to $87.1 million.
- Net loss for the quarter was $84.6 million.
News Market Reaction – ZY
On the day this news was published, ZY gained 2.36%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
EMERYVILLE, Calif., May 24, 2021 (GLOBE NEWSWIRE) -- Zymergen Inc. (“Zymergen”), one of the world’s leading biofacturing companies, today reported preliminary financial results for the first quarter ended March 31, 2021.
“I am so proud of our team for their continued execution across our organization,” says Josh Hoffman, Zymergen CEO. “With biofacturing, we are committed to transforming what is possible by partnering with nature to make better products in a better way. I am confident that we are well positioned to execute on our strategy to develop and sell superior products across multiple markets, this year and beyond.”
Recent Highlights
- Completed initial public offering in April 2021, raising
$575 million in gross proceeds - Strengthened leadership by adding Aindrea Campbell as Chief Manufacturing Officer, a seasoned industry veteran who will be instrumental in the scaling of Zymergen’s production capabilities
First Quarter 2021 Financial Results
Total revenue was
Total operating expenses for the first quarter of 2021 were
Net loss in the first quarter of 2021 was
Cash and cash equivalents were
Webcast Information
Zymergen will host a conference call to discuss the first quarter 2021 financial results after market close on Monday, May 24, 2021 at 1:30 pm Pacific Time / 4:30 pm Eastern Time. A webcast of the conference call can be accessed at https://investors.zymergen.com/. The webcast will be archived and available for replay for at least 90 days after the event.
About Zymergen
Zymergen is a biofacturing company using biology to reimagine the world. Zymergen partners with nature to design, develop and manufacture bio-based breakthrough products that deliver value to customers in a broad range of industries. A unique combination of biology, chemistry, software and automation enables the company to design and create new materials.
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on the Company’s beliefs and assumptions and on information currently available to it on the date of this press release. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements, including but not limited to statements regarding our timing and ability to execute on our strategy to develop and sell superior products across multiple markets, this year and beyond. These and other risks are described more fully in the Company’s filings with the Securities and Exchange Commission (“SEC”), including the Company’s prospectus dated April 23, 2021 filed with the SEC pursuant to Rule 424 under the Securities Act of 1933, and other documents the Company subsequently files with the SEC from time to time, including the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
Investor Contact
Niraj Javeri
investors@zymergen.com
Media Contact
Mike Dulin
mdulin@zymergen.com
502-777-2029
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
(unaudited)
| Three Months Ended March 31, | ||||||||||
| 2021 | 2020 | |||||||||
| Revenue | $ | 3,735 | $ | 2,954 | ||||||
| Operating expenses: | ||||||||||
| Cost of service revenue | 21,130 | 24,576 | ||||||||
| Research and development | 39,811 | 21,802 | ||||||||
| Sales and marketing | 6,872 | 5,541 | ||||||||
| General and administrative | 19,331 | 13,693 | ||||||||
| Total operating expenses | 87,144 | 65,612 | ||||||||
| Loss from operations | (83,409 | ) | (62,658 | ) | ||||||
| Other income (expense): | ||||||||||
| Interest income | 43 | 377 | ||||||||
| Interest and other expense | (1,211 | ) | (3,166 | ) | ||||||
| Total other expense | (1,168 | ) | (2,789 | ) | ||||||
| Loss before income taxes | (84,577 | ) | (65,447 | ) | ||||||
| (Provision for) benefit from income taxes | (8 | ) | 107 | |||||||
| Net loss | $ | (84,585 | ) | $ | (65,340 | ) | ||||
| Net loss per share attributable to common stockholders, basic | $ | (6.51 | ) | $ | (5.77 | ) | ||||
| Net loss per share attributable to common stockholders, diluted | $ | (6.51 | ) | $ | (5.77 | ) | ||||
| Weighted-average shares used in computing net loss per share to common stockholders, basic | 12,996,344 | 11,322,626 | ||||||||
| Weighted-average shares used in computing net loss per share to common stockholders, diluted | 13,340,457 | 11,322,626 | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
| As of March 31, 2021 | As of December 31, 2020 | |||||||||
| ASSETS | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 121,035 | $ | 210,205 | ||||||
| Accounts receivable, billed and unbilled | 4,116 | 4,175 | ||||||||
| Inventory | 5,683 | 4,969 | ||||||||
| Other current assets | 8,896 | 9,225 | ||||||||
| Total current assets | 139,730 | 228,574 | ||||||||
| Property and equipment, net | 55,462 | 48,718 | ||||||||
| Goodwill | 11,604 | 11,604 | ||||||||
| Intangible assets, net | 4,443 | 4,790 | ||||||||
| Other assets | 15,993 | 11,235 | ||||||||
| Total assets | $ | 227,232 | $ | 304,921 | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
| Current liabilities: | ||||||||||
| Accounts payable, accrued and other liabilities | $ | 37,520 | $ | 38,985 | ||||||
| Short-term debt, net | — | 79,331 | ||||||||
| Other current liabilities | 2,790 | 3,142 | ||||||||
| Total current liabilities | 40,310 | 121,458 | ||||||||
| Long-term debt, net | 79,615 | — | ||||||||
| Warrant liabilities | 11,952 | 14,231 | ||||||||
| Other long-term liabilities | 15,490 | 12,170 | ||||||||
| Total liabilities | 147,367 | 147,859 | ||||||||
| Convertible preferred stock | 900,798 | 900,798 | ||||||||
| Total stockholders' deficit | (820,933 | ) | (743,736 | ) | ||||||
| Total liabilities and redeemable convertible preferred stock and stockholders' deficit | $ | 227,232 | $ | 304,921 | ||||||
FAQ
What were Zymergen's Q1 2021 financial results?
How much did Zymergen raise in its IPO?
What contributed to the increase in Zymergen's operating expenses?
Who was appointed as Chief Manufacturing Officer at Zymergen?
What is Zymergen's cash position as of March 31, 2021?
