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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Amyris Inc | NASDAQ:AMRS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.05 | 0.053 | 0.054 | 0 | 01:00:00 |
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) May 5, 2015
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) | (IRS Employer Identification No.) |
5885 Hollis Street, Suite 100, Emeryville, CA | 94608 |
(Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: (510) 450-0761
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 May 5, 2015, Amyris, Inc. (the "Company") issued a press release announcing the Company's financial results for its first quarter ended March 31, 2015. A copy of this press release entitled "Amyris Reports First Quarter 2015 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
99.1
Press release, dated May 5, 2015, entitled "Amyris Reports First Quarter 2015 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.
Number
Description
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.
(Registrant) |
||
May 5, 2015
(Date) |
/s/ RAFFI ASADORIAN
Raffi Asadorian Chief Financial Officer |
EXHIBIT INDEX
Exhibit |
|
99.1 |
Press release, dated May 5, 2015, entitled "Amyris Reports First Quarter 2015 Financial Results" |
EXHIBIT 99.1
EMERYVILLE, Calif., May 5, 2015 (GLOBE NEWSWIRE) -- Amyris, Inc. (Nasdaq:AMRS), the industrial bioscience company, today announced financial results for the first quarter ended March 31, 2015.
"We're pleased with our continued execution toward diversifying and growing our revenue base through an expanding number of collaborations and product commercialization efforts," said John Melo, Amyris President & CEO. "During the quarter – and, more recently – we announced several key examples of these efforts, including several market opportunities in the cosmetics, biopharma and performance materials areas of our business. We are also seeing signs of increased end-user demand pull through in cosmetics for our squalane product as customer demand reported from our formulation partners is exceeding expectations."
Continued Melo, "We're experiencing strong early response and acceptance of our new product introductions and expect a strong second half in product revenue and collaboration inflows with strong support for delivering on our 2015 cash revenue inflows target of between $100 million to $110 million."
BUSINESS HIGHLIGHTS
Key operating and development highlights during the first quarter and, more recently, included:
Sales & Collaboration
Production
Financial Performance
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 income (loss) is calculated using GAAP net income (loss) excluding stock-based compensation, gains and losses from changes in fair value of derivatives and losses on debt extinguishment.
Cash revenue inflows represent GAAP product revenue plus the cash received from collaborations and grants. Cash revenue inflows are calculated using GAAP revenues and adding the related changes in accounts receivable and deferred liabilities 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 income (loss), cash revenue inflows, and other measures, is provided in the tables attached to this press release.
CONFERENCE CALL
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 a live audio webcast of this conference call and accompanying presentation 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 and will remain available for approximately 60 calendar days.
About Amyris
Amyris is a global renewable products company providing sustainable alternatives to a variety of non-renewable resources. Amyris uses its innovative bioscience technology to convert plant sugars into hydrocarbon molecules. Amyris creates ingredients and is commercializing its No Compromise® products in the flavors and fragrances, cosmetics, specialty fluids, polymers, lubricants, and fuels industries. Amyris Brasil Ltda., a subsidiary of Amyris, oversees the establishment and expansion of Amyris's production in Brazil. More information about Amyris 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 expectations for new collaborations and expansion to new markets, including development of biopharmaceutical collaborations and new products, anticipated revenue growth and diversification in 2015, the company's efforts to reduce operating expenses while improving its financial results, anticipated business momentum in the second half of 2015, reductions in production costs, and achievement of positive cash flow from operations, 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 those associated with any delays or failures in development, production and commercialization of products, liquidity and ability to fund capital expenditures, Amyris's reliance on third parties to achieve its goals, and other risks detailed in the "Risk Factors" section of Amyris's annual report on Form 10-K filed on March 31, 2015. 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,Neossance, Biossance, Muck Daddy, and Myralene are trademarks or registered trademarks of Amyris, Inc. All other trademarks are the property of their respective owners.
Amyris, Inc. | ||
Condensed Consolidated Balance Sheets | ||
(Unaudited) | ||
(In thousands) | ||
March 31, | December 31, | |
2015 | 2014 | |
Assets | ||
Current assets: | ||
Cash, cash equivalents and short-term investments | $ 44,948 | $ 43,422 |
Restricted cash | 561 | — |
Accounts receivable, net | 4,674 | 8,687 |
Related party accounts receivable | 688 | 455 |
Inventories, net | 11,377 | 14,506 |
Prepaid expenses and other current assets | 7,052 | 6,534 |
Total current assets | 69,300 | 73,604 |
Property, plant and equipment, net | 104,509 | 118,980 |
Restricted cash | 957 | 1,619 |
Equity and loans in affiliates | 1,627 | 2,260 |
Other assets | 10,576 | 13,635 |
Goodwill and intangible assets | 6,085 | 6,085 |
Total assets | $ 193,054 | $ 216,183 |
Liabilities and stockholders' deficit | ||
Current liabilities: | ||
Accounts payable | $ 4,649 | $ 3,489 |
Deferred revenue | 13,552 | 5,303 |
Accrued and other current liabilities | 14,978 | 13,565 |
Capital lease obligation, current portion | 277 | 541 |
Debt, current portion | 18,193 | 17,100 |
Total current liabilities | 51,649 | 39,998 |
Capital lease obligation, net of current portion | 254 | 275 |
Long-term debt, net of current portion | 93,132 | 100,122 |
Related party debt | 131,129 | 115,239 |
Deferred rent, net of current portion | 10,139 | 10,250 |
Deferred revenue, net of current portion | 7,793 | 6,539 |
Derivative liabilities | 76,577 | 59,736 |
Other liabilities | 8,299 | 9,087 |
Total liabilities | 378,972 | 341,246 |
Amyris, Inc. stockholders' deficit | (185,552) | (124,452) |
Noncontrolling interest | (366) | (611) |
Total stockholders' deficit | (185,918) | (125,063) |
Total liabilities and stockholders' deficit | $ 193,054 | $ 216,183 |
Amyris, Inc. | ||
Condensed Consolidated Statement of Operations | ||
(Unaudited) | ||
(In thousands, except per share data) | ||
Three Months Ended | ||
March 31, 2015 |
March 31, 2014 |
|
Revenues | ||
Renewables | $ 2,095 | $ 2,842 |
Related party renewables | -- | 3 |
Total product sales | 2,095 | 2,845 |
Grants and collaborations revenue | 5,777 | 3,196 |
Total grants and collaborations revenue | 5,777 | 3,196 |
Total revenues | 7,872 | 6,041 |
Costs and operating expenses | ||
Cost of products sold | 6,643 | 6,236 |
Loss on purchase commitments and write off of property, plant, and equipment | -- | 107 |
Research and development (1) | 12,010 | 12,986 |
Sales, general and administrative (1) | 14,381 | 13,399 |
Total costs and operating expenses | 33,034 | 32,728 |
Loss from operations | (25,162) | (26,687) |
Other income (expense): | ||
Gain (loss) from change in fair value of derivatives & debt extinguishment (2) | (17,412) | 47,970 |
Other expense, net | (8,765) | (4,816) |
Total other income (expense) | (26,177) | 43,154 |
Income (loss) before income taxes and loss from investments in affiliates | (51,339) | 16,467 |
Provision for income taxes | (115) | (111) |
Net income (loss) before loss from investments in affiliates | (51,454) | 16,356 |
Loss from investments in affiliates | (808) | -- |
Net income (loss) | $ (52,262) | $ 16,356 |
Net (income) loss attributable to noncontrolling interest | 22 | 29 |
Net income (loss) attributable to Amyris, Inc. common stockholders | $ (52,240) | $ 16,385 |
Net income (loss) per share attributable to common stockholders, basic | $ (0.66) | $ 0.21 |
Net loss per share attributable to common stockholders, diluted | $ (0.66) | $ (0.34) |
Weighted-average shares of common stock outstanding used in computing net income (loss) per share of common stock: | ||
Basic | 79,222,051 | 76,830,388 |
Diluted | 79,222,051 | 117,097,976 |
(1) Includes stock-based compensation expense of the following for the periods presented: | ||
Research and development | $ 716 | $ 798 |
Sales, general and administrative | 1,936 | 2,716 |
$ 2,652 | $ 3,514 | |
(2) For the first quarter of 2015, the Company recorded a non-cash loss from revaluation of its derivative liabilities of $17.4 million, 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 increased in the first quarter of 2015 primarily as a result of an increase in Amyris's stock price since December 31, 2014 and a decrease in the remaining term of the relevant convertible notes compared to December 31, 2014. | ||
Amyris, Inc. | ||
Reconciliation of GAAP to Non-GAAP Financial Information | ||
(Unaudited) | ||
(In thousands, except per share data) | ||
Three Months Ended | ||
March 31, 2015 |
March 31, 2014 |
|
Net income (loss) attributable to Amyris, Inc. common stockholders (GAAP) | $ (52,240) | $ 16,385 |
Stock-based compensation expense | 2,652 | 3,514 |
(Gain) loss from change in fair value of derivatives & debt extinguishment | 17,412 | (47,970) |
Net loss attributable to Amyris, Inc. common stockholders (Non-GAAP) | $ (32,176) | $ (28,071) |
Net income (loss) per share attributable to Amyris, Inc. common stockholders, basic (GAAP) | $ (0.66) | $ 0.21 |
Stock-based compensation expense | 0.03 | 0.04 |
(Gain) loss from change in fair value of derivatives & debt extinguishment | 0.22 | (0.62) |
Net loss per share attributable to Amyris, Inc. common stockholders, (Non-GAAP) | $ (0.41) | $ (0.37) |
Amyris, Inc. | ||
Reconciliation of GAAP to Non-GAAP Financial Information | ||
(Unaudited) | ||
(In thousands, except per share data) | ||
Three Months Ended | ||
March 31, 2015 |
March 31, 2014 |
|
Product sales (GAAP & Non-GAAP) | ||
Renewable product sales | $ 2,095 | $ 2,845 |
Product sales (GAAP & Non-GAAP) | $ 2,095 | $ 2,845 |
Grants and collaborations revenue (GAAP) | $ 5,777 | $ 3,196 |
Change in accounts receivable, deferred revenue and fundings associated with collaborations | 22,402 | 11,815 |
Collaborations Inflows (Non- GAAP) (1) | $ 28,179 | $ 15,011 |
Total Revenues (GAAP) | $ 7,872 | $ 6,041 |
Change in accounts receivable, deferred revenue and fundings associated with collaborations | 22,402 | 11,815 |
Total Cash Revenue Inflows (Non-GAAP) (1) | $ 30,274 | $ 17,856 |
Costs of products sold (GAAP) | $ 6,643 | $ 6,236 |
Depreciation and amortization | (1,231) | (1,370) |
Costs of products sold (Non- GAAP) | $ 5,412 | $ 4,866 |
Gross Profit (Non- GAAP) (2) | $ 24,862 | $ 12,990 |
Gross Margin (%) | 82.1% | 72.7% |
Research and development (GAAP) | $ 12,010 | $ 12,986 |
Stock-based compensation expense | (716) | (798) |
Depreciation and amortization | (1,885) | (2,061) |
Research and development (Non-GAAP) | $ 9,409 | $ 10,127 |
Sales, general and administrative (GAAP) | $ 14,381 | $ 13,399 |
Stock-based compensation expense | (1,936) | (2,716) |
Depreciation and amortization | (374) | (369) |
Sales, general and administrative (Non- GAAP) | $ 12,071 | $ 10,314 |
(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 three months ended March 31, 2015 and 2014, includes $10.8 million and zero, 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 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. |
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