Amyris signs record number of collaborations in second quarter
Amyris Inc.
August 5, 2016
BY Erin Voegele
On Aug. 4, Amyris Inc. released financial results for the second quarter of 2016, reporting the company signed more collaborations during the three-month period than it had during any previous quarter. New collaborations include those with Givaudan, Ginko Bioworks, the Bill & Melinda Gates Foundation, and Janssen Biotech, combined with the recently announced collaboration with Biogen. According to Amyris, these collaborations have already delivered $20 million in payments and are expected to increase revenues during the second half of the year.
“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, president and CEO of Amyris. “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.”
During an investor call, Melo said Amyris has successfully transitioned itself beyond biofuels, into an industrial biotechnology company. He spoke about the company’s work in the cosmetics, fragrance, flavors, biopharmaceutical and nutraceutical markets. Also during the call, Raffi Asadorian, chief financial officer of Amyris, noted that the company elected not to sell and diesel fuel during the quarter.
A press release issued by the company also indicates the company jointly announced a two-year biojet agreement with Cathay Pacific, with the initial flight held May 12. The flight was the longest flight to date using renewable jet fuel. Fuel for the flight was supplied through the Amyris Total partnership. Also during the second quarter, American Refining Group made a 33.3 percent equity investment in Novvi LLC, a joint venture of Amyris and Cosan, that produces high-performance renewable lubricants.
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Revenues for the second quarter were $9.6 million, up from $7.8 million during the same period of 2015. Product revenue was $4.9 million, up from $3.3 million during the second quarter of last year. Net loss attributable to Amyris common stockholders was $13.6 million, or 6 cents per basic share. Adjusted net loss was $32.7 million, or 15 cents per basic share.
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