activities (49,151) (34,019)
--------------------------------- ----------------------------------
Cash flows from financing
activities:
Proceeds from exercise of
stock options 84 79
Principal payments on finance
leases (694) (977)
Contingent consideration
payment (922) (1,082)
Other (4) (604)
--------------------------------- ----------------------------------
Net cash used in financing
activities (1,536) (2,584)
--------------------------------- ----------------------------------
Effect of foreign exchange
rates on cash and cash
equivalents (208) (690)
--------------------------------- ----------------------------------
Net decrease in cash, cash
equivalents and restricted
cash (328,045) (274,962)
Cash and cash equivalents,
beginning of period 944,073 1,315,792
Restricted cash, beginning of
period 45,511 53,789
--------------------------------- ----------------------------------
Cash, cash equivalents and
restricted cash, beginning
of period 989,584 1,369,581
Cash and cash equivalents,
end of period 616,214 1,049,244
Restricted cash, end of
period 45,325 45,375
--------------------------------- ----------------------------------
Cash, cash equivalents and
restricted cash, end of
period $ 661,539 $ 1,094,619
================================= ==================================
Selected Non-GAAP Financial Measures
(in thousands, unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
---------------------------------- ------------------------------------
2024 2023 2024 2023
---------------- ---------------- ----------------- -----------------
Net loss (1) $ (56,403) $ (302,891) $ (439,495) $ (681,175)
Interest income,
net (9,251) (15,020) (31,275) (43,914)
Income tax
expense
(benefit) (375) (22) (154) 127
Depreciation and
amortization 17,171 21,060 47,368 57,670
---------------- ---------------- ----------------- -----------------
EBITDA (48,858) (296,873) (423,556) (667,292)
Stock-based
compensation
(2) 14,013 53,647 94,636 191,324
Impairment
expense (3) -- 112,403 47,858 121,404
Restructuring
charges (4) 2,949 -- 20,015 --
Merger and
acquisition
related expenses
(5) (796) 12,253 6,110 43,127
Loss on equity
method
investments -- -- -- 1,516
Loss on
investments 6,912 36,324 16,282 44,815
Loss on
deconsolidation
of subsidiary 7,013 -- 7,013 --
Change in fair
value of warrant
liabilities (1,528) (1,891) (5,701) 1,387
Change in fair
value of
convertible
notes 281 317 1,127 121
Adjusted EBITDA $ (20,014) $ (83,820) $ (236,216) $ (263,598)
================ ================ ================= =================
(1) All periods include non-cash revenue when earned, including $45.4 million
in the three and nine months ended September 30, 2024, recognized
pursuant to the termination of revenue contracts with Motif.
(2) Includes $0.2 million and $1.1 million in employer payroll taxes for the
three months ended September 30, 2024 and 2023, respectively, and $2.9
and $4.3 million for the nine months ended September 30, 2024 and 2023,
respectively.
(3) For 2024, includes $47.9 million related to goodwill impairment. For the
three months ended September 30, 2023, includes a $16.2 million
impairment loss on lab equipment and a $96.2 million impairment loss on
an operating lease right-of-use asset and related leasehold improvements
associated with an exited Zymergen leased facility. For the nine months
ended September 30, 2023, includes a $25.2 million impairment loss on lab
equipment and a $96.2 million impairment loss on lease assets associated
with the exited Zymergen leased facility.
(4) Restructuring charges consist of employee termination costs from the
reduction in force commenced in June 2024, as well as the impairment of a
right-of-use asset relating to facilities consolidation.
(5) Represents transaction and integration costs directly related to mergers
and acquisitions, including: (i) due diligence, legal, consulting and
accounting fees associated with acquisitions, (ii) post-acquisition
employee retention bonuses and severance payments, (iii) the fair value
adjustments to contingent consideration liabilities resulting from
acquisitions, (iv) costs associated with the Zymergen Bankruptcy, as well
as securities litigation costs, net of insurance recovery. Not included
in this adjustment are non-cash charges for acquired in-process research
and development expenses, which totaled $19.8 million and $4.0 million in
the nine months ended September 30, 2024 and 2023, respectively.
Ginkgo Bioworks Holdings, Inc.
Segment Information
(in thousands, unaudited)
Nine Months Ended September
Three Months Ended September 30, 30,
--------------------------------- ------------------------------
2024 2023 2024 2023
---------------- --------------- -------------- --------------
Revenue:
Cell
Engineering $ 75,089 $ 37,176 $ 139,183 $ 116,555
Biosecurity 13,957 18,254 44,013 100,145
Total revenue 89,046 55,430 183,196 216,700
Segment cost of
revenue:
Cell
Engineering 2,016 -- 3,930 --
Biosecurity 9,987 6,923 30,996 47,394
Segment
research and
development
expense:
Cell
Engineering 57,201 90,889 253,790 275,494
Biosecurity 141 313 720 1,408
Total segment
research and
development
expense 57,342 91,202 254,510 276,902
Segment general
and
administrative
expense:
Cell
Engineering 29,319 42,617 103,167 155,216
Biosecurity 10,040 12,207 33,169 42,862
Total segment
general and
administrative
expense 39,359 54,824 136,336 198,078
Segment
operating
(loss) income:
Cell
Engineering (13,447) (96,330) (221,704) (314,155)
Biosecurity (6,211) (1,189) (20,872) 8,481
Total segment
operating
loss (19,658) (97,519) (242,576) (305,674)
---------------- --------------- -------------- --------------
Operating
expenses not
allocated to
segments:
Stock-based
compensation
(1) 14,013 53,647 94,636 191,324
Depreciation
and
amortization 17,171 21,060 47,368 57,670
Impairment
expense (2) -- 112,403 47,858 121,404
Restructuring
charges 2,949 -- 20,015 --
Change in fair
value of
contingent
consideration
liability 1,413 1,764 3,698 10,217
Loss from
operations $ (55,204) $ (286,393) $ (456,151) $ (686,289)
================ =============== ============== ==============
(1) Includes $0.2 million and $1.1 million in employer payroll taxes for the
three months ended September 30, 2024 and 2023, respectively, and $2.9
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November 12, 2024 17:01 ET (22:01 GMT)
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