$251 million of
Total revenue in 2023
$139 million in
Cell Engineering services revenue, representing 31% growth over
2022
78 new Cell Programs added in 2023,
representing 32% growth over 2022 and continued penetration in
biopharma
Year-end cash balance of nearly $950 million provides meaningful multi-year
runway as we drive towards profitability and begin recognizing
benefits from improved platform efficiency
BOSTON, Feb. 29,
2024 /PRNewswire/ -- Ginkgo Bioworks Holdings, Inc.
(NYSE: DNA, "Ginkgo"), which is building the leading platform for
cell programming and biosecurity, today announced its results for
the fourth quarter and year ended December
31, 2023. The update, including a webcast slide presentation
and supplemental financial information, will be available at
investors.ginkgobioworks.com.
"2023 was a breakout year for Ginkgo," said Jason Kelly, co-founder and CEO of Ginkgo.
"We're working to build a durable platform that fundamentally
transforms R&D in biotech. I'm particularly pleased with our
growth in biopharma, which represents our largest untapped market -
we added several new programs across modalities with large
enterprises including Boehringer Ingelheim, Merck, Novo Nordisk,
and Pfizer and are seeing strong momentum in pharma going into
2024. I am also thrilled to see a real ecosystem building around
Ginkgo - we're honored by the trust placed in us by the terrific
founders of Patch Biosciences, Reverie Labs, and Proof Diagnostics
to bring their technologies to customers and by the over 25
inaugural partners in our newly announced Technology Network. We
are committed to bringing the best technologies together to support
our customers, and we've never been better positioned to
deliver."
Recent Business Highlights & Strategic
Positioning
- Added 78 new Cell Engineering Programs in 2023, representing
32% growth over the prior year period
- Ginkgo's Cell Engineering segment generated services revenue,
which does not include downstream value share revenue, of
$139 million in 2023, a 31% increase
versus 2022
- Ginkgo's Biosecurity segment generated $108 million of revenue in 2023 as the
Biosecurity business shifted to a more recurring model focused on
global reach and multiple pathogens to build a long-term
biosecurity global infrastructure
- Ginkgo continues to expand its global bioradar network—now in
14 countries and 10 airports—and advance capabilities for
multi-target and multimodal biological threat detection,
characterization, and forecasting for next-generation biological
intelligence
- Ginkgo is partnering with the Qatar Free Zones Authority (QFZ)
and Doha Venture Capital (DVC) to build a Center for Unified
Biosecurity Excellence in Doha
(CUBE-D), envisioned as the first of several hubs for biosecurity
sample and data analysis in our global network
- Ginkgo is partnering with Illumina, a global leader in DNA
sequencing and array-based technologies, to advance localized
biosecurity capabilities in countries around the world
- Downstream value share – which consists of potential value to
Ginkgo from its Cell Engineering customers and includes potential
royalties, milestone payments, and equity interests – is an
important component of the financial potential of most programs. As
of December 31, 2023 Ginkgo has
approximately $2.4 billion in
aggregate revenue potential from downstream milestone payments
alone in addition to royalties.
- Ginkgo recently announced the launch of its Technology Network
of over 25 companies, creating a more integrated approach to
biotech R&D. Ginkgo has a long history of integrating diverse
technologies to deliver on customers' complex program goals and
believes that customers should not have to choose a technical
approach prematurely but should be able to test many approaches in
an unbiased way. Ginkgo customers will be able to benefit from the
integration of technologies from network partners in their
programs, and Ginkgo expects to expand the network based on
customer needs and feedback.
- Ginkgo also announced several acquisitions including Patch
Biosciences, Proof Diagnostics and Reverie Labs. These acquisitions
are expected to expand Ginkgo's capabilities in AI and
biopharma.
Fourth Quarter 2023 Financial Highlights
- Fourth quarter 2023 Total revenue of $35
million, down from $98 million
in the comparable prior year period, a decrease of 65% primarily
driven by the expected ramp down of K-12 testing in Ginkgo's
Biosecurity segment and the impact of Cell Engineering downstream
value share from equity milestones in 2022 that did not recur in
2023
- Fourth quarter 2023 Cell Engineering services revenue, which
does not include downstream value share revenue, of $27 million, down 26% from $36 million in the comparable prior year period.
There was no material downstream value share revenue received in
the fourth quarter of 2023.
- Fourth quarter 2023 Biosecurity revenue of $8 million with gross profit margin of 15% is
reflective of the early stages of transitioning to a more recurring
business model
- Fourth quarter 2023 Loss from operations of $(178) million (inclusive of stock-based
compensation expense of $44 million),
compared to Loss from operations of $(231)
million in the comparable prior year period (inclusive of
stock-based compensation expense of $111
million). Just under half of the stock-based compensation
expense relates to the continued GAAP accounting for the
modification of restricted stock units issued prior to Ginkgo
becoming a public company, as disclosed in our annual report on
Form 10-K filed with the SEC on March 13,
2023, and which we expect to continue to ramp down
significantly in the coming quarters.
- Fourth quarter 2023 Adjusted EBITDA of $(96) million, down from $(76) million in the comparable prior year period
driven by the decline in Total revenue partially offset by a
decline in operating expenses
- Cash and cash equivalents balance as of the end of the fourth
quarter of $944 million puts Ginkgo
in a strong financial position to pursue its strategic
objectives
Full Year 2023 Financial Highlights
- Full year 2023 Total revenue of $251
million, down from $478
million in the prior year, a decrease of 47% as Biosecurity
revenue transitioned from K-12 testing to a more recurring business
model
- Full year 2023 Cell Engineering revenue of $144 million remained stable over the prior year,
representing 31% growth in services revenue offset by a decrease in
downstream value share from equity milestones
- Full year 2023 Biosecurity revenue of $108 million, down from $334 million in the prior year, a decrease of
68%, with full year 2023 Biosecurity gross profit margin of
50%
- Full year 2023 Loss from operations of $(864) million (inclusive of stock-based
compensation expense of $235
million), compared to $(2.2)
billion (inclusive of stock-based compensation expense of
$1.9 billion) in the prior year
- Full year 2023 Adjusted EBITDA of $(355)
million, down from $(173)
million in the prior year
Full Year 2024 Guidance
- Ginkgo expects to add 100-120 new Cell Programs to the Cell
Engineering platform in 2024
- Ginkgo expects Total revenue of $215-$235 million
in 2024
- Ginkgo expects Cell Engineering services revenue of
$165-185 million in 2024 driven by
expected growth in biopharma and government programs. This guidance
excludes the impact of any potential downstream value share
revenue.
- Ginkgo expects Biosecurity revenue in 2024 of at least
$50 million, representing approximate
current contracted backlog, with potential upside from additional
opportunities in the pipeline
Conference Call Details
Ginkgo will host a
videoconference today, Thursday, February
29, 2024, beginning at 5:30 p.m.
ET. The presentation will include an overview of the fourth
quarter and full year financial performance, recent business
updates, a discussion on Ginkgo's outlook, as well as a moderated
question and answer session.
To ask a question ahead of the presentation, please submit your
questions to @Ginkgo on X (hashtag #GinkgoResults) or by
sending an e-mail to investors@ginkgobioworks.com.
A webcast link is available on Ginkgo's Investor Relations
website and a replay will be made available following the
presentation.
Ginkgo Investor Website:
https://investors.ginkgobioworks.com/events/
Audio-Only Dial Ins:
+1 646 876 9923 (New York)
+1 301 715 8592 (Washington
DC)
+1 312 626 6799 (Chicago)
+1 669 900 6833 (San Jose)
+1 253 215 8782 (Tacoma)
+1 346 248 7799 (Houston)
+1 408 638 0968 (San Jose)
Webinar ID: 928 9136 7332
If you experience technical difficulties with any of these
dial-ins or if you need international dial-in numbers, please visit
our web site at https://investors.ginkgobioworks.com/events/ for
updated dial-in information.
About Ginkgo Bioworks
Ginkgo Bioworks is the leading
horizontal platform for cell programming, providing flexible,
end-to-end services that solve challenges for organizations across
diverse markets, from food and agriculture to pharmaceuticals to
industrial and specialty chemicals. Ginkgo's biosecurity and public
health unit, Concentric by Ginkgo, is building global
infrastructure for biosecurity to empower governments, communities,
and public health leaders to prevent, detect and respond to a wide
variety of biological threats. For more information, visit
ginkgobioworks.com and concentricbyginkgo.com, read our blog, or
follow us on social media channels such as X (@Ginkgo and
@ConcentricByGBW), Instagram (@GinkgoBioworks), Threads
(@GinkgoBioworks) or LinkedIn.
Forward-Looking Statements of Ginkgo Bioworks
This
press release, the presentation, and the conference call and
webcast contain certain forward-looking statements within the
meaning of the federal securities laws, including statements
regarding our plans, strategies, including with respect to our
balance sheet and cash runway, acquisitions, current expectations,
operations and anticipated results of operations, both business and
financial, including opportunities for increased operational
efficiency, our manufacturing capabilities, potential customer
success, including successful application of our offerings by our
customers, the capabilities and potential operational and financial
success of our acquisitions, partnerships and collaborations, and
expected timing thereof, expectations with regard to revenue, the
nature of such revenue and any related downstream value share
associated with such revenue, funding that is contingent upon
Ginkgo's achievement of milestones, expenses, including our
stock-based compensation expenses, our full year 2024 outlook, the
future security and commercial applications of the BIOINT
industry, the expansion, timing and potential capabilities of our
bioradar network and the national biodefense strategy, plans to
develop and deploy AI tools for biology and biosecurity for both
internal use and external release, including the expected timing
thereof, and the market environment, all of which are subject to
known and unknown risks, uncertainties and other factors that may
cause our actual results, performance or achievements, market
trends, or industry results to differ materially from those
expressed or implied by such forward-looking statements. These
forward-looking statements generally are identified by the words
"believe," "can," "project," "potential," "expect," "anticipate,"
"estimate," "intend," "strategy," "future," "opportunity," "plan,"
"may," "should," "will," "would," "will be," "will continue," "will
likely result," and similar expressions. Forward-looking statements
are predictions, projections and other statements about future
events that are based on current expectations and assumptions and,
as a result, are subject to risks and uncertainties. Many factors
could cause actual future events to differ materially from the
forward-looking statements in this document, including but not
limited to: (i) volatility in the price of Ginkgo's securities due
to a variety of factors, including changes in the competitive and
highly regulated industries in which Ginkgo operates and plans to
operate, variations in performance across competitors, and changes
in laws and regulations affecting Ginkgo's business, (ii) the
ability to implement business plans, forecasts, and other
expectations, and to identify and realize additional business
opportunities, (iii) the risk of downturns in demand for products
using synthetic biology, (iv) the uncertainty regarding the demand
for passive monitoring programs and biosecurity services, (v)
changes to the biosecurity industry, including due to advancements
in technology, emerging competition and evolution in industry
demands, standards and regulations, (vi) the outcome of any pending
or potential legal proceedings against Ginkgo, (vii) our ability to
realize the expected benefits from and the success of our Foundry
platform programs, (viii) our ability to successfully develop
engineered cells, bioprocesses, data packages or other
deliverables, and (ix) the product development or commercialization
success of our customers. The foregoing list of factors is not
exhaustive. You should carefully consider the foregoing factors and
the other risks and uncertainties described in the "Risk Factors"
section of Ginkgo's most recent quarterly report on Form 10-Q filed
with the U.S. Securities and Exchange Commission (the "SEC"), and
other documents filed by Ginkgo from time to time with the SEC.
These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and Ginkgo assumes no obligation and does not intend to
update or revise these forward-looking statements, whether as a
result of new information, future events, or otherwise. Ginkgo does
not give any assurance that it will achieve its
expectations.
Use of Non-GAAP Financial Measures
Certain of the
financial measures included in this release, including Adjusted
EBITDA, have not been prepared in accordance with generally
accepted accounting principles ("GAAP"), and constitute "non-GAAP
financial measures" as defined by the SEC. Ginkgo has included
these non-GAAP financial measures because it believes they provide
an additional tool for investors to use in evaluating Ginkgo's
financial performance and prospects. Due to the nature and/or size
of the items being excluded, such items do not reflect future
gains, losses, expenses or benefits and are not indicative of our
future operating performance. These non-GAAP financial measures are
supplemental to, and should not be considered in isolation from, or
as an alternative to, financial measures determined in accordance
with GAAP. In addition, these non-GAAP financial measures may
differ from non-GAAP financial measures with comparable names used
by other companies. See the reconciliation below for additional
information regarding certain of the non-GAAP financial measures
included in this release, including a description of these non-GAAP
financial measures and a reconciliation of the historic measures to
Ginkgo's most comparable GAAP financial measures.
Ginkgo Bioworks Contacts:
INVESTOR
CONTACT:
investors@ginkgobioworks.com
MEDIA
CONTACT:
press@ginkgobioworks.com
Ginkgo Bioworks
Holdings, Inc.
|
Condensed Consolidated
Balance Sheets
|
(in thousands, except
per share data, unaudited)
|
|
|
As of December
31,
|
|
2023
|
|
2022
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
944,073
|
|
$
1,315,792
|
Accounts receivable,
net
|
17,157
|
|
80,907
|
Accounts receivable -
related parties
|
742
|
|
1,558
|
Prepaid expenses and
other current assets
|
39,777
|
|
51,822
|
Total current
assets
|
1,001,749
|
|
1,450,079
|
Property, plant and
equipment, net
|
188,193
|
|
314,773
|
Operating lease
right-of-use assets
|
206,801
|
|
400,762
|
Investments
|
78,565
|
|
112,188
|
Equity method
investments
|
—
|
|
1,543
|
Intangible assets,
net
|
82,741
|
|
111,041
|
Goodwill
|
49,238
|
|
60,210
|
Other non-current
assets
|
58,055
|
|
88,725
|
Total assets
|
$
1,665,342
|
|
$
2,539,321
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
9,323
|
|
$
10,451
|
Deferred
revenue
|
44,486
|
|
47,817
|
Accrued expenses and
other current liabilities
|
110,051
|
|
114,694
|
Total current
liabilities
|
163,860
|
|
172,962
|
Non-current
liabilities:
|
|
|
|
Deferred revenue, net
of current portion
|
158,062
|
|
174,767
|
Operating lease
liabilities, non-current
|
221,835
|
|
413,256
|
Warrant
liabilities
|
5,700
|
|
10,868
|
Other non-current
liabilities
|
18,733
|
|
31,191
|
Total
liabilities
|
568,190
|
|
803,044
|
Stockholders'
equity:
|
|
|
|
Preferred stock,
$0.0001 par value; 200,000 shares authorized; none
issued
|
—
|
|
—
|
Common stock, $0.0001
par value
|
199
|
|
190
|
Additional paid-in
capital
|
6,385,997
|
|
6,136,378
|
Accumulated
deficit
|
(5,290,528)
|
|
(4,397,659)
|
Accumulated other
comprehensive income (loss)
|
1,484
|
|
(2,632)
|
Total stockholders'
equity
|
1,097,152
|
|
1,736,277
|
Total liabilities and
stockholders' equity
|
$
1,665,342
|
|
$
2,539,321
|
Ginkgo Bioworks
Holdings, Inc.
|
Condensed Consolidated
Statements of Operations and Comprehensive Loss
|
(in thousands, except
per share data, unaudited)
|
|
|
Three Months Ended
December 31,
|
|
Year Ended December
31,
|
|
2023
|
2022
|
|
2023
|
2022
|
Cell Engineering
revenue
|
$
26,976
|
$
53,257
|
|
$
143,531
|
$
143,666
|
Biosecurity
revenue:
|
|
|
|
|
|
Product
|
—
|
12,431
|
|
28,949
|
35,455
|
Service
|
7,779
|
32,597
|
|
78,975
|
298,585
|
Total
revenue
|
34,755
|
98,285
|
|
251,455
|
477,706
|
Costs and operating
expenses:
|
|
|
|
|
|
Cost of Biosecurity
product revenue
|
—
|
7,447
|
|
7,481
|
20,646
|
Cost of Biosecurity
service revenue
|
6,611
|
22,771
|
|
46,524
|
183,570
|
Research and
development
|
117,038
|
177,548
|
|
580,621
|
1,052,643
|
General and
administrative
|
89,223
|
121,383
|
|
385,025
|
1,429,799
|
Impairment of lease
assets
|
—
|
—
|
|
96,210
|
—
|
Total operating
expenses
|
212,872
|
329,149
|
|
1,115,861
|
2,686,658
|
Loss from
operations
|
(178,117)
|
(230,864)
|
|
(864,406)
|
(2,208,952)
|
Other income
(expense):
|
|
|
|
|
|
Interest
income
|
13,303
|
11,441
|
|
57,217
|
20,262
|
Interest
expense
|
(93)
|
(106)
|
|
(93)
|
(106)
|
Loss on equity method
investments
|
(1,119)
|
10,003
|
|
(2,635)
|
(43,761)
|
Loss on
investments
|
(10,012)
|
(13,354)
|
|
(54,827)
|
(53,335)
|
Change in fair value of
warrant liabilities
|
6,555
|
28,871
|
|
5,168
|
124,970
|
(Loss) gain on
deconsolidation of subsidiaries
|
(42,502)
|
—
|
|
(42,502)
|
31,889
|
Other income (expense),
net
|
93
|
6,161
|
|
9,138
|
7,634
|
Total other income
(expense), net
|
(33,775)
|
43,016
|
|
(28,534)
|
87,553
|
Loss before income
taxes
|
(211,892)
|
(187,848)
|
|
(892,940)
|
(2,121,399)
|
Income tax
benefit
|
(198)
|
(14,770)
|
|
(71)
|
(15,027)
|
Net loss
|
(211,694)
|
(173,078)
|
|
(892,869)
|
(2,106,372)
|
Loss attributable to
non-controlling interest
|
—
|
2,390
|
|
—
|
(1,443)
|
Net loss attributable
to Ginkgo Bioworks Holdings, Inc. stockholders
|
$ (211,694)
|
$ (175,468)
|
|
$
(892,869)
|
$
(2,104,929)
|
Net loss per share
attributable to Ginkgo Bioworks Holdings, Inc.
common
stockholders:
|
|
|
|
|
|
Basic
|
$
(0.11)
|
$
(0.09)
|
|
$
(0.46)
|
$
(1.25)
|
Diluted
|
$
(0.11)
|
$
(0.10)
|
|
$
(0.46)
|
$
(1.25)
|
Weighted average common
shares outstanding:
|
|
|
|
|
|
Basic
|
1,977,708
|
1,854,952
|
|
1,944,420
|
1,679,061
|
Diluted
|
1,978,843
|
1,856,610
|
|
1,944,420
|
1,679,839
|
Comprehensive
loss:
|
|
|
|
|
|
Net loss
|
$ (211,694)
|
$ (173,078)
|
|
$
(892,869)
|
$
(2,106,372)
|
Other comprehensive
loss:
|
|
|
|
|
|
Foreign currency
translation adjustment
|
4,383
|
5,278
|
|
4,116
|
(917)
|
Total other
comprehensive gain (loss)
|
4,383
|
5,278
|
|
4,116
|
(917)
|
Comprehensive
loss
|
$ (207,311)
|
$ (167,800)
|
|
$
(888,753)
|
$
(2,107,289)
|
|
(1)
|
R&D and G&A
expenses included a significant charge for stock-based compensation
expense as a result of the modification of the vesting terms of
RSUs and related earnout shares. Total stock-based compensation
expense, inclusive of employer payroll taxes, was allocated as
follows (in thousands):
|
|
Three Months Ended
December 31,
|
|
Year Ended December
31,
|
(in
thousands)
|
2023
|
2022
|
|
2023
|
2022
|
Research and
development
|
$
26,775
|
$
68,171
|
|
$
148,861
|
$
738,821
|
General and
administrative
|
16,809
|
43,059
|
|
86,047
|
1,202,099
|
Total
|
$
43,584
|
$
111,230
|
|
$
234,908
|
$
1,940,920
|
Ginkgo Bioworks
Holdings, Inc.
|
Condensed Consolidated
Statements of Cash Flows
|
(in thousands,
unaudited)
|
|
|
Year Ended December
31,
|
|
2023
|
|
2022
|
Cash flows from
operating activities:
|
|
|
|
Net loss
|
$
(892,869)
|
|
$
(2,106,372)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
Depreciation and
amortization
|
70,507
|
|
42,552
|
Stock-based
compensation
|
229,884
|
|
1,930,641
|
Non-cash customer
consideration
|
(1,373)
|
|
(34,263)
|
Loss on equity method
investments
|
2,635
|
|
43,761
|
Loss on
investments
|
54,827
|
|
53,335
|
Change in fair value of
notes receivable
|
2,416
|
|
(3,757)
|
Change in fair value of
warrant liabilities
|
(5,168)
|
|
(124,970)
|
Change in fair value of
contingent consideration liability
|
9,168
|
|
(1,262)
|
Loss (gain) on
deconsolidation of subsidiaries
|
42,502
|
|
(31,889)
|
Impairment of
long-lived assets
|
121,404
|
|
—
|
Deferred income tax
benefit
|
(801)
|
|
(14,609)
|
Loss on disposal of
equipment
|
842
|
|
3,091
|
Non-cash lease
expense
|
28,313
|
|
19,082
|
Non-cash in-process
research and development
|
9,182
|
|
1,162
|
Amortization of finance
lease right-of-use assets
|
1,047
|
|
1,871
|
Non-cash severance and
retention bonus expense associated with an acquisition
|
—
|
|
6,152
|
Other non-cash
activity
|
2,147
|
|
283
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
50,068
|
|
55,024
|
Prepaid expenses and
other current assets
|
10,473
|
|
(8,523)
|
Operating lease
right-of-use assets
|
9,275
|
|
13,233
|
Other non-current
assets
|
2,570
|
|
921
|
Accounts
payable
|
(1,183)
|
|
(10,844)
|
Accrued expenses and
other current liabilities
|
16,899
|
|
(39,639)
|
Deferred revenue,
current and non-current
|
(35,917)
|
|
(36,417)
|
Operating lease
liabilities, current and non-current
|
(22,800)
|
|
(10,792)
|
Other non-current
liabilities
|
452
|
|
31
|
Net cash used in
operating activities
|
(295,500)
|
|
(252,198)
|
Cash flows from
investing activities:
|
|
|
|
Purchases of property
and equipment
|
(40,801)
|
|
(52,271)
|
Deconsolidation of
subsidiaries - cash
|
(42,980)
|
|
(55,721)
|
Business acquisitions,
net of cash acquired
|
—
|
|
82,367
|
Asset acquisitions, net
of cash acquired
|
—
|
|
(7,639)
|
Purchases of notes
receivable
|
(350)
|
|
(40,000)
|
Proceeds from notes
receivable
|
—
|
|
10,000
|
Purchase of investment
in equity securities
|
—
|
|
(3,691)
|
Proceeds from sale of
equipment
|
4,428
|
|
—
|
Other
|
(990)
|
|
(439)
|
Net cash used in
investing activities
|
(80,693)
|
|
(67,394)
|
Cash flows from
financing activities:
|
|
|
|
Proceeds from exercise
of stock options
|
93
|
|
240
|
Taxes paid related to
net share settlement of equity awards
|
(23)
|
|
(981)
|
Principal payments on
finance/capital leases and lease financing obligation
|
(1,295)
|
|
(1,237)
|
Proceeds from public
offering, net of issuance costs
|
—
|
|
99,303
|
Contingent
consideration payment
|
(1,411)
|
|
(521)
|
Payment of equity
issuance costs
|
(580)
|
|
(1,467)
|
Net cash (used in)
provided by financing activities
|
(3,216)
|
|
95,337
|
Effect of foreign
exchange rates on cash and cash equivalents
|
(588)
|
|
908
|
Net decrease in cash,
cash equivalents and restricted cash
|
(379,997)
|
|
(223,347)
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
1,315,792
|
|
1,550,004
|
Restricted cash,
beginning of period
|
53,789
|
|
42,924
|
Cash, cash equivalents
and restricted cash, beginning of period
|
1,369,581
|
|
1,592,928
|
|
|
|
|
Cash and cash
equivalents, end of period
|
944,073
|
|
1,315,792
|
Restricted cash, end of
period
|
45,511
|
|
53,789
|
Cash, cash equivalents
and restricted cash, end of period
|
$
989,584
|
|
$ 1,369,581
|
Ginkgo Bioworks
Holdings, Inc.
|
Selected Non-GAAP
Financial Measures
|
(in thousands,
unaudited)
|
|
|
Three Months Ended
December 31,
|
|
Year Ended December
31,
|
(in
thousands)
|
2023
|
2022
|
|
2023
|
2022
|
Net loss attributable
to Ginkgo Bioworks Holdings, Inc. stockholders
|
$ (211,694)
|
$ (175,468)
|
|
$
(892,869)
|
$
(2,104,929)
|
Interest
income
|
(13,226)
|
(11,412)
|
|
(57,217)
|
(20,262)
|
Interest
expense
|
15
|
77
|
|
93
|
106
|
Income tax
benefit
|
(198)
|
(14,770)
|
|
(71)
|
(15,027)
|
Depreciation and
amortization
|
12,837
|
15,667
|
|
70,507
|
42,552
|
EBITDA
|
(212,266)
|
(185,906)
|
|
(879,557)
|
(2,097,560)
|
Stock-based
compensation (1)
|
43,584
|
111,230
|
|
234,908
|
1,940,920
|
Impairment of
long-lived assets (2)
|
—
|
—
|
|
121,404
|
—
|
Merger and acquisition
related expenses (3)
|
23,663
|
26,045
|
|
70,771
|
46,229
|
Loss on
investments
|
10,012
|
13,354
|
|
54,827
|
53,335
|
Loss (gain) on
deconsolidation of subsidiaries
|
42,502
|
—
|
|
42,502
|
(31,889)
|
Loss on equity method
investments (4)
|
1,119
|
(7,612)
|
|
2,635
|
45,315
|
Change in fair value of
warrant liabilities
|
(6,555)
|
(28,871)
|
|
(5,168)
|
(124,970)
|
Change in fair value of
notes receivable
|
2,174
|
(3,924)
|
|
2,295
|
(4,153)
|
Adjusted
EBITDA
|
$
(95,767)
|
$
(75,684)
|
|
$
(355,383)
|
$
(172,773)
|
|
|
(1)
|
For the years ended
December 31, 2023 and 2022, includes $5.0 million and $10.3
million, respectively, in related employer payroll
taxes.
|
(2)
|
For the year ended
December 31, 2023, includes $25.2 million impairment loss on lab
equipment and $96.2 million impairment loss on a right-of-use asset
and the related leasehold improvements associated with an exited
Zymergen leased facility.
|
(3)
|
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) acquired intangible assets expensed as
in-process research and development, and (v) costs associated with
the Zymergen Bankruptcy, as well as securities litigation costs,
net of insurance recovery.
|
(4)
|
Represents losses on
equity method investments under the hypothetical liquidation at
book value method, net of losses attributable to non-controlling
interests.
|
Ginkgo Bioworks
Holdings, Inc.
|
Segment
Information
|
(in thousands,
unaudited)
|
|
|
Three Months Ended
December 31,
|
|
Year Ended December
31,
|
|
2023
|
2022
|
|
2023
|
2022
|
Revenue:
|
|
|
|
|
|
Cell
Engineering
|
$
26,976
|
$
53,257
|
|
$
143,531
|
$
143,666
|
Biosecurity
|
7,779
|
45,028
|
|
107,924
|
334,040
|
Total
revenue
|
34,755
|
98,285
|
|
251,455
|
477,706
|
Segment cost of
revenue:
|
|
|
|
|
|
Biosecurity
|
6,611
|
30,218
|
|
54,005
|
204,216
|
Segment research and
development expense:
|
|
|
|
|
|
Cell
Engineering
|
77,999
|
95,408
|
|
353,493
|
273,356
|
Biosecurity
|
191
|
590
|
|
1,599
|
1,937
|
Total segment research
and development expense
|
78,190
|
95,998
|
|
355,092
|
275,293
|
Segment general and
administrative expense:
|
|
|
|
|
|
Cell
Engineering
|
60,047
|
63,686
|
|
215,263
|
168,586
|
Biosecurity
|
12,652
|
13,670
|
|
55,514
|
56,353
|
Total segment general
and administrative expense
|
72,699
|
77,356
|
|
270,777
|
224,939
|
Segment operating
(loss) income:
|
|
|
|
|
|
Cell
Engineering
|
(111,070)
|
(105,837)
|
|
(425,225)
|
(298,276)
|
Biosecurity
|
(11,675)
|
550
|
|
(3,194)
|
71,534
|
Total segment operating
loss
|
(122,745)
|
(105,287)
|
|
(428,419)
|
(226,742)
|
Operating expenses
not allocated to segments:
|
|
|
|
|
|
Stock-based
compensation (1)
|
43,584
|
111,230
|
|
234,908
|
1,940,920
|
Impairment of
long-lived assets
|
—
|
—
|
|
121,404
|
—
|
Depreciation and
amortization
|
12,837
|
15,667
|
|
70,507
|
42,552
|
Change in fair value of
contingent consideration liability
|
(1,049)
|
(1,320)
|
|
9,168
|
(1,262)
|
Loss from
operations
|
$
(178,117)
|
$ (230,864)
|
|
$ (864,406)
|
$
(2,208,952)
|
|
|
(1)
|
Includes $5.0 million
and $10.3 million in related employer payroll taxes for the years
ended December 31, 2023 and 2022, respectively.
|
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SOURCE Ginkgo Bioworks