Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from

Commission File Number: 001-39280

DANIMER SCIENTIFIC, INC.

(Exact Name of Registrant as Specified in its Charter)


Delaware	84-1924518
( State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
140 Industrial Boulevard Bainbridge, GA	39817
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (229) 243-7075

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common stock, $0.0001 par value per share	DNMR	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 7, 2024, the registrant had 116,430,700 shares of common stock, $0.0001 par value per share, outstanding.

Table of Contents


		Page

PART I.	FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)	3
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Operations	4
	Condensed Consolidated Statements of Stockholders' Equity	5
	Condensed Consolidated Statements of Cash Flows	6
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	25
Item 4.	Controls and Procedures	26

PART II.	OTHER INFORMATION	26

Item 1.	Legal Proceedings	26
Item 1A.	Risk Factors	26
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	26
Item 6.	Exhibits	27
Signatures		28

FORWARD-LOOKING STATEMENTS

Certain statements contained herein, as well as in other filings we make with the United States Securities and Exchange Commission (“SEC”) and other written and oral information we release, regarding our future performance constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may relate to, among other things, the impact on our business, operations and financial results of the ongoing conflicts in Ukraine and the Middle East (each of which, among other things, may affect many of the items listed below); the demand for our products and services; revenue growth; effects of competition; supply chain and technology initiatives; inventory and in-stock positions; state of the economy; state of the credit markets, including mortgages, home equity loans, and consumer credit; impact of tariffs; demand for credit offerings; management of relationships with our employees, suppliers and vendors, and customers; international trade disputes, natural disasters, public health issues (including pandemics and related quarantines, shelter-in-place orders, and similar restrictions), and other business interruptions that could disrupt supply or delivery of, or demand for, our products or services; continuation of equity programs; net earnings performance; earnings per share; capital allocation and expenditures; liquidity; return on invested capital; expense leverage; stock-based compensation expense; commodity price inflation and deflation; the ability to issue debt on terms and at rates acceptable to us; the impact and expected outcome of investigations, inquiries, claims, and litigation; the effect of accounting charges; the effect of adopting certain accounting standards; the impact of regulatory changes; financial outlook; and the integration of acquired companies into our organization and the ability to recognize the anticipated synergies and benefits of those acquisitions.

Forward-looking statements are based on currently available information and our current assumptions, expectations and projections about future events. You should not rely on our forward-looking statements. These statements are not guarantees of future performance and are subject to future events, risks and uncertainties – many of which are beyond our control, dependent on the actions of third parties, or currently unknown to us – as well as potentially inaccurate assumptions that could cause actual results to differ materially from our expectations and projections. These risks and uncertainties include, but are not limited to, those described in Part II, Item 1A, Risk Factors and elsewhere in this report and as also may be described from time to time in future reports we file with the SEC. You should read such information in conjunction with our Condensed Consolidated Financial Statements and related notes and Part I, Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations in this report. There also may be other factors that we cannot anticipate or that are not described in this report, generally because we do not currently perceive them to be material. Such factors could cause results to differ materially from our expectations.

Forward-looking statements speak only as of the date they are made, and we do not undertake to update these statements other than as required by law. You are advised, however, to review any further disclosures we make on related subjects in our periodic filings with the SEC.

PART I—FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS (UNAUDITED)

DANIMER SCIENTIFIC, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


	March 31,			December 31,
(in thousands, except share and per share data)	2024			2023
Assets:
Current assets:
Cash and cash equivalents	$	57,341		$	59,170
Accounts receivable, net		12,233			15,227
Other receivables, net		682			652
Inventories, net		25,989			25,270
Prepaid expenses and other current assets		5,492			4,714
Contract assets, net		3,028			3,005
Total current assets		104,765			108,038

Property, plant and equipment, net		439,834			445,153
Intangible assets, net		77,169			77,790
Right-of-use assets		19,162			19,160
Leverage loans receivable		31,446			31,446
Restricted cash		14,239			14,334
Other assets		2,310			2,210
Total assets	$	688,925		$	698,131

Liabilities and Stockholders’ equity:
Current liabilities:
Accounts payable	$	3,884		$	5,292
Accrued liabilities		6,484			4,726
Unearned revenue and contract liabilities		1,154			1,000
Current portion of lease liability		3,722			3,337
Current portion of long-term debt, net		787			1,368
Total current liabilities		16,031			15,723

Long-term lease liability, net		21,502			21,927
Long-term debt, net		384,229			381,436
Warrant liability		9,656			5
Other long-term liabilities		1,414			1,020
Total liabilities	$	432,832		$	420,111

Commitments and contingencies (Note 14)

Stockholders’ equity:
Common stock, $0.0001 par value; 200,000,000 shares authorized: 114,240,921 and 102,832,103 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	$	12		$	10
Additional paid-in capital		737,465			732,131
Accumulated deficit		(481,384	)		(454,121	)
Total stockholders’ equity		256,093			278,020
Total liabilities and stockholders’ equity	$	688,925		$	698,131

The accompanying notes are an integral part of these condensed consolidated financial statements.

DANIMER SCIENTIFIC, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)


	Three Months Ended March 31,
(in thousands, except share and per share data)	2024			2023
Revenue:
Products	$	9,955		$	11,096
Services		269			830
Total revenue		10,224			11,926

Costs and expenses:
Cost of revenue		16,535			18,209
Selling, general and administrative		6,869			18,699
Research and development		5,342			7,075
Loss on sale of assets		-			170
Total costs and expenses		28,746			44,153
Loss from operations		(18,522	)		(32,227	)
Nonoperating income (expense):
Gain (loss) on remeasurement of warrants		99			(1,116	)
Interest, net		(8,838	)		(3,386	)
Total nonoperating expense:		(8,739	)		(4,502	)
Loss before income taxes		(27,261	)		(36,729	)
Income taxes		(2	)		90
Net loss	$	(27,263	)	$	(36,639	)

Basic and diluted net loss per share	$	(0.26	)	$	(0.36	)

Weighted average shares outstanding		103,968,384			101,896,326

The accompanying notes are an integral part of these condensed consolidated financial statements.

DANIMER SCIENTIFIC, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(UNAUDITED)


	Three Months Ended
	March 31,
(in thousands)	2024			2023
Common stock:
Balance, beginning of period	$	10		$	10
Issuance of common stock		2			-
Balance, end of period		12			10

Additional paid-in capital:
Balance, beginning of period		732,131			676,250
Issuance of common stock, net of issuance costs		4,650			-
Stock-based compensation expense		574			14,065
Stock issued under stock compensation plans		118			129
Shares retained for employee taxes		(8	)		(61	)
Warrants issued with Senior Secured Term Loan		-			510
Balance, end of period		737,465			690,893

Accumulated deficit:
Balance, beginning of period		(454,121	)		(298,648	)
Net loss		(27,263	)		(36,639	)
Balance, end of period		(481,384	)		(335,287	)
Total stockholders' equity	$	256,093		$	355,616

The accompanying notes are an integral part of these condensed consolidated financial statements.

DANIMER SCIENTIFIC, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	Three Months Ended
	March 31,
(in thousands)	2024			2023
Cash flows from operating activities:
Net loss	$	(27,263	)	$	(36,639	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		7,531			7,579
Amortization of debt issuance costs		2,818			828
Warrant issuance costs		867			-
Stock-based compensation		574			14,065
Inventory reserves		(345	)		244
Accounts receivable reserves		283			(519	)
(Gain) loss on remeasurement of warrants		(99	)		1,116
Amortization of right-of-use assets and lease liability		(41	)		(196	)
Deferred income taxes		-			(92	)
Loss on disposal of assets		-			170
Changes in operating assets and liabilities:
Accounts receivable		2,711			2,422
Other receivables		(30	)		74
Inventories, net		(374	)		753
Prepaid expenses and other current assets		(778	)		1,039
Contract assets		(197	)		(625	)
Other assets		78			-
Accounts payable		(1,182	)		(1,256	)
Accrued liabilities		1,910			2,981
Other long-term liabilities		392			878
Unearned revenue and contract liabilities		154			1,313
Net cash used in operating activities		(12,991	)		(5,865	)
Cash flows from investing activities:
Purchases of property, plant and equipment and intangible assets		(1,970	)		(16,400	)
Net cash used in investing activities		(1,970	)		(16,400	)
Cash flows from financing activities:
Proceeds from issuance of common warrants, net of issuance costs		8,883			-
Proceeds from issuance of common stock, net of issuance costs		4,650			-
Principal payments on long-term debt		(606	)		(5,494	)
Proceeds from employee stock purchase plan		118			129
Employee taxes related to stock-based compensation		(8	)		(61	)
Proceeds from long-term debt		-			130,000
Cash paid for debt issuance costs		-			(33,035	)
Net cash provided by financing activities		13,037			91,539
Net (decrease) increase in cash and cash equivalents and restricted cash		(1,924	)		69,274
Cash and cash equivalents and restricted cash-beginning of period		73,504			64,401
Cash and cash equivalents and restricted cash-end of period	$	71,580		$	133,675
Supplemental cash flow information:
Cash paid for interest, net of interest capitalized	$	4,910		$	2,942
Cash paid for operating leases	$	930		$	929

The accompanying notes are an integral part of these condensed consolidated financial statements.

DANIMER SCIENTIFIC, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 1. Basis of Presentation

Description of Business

Danimer Scientific, Inc., together with its subsidiaries (“Company”, “Danimer”, “we”, “us”, or “our”), is a performance polymer company specializing in bioplastic replacements for traditional petroleum-based plastics. Our common stock is listed on the New York Stock Exchange under the symbol “DNMR”.

The Company (formerly Live Oak Acquisition Corp. (“Live Oak”)), was incorporated in the State of Delaware on May 24, 2019 as a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, recapitalization, reorganization, or similar business combination with one or more businesses. Live Oak completed its initial public offering in May 2020. On December 29, 2020 (“Closing Date”), Live Oak consummated a business combination (“Business Combination”) with Meredian Holdings Group, Inc. (“MHG” or “Legacy Danimer”), with Legacy Danimer surviving the merger as a wholly owned subsidiary of Live Oak. The Business Combination was accounted for as a reverse recapitalization, meaning that Legacy Danimer was treated as the accounting acquirer and Live Oak was treated as the accounting acquiree. Effectively, the Business Combination was treated as the equivalent of Legacy Danimer issuing stock for the net assets of Live Oak, accompanied by a recapitalization. In connection with the Business Combination, Live Oak changed its name to Danimer Scientific, Inc. On August 11, 2021, we closed the acquisition of Novomer, Inc. (integrated into our business as “Danimer Catalytic Technologies”).

Financial Statements

The accompanying condensed consolidated financial statements (“financial statements”) have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. The financials statements consolidated all assets and liabilities of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated. We have made certain reclassifications to previously reported amounts to conform to the current presentation. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Results of operations for interim periods are not necessarily indicative of results for the entire year. As a result, these financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K as of December 31, 2023 (“2023 Form 10-K”).

We do not have any material items of other comprehensive income (loss); accordingly, there is no difference between net loss and comprehensive loss and we have not presented a separate Statement of Comprehensive Income (Loss) that would otherwise be required.

There were no significant changes to our critical accounting estimates or our significant accounting policies as disclosed in our 2023 Form 10-K .

Risks and Uncertainties

Preparation of these financial statements is on a going concern basis of presentation according to GAAP, which assumes that we will continue our operations for the foreseeable future and be able to realize our assets and discharge our liabilities and commitments in the normal course of business.

Historically, we have financed our operations through issuance of equity and debt financings, such as our senior secured term loan, convertible notes, and new market tax credit transactions described in Note 9. These financings have been used to fund working capital, capital expenditures, and our day-to-day operations.

Based on our current plans and projections, we believe our unrestricted cash resources of $57.3 million at March 31, 2024, will be sufficient to satisfy our liquidity requirements for more than one year from when these financial statements were issued.

Our ability to generate revenues in the near-term is highly dependent on the successful commercialization of our biopolymer products, which is subject to certain risks and uncertainties. As the market for our products expands, we anticipate that it will take time for our PHA production to ramp-up to an economical scale sufficient to fund our operations. As a result, we have experienced significant losses and negative cash flows in recent years and this may continue in the near term, as we incur costs and expenses for the continued development and expansion of our business, including the costs of enhancing manufacturing capacity and ongoing product research and development. The amounts we spend will impact our ability to become profitable and this spending will depend, in part, on the number of new products that we attempt to develop.

Our long-term success is largely based on our PHA based resin go-to-market strategy and the effective development of alternative biodegradable resin products to support a variety of end-use cases. We are in discussions with large restaurant chains and consumer goods companies and their converters to expand the use of our PHA-based resins in straws, single-use food packaging, and utensils. Customer trends and government regulations are moving toward non-petroleum-based plastics; however, due to recent economic conditions, including the COVID-19 pandemic and supplemental supply chain disruptions, decreased Eastern European demand due to the conflict in Ukraine, and rising inflation, projected sales growth has shifted into later periods.

As a result of these developments, we have taken actions to reduce our operating costs across all areas of the business and to more closely monitor our liquidity position. For example, we have reduced discretionary spending, reduced labor costs through employee headcount rationalization, increased focus by senior management on collections of accounts receivable, postponed certain capital expenditures, and launched an initiative to reduce on-hand inventory levels to respond to the business environment.

Note 2. Inventories, net

Inventories, net consisted of the following:


	March 31,		December 31,
(in thousands)	2024		2023
Raw materials	$	11,843	$	10,867
Work in process		503		546
Finished goods and related items		13,643		13,857
Total inventories, net	$	25,989	$	25,270

At March 31, 2024 and December 31, 2023, finished goods and related items included $8.1 million and $7.6 million, respectively, of finished neat PHA. Inventory at March 31, 2024 is stated net of reserves of $0.6 million related to interim assessments to reduce the carrying value of inventory to its net realizable value.

Note 3. Property, Plant and Equipment, net

Property, plant and equipment, net, consisted of the following:


		March 31,			December 31,
(in thousands)	Estimated Useful Life (Years)	2024			2023
Land and improvements	20	$	92		$	92
Leasehold improvements	Shorter of useful life or lease term		110,540			110,531
Buildings	20-40		2,191			2,191
Machinery and equipment	3-20		190,556			190,111
Motor vehicles	7-10		903			903
Furniture and fixtures	3-10		474			474
Office equipment	3-10		7,422			7,415
Construction in progress	N/A		203,617			202,998
			515,795			514,715
Accumulated depreciation and amortization			(75,961	)		(69,562	)
Property, plant and equipment, net		$	439,834		$	445,153

We reported depreciation and amortization expense (which included amortization of intangible assets) as follows:


	Years Ended March 31,
(in thousands)	2024		2023
Cost of revenue	$	5,147	$	5,213
Research and development		2,031		2,082
Selling, general and administrative		353		284
Total depreciation and amortization expense	$	7,531	$	7,579

Construction in progress consists primarily of the early phases of construction of our PHA plant in Bainbridge, Georgia (“Greenfield Facility”) as noted in the table below. We do not have expected in-service dates for our Greenfield Facility, since we have paused major construction. We will need to obtain additional financing to complete our Greenfield Facility. In 2022, the engineering cost estimate ranged from $515 million to $665 million, which does not consider any effect of subsequent inflation, and if we do not obtain financing, our investment could be impaired.


(in thousands)	March 31, 2024		December 31, 2023
Georgia	$	200,047	$	199,342
New York		1,827		1,960
Kentucky		1,743		1,696
	$	203,617	$	202,998

Property, plant and equipment includes gross capitalized interest of $15.0 million as of both March 31, 2024 and December 31, 2023. For the three months ended March 31, 2024 and 2023, capitalized interest costs were immaterial.

Note 4. Intangible Assets

Our recognized intangible assets consist of patents and the unpatented technological know-how of Danimer Catalytic Technologies. Our legacy patents were initially recorded at cost. The values of Danimer Catalytic Technologies’ patents and unpatented know-how are inseparable and represent their acquisition-date fair value, less subsequent amortization.

We capitalize patent defense and application costs and amortize these costs on a straight-line basis over their estimated useful lives, which range from 10 to 20 years. Our intangible portfolio has an estimated weighted average useful life of 17.3 years.

Intangible assets, net, consisted of the following:


	March 31,			December 31,
(in thousands)	2024			2023
Intangible assets, gross	$	96,276		$	95,765
Less capitalized patent costs not yet subject to amortization		(3,102	)		(2,838	)
Intangible assets subject to amortization, gross		93,174			92,927
Accumulated amortization		(19,107	)		(17,975	)
Intangible assets subject to amortization, net		74,067			74,952
Total intangible assets, net	$	77,169		$	77,790

Amortization expense was $1.1 million during each of the three months ended March 31, 2024 and 2023 and was included in research and development costs.

Note 5. Accrued Liabilities

The components of accrued liabilities were as follows:


	March 31,		December 31,
(in thousands)	2024		2023
Accrued interest	$	2,399	$	440
Accrued legal, consulting and professional fees		1,408		839
Accrued taxes		912		552
Compensation and related expenses		508		1,692
Accrued utilities		341		350
Accrued rebates		288		233
Construction in progress accruals		51		191
Purchase accrual		-		8
Other		577		421
Total accrued liabilities	$	6,484	$	4,726

Note 6. Income Taxes

We reported immaterial income tax expense for the three months ended March 31, 2024, which resulted in an effective income tax rate of zero percent. We reported an income tax benefit for the three months ended March 31, 2023 of $0.1 million, which resulted in effective income tax rate of 0.25%. Our effective tax rates differed from the federal statutory rate of 21% due to our valuation allowances against substantially all of our net deferred income tax assets.

In assessing the realizability of deferred income tax assets, we consider whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods at which time those temporary differences become deductible.

In making valuation allowance determinations, we consider all available evidence, positive and negative, affecting specific deferred income tax assets, including the scheduled reversal of deferred income tax liabilities, projected future taxable income, the length of carry-back and carry-forward periods, and tax planning strategies in making this assessment. At March 31, 2024, we maintained a partial valuation allowance against our net deferred income tax assets due to the uncertainty surrounding realization of such assets.

Note 7. Leases

The following table sets forth the allocation of our operating lease costs.


	Three Months Ended March 31,
(in thousands)	2024		2023
Cost of revenue	$	754	$	581
Selling, general and administrative		33		137
Research and development		248		76
Total operating lease cost	$	1,035	$	794

Note 8. Warrant Liability

Private Warrants

At March 31, 2024 and December 31, 2023, there were 3,914,525 outstanding warrants to purchase shares of our common stock at an exercise price of $11.50 per share, subject to adjustments, which were privately placed prior to the Business Combination (“Private Warrants”). The Private Warrants have been exercisable since May 7, 2021. On December 28, 2025, any outstanding Private Warrants will expire.

The Private Warrants meet the definition of derivative instruments and are reported as liabilities at their fair values at each period end, with changes in the fair value of the Private Warrants recorded as a non-cash loss or gain. A rollforward of the Private Warrants liability is below.


(in thousands)
Balance at December 31, 2023	$	(5	)
Loss on remeasurement of private warrants		(201	)
Balance at March 31, 2024	$	(206	)

Common Warrants

On March 25, 2024, we closed a registered direct offering of our common stock that included accompanying warrants to purchase up to an aggregate of 15,000,000 shares of Common Stock (“Common Warrants”).

The Common Warrants have an exercise price of $1.33 per share, are exercisable beginning on September 25, 2024, and expire on September 25, 2029. The Common Warrants meet the definition of derivative instruments and are reported as liabilities at their fair values at each period end, with changes in the fair value of the Common Warrants recorded as a non-cash loss or gain. A rollforward of the Common Warrants liability is below.


(in thousands)
Balance at March 25, 2024	$	(9,750	)
Gain on remeasurement of common warrants		300
Balance at March 31, 2024	$	(9,450	)

Note 9. Debt

The components of long-term debt were as follows:


	March 31,			December 31,
(in thousands)	2024			2023
3.25% Convertible Senior Notes	$	240,000		$	240,000
Senior Secured Term Loan		130,000			130,000
New Market Tax Credit Transactions		45,700			45,700
Insurance Premium Finance Notes		671			1,243
Vehicle and Equipment Notes		296			327
Mortgage Notes		189			192
Total	$	416,856		$	417,462
Less: Total unamortized debt issuance costs		(31,840	)		(34,658	)
Less: Current maturities of long-term debt		(787	)		(1,368	)
Total long-term debt	$	384,229		$	381,436

3.25% Convertible Senior Notes

On December 21, 2021, we issued $$240 million principal amount of our 3.25% Convertible Senior Notes due 2026 (“Convertible Notes”), subject to an indenture.

The Convertible Notes are our senior, unsecured obligations and accrue interest at a rate of 3.25% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2022. We will settle conversions by paying or delivering, as applicable, cash, shares of common stock or a combination of cash and shares, at our election. The initial conversion rate, which is subject to change, is approximately $10.79 per share of common stock. If certain liquidity conditions are met, we may redeem the Convertible Notes between December 19, 2024 and October 20, 2026. The Convertible Notes mature on December 15, 2026.

Capped Calls

Also in December 2021, in connection with the Convertible Notes, we purchased call options (“Capped Calls”) from certain well-capitalized financial institutions for $35 million. The Capped Calls permit us to require the counterparties to deliver to us shares of our common stock, subject to a capped number of shares. We may also net-settle the Capped Calls and receive cash instead of shares. We have not exercised any of the Capped Calls at March 31, 2024, and the Capped Calls expire on April 12, 2027.

Senior Secured Term Loan

On March 17, 2023, we closed a $130 million principal amount senior secured term loan (“Senior Secured Term Loan”). The Senior Secured Term Loan is secured by substantially all of our assets, other than the assets of Danimer Catalytic Technologies and assets associated with the Greenfield Facility. The Senior Secured Term Loan matures on the earlier of March 17, 2027 or September 15, 2026 if more than $100 million of the existing Convertible Notes remain outstanding on that date. After payment of the lender’s expenses, including the first three years of premiums for a collateral protection insurance policy for the benefit of the lender, we received net proceeds of $98.6 million. The Senior Secured Term Loan accrues interest at a stated annual rate of 14.4%, payable monthly. As part of the Senior Secured Term Loan agreement, we are required to hold $12.5 million in an interest-payment reserve account, which we have reported as restricted cash.

The Senior Secured Term Loan contains various customary covenants, which we do not expect to have a material impact on our liquidity or capital resources.

In connection with the Senior Secured Term Loan, we also issued warrants with a five-year maturity to the lender to purchase 1.5 million shares of our common stock at an exercise price of $7.50 per share. We determined the fair value of these warrants as of the closing date was $0.5 million using the Black-Scholes model and included this amount in additional paid-in capital.

New Markets Tax Credit Transactions

We entered into financing arrangements under the New Markets Tax Credit (“NMTC”) program with various unrelated third-party financial institutions (individually and collectively referred to as “Investors”), which then invest in certain “Investment Funds”.

In each of the financing arrangements, we loaned money to the Investment Funds. These loans of $31.4 million are recorded as leveraged loan receivables as of March 31, 2024 and December 31, 2023, respectively. Each Investment Fund then contributed the funds from our loan and the Investor’s investment to a special purpose entity, which then in turn loaned the contributed funds to a wholly owned subsidiary of the Company.

We believe these borrowings, and our related loans to the Investment Funds, will be forgiven in 2026 and 2029.

Insurance Premium Finance Notes

In June 2023 and December 2023, we entered into financing agreements related to the premiums of certain insurance policies. Each of these notes have a one year term and bear interest at 8.24%.

Vehicle and Equipment Notes

We have thirteen vehicle and equipment notes outstanding at March 31, 2024, primarily relating to motor vehicles and warehouse equipment. We make monthly payments on these notes at interest rates ranging from 3.75% to 6.99%.

Mortgage Notes

We have a mortgage note secured by a residential property. This note bears interest at 5.25% with a maturity date in May 2025.

Note 10. Equity

Common Stock

The following table summarizes the common stock activity for the three months ended March 31, 2024 and 2023, respectively.


	Three Months Ended March 31,
	2024		2023
Balance, beginning of period		102,832,103		101,804,454
Issuance of common stock		11,408,818		133,922
Balance, end of period		114,240,921		101,938,376

Preferred Stock

We are authorized to issue up to 10,000,000 shares of preferred stock, each with a par value of $0.0001 per share. As of March 31, 2024 and December 31, 2023, no shares of preferred stock were issued or outstanding.

Non-Plan Legacy Danimer Options

Prior to 2017, Legacy Danimer had issued 208,183 stock options that were not a part of either the 2016 Executive Plan or the 2016 Omnibus Plan. These options had a weighted average exercise price of $30 per share. On December 29, 2020, the then-remaining 30,493 of these options were converted to options to purchase 279,255 shares of our common stock with a weighted average exercise price of $3.28 per share. During 2021, 153,763 of these options were exercised. There were 125,492 of these options remaining outstanding at March 31, 2024 and December 31, 2023.

Equity Distribution Agreement

On September 7, 2022, we entered into an equity distribution agreement with Citigroup Global Markets Inc. (“Manager”), under which we may issue and sell shares of our common stock “at the market” from time-to-time with an aggregate offering price of up to $100.0 million (“ATM Offering”). Under the ATM Offering, the Manager may sell small volumes of our common stock at the prevailing market price, during such times and on such terms as we have predesignated. We have no obligation to sell any shares and may at any time suspend offers and sales that are part of the ATM Offering and may terminate the ATM Offering without penalty. On a life-to-date basis, we have issued 590,661 shares at an average price of $2.72 resulting in proceeds of $1.4 million. We incurred life-to-date issuance costs of $1.4 million, which were primarily one-time costs, but which also included less than $0.1 million in commissions to the Manager. On March 20, 2024, we amended the prospectus supplement relating to the ATM Offering to reduce the amount available for

sale pursuant to the agreement from $100.0 million to $50.0 million. As of March 31, 2024, $48.6 million remains available for distribution under the ATM Offering.

Anti-dilutive Instruments

The following table summarizes the instruments excluded from the calculations of diluted shares outstanding because the effect of including them would have been anti-dilutive.


	Three Months Ended March 31,
	2024		2023
Convertible Notes		22,250,040		22,250,040
Common Warrants		15,000,000		-
Employee stock options		9,253,370		12,044,231
Private Warrants		3,914,525		3,914,525
Pre-Funded Warrants		3,750,000		-
Senior Secured Term Loan Warrants		1,500,000		1,500,000
Restricted stock and RSUs		1,316,383		2,142,515
Performance stock		127,770		127,770
Legacy Danimer options		125,492		125,492
Total excluded instruments		57,237,580		42,104,573

Senior Secured Term Loan Warrants

On March 17, 2023, we issued warrants to purchase 1.5 million shares of our common stock for $7.50 per share in connection with the closing of the Senior Secured Term Loan. These warrants were accounted for as an equity arrangement and were included in additional paid-in-capital at March 31, 2024 and 2023.

Pre-Funded Warrants

On March 25, 2024, we completed a registered direct offering for the purchase and sale of an aggregate of 11,250,000 shares of our common stock, as well as pre-funded warrants to purchase up to an aggregate of 3,750,000 shares of our common stock (“Pre-Funded Warrants”) resulting in gross proceeds of approximately $15.0 million less customary closing fees.

The Pre-Funded Warrants have an exercise price of $0.0001 per share and expire on March 26, 2029. The Pre-Funded Warrants were accounted for as an equity arrangement and were included in additional paid-in-capital at March 31, 2024. We also determined that the Pre-Funded Warrants should be included in the determination of basic earnings per share in accordance with ASC 260, Earnings per Share.

Note 11. Revenue

We evaluate financial performance and make resource allocation decisions based upon the results of our single operating and reportable segment; however, we believe presenting revenue split between our primary revenue streams of products and services best depicts how the nature, amount, timing and certainty of our net sales and cash flows are affected by economic factors.

We generally produce and sell finished products, for which we recognize revenue upon shipment. We provide for expected returns based on historical experience and future outlook. Variable consideration such as discounts, rebates, or volume discounts that we estimate to reduce our transaction price are not material.

We defer certain contract fulfillment costs and amortize these costs to cost of revenue on a per-pound basis as we sell the related product or when the related contracts expire. During the three months ended March 31, 2024 and 2023, amortization of these contract fulfillment costs was immaterial. At each of March 31, 2024 and December 31, 2023, we had gross contract fulfillment costs of $1.3 million and net contract fulfillment costs of $1.1 million, which were included in other assets.

Our research and development (“R&D”) services contract customers generally pay us at the commencement of the agreement and then at additional intervals as outlined in each contract. We recognize contract liabilities for such payments and then recognize revenue as we satisfy the related performance obligations. To the extent collectible revenue recognized under this method exceeds the consideration received, we recognize contract assets for such unbilled consideration.

R&D contract assets, net were $3.9 million and $3.7 million at March 31, 2024 and December 31, 2023, respectively. The long term portion of these assets were $0.9 million and $0.7 million at March 31, 2024 and December 31, 2023, respectively and are included in other assets. Revenue recognized that was included in contract liabilities at the beginning of the period was not material for any period presented.

Disaggregated Revenues

Revenue by geographic areas is based on the location of the customer. The following table summarizes revenue information by major geographic area.


	Three Months Ended March 31,
(in thousands)	2024		2023
Domestic	$	9,729	$	10,274
Portugal		180		-
Poland		155		77
Switzerland		91		-
All other countries		69		1,575
Total revenues	$	10,224	$	11,926

Note 12. Stock-Based Compensation

We grant various forms of stock-based compensation, including restricted stock, restricted stock units, stock options and performance-based restricted stock units under our Danimer Scientific, Inc. 2020 Long-Term Equity Incentive Plan (“2020 Incentive Plan”) and employee stock purchase plan instruments under our 2020 Employee Stock Purchase Plan (“2020 ESPP Plan”).

We also have outstanding employee and director stock options that were issued prior to the Business Combination under legacy stock plans.

The 2020 Incentive Plan provides for the grant of stock options, stock appreciation rights, and full value awards. Full value awards include restricted stock, restricted stock units, deferred stock units, performance stock and performance stock units.

On March 31, 2024 and December 31, 2023, 4,519,719 shares and 4,823,519 shares, respectively, of our common stock remained authorized for issuance with respect to awards under the 2020 Incentive Plan.

The 2020 ESPP Plan provides for the sale of our common stock to our employees through payroll withholding at a discount of 15% from the lower of the closing price of our common stock on the first or last day of each biannual offering period. Up to 2,571,737 shares of our common stock were authorized to be issued under this plan, and we issued 136,530 shares during the three months ended March 31, 2024 resulting in 401,748 shares issued since the inception of the plan.

These share pool limits are subject to adjustment in the event of a stock split, stock dividend or other changes in our capitalization.

The following table sets forth the allocation of our stock-based compensation expense.


	Three Months Ended March 31,
(in thousands)	2024		2023
Cost of revenue	$	3	$	2
Selling, general and administrative		818		13,318
Research and development		145		1,623
Total stock-based compensation	$	966	$	14,943

Service-based Restricted Stock and RSUs

The following table summarizes our service-based restricted stock and RSU activity under our equity plan.


	Number of Shares			Weighted Average Grant-Date Fair Value
Balance, December 31, 2023		271,550		$	4.40
Granted		315,876		$	1.49
Vested		(34,364	)	$	5.86
Balance, March 31, 2024		553,062		$	1.82

We recognize the compensation expense for these shares on a straight-line basis from the grant date through the relevant vesting dates, which range from one to three years. We recognized $0.2 million and $4.5 million of expense related to these awards during the three months ended March 31, 2024 and 2023, respectively.

Market-based Restricted Stock

During 2021, we granted 1,517,840 shares of restricted stock for which the restrictions lapse on successive thirds of the award on the first date the volume-weighted average price per share of our common stock equals or exceeds $24.20 for any 20 trading dates within 30-day trading periods beginning on December 29, 2021, 2022, and 2023, respectively. These awards were fully amortized at December 31, 2023. We recognized $4.7 million of related expense during the three months ended March 31, 2023. During 2023, we instituted a cash settlement feature for certain of these awards if the 2020 Incentive Plan does not have enough shares remaining to fulfill these awards at the time of vesting. As such, 754,818 of the 1,517,840 shares of market-based restricted stock are accounted for as liabilities that are marked to market each period. We maintained a liability of $0.3 million as a result of this feature as of March 31, 2024 and December 31, 2023. All of these shares remained outstanding at March 31, 2024.

Performance-based Restricted Stock Units

During 2021, we initiated a Performance-based RSU program. Under this program, each participant is awarded a number of units (“PRSU”s) that may vest based on our performance against one or more specified metrics, with 50% to 100% of these PRSUs vesting proportionally with achieved threshold and target attainment levels. In some cases, these PRSUs contain a cash settlement feature and we accounted for these PRSUs as liabilities that are marked to market using the price of our common stock at the end of each reporting period with a life-to-date expense adjustment.

As of March 31, 2024, we maintain a long-term liability for PRSUs of $0.1 million. For the three months ended March 31, 2024 and 2023, respectively, we recognized related compensation expense of zero and $0.3 million, which we included in selling, general and administrative expenses. Other than the mark to market effect, expense is recognized on a straight-line basis between the dates of grant and the vesting dates, which we anticipate will be in March 2025 and February 2026, for awards granted in 2022 and 2023, respectively. Our performance did not meet the required conditions for vesting for the PRSUs that were scheduled to vest in February 2024 and accordingly they expired unvested during the three months ended March 31, 2024. We are currently assuming 100% attainment of our 2025 metrics and 0% attainment of our 2024 metrics. All of the PRSUs granted in 2022 and 2023 remained outstanding at March 31, 2024.

The following table summarizes pertinent facts related to PRSU grants, with threshold and target dollar and production capacity figures given in millions.


Grant Date	Grant-Date Fair Value		# Cash-Settleable PRSUs		# Share-Settleable PRSUs		Metric	Threshold		Target
2/28/2023	$	2.58		192,500		38,759	2025 PHA Revenue	$	177.0	$	202.0
2/28/2023	$	2.58		192,500		38,760	2025 Adjusted EBITDA	$	36.0	$	44.0
3/31/2022	$	5.86		131,909		15,075	2024 PHA Revenue	$	151.0	$	189.0
3/31/2022	$	5.86		131,909		15,075	2024 Adjusted EBITDA	$	9.2	$	13.8
3/31/2022	$	5.86		175,880		20,101	2024 Neat PHA capacity (lbs.)		68.0		81.0
				824,698		127,770

Stock Options

The following table summarizes share-settled stock option activity under our equity plans.


	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Balance, December 31, 2023		9,257,704		$	11.27		5.38	$	-
Forfeited		(4,334	)
Balance, March 31, 2024		9,253,370		$	11.27		5.13	$	-
Exercisable		8,118,263		$	12.10		4.77	$	-
Vested and expected to vest		9,253,370		$	11.27		5.13	$	-

The aggregate intrinsic values are calculated as the difference between the exercise price of the indicated stock options and the fair value of our common stock on March 31, 2024.

There were no stock options granted during the three months ended March 31, 2024.

There were 204,254 share-settled options granted during the three months ended March 31, 2023 with a weighted average grant date fair value of $1.17. In addition to the share-settled stock options, during the three months ended March 31, 2023, we granted 1,050,000 stock options that contained a cash-settlement feature if adequate shares were not available to settle the award by the vesting dates. Additionally, during 2023, we added a cash-settlement feature to 2,571,737 of previously outstanding share-settled stock options and we maintain a liability of $0.4 million as of March 31, 2024 for these options, which was reclassified from additional paid-in capital. For the three months ended March 31, 2024 and 2023, we recognized expense of $0.4 million and $0.6 million, respectively for all outstanding cash-settleable stock options. We maintained long-term liabilities of $0.5 million and $0.1 million at March 31, 2024 and December 31, 2023, respectively, related to our historical outstanding cash-settleable stock options.

As of March 31, 2024, there was $2.7 million of unrecognized compensation cost related to unvested stock options and restricted shares granted under the 2020 Incentive Plan. That cost is expected to be recognized over a weighted-average period of 0.9 years.

Note 13. Fair Value Considerations

GAAP defines “fair value” as the price we would receive to sell an asset in a timely transaction or pay to transfer a liability in a timely transaction with an independent buyer. GAAP also sets forth a framework for measuring fair value utilizing a three-tier hierarchy based on the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs.

The three levels of the fair value hierarchy are as follows:

Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets and liabilities;

Level 2 - Observable inputs other than quoted prices in active markets, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data; and

Level 3 - Unobservable inputs reflecting management’s assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.

Level 1

The carrying amounts of our cash and cash equivalents and restricted cash were measured using quoted market prices in active markets and represent Level 1 investments. Our other financial instruments such as accounts receivable, accounts payable and accrued expenses, approximate their fair values due to their short maturities. The March 31, 2024 fair value of our Convertible Notes, based on trades made around that date, was approximately $17.8 million.

We set the values of our restricted stock unit and restricted stock awards without market-based vesting provisions on their respective grant dates at the closing price of a share of our common stock on each grant date.

We re-value our restricted stock unit awards that include a cash settlement feature each month at the closing price of a share of our common stock on the last trading day of the month, or $1.09 at March 31, 2024.

Level 2

We valued our restricted stock awards that contain a market-based vesting provision on the grant date using a Monte Carlo simulation, which takes into account a large number of potential stock price scenarios over time and incorporates varied assumptions about volatility and exercise behavior for those various scenarios. These assumptions are based on market data but cannot be directly observed. A fair value is estimated for each potential outcome.

We estimated the fair value of our Senior Secured Term Loan based on an analysis of market activity since loan inception at March 31, 2024 and determined it was approximately $40.5 million.

Level 3

We value our stock options, ESPP instruments, Private Warrants and Common Warrants using the Black-Scholes option pricing model on the respective grant dates. We re-value the Private Warrants, Common Warrants and any stock options with a cash-settlement feature at the end of each period. Since our stock price history as a publicly traded company is shorter in duration than the expected lives of our options (other than ESPP instruments), we use the historical volatility of a group of peer companies in addition to our own historical volatility to assess expected volatility. We have not paid and do not currently anticipate paying a cash dividend on our common stock, so we have set the expected annual dividend yield to zero for all calculations. We used risk-free rates equal to the U.S. Treasury yield curves in effect as of each valuation date for durations equal to the expected lives of each instrument. We use the simplified method under Staff Accounting Bulletin Topic 14, defined as the mid-point between the vesting period and the contractual term for each option, to determine the expected lives of stock-settled stock options and we use the remaining contractual lives of ESPP instruments, Private Warrants, Common Warrants, and stock options with a cash-settlement feature as their expected lives.

The following table sets forth the calculated fair values and the associated ranges of values we used for period remeasurement and for new grants in our Black-Scholes calculations for stock options, other than ESPP.


	March 31,			Three Months Ended March 31,
	2024			2024		2023
Share prices of our common stock	$	1.09		$	1.09	$2.58 - $3.45
Expected volatilities		79.78	%	65.28% - 100.92%		49.08% - 53.51%
Risk-free rates of return		4.21	%	4.13% - 4.28%		4.04% - 4.40%
Expected option terms (years)		4.08		3.31 - 4.91		4.31 - 6.00
Calculated option values	$	0.23		$0.15 - $0.41		$0.20 - $2.04

The following table sets forth the fair values we calculated and the inputs we used in our Black-Scholes models for Private Warrants.


	March 31,			December 31,
	2024			2023
Share price of our common stock	$	1.09		$	1.02
Expected volatility		95.80	%		56.66	%
Risk-free rate of return		4.68	%		4.31	%
Expected warrant term (years)		1.74			2.00
Fair value determined per warrant	$	0.05		$	0.00

The following table sets forth the fair values we calculated and the inputs we used in our Black-Scholes models for Common Warrants.


	March 31,			March 25,
	2024			2024
Share price of our common stock	$	1.09		$	1.08
Expected volatility		68.42	%		72.80	%
Risk-free rate of return		4.12	%		4.15	%
Expected warrant term (years)		5.49			5.50
Fair value determined per warrant	$	0.63		$	0.65

Note 14. Commitments and Contingencies

Commitments

In connection with our 2007 acquisition of certain intellectual property, we agreed to pay royalties to Procter & Gamble upon production and sale of PHA. The royalty is $0.05 per pound for the first 500 million pounds of PHA sold and decreases to $0.025 per pound for cumulative sales in excess of that amount until the underlying patents expire. On March 17, 2023, we terminated this royalty agreement. We retained all intellectual property associated with the agreement. We forfeited all prepaid royalties as part of this termination and recorded a loss on forfeiture of $0.5 million for the three months ended March 31, 2023.

Litigation Matters

On May 14, 2021, a class action complaint was filed by Darryl Keith Rosencrants in the United States District Court for the Eastern District of New York, on May 18, 2021, a class action complaint was filed by Carlos Caballeros in the United States District Court for the Middle District of Georgia, on May 18, 2021, a class action complaint was filed by Dennis H. Wilkins also in the United States District Court for the Middle District of Georgia, and on May 19, 2021, a class action complaint was filed by Elizabeth and John Skistimas in the United States District Court for the Eastern District of New York. Each plaintiff or plaintiffs brought the action individually and on behalf of all others similarly situated against the Company.

The alleged class varies in each case but covers all persons and entities other than Defendants who purchased or otherwise acquired our securities between October 5, 2020 and May 4, 2021 (“Class Period”). Plaintiffs are seeking to recover damages caused by Defendants’ alleged violations of the federal securities laws and are pursuing remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), and Rule 10b-5 promulgated thereunder. The complaints are substantially similar and are each premised upon various allegations that throughout the Class Period, Defendants made materially false and misleading statements regarding, among other things, our business, operations and compliance policies.

Plaintiffs seek the following remedies: (i) determining that the lawsuits may be maintained as class actions under Rule 23 of the Federal Rules of Civil Procedure, (ii) certifying a class representative, (iii) requiring Defendants to pay damages allegedly sustained by plaintiffs

and the class members by reason of the acts alleged in the complaints, and (iv) awarding pre-judgment and post-judgment interest as well as reasonable attorneys’ fees, expert fees and other costs.

On July 29, 2021, the Georgia court transferred the Georgia cases to New York, and all four class actions have been consolidated into a single lawsuit in the Eastern District of New York.

On January 19, 2022, a Consolidated Amended Class Action Complaint (“Amended Complaint”) was filed in the Eastern District of New York, naming as defendants the Company, its directors and certain of its officers as well as certain former directors (collectively, “Defendants”). The Amended Complaint is brought on behalf of a class consisting of (i) purchasers of shares of the Company during the Class Period, (ii) all holders of the Company’s Class A common stock entitled to vote on the merger transaction between the Company and Meredian Holdings Group, Inc. consummated on December 28, 2020 and (iii) purchasers of Company securities pursuant to the Company’s Registration Statement on Form S-4 that was declared effective on December 16, 2020 or the Company’s Registration Statement on Form S-1 that was declared effective on February 16, 2021. The Amended Complaint asserts claims for violations of Sections 10(b), 14(a) and 20(a) of the Exchange Act and Rules 10(b)-5(a)-(c) promulgated thereunder and Sections 11, 12 and 15 of the Securities Act of 1933, as amended (the “Securities Act”). Plaintiffs seek the following remedies: (a) a determination that the lawsuit is a proper class action pursuant to Rule 23 of the Federal Rules of Civil Procedure and certifying Plaintiffs as class representative, (b) awarding compensatory and punitive damages allegedly sustained by the class members by reason of the acts set forth in the Amended Complaint and (c) awarding pre-judgment and post-judgment interest and costs and expenses, including reasonable attorneys’ fees, experts’ fees and other costs. On September 30, 2023, the court issued an Order granting Defendant’s motion to dismiss in full, dismissing Plaintiffs’ claims with prejudice, and denying Plaintiffs’ request for leave to amend. On October 27, 2023, the Plaintiffs filed a notice of appeal, which remains pending.

On May 24, 2021, a shareholder derivative lawsuit was filed in the Court of Chancery of the State of Delaware by Richard Delman on behalf of the Company, alleging breach of fiduciary duty against the Company’s directors. On October 6, 2021, a shareholder derivative lawsuit was filed in the United States District Court for the District of Delaware by Ryan Perri on behalf of the Company, alleging breach of fiduciary duty against the Company’s directors. On February 9, 2023, a shareholder derivative lawsuit was filed in the United States District Court for the District of Delaware by Samuel Berezin on behalf of the Company, alleging breach of fiduciary trust against the Company’s directors. All three shareholder derivative lawsuits have been stayed pending the outcome of Defendants’ motion to dismiss the securities class actions. These derivative complaints repeat certain allegations which are already in the public domain. Defendants deny the allegations of the above complaints, believe the lawsuits are without merit and intend to defend them vigorously.

We provide for costs relating to these matters when a loss is probable and the amount is reasonably estimable. Since we are unable to estimate the likelihood of incurring a loss, or the amount of loss, if any, related to these matters, we have not accrued any losses for these matters at March 31, 2024. Legal and administrative costs related to these matters are expensed as incurred.

On May 5, 2021, we received a letter from the Atlanta regional office of the SEC, in connection with a non-public, fact-finding inquiry, requesting that we voluntarily produce certain specified information, to which we timely and voluntarily produced the requested information on July 14, 2021. Subsequently, the SEC had additional follow-up requests for further information, and we have timely and voluntarily responded to all such requests.

In the ordinary course of business, we may be a party to various other legal proceedings from time to time.

Note 15. Subsequent Events

On April 19, 2024, we entered into an asset-based credit and security agreement (“Revolving Credit Agreement”) with Mountain Ridge Capital.

The Revolving Credit Agreement provides for borrowings under a revolving commitment of $20.0 million (“Revolving Commitment”). Subject to the terms and conditions of the Revolving Credit Agreement, we may request an increase in the Revolving Commitment by an amount not to exceed $5.0 million, provided that any such request for an increase be in a minimum amount of $2.5 million. The amount of the Revolving Commitment available for borrowing at any given time is $18.5 million, subject to a borrowing base formula that is based upon our accounts receivable and inventory, as more fully described in the Revolving Credit Agreement.

Amounts borrowed under the Revolving Credit Agreement accrue interest at an annual rate equal to the Secured Overnight Financing Rate plus 7%, and any unborrowed Revolving Commitment accrues an unused facility fee at an annual rate of 0.5%, each payable monthly. The Revolving Credit Agreement matures on April 19, 2027; however, certain provisions exist that can accelerate the maturity date. The Revolving Credit Agreement also contains other customary representations, warranties, and affirmative and negative covenants, which we do not expect to have any material effect. The Revolving Credit Agreement is secured by a lien on all of our accounts receivable and inventory and the proceeds thereof and certain other assets as set forth in the Revolving Credit Agreement.

On May 2, 2024, we announced that our Board of Directors proposed a distribution of warrants to purchase shares of Common Stock (“Dividend Warrants”). This transaction is subject to our stockholders approving a proposal to increase the number of shares of Common

Stock authorized at our upcoming annual meeting of stockholders, to be held on July 9, 2024. The Dividend Warrants would be distributed on or about July 12, 2024, to the holders of record of our Common Stock as of the close of business on May 13, 2024.

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (this “Report”) of Danimer Scientific, Inc. contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Except where the context otherwise requires or where otherwise indicated, the terms the “Company”, “Danimer”, “we”, “us”, and “our”, refer to the consolidated business of Danimer Scientific, Inc. and its consolidated subsidiaries. All statements in this Report, other than statements of historical fact, are forward-looking statements. These forward-looking statements are based on management’s current expectations, assumptions, hopes, beliefs, intentions, and strategies regarding future events and are based on currently available information as to the outcome and timing of future events. Forward-looking statements may contain words such as “believe”, “may”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “should”, “would”, “could”, “plan”, “predict”, “potential”, “seem”, “seek”, “future”, “outlook”, the negative of such terms and other similar expressions, which are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. The Company cautions that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of the Company, incident to its business.

Because forward‑looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. These forward-looking statements are based on information available as of the date of this Report (or, in the case of forward-looking statements incorporated herein by reference, if any, as of the date of the applicable filed document), and any accompanying supplement, and current expectations, forecasts and assumptions, and involve a number of risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the Company’s views as of any subsequent date, and the Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include:

•

our ability to recognize the anticipated benefits of business combinations, which may be affected by, among other things, competition, and our ability to grow and manage growth profitably following business combinations;

•

costs related to business combinations;

•

changes in applicable laws or regulations;

•

the outcome of any legal proceedings against us;

•

the effect of pandemics, such as the COVID-19 pandemic, on our business;

•

our ability to execute our business model, including, among other things, market acceptance of our products and services and construction delays in connection with the expansion of our facilities;

•

our ability to raise capital;

•

the ongoing conflict in Ukraine and the Middle East;

•

the possibility that we may be adversely affected by other economic, business, and/or competitive factors; and

•

other risks and uncertainties set forth in the section entitled “Risk Factors” of this Report, which is incorporated herein by reference

Any expectations based on these forward-looking statements are subject to risks and uncertainties and other important factors, including those discussed in this Report, specifically the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Other risks and uncertainties are and will be disclosed in our prior and future SEC filings. The following information should be read in conjunction with the Condensed Consolidated Financial Statements and related notes appearing in Part I, Item 1, of this Report.

Introductory Note

Combination was treated as the equivalent of Legacy Danimer issuing stock for the net assets of Live Oak, accompanied by a recapitalization. In connection with the Business Combination, Live Oak changed its name to Danimer Scientific, Inc. On August 11, 2021, we closed the acquisition of Novomer, Inc. (integrated into our business as “Danimer Catalytic Technologies”).

Overview

We are a performance polymer company specializing in bioplastic replacement for traditional petroleum-based plastics. We bring together innovative technologies to deliver biodegradable bioplastic materials to global consumer product companies. We believe that we are the only commercial company in the bioplastics market to combine the production of a base polymer along with the reactive extrusion capacity in order to give customers a “drop-in” replacement for a wide variety of petroleum-based plastics. We derive our revenue primarily from product sales of PHA- and PLA-based resins as well as from services such as contract research and development and tolling.

PHA-Based Resins: We are a leading producer of polyhydroxyalkanoate (“PHA”), a key biodegradable ingredient in a wide range of engineered materials that are plastic alternatives, which we sell under the proprietary Nodax brand name, for use in a wide variety of plastic applications including straws, food containers and cutlery, among other things. We make Nodax through a fermentation process where bacteria consume vegetable oil and make PHA within their cell walls as energy reserves. We harvest the PHA from the bacteria, then purify and filter the bioplastic before forming the PHA into pellets, which we combine with other inputs using a reactive extrusion process to manufacture formulated finished product. We design our PHAs to be a drop-in replacement for petroleum-based plastics so that the converters do not have to purchase new equipment to switch to our new biodegradable plastic. Utilizing PHA as a base resin for a wide variety of application-specific engineered materials significantly expands the number of potential applications for bioplastics in the industry and enables us to produce resin that is not just compostable, but also fully biodegradable.

In December 2018, we acquired a fermentation facility in Winchester, Kentucky (“Kentucky Facility”) for production of PHA on a commercial scale. We embarked on a two-phase commissioning strategy for the Kentucky Facility, which expanded the capacity of the plant by 45 million pounds to total plant capacity up to 65 million pounds of Nodax-based finished product, which includes other blended inputs, per year. The capacity expansion was completed in 2022.

In November 2021, we broke ground on the construction of a PHA plant in Bainbridge, Georgia (“Greenfield Facility”). Through March 31, 2024, we have invested $187.8 million in the Greenfield Facility, excluding capitalized interest and internal labor. The Greenfield Facility has an engineering cost estimate ranging from $515 million to $665 million, which was most recently updated in December 2022 and does not consider any effect of inflation. The Greenfield Facility has a planned annual production capacity of approximately 125 million pounds of finished product. We suspended construction of the Greenfield Facility during 2022 and completion of the facility is contingent upon securing additional financing.

We anticipate spending between $140 million to $220 million on a commercial Rinnovo plant. This range does not account for the impact of inflation on our construction costs arising since the completion of our engineering cost estimate in the second quarter of 2022. Once a commercial Rinnovo plant is completed and after making some additional investments in extrusion capacity, the Danimer network is expected to have production capacity of approximately 330 million pounds of Nodax-based finished product. Danimer also expects to have approximately 60 million pounds of Rinnovo remaining to sell on a standalone basis or in formulations that don't include Nodax.

PLA-Based Resins: Since 2004, we have been producing proprietary plastics using a natural plastic called polylactic acid (“PLA”) as a base resin. PLA has limited functionality in its unformulated, or “neat,” form. We purchase PLA and formulate it into bioplastic resins by leveraging the expertise of our chemists and our proprietary reactive extrusion process. Our formulated PLA products allow many companies to begin to use renewable and compostable plastics to meet their customers’ growing sustainability needs. We were the first company in the world to create a bioplastic suitable for coating disposable paper cups to withstand the temperatures of hot liquids such as coffee. We have expanded our product portfolio and now supply customers globally.

Research and Development (“R&D”) and Tolling Services: Our technology team partners with global consumer product companies to develop custom biopolymer formulations for specific applications. R&D contracts are designed to develop a formulated resin using PHA, PLA and other biopolymers that can be run efficiently on existing conversion equipment. We expect successful R&D contracts to culminate in supply agreements with the R&D customers. Our R&D services thus not only provide revenue but also a pipeline of future products.

In addition to producing our own products, we also toll manufacture for customers that need our unique extruder or reactor setup for new or scale-up production. Our specialty tolling services primarily involve processing customer-owned raw materials to assist them in addressing their extrusion capacity constraints or manufacturing challenges.

Key Factors Affecting Operating Results

We believe that our performance and future success depend on several factors that present significant opportunities for us but also pose risks and challenges, including those discussed below.

Factors Impacting Our Revenue

We derive our revenue from product sales of PHA- and PLA-based resins as well as from services such as R&D and tolling.

The most significant drivers of PHA-based revenue are the pace of adoption of our materials and, in the longer-term, our ability to bring additional production capacity online, such as our Greenfield Facility. Our product revenue from PLA-based resins is primarily impacted by the effective launch of new product offerings in new markets by our customers. Finally, our product revenue will be impacted in the future by our ability to deliver biopolymer formulations that can be efficiently run on customer conversion equipment and meet customer application specifications and requirements and by our ability to negotiate successful PHA-related license sales agreements.

Our service revenue is primarily impacted by the timing of, and execution against, customer contracts. Research and development services generally involve milestone-based contracts to develop PHA-based solutions designed to a customer’s specifications. Upon the completion of research and development contracts, customers generally have the option to enter into long-term supply agreements with us for the developed product solutions.

Factors Impacting Our Expenses

Cost of revenue

Cost of revenue is comprised of costs of goods sold and direct costs associated with research and development service projects. Costs of goods sold consists of raw materials and ingredients, personnel, related production overhead, rent, utilities and depreciation. Costs associated with research and development service contracts include outside consulting and testing, personnel and related overhead incurred in direct relation to specific service contracts.

Selling, general and administrative expense

Selling, general and administrative expense consists of personnel costs, corporate administration expenses, and elements of depreciation and amortization, rent, facility and marketing expenses that are not directly attributable to direct costs of production or associated with research and development activities.

Research and development expense

Research and development expense includes personnel costs, depreciation, amortization, third-party consulting and testing fees, and rent and related facility expenses directly attributable to research and development activities not associated with revenue generating service contracts.

Current Developments

During the first quarter, we made further inroads in our mission to create biodegradable consumer packaging and other products which address the global plastics waste crisis by:

•

completing our first commercial shipment of compostable single-use coffee pod capsule resin to Delta Cafes, and

•

making additional progress in negotiating development and supply agreements with our blue-chip customers.

Russia & Ukraine Conflict

With respect to the war in Ukraine, our business and operational environment is impacted by, among other things, responsive governmental actions including sanctions imposed by the U.S. and other governments.

While we do not have operations in either Russia or Ukraine, we have experienced a decline in sales due to the conflict, specifically sales of some of our PLA products. We have also experienced supply chain challenges and increased logistics and raw material costs, including but not limited to canola oil, which our PHA production currently uses as a feedstock. Although we did not and do not source canola oil from Ukraine, and we have placed orders to reduce our exposure to shortages or inflation, we believe global canola oil prices have been more volatile due to events in Ukraine.

The extent to which the conflict may continue to impact Danimer in future periods will depend on future developments, including the severity and duration of the conflict, its impact on regional and global economic conditions, and the extent of supply chain disruptions. We will continue to monitor the conflict and assess the related sanctions and other effects and may take further actions if necessary.

Critical Accounting Policies

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses during the reported periods. Our disclosure of our key accounting policies, which involve the use of estimates, judgments and assumptions that are significant to understanding our results, are set forth in our Annual Report on Form 10-K for the year ended December 31, 2023.

Results of Operations for the Three Months Ended March 31, 2024 and 2023:


	Three Months Ended March 31,
(in thousands)	2024			2023			Change
Revenue:
Products	$	9,955		$	11,096		$	(1,141	)
Services		269			830			(561	)
Total revenue		10,224			11,926			(1,702	)
Cost of revenue		16,535			18,209			(1,674	)
Gross profit		(6,311	)		(6,283	)		(28	)
Gross profit percentage		-61.7	%		-52.7	%
Operating expense:
Selling, general and administrative		6,869			18,699			(11,830	)
Research and development		5,342			7,075			(1,733	)
Loss on sale of assets		-			170			(170	)
Total operating expenses		12,211			25,944			(13,733	)
Loss from operations		(18,522	)		(32,227	)		13,705
Nonoperating income (expense):
Gain (loss) on remeasurement of warrants		99			(1,116	)		1,215
Interest, net		(8,838	)		(3,386	)		(5,452	)
Total nonoperating expense:		(8,739	)		(4,502	)		(4,237	)
Loss before income taxes		(27,261	)		(36,729	)		9,468
Income taxes		(2	)		90			(92	)
Net loss	$	(27,263	)	$	(36,639	)	$	9,376

Revenue

Current quarter revenue decreased by 14% as compared to the prior year quarter. In the first quarter of 2024, PHA-based product sales increased $3.2 million, or 64%, over the prior year quarter due to an increase in sales volumes. PHA-based product sales represented 82% of our product revenues in the current year quarter and 45% of product revenue in the prior year quarter. Current quarter PLA-based product sales decreased $4.3 million compared to the prior year quarter due to a 59% decrease in volumes sold as well as a 33% decrease in weighted average selling price. This volume decrease is related to certain PLA customers impacted by the conflict in Ukraine, whose business we do not expect to return at the previous volumes or at all.

The decrease in service revenue relates primarily to our completion of our portion of several R&D contracts since the beginning of the prior year quarter.

During the current quarter, we had two customers that each individually accounted for 10% of revenue and collectively accounted for 64% of total revenue, whereas in the prior year quarter we had four customers that each individually accounted for 10% of revenue and collectively accounted for 72% of total revenue.

Cost of revenue and gross profit

Cost of revenue decreased 9% for the current quarter as compared with the prior year quarter. This is largely driven by the sales volume decreases noted above.

The decline in gross profit percentage was primarily due to the aforementioned lower volumes sold in the quarter.

Operating expenses

Current period improvement in selling, general and administrative expense primarily relates to decreases in stock-based compensation of $12.5 million with respect to certain executive awards that were fully amortized in December 2023 as well as decreases of $0.3 million in consulting services and fees and $0.2 million in accounting expenses. These were partially offset by increases in legal and related expenses of $1.2 million, of which $0.9 million related to our recent registered direct offering transaction. The improvement in research and development expenses relate primarily to stock-based compensation of $1.5 million with respect to certain executive awards that were fully amortized in December 2023. We continue to focus on reducing expenditures company-wide.

Gain (loss) on remeasurement of warrants

The current quarter remeasurement gain on our warrants primarily represents a decrease in the fair value of each of the 15 million outstanding Common Warrants due primarily to a decrease in the share price since their issuance. The prior year quarter remeasurement loss was due to an increase in the share price during that period that impacted the fair value of the 3.9 million outstanding Private Warrants.

Interest expense

The increase in interest expense, net of capitalization, primarily resulted from the issuance of the Senior Secured Term Loan in March 2023, for which we incurred a full quarter of interest expense in the current quarter as compared to a only a portion of the prior year quarter.

Income taxes

For the current quarter, we had an immaterial amount of tax expense as compared to a benefit of $0.1 million in the prior year quarter. Our effective tax rates differed from the federal statutory rate of 21% due to our valuation allowances against substantially all of our net deferred tax assets.

Liquidity and Capital Resources

Our primary sources of liquidity are equity issuances and debt financings. As of March 31, 2024, we had $57.3 million in cash and cash equivalents and other working capital of $31.4 million. While we believe we have developed the capabilities to generate revenue that will eventually be sufficient to cover our ongoing operating costs, we are currently experiencing a period of low sales volume. We believe we have adequate liquidity to fund our operations for the next twelve months.

We broke ground on our Greenfield Facility construction in November 2021 and started placing orders for long-lead time equipment items. The Greenfield Facility has an engineering cost estimate ranging from $515 million to $665 million, which does not consider the effects of inflation. As of March 31, 2024, we have invested $187.8 million of capital, excluding capitalized interest and internal labor, for the Greenfield Facility. During 2022, we suspended construction of the Greenfield Facility and completion of the facility is contingent upon receiving additional financing.

As of March 31, 2024, our most significant borrowing facilities are our 3.25% Convertible Senior Notes and our Senior Secured Term Loan described below.

3.25% Convertible Senior Notes

On December 21, 2021, we issued $240 million principal amount of our 3.25% Convertible Senior Notes due 2026 (“Convertible Notes”), subject to an indenture (“Indenture”).

The Convertible Notes are our senior, unsecured obligations and accrue interest at a rate of 3.25% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2022. We will settle conversions by paying or delivering, as applicable, cash, shares of common stock or a combination of cash and shares, at our election. The initial conversion rate, which is subject to change, is approximately $10.79 per share of common stock. If certain liquidity conditions are met, we may redeem the Convertible Notes between December 19, 2024, and October 20, 2026. The Convertible Notes will mature on December 15, 2026.

Capped Calls

Senior Secured Term Loan

On March 17, 2023, we closed a $130 million principal amount Senior Secured Term Loan. The Senior Secured Term Loan matures on the earlier of March 17, 2027 or September 15, 2026 if more than $100 million of the existing Convertible Notes remains outstanding on that date. After payment of the lender’s expenses, including the first three years of premiums for a collateral protection insurance policy for the benefit of the lender, we received net proceeds of $98.6 million. The Senior Secured Term Loan accrues interest at a fixed annual rate of 14.4%. As part of the Senior Secured Term Loan agreement, we are required to hold certain interest payments in a restricted reserve account, which resulted in classification of $12.5 million of cash as restricted cash.

The Senior Secured Term Loan contains various customary covenants, which we do not expect to have a material impact on our liquidity or capital resources.

In connection with the Senior Secured Term Loan, we also issued warrants with a five-year maturity to the lender to purchase 1.5 million shares of our common stock at an exercise price of $7.50 per share. We determined the fair value of these warrants as of the closing date was $0.5 million, which we included in additional paid in capital, using the Black-Scholes model.

Cash Flows for the Three Months Ended March 31, 2024 and 2023:

The following table summarizes our cash flows from operating, investing and financing activities:


	Three Months Ended March 31,
(in thousands)	2024			2023
Net cash used in operating activities	$	(12,991	)	$	(5,865	)
Net cash used in investing activities	$	(1,970	)	$	(16,400	)
Net cash provided by financing activities	$	13,037		$	91,539

Cash flows from operating activities

Net cash used in operating activities was $13.0 million during the current quarter and was $5.9 million during the comparable period for 2023. The period-to-period increase in cash outflows is primarily the payment of a full quarter of interest payments related to our Senior Secured Term Loan in the current year and only a partial quarter in the prior year quarter.

Cash flows from investing activities

In the current quarter, we used $2.0 million for the purchase of property, plant and equipment as compared to the $16.4 million for such purchases in the prior year quarter. During 2024, we are continuing to decrease capital expenditures to align with our cost savings initiatives.

Cash flows from financing activities

In the current quarter, net cash provided by financing activities of $13.0 million consisted primarily of:

•

Proceeds from issuance of warrants and common stock, net of issuance costs, of $13.5 million; and

•

Payments of debt of $0.6 million.

In the prior year quarter, net cash provided by financing activities of $91.5 million consisted primarily of:

•

Proceeds from our Senior Secured Term Loan of $130 million, less issuance costs of $33.0 million; and

•

Payments of debt of $5.5 million, including a portion of our previously existing Subordinated Term Loan.

Off-balance Sheet Arrangements

At March 31, 2024, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are exposed to various market risks, including potential losses arising from adverse changes in market prices and rates, such as various commodity prices, particularly canola oil. We do not enter into derivatives or other financial instruments for trading or speculative purposes.

Our primary financial instruments are cash and cash equivalents. This includes cash in banks and highly rated, liquid money market investments. We believe these instruments are not subject to material potential near-term losses in future earnings from reasonably possible near-term changes in market rates or prices.

Commodity Price Risk

Our products are made using various purchased components and several basic raw materials, in particular PLA, polybutylene succinate (“PBS”), polybutylene adipate terephthalate (“PBAT”) and canola oil. We expect prices for these items to fluctuate based on marketplace demand and other factors, such as the effect of the Russian invasion of Ukraine on canola oil prices. Our product margins and level of profitability may fluctuate whether or not we pass increases in purchased component and raw material costs on to our customers.

Item 4. CONTROLS AND PROCEDURES

Limitations on Effectiveness of Controls and Procedures

Our management, including the Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls can prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. There are inherent limitations in all control systems, including the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of one or more persons. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and, while our disclosure controls and procedures are designed to be effective under circumstances where they should reasonably be expected to operate effectively, there can be no assurance that any design will succeed in achieving its stated goals under all potential conditions. Because of the inherent limitations in any control system, misstatements due to error or fraud may occur and not be detected.

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act are recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosures.

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q. Our management and our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective in providing them with material information relating to the Company and its consolidated subsidiaries required to be disclosed in the reports we file or submit under the Exchange Act.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the three month period ended March 31, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II—OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS

Refer to the information provided in Note 14 to the Notes to the Condensed Consolidated Financial Statements presented in Part I, Item 1. of this report.

Item 1A. RISK FACTORS

There have been no material changes in our risk factors from those disclosed in Part I, Item 1A. of our Annual Report on Form 10-K for the year ended December 31, 2023.

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

Item 5. OTHER INFORMATION

During the three month period ended March 31, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K, nor did the Company during such fiscal quarter adopt or terminate any “Rule 10b5-1 trading arrangement”.

Item 6. EXHIBITS


Exhibit No.		Description
4.1		Form of Pre-Funded Common Stock Purchase Warrant (included as Exhibit 4.1 to the Current Report on Form 8-K (Commission File No. 001-39280) filed on March 25, 2024).
4.2		Form of Common Stock Purchase Warrant (included as Exhibit 4.2 to the Current Report on Form 8-K (Commission File No. 001-39280) filed on March 25, 2024)
10.1		Placement Agency Agreement, dated as of March 20, 2024, by and between Danimer Scientific, Inc. and Roth Capital Partners, LLC (included as Exhibit 10.1 to the Current Report on Form 8-K (Commission File No. 001-39280) filed on March 25, 2024).
10.2		Form of Securities Purchase Agreement, by and between Danimer Scientific, Inc. and the purchaser named therein (included as Exhibit 10.2 to the Current Report on Form 8-K (Commission File No. 001-39280) filed on March 25, 2024).
10.3		Credit and Security Agreement, dated as of April 19, 2024, among Danimer Scientific, Inc., Meredian Holdings Group, Inc., Danimer Scientific Holdings, LLC, Meredian, Inc., Danimer Scientific, L.L.C., Danimer Bioplastics, Inc., and Danimer Scientific Kentucky, Inc., as borrowers, the other loan parties party thereto from time to time, the financial institutions party thereto from time to time as lenders and ABL OPCO LLC (d/b/a Mountain Ridge Capital), as administrative agent. (included as Exhibit 10.1 to the Current Report 8-K (Commission File No. 001-39280) filed on April 22,2024.
31.1*		Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed with this quarterly report

SIGNATURES

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 thereunto duly authorized.


	Danimer Scientific, Inc.

Date: May 7, 2024	By:	/s/ Stephen E. Croskrey
		Stephen E. Croskrey
		Chief Executive Officer
		(Principal Executive Officer)

Date: May 7, 2024	By:	/s/ Michael A. Hajost
		Michael A. Hajost
		Chief Financial Officer
		(Principal Financial Officer and Principal Accounting Officer)

Exhibit 31.1

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Stephen E. Croskrey, certify that:


1.	I have reviewed this Quarterly Report on Form 10-Q of Danimer Scientific, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: May 7, 2024	By:	/s/ Stephen E. Croskrey
		Stephen E. Croskrey
		Chief Executive Officer
		(Principal Executive Officer)

Exhibit 31.2

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael A. Hajost certify that:


1.	I have reviewed this Quarterly Report on Form 10-Q of Danimer Scientific, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: May 7, 2024	By:	/s/ Michael A. Hajost
		Michael A. Hajost
		Chief Financial Officer
		(Principal Financial Officer)

Exhibit 32.1

CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

I, Stephen E. Croskrey, certify, as of the date hereof, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that this Quarterly Report of Danimer Scientific, Inc. on Form 10-Q for the fiscal quarter ended March 31, 2024 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Form 10-Q fairly presents in all material respects the financial condition and results of operations of Danimer Scientific, Inc. at the dates and for the periods indicated.

Date: May 7, 2024


	By:	/s/ Stephen E. Croskrey
		Stephen E. Croskrey
		Chief Executive Officer (Principal Executive Officer)

I, Michael A. Hajost, certify, as of the date hereof, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that this Quarterly Report of Danimer Scientific, Inc. on Form 10-Q for the fiscal quarter ended March 31, 2024 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Form 10-Q fairly presents in all material respects the financial condition and results of operations of Danimer Scientific, Inc. at the dates and for the periods indicated.

Date: May 7, 2024


	By:	/s/ Michael A. Hajost
		Michael A. Hajost
		Chief Financial Officer (Principal Financial Officer)

A signed original of this written statement required by Section 906 has been provided to Danimer Scientific, Inc. and will be retained by Danimer Scientific, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2024	May 07, 2024
Document Information [Line Items]
Entity Registrant Name	DANIMER SCIENTIFIC, INC.
Entity Central Index Key	0001779020
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-39280
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-1924518
Entity Address, Address Line One	140 Industrial Boulevard
Entity Address, City or Town	Bainbridge
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	39817
City Area Code	229
Local Phone Number	243-7075
Title of 12(b) Security	Class A Common stock, $0.0001 par value per share
Trading Symbol	DNMR
Security Exchange Name	NYSE
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		116,430,700

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 57,341	$ 59,170
Accounts receivable, net	12,233	15,227
Other receivables, net	682	652
Inventories, net	25,989	25,270
Prepaid expenses and other current assets	5,492	4,714
Contract assets, net	3,028	3,005
Total current assets	104,765	108,038
Property, plant and equipment, net	439,834	445,153
Intangible assets, net	77,169	77,790
Right-of-use assets	19,162	19,160
Leverage loans receivable	31,446	31,446
Restricted cash	14,239	14,334
Other assets	2,310	2,210
Total assets	688,925	698,131
Current liabilities:
Accounts payable	3,884	5,292
Accrued liabilities	6,484	4,726
Unearned revenue and contract liabilities	1,154	1,000
Current portion of lease liability	3,722	3,337
Current portion of long-term debt, net	787	1,368
Total current liabilities	16,031	15,723
Long-term lease liability, net	21,502	21,927
Long-term debt, net	384,229	381,436
Warrants liability	9,656	5
Other long-term liabilities	1,414	1,020
Total liabilities	432,832	420,111
Commitments and contingencies (Note 14)
Stockholders’ equity:
Common stock, $0.0001 par value; 200,000,000 shares authorized: 114,240,921 and 102,832,103 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	12	10
Additional paid-in capital	737,465	732,131
Accumulated deficit	(481,384)	(454,121)
Total stockholders’ equity	256,093	278,020
Total liabilities and stockholders’ equity	$ 688,925	$ 698,131

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common Stock, Shares, Issued	114,240,921	102,832,103
Common Stock, Shares, Outstanding	114,240,921	102,832,103

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue:
Total revenue	$ 10,224	$ 11,926
Costs and expenses:
Cost of revenue	16,535	18,209
Selling, general and administrative	6,869	18,699
Research and development	5,342	7,075
Loss on sale of assets	0	170
Total costs and expenses	28,746	44,153
Loss from operations	(18,522)	(32,227)
Nonoperating income (expense):
Gain (loss) on remeasurement of warrants	99	(1,116)
Interest, net	(8,838)	(3,386)
Total nonoperating expense:	(8,739)	(4,502)
Loss before income taxes	(27,261)	(36,729)
Income taxes	(2)	90
Net loss	$ (27,263)	$ (36,639)
Net loss per share:
Basic net loss per share	$ (0.26)	$ (0.36)
Diluted net loss per share	$ (0.26)	$ (0.36)
Basic - Weighted Average Number Of Shares Outstanding	103,968,384	101,896,326
Diluted - Weighted Average Number Of Shares Outstanding	103,968,384	101,896,326
Products
Revenue:
Total revenue	$ 9,955	$ 11,096
Services
Revenue:
Total revenue	$ 269	$ 830

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Total stockholders’ equity		$ 10	$ 676,250	$ (298,648)
Balance, beginning of period at Dec. 31, 2022		10	676,250	(298,648)
Stock-based compensation expense	$ 4,500		14,065
Warrants issued with Senior Secured Term Loan			510
Stock issued under stock compensation plan			129
Issuance of common stock, net of issuance costs		0	0
Shares retained for employee taxes			(61)
Net loss	(36,639)			(36,639)
Balance, end of period at Mar. 31, 2023	355,616	10	690,893	(335,287)
Total stockholders’ equity	355,616	10	690,893	(335,287)
Total stockholders’ equity	278,020	10	732,131	(454,121)
Balance, beginning of period at Dec. 31, 2023	278,020	10	732,131	(454,121)
Stock-based compensation expense	200		574
Warrants issued with Senior Secured Term Loan			0
Stock issued under stock compensation plan			118
Issuance of common stock, net of issuance costs		2	4,650
Shares retained for employee taxes			(8)
Net loss	(27,263)			(27,263)
Balance, end of period at Mar. 31, 2024	256,093	12	737,465	(481,384)
Total stockholders’ equity	$ 256,093	$ 12	$ 737,465	$ (481,384)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net loss	$ (27,263)	$ (36,639)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	7,531	7,579
Amortization of debt issuance costs	2,818	828
Warrant issuance costs	867	0
Stock-based compensation	574	14,065
Inventory reserves	(345)	244
Accounts receivable reserves	283	(519)
Gain (loss) on remeasurement of warrants	(99)	1,116
Amortization of right-of-use assets and lease liability	(41)	(196)
Deferred income taxes	0	(92)
Loss on disposal of assets	0	170
Changes in operating assets and liabilities:
Accounts receivable	2,711	2,422
Other receivables	(30)	74
Inventories, net	(374)	753
Prepaid expenses and other current assets	(778)	1,039
Contract assets	(197)	(625)
Other assets	78	0
Accounts payable	(1,182)	(1,256)
Accrued liabilities	1,910	2,981
Other long-term liabilities	392	878
Unearned revenue and contract liabilities	154	1,313
Net cash used in operating activities	(12,991)	(5,865)
Cash flows from investing activities
Purchases of property, plant and equipment and intangible assets	(1,970)	(16,400)
Net cash used in investing activities	(1,970)	(16,400)
Cash flows from financing activities
Proceeds from issuance of common warrants, net of issuance costs	8,883	0
Proceeds from issuance of common stock, net of issuance costs	4,650	0
Principal payments on long-term debt	(606)	(5,494)
Proceeds from employee stock purchase plan	118	129
Employee taxes related to stock-based compensation	(8)	(61)
Proceeds from long-term debt	0	130,000
Cash paid for debt issuance costs	0	(33,035)
Net cash provided by financing activities	13,037	91,539
Net (decrease) increase in cash and cash equivalents and restricted cash	(1,924)	69,274
Cash and cash equivalents and restricted cash
Cash and cash equivalents and restricted cash-beginning of period	73,504	64,401
Cash and cash equivalents and restricted cash-end of period	71,580	133,675
Supplemental cash flow information:
Cash paid for interest, net of interest capitalized	4,910	2,942
Cash paid for operating leases	$ 930	$ 929

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (27,263)	$ (36,639)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Item 5. OTHER INFORMATION During the three month period ended March 31, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K, nor did the Company during such fiscal quarter adopt or terminate any “Rule 10b5-1 trading arrangement”.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

Note 1. Basis of Presentation

Description of Business

Financial Statements

There were no significant changes to our critical accounting estimates or our significant accounting policies as disclosed in our 2023 Form 10-K .

Risks and Uncertainties

Inventories, net

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories

Note 2. Inventories, net

Inventories, net consisted of the following:


	March 31,		December 31,
(in thousands)	2024		2023
Raw materials	$	11,843	$	10,867
Work in process		503		546
Finished goods and related items		13,643		13,857
Total inventories, net	$	25,989	$	25,270

Property, Plant and Equipment, net

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, net

Note 3. Property, Plant and Equipment, net

Property, plant and equipment, net, consisted of the following:


		March 31,			December 31,
(in thousands)	Estimated Useful Life (Years)	2024			2023
Land and improvements	20	$	92		$	92
Leasehold improvements	Shorter of useful life or lease term		110,540			110,531
Buildings	20-40		2,191			2,191
Machinery and equipment	3-20		190,556			190,111
Motor vehicles	7-10		903			903
Furniture and fixtures	3-10		474			474
Office equipment	3-10		7,422			7,415
Construction in progress	N/A		203,617			202,998
			515,795			514,715
Accumulated depreciation and amortization			(75,961	)		(69,562	)
Property, plant and equipment, net		$	439,834		$	445,153

We reported depreciation and amortization expense (which included amortization of intangible assets) as follows:


	Years Ended March 31,
(in thousands)	2024		2023
Cost of revenue	$	5,147	$	5,213
Research and development		2,031		2,082
Selling, general and administrative		353		284
Total depreciation and amortization expense	$	7,531	$	7,579


(in thousands)	March 31, 2024		December 31, 2023
Georgia	$	200,047	$	199,342
New York		1,827		1,960
Kentucky		1,743		1,696
	$	203,617	$	202,998

Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Note 4. Intangible Assets

Intangible assets, net, consisted of the following:


	March 31,			December 31,
(in thousands)	2024			2023
Intangible assets, gross	$	96,276		$	95,765
Less capitalized patent costs not yet subject to amortization		(3,102	)		(2,838	)
Intangible assets subject to amortization, gross		93,174			92,927
Accumulated amortization		(19,107	)		(17,975	)
Intangible assets subject to amortization, net		74,067			74,952
Total intangible assets, net	$	77,169		$	77,790

Amortization expense was $1.1 million during each of the three months ended March 31, 2024 and 2023 and was included in research and development costs.

Accrued Liabilities

3 Months Ended

Mar. 31, 2024

Accounts Payable and Accrued Liabilities [Abstract]

Accrued Liabilities

Note 5. Accrued Liabilities

The components of accrued liabilities were as follows:


	March 31,		December 31,
(in thousands)	2024		2023
Accrued interest	$	2,399	$	440
Accrued legal, consulting and professional fees		1,408		839
Accrued taxes		912		552
Compensation and related expenses		508		1,692
Accrued utilities		341		350
Accrued rebates		288		233
Construction in progress accruals		51		191
Purchase accrual		-		8
Other		577		421
Total accrued liabilities	$	6,484	$	4,726

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 6. Income Taxes

Leases

3 Months Ended

Mar. 31, 2024

Disclosure Text Block [Abstract]

Operating Leases

Note 7. Leases

The following table sets forth the allocation of our operating lease costs.


	Three Months Ended March 31,
(in thousands)	2024		2023
Cost of revenue	$	754	$	581
Selling, general and administrative		33		137
Research and development		248		76
Total operating lease cost	$	1,035	$	794

Warrant Liability

3 Months Ended

Mar. 31, 2024

Text Block [Abstract]

Warrant Liability

Note 8. Warrant Liability

Private Warrants


(in thousands)
Balance at December 31, 2023	$	(5	)
Loss on remeasurement of private warrants		(201	)
Balance at March 31, 2024	$	(206	)

Common Warrants


(in thousands)
Balance at March 25, 2024	$	(9,750	)
Gain on remeasurement of common warrants		300
Balance at March 31, 2024	$	(9,450	)

Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Long-Term Debt

Note 9. Debt

The components of long-term debt were as follows:


	March 31,			December 31,
(in thousands)	2024			2023
3.25% Convertible Senior Notes	$	240,000		$	240,000
Senior Secured Term Loan		130,000			130,000
New Market Tax Credit Transactions		45,700			45,700
Insurance Premium Finance Notes		671			1,243
Vehicle and Equipment Notes		296			327
Mortgage Notes		189			192
Total	$	416,856		$	417,462
Less: Total unamortized debt issuance costs		(31,840	)		(34,658	)
Less: Current maturities of long-term debt		(787	)		(1,368	)
Total long-term debt	$	384,229		$	381,436

3.25% Convertible Senior Notes

On December 21, 2021, we issued $$240 million principal amount of our 3.25% Convertible Senior Notes due 2026 (“Convertible Notes”), subject to an indenture.

Capped Calls

Senior Secured Term Loan

The Senior Secured Term Loan contains various customary covenants, which we do not expect to have a material impact on our liquidity or capital resources.

New Markets Tax Credit Transactions

We believe these borrowings, and our related loans to the Investment Funds, will be forgiven in 2026 and 2029.

Insurance Premium Finance Notes

In June 2023 and December 2023, we entered into financing agreements related to the premiums of certain insurance policies. Each of these notes have a one year term and bear interest at 8.24%.

Vehicle and Equipment Notes

Mortgage Notes

We have a mortgage note secured by a residential property. This note bears interest at 5.25% with a maturity date in May 2025.

Equity

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Equity

Note 10. Equity

Common Stock

The following table summarizes the common stock activity for the three months ended March 31, 2024 and 2023, respectively.


	Three Months Ended March 31,
	2024		2023
Balance, beginning of period		102,832,103		101,804,454
Issuance of common stock		11,408,818		133,922
Balance, end of period		114,240,921		101,938,376

Preferred Stock

Non-Plan Legacy Danimer Options

Equity Distribution Agreement

sale pursuant to the agreement from $100.0 million to $50.0 million. As of March 31, 2024, $48.6 million remains available for distribution under the ATM Offering.

Anti-dilutive Instruments

The following table summarizes the instruments excluded from the calculations of diluted shares outstanding because the effect of including them would have been anti-dilutive.


	Three Months Ended March 31,
	2024		2023
Convertible Notes		22,250,040		22,250,040
Common Warrants		15,000,000		-
Employee stock options		9,253,370		12,044,231
Private Warrants		3,914,525		3,914,525
Pre-Funded Warrants		3,750,000		-
Senior Secured Term Loan Warrants		1,500,000		1,500,000
Restricted stock and RSUs		1,316,383		2,142,515
Performance stock		127,770		127,770
Legacy Danimer options		125,492		125,492
Total excluded instruments		57,237,580		42,104,573

Senior Secured Term Loan Warrants

Pre-Funded Warrants

Revenue

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Note 11. Revenue

Disaggregated Revenues

Revenue by geographic areas is based on the location of the customer. The following table summarizes revenue information by major geographic area.


	Three Months Ended March 31,
(in thousands)	2024		2023
Domestic	$	9,729	$	10,274
Portugal		180		-
Poland		155		77
Switzerland		91		-
All other countries		69		1,575
Total revenues	$	10,224	$	11,926

Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

Note 12. Stock-Based Compensation

We also have outstanding employee and director stock options that were issued prior to the Business Combination under legacy stock plans.

These share pool limits are subject to adjustment in the event of a stock split, stock dividend or other changes in our capitalization.

The following table sets forth the allocation of our stock-based compensation expense.


	Three Months Ended March 31,
(in thousands)	2024		2023
Cost of revenue	$	3	$	2
Selling, general and administrative		818		13,318
Research and development		145		1,623
Total stock-based compensation	$	966	$	14,943

Service-based Restricted Stock and RSUs

The following table summarizes our service-based restricted stock and RSU activity under our equity plan.


	Number of Shares			Weighted Average Grant-Date Fair Value
Balance, December 31, 2023		271,550		$	4.40
Granted		315,876		$	1.49
Vested		(34,364	)	$	5.86
Balance, March 31, 2024		553,062		$	1.82

Market-based Restricted Stock

Performance-based Restricted Stock Units

The following table summarizes pertinent facts related to PRSU grants, with threshold and target dollar and production capacity figures given in millions.


Grant Date	Grant-Date Fair Value		# Cash-Settleable PRSUs		# Share-Settleable PRSUs		Metric	Threshold		Target
2/28/2023	$	2.58		192,500		38,759	2025 PHA Revenue	$	177.0	$	202.0
2/28/2023	$	2.58		192,500		38,760	2025 Adjusted EBITDA	$	36.0	$	44.0
3/31/2022	$	5.86		131,909		15,075	2024 PHA Revenue	$	151.0	$	189.0
3/31/2022	$	5.86		131,909		15,075	2024 Adjusted EBITDA	$	9.2	$	13.8
3/31/2022	$	5.86		175,880		20,101	2024 Neat PHA capacity (lbs.)		68.0		81.0
				824,698		127,770

Stock Options

The following table summarizes share-settled stock option activity under our equity plans.


	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Balance, December 31, 2023		9,257,704		$	11.27		5.38	$	-
Forfeited		(4,334	)
Balance, March 31, 2024		9,253,370		$	11.27		5.13	$	-
Exercisable		8,118,263		$	12.10		4.77	$	-
Vested and expected to vest		9,253,370		$	11.27		5.13	$	-

The aggregate intrinsic values are calculated as the difference between the exercise price of the indicated stock options and the fair value of our common stock on March 31, 2024.

There were no stock options granted during the three months ended March 31, 2024.

Fair Value Considerations

3 Months Ended

Mar. 31, 2024

Fair Value Considerations [Abstract]

Fair Value Considerations

Note 13. Fair Value Considerations

The three levels of the fair value hierarchy are as follows:

Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets and liabilities;

Level 3 - Unobservable inputs reflecting management’s assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.

Level 1

Level 2

We estimated the fair value of our Senior Secured Term Loan based on an analysis of market activity since loan inception at March 31, 2024 and determined it was approximately $40.5 million.

Level 3


	March 31,			Three Months Ended March 31,
	2024			2024		2023
Share prices of our common stock	$	1.09		$	1.09	$2.58 - $3.45
Expected volatilities		79.78	%	65.28% - 100.92%		49.08% - 53.51%
Risk-free rates of return		4.21	%	4.13% - 4.28%		4.04% - 4.40%
Expected option terms (years)		4.08		3.31 - 4.91		4.31 - 6.00
Calculated option values	$	0.23		$0.15 - $0.41		$0.20 - $2.04

The following table sets forth the fair values we calculated and the inputs we used in our Black-Scholes models for Private Warrants.


	March 31,			December 31,
	2024			2023
Share price of our common stock	$	1.09		$	1.02
Expected volatility		95.80	%		56.66	%
Risk-free rate of return		4.68	%		4.31	%
Expected warrant term (years)		1.74			2.00
Fair value determined per warrant	$	0.05		$	0.00

The following table sets forth the fair values we calculated and the inputs we used in our Black-Scholes models for Common Warrants.


	March 31,			March 25,
	2024			2024
Share price of our common stock	$	1.09		$	1.08
Expected volatility		68.42	%		72.80	%
Risk-free rate of return		4.12	%		4.15	%
Expected warrant term (years)		5.49			5.50
Fair value determined per warrant	$	0.63		$	0.65

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 14. Commitments and Contingencies

Commitments

Litigation Matters

and the class members by reason of the acts alleged in the complaints, and (iv) awarding pre-judgment and post-judgment interest as well as reasonable attorneys’ fees, expert fees and other costs.

On July 29, 2021, the Georgia court transferred the Georgia cases to New York, and all four class actions have been consolidated into a single lawsuit in the Eastern District of New York.

In the ordinary course of business, we may be a party to various other legal proceedings from time to time.

Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Note 15. Subsequent Events

On April 19, 2024, we entered into an asset-based credit and security agreement (“Revolving Credit Agreement”) with Mountain Ridge Capital.

Inventories, net (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of inventory

Inventories, net consisted of the following:


	March 31,		December 31,
(in thousands)	2024		2023
Raw materials	$	11,843	$	10,867
Work in process		503		546
Finished goods and related items		13,643		13,857
Total inventories, net	$	25,989	$	25,270

Property, Plant and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, plant, and equipment, net

Property, plant and equipment, net, consisted of the following:


		March 31,			December 31,
(in thousands)	Estimated Useful Life (Years)	2024			2023
Land and improvements	20	$	92		$	92
Leasehold improvements	Shorter of useful life or lease term		110,540			110,531
Buildings	20-40		2,191			2,191
Machinery and equipment	3-20		190,556			190,111
Motor vehicles	7-10		903			903
Furniture and fixtures	3-10		474			474
Office equipment	3-10		7,422			7,415
Construction in progress	N/A		203,617			202,998
			515,795			514,715
Accumulated depreciation and amortization			(75,961	)		(69,562	)
Property, plant and equipment, net		$	439,834		$	445,153

Schedule of depreciation and amortization expense

We reported depreciation and amortization expense (which included amortization of intangible assets) as follows:


	Years Ended March 31,
(in thousands)	2024		2023
Cost of revenue	$	5,147	$	5,213
Research and development		2,031		2,082
Selling, general and administrative		353		284
Total depreciation and amortization expense	$	7,531	$	7,579

Schedule of Construction in Progress

Construction in progress consists primarily of the early phases of construction of our PHA plant in Bainbridge, Georgia (“Greenfield Facility”) as noted in the table below.


(in thousands)	March 31, 2024		December 31, 2023
Georgia	$	200,047	$	199,342
New York		1,827		1,960
Kentucky		1,743		1,696
	$	203,617	$	202,998

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets net

Intangible assets, net, consisted of the following:


	March 31,			December 31,
(in thousands)	2024			2023
Intangible assets, gross	$	96,276		$	95,765
Less capitalized patent costs not yet subject to amortization		(3,102	)		(2,838	)
Intangible assets subject to amortization, gross		93,174			92,927
Accumulated amortization		(19,107	)		(17,975	)
Intangible assets subject to amortization, net		74,067			74,952
Total intangible assets, net	$	77,169		$	77,790

Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Accounts Payable and Accrued Liabilities [Abstract]

Schedule of accrued liabilities

The components of accrued liabilities were as follows:


	March 31,		December 31,
(in thousands)	2024		2023
Accrued interest	$	2,399	$	440
Accrued legal, consulting and professional fees		1,408		839
Accrued taxes		912		552
Compensation and related expenses		508		1,692
Accrued utilities		341		350
Accrued rebates		288		233
Construction in progress accruals		51		191
Purchase accrual		-		8
Other		577		421
Total accrued liabilities	$	6,484	$	4,726

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Disclosure Text Block [Abstract]

Schedule of operating lease costs

The following table sets forth the allocation of our operating lease costs.


	Three Months Ended March 31,
(in thousands)	2024		2023
Cost of revenue	$	754	$	581
Selling, general and administrative		33		137
Research and development		248		76
Total operating lease cost	$	1,035	$	794

Warrant Liability (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Schedule of Private & Common Warrants Liability

A rollforward of the Private Warrants liability is below.


(in thousands)
Balance at December 31, 2023	$	(5	)
Loss on remeasurement of private warrants		(201	)
Balance at March 31, 2024	$	(206	)

A rollforward of the Common Warrants liability is below.


(in thousands)
Balance at March 25, 2024	$	(9,750	)
Gain on remeasurement of common warrants		300
Balance at March 31, 2024	$	(9,450	)

Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of long-term debt

The components of long-term debt were as follows:


	March 31,			December 31,
(in thousands)	2024			2023
3.25% Convertible Senior Notes	$	240,000		$	240,000
Senior Secured Term Loan		130,000			130,000
New Market Tax Credit Transactions		45,700			45,700
Insurance Premium Finance Notes		671			1,243
Vehicle and Equipment Notes		296			327
Mortgage Notes		189			192
Total	$	416,856		$	417,462
Less: Total unamortized debt issuance costs		(31,840	)		(34,658	)
Less: Current maturities of long-term debt		(787	)		(1,368	)
Total long-term debt	$	384,229		$	381,436

Equity (Tables)

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Summary of Common Stock Activity

The following table summarizes the common stock activity for the three months ended March 31, 2024 and 2023, respectively.


	Three Months Ended March 31,
	2024		2023
Balance, beginning of period		102,832,103		101,804,454
Issuance of common stock		11,408,818		133,922
Balance, end of period		114,240,921		101,938,376

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table summarizes the instruments excluded from the calculations of diluted shares outstanding because the effect of including them would have been anti-dilutive.


	Three Months Ended March 31,
	2024		2023
Convertible Notes		22,250,040		22,250,040
Common Warrants		15,000,000		-
Employee stock options		9,253,370		12,044,231
Private Warrants		3,914,525		3,914,525
Pre-Funded Warrants		3,750,000		-
Senior Secured Term Loan Warrants		1,500,000		1,500,000
Restricted stock and RSUs		1,316,383		2,142,515
Performance stock		127,770		127,770
Legacy Danimer options		125,492		125,492
Total excluded instruments		57,237,580		42,104,573

Revenue (Tables)

3 Months Ended

Mar. 31, 2024

Disaggregation of Revenue [Abstract]

Schedule of revenue information by major geographic area

Revenue by geographic areas is based on the location of the customer. The following table summarizes revenue information by major geographic area.


	Three Months Ended March 31,
(in thousands)	2024		2023
Domestic	$	9,729	$	10,274
Portugal		180		-
Poland		155		77
Switzerland		91		-
All other countries		69		1,575
Total revenues	$	10,224	$	11,926

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based compensation expense

The following table sets forth the allocation of our stock-based compensation expense.


	Three Months Ended March 31,
(in thousands)	2024		2023
Cost of revenue	$	3	$	2
Selling, general and administrative		818		13,318
Research and development		145		1,623
Total stock-based compensation	$	966	$	14,943

Schedule of option award on the date of grant using the Black-Scholes option

The following table summarizes our service-based restricted stock and RSU activity under our equity plan.


	Number of Shares			Weighted Average Grant-Date Fair Value
Balance, December 31, 2023		271,550		$	4.40
Granted		315,876		$	1.49
Vested		(34,364	)	$	5.86
Balance, March 31, 2024		553,062		$	1.82

Schedule of Performance-Based Restricted Stock Units

The following table summarizes pertinent facts related to PRSU grants, with threshold and target dollar and production capacity figures given in millions.


Grant Date	Grant-Date Fair Value		# Cash-Settleable PRSUs		# Share-Settleable PRSUs		Metric	Threshold		Target
2/28/2023	$	2.58		192,500		38,759	2025 PHA Revenue	$	177.0	$	202.0
2/28/2023	$	2.58		192,500		38,760	2025 Adjusted EBITDA	$	36.0	$	44.0
3/31/2022	$	5.86		131,909		15,075	2024 PHA Revenue	$	151.0	$	189.0
3/31/2022	$	5.86		131,909		15,075	2024 Adjusted EBITDA	$	9.2	$	13.8
3/31/2022	$	5.86		175,880		20,101	2024 Neat PHA capacity (lbs.)		68.0		81.0
				824,698		127,770

Schedule of stock option activity under our equity plans

The following table summarizes share-settled stock option activity under our equity plans.


	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Balance, December 31, 2023		9,257,704		$	11.27		5.38	$	-
Forfeited		(4,334	)
Balance, March 31, 2024		9,253,370		$	11.27		5.13	$	-
Exercisable		8,118,263		$	12.10		4.77	$	-
Vested and expected to vest		9,253,370		$	11.27		5.13	$	-

Fair Value Considerations (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Considerations [Abstract]

Schedule of ranges of values used and fair value determined


	March 31,			Three Months Ended March 31,
	2024			2024		2023
Share prices of our common stock	$	1.09		$	1.09	$2.58 - $3.45
Expected volatilities		79.78	%	65.28% - 100.92%		49.08% - 53.51%
Risk-free rates of return		4.21	%	4.13% - 4.28%		4.04% - 4.40%
Expected option terms (years)		4.08		3.31 - 4.91		4.31 - 6.00
Calculated option values	$	0.23		$0.15 - $0.41		$0.20 - $2.04

The following table sets forth the fair values we calculated and the inputs we used in our Black-Scholes models for Private Warrants.


	March 31,			December 31,
	2024			2023
Share price of our common stock	$	1.09		$	1.02
Expected volatility		95.80	%		56.66	%
Risk-free rate of return		4.68	%		4.31	%
Expected warrant term (years)		1.74			2.00
Fair value determined per warrant	$	0.05		$	0.00

The following table sets forth the fair values we calculated and the inputs we used in our Black-Scholes models for Common Warrants.


	March 31,			March 25,
	2024			2024
Share price of our common stock	$	1.09		$	1.08
Expected volatility		68.42	%		72.80	%
Risk-free rate of return		4.12	%		4.15	%
Expected warrant term (years)		5.49			5.50
Fair value determined per warrant	$	0.63		$	0.65

Basis of Presentation (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Description of Business and Basis of Presentation (Details) [Line Items]
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Net loss and comprehensive (loss) income	$ 0
Unrestricted cash	$ 57,300

Business Combination (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Business Combination (Details) [Line Items]
Net Income (Loss)	$ (27,263)	$ (36,639)
Right-of-use assets	$ 19,162		$ 19,160

Restricted Cash - Schedule of Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 57,300
Total cash and cash equivalents and restricted cash	$ 71,580	$ 73,504	$ 133,675	$ 64,401

Inventories, net - Schedule of inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of inventory [Abstract]
Raw materials	$ 11,843	$ 10,867
Work-in-progress	503	546
Finished goods and related items	13,643	13,857
Total inventories, net	$ 25,989	$ 25,270

Inventories, net (Additional Information) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory, Net [Abstract]
Finished neat PHA included in finished goods	$ 8.1	$ 7.6
Inventory reserves fair value	$ 0.6

Property, Plant and Equipment, net (Details) - Schedule of Property, plant, and equipment, net - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 515,795	$ 514,715
Accumulated depreciation and amortization	(75,961)	(69,562)
Property, plant and equipment, net	$ 439,834	445,153
Land and improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	20 years
Property and equipment, gross	$ 92	92
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	110,540	110,531
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,191	2,191
Buildings [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	20 years
Buildings [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	40 years
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 190,556	190,111
Machinery and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Machinery and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	20 years
Motor vehicles [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 903	903
Motor vehicles [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	7 years
Motor vehicles [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 474	474
Furniture and Fixtures [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Furniture and Fixtures [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,422	7,415
Office Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Office Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Construction-in-progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 203,617	$ 202,998

Property, Plant and Equipment, net (Details) - Schedule of depreciation and amortization expense - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment, net (Details) - Schedule of depreciation and amortization expense [Line Items]
Total depreciation and amortization expense	$ 7,531	$ 7,579
Cost of revenue [Member]
Property, Plant and Equipment, net (Details) - Schedule of depreciation and amortization expense [Line Items]
Total depreciation and amortization expense	5,147	5,213
Research & development [Member]
Property, Plant and Equipment, net (Details) - Schedule of depreciation and amortization expense [Line Items]
Total depreciation and amortization expense	2,031	2,082
Selling, general, and administrative [Member]
Property, Plant and Equipment, net (Details) - Schedule of depreciation and amortization expense [Line Items]
Total depreciation and amortization expense	$ 353	$ 284

Property, Plant and Equipment - construction in prog (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment, Gross [Abstract]
Construction in Progress, Gross	$ 203,617	$ 202,998
Georgia
Property, Plant and Equipment, Gross [Abstract]
Construction in Progress, Gross	200,047	199,342
New York
Property, Plant and Equipment, Gross [Abstract]
Construction in Progress, Gross	1,827	1,960
Kentucky
Property, Plant and Equipment, Gross [Abstract]
Construction in Progress, Gross	$ 1,743	$ 1,696

Property, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant, and equipment includes capitalized interest	$ 15.0	$ 15.0
Minimum [Member]
Property, Plant and Equipment [Line Items]
Engineering Cost	515.0
Maximum [Member]
Property, Plant and Equipment [Line Items]
Engineering Cost	$ 665.0

Intangible Assets (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life	17 years 3 months 18 days
Amortization expense	$ 1.1	$ 1.1
Patents [Member] \| Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	20 years
Patents [Member] \| Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	10 years

Intangible Assets - Schedule of intangible assets net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets, gross	$ 96,276	$ 95,765
Less capitalized patent costs not yet subject to amortization	(3,102)	(2,838)
Intangible assets subject to amortization, gross	93,174	92,927
Accumulated amortization	(19,107)	(17,975)
Intangible assets subject to amortization, net	74,067	74,952
Total intagible assets, net	$ 77,169	$ 77,790

Accrued Liabilities (Details) - Schedule of accrued liabilities - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of accrued liabilities [Abstract]
Accrued interest	$ 2,399	$ 440
Accrued legal, consulting and professional fees	1,408	839
Accrued taxes	912	552
Compensation and related expenses	508	1,692
Accrued utilities	341	350
Accrued rebates	288	233
Construction in progress accruals	51	191
Purchase accrual	0	8
Other	577	421
Total accrued liabilities	$ 6,484	$ 4,726

New Markets Tax Credit Transactions (Details)	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Interest rate	8.24%	8.24%

Income Taxes (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income taxes	$ (2)	$ 90
Effective tax rates	0.00%	0.25%
Statutory rate	21.00%

Leases (Details) - Schedule of operating lease costs - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Operating Leases (Details) - Schedule of operating lease costs [Line Items]
Total operating lease cost	$ 1,035	$ 794
Cost of revenue [Member]
Operating Leases (Details) - Schedule of operating lease costs [Line Items]
Total operating lease cost	754	581
Selling, general and administrative [Member]
Operating Leases (Details) - Schedule of operating lease costs [Line Items]
Total operating lease cost	33	137
Research and development [Member]
Operating Leases (Details) - Schedule of operating lease costs [Line Items]
Total operating lease cost	$ 248	$ 76

Warrant Liability (Details) - $ / shares	3 Months Ended
Warrant Liability (Details) - $ / shares	Mar. 31, 2024	Mar. 25, 2024	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Outstanding warrants (in Shares)	3,914,525		3,914,525
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 11.5		$ 11.5
Common Warrants
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.33
Warrants exercisable date	Sep. 25, 2024
Warrants issued for the purchase of common stock		15,000,000
Warrants expiration date	Sep. 25, 2029
Private Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants exercisable date	May 07, 2021
Warrants expiration date	Dec. 28, 2025

Warrant Liability - Summary of Rollforward of Warrants Liability (Details) - USD ($) $ in Thousands		3 Months Ended
	Mar. 31, 2024	Mar. 31, 2024	Mar. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Balance at March 25, 2024		$ 5
Gain on remeasurement of common warrants		$ (99)	$ 1,116
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Liabilities	Liabilities
Balance at March 31, 2024	$ 9,656	$ 9,656
Private Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Balance at March 25, 2024		(5)
Gain on remeasurement of common warrants		(201)
Balance at March 31, 2024	(206)	(206)
Common Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Balance at March 25, 2024	(9,750)
Gain on remeasurement of common warrants	300
Balance at March 31, 2024	$ (9,450)	$ (9,450)

Debt (Details) - Schedule of long-term debt - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Long-Term Debt (Details) - Schedule of long-term debt [Line Items]
Total	$ 416,856	$ 417,462
Less: Total unamortized debt issuance costs	(31,840)	(34,658)
Less: Current maturities of long-term debt	(787)	(1,368)
Total long-term debt	384,229	381,436
Convertible Debt Note [Member]
Long-Term Debt (Details) - Schedule of long-term debt [Line Items]
Total	240,000	240,000
Senior Secured Term Loan [Member]
Long-Term Debt (Details) - Schedule of long-term debt [Line Items]
Total	130,000	130,000
New Market Tax Credit Transactions [Member]
Long-Term Debt (Details) - Schedule of long-term debt [Line Items]
Total	45,700	45,700
Insurance Premium Finance Notes [Member]
Long-Term Debt (Details) - Schedule of long-term debt [Line Items]
Total	671	1,243
Vehicle and Equipment Notes [Member]
Long-Term Debt (Details) - Schedule of long-term debt [Line Items]
Total	296	327
Mortgage Notes [Member]
Long-Term Debt (Details) - Schedule of long-term debt [Line Items]
Total	$ 189	$ 192

Debt Schedule of long-term debt - Parenthetical (Details)	Mar. 31, 2024	Dec. 31, 2023
Long-Term Debt (Details) - Schedule of long-term debt [Line Items]
Interest rate	8.24%	8.24%
Convertible Debt Note [Member]
Long-Term Debt (Details) - Schedule of long-term debt [Line Items]
Interest rate	3.25%

Debt (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended
	Mar. 17, 2023	Dec. 21, 2021	Dec. 16, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Long-Term Debt (Details) [Line Items]
Convertible senior notes due year		2026
Accrued interest				$ 2,399		$ 440
Unrestricted cash on deposit				57,341		59,170
Leverage loans receivable				31,446		31,446
Minimum cash required				71,580	$ 133,675	$ 73,504	$ 64,401
Gain (loss) on remeasurement of warrants				$ (99)	$ 1,116
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 11.5		$ 11.5
Fair value of our Senior Secured Term Loan				$ 40,500
Shares issued, shares				11,408,818	133,922
Interest rate				8.24%		8.24%
Unrestricted cash				$ 57,300
Conversion price per share (in Dollars per share)								$ 10.79
Senior Notes [Member]
Long-Term Debt (Details) [Line Items]
Convertible senior notes issued		$ 240,000
Interest rate		3.25%
Senior Secured Term Loan [Member]
Long-Term Debt (Details) [Line Items]
Principal amount	$ 130,000
Gain (loss) on remeasurement of warrants	$ 500
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 7.5
Shares issued, shares	1,500,000
Interest rate	14.40%
Unrestricted cash	$ 12,500
Proceeds from loan	98,600
Note payable outstanding amount	$ 100,000
Convertible Debt Note [Member]
Long-Term Debt (Details) [Line Items]
Interest rate				3.25%
Mortgage Notes [Member]
Long-Term Debt (Details) [Line Items]
Debt instrument, maturity date, description				This note bears interest at 5.25% with a maturity date in May 2025.
Interest rate				5.25%
Minimum [Member] \| Vehicle and Equipment Notes [Member]
Long-Term Debt (Details) [Line Items]
Interest rate				3.75%
Maximum [Member] \| Vehicle and Equipment Notes [Member]
Long-Term Debt (Details) [Line Items]
Interest rate				6.99%
Capped Call Options [Member]
Long-Term Debt (Details) [Line Items]
Purchase of capped call options			$ 35,000
Capped calls expire date				Apr. 12, 2027

Debt - Schedule of future maturities of long-term debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of future maturities of long-term debt [Abstract]
Total	$ 416,856	$ 417,462

Equity - Summary of Common Stock Activity (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Balance, beginning of period	102,832,103	101,804,454
Issuance of common stock	11,408,818	133,922
Balance, end of period	114,240,921	101,938,376

Equity (Details) - USD ($) $ / shares in Units, $ in Millions						3 Months Ended	12 Months Ended
	Mar. 25, 2024	Mar. 20, 2024	Mar. 17, 2023	Sep. 07, 2022	Dec. 29, 2020	Mar. 31, 2024	Dec. 31, 2021	Dec. 31, 2016	Dec. 31, 2023
Stockholders' Equity (Details) [Line Items]
Preferred share, par value						$ 0.0001
Preferred stock, shares authorized						10,000,000
Preferred stock, shares issued						0			0
Preferred stock, shares outstanding						0			0
Class of Warrant or Right, Exercise Price of Warrants or Rights						$ 11.5			$ 11.5
Number of options outstanding						9,253,370			9,257,704
Legacy Danimer Options [Member]
Stockholders' Equity (Details) [Line Items]
Options issued								208,183
Weighted average exercise price per share								$ 30
Number of shares, exercised							153,763
Number of options outstanding						125,492			125,492
Exercisable and remained outstanding					30,493
Conversion of stock, shares issued					279,255
Weighted average exercise price, exercised					$ 3.28
Equity Distribution Agreement [Member]
Stockholders' Equity (Details) [Line Items]
Stock issued						590,661
Value of stock issued						$ 1.4
Stock issuance costs						1.4
Payments for commissions						0.1
Cash available for distributions						$ 48.6
Weighted average exercise price, exercised						$ 2.72
Registered Direct Offering [Member]
Stockholders' Equity (Details) [Line Items]
Sale of stock, share issued	11,250,000
Gross proceeds from registered direct offering	$ 15.0
Pre-Funded Warrants [Member]
Stockholders' Equity (Details) [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights						$ 0.0001
Warrants expiration date						Mar. 26, 2029
Pre-Funded Warrants [Member] \| Registered Direct Offering [Member]
Stockholders' Equity (Details) [Line Items]
Warrants issued for the purchase of common stock	3,750,000
Senior Loans [Member]
Stockholders' Equity (Details) [Line Items]
Sale of stock, price per share			$ 7.5
Conversion of stock, shares issued			1,500,000
Maximum [Member] \| ATM Offering [Member] \| Equity Distribution Agreement [Member]
Stockholders' Equity (Details) [Line Items]
Change in amount available for sale related to ATM offering		$ 100.0
Minimum [Member] \| ATM Offering [Member] \| Equity Distribution Agreement [Member]
Stockholders' Equity (Details) [Line Items]
Change in amount available for sale related to ATM offering		$ 50.0
Common Class A [Member] \| Equity Distribution Agreement [Member]
Stockholders' Equity (Details) [Line Items]
Aggregate offering price, share issued				$ 100.0

Equity - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	57,237,580	42,104,573
Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	22,250,040	22,250,040
Common Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	15,000,000
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	9,253,370	12,044,231
Private Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,914,525	3,914,525
Pre-Funded Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,750,000	0
Senior Secured Term Loan Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,500,000	1,500,000
Restricted Shares and RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,316,383	2,142,515
Performance Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	127,770	127,770
Legacy Danimer options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	125,492	125,492

Revenue (Additional Information) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Long-Term Purchase Commitment [Line Items]
Contract assets recorded related to fulfillment costs	$ 1.3	$ 1.1
Research and Development Arrangement [Member]
Long-Term Purchase Commitment [Line Items]
Contract assets recorded related to fulfillment costs	3.9	3.7
Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent	$ 0.9	$ 0.7

Revenue - Change in Contract Asset and Contract Liability Balance (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Beginning balance, Contract Liabilities	$ (1,000)
Ending Balance, Contract Liabilities	$ (1,154)

Revenue - Summary of Revenue Information by Major Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 10,224	$ 11,926
Domestic
Disaggregation of Revenue [Line Items]
Total revenue	9,729	10,274
Portugal
Disaggregation of Revenue [Line Items]
Total revenue	180	0
Poland
Disaggregation of Revenue [Line Items]
Total revenue	155	77
Switzerland
Disaggregation of Revenue [Line Items]
Total revenue	91	0
All Other Countries
Disaggregation of Revenue [Line Items]
Total revenue	$ 69	$ 1,575

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2023
Stock-Based Compensation (Details) [Line Items]
Issuance of common stock	11,408,818	133,922
Unrecognized compensation cost related to nonvested stock options grant (in Dollars)	$ 2,700
Weighted-average over period	10 months 24 days
Stock-based compensation expense	$ 200	$ 4,500
Long-term liability	$ 384,229			$ 381,436
Third anniversary [Member]
Stock-Based Compensation (Details) [Line Items]
Share prices of our common stock	$ 24.2
Performance Based Restricted Stock Units [Member]
Stock-Based Compensation (Details) [Line Items]
Vesting description	the vesting dates, which we anticipate will be in March 2025 and February 2026, for awards granted in 2022 and 2023, respectively. Our performance did not meet the required conditions for vesting for the PRSUs that were scheduled to vest in February 2024 and accordingly they expired unvested during the three months ended March 31, 2024. We are currently assuming 100% attainment of our 2025 metrics and 0% attainment of our 2024 metrics. All of the PRSUs granted in 2022 and 2023 remained outstanding at March 31, 2024.
Liability	$ 100
Recognized related compensation expense	$ 0	$ 300
Performance Based Restricted Stock Units [Member] \| Maximum [Member]
Stock-Based Compensation (Details) [Line Items]
Vesting percentage	100.00%
Performance Based Restricted Stock Units [Member] \| Minimum [Member]
Stock-Based Compensation (Details) [Line Items]
Vesting percentage	50.00%
Stock Option
Stock-Based Compensation (Details) [Line Items]
Weighted average grant-date fair value of options granted (in Dollars per share)		$ 1.17
Stock options		2,571,737
Number of Shares, Granted	0	204,254
Liability	$ 400
Long-term liability	$ 500			100
Market Based Restricted Shares [Member]
Stock-Based Compensation (Details) [Line Items]
Restricted stock shares	754,818
Number of Shares, Granted	1,517,840		1,517,840
Stock-based compensation expense		$ 4,700
Liability	$ 300			$ 300
Market Based Restricted Shares [Member] \| Maximum [Member]
Stock-Based Compensation (Details) [Line Items]
Stock-based compensation expense	$ 400	$ 600
Cash Settled Options [Member]
Stock-Based Compensation (Details) [Line Items]
Number of Shares, Granted		1,050,000
2020 ESPP [Member]
Stock-Based Compensation (Details) [Line Items]
Issuance of common stock	136,530
Shares issued from inception	401,748
ESPP plan, percentage of stock discount	15.00%
Share-based compensation, authorized shares	2,571,737
2020 Incentive Plan [Member]
Stock-Based Compensation (Details) [Line Items]
Share-based compensation, remained authorized for Issuance	4,519,719			4,823,519

Stock-Based Compensation - Schedule of stock based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount	$ 966	$ 14,943
Cost of revenue [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount	3	2
Selling, general and administrative [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount	818	13,318
Research and Development Expense [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount	$ 145	$ 1,623

Share based compensation - Schedule of Service-Based Restricted Stock And RSU Activity (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Beginning \| shares	9,257,704
Number of Shares, Ending \| shares	9,253,370
Weighted Average Exercise Price, Beginning (in Dollars per share) \| $ / shares	$ 11.27
Weighted Average Exercise Price, Ending (in Dollars per share) \| $ / shares	$ 11.27
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Beginning \| shares	271,550
Number of Shares, Granted \| shares	315,876
Number of Shares, Vested \| shares	(34,364)
Number of Shares, Ending \| shares	553,062
Weighted Average Exercise Price, Beginning (in Dollars per share) \| $ / shares	$ 4.4
Weighted Average Exercise Price, Granted (in Dollars per share) \| $ / shares	1.49
Weighted Average Exercise Price, Vested (in Dollars per share) \| $ / shares	5.86
Weighted Average Exercise Price, Ending (in Dollars per share) \| $ / shares	$ 1.82

Stock-based Compensation - Schedule of Performance-Based Restricted Stock Units (Details) - Performance Based Restricted Stock Units [Member] - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Feb. 28, 2023	Mar. 31, 2022	Mar. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period Performance based Restricted Stock Units Cash Setteable			824,698
Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 2.58	$ 5.86
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period Performance based Restricted Stock Units Cash Setteable	192,500	131,909
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period Performance based Restricted Stock Units Share Setteable	38,759	15,075	127,770
Share-Based Payment Arrangement, Tranche Two [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 2.58	$ 5.86
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period Performance based Restricted Stock Units Cash Setteable	192,500	131,909
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period Performance based Restricted Stock Units Share Setteable	38,760	15,075
Share-Based Payment Arrangement, Tranche Three [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 5.86
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period Performance based Restricted Stock Units Cash Setteable		175,880
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period Performance based Restricted Stock Units Share Setteable		20,101
PHA Revenue [Member] \| Two Thousand Twenty Five PHA [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 202.0
PHA Revenue [Member] \| Two Thousand Twenty Five PHA [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	177.0
PHA Revenue [Member] \| Two Thousand Twenty Four [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		$ 189.0
PHA Revenue [Member] \| Two Thousand Twenty Four [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		151.0
Adjusted EBITDA [Member] \| Two Thousand Twenty Five PHA [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	44.0
Adjusted EBITDA [Member] \| Two Thousand Twenty Five PHA [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 36.0
Adjusted EBITDA [Member] \| Two Thousand Twenty Four [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		13.8
Adjusted EBITDA [Member] \| Two Thousand Twenty Four [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		9.2
2024 Neat PHA capacity (lbs.) [Member] \| Two Thousand Twenty Four [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		81.0
2024 Neat PHA capacity (lbs.) [Member] \| Two Thousand Twenty Four [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		$ 68.0

Stock-Based Compensation (Details) - Schedule of stock option activity under our equity plans - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Beginning	9,257,704
Number of Shares, Forfeited	(4,334)
Number of Shares, Ending	9,253,370	9,257,704
Number of Shares, Exercisable	8,118,263
Number of Shares, Vested and expected to vest	9,253,370
Weighted Average Exercise Price, Beginning (in Dollars per share)	$ 11.27
Weighted Average Exercise Price, Ending (in Dollars per share)	11.27	$ 11.27
Weighted Average Exercise Price, Exercisable (in Dollars per share)	12.1
Weighted Average Exercise Price, Vested and expected to vest (in Dollars per share)	$ 11.27
Weighted Average Remaining Contractual Term (Years)		5 years 4 months 17 days
Weighted Average Remaining Contractual Term (Years)	5 years 1 month 17 days
Weighted Average Remaining Contractual Term (Years), Exercisable	4 years 9 months 7 days
Weighted Average Remaining Contractual Term (Years), Vested and expected to vest	5 years 1 month 17 days
Aggregate Intrinsic Value, Beginning (in Dollars)	$ 0
Aggregate Intrinsic Value, Ending (in Dollars)	0	$ 0
Aggregate Intrinsic Value, Exercisable (in Dollars)	0
Aggregate Intrinsic Value, Vested and expected to vest (in Dollars)	$ 0
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Beginning	271,550
Number of Shares, Ending	553,062	271,550
Weighted Average Exercise Price, Beginning (in Dollars per share)	$ 4.4
Weighted Average Exercise Price, Ending (in Dollars per share)	$ 1.82	$ 4.4

Fair Value Considerations (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price per (in Dollars per share)	$ 11.5	$ 11.5
Fair value of our Senior Secured Term Loan	$ 40.5
Fair value of convertible debt	$ 17.8
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Remaining stock, closing price	$ 1.09

Fair Value Considerations - Schedule of ranges of values used and fair value determined (Details) - Black-Scholes [Member] - $ / shares		3 Months Ended		12 Months Ended
	Mar. 25, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Stock Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share prices of our common stock		$ 1.09
Expected volatility		79.78%
Expected Volatility Rate, Maximum		100.92%	53.51%
Expected Volatility Rate, Minimum		65.28%	49.08%
Risk-free rate of return		4.21%
Risk Free Interest Rate, Maximum		4.28%	4.40%
Risk Free Interest Rate, Minimum		4.13%	4.04%
Expected term (years)		4 years 29 days
Stock Option [Member] \| Danimer Black Sholes [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Calculated option values, Minimum		$ 0.23
Stock Option [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share prices of our common stock			$ 3.45
Expected term (years)		4 years 10 months 28 days	6 years
Stock Option [Member] \| Maximum [Member] \| Danimer Black Sholes [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Calculated option values, Maximum		$ 0.41	$ 2.04
Stock Option [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share prices of our common stock			$ 2.58
Expected term (years)		3 years 3 months 21 days	4 years 3 months 21 days
Stock Option [Member] \| Minimum [Member] \| Danimer Black Sholes [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Calculated option values, Minimum		$ 0.15	$ 0.2
Warrant [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share prices of our common stock	$ 1.08	$ 1.09
Expected volatility	72.80%	68.42%
Risk-free rate of return	4.15%	4.12%
Expected term (years)	5 years 6 months	5 years 5 months 26 days
Fair value determined per warrant	$ 0.65	$ 0.63
Private Warrant [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share prices of our common stock		$ 1.09		$ 1.02
Expected volatility		95.80%		56.66%
Risk-free rate of return		4.68%		4.31%
Expected term (years)		1 year 8 months 26 days		2 years
Fair value determined per warrant		$ 0.05		$ 0

Commitments and Contingencies Additional Information (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares
Commitments and Contingencies Disclosure [Abstract]
Royalty per share (in Pounds per share) \| $ / shares	$ 0.05
Weight of PHA Sold (in Pounds) \| $	$ 500.0
Decrease royalty per share (in Pounds per share) \| $ / shares	$ 0.025
Loss on forfeiture \| $	$ 0.5

Subsequent Events (Additional Information) (Details) - Subsequent Event [Member] - Revolving Credit Agreement [Member] $ in Millions	Apr. 19, 2024 USD ($)
Subsequent Event [Line Items]
Borrowings	$ 20.0
Revolving commitment available for borrowing	$ 18.5
Revolving credit agreement interest payment term	Amounts borrowed under the Revolving Credit Agreement accrue interest at an annual rate equal to the Secured Overnight Financing Rate plus 7%, and any unborrowed Revolving Commitment accrues an unused facility fee at an annual rate of 0.5%, each payable monthly. The Revolving Credit Agreement matures on April 19, 2027; however, certain provisions exist that can accelerate the maturity date
Revolving credit agreement interest on unused facility	0.50%
Revolving credit agreement interest payment frequency	monthly
Revolving credit agreement maturity date	Apr. 19, 2027
Secured Overnight Financing Rate Sofr [Member]
Subsequent Event [Line Items]
Revolving credit agreement interest rate	7.00%
Maximum [Member]
Subsequent Event [Line Items]
Increase in the Revolving Commitment	$ 5.0
Minimum [Member]
Subsequent Event [Line Items]
Increase in the Revolving Commitment	$ 2.5

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