amrs-20201105
0001365916FALSE00013659162020-11-052020-11-05

 
 
 
 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
   
 
 
FORM 8-K
 
Current Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

____________________


Date of report (Date of earliest event reported): November 5, 2020
 
Amyris, Inc.
(Exact name of registrant as specified in its charter)
 
Delaware001-3488555-0856151
(State or other jurisdiction
of incorporation)
(Commission File Number)
(I.R.S. Employer
Identification No.)
 
 
5885 Hollis Street, Suite 100, Emeryville, CA94608    
(Address of Principal Executive Offices) (Zip Code)
 
 
 (510)450-0761 
 (Registrant’s telephone number, including area code)
   
 (Former name or former address, if changed since last report.) 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instruction A.2 below):



Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
  Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.0001 par value per shareAMRSThe Nasdaq Stock Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). 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. ☐

 
Item 2.02     Results of Operations and Financial Condition.

On November 5, 2020, Amyris, Inc. (the Company) issued a press release announcing the Company’s financial results for its fiscal quarter ended September 30, 2020. A copy of this press release, entitled “Amyris, Inc. Reports Third Quarter 2020 Results”, is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits

The following exhibit is furnished herewith:

Exhibit NumberDescription
99.1

The information in this report, including the exhibit hereto, shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.




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 hereunto duly authorized.

 
  AMYRIS, INC. 
    
    
Date: November 5, 2020By:/s/ Han Kieftenbeld 
  Han Kieftenbeld 
  Chief Financial Officer

amrs_q3earnings11052020
FOR IMMEDIATE RELEASE AMYRIS, INC. REPORTS THIRD QUARTER 2020 FINANCIAL RESULTS Record Product Revenue, Lower Cash Operating Expense, and Expanded Gross Margins Emeryville, CA – November 5, 2020 – Amyris, Inc. (Nasdaq: AMRS), a leading synthetic biotechnology company in Sustainable Health and Clean Beauty markets through its consumer brands and a top supplier of sustainably sourced natural ingredients, today announced financial results for its third quarter ended September 30, 2020. John Melo, President and Chief Executive Officer of Amyris said, “The third quarter of 2020 was another strong quarter for our company. Our ability to deliver record Product Revenue in these difficult and uncertain times is a testament to the resiliency of our team, the growing trend of consumers’ commitment to sustainable brands, our products, and the robustness of our business model." Mr. Melo added, “During the quarter, we continued to execute across the strategic priorities we laid out in the beginning of the year. Our consumer business is growing at over three times 2019 revenue and delivered significantly expanded Gross Margin. We expect the combination of a strong fourth quarter along with the successful completion of strategic transactions to set us up for a profitable 2021.” Q3 2020 Financial Highlights  Sales Revenue: Product Revenue (Consumer & Ingredients) of $31 million was up 58% compared with the prior year quarter, with year-over-year revenue growth in Consumer (+203%) and Ingredients (+21%).  Cash operating expense of $43 million improved $5 million or 10% versus the prior year quarter, mostly due to lower G&A expense.  Adjusted EBITDA of -$33 million improved $10 million year-over-year due to strong revenue growth, improved gross margin and lower operating expense.  Interest expense of $7 million was down $10 million or 61% from Q3 2019 due to lower debt and an improved average interest rate. Strategic Highlights 1. High growth consumer brands: above-market growth  Recent Progress: o Our wholly owned consumer brands delivered 220% growth on a year-to-date basis. Product Revenue demonstrated three consecutive quarters of >55% YoY growth. o Continued international growth of Biossance.  Upcoming milestone: o Pipette & fast-tracked to launch in China in November. o Biossance Entering China by year end 2. Scientific and commercial collaboration: fast time from lab to industrial scale  Recent Progress: Page | 1


 
o Executed agreement with the Infectious Disease Research Institute (IDRI) to accelerate development of a mRNA vaccine platform, starting with COVID-19 as first application. o Scaled commercial production of Cannabigerol (CBG), leveraging our fermentation process capability.  Upcoming milestone: o On track to deliver four molecules at scale, surpassing 2020 target of two to three. o Q4 Ingredients revenue to benefit from new products to market. 3. Supply chain optimization: enhanced product margins  Recent Progress: o Year-to-date gross margins improved versus 2019 driven by both Consumer and Ingredients. Consumer margins were 67% year-to-date, well within the 60-70% anticipated target range. o Cosmetics Ingredient Business delivered 49% adjusted EBITDA margin.  Upcoming milestone: o Construction of integrated Brazil ingredients plant on track for Q4 2021 commissioning. 4. Improved balance sheet, earnings and cash flow: financial foundation for success  Recent Progress: o Improved margin profile of consumer brands and ingredients portfolio. o Q3 cash operating expense improved 10%, mostly due to lower G&A. o Q3 interest expense was down 61%. Debt was reduced 41% since the start of 2020. Q3 2020 and Year-to-Date (YTD) Sales Revenue Three Months Ended Nine Months Ended September 30, September 30, (In millions) 2020 2019 YoY% 2020 2019 YoY% Consumer 12.3 4.1 203% 34.4 10.8 220% Ingredients 18.8 15.6 21% 42.2 33.7 25% Product $ 31.1 $ 19.7 58% $ 76.6 $ 44.5 72% Collaborations & Grants 3.1 7.0 -56% 12.0 15.5 -23% Underlying Total $ 34.3 $ 26.7 28% $ 88.6 $ 59.9 48% Other1 -- 8.2 4.8 52.1 Reported Total $ 34.3 $ 35.0 -2% $ 93.4 $ 112.0 -17% 1 Other: includes Vitamin E transaction and 2019 Lavvan collaboration revenue  Q3 reported Total Revenue of $34 million included strong Product Revenue growth compared to the prior year quarter.  Q3 Product Revenue of $31 million increased $11 million or 58% compared with the prior year quarter, with year-over-year revenue growth in Consumer (+203%) and Ingredients (+21%). Q3 marks the third consecutive quarter of tripled year-over-year Consumer Revenue.  YTD Sales Revenue also saw strong growth from Product Revenue, partly offset by lower Collaboration Revenue. Q3 2020 and Year-to-Date (YTD) Other Key Financials  Q3 Gross margin of 41% was supported by strong improvement in Product margins. Q3 Product gross margin of 35% grew $11 million versus the prior year quarter with a $9 million year-over-year improvement from Consumer and $2 million from Ingredients. YTD Gross margin also reflected a strong improvement in Product margins. Prior year gross margins were helped by higher Collaboration Revenue and a one-off Vitamin E transaction. Page | 2


 
 Q3 Cash Operating Expense of $43 million improved $5 million or 10% versus the prior year quarter. Improvements in G&A and R&D expense were partly redirected to marketing investments to support Consumer brand growth. T&E expense was down due to COVID-19. Sequential cash operating expense was flat despite continued topline growth. YTD cash operating expense of $130 million was down $6 million or 4%.  Q3 Adjusted EBITDA of -$33 million improved $10 million versus the prior year quarter due to strong revenue growth, improved gross margins and lower expense. YTD adjusted EBITDA of -$101 million improved from -$131 million in the prior year driven by gross margin growth and lower operating expense. Adjusted EBITDA excludes one-time impact from Vitamin E, Lavvan revenue and a one- off credit loss.  Interest Expense of $7 million was down $10 million or 61% from Q3 2019 due to lower debt and an improved average interest rate. Q3 2020 finished with debt of $175m, which compares to $241m at the end of the prior year quarter. YTD interest expense of $42 million improved by $3 million.  Q3 GAAP Net Income of -$23 million compared with -$60 million in 2019. The year-over-year and year-to-date comparisons are impacted by various non-cash adjustments related to fair value of derivatives and debt.  Diluted EPS of -$0.41 compared with -$0.56 for Q3 of 2019. YTD diluted EPS was -$1.46, which compared to -$2.11 for YTD 2019. Despite strong financial performance in the third quarter, the extent to which the COVID-19 pandemic could affect Amyris’ future financial results and operations is subject to a high degree of uncertainty, and therefore the company is not providing formal guidance at this time. FINANCIAL RESULTS AND NON-GAAP INFORMATION To supplement our financial results and guidance presented on a GAAP basis, we use non-GAAP measures that we believe are helpful in understanding our results. These non-GAAP measures are among the factors management uses in planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to Amyris’s historical performance as well as comparisons to the operating results of other companies. Management believes these non-GAAP financial measures are useful to investors because they allow for greater transparency into the indicators used by management to understand, manage, and evaluate our business and make operating decisions. Our non-GAAP financial measures include the following: Non-GAAP net income (loss) is calculated as GAAP net income/loss excluding stock-based compensation expense, gains or losses from change in fair value of debt, gains and losses from changes in the fair value of derivatives, losses on debt extinguishment, losses allocated to participating securities, deemed dividends to preferred stockholders, contract asset credit loss reserve, inventory lower of cost or net realizable value adjustments, loss from investment in affiliate and other income/expense. Adjusted diluted EPS is calculated by dividing Non-GAAP net income (loss) by the weighted average shares, basic and diluted outstanding for the period. Non-GAAP Gross Margin (Gross Margin) is calculated as GAAP revenues divided by GAAP cost of products sold excluding excess capacity, depreciation and amortization, other costs/provisions and inventory lower of cost or net realizable value adjustments. Page | 3


 
Non-GAAP Cash Operating Expense is calculated as GAAP Operating Expense minus non-cash stock-based compensation, depreciation and amortization. In Q3 2020 it also excluded a one-off credit loss. EBITDA is calculated as GAAP net loss less interest, expense, income tax expense, depreciation and amortization, deemed dividends to preferred stockholders and losses allocated to participating securities. Adjusted EBITDA is calculated as EBITDA less stock-based compensation expense, gains or losses from change in fair value of debt, gains and losses from changes in the fair value of derivatives, losses on debt extinguishment, other income/expense, net, loss from investment in affiliate, contract asset credit loss reserve and inventory lower of cost or net realizable value adjustments. Non-GAAP financial information is not prepared under a comprehensive set of accounting rules, and therefore, should only be read in conjunction with financial information reported under U.S. GAAP in order to understand Amyris’s operating performance. A reconciliation of the non-GAAP financial measures presented in this release to the most directly comparable GAAP financial measure, is provided in the tables attached to this press release. Conference Call Amyris will host its third quarter 2020 conference call today at 9:00 am ET (6:00 am PT) to discuss its financial results and provide an update on the company’s business. Those who wish to listen to the conference call should dial into (877) 870-4263 (U.S.) or (412)-317-0790 (international) and ask to be joined to the Amyris, Inc. call. A live webcast of the call will be available online on the Amyris website. To listen via live webcast, please visit: http://investors.amyris.com. A replay of the webcast will be available on the Investor Relations section of the company's website approximately two hours after the conclusion of the call. Additional information on Amyris' third quarter 2020 results can also be found on the Company's website. About Amyris Amyris (Nasdaq: AMRS) is a science and technology leader in the research, development and production of sustainable ingredients for the Sustainable Health, Clean Beauty and Flavors & Fragrances markets. Amyris uses an impressive array of exclusive technologies, including state-of- the-art machine learning, robotics and artificial intelligence. Our ingredients are included in over 3,000 products from the world's top brands, reaching more than 200 million consumers. Amyris is proud to own three consumer brands - all built around its No Compromise® promise of clean ingredients: Biossance™ clean beauty skincare, Pipette™ clean baby skincare and Purecane™, a zero-calorie sweetener naturally derived from sugarcane. For more information, please visit www.amyris.com. Forward-Looking Statements This release contains forward-looking statements, and any statements other than statements of historical fact could be deemed to be forward-looking statements. These forward-looking statements include, among other things, statements regarding future events, such as anticipated completion of strategic transactions and achievement of milestones, growth in the Sustainable Health and Clean, Beauty and Wellness markets, including international expansion and timing thereof, expected sustained cash generation and profitability, development of vaccines, delivery of molecules at scale, and operational optimization, including the expected commissioning of the new plant in Brazil, and expectations regarding Amyris's financial and operational results and ability to achieve its business plan in 2020 and beyond. These statements are based on management's current expectations and actual results and future events may differ materially due to risks and uncertainties, including risks Page | 4


 
related to Amyris's liquidity and ability to fund operating and capital expenses, risks related to its financing activities, risks related to potential delays or failures in development, production and commercialization of products, risks related to Amyris's reliance on third parties, and other risks detailed from time to time in filings Amyris makes with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Amyris disclaims any obligation to update information contained in these forward-looking statements, whether as a result of new information, future events, or otherwise. Amyris, the Amyris logo, No Compromise, Biossance, Pipette, and Purecane are trademarks or registered trademarks of Amyris, Inc. in the U.S. and/or other countries. SOURCE Amyris, Inc. For further information: Dawn Schottlandt, Argot Partners, (212) 600-1902, amyris@argotpartners.com ### Financial Tables Follow Page | 5


 
Amyris, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, December 31, (In thousands, except shares and per share amounts) 2020 2019 Assets Current assets: Cash and cash equivalents $ 38,280 $ 270 Restricted cash 329 469 Accounts receivable, net 27,365 16,322 Accounts receivable - related party, net 419 3,868 Contract assets 2,081 8,485 Contract assets - related party 1,204 - Inventories 37,212 27,770 Deferred cost of products sold - related party 9,454 3,677 Prepaid expenses and other current assets 14,894 12,750 Total current assets 131,238 73,611 Property, plant and equipment, net 29,791 28,930 Contract assets, noncurrent - related party - 1,203 Deferred cost of products sold, noncurrent - related party 11,858 12,815 Restricted cash, noncurrent 960 960 Recoverable taxes from Brazilian government entities 5,127 7,676 Right-of-use assets under financing leases, net 10,702 12,863 Right-of-use assets under operating leases, net 10,904 13,203 Other assets 5,359 9,705 Total assets $ 205,939 $ 160,966 Liabilities, Mezzanine Equity and Stockholders' Deficit Current liabilities: Accounts payable $ 30,357 $ 51,234 Accrued and other current liabilities 28,430 36,655 Financing lease liabilities 3,882 3,465 Operating lease liabilities 5,051 4,625 Contract liabilities 4,430 1,353 Debt, current portion 31,431 45,313 Related party debt, current portion - 18,492 Total current liabilities 103,581 161,137 Long-term debt, net of current portion 26,176 48,452 Related party debt, net of current portion 116,799 149,515 Financing lease liabilities, net of current portion 1,171 4,166 Operating lease liabilities, net of current portion 11,109 15,037 Derivative liabilities 3,834 9,803 Other noncurrent liabilities 21,996 23,024 Total liabilities 284,666 411,134 Commitments and contingencies Mezzanine equity: Contingently redeemable common stock 5,000 5,000 Stockholders’ deficit: Preferred stock - - Common stock 24 12 Additional paid-in capital 1,938,411 1,543,668 Accumulated other comprehensive loss (49,505) (43,804) Accumulated deficit (1,977,075) (1,755,653) Total Amyris, Inc. stockholders’ deficit (88,145) (255,777) Noncontrolling interest 4,418 609 Total stockholders' deficit (83,727) (255,168) Total liabilities, mezzanine equity and stockholders' deficit $ 205,939 $ 160,966 Page | 6 - -


 
Amyris, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except shares and per share amounts) 2020 2019 2020 2019 Revenue: Renewable products $ 27,577 $ 17,363 $ 70,619 $ 41,367 Licenses and royalties 3,563 2,305 9,714 43,387 Grants and collaborations 3,118 15,285 13,060 27,267 Total revenue 34,258 34,953 93,393 112,021 Cost and operating expenses: Cost of products sold 25,822 20,654 60,710 53,482 Research and development(1) 18,197 19,032 52,288 56,093 Sales, general and administrative(1) 38,321 33,341 100,838 92,456 Total cost and operating expenses 82,340 73,027 213,836 202,031 Loss from operations (48,082) (38,074) (120,443) (90,010) Other income (expense): Interest expense (6,627) (16,857) (41,747) (44,608) Gain (loss) from change in fair value of derivative instruments 1,999 (398) (6,498) (2,437) Gain (loss) from change in fair value of debt 34,360 (2,055) 2,908 (18,629) Loss upon extinguishment of debt (2,606) (2,721) (51,954) (8,596) Other income (expense), net (49) 1,076 1,452 920 Total other expense, net 27,077 (20,955) (95,839) (73,350) Loss before income taxes and loss from investment in affiliate (21,005) (59,029) (216,282) (163,360) Provision for income taxes (83) (533) (273) (533) Loss from investment in affiliate (366) - (1,058) - Net loss (21,454) (59,562) (217,613) (163,893) Less: income attributable to noncontrolling interest (1,702) - (3,809) - Net loss attributable to Amyris, Inc. (23,156) (59,562) (221,422) (163,893) Less: deemed dividend to preferred stockholder on issuance and modification of common stock warrants - - - (34,964) Less: deemed dividend to preferred stockholders on conversion of Series E preferred stock (67,151) - (67,151) - Less: loss allocated to participating securities 6,832 1,655 15,369 6,233 Net loss attributable to Amyris, Inc. common stockholders, basic (83,475) (57,907) (273,204) (192,624) Adjustment to earnings allocated to participating securities 744 - 120 - Interest on convertible debt 1,081 - 317 - Gain from change in fair value of debt (17,221) - (5,945) - Net loss attributable to Amyris, Inc. common stockholders, diluted $ (98,871) $ (57,907) $ (278,712) $ (192,624) Weighted-average shares of common stock outstanding used in computing loss per share of common stock, basic 227,267,553 103,449,612 189,192,973 91,344,150 Basic loss per share attributable to common stockholders $ (0.37) $ (0.56) $ (1.44) $ (2.11) Weighted-average shares of common stock outstanding 227,267,553 103,449,612 189,192,973 91,344,150 Effect of dilutive convertible debt 15,464,681 - 2,313,525 - Weighted-average shares of common stock equivalents used in computing loss per share of common stock, diluted 242,732,234 103,449,612 191,506,498 91,344,150 Diluted loss per share attributable to common stockholders $ (0.41) $ (0.56) $ (1.46) $ (2.11) (1) Includes stock-based compensation expense as follows: Research and development $ 928 $ 663 $ 2,774 $ 2,002 Sales, general and administrative 2,440 2,571 7,029 8,058 $ 3,368 $ 3,234 $ 9,803 $ 10,060 Page | 7


 
Amyris, Inc. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except per share data) 2020 2019 2020 2019 Net loss attributable to Amyris, Inc. common stockholders (GAAP) $ (83,475) $ (57,907) $ (273,204) $ (192,624) Non-GAAP adjustments: Stock-based compensation expense 3,368 3,234 9,803 10,060 (Gain) loss from change in fair value of derivative instruments (1,999) 398 6,498 2,437 (Gain) loss from change in fair value of debt (34,360) 2,055 (2,908) 18,629 Loss upon extinguishment of debt 2,606 2,721 51,954 8,596 Income attributable to noncontrolling interest 1,702 - 3,809 - Deemed dividend to preferred stockholder on issuance and modification of common stock - - - 34,964 Loss allocated to participating securities (6,832) (1,655) (15,369) (6,233) Deemed dividend upon conversion of Series E preferred stock into common stock 67,151 - 67,151 - Contract asset credit loss reserve 8,342 - 8,342 - Inventory lower-of-cost-or-net realizable value adjustment 1,337 (1,080) 374 (1,396) Other (income) expense, net, and loss from investment in affiliate 415 (1,076) (394) (920) Net loss attributable to Amyris, Inc. common stockholders (non-GAAP) $ (41,745) $ (53,310) $ (143,944) $ (126,487) Weighted-average shares outstanding Weighted-average shares of common stock outstanding used in computing loss per share of common stock, basic 227,267,553 103,449,612 189,192,973 91,344,150 Loss per share attributable to Amyris, Inc. common stockholders - Basic (GAAP) $ (0.37) $ (0.56) $ (1.44) $ (2.11) Non-GAAP adjustments: Stock-based compensation expense 0.01 0.03 0.05 0.11 (Gain) loss from change in fair value of derivative instruments (0.01) 0.00 0.03 0.03 (Gain) loss from change in fair value of debt (0.15) 0.02 (0.02) 0.20 Loss upon extinguishment of debt 0.01 0.03 0.27 0.09 Income attributable to noncontrolling interest 0.01 - 0.02 - Deemed dividend to preferred stockholder on issuance and modification of common stock - - - 0.38 Loss allocated to participating securities (0.03) (0.02) (0.08) (0.07) Deemed dividend upon conversion of Series E preferred stock into common stock 0.30 - 0.35 - Contract asset credit loss reserve 0.04 - 0.04 - Inventory lower-of-cost-or-net realizable value adjustment 0.01 (0.01) 0.00 (0.02) Other (income) expense, net, and loss from investment in affiliate 0.00 (0.01) (0.00) (0.01) Net loss per share attributable to Amyris, Inc. common stockholders - Basic (non-GAAP)(1) $ (0.18) $ (0.52) $ (0.76) $ (1.38) (1) Amounts may not sum due to rounding. Three Months Ended September 30, Nine Months Ended September 30, Adjusted EBITDA 2020 2019 2020 2019 GAAP net loss attributable to Amyris, Inc. common stockholders $ (83,475) $ (57,907) $ (273,204) $ (192,624) Interest expense 6,627 16,857 41,747 44,608 Income taxes 83 533 273 533 Depreciation and amortization 1,905 969 5,300 2,691 Deemed dividend to preferred stockholder on issuance and modification of common stock - - - 34,964 Deemed dividend upon conversion of Series E preferred stock into common stock 67,151 - 67,151 - Loss allocated to participating securities (6,832) (1,655) (15,369) (6,233) EBITDA (14,541) (41,203) (174,102) (116,061) Income attributable to noncontrolling interest 1,702 - 3,809 - Gain (loss) from change in fair value of derivative instruments and debt, loss upon extinguishment of debt, other (income) expense, and loss from investment in affiliate (33,338) 4,098 55,150 28,742 Inventory lower-of-cost-or-net realizable value adjustment 1,337 (1,080) 374 (1,396) Stock-based compensation 3,368 3,234 9,803 10,060 Contract asset credit loss reserve 8,342 - 8,342 - Adjusted EBITDA $ (33,130) $ (34,951) $ (96,624) $ (78,655) Page | 8


 
Amyris, Inc. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Revenue (GAAP and non-GAAP) $ 34,258 $ 34,953 $ 93,393 $ 112,021 Cost of products sold (GAAP) $ 25,822 $ 20,654 $ 60,710 $ 53,482 Other costs/provisions (3,848) (1,103) (8,937) (3,924) Inventory lower-of-cost-or-net realizable value adjustment (1,337) 1,080 (374) 1,396 Excess capacity (90) (757) (571) (1,430) Depreciation and amortization (407) (218) (846) (496) Cost of products sold (non-GAAP) $ 20,140 $ 19,656 $ 49,982 $ 49,028 Adjusted gross profit (non-GAAP) $ 14,118 $ 15,297 $ 43,411 $ 62,993 Gross margin % 41% 44% 46% 56% Research and development expense (GAAP) $ 18,197 $ 19,032 $ 52,288 $ 56,093 Stock-based compensation expense (928) (663) (2,774) (2,002) Depreciation and amortization (1,271) (471) (3,763) (1,341) Research and development expense (non-GAAP) $ 15,998 $ 17,898 $ 45,751 $ 52,750 Sales, general and administrative expense (GAAP) $ 38,321 $ 33,341 $ 100,838 $ 92,456 Stock-based compensation expense (2,440) (2,571) (7,029) (8,058) Depreciation and amortization (227) (279) (691) (854) Contract asset credit loss reserve (8,342) - (8,342) - Sales, general and administrative expense (non-GAAP) $ 27,312 $ 30,491 $ 84,776 $ 83,544 Cash operating expense $ 43,310 $ 48,389 $ 130,527 $ 136,294 Page | 9


 
v3.20.2
Cover
Nov. 05, 2020
Cover [Abstract]  
Document Type 8-K
Document Period End Date Nov. 05, 2020
Entity Registrant Name Amyris, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-34885
Entity Tax Identification Number 55-0856151
Entity Address, Address Line One 5885 Hollis Street, Suite 100,
Entity Address, City or Town Emeryville,
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94608
City Area Code (510)
Local Phone Number 450-0761
Entity Central Index Key 0001365916
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.0001 par value per share
Trading Symbol AMRS
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Amendment Flag false