0001365916-23-000060.txt : 20230510 0001365916-23-000060.hdr.sgml : 20230510 20230509175232 ACCESSION NUMBER: 0001365916-23-000060 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 103 CONFORMED PERIOD OF REPORT: 20230331 FILED AS OF DATE: 20230510 DATE AS OF CHANGE: 20230509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMYRIS, INC. CENTRAL INDEX KEY: 0001365916 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL ORGANIC CHEMICALS [2860] IRS NUMBER: 550856151 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-34885 FILM NUMBER: 23903614 BUSINESS ADDRESS: STREET 1: 5885 HOLLIS STREET, SUITE 100 CITY: EMERYVILLE STATE: CA ZIP: 94608 BUSINESS PHONE: 510-450-0761 MAIL ADDRESS: STREET 1: 5885 HOLLIS STREET, SUITE 100 CITY: EMERYVILLE STATE: CA ZIP: 94608 FORMER COMPANY: FORMER CONFORMED NAME: AMYRIS BIOTECHNOLOGIES INC DATE OF NAME CHANGE: 20060613 10-Q 1 amrs-20230331.htm 10-Q amrs-20230331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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, 2023

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

Commission File Number: 001-34885

AMYRIS, INC.
(Exact name of registrant as specified in its charter) 
Delaware
55-0856151
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
Amyris, Inc.
5885 Hollis Street, Suite 100
Emeryville, CA 94608
(510) 450-0761
(Address and telephone number of principal executive offices)

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 LLC

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, a 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 filerAccelerated filer
Non-accelerated filerSmaller 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 ☒

Shares outstanding of the Registrant's common stock:
Class
Outstanding as of May 5, 2023
Common Stock, $0.0001 par value per share
369,385,614




AMYRIS, INC.
TABLE OF CONTENTS
Page
PART I
Item 1.
Item 2.
Item 3.
Item 4.
PART II
Item 1.
Item 1A.
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.
Item 4.
Item 5.
Item 6.







2



PART I






3



ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
AMYRIS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except shares and per share amounts)March 31,
2023
December 31, 2022
Assets
Current assets:
Cash and cash equivalents$11,245 $64,437 
Restricted cash71 71 
Accounts receivable, net of allowance of $997 and $995
36,842 45,775 
Accounts receivable - related party, net of allowance of $0 and $0
10,836 6,608 
Contract assets3,872 806 
Contract assets - related party33,679 36,638 
Inventories109,021 111,880 
Prepaid expenses and other current assets38,095 40,146 
Total current assets243,661 306,361 
Property, plant and equipment, net189,645 182,224 
Restricted cash, noncurrent6,135 6,090 
Recoverable taxes from Brazilian government entities30,189 29,472 
Right-of-use assets under financing leases, net147 152 
Right-of-use assets under operating leases, net100,721 97,216 
Goodwill50,456 142,575 
Intangible assets, net45,063 46,938 
Other assets13,662 13,904 
Total assets$679,679 $824,932 
Liabilities, Mezzanine Equity and Stockholders' (Deficit) Equity
Current liabilities:
Accounts payable$200,067 $190,486 
Accrued and other current liabilities81,068 73,565 
Financing lease liabilities14 13 
Operating lease liabilities2,484 2,255 
Contract liabilities33 26 
Debt, current portion1,968 1,916 
Related party debt, current portion185,160 118,886 
Total current liabilities470,794 387,147 
Long-term debt, net of current portion675,855 674,891 
Related party debt, net of current portion77,962 97,350 
Financing lease liabilities, net of current portion44 48 
Operating lease liabilities, net of current portion90,986 86,195 
Derivative liabilities4,140 5,403 
Acquisition-related contingent consideration2,241 34,555 
Other noncurrent liabilities5,725 7,053 
Total liabilities1,327,747 1,292,642 
Commitments and contingencies
Mezzanine equity:
Contingently redeemable common stock 5,000 
Contingently redeemable noncontrolling interest26,058 28,892 
Stockholders’ (deficit) equity:
Common stock - $0.0001 par value, 550,000,000 shares authorized as of March 31, 2023 and December 31, 2022; 368,524,240 and 364,745,266 shares issued and outstanding as of March 31, 2023 and December 31, 2022
37 36 
Additional paid-in capital2,465,802 2,455,567 
Accumulated other comprehensive loss(56,682)(64,114)
Accumulated deficit(3,073,520)(2,880,178)
Total Amyris, Inc. stockholders’ (deficit) equity(664,363)(488,689)
Noncontrolling interest(9,763)(12,913)
Total stockholders' (deficit) equity(674,126)(501,602)
Total liabilities, mezzanine equity and stockholders' (deficit) equity$679,679 $824,932 

See the accompanying notes to the unaudited condensed consolidated financial statements.






4



AMYRIS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended March 31,
(In thousands, except shares and per share amounts)20232022
Revenue:
Renewable products (includes related party revenue of $232 and $4,412)
$40,224 $43,465 
Licenses and royalties (includes related party revenue of $9,479, $8,816)
9,482 9,313 
Collaborations, grants and other (includes related party revenue of $0 and $2,000)
6,377 4,931 
Total revenue (includes related party revenue of $9,711 and $15,228)
56,083 57,709 
Cost and operating expenses:
Cost of products sold51,081 48,995 
Research and development26,765 26,358 
Sales, general and administrative95,870 106,916 
Change in fair value of acquisition-related contingent consideration(28,503) 
Restructuring1,013  
Impairment95,386  
Total cost and operating expenses241,612 182,269 
Loss from operations(185,529)(124,560)
Other income (expense):
Interest expense(12,983)(5,263)
Gain from change in fair value of derivative instruments1,263 1,815 
(Loss) gain from change in fair value of debt(4,854)20,796 
Other expense, net(533)(3,052)
Total other (expense) income, net(17,107)14,296 
Loss before income taxes and loss from investment in affiliate(202,636)(110,264)
Benefit from income taxes860 820 
Loss from investment in affiliate (789)
Net loss(201,776)(110,233)
Loss attributable to noncontrolling interest8,434 2,928 
Net loss attributable to Amyris, Inc. common stockholders$(193,342)$(107,305)
Net loss per share attributable to common stockholders, basic$(0.53)$(0.34)
Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic365,603,738 312,896,452 
Net loss per share attributable to common stockholders, diluted$(0.53)$(0.37)
Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, diluted365,603,738 323,711,682 

See the accompanying notes to the unaudited condensed consolidated financial statements.






5




AMYRIS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)

Three Months Ended March 31,
(In thousands)20232022
Comprehensive loss:
Net loss$(201,776)$(110,233)
Foreign currency translation adjustment7,431 15,286 
Total comprehensive loss(194,345)(94,947)
Loss attributable to noncontrolling interest8,434 2,928 
Comprehensive loss attributable to Amyris, Inc.$(185,911)$(92,019)

See the accompanying notes to the unaudited condensed consolidated financial statements.






6



AMYRIS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
AND MEZZANINE EQUITY
(Unaudited)

Preferred StockCommon Stock
(In thousands, except number of shares)SharesAmountSharesAmountAdditional Paid-in CapitalAccumulated Other Comprehensive LossAccumulated DeficitNoncontrolling InterestTotal Stockholders' DeficitMezzanine Equity - Contingently Redeemable Common Stock Mezzanine Equity - Contingently Redeemable Noncontrolling Interest
Balances as of December 31, 2022 $ 364,745,266 $36 $2,455,567 $(64,114)$(2,880,178)$(12,913)(501,602)$5,000 $28,892 
Reclassification from Mezzanine equity-contingently redeemable common stock to Additional paid-in capital upon completion of Gates Foundation project— — — — 5,000 — — — 5,000 (5,000)— 
Contribution from noncontrolling interest— — — — — — — 4,650 4,650 — — 
Issuance of common stock and payment of minimum employee taxes withheld upon net share settlement of restricted stock— — 1,506,348 — (5)— — — (5)— — 
Issuance of common stock for payment of acquisition-related contingent consideration— — 2,272,626 1 3,084 — — — 3,085 — — 
Modification of Foris senior note warrants in connection with Perrara bridge loan— — — — 471 — — — 471 — — 
Stock-based compensation— — — — 5,785 — — — 5,785 — — 
Write-off of EcoFabulous noncontrolling interest upon business exit— — — — (4,100)— — — (4,100)— 4,100 
Foreign currency translation adjustment— — — — — 7,432 — — 7,432 — — 
Net loss attributable to Amyris, Inc.— — — — — — (193,342)(1,500)(194,842)— (6,934)
Balances as of March 31, 2023  368,524,240 37 $2,465,802 $(56,682)$(3,073,520)$(9,763)$(674,126)$ $26,058 
Balances as of December 31, 2021 $ 308,899,906 $31 $2,656,838 $(52,769)$(2,357,661)$(751)$245,688 $5,000 $28,520 
Cumulative effect of change in accounting principle for ASU 2020-06— — — — (367,974)— 5,993 — (361,981)— — 
Acquisitions— — — — — — — 155 155 — 2,917 
Issuance of common stock and payment of minimum employee taxes withheld upon net share settlement of restricted stock— — 528,704 — (3)— — — (3)— — 
Issuance of common stock as purchase consideration in business combinations— — 7,121,806 1 33,093 — — — 33,094 — — 
Issuance of common stock upon exercise of stock options— — 33,250 — 98 — — — 98 — — 
Issuance of common stock upon exercise of warrants— — 1,391,603 — 3,994 — — — 3,994 — — 
Stock-based compensation— — — — 11,588 — — — 11,588 — — 
Foreign currency translation adjustment— — — — — 15,286 — — 15,286 — — 
Net loss attributable to Amyris, Inc.— — — — — — (107,305)(2,928)(110,233)— — 
Balances as of March 31, 2022 $ 317,975,269 $32 $2,337,634 $(37,483)$(2,458,973)$(3,524)$(162,314)$5,000 $31,437 

See the accompanying notes to the unaudited condensed consolidated financial statements.






7



AMYRIS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended March 31,
(In thousands)20232022
Operating activities
Net loss$(201,776)$(110,233)
Adjustments to reconcile net loss to net cash used in operating activities:
Accretion of debt discount5,068 962 
Amortization of intangible assets1,325 892 
Amortization of right-of-use assets under operating leases6,855 754 
Depreciation and amortization4,527 2,400 
(Gain) loss from change in fair value of debt4,854 (20,796)
(Gain) loss from change in fair value of derivative instruments(1,263)(1,815)
(Gain) loss on foreign currency exchange rates661 1,519 
Gain from change in fair value of acquisition-related contingent consideration(28,503) 
Loss from investment in affiliate 789 
Impairment of goodwill and intangible assets95,386  
Loss on disposal of property, plant and equipment8  
Stock-based compensation5,785 11,588 
Changes in assets and liabilities:
Accounts receivable5,288 (1,554)
Contract assets(102)(8,472)
Inventories2,904 (5,001)
Prepaid expenses and other assets2,156 (23,881)
Accounts payable9,112 5,007 
Accrued and other liabilities3,081 6,026 
Lease liabilities(5,375)(9,658)
Contract liabilities8 (969)
Net cash used in operating activities(90,001)(152,442)
Investing activities
Purchases of property, plant and equipment(4,815)(33,751)
Acquisitions, net of cash acquired (13,535)
Net cash used in investing activities(4,815)(47,286)
Financing activities
Proceeds from capital contribution by noncontrolling interest4,650  
Payment of minimum employee taxes withheld upon net share settlement of restricted stock units(5)(3)
Principal payments on financing leases(3)(131)
Proceeds from exercises of common stock options 98 
Proceeds from exercises of warrants 3,994 
Proceeds from issuance of debt, net of issuance costs36,972  
Net cash provided by financing activities41,614 3,958 
Effect of exchange rate changes on cash, cash equivalents and restricted cash55 169 
Net decrease in cash, cash equivalents and restricted cash(53,147)(195,601)
Cash, cash equivalents and restricted cash at beginning of period70,598 488,312 
Cash, cash equivalents and restricted cash at end of the period$17,451 $292,711 
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets
Cash and cash equivalents$11,245 $287,886 
Restricted cash, current71 174 
Restricted cash, noncurrent6,135 4,651 
Total cash, cash equivalents and restricted cash$17,451 $292,711 

See the accompanying notes to the unaudited condensed consolidated financial statements.






8



AMYRIS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, Continued
(Unaudited)
(In thousands)20232022
Supplemental disclosures of cash flow information:
Cash paid for interest$1,567 $52 
Cash paid for income taxes$262 $100 
Supplemental disclosures of non-cash investing and financing activities:
Accrued interest added to debt principal$1,427 $ 
Acquisition of intangible assets in connection with business combinations$ $18,417 
Acquisition of right-of-use assets under operating leases$ $27,165 
Common stock issued as purchase consideration in business combinations$ $33,094 
Common stock issued for payment of acquisition-related contingent consideration$3,084 $ 
Goodwill recorded in connection with business combinations$ $7,666 
Measurement adjustment of contingently redeemable noncontrolling interest$4,100 $ 
Noncontrolling interest recorded in connection with business combinations$ $3,072 
Remeasurement of operating lease right-of-use asset and operating lease liability$1,062 $ 
Unpaid property, plant and equipment balances in accounts payable and accrued liabilities at end of period$5,234 $4,995 
Warrants modified in connection with Perrara Bridge Loan issuance$471 $ 

See the accompanying notes to the unaudited condensed consolidated financial statements.






9



AMYRIS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1. Basis of Presentation and Summary of Significant Accounting Policies

Amyris, Inc. (together with subsidiaries, Amyris or the Company) is a biotechnology company delivering sustainable, science-based ingredients and consumer products that are better than incumbent options for people and the planet. The Company creates, manufactures, and commercializes consumer products and ingredients. The largest component of the Company's revenue is derived from marketing and selling Clean Beauty, Personal Care, and Health & Wellness consumer products through our direct-to-consumer e-commerce platforms and a growing network of retail partners. Our proprietary sustainable ingredients are sold in bulk to industrial leaders who serve Flavor & Fragrance (F&F), Nutrition, Food & Beverage, and Clean Beauty & Personal Care end markets.

The ingredients and consumer products we produce are powered by our Lab-to-MarketTM technology platform. This technology platform creates a portfolio connection between our proprietary science and formulation expertise, manufacturing capability at industrial scale, and expertise in commercializing high performance, sustainable products that give consumers the power to choose products that benefit the planet. Our technology platform offers advantages to traditional methods of sourcing similar ingredients (such as petrochemistry, unsustainable agricultural practices, and extraction from organisms). These advantages include, but are not limited to, renewable and ethical sourcing of raw materials, less resource-intensive production, minimal impact on sensitive ecosystems, enhanced purity and safety profiles, less vulnerability to climate disruption, and improved supply chain resilience. We combine molecular biology and genetic engineering to produce sustainable materials that are scarce or endangered resources in nature. We leverage state-of-the-art machine learning, robotics, and artificial intelligence, which enable our technology platform to rapidly bring new innovation to market.

We began 2022 with eight consumer brands, Biossance® clean beauty skincare, JVNTM haircare, Rose Inc.TM clean color cosmetics, Pipette® clean baby skincare, Costa Brazil® luxury skincare, OLIKATM clean wellness, PurecaneTM zero-calorie sweetener, and Terasana® clean skincare. During 2022, we added MenoLabsTM, a brand focused on healthy living and menopause wellness, EcoFabulousTM clean beauty for Gen-Z consumers, and StripesTM (peri)menopausal wellness; and prepared to discontinue the Terasana business. In the first quarter of 2023, the Company decided to exit the EcoFabulous brand and reorganize the Beauty Labs business.

In the first quarter of 2023, the Company entered into a joint venture and brand collaboration agreement with Tia Mowry, launching 4U by TiaTM, a new clean haircare line. The commercial launch of the new product line to the general public occurred in January 2023. In exchange for 49% equity ownership in the newly formed business, Clean Beauty 4U LLC ("CB4U"), the Company contributed $1.0 million and certain intellectual property. The Company also entered into a brand collaboration agreement with Tia Mowry to develop, manufacture and sell a line of haircare products marketed towards women of color using clean ingredients. CB4U was formed and is accounted for on a consolidation basis, as it is considered a variable-interest entity.

The Company's state-of-the-art infrastructure includes industry-leading strain engineering and lab automation located in Emeryville, California; pilot-scale production facilities in Emeryville and Campinas, Brazil; a demonstration-scale facility in






10



Campinas; a commercial scale production facility in Leland, North Carolina; and a commercial scale fermentation production facility in Barra Bonita and a consumer production facility, referred to as Interfaces in the State of Sao Paolo, Brazil. A wide variety of feedstocks for precision fermentation exists but we source Brazilian sugarcane for our large-scale production because of its supply resilience, renewability, low cost, and relative price stability. As of March 31, 2023, we have commissioned three lines out of five lines of our new purpose-built, large-scale precision fermentation facility in Brazil, which we anticipate will accommodate the manufacturing of up to five products concurrently. Pending full commissioning of the new facility, we continue to manufacture our products at manufacturing sites, some of which are third party, in Brazil, the United States, and Europe.

The accompanying unaudited condensed consolidated financial statements of Amyris, Inc. should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, from which the condensed consolidated balance sheet as of December 31, 2022 is derived. The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the accompanying unaudited interim condensed consolidated financial statements do not include all the information and notes required by U.S. GAAP for complete financial statements; accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited annual consolidated financial statements included in its Annual Report on Form 10-K filed with the SEC on March 16, 2023. The accompanying condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of results for a full year.

The Company has incurred operating losses since inception, and expects to continue to incur losses and negative cash flows from operations through at least the next 12 months following the issuance of this Form 10-Q. As of March 31, 2023, the Company had negative working capital of $227.1 million, an accumulated deficit of $3.1 billion, and unrestricted cash and cash equivalents of $11.2 million. As of March 31, 2023, the principal amounts due under debt instruments (including related party debt) totaled $962.0 million, of which $188.8 million is current. Current debt increased by $60.1 million from December 31, 2022 to March 31, 2023 due to the timing of existing debt payments and first quarter 2023 borrowings of $37.5 million under the Perrara bridge loan which matures April 3, 2023.

Debt agreements contain various covenants, including certain restrictions on the business and additional indebtedness as well as material adverse effect and cross default provisions that could cause risk of default. A failure to comply with the covenants and other provisions of our debt instruments, including any failure to make payments when required, would generally result in events of default which could result in the acceleration of a substantial portion of indebtedness. In April 2023 the Company failed to meet certain covenants under several credit arrangements, including those associated with missed payments.

On May 9, 2023, the Company entered into forbearance agreements with each of its senior lenders, DSM Finance B.V., Foris Ventures, LLC, and Perrara Ventures, LLC, pursuant to which the Lenders agreed to forbear from exercising their respective rights and remedies related to certain payment defaults under the respective loan agreements until June 23, 2023.

Unrestricted cash and cash equivalents of $11.2 million as of March 31, 2023, compared to $64.4 million as of December 31, 2022, are not sufficient to fund expected future negative cash flows from operations, cash debt service obligations, and cash lease obligations for the next 12 months. These factors raise substantial doubt about the Company's ability to continue as a going concern within one year after the date the financial statements in this Form 10-Q are issued. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. The ability to continue as a going concern will depend, in large part, on the Company's ability to minimize the anticipated negative cash flows from operations during the 12 months from the date of this filing and to raise additional proceeds through strategic transactions and/or financings, and refinance or extend other existing debt maturities, all of which are uncertain and outside of the Company's control.

Significant Accounting Policies

Note 1, "Basis of Presentation and Summary of Significant Accounting Policies", to the audited consolidated financial statements in the 2022 Form 10-K includes a discussion of the significant accounting policies and estimates used in the preparation of the Company’s condensed consolidated financial statements.

The following policy represents the only change to the Company's significant accounting policies and estimates during the three months ended March 31, 2023:

Accounts Receivable






11




Accounts receivable represents trade receivables, which are stated at their net realizable value. The allowance for doubtful accounts reflects the Company’s best estimate of probable losses inherent in the trade receivables portfolio determined on the basis of historical experience, the economic environment, specific allowances for known troubled accounts and other currently available information.

Use of Estimates and Judgements

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgements and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and such differences may be material to the condensed consolidated financial statements. Significant estimates and judgements used in these consolidated financial statements are discussed in the relevant accounting policies below or specifically discussed in the Notes to Consolidated Financial Statements where such transactions are disclosed.

Accounting Updates Recently Adopted

In the three months ended March 31, 2023, the Company adopted these accounting standard updates:

Credit Losses. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This standard changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. The Company adopted this standard in the first quarter of 2023 using the modified retrospective adoption method. The adoption of this standard did not have a material impact on the condensed consolidated financial statements. The Company evaluates the creditworthiness of customers when negotiating contracts and, as trade receivables are short term in nature, the timing between recognition of a credit loss under existing guidance and the new guidance is not expected to differ materially.

Business Combinations: Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This update requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. The Company adopted this standard in the first quarter of 2023. This adoption of this standard did not have an impact on the condensed consolidated financial statements, as the standard applies prospectively to business combinations occurring on or after January 1, 2023, and the Company did not enter into any business combinations during the first quarter of 2023.







12




2. Balance Sheet Details

Allowance for Doubtful Accounts
(In thousands)Balance at Beginning of PeriodProvisionsWrite-offs, NetBalance at End of Period
Three months ended March 31, 2023$995 $2 $ $997 
Three months ended March 31, 2022$945 $20 $ $965 

Inventories
(In thousands)March 31, 2023December 31, 2022
Raw materials$41,211 $43,043 
Work-in-process14,749 8,028 
Finished goods53,061 60,809 
Inventories$109,021 $111,880 

Prepaid Expenses and Other Current Assets
(In thousands)March 31, 2023December 31, 2022
Prepayments, advances and deposits$17,233 $18,849 
Non-inventory production supplies8,588 8,138 
Note receivable(1)
4,183 6,871 
Recoverable taxes from Brazilian government entities3,079 870 
Other5,012 5,418 
Total prepaid expenses and other current assets$38,095 $40,146 
                
_______________________
(1) In March 2022, the Company loaned a privately-held company $10 million in exchange for a senior secured convertible promissory note which unless earlier redeemed or converted into equity of the privately-held company, shall be repaid in tranches according to the terms of the Note by June 2023. The Note bears interest at 10% per annum and is convertible, at the Company's option, into equity of the privately-held company upon maturity of the Note or in the event of an initial public offering, equity financing, or corporate transaction (such as a sale or merger), in each case, at a conversion price that is dependent on a variety of factors. In addition, the Note is redeemable prior to maturity, at the issuer's option, in the event of one or more equity or debt financings, one or more asset sales, or an initial public offering, in each case equal to or greater than $65 million. The arrangement is accounted for as a loan. The Company will periodically evaluate the collectability of the loan, and an allowance for credit losses will be recorded if the Company concludes that all or a portion of the loan balance is no longer collectible.

Property, Plant and Equipment, Net
(In thousands)March 31, 2023December 31, 2022
Machinery and equipment$151,964 $149,413 
Leasehold improvements51,744 51,426 
Building29,389 29,389 
Computers and software10,441 10,356 
Furniture and office equipment, vehicles and land4,111 3,979 
Construction in progress50,310 41,012 
297,959 285,575 
Less: accumulated depreciation and amortization(108,314)(103,351)
Property, plant and equipment, net$189,645 $182,224 

During the three months ended March 31, 2023 and 2022, depreciation and amortization expense, including amortization of right-of-use assets under financing leases, but without amortization of intangible assets, was as follows:






13



Three Months Ended March 31,
(In thousands)20232022
Depreciation and amortization expense, without amortization of intangible assets$4,527 $2,400 

Goodwill
(In thousands)March 31, 2023December 31, 2022
Beginning balance$142,575 $131,259 
Acquisitions 22,231 
Impairment(94,351) 
Effect of currency translation adjustment2,232 (10,915)
Ending balance$50,456 $142,575 

The Company performed an interim impairment analysis using financial information through March 31, 2023 as well as forecasts for cash flows developed using the Company's three-year strategic plan. The Company’s annual impairment test is performed on October 1. All of the Company's goodwill resides within the Consumer reporting unit. The interim impairment analysis was performed due to the identification of a triggering event resulting from the Company's decision during the three months ended March 31, 2023 to exit the EcoFabulous brand and reorganize the Beauty Labs business. Due to the isolated nature of the identified triggering event, the interim impairment review was limited to the Beauty Labs business and the EcoFabulous brand. The analysis indicated that the carrying amount of the goodwill for the Consumer reporting unit was greater than its fair value. The impairment was calculated as the difference between the fair value, determined in the interim impairment review, and the carrying value. The results of the impairment analysis indicated that $94.4 million of goodwill related to the Beauty Labs business and the EcoFabulous brand was impaired as of March 31, 2023. The Company will continue to evaluate the fair value of goodwill and intangible assets through the fourth quarter of fiscal 2023 for potential impairment.

Intangible Assets, Net

During the twelve months ended December 31, 2022, the Company acquired $14.6 million of intangible assets related to trademarks and trade names, customer relationships, developed technology, and patents as a result of the acquisitions completed during the year.

March 31, 2023December 31, 2022
(In thousands)Estimated Useful Life
(in Years)
GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Trademarks and trade names, and branded products10$20,023 $2,442 $17,581 $21,042 $1,948 $19,094 
Customer relationships
5 - 16
8,233 1,327 6,906 8,182 1,045 7,137 
Developed technology and software applications
5 - 12
21,872 1,837 20,035 21,472 1,315 20,157 
Patents17600 59 541 600 50 550 
Total intangible assets$50,728 $5,665 $45,063 $51,296 $4,358 $46,938 

The Intangible assets, net balance as of March 31, 2023 includes impairment charges of $1.0 million related to the Beauty Labs trademark. Amortization expense for intangible assets was $1.3 million and $0.9 million for the three months ended March 31, 2023 and 2022, and is included in general and administrative expenses.

Total future amortization of intangible assets as of March 31, 2023 is as follows (in thousands):

(In thousands)
2023 (remainder)$3,939 
20246,323 
20256,433 
20266,161 
20275,262 






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Thereafter16,945 
Total future amortization$45,063 

Leases

Operating Leases

The Company has operating leases primarily for administrative offices, laboratory equipment and other facilities. The operating leases have remaining terms that range from 1 to 17 years, and often include one or more options to renew. These renewal terms can extend the lease term for an additional 1 to 5 years and are included in the lease term when it is reasonably certain that the Company will exercise the option. The operating leases are classified as right-of-use (ROU) assets under operating leases on the Company's condensed consolidated balance sheets and represent the Company’s right to use the underlying asset for the lease term. The Company’s obligation to make operating lease payments is included in "Lease liabilities" and "Lease liabilities, net of current portion" on the Company's condensed consolidated balance sheets. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company had $100.7 million and $97.2 million of operating lease ROU assets as of March 31, 2023 and December 31, 2022. Operating lease liabilities were $93.5 million and $88.5 million as of March 31, 2023 and December 31, 2022. During the three months ended March 31, 2023 and 2022, the Company recorded $6.9 million and $3.7 million, respectively, of operating lease amortization that was charged to expense, of which $0.6 million and $0.3 million, respectively, was recorded to cost of products sold.

Because the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of the lease payments. The Company has certain contracts for real estate and marketing which may contain lease and non-lease components, which it has elected to treat as a single lease component.

Information related to the Company's ROU assets and related lease liabilities were as follows:

Three Months Ended March 31,
20232022
Cash paid for operating lease liabilities, in thousands$4,620$3,045
Right-of-use assets obtained in exchange for new operating lease obligations, in thousands$$18,759
Weighted-average remaining lease term (in years)11.28.7
Weighted-average discount rate22.6%19.0%

Financing Leases

The Company has financing leases primarily for laboratory equipment. Assets purchased under financing leases are included in "Right-of-use assets under financing leases, net" on the condensed consolidated balance sheets. For financing leases, the associated assets are depreciated or amortized over the shorter of the relevant useful life of each asset or the lease term. Accumulated amortization of assets under financing leases totaled $1.6 million and $1.6 million as of March 31, 2023 and December 31, 2022, respectively.

Maturities of Financing and Operating Leases

Maturities of lease liabilities as of March 31, 2023 were as follows:






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Years ending December 31:
(In thousands)
Financing
Leases
Operating
Leases
Total Leases
2023 (Remaining Nine Months)$16 $14,989 $15,005 
202421 23,808 23,829 
202521 23,361 23,382 
202616 24,649 24,665 
2027 25,888 25,888 
Thereafter 222,233 222,233 
Total lease payments74 334,928 335,002 
Less: amount representing interest(16)(241,458)(241,474)
Total lease liability$58 $93,470 $93,528 
Current lease liability$14 $2,484 $2,498 
Noncurrent lease liability44 90,986 91,030 
Total lease liability$58 $93,470 $93,528 

Other Assets

(In thousands)March 31, 2023December 31, 2022
Investments in equity securities$7,892 $7,892 
Equity-method investments in affiliates3,000 $3,000 
Deposits531 530 
Notes receivable, net of current portion 671 
Other2,239 1,811 
Total other assets$13,662 $13,904 







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Accrued and Other Current Liabilities

(In thousands)March 31, 2023December 31, 2022
Payroll and related expenses$23,308 $18,795 
Accrued interest19,212 14,639 
Liability in connection with acquisition of equity-method investment10,800 11,275 
Deferred consideration payable(1)
6,200 7,883 
Professional services4,216 4,826 
Asset retirement obligation(2)
3,872 3,763 
Contract termination fees1,379 1,369 
License fee payable1,050 1,050 
Tax-related liabilities 829