QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| Large accelerated filer | ☐ | ☒ | |||||||||
| Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
| Emerging growth company | |||||||||||
| Class | Outstanding as of May 5, 2023 | ||||
| Common Stock, $0.0001 par value per share | |||||
| 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. | ||||||||
| (In thousands, except shares and per share amounts) | March 31, 2023 | December 31, 2022 | ||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | $ | ||||||
| Restricted cash | ||||||||
Accounts receivable, net of allowance of $ | ||||||||
Accounts receivable - related party, net of allowance of $ | ||||||||
| Contract assets | ||||||||
| Contract assets - related party | ||||||||
| Inventories | ||||||||
| Prepaid expenses and other current assets | ||||||||
| Total current assets | ||||||||
| Property, plant and equipment, net | ||||||||
| Restricted cash, noncurrent | ||||||||
| Recoverable taxes from Brazilian government entities | ||||||||
| Right-of-use assets under financing leases, net | ||||||||
| Right-of-use assets under operating leases, net | ||||||||
| Goodwill | ||||||||
| Intangible assets, net | ||||||||
| Other assets | ||||||||
| Total assets | $ | $ | ||||||
| Liabilities, Mezzanine Equity and Stockholders' (Deficit) Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | $ | ||||||
| Accrued and other current liabilities | ||||||||
| Financing lease liabilities | ||||||||
| Operating lease liabilities | ||||||||
| Contract liabilities | ||||||||
| Debt, current portion | ||||||||
| Related party debt, current portion | ||||||||
| Total current liabilities | ||||||||
| Long-term debt, net of current portion | ||||||||
| Related party debt, net of current portion | ||||||||
| Financing lease liabilities, net of current portion | ||||||||
| Operating lease liabilities, net of current portion | ||||||||
| Derivative liabilities | ||||||||
| Acquisition-related contingent consideration | ||||||||
| Other noncurrent liabilities | ||||||||
| Total liabilities | ||||||||
| Commitments and contingencies | ||||||||
| Mezzanine equity: | ||||||||
| Contingently redeemable common stock | ||||||||
| Contingently redeemable noncontrolling interest | ||||||||
Stockholders’ (deficit) equity: | ||||||||
Common stock - $ | ||||||||
| Additional paid-in capital | ||||||||
| Accumulated other comprehensive loss | ( | ( | ||||||
| Accumulated deficit | ( | ( | ||||||
| Total Amyris, Inc. stockholders’ (deficit) equity | ( | ( | ||||||
| Noncontrolling interest | ( | ( | ||||||
| Total stockholders' (deficit) equity | ( | ( | ||||||
| Total liabilities, mezzanine equity and stockholders' (deficit) equity | $ | $ | ||||||
| Three Months Ended March 31, | ||||||||
| (In thousands, except shares and per share amounts) | 2023 | 2022 | ||||||
| Revenue: | ||||||||
Renewable products (includes related party revenue of $ | $ | $ | ||||||
Licenses and royalties (includes related party revenue of $ | ||||||||
Collaborations, grants and other (includes related party revenue of $ | ||||||||
Total revenue (includes related party revenue of $ | ||||||||
| Cost and operating expenses: | ||||||||
| Cost of products sold | ||||||||
| Research and development | ||||||||
| Sales, general and administrative | ||||||||
| Change in fair value of acquisition-related contingent consideration | ( | |||||||
| Restructuring | ||||||||
| Impairment | ||||||||
| Total cost and operating expenses | ||||||||
| Loss from operations | ( | ( | ||||||
| Other income (expense): | ||||||||
| Interest expense | ( | ( | ||||||
| Gain from change in fair value of derivative instruments | ||||||||
| (Loss) gain from change in fair value of debt | ( | |||||||
| Other expense, net | ( | ( | ||||||
| Total other (expense) income, net | ( | |||||||
| Loss before income taxes and loss from investment in affiliate | ( | ( | ||||||
| Benefit from income taxes | ||||||||
| Loss from investment in affiliate | ( | |||||||
| Net loss | ( | ( | ||||||
| Loss attributable to noncontrolling interest | ||||||||
| Net loss attributable to Amyris, Inc. common stockholders | $ | ( | $ | ( | ||||
| Net loss per share attributable to common stockholders, basic | $ | ( | $ | ( | ||||
| Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic | ||||||||
| Net loss per share attributable to common stockholders, diluted | $ | ( | $ | ( | ||||
| Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, diluted | ||||||||
| Three Months Ended March 31, | ||||||||
| (In thousands) | 2023 | 2022 | ||||||
| Comprehensive loss: | ||||||||
| Net loss | $ | ( | $ | ( | ||||
| Foreign currency translation adjustment | ||||||||
| Total comprehensive loss | ( | ( | ||||||
| Loss attributable to noncontrolling interest | ||||||||
| Comprehensive loss attributable to Amyris, Inc. | $ | ( | $ | ( | ||||
| Preferred Stock | Common Stock | |||||||||||||||||||||||||||||||||||||
| (In thousands, except number of shares) | Shares | Amount | Shares | Amount | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Noncontrolling Interest | Total Stockholders' Deficit | Mezzanine Equity - Contingently Redeemable Common Stock | Mezzanine Equity - Contingently Redeemable Noncontrolling Interest | |||||||||||||||||||||||||||
| Balances as of December 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | ( | ( | $ | $ | ||||||||||||||||||||||||||
| Reclassification from Mezzanine equity-contingently redeemable common stock to Additional paid-in capital upon completion of Gates Foundation project | — | — | — | — | — | — | — | ( | — | |||||||||||||||||||||||||||||
| Contribution from noncontrolling interest | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Issuance of common stock and payment of minimum employee taxes withheld upon net share settlement of restricted stock | — | — | — | ( | — | — | — | ( | — | — | ||||||||||||||||||||||||||||
| Issuance of common stock for payment of acquisition-related contingent consideration | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
| Modification of Foris senior note warrants in connection with Perrara bridge loan | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Write-off of EcoFabulous noncontrolling interest upon business exit | — | — | — | — | ( | — | — | — | ( | — | ||||||||||||||||||||||||||||
| Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Net loss attributable to Amyris, Inc. | — | — | — | — | — | — | ( | ( | ( | — | ( | |||||||||||||||||||||||||||
| Balances as of March 31, 2023 | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||
| Balances as of December 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||
| — | — | — | — | ( | — | — | ( | — | — | |||||||||||||||||||||||||||||
| Acquisitions | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Issuance of common stock and payment of minimum employee taxes withheld upon net share settlement of restricted stock | — | — | — | ( | — | — | — | ( | — | — | ||||||||||||||||||||||||||||
| Issuance of common stock as purchase consideration in business combinations | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
| Issuance of common stock upon exercise of stock options | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Issuance of common stock upon exercise of warrants | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Net loss attributable to Amyris, Inc. | — | — | — | — | — | — | ( | ( | ( | — | — | |||||||||||||||||||||||||||
| Balances as of March 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||
| Three Months Ended March 31, | ||||||||
| (In thousands) | 2023 | 2022 | ||||||
| Operating activities | ||||||||
| Net loss | $ | ( | $ | ( | ||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Accretion of debt discount | ||||||||
| Amortization of intangible assets | ||||||||
| Amortization of right-of-use assets under operating leases | ||||||||
| Depreciation and amortization | ||||||||
| (Gain) loss from change in fair value of debt | ( | |||||||
| (Gain) loss from change in fair value of derivative instruments | ( | ( | ||||||
| (Gain) loss on foreign currency exchange rates | ||||||||
| Gain from change in fair value of acquisition-related contingent consideration | ( | |||||||
| Loss from investment in affiliate | ||||||||
| Impairment of goodwill and intangible assets | ||||||||
| Loss on disposal of property, plant and equipment | ||||||||
| Stock-based compensation | ||||||||
| Changes in assets and liabilities: | ||||||||
| Accounts receivable | ( | |||||||
| Contract assets | ( | ( | ||||||
| Inventories | ( | |||||||
| Prepaid expenses and other assets | ( | |||||||
| Accounts payable | ||||||||
| Accrued and other liabilities | ||||||||
| Lease liabilities | ( | ( | ||||||
| Contract liabilities | ( | |||||||
| Net cash used in operating activities | ( | ( | ||||||
| Investing activities | ||||||||
| Purchases of property, plant and equipment | ( | ( | ||||||
| Acquisitions, net of cash acquired | ( | |||||||
| Net cash used in investing activities | ( | ( | ||||||
| Financing activities | ||||||||
| Proceeds from capital contribution by noncontrolling interest | ||||||||
| Payment of minimum employee taxes withheld upon net share settlement of restricted stock units | ( | ( | ||||||
| Principal payments on financing leases | ( | ( | ||||||
| Proceeds from exercises of common stock options | ||||||||
| Proceeds from exercises of warrants | ||||||||
| Proceeds from issuance of debt, net of issuance costs | ||||||||
| Net cash provided by financing activities | ||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | ||||||||
| Net decrease in cash, cash equivalents and restricted cash | ( | ( | ||||||
| Cash, cash equivalents and restricted cash at beginning of period | ||||||||
| Cash, cash equivalents and restricted cash at end of the period | $ | $ | ||||||
| Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets | ||||||||
| Cash and cash equivalents | $ | $ | ||||||
| Restricted cash, current | ||||||||
| Restricted cash, noncurrent | ||||||||
| Total cash, cash equivalents and restricted cash | $ | $ | ||||||
| (In thousands) | 2023 | 2022 | ||||||
| Supplemental disclosures of cash flow information: | ||||||||
| Cash paid for interest | $ | $ | ||||||
| Cash paid for income taxes | $ | $ | ||||||
| Supplemental disclosures of non-cash investing and financing activities: | ||||||||
| Accrued interest added to debt principal | $ | $ | ||||||
| Acquisition of intangible assets in connection with business combinations | $ | $ | ||||||
| Acquisition of right-of-use assets under operating leases | $ | $ | ||||||
| Common stock issued as purchase consideration in business combinations | $ | $ | ||||||
| Common stock issued for payment of acquisition-related contingent consideration | $ | $ | ||||||
| Goodwill recorded in connection with business combinations | $ | $ | ||||||
| Measurement adjustment of contingently redeemable noncontrolling interest | $ | $ | ||||||
| Noncontrolling interest recorded in connection with business combinations | $ | $ | ||||||
| Remeasurement of operating lease right-of-use asset and operating lease liability | $ | $ | ||||||
| Unpaid property, plant and equipment balances in accounts payable and accrued liabilities at end of period | $ | $ | ||||||
| Warrants modified in connection with Perrara Bridge Loan issuance | $ | $ | ||||||
| (In thousands) | Balance at Beginning of Period | Provisions | Write-offs, Net | Balance at End of Period | ||||||||||
| Three months ended March 31, 2023 | $ | $ | $ | $ | ||||||||||
| Three months ended March 31, 2022 | $ | $ | $ | $ | ||||||||||
| (In thousands) | March 31, 2023 | December 31, 2022 | ||||||
| Raw materials | $ | $ | ||||||
| Work-in-process | ||||||||
| Finished goods | ||||||||
| Inventories | $ | $ | ||||||
| (In thousands) | March 31, 2023 | December 31, 2022 | ||||||
| Prepayments, advances and deposits | $ | $ | ||||||
| Non-inventory production supplies | ||||||||
Note receivable(1) | ||||||||
| Recoverable taxes from Brazilian government entities | ||||||||
| Other | ||||||||
| Total prepaid expenses and other current assets | $ | $ | ||||||
| (In thousands) | March 31, 2023 | December 31, 2022 | ||||||
| Machinery and equipment | $ | $ | ||||||
| Leasehold improvements | ||||||||
| Building | ||||||||
| Computers and software | ||||||||
| Furniture and office equipment, vehicles and land | ||||||||
| Construction in progress | ||||||||
| Less: accumulated depreciation and amortization | ( | ( | ||||||
| Property, plant and equipment, net | $ | $ | ||||||
| Three Months Ended March 31, | ||||||||
| (In thousands) | 2023 | 2022 | ||||||
| Depreciation and amortization expense, without amortization of intangible assets | $ | $ | ||||||
| (In thousands) | March 31, 2023 | December 31, 2022 | ||||||
| Beginning balance | $ | $ | ||||||
| Acquisitions | ||||||||
| Impairment | ( | |||||||
| Effect of currency translation adjustment | ( | |||||||
| Ending balance | $ | $ | ||||||
| March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
| (In thousands) | Estimated Useful Life (in Years) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||
| Trademarks and trade names, and branded products | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
| Customer relationships | ||||||||||||||||||||||||||
| Developed technology and software applications | ||||||||||||||||||||||||||
| Patents | ||||||||||||||||||||||||||
| Total intangible assets | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
| (In thousands) | |||||
| 2023 (remainder) | $ | ||||
| 2024 | |||||
| 2025 | |||||
| 2026 | |||||
| 2027 | |||||
| Thereafter | |||||
| Total future amortization | $ | ||||
| Three Months Ended March 31, | ||||||||
| 2023 | 2022 | |||||||
| Cash paid for operating lease liabilities, in thousands | $ | $ | ||||||
| Right-of-use assets obtained in exchange for new operating lease obligations, in thousands | $ | $ | ||||||
| Weighted-average remaining lease term (in years) | ||||||||
| Weighted-average discount rate | ||||||||
Years ending December 31: (In thousands) | Financing Leases | Operating Leases | Total Leases | ||||||||
| 2023 (Remaining Nine Months) | $ | $ | $ | ||||||||
| 2024 | |||||||||||
| 2025 | |||||||||||
| 2026 | |||||||||||
| 2027 | |||||||||||
| Thereafter | |||||||||||
| Total lease payments | |||||||||||
| Less: amount representing interest | ( | ( | ( | ||||||||
| Total lease liability | $ | $ | $ | ||||||||
| Current lease liability | $ | $ | $ | ||||||||
| Noncurrent lease liability | |||||||||||
| Total lease liability | $ | $ | $ | ||||||||
| (In thousands) | March 31, 2023 | December 31, 2022 | ||||||
| Investments in equity securities | $ | $ | ||||||
| Equity-method investments in affiliates | $ | |||||||
| Deposits | ||||||||
| Notes receivable, net of current portion | ||||||||
| Other | ||||||||
| Total other assets | $ | $ | ||||||
| (In thousands) | March 31, 2023 | December 31, 2022 | ||||||
| Payroll and related expenses | $ | $ | ||||||
| Accrued interest | ||||||||
| Liability in connection with acquisition of equity-method investment | ||||||||
Deferred consideration payable(1) | ||||||||
| Professional services | ||||||||
Asset retirement obligation(2) | ||||||||
| Contract termination fees | ||||||||
| License fee payable | ||||||||
| Tax-related liabilities | ||||||||
| Other | ||||||||
| Total accrued and other current liabilities | $ | $ | ||||||
| (In thousands) | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||
| Foris Convertible Note | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
| Embedded derivatives bifurcated from debt instruments | |||||||||||||||||||||||||||||
| Acquisition-related contingent consideration | |||||||||||||||||||||||||||||
| Total liabilities measured and recorded at fair value | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
| (In thousands) | Derivative Liability | ||||
| Balance at December 31, 2022 | $ | ||||
| Change in fair value of derivative instruments | ( | ||||
| Balance at March 31, 2023 | $ | ||||
| Three Months Ended March 31, | ||||||||
| 2023 | 2022 | |||||||
| Discount yield | ||||||||
| (In thousands) | Acquisition-related Contingent Consideration | ||||
| Balance at January 1, 2022 | $ | ||||
| Additions | |||||
| Purchase accounting adjustment | ( | ||||
| Change in fair value of acquisition-related contingent consideration | ( | ||||
| Balance at December 31, 2022 | |||||
Less: Current portion (1) | ( | ||||
| Acquisition-related contingent consideration, net of current portion at December 31, 2022 | $ | ||||
| Balance January 1, 2023 | $ | ||||
| Settlements of contingent consideration liabilities | ( | ||||
| Change in fair value of contingent consideration | ( | ||||
| Balance at March 31, 2023 | |||||
Less: Current portion (1) | ( | ||||
| Acquisition-related contingent consideration, net of current portion at March 31, 2023 | $ | ||||
| March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||
| (In thousands) | Principal | Unaccreted Debt Discount | Change in Fair Value | Net | Principal | Unaccreted Debt Discount | Change in Fair Value | Net | |||||||||||||||||||||
| Convertible notes | |||||||||||||||||||||||||||||
| 2026 convertible senior notes | $ | $ | ( | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||
| Related party convertible notes | |||||||||||||||||||||||||||||
| Foris convertible note | |||||||||||||||||||||||||||||
| Loans payable | |||||||||||||||||||||||||||||
| Other loans payable (revolving) | |||||||||||||||||||||||||||||
| Related party loans payable | |||||||||||||||||||||||||||||
| DSM note | ( | ( | |||||||||||||||||||||||||||
| Foris senior note | ( | ( | |||||||||||||||||||||||||||
| Perrara bridge loan | ( | ||||||||||||||||||||||||||||
| Total related party loans payable | ( | ( | |||||||||||||||||||||||||||
| Total debt | ( | ( | |||||||||||||||||||||||||||
| Less: current portion | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||
| Long-term debt, net of current portion | $ | $ | ( | $ | $ | $ | ( | ||||||||||||||||||||||
| Three Months Ended March 31, | ||||||||
| (In thousands) | 2023 | 2022 | ||||||
| Contractual interest expense in connection with debt | $ | $ | ||||||
| Debt discount accretion | ||||||||
| Interest expense in connection with debt | ||||||||
| Discount accretion on liability in connection with acquisition of equity-method investment and with partnership liability, and other | ||||||||
| Total interest expense | $ | $ | ||||||
| (In thousands) | Convertible Notes | Related Party Convertible Notes | Loans Payable and Credit Facilities | Related Party Loans Payable | Total | ||||||||||||
| 2023 (Remaining Nine Months) | $ | $ | $ | $ | $ | ||||||||||||
| 2024 | |||||||||||||||||
| 2025 | |||||||||||||||||
| 2026 | |||||||||||||||||
| 2027 | |||||||||||||||||
| Thereafter | |||||||||||||||||
| Total future minimum payments | |||||||||||||||||
| Less: amount representing interest | ( | ( | ( | ( | ( | ||||||||||||
| Less: future conversion of accrued interest to principal | ( | ( | |||||||||||||||
| Present value of minimum debt payments | |||||||||||||||||
| Less: current portion of debt principal | ( | ( | ( | ( | |||||||||||||
| Noncurrent portion of debt principal | $ | $ | $ | $ | $ | ||||||||||||
| Transaction | Year Issued | Expiration Date | Number Outstanding as of December 31, 2022 | Additional Warrants Issued | Exercises | Expired | Exercise Price per Share of Warrants Exercised | Number Outstanding as of March 31, 2023 | Exercise Price per Share as of March 31, 2023 | ||||||||||||||||||||
| 2022 registered direct offering warrants | 2022 | December 30, 2027 | $ | $ | |||||||||||||||||||||||||
| 2022 PIPE warrants | 2022 | December 30, 2027 | $ | $ | |||||||||||||||||||||||||
| Foris senior note warrants | 2022 | September 13, 2025 | $ | $ | |||||||||||||||||||||||||
| Blackwell / Silverback warrants | 2020 | July 10, 2023 | $ | $ | |||||||||||||||||||||||||
| May 2017 cash warrants | 2017 | July 10, 2023 | $ | $ | |||||||||||||||||||||||||
| July 2015 related party debt exchange | 2015 | July 29, 2025 | $ | $ | |||||||||||||||||||||||||
| nm | |||||||||||||||||||||||||||||
(In thousands) | |||||
Net tangible assets | $ | ||||
Goodwill | |||||
Total consideration | $ | ||||
(In thousands) | |||||
Net tangible liabilities | $ | ( | |||
Trademarks, trade names and other intellectual property | |||||
Customer relationships | |||||
Goodwill | |||||
Total consideration | $ | ||||
(In thousands) | |||||
Net tangible assets | $ | ||||
Branded products | |||||
Application | |||||
Goodwill | |||||
Total consideration | $ | ||||
(In thousands) | |||||
Goodwill (1) | |||||
| Less: noncontrolling interest | $ | ( | |||
Total consideration | $ | ||||
| Three Months Ended March 31, | ||||||||
| (In thousands, except shares and per share amounts) | 2023 | 2022 | ||||||
| Numerator: | ||||||||
| Net loss attributable to Amyris, Inc. common stockholders | $ | ( | $ | ( | ||||
| Interest on convertible debt | ||||||||
| Gain from change in fair value of debt | ( | |||||||
| Gain from change in fair value of derivative instruments | ( | |||||||
| Net loss attributable to Amyris, Inc. common stockholders, diluted | $ | ( | $ | ( | ||||
| Denominator: | ||||||||
| Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic | ||||||||
| Net loss per share, basic | $ | ( | $ | ( | ||||
| Weighted-average shares of common stock outstanding | ||||||||
| Effect of dilutive convertible debt | ||||||||
| Effect of dilutive common stock warrants | ||||||||
| Weighted-average shares of common stock equivalents used in computing net loss per share of common stock, diluted | ||||||||
| Net loss per share, diluted | $ | ( | $ | ( | ||||
| Three Months Ended March 31, | ||||||||
| 2023 | 2022 | |||||||
| Period-end common stock warrants | ||||||||
Convertible promissory notes(1) | ||||||||
| Period-end stock options to purchase common stock | ||||||||
| Period-end restricted stock units | ||||||||
| Contingently issuable common shares | ||||||||
| Total potentially dilutive securities excluded from computation of diluted loss per share | ||||||||
| Three Months Ended March 31, | |||||||||||||||||||||||||||||
| (In thousands) | 2023 | 2022 | |||||||||||||||||||||||||||
| Renewable Products | Licenses and Royalties | Collaborations, Grants and Other | Total | Renewable Products | Licenses and Royalties | Collaborations, Grants and Other | Total | ||||||||||||||||||||||
| North America | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
| Europe | |||||||||||||||||||||||||||||
| Asia | |||||||||||||||||||||||||||||
| South America | |||||||||||||||||||||||||||||
| Other | |||||||||||||||||||||||||||||
| $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||||||||||||||||||||
| (In thousands) | 2023 | 2022 | |||||||||||||||||||||||||||
| Renewable Products | Licenses and Royalties | Grants, Collaborations and Other | Total | Renewable Products | Licenses and Royalties | Grants, Collaborations and Other | Total | ||||||||||||||||||||||
| Consumer | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
| Technology access | |||||||||||||||||||||||||||||
| $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||||||||||||||||||||
| (In thousands) | 2023 | 2022 | |||||||||||||||||||||||||||
| Renewable Products | Licenses and Royalties | Collaborations, Grants and Other | Total | Renewable Products | Licenses and Royalties | Collaborations, Grants and Other | Total | ||||||||||||||||||||||
| Sephora | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
| DSM - related party | |||||||||||||||||||||||||||||
| Ingredion / PureCircle | |||||||||||||||||||||||||||||
| Subtotal revenue from significant revenue agreements | |||||||||||||||||||||||||||||
| Revenue from all other customers | |||||||||||||||||||||||||||||
| Total revenue from all customers | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
| (In thousands) | March 31, 2023 | December 31, 2022 | ||||||
| Accounts receivable, net | $ | $ | ||||||
| Accounts receivable - related party, net | $ | $ | ||||||
| Contract assets | $ | $ | ||||||
| Contract assets - related party | $ | $ | ||||||
| Contract liabilities | $ | $ | ||||||
| March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||
| In thousands | Principal | Unaccreted Debt Discount | Change in Fair Value | Net | Principal | Unaccreted Debt Discount | Change in Fair Value | Net | |||||||||||||||||||||
| DSM note | $ | $ | ( | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||
| Foris | |||||||||||||||||||||||||||||
| Foris convertible note | |||||||||||||||||||||||||||||
| Foris senior note | ( | ( | |||||||||||||||||||||||||||
| Perrara bridge loan | ( | ||||||||||||||||||||||||||||
| Total related party debt | $ | $ | ( | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||
| (In thousands) | March 31, 2023 | December 31, 2022 | ||||||
| Accounts receivable - related party | $ | $ | ||||||
| Contract assets - related party | $ | $ | ||||||
| Accounts payable - related party | $ | $ | ||||||
| Quantity of Stock Options | Weighted- average Exercise Price | Weighted-average Remaining Contractual Life, in Years | Aggregate Intrinsic Value, in Thousands | |||||||||||
| Outstanding - December 31, 2022 | $ | $ | ||||||||||||
| Granted | $ | |||||||||||||
| Exercised | $ | |||||||||||||
| Forfeited or expired | ( | $ | ||||||||||||
| Outstanding - March 31, 2023 | $ | $ | ||||||||||||
| Vested or expected to vest after March 31, 2023 | $ | $ | ||||||||||||
| Exercisable at March 31, 2023 | $ | $ | ||||||||||||
| Quantity of Restricted Stock Units | Weighted-average Grant-date Fair Value | Weighted-average Remaining Contractual Life, in Years | |||||||||
| Outstanding - December 31, 2022 | $ | ||||||||||
| Awarded | $ | ||||||||||
| Released | ( | $ | |||||||||
| Forfeited | ( | $ | |||||||||
| Outstanding - March 31, 2023 | $ | ||||||||||
| Vested or expected to vest after March 31, 2023 | $ | ||||||||||
| Three Months Ended March 31, | ||||||||
| 2023 | 2022 | |||||||
| Cost of products sold | $ | $ | ||||||
| Research and development | ||||||||
| Sales, general and administrative | ||||||||
| Total stock-based compensation expense | $ | $ | ||||||
| Three Months Ended March 31, | ||||||||
| (In thousands) | 2023 | 2022 | ||||||
| Revenue | ||||||||
| Renewable products | $ | 40,224 | $ | 43,465 | ||||
| Licenses and royalties | 9,482 | 9,313 | ||||||
| Collaborations, grants and other | 6,377 | 4,931 | ||||||
| Total revenue | $ | 56,083 | $ | 57,709 | ||||
| Three Months Ended March 31, | ||||||||
| (In thousands) | 2023 | 2022 | ||||||
| Cost of products sold | $ | 51,081 | $ | 48,995 | ||||
| Research and development | 26,765 | 26,358 | ||||||
| Sales, general and administrative | 95,870 | 106,916 | ||||||
| Change in fair value of acquisition-related contingent consideration | $ | (28,503) | $ | — | ||||
| Restructuring | $ | 1,013 | $ | — | ||||
| Impairment | $ | 95,386 | $ | — | ||||
| Total cost and operating expenses | $ | 241,612 | $ | 182,269 | ||||
| Three Months Ended March 31, | ||||||||
| 2023 | 2022 | |||||||
| Cost of products sold | $ | 66 | $ | 78 | ||||
| Research and development | 1,314 | 1,617 | ||||||
| Sales, general and administrative | 4,405 | 9,893 | ||||||
| Total stock-based compensation expense | $ | 5,785 | $ | 11,588 | ||||
| Three Months Ended March 31, | ||||||||
| (In thousands) | 2023 | 2022 | ||||||
| Interest expense | $ | (12,983) | $ | (5,263) | ||||
| Gain from change in fair value of derivative instruments | 1,263 | 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 | ||||
| Three Months Ended March 31, | ||||||||
| (In thousands) | 2023 | 2022 | ||||||
| Net cash provided by (used in): | ||||||||
| Operating activities | $ | (90,001) | $ | (152,442) | ||||
| Investing activities | $ | (4,815) | $ | (47,286) | ||||
| Financing activities | $ | 41,614 | $ | 3,958 | ||||
Payable by year ending December 31, (In thousands) | Total | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | ||||||||||||||||
| Principal payments on debt | $ | 957,118 | $ | 161,307 | $ | 80,811 | $ | 25,000 | $ | 690,000 | $ | — | $ | — | |||||||||
Interest payments on debt | 81,768 | 35,037 | 20,655 | 15,697 | 10,379 | — | — | ||||||||||||||||
| Operating leases | 334,928 | 14,989 | 23,808 | 23,361 | 24,649 | 25,888 | 222,233 | ||||||||||||||||
| Liability in connection with acquisition of equity-method investment | 10,800 | 10,800 | — | — | — | — | — | ||||||||||||||||
| Construction costs in connection with new production facility | 6,751 | 6,751 | — | — | — | — | — | ||||||||||||||||
| Contract termination fees | 1,379 | 1,379 | — | — | — | — | — | ||||||||||||||||
| Financing leases | 74 | 16 | 21 | 21 | 16 | — | — | ||||||||||||||||
| Total | $ | 1,392,818 | $ | 230,279 | $ | 125,295 | $ | 64,079 | $ | 725,044 | $ | 25,888 | $ | 222,233 | |||||||||
| Exhibit No. | Description | Incorporation by Reference | ||||||||||||||||||
| Form | File No. | Exhibit | Filing Date | Filed Herewith | ||||||||||||||||
| 4.01 | 8-K | 001-34885 | 4.1 | 03.14.2023 | ||||||||||||||||
| 10.01 | 8-K | 001-34885 | 10.1 | 03.14.2023 | ||||||||||||||||
10.02a | x | |||||||||||||||||||
| 10.03 | x | |||||||||||||||||||
| 10.04 | x | |||||||||||||||||||
| 31.01 | x | |||||||||||||||||||
| 31.02 | x | |||||||||||||||||||
32.01b | x | |||||||||||||||||||
32.02b | x | |||||||||||||||||||
| 101.INS | XBRL Instance Document | |||||||||||||||||||
| 101.SCH | XBRL Taxonomy Extension Schema Document | |||||||||||||||||||
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||||||||||||||
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||||||||||||||||
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |||||||||||||||||||
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||||||||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||||||||||||||
| a | Portions of this exhibit have been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K promulgated under the Exchange Act. | ||||
| b | This certification shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act. | ||||
AMYRIS, INC. | |||||
By: | /s/ John G. Melo | ||||
John G. Melo | |||||
President and Chief Executive Officer (Principal Executive Officer) | |||||
| May 9, 2023 | |||||
By: | /s/ Han Kieftenbeld | ||||
Han Kieftenbeld | |||||
Chief Financial Officer (Principal Financial Officer) | |||||
| May 9, 2023 | |||||
| ARTICLE 1. DEFINITIONS | |||||
1.1 Definitions | |||||
| ARTICLE 2. PURCHASE AND SALE OF ASSETS | |||||
2.1 Purchase and Sale of Assets | |||||
2.2 Assumed Liabilities | |||||
2.3 Excluded Assets | |||||
2.4 Excluded Liabilities | |||||
2.5 Purchase Price | |||||
2.6 Withholding Taxes | |||||
| ARTICLE 3. CLOSING; CLOSING DELIVERIES | |||||
3.1 Closing | |||||
3.2 Deliveries by Buyer | |||||
3.3 Deliveries by the Seller Parties | |||||
3.4 Further Assurances. | |||||
3.5 Joinder of Seller | |||||
3.6 Earn-Out Payments | |||||
3.7 Method of Delivery of Purchased Assets | |||||
ARTICLE 4. REPRESENTATIONS AND WARRANTIES OF THE SELLER PARTIES | |||||
4.1 Organization and Authority | |||||
4.2 No Conflicts; Consents | |||||
4.3 Consents and Approvals | |||||
4.4 Compliance with Law; Litigation and Claims | |||||
4.5 Title to Purchased Assets | |||||
4.6 Tax Matters | |||||
4.7 Assumed Contracts | |||||
4.8 Intellectual Property | |||||
4.9 Brokers | |||||
4.10 Absence of Certain Changes | |||||
4.11 Sufficiency of Assets | |||||
4.12 Products | |||||
4.13 Aprinnova Business Sales | |||||
4.14 No Implied Representations | |||||
| ARTICLE 5. REPRESENTATIONS AND WARRANTIES OF BUYER | |||||
5.1 Organization and Authority | |||||
5.2 No Conflicts; Consents | |||||
5.3 Consents and Approvals | |||||
5.4 Sufficient Funds | |||||
5.5 No Other Representations | |||||
| ARTICLE 6. COVENANTS | |||||
6.1 Expenses | |||||
6.2 Conduct of the Business | |||||
6.3 Exclusivity | |||||
6.4 Commercially Reasonable Efforts; Further Assurance | |||||
6.5 Notices of Certain Events | |||||
6.6 Access; Retention of Books and Records | |||||
6.7 Tax Matters | |||||
6.8 Confidentiality | |||||
6.9 Approvals and Consents | |||||
6.10 Wrong Pockets | |||||
6.11 Right of First Refusal. | |||||
6.12 Contract Research and Development Services | |||||
6.13 Aprinnova Business Employees | |||||
| ARTICLE 7. CONDITIONS TO CLOSING | |||||
7.1 Conditions to Obligations of Buyer and Seller Parties | |||||
7.2 Conditions to Obligations of Buyer | |||||
7.3 Conditions to Obligations of the Seller Parties | |||||
7.4 Frustration of Closing Conditions | |||||
| ARTICLE 8. TERMINATION | |||||
8.1 Termination | |||||
8.2 Effect of Termination | |||||
8.3 Expense Reimbursement | |||||
| ARTICLE 9. INDEMNIFICATION | |||||
9.1 Survival | |||||
9.2 Indemnification | |||||
9.3 Claims Procedure | |||||
| ARTICLE 10. GENERAL | |||||
10.1 Public Statements | |||||
10.2 Notices | |||||
10.3 Amendment; Waiver; Cumulative Rights | |||||
10.4 Assignment | |||||
10.5 Entire Agreement | |||||
10.6 Governing Law; Jurisdiction; Waiver of Jury Trial | |||||
10.7 Counterparts; Effectiveness; Third Party Beneficiaries | |||||
10.8 Representation by Legal Counsel | |||||
10.9 Section Headings; Construction | |||||
| Date: May 9, 2023 | /s/ John G. Melo | ||||
John G. Melo | |||||
President and Chief Executive Officer | |||||
| Date: May 9, 2023 | /s/ Han Kieftenbeld | ||||
| Han Kieftenbeld | |||||
Chief Financial Officer | |||||
| Date: May 9, 2023 | /s/ John G. Melo | ||||
John G. Melo | |||||
President and Chief Executive Officer | |||||
(Principal Executive Officer) | |||||
| Date: May 9, 2023 | /s/ Han Kieftenbeld | ||||
| Han Kieftenbeld | |||||
Chief Financial Officer | |||||
(Principal Financial Officer) | |||||
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Accounts receivable, allowance | $ 997 | $ 995 |
| Accounts receivable, related party, allowance | $ 0 | $ 0 |
| Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
| Common stock, shares authorized (in shares) | 550,000,000 | 550,000,000 |
| Common stock, shares issued (in shares) | 368,524,240 | 364,745,266 |
| Common stock, shares outstanding (in shares) | 368,524,240 | 364,745,266 |
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
| Revenues, related party | $ 9,711 | $ 15,228 |
| Renewable Products | ||
| Revenues, related party | 232 | 4,412 |
| Licenses and Royalties | ||
| Revenues, related party | 9,479 | 8,816 |
| Collaborations, Grants and Other | ||
| Revenues, related party | $ 0 | $ 2,000 |
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
| Comprehensive loss: | ||
| Net loss | $ (201,776) | $ (110,233) |
| Foreign currency translation adjustment | 7,431 | 15,286 |
| Total comprehensive loss | (194,345) | (94,947) |
| Loss attributable to noncontrolling interest | 8,434 | 2,928 |
| Comprehensive loss attributable to Amyris, Inc. | $ (185,911) | $ (92,019) |
Basis of Presentation and Summary of Significant Accounting Policies |
3 Months Ended |
|---|---|
Mar. 31, 2023 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Basis of Presentation and Summary of Significant Accounting Policies | 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 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 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.
|
Balance Sheet Details |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance Sheet Details | Balance Sheet Details Allowance for Doubtful Accounts
Inventories
Prepaid Expenses and Other Current Assets
_______________________ (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
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:
Goodwill
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.
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):
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:
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:
Other Assets
Accrued and Other Current Liabilities
______________ (1) Deferred consideration payable is the current portion of total acquisition-related contingent consideration. (2) The asset retirement obligation represents liabilities incurred but not yet discharged in connection with the Company's 2013 abandonment of a partially constructed facility in Pradópolis, Brazil.
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Fair Value Measurement |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurement | Fair Value Measurement Liabilities Measured and Recorded at Fair Value on a Recurring Basis The following tables summarize liabilities measured at fair value, and the respective fair value by input classification level within the fair value hierarchy:
The Company did not hold any financial assets to be measured and recorded at fair value on a recurring basis as of March 31, 2023 or December 31, 2022, and there were no transfers between the levels during the three months ended March 31, 2023 or the year ended December 31, 2022. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgements and consider factors specific to the asset or liability. The method of determining the fair value of embedded derivative liabilities is described subsequently in this note. Market risk associated with embedded derivative liabilities relates to the potential reduction in fair value and negative impact to future earnings from a decrease in interest rates. Changes in fair value of derivative liabilities are presented as gains or losses in the condensed consolidated statements of operations in the line captioned "Gain (loss) from change in fair value of derivative instruments". Changes in the fair value of debt that is accounted for at fair value are presented as gains or losses in the condensed consolidated statements of operations in the line captioned "Gain (loss) from change in fair value of debt". Fair Value of Debt — Foris Convertible Note At March 31, 2023, the contractual outstanding principal of the Foris Convertible Note was $50.0 million, and fair value was $58.9 million. The Company remeasured the fair value of the Foris Convertible Note under a binomial lattice model using the following inputs: (i) $1.36 stock price, (ii) 25% discount yield, (iii) 4.9% risk free interest rate (iv) 45% equity volatility and (v) 0% probability of change in control. The most sensitive input to the valuation model is the Company’s stock price in relation to the $3.00 conversion price. For the three months ended March 31, 2023, the Company recorded a loss of $4.9 million related to change in fair value of the Foris Convertible Note. Binomial Lattice Model A binomial lattice model was used to determine whether the Foris Convertible Note would be converted, called or held at each decision point. Within the lattice model, the following assumptions are made: (i) the convertible note will be converted early if the conversion value is greater than the holding value and (ii) the convertible note will be called if the holding value is greater than both (a) redemption price and (b) the conversion value at the time. If the convertible note is called, the holder will maximize their value by finding the optimal decision between (1) redeeming at the redemption price and (2) converting the convertible note. Using this lattice method, the Company valued the Foris Convertible Note using the "with-and-without method", where the fair value of the Foris Convertible Note including the embedded features is defined as the "with," and the fair value of the Foris Convertible Note excluding the embedded features is defined as the "without." This method estimates the fair value of the Foris Convertible Note by considering the incremental value of the Foris Convertible Note with the embedded features. The lattice model uses the stock price, conversion price, maturity date, risk-free interest rate, estimated stock volatility, estimated credit spread and other instrument-specific assumptions. The Company remeasures the fair value of the Foris Convertible Note and records the change as a gain or loss from change in fair value of debt in the statement of operations for each reporting period. Derivative Liabilities Recognized in Connection with the Issuance of Debt Instruments The following table provides a reconciliation of the beginning and ending balances for the Company's derivative liabilities recognized in connection with the issuance of debt instruments, either freestanding or embedded, measured at fair value using significant unobservable inputs (Level 3):
Valuation Methodology and Approach to Measuring Derivative Liability The Company's outstanding derivative liability at March 31, 2023 and December 31, 2022 represents the fair value of an embedded prepayment feature in the DSM Note. There is no current observable market for this type of derivative and, as such, the Company determined the fair value of the embedded instrument using a discounted cash flow model at March 31, 2023 and December 31, 2022. Input assumptions for the embedded instrument are as follows:
Changes in assumptions can have a significant impact on the valuation of the derivative liability. Bifurcated Embedded Feature in Debt Instrument During 2022, the Company issued a $100 million promissory note to DSM (DSM Note). The note provides that for $50 million of the DSM Note's principal, on the date the Company receives any earn-out payment from DSM, Amyris must prepay debt principal in the same amount, plus accrued and unpaid interest. This prepayment feature is considered an embedded feature in the DSM Note to be bifurcated from and separately accounted for as a derivative liability. Changes in fair value of the liability are recorded to Gain (loss) from change in fair value of derivative instruments. Acquisition-related contingent consideration The fair value of acquisition related contingent consideration ("Earnout Payments") was determined at acquisition using a Monte Carlo simulation to estimate the probability of the acquired business units achieving the relevant financial and operational milestones. The model results reflect the time value of money, non-performance risk within the required time frame and the risk due to uncertainty in the estimated cash flows. Key inputs to the Monte Carlo simulation for the Costa Brazil acquisition were: Revenue Risk Adjustment of 27%, Annual Revenue Volatility of 68%, EBITDA Risk Adjustment of 32%, and Annual EBITDA Volatility of 85%. Key inputs to the Monte Carlo simulations for the Olika, MG Empower, and Beauty Labs acquisitions were: Revenue Risk Adjustment of 1.5% to 2.3% and Annual Revenue Volatility of 12.5% to 15%. A significant change in an acquired business unit’s financial performance and the timing of such changes could materially change the fair value of contingent consideration. Contingent consideration is recorded in other liabilities in the accompanying consolidated balance sheets. The fair value of contingent consideration is classified as Level 3. The change in fair value totaled $28.5 million in the three months ended March 31, 2023 and $24.9 million in the twelve months ended December 31, 2022, and was recognized in Change in fair value of acquisition-related contingent consideration. The change in the fair value of contingent consideration reflects the changes in the business’s expected performance over the remaining earnout period and the Company’s estimate of the likelihood of achieving the applicable operational milestones. The following table provides a reconciliation of the beginning and ending balances for the Company's acquisition-related contingent consideration:
______________ (1) Current portion is included within Accrued and other current liabilities on the Condensed Consolidated Balance Sheets. Assets and Liabilities Recorded at Carrying Value Financial Assets and Liabilities The carrying amounts of certain financial instruments, such as cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable and other current accrued liabilities, approximate fair value due to their relatively short maturities and low market interest rates, if applicable. Loans payable and credit facilities are recorded at carrying value, which is representative of fair value at the date of acquisition. The Company estimates the fair value of these instruments using observable market-based inputs (Level 2). The carrying amount (the total amount of net debt presented on the balance sheet) of the Company's debt at March 31, 2023 and December 31, 2022, excluding the debt instruments recorded at fair value, was $882.1 million and $839.0 million. The fair value of such debt at March 31, 2023 and December 31, 2022 was $469.8 million and $331.6 million, and was determined by (i) discounting expected cash flows using current market discount rates estimated for certain of the debt instruments and (ii) using third-party fair value estimates for the remaining debt instruments. The increase in fair value from December 31, 2022 to March 31, 2023 was primarily due to a decrease in interest rates used to measure fair value for disclosure purposes, along with a higher principal balance owed at March 31, 2023 due to the Company's issuance of the $37.5 million Perrara Bridge Loan in March 2023, described below in Note 4.
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Debt |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Debt Net carrying amounts of debt are as follows:
Interest expense was as follows:
Perrara Bridge Loan On March 10, 2023, the Company and Perrara Ventures, LLC (an affiliate of Foris Ventures, LLC, a related party), as lender, entered into a loan and security agreement for a secured term loan facility of up to $50 million. The Company completed borrowings totaling $37.5 million in March 2023, which were used for working capital and general corporate purposes. The secured term loan facility has an interest rate of 12% per annum and matures on the earlier of June 8, 2023 and the closing of the transaction with Givaudan SA, which closed on April 3, 2023. In connection with the issuance of the Perrara Bridge Loan, the Company repriced Foris senior note warrants from $3.91 to $1.30 in March 2023. The fair value of the repricing adjustment was $0.5 million, which was recorded as a debt discount on the Perrara Bridge Loan. Forbearance Agreements 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. Future Minimum Payments Future minimum payments under the Company's debt agreements as of March 31, 2023 are as follows:
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Mezzanine Equity |
3 Months Ended |
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Mar. 31, 2023 | |
| Temporary Equity Disclosure [Abstract] | |
| Mezzanine Equity | Mezzanine Equity Gates Foundation Contingently redeemable common stock is comprised of proceeds from shares of common stock sold on May 10, 2016 to the Bill & Melinda Gates Foundation (the Gates Foundation). In connection with the stock sale, the Company and the Gates Foundation entered into an agreement under which the Company agreed to expend an aggregate amount not less than the proceeds from the stock sale to develop a yeast strain that produces artemisinic acid and/or amorphadiene at a low cost and to supply it to companies qualified to convert it to artemisinin for inclusion in artemisinin combination therapies used to treat malaria. If the Company were to default on its obligation to use the proceeds from the stock sale as set forth above or defaults under certain other commitments in the agreement, the Gates Foundation would have the right to request that the Company redeem, or facilitate the purchase by a third party, the shares then held by the Gates Foundation. The Company has completed the Gates Foundation project; accordingly, at March 31, 2023, the Company reclassified $5.0 million from Contingently redeemable common stock to Additional paid-in capital. Ingredion Contingently Redeemable Noncontrolling Interest in Subsidiary On June 1, 2021, the Company sold 31% of the member units in RealSweet LLC (RealSweet), a 100% owned Amyris subsidiary, to Ingredion Corporation (Ingredion). Total consideration was $28.5 million, including $10 million cash, the exchange of a $4 million payable previously due to Ingredion, and $14.5 million of manufacturing intellectual property rights. The terms of the agreement provide both parties with put/call rights under certain circumstances, including the occurrence of either or both of the following: (i) a change in ownership of 50% or more of the voting shares of such Member; or (ii) a change in the right to appoint or remove a majority of the board of directors of such Member. The Company concluded this change in control provision was not solely within its control and Ingredion’s contingently redeemable noncontrolling interest should be reflected outside of permanent equity. The redemption price of this common-share noncontrolling interest is considered to be at fair value on the redemption date. Ingredion’s noncontrolling interest is not currently redeemable and Amyris concluded a contingent redemption event is not probable to occur. The primary redemption contingency relates to a decrease in Ingredion’s ownership percentage below 8.4%, which is not likely to occur given that capital transactions require the unanimous consent of each member. Consequently, the noncontrolling interest will not be subsequently remeasured to its redemption amount until such contingency event and the related redemption are probable to occur; however, Amyris will continue to reflect the attribution of any losses and distribution of dividends to the noncontrolling interest each quarter. At the transaction date, the Company recorded the $28.5 million noncontrolling interest in RealSweet as Mezzanine equity - contingently redeemable noncontrolling interest, which represented the value of Ingredion’s 31% ownership interest in the net assets of the RealSweet subsidiary. Under the terms of the agreement, Amyris is funding the construction costs of the project, which are estimated to be approximately $155 million. As of March 31, 2023, the Company has funded approximately $128 million towards the project and has $7 million of contractual purchase commitments for construction related costs. EcoFabulous Contingently Redeemable Noncontrolling Interest in Subsidiary On January 26, 2022, Amyris acquired 70% of No Planet B LLC (d/b/a EcoFabulous) from No Planet B Investments, LLC. The name of No Planet B LLC has been changed to EcoFab, LLC ("EcoFab"). Concurrently, the Company and No Planet B Investments, LLC entered into an agreement to provide No Planet B Investments, LLC a right to require EcoFab to purchase its remaining 30% noncontrolling interest after (i) EcoFab achieves Net Revenues in excess of $100 million on an annualized basis or, if earlier, (ii) December 31, 2026. Amyris concluded this provision was not solely within its control and EcoFab’s contingently redeemable noncontrolling interest should be reflected outside of permanent equity. EcoFab’s noncontrolling interest is no longer currently redeemable due to the Company's decision to exit the EcoFabulous brand, making the contingent redemption event no longer probable to occur and the redemption value nil. The Company recorded a measurement adjustment of $4.1 million to match the value of the contingently redeemable noncontrolling interest to nil.
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Stockholders' (Deficit) Equity |
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' (Deficit) Equity | Stockholders' (Deficit) Equity Warrants and Rights Activity Summary In connection with various debt and equity transactions, the Company has issued warrants exercisable for shares of common stock. The following table summarizes warrants outstanding at March 31, 2023:
The Foris senior note warrants were repriced from $3.91 to $1.30 in March 2023 in connection with the Company's issuance of the Perrara Bridge Loan. The fair value of the repricing adjustment was $0.5 million, which was recorded as a debt discount on the Perrara Bridge Loan.
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Acquisitions |
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| Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisitions | Acquisitions The purchase accounting for the net assets acquired, including goodwill, and the fair value of contingent consideration for the following acquisitions is preliminarily recorded based on available information, incorporates management's best estimates, and is subject to change as additional information is obtained about the facts and circumstances that existed at the valuation date. For acquisitions that occurred subsequent to March 31, 2022, the Company expects to finalize the fair values of the assets acquired and liabilities assumed during the one-year measurement period from the date of acquisition, if any new information is obtained about facts and circumstances that existed as of the acquisition date. The net assets acquired in each transaction are generally recorded at their estimated acquisition-date fair values, while transaction costs associated with the acquisition are expensed as incurred. These transactions were accounted for by the acquisition method, and accordingly, the results of operations were included in the Company’s consolidated financial statements from their respective acquisition dates. Interfaces Indústria E Comércio De Cosméticos Ltda. On May 16, 2022, Amyris acquired Interfaces Indústria e Comércio de Cosméticos Ltda. ("Interfaces"). Interfaces is headquartered in São Paulo, Brazil and specializes in producing cosmetics for skin care, hair care, and makeup. The acquisition is deemed critical to sustain the Company’s growth, add operational resilience to its supply chain, reduce its dependency on third-party manufacturing, and increase the ability to source strategic components. Interfaces was acquired for $6.7 million, consisting of $3.4 million cash at closing and $3.3 million cash to be paid over two years. The following table summarizes the purchase price allocation:
Goodwill associated with this acquisition is not deductible for tax purposes. Onda Beauty Inc. On April 11, 2022, Amyris acquired Onda Beauty Inc. ("Onda"). Founded in 2014, Onda offers a curated matrix of brands as well as services, such as facials. Onda provides Amyris with a venue to test products, host events, and produce content in a luxury retail setting. Onda was acquired for $4.9 million, consisting of $1.0 million cash at closing, Amyris stock valued at $3.5 million, net working capital adjustment of $(0.1) million, and holdback consideration of $0.5 million to be paid in Amyris stock within 12 months after the closing date. The following table summarizes the purchase price allocation:
The allocated purchase price also included deferred tax liabilities attributable to the intangible assets, excluding goodwill. Goodwill associated with this acquisition is not deductible for tax purposes. MenoLabs, LLC. On March 10, 2022, Amyris acquired MenoLabs, LLC, ("MenoLabs"), which was founded to fundamentally change how menopause is addressed by offering research-backed all-natural treatments of menopause symptoms. Amyris believes that the acquisition of MenoLabs will serve as a catalyst to accelerate growth and establish a leadership position in the fast-growing menopause market. MenoLabs was acquired for $16.2 million, consisting of $11.3 million in cash, a bridge loan of $0.5 million provided by Amyris in January 2022, 852,234 shares of Amyris stock with a fair value of $3.9 million, and contingent consideration with a fair value of $0.4 million. The contingent consideration consists of two potential payments of up to $10 million each during the 12-month period after the closing date and the fourth quarter of 2024, if both MenoLabs’s product revenues and profit margin meet certain targets. The following table summarizes the purchase price allocation:
Goodwill associated with this acquisition is expected to be deductible for tax purposes. EcoFab LLC. On January 26, 2022, Amyris acquired 70% of EcoFab, LLC ("EcoFab"). EcoFab is focused on delivering high performance, makeup artist-quality clean beauty products in ecofriendly packaging, and priced for Gen Z consumers. The purchase consideration consisted of $1.7 million in cash and 1,292,776 shares of Amyris stock with a fair value of $5.5 million. The Mezzanine equity—contingently redeemable noncontrolling interest had a fair value of $3.1 million as of the acquisition date. Amyris has determined that EcoFab is a variable-interest entity and is accounted for in consolidation. The following table summarizes the purchase price allocation:
_______________________ (1) Includes a purchase price adjustment during the fourth quarter 2022 to reclassify definite-lived intangibles to goodwill. The related accumulated amortization of intangibles was insignificant. Goodwill associated with this acquisition is not deductible for tax purposes. The Company exited this business in the first quarter of 2023, resulting in a $4.2 million write-down of inventory and impairment charge of $9.3 million, representing the remaining carrying value of the goodwill.
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Net Loss per Share Attributable to Common Stockholders |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Loss per Share Attributable to Common Stockholders | Net Loss per Share Attributable to Common Stockholders Basic net loss per share of common stock is computed by dividing the Company’s net loss attributable to Amyris, Inc. common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share of common stock is computed by giving effect to all potentially dilutive securities, including stock options, restricted stock units, convertible preferred stock, convertible promissory notes, common stock warrants, and contingently issuable common stock, using the treasury stock method or the as-converted method, as applicable. The Company’s convertible preferred stock are participating securities as they contractually entitle the holders of such shares to participate in dividends and contractually require the holders of such shares to participate in the Company’s losses. The following table presents the calculation of basic and diluted loss per share:
For the three months ended March 31, 2023, basic loss per share equaled diluted loss per share, because the inclusion of all potentially dilutive securities outstanding was antidilutive. For the three months ended March 31, 2022, basic net loss per share differed from diluted net loss per share, because the inclusion of all potentially dilutive securities outstanding was dilutive. The following table presents outstanding shares of potentially dilutive securities:
______________ (1) The potentially dilutive effect of convertible promissory notes was computed based on conversion ratios in effect as of the respective period-end dates. A portion of the convertible promissory notes issued carries a provision for a reduction in conversion price under certain circumstances, which could potentially increase the dilutive shares outstanding. Another portion of the convertible promissory notes issued carries a provision for an increase in the conversion rate under certain circumstances, which could also potentially increase the dilutive shares outstanding.
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Commitments and Contingencies |
3 Months Ended |
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Mar. 31, 2023 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Commitments and ContingenciesGuarantor Arrangements The Company has agreements whereby it indemnifies its executive officers and directors for certain events or occurrences while the executive officer or director is serving in his or her official capacity. The indemnification period remains enforceable for the executive officer's or director’s lifetime. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer insurance policy that limits its exposure and enables the Company to recover a portion of any future payments. As a result of its insurance policy coverage, the Company believes the estimated fair value of these indemnification agreements is minimal and had no liabilities recorded for these agreements as of March 31, 2023 and December 31, 2022. The Foris Convertible Note and the Perrara Bridge Loan are collateralized by first-priority liens on substantially all of the Company's assets, including Company intellectual property, other than certain Company intellectual property licensed to DSM, the Company's international subsidiaries, and the Company's ownership interests in joint ventures. Certain of the Company’s subsidiaries have guaranteed the Company’s obligations under the Foris Convertible Note. The obligations under the DSM Term Loan are guaranteed by certain of the Company's subsidiaries, and secured by a perfected security interest in certain payment obligations due to the Company from DSM Nutritional Products Ltd., as well as a pledge of the Company’s equity interest in RealSweet LLC. In October 2021, the Company entered into a 10-year manufacturing partnership agreement with Renfield Manufacturing, LLC (Renfield) to provide manufacturing services and third-party logistics processes, including inventory management, warehousing, and fulfillment for certain of the Company’s consumer product lines. On September 22, 2022, Renfield notified the Company that it was terminating the Manufacturing and Fulfillment Agreement and the Right of First Refusal Agreement due to failure to pay certain amounts due to Renfield. The Company disputes Renfield's allegations and the purported termination of the two agreements. The Company also provided a $0.5 million letter of credit and guarantee to the lessor of the Renfield manufacturing facility, which extends through August 2032. If Renfield fails to perform under the facility lease, the Company can terminate the manufacturing agreement. The Company expects that its potential future performance under the guarantee is not probable of occurrence. Accordingly, the Company had no liabilities recorded for the guarantee as of March 31, 2023 and December 31, 2022. Other Matters Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but will only be recorded when one or more future events occur or fail to occur. The Company's management assesses such contingent liabilities, and such assessment inherently involves an exercise of judgement. In assessing loss contingencies related to legal proceedings that are pending against and by the Company or unasserted claims that may result in such proceedings, the Company's management evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company's financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be reasonably estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, would be disclosed. Loss contingencies considered to be remote by management are generally not disclosed unless they involve guarantees, in which case the guarantee would be disclosed. Subsequent to the filing of the securities class action complaint described above, on June 21, 2019 and October 1, 2019, respectively, two separate purported shareholder derivative complaints were filed in the U.S. District Court for the Northern District of California (Bonner v. Doerr, et al., and Carlson v. Doerr, et al.) based on similar allegations to those made in the securities class action complaint and naming the Company, and certain of the Company’s current and former officers and directors, as defendants. The derivative lawsuits sought to recover, on the Company’s behalf, unspecified damages purportedly sustained by the Company in connection with allegedly misleading statements and omissions made in connection with the Company’s securities filings. An additional shareholder derivative complaint (Kimbrough v. Melo, et al.), substantially identical to the Bonner complaint, was filed on December 18, 2020 in the U.S. District Court for the Northern District of California. By agreement, the Kimbrough and Bonner complaints were consolidated for all purposes on April 9, 2021. On June 20, 2022, the Court granted the Company's motion to dismiss Bonner's amended complaint without prejudice. Subsequently, Bonner informed the Court that it did not intend to file a second amended complaint. On August 18, 2022, the Court issued the judgment in favor of the Company and awarded the Company an immaterial amount in costs. On September 9, 2022, Bonner filed a notice of appeal of the Court's decision. On August 23, 2020, Lavvan, Inc. (Lavvan) brought claims in arbitration against the Company under that certain Research, Collaboration, and License Agreement dated March 18, 2019, as amended (RCLA), and on September 10, 2020, Lavvan filed a suit against the Company in the U.S. District Court for the Southern District of New York (SDNY). The evidentiary hearing took place in arbitration from October 24 through 28, 2022. Both the arbitration and SDNY proceedings are currently pending, and it is not yet possible to reliably determine any potential liability that could result therefrom. The Company believes Lavvan's claims lack merit and intends to continue to defend itself vigorously. On October 11, 2022, AO Representative Expense Fund LLC (AO), on behalf of former shareholders of Olika Inc. (Olika), a company acquired by the Company on August 9, 2021 through a merger, filed a complaint against the Company in New York State court. AO alleged that, in breach of the merger agreement, the Company undertook certain actions with the intent of avoiding payment of earnouts to the former shareholders of Olika. On January 26, 2022, the Company filed its motion to dismiss the complaint, which was amended by AO on March 22, 2023. The Company filed its motion to dismiss the amended complaint on April 26, 2023. The Company believes AO’s claims lack merit and intends to continue to defend itself vigorously. On February 22, 2023, Disruptional Ltd. and & Vest Beauty Labs LP, sellers of Beauty Labs International Ltd., a business acquired by the Company on August 31, 2021, filed a complaint against the Company in New York State court, alleging, among other things, a breach of contract related to earnout payments. The Company believes the Sellers’ claims lack merit and intends to defend itself vigorously. On March 24, 2023, Park Wynwood LLC (Wynwood), the landlord for one of the Company’s leasehold properties in Miami, Florida, filed a complaint in the Superior Court of the State of California for the County of San Francisco, alleging a breach of the terms of the lease relating to tenant improvements. Wynwood is seeking damages, including acceleration of rent payments. The Company is subject to disputes and claims that arise or have arisen in the ordinary course of business and that have not resulted in legal proceedings or have not been fully adjudicated. Such matters that may arise in the ordinary course of business are subject to many uncertainties and outcomes, and are not predictable with reasonable assurance and therefore an estimate of all the reasonably possible losses cannot be determined at this time. Therefore, if one or more of these legal disputes or claims resulted in settlements or legal proceedings that were resolved against the Company for amounts in excess of management’s expectations, the Company’s consolidated financial statements for the relevant reporting period could be materially adversely affected.
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Revenue Recognition, and Contract Assets and Liabilities |
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| Revenue Recognition, and Contract Assets and Liabilities | Revenue Recognition, and Contract Assets and Liabilities Disaggregation of Revenue The following table presents revenue by major product and service, as well as by primary geographical market, based on the location of the customer:
The following table presents revenue by major product and service, as well as by management classification:
Significant Revenue Agreements and Customers In connection with the significant revenue agreements discussed below and others previously disclosed, the Company recognized the following revenue:
DSM License Agreement and Contract Assignment In March 2021 the Company and DSM entered into a license agreement and asset purchase agreement pursuant to which DSM acquired exclusive rights to the Company’s Flavor and Fragrance (F&F) product portfolio. The Company granted DSM exclusive licenses covering specific intellectual property of the Company and assigned the Company’s rights and obligations under certain F&F ingredients supply agreements to DSM, in exchange for non-refundable upfront consideration totaling $150 million, and up to $235 million of contingent consideration if and when certain commercial milestones are achieved in each of the calendar years 2022 through 2024. The Company determined the licenses to be functional intellectual property and allocated $143.6 million of the transaction price to the licenses and recorded $143.6 million of licenses and royalties revenues in the three months ended March 31, 2021. The Company also concluded the additional contingent consideration represents variable consideration that is subject to a sales/usage-based threshold and is dependent upon the IP License. The Company will recognize revenue at the later of (1) when the underlying sales or usage has occurred and (2) the related performance obligation has been satisfied (or partially satisfied). During the three months ended March 31, 2023 and 2022, the Company recorded $9.5 million and $8.8 million, respectively, of license and royalties revenue and a corresponding contract asset under the contingent consideration provisions of the agreements. Contract Assets and Liabilities When a contract results in revenue being recognized in excess of the amount the Company has invoiced or has the right to invoice to the customer, a contract asset is recognized. Contract assets are transferred to accounts receivable, net when the rights to the consideration become unconditional. Contract liabilities consist of payments received from customers, or such consideration that is contractually due, in advance of providing the product or performing services such that control has not passed to the customer. Trade receivables related to revenue from contracts with customers are included in accounts receivable on the condensed consolidated balance sheets, net of the allowance for doubtful accounts. Trade receivables are recorded for the sale of goods or the performance of services at the point of renewable product sale or in accordance with the contractual payment terms for licenses and royalties, and grants and collaborative research and development services for the amount payable by the customer to the Company. Contract Balances The following table provides information about accounts receivable, contract assets and contract liabilities from contracts with customers:
Remaining Performance Obligations As of March 31, 2023, there were no unsatisfied performance obligations in connection with existing customer agreements.
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Related Party Transactions |
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| Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions | Related Party Transactions Related Party Debt Related party debt was as follows:
Related Party Equity Foris holds common stock warrants issued by the Company. See Note 6, "Stockholders' (Deficit) Equity". Related Party Revenue See Note 10, "Revenue Recognition, and Contract Assets and Liabilities", for information about related party revenue transactions with DSM. Related Party Accounts Receivable, Contract Assets and Accounts Payable Related party accounts receivable, contract assets, and accounts payable were as follows:
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Stock-based Compensation |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based Compensation | Stock-based CompensationThe Company’s stock option activity and related information for the three months ended March 31, 2023 was as follows:
Activity related to the Company’s restricted stock units (RSUs), including performance-based restricted stock units (PSUs) for the three months ended March 31, 2023 was as follows:
Stock-based compensation expense during the three months ended March 31, 2023 and 2022 is reflected in the condensed consolidated statements of operations as follows:
As of March 31, 2023, $89.7 million of unrecognized compensation expense related to stock options and RSUs is expected to be recognized over a weighted-average period of 2.6 years.
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Subsequent Events |
3 Months Ended |
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Mar. 31, 2023 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events Sale, Assignment and License of Certain Assets of Cosmetic Ingredients Business to Givaudan On April 3, 2023, the Company closed its Asset Purchase Agreement, dated as of February 21, 2023 (the Asset Purchase Agreement), by and among the Company and Givaudan SA (Givaudan). Pursuant to the Asset Purchase Agreement, the Company sold, assigned, or licensed certain Aprinnova, LLC (Aprinnova) assets of its cosmetic ingredients businesses, including an assignment of certain distribution agreements, a sale of certain trademarks, and a grant of an exclusive, worldwide, irrevocable license to distribute, market and sell Neossance® Squalane emollient, Neossance® Hemisqualane silicone alternative and CleanScreen™ sun protector in cosmetics actives, to Givaudan for $200 million upfront cash consideration and up to $150 million in performance-based earnout payments over three years. In addition, the parties entered into a long-term partnership agreement for the manufacturing of cosmetic ingredients by the Company for Givaudan. Purchase of Noncontrolling Interest in Aprinnova On April 3, 2023, the Company closed its Share Purchase Agreement related to Aprinnova, dated as of December 15, 2022, by and among the Company, Nikko Chemicals Co. (Nikko), Ltd. and Nippon Surfactant Industries, Co., Ltd. (Nissa). Pursuant to the Share Purchase Agreement, the Company purchased 39 shares of Aprinnova from Nikko and 10 shares of Aprinnova from Nissa, constituting 49% of the outstanding membership interests in Aprinnova for aggregate cash consideration of $49 million, less applicable deductions and withholdings required by law. Following closing of the transaction, the Company holds 99% of the outstanding membership interests in Aprinnova. Forbearance Agreements On May 9, 2023, the Company entered into forbearance agreements with each of DSM Finance, B.V., Foris Ventures, LLC, and Perrara Ventures, LLC.
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Basis of Presentation and Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2023 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Basis of Accounting | 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. |
| Accounts Receivables | Accounts ReceivableAccounts 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 | 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.
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| Accounting Updates Recently Adopted | 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.
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Balance Sheet Details (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Allowance for Doubtful Accounts | Allowance for Doubtful Accounts
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| Schedule of Inventories | Inventories
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| Schedule of Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets
_______________________ (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.
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| Schedule of Property, Plant and Equipment, Net | Property, Plant and Equipment, Net
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| Schedule of Depreciation and Amortization | 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:
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| Schedule of Goodwill |
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| Schedule of Finite-Lived Intangible Assets |
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| Schedule of Finite-lived Intangible Assets Amortization Expense | Total future amortization of intangible assets as of March 31, 2023 is as follows (in thousands):
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| Schedule of Lease, Cost | Information related to the Company's ROU assets and related lease liabilities were as follows:
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| Schedule of Lessee, Lease Liability, Maturity | Maturities of lease liabilities as of March 31, 2023 were as follows:
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| Schedule of Other Assets | Other Assets
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| Schedule of Accrued and Other Current Liabilities | Accrued and Other Current Liabilities
______________ (1) Deferred consideration payable is the current portion of total acquisition-related contingent consideration. (2) The asset retirement obligation represents liabilities incurred but not yet discharged in connection with the Company's 2013 abandonment of a partially constructed facility in Pradópolis, Brazil.
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Fair Value Measurement (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables summarize liabilities measured at fair value, and the respective fair value by input classification level within the fair value hierarchy:
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| Schedule of Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | The following table provides a reconciliation of the beginning and ending balances for the Company's derivative liabilities recognized in connection with the issuance of debt instruments, either freestanding or embedded, measured at fair value using significant unobservable inputs (Level 3):
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| Schedule of Fair Value Measurement Inputs and Valuation Techniques | Input assumptions for the embedded instrument are as follows:
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| Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table provides a reconciliation of the beginning and ending balances for the Company's acquisition-related contingent consideration:
______________ (1) Current portion is included within Accrued and other current liabilities on the Condensed Consolidated Balance Sheets.
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Debt (Tables) |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Debt | Net carrying amounts of debt are as follows:
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| Interest Income and Interest Expense Disclosure | Interest expense was as follows:
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| Schedule of Long-term Debt Instruments | Future minimum payments under the Company's debt agreements as of March 31, 2023 are as follows:
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Stockholders' (Deficit) Equity (Tables) |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Warrants and Rights Activity Summary | The following table summarizes warrants outstanding at March 31, 2023:
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Acquisitions (Tables) |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the purchase price allocation:
The following table summarizes the purchase price allocation:
The following table summarizes the purchase price allocation:
The following table summarizes the purchase price allocation:
_______________________ (1) Includes a purchase price adjustment during the fourth quarter 2022 to reclassify definite-lived intangibles to goodwill. The related accumulated amortization of intangibles was insignificant.
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Net Loss per Share Attributable to Common Stockholders (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share, Basic and Diluted | The following table presents the calculation of basic and diluted loss per share:
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| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table presents outstanding shares of potentially dilutive securities:
______________ (1) The potentially dilutive effect of convertible promissory notes was computed based on conversion ratios in effect as of the respective period-end dates. A portion of the convertible promissory notes issued carries a provision for a reduction in conversion price under certain circumstances, which could potentially increase the dilutive shares outstanding. Another portion of the convertible promissory notes issued carries a provision for an increase in the conversion rate under certain circumstances, which could also potentially increase the dilutive shares outstanding.
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Revenue Recognition, and Contract Assets and Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of Revenue | The following table presents revenue by major product and service, as well as by primary geographical market, based on the location of the customer:
The following table presents revenue by major product and service, as well as by management classification:
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| Revenue in Connection with Significant Revenue Agreement | In connection with the significant revenue agreements discussed below and others previously disclosed, the Company recognized the following revenue:
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| Contract with Customer, Asset and Liability | The following table provides information about accounts receivable, contract assets and contract liabilities from contracts with customers:
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Related Party Transactions (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Related Party Debt | Related party debt was as follows:
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| Schedule of Related Party Accounts Receivables | Related party accounts receivable, contract assets, and accounts payable were as follows:
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Stock-based Compensation (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity | The Company’s stock option activity and related information for the three months ended March 31, 2023 was as follows:
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| Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | Activity related to the Company’s restricted stock units (RSUs), including performance-based restricted stock units (PSUs) for the three months ended March 31, 2023 was as follows:
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| Share-based Payment Arrangement, Expensed and Capitalized, Amount | Stock-based compensation expense during the three months ended March 31, 2023 and 2022 is reflected in the condensed consolidated statements of operations as follows:
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Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | |
|---|---|---|---|
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
brand
|
Mar. 31, 2022
USD ($)
|
|
| Schedule of Equity Method Investments [Line Items] | |||
| Number of consumer brands | brand | 8 | ||
| Working capital | $ 227,100 | ||
| Accumulated deficit | 3,073,520 | $ 2,880,178 | |
| Unrestricted cash and cash equivalents | 11,245 | 64,437 | $ 287,886 |
| Principal | 962,026 | 923,047 | |
| Principal, current maturities | 188,811 | $ 128,708 | |
| Debt increase (decrease) | 60,100 | ||
| Perrara bridge loan | Secured Debt | Affiliated Entity | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Principal | $ 37,500 | ||
| Clean Beauty 4U LLC | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Percentage of equity ownership | 49.00% | ||
| Consideration transferred | $ 1,000 |
Balance Sheet Details - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
| Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
| Balance at Beginning of Period | $ 995 | $ 945 |
| Provisions | 2 | 20 |
| Write-offs, Net | 0 | 0 |
| Balance at End of Period | $ 997 | $ 965 |
Balance Sheet Details - Inventories (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
| Raw materials | $ 41,211 | $ 43,043 |
| Work-in-process | 14,749 | 8,028 |
| Finished goods | 53,061 | 60,809 |
| Inventories | $ 109,021 | $ 111,880 |
Balance Sheet Details - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands |
1 Months Ended | ||
|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2023 |
Dec. 31, 2022 |
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
| Prepayments, advances and deposits | $ 17,233 | $ 18,849 | |
| Note receivable | 4,183 | 6,871 | |
| Non-inventory production supplies | 8,588 | 8,138 | |
| Recoverable taxes from Brazilian government entities | 3,079 | 870 | |
| Other | 5,012 | 5,418 | |
| Total prepaid expenses and other current assets | 38,095 | 40,146 | |
| Debt Conversion [Line Items] | |||
| Note receivable | $ 4,183 | $ 6,871 | |
| Convertible notes | 2025 Promissory Note | |||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
| Note receivable | $ 10,000 | ||
| Debt Conversion [Line Items] | |||
| Note receivable | $ 10,000 | ||
| Interest rate per annum | 10.00% | ||
| Contingent redemption threshold | $ 65,000 |
Balance Sheet Details - Depreciation and Amortization (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
| Depreciation and amortization expense, without amortization of intangible assets | $ 4,527 | $ 2,400 |
Balance Sheet Details - Goodwill (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
| Goodwill [Roll Forward] | |||
| Beginning balance | $ 142,575 | $ 131,259 | $ 131,259 |
| Acquisitions | 0 | $ 7,666 | 22,231 |
| Impairment | (94,351) | 0 | |
| Effect of currency translation adjustment | 2,232 | (10,915) | |
| Ending balance | $ 50,456 | $ 142,575 | |
| Goodwill, impairment strategic plan term | 3 years | ||
Balance Sheet Details - Leases (Details) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
|
Mar. 31, 2023
USD ($)
option
|
Mar. 31, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
| Property, Plant and Equipment [Line Items] | |||
| Right-of-use assets under operating leases, net | $ 100,721 | $ 97,216 | |
| Operating lease liability | 93,470 | 88,500 | |
| Operating lease expense | 6,900 | $ 3,700 | |
| Lease, cost | 600 | $ 300 | |
| Finance lease, right-of-use asset amortization | $ 1,600 | $ 1,600 | |
| Minimum | |||
| Property, Plant and Equipment [Line Items] | |||
| Operating lease remaining lease term (years) | 1 year | ||
| Operating lease, option to renew | option | 1 | ||
| Operating lease renewal term (years) | 1 year | ||
| Maximum | |||
| Property, Plant and Equipment [Line Items] | |||
| Operating lease remaining lease term (years) | 17 years | ||
| Operating lease renewal term (years) | 5 years | ||
Balance Sheet Details - Right-of-use Assets and Related Lease Liabilities (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
| Cash paid for operating lease liabilities | $ 4,620 | $ 3,045 |
| Right-of-use assets obtained in exchange for new operating lease obligations, in thousands | $ 0 | $ 18,759 |
| Weighted-average remaining lease term (in years) | 11 years 2 months 12 days | 8 years 8 months 12 days |
| Weighted-average discount rate | 22.60% | 19.00% |
Balance Sheet Details - Other Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
| Investments in equity securities | $ 7,892 | $ 7,892 |
| Equity-method investments in affiliates | 3,000 | 3,000 |
| Deposits | 531 | 530 |
| Notes receivable, net of current portion | 0 | 671 |
| Other | 2,239 | 1,811 |
| Total other assets | $ 13,662 | $ 13,904 |
Balance Sheet Details - Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Business Acquisition [Line Items] | ||
| Payroll and related expenses | $ 23,308 | $ 18,795 |
| Accrued interest | 19,212 | 14,639 |
| Asset retirement obligation | 3,872 | 3,763 |
| Professional services | 4,216 | 4,826 |
| Contract termination fees | 1,379 | 1,369 |
| License fee payable | 1,050 | 1,050 |
| Tax-related liabilities | 0 | 829 |
| Other | 11,031 | 9,136 |
| Total accrued and other current liabilities | 81,068 | 73,565 |
| Equity Method Investment Acquisitions | ||
| Business Acquisition [Line Items] | ||
| Business acquisition, contingent consideration | 10,800 | 11,275 |
| Total Acquisitions | ||
| Business Acquisition [Line Items] | ||
| Business acquisition, contingent consideration | $ 6,200 | $ 7,883 |
Fair Value Measurement - Derivative Liabilities Recognized in Connection with the Issuance of Debt Instruments (Details) - Debt-related Derivative Liability - Level 3 $ in Thousands |
3 Months Ended |
|---|---|
|
Mar. 31, 2023
USD ($)
| |
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
| Fair value, beginning balance | $ 5,403 |
| Change in fair value of derivative instruments | (1,263) |
| Fair value, ending balance | $ 4,140 |
Fair Value Measurement - Valuation Methodology and Approach to Measuring Derivative Liability (Details) - $ / shares |
Mar. 31, 2023 |
Mar. 31, 2022 |
|---|---|---|
| Discount yield | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Embedded derivative liability, measurement input | 0.25 | 0.32 |
Fair Value Measurement - Bifurcated Embedded Features in Debt Instruments (Details) - DSM note - Secured Debt |
Dec. 31, 2022
USD ($)
|
|---|---|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
| Debt instrument, face amount | $ 100,000,000 |
| Debt instrument, earn-out payments, repayment of debt | $ 50,000,000 |
Fair Value Measurement - Acquisition Related Contingent Consideration Roll forward (Details) - Contingent Consideration, Liability - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
|---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Fair value, beginning balance | $ 37,574 | $ 64,762 |
| Additions | 440 | |
| Purchase accounting adjustment | (2,754) | |
| Settlements of contingent consideration liabilities | (3,019) | |
| Change in fair value of acquisition-related contingent consideration | (28,503) | (24,874) |
| Fair value, ending balance | 6,052 | 37,574 |
| Less: Current portion | (3,811) | (3,019) |
| Acquisition-related contingent consideration, net of current portion | $ 2,241 | $ 34,555 |
Fair Value Measurement - Financial Assets and Liabilities (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Combined debt amount | $ 882.1 | $ 839.0 |
| Debt instrument fair value disclosure | 469.8 | $ 331.6 |
| Perrara bridge loan | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Debt instrument, face amount | $ 37.5 |
Debt - Interest Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
| Debt Disclosure [Abstract] | ||
| Contractual interest expense in connection with debt | $ 7,586 | $ 3,415 |
| Debt discount accretion | 5,068 | 962 |
| Interest expense in connection with debt | 12,654 | 4,377 |
| Discount accretion on liability in connection with acquisition of equity-method investment and with partnership liability, and other | 329 | 886 |
| Total interest expense | $ 12,983 | $ 5,263 |
Debt - Perrara Bridge Loan (Details) - USD ($) |
1 Months Ended | ||||
|---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 10, 2023 |
Mar. 01, 2023 |
Feb. 28, 2023 |
Dec. 31, 2022 |
|
| Debt Instrument [Line Items] | |||||
| Debt, gross | $ 962,026,000 | $ 923,047,000 | |||
| Foris senior note warrants | |||||
| Debt Instrument [Line Items] | |||||
| Exercise price per share (in dollars per share) | $ 1.30 | $ 1.30 | $ 3.91 | ||
| Fair value adjustment of warrants | $ 500,000 | ||||
| Perrara bridge loan | |||||
| Debt Instrument [Line Items] | |||||
| Debt instrument, face amount | 37,500,000 | ||||
| Perrara bridge loan | Secured Debt | Affiliated Entity | |||||
| Debt Instrument [Line Items] | |||||
| Debt instrument, face amount | $ 50,000,000 | ||||
| Debt, gross | $ 37,500,000 | ||||
| Interest rate per annum | 12.00% |
Mezzanine Equity - Ingredion Contingently Redeemable Noncontrolling Interest In Subsidiary (Details) - RealSweet LLC - USD ($) $ in Millions |
Jun. 01, 2021 |
Dec. 31, 2024 |
Mar. 31, 2023 |
|---|---|---|---|
| Subsidiary, Sale of Stock [Line Items] | |||
| Ownership percentage by noncontrolling owners | 31.00% | ||
| Ownership percentage | 100.00% | ||
| Contribution from noncontrolling interest | $ 28.5 | ||
| Proceeds from issuance of contingently redeemable noncontrolling interest in subsidiary | $ 10.0 | ||
| Noncontrolling interest, ownership percentage threshold | 8.40% | ||
| Noncontrolling interest | $ 28.5 | ||
| Purchase commitment | $ 7.0 | ||
| Amount funded | $ 128.0 | ||
| Forecast | |||
| Subsidiary, Sale of Stock [Line Items] | |||
| Purchase commitment | $ 155.0 | ||
| Amyris, Inc. | |||
| Subsidiary, Sale of Stock [Line Items] | |||
| Payments to noncontrolling interests | 4.0 | ||
| Intangible assets transferred | $ 14.5 | ||
| Percentage change of ownership of voting shares | 50.00% |
Mezzanine Equity - EcoFabulous Contingently Redeemable Noncontrolling Interest in Subsidiary (Details) - USD ($) |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Jan. 26, 2022 |
|
| Subsidiary, Sale of Stock [Line Items] | |||
| Measurement adjustment of contingently redeemable noncontrolling interest | $ 4,100,000 | $ 0 | |
| EcoFab LLC | |||
| Subsidiary, Sale of Stock [Line Items] | |||
| Percentage of voting interests acquired | 70.00% | ||
| Business acquisition, contingent revenue threshold | $ 100,000,000 | ||
| Noncontrolling interest | 0 | ||
| Measurement adjustment of contingently redeemable noncontrolling interest | $ 4,100,000 | ||
| EcoFab LLC | No Planet B Investments, LLC | |||
| Subsidiary, Sale of Stock [Line Items] | |||
| Business acquisition, contingent percentage of voting interests to be acquired | 30.00% | ||
Acquisitions - Interfaces, Narrative (Details) - Interfaces $ in Millions |
May 16, 2022
USD ($)
|
|---|---|
| Business Acquisition, Contingent Consideration [Line Items] | |
| Consideration transferred | $ 6.7 |
| Payments to acquire business | 3.4 |
| Business combination, debt incurred | $ 3.3 |
| Business combination, debt incurred payment period | 2 years |
Acquisitions - Interfaces, Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
May 16, 2022 |
Dec. 31, 2021 |
|---|---|---|---|---|
| Business Acquisition, Contingent Consideration [Line Items] | ||||
| Goodwill | $ 50,456 | $ 142,575 | $ 131,259 | |
| Interfaces | ||||
| Business Acquisition, Contingent Consideration [Line Items] | ||||
| Net tangible assets | $ 1,474 | |||
| Goodwill | 5,219 | |||
| Total consideration | $ 6,693 |
Acquisitions - Onda Beauty, Narrative (Details) - Onda Beauty Inc $ in Millions |
Apr. 11, 2022
USD ($)
|
|---|---|
| Business Acquisition, Contingent Consideration [Line Items] | |
| Consideration transferred | $ 4.9 |
| Payments to acquire business | 1.0 |
| Business acquisition, equity interest issued or issuable | 3.5 |
| Estimated net working capital adjustments | (0.1) |
| Contingent consideration, earnout payments | $ 0.5 |
| Contingent consideration, earnout payment term | 12 months |
Acquisitions - Onda Beauty, Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
Apr. 11, 2022 |
Dec. 31, 2021 |
|---|---|---|---|---|
| Business Acquisition, Contingent Consideration [Line Items] | ||||
| Goodwill | $ 50,456 | $ 142,575 | $ 131,259 | |
| Onda Beauty Inc | ||||
| Business Acquisition, Contingent Consideration [Line Items] | ||||
| Net tangible assets | $ (630) | |||
| Goodwill | 1,019 | |||
| Total consideration | 4,915 | |||
| Onda Beauty Inc | Trademarks, trade names and other intellectual property | ||||
| Business Acquisition, Contingent Consideration [Line Items] | ||||
| Intangible assets, other than goodwill | 4,275 | |||
| Onda Beauty Inc | Customer relationships | ||||
| Business Acquisition, Contingent Consideration [Line Items] | ||||
| Intangible assets, other than goodwill | $ 251 |
Acquisitions - MenoLabs LLC, Narrative (Details) - MenoLabs LLC $ in Millions |
Mar. 10, 2022
USD ($)
shares
|
|---|---|
| Business Acquisition, Contingent Consideration [Line Items] | |
| Consideration transferred | $ 16.2 |
| Payments to acquire business | 11.3 |
| Business combination, debt incurred | $ 0.5 |
| Business acquisition, equity interest issued or issuable, shares (in shares) | shares | 852,234 |
| Business acquisition, equity interest issued or issuable | $ 3.9 |
| Business combination, consideration transferred, other | $ 0.4 |
| Contingent consideration, earnout payment term | 12 months |
| Earnout Payment One | |
| Business Acquisition, Contingent Consideration [Line Items] | |
| Contingent consideration, earnout payments | $ 10.0 |
| Earnout Payment Two | |
| Business Acquisition, Contingent Consideration [Line Items] | |
| Contingent consideration, earnout payments | $ 10.0 |
Acquisitions - MenoLabs LLC, Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
Mar. 10, 2022 |
Dec. 31, 2021 |
|---|---|---|---|---|
| Business Acquisition, Contingent Consideration [Line Items] | ||||
| Goodwill | $ 50,456 | $ 142,575 | $ 131,259 | |
| MenoLabs LLC | ||||
| Business Acquisition, Contingent Consideration [Line Items] | ||||
| Net tangible assets | $ 311 | |||
| Goodwill | 6,642 | |||
| Total consideration | 16,153 | |||
| MenoLabs LLC | Branded products | ||||
| Business Acquisition, Contingent Consideration [Line Items] | ||||
| Intangible assets, other than goodwill | 5,600 | |||
| MenoLabs LLC | Application | ||||
| Business Acquisition, Contingent Consideration [Line Items] | ||||
| Intangible assets, other than goodwill | $ 3,600 |
Acquisitions - EcoFab LLC, Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
|---|---|---|---|
Jan. 26, 2022 |
Mar. 31, 2023 |
Dec. 31, 2022 |
|
| Business Acquisition, Contingent Consideration [Line Items] | |||
| Impairment | $ 94,351 | $ 0 | |
| EcoFab LLC | |||
| Business Acquisition, Contingent Consideration [Line Items] | |||
| Percentage of voting interests acquired | 70.00% | ||
| Payments to acquire business | $ 1,700 | ||
| Business acquisition, equity interest issued or issuable, shares (in shares) | 1,292,776 | ||
| Business acquisition, equity interest issued or issuable | $ 5,500 | ||
| Noncontrolling interest recorded in connection with business combinations | $ 3,072 | ||
| Write-down of inventory | 4,200 | ||
| Impairment | $ 9,300 |
Acquisitions - EcoLab LLC, Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
Jan. 26, 2022 |
Dec. 31, 2021 |
|---|---|---|---|---|
| Business Acquisition, Contingent Consideration [Line Items] | ||||
| Goodwill | $ 50,456 | $ 142,575 | $ 131,259 | |
| EcoFab LLC | ||||
| Business Acquisition, Contingent Consideration [Line Items] | ||||
| Goodwill | $ 10,240 | |||
| Less: noncontrolling interest | (3,072) | |||
| Total consideration | $ 7,168 |
Commitments and Contingencies (Details) |
1 Months Ended | 3 Months Ended | |||
|---|---|---|---|---|---|
|
Oct. 31, 2021
USD ($)
|
Oct. 01, 2019
complaint
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Sep. 22, 2022
agreement
|
|
| Product Liability Contingency [Line Items] | |||||
| Liabilities recorded for agreements | $ 0 | $ 0 | |||
| Loss contingency, new claims filed, number | complaint | 2 | ||||
| Letter of Credit | |||||
| Product Liability Contingency [Line Items] | |||||
| Long-term, line of credit | $ 500,000 | ||||
| Renfield Manufacturing, LLC | |||||
| Product Liability Contingency [Line Items] | |||||
| Liabilities recorded for agreements | $ 0 | $ 0 | |||
| Guarantor arrangements, agreement term | 10 years | ||||
| Number of agreements subject to being terminated | agreement | 2 |
Revenue Recognition, and Contract Assets and Liabilities - Contract Balances (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Revenue from Contract with Customer [Abstract] | ||
| Accounts receivable, net | $ 36,842 | $ 45,775 |
| Accounts receivable - related party, net | 10,836 | 6,608 |
| Contract assets | 3,872 | 806 |
| Contract assets - related party | 33,679 | 36,638 |
| Contract liabilities | $ 33 | $ 26 |
Related Party Transactions - Related Party Accounts Receivable (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Related Party Transaction [Line Items] | ||
| Accounts receivable - related party | $ 10,836 | $ 6,608 |
| Contract assets - related party | 33,679 | 36,638 |
| Accounts payable - related party | 185,160 | 118,886 |
| Accounts payable - related party | ||
| Related Party Transaction [Line Items] | ||
| Accounts payable - related party | $ 3,348 | $ 5,011 |
Stock-based Compensation - Share-based Compensation, Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) - $ / shares |
3 Months Ended | 12 Months Ended |
|---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
| Quantity of Restricted Stock Units | ||
| Outstanding , beginning balance (in shares) | 16,897,826 | |
| Awarded (in shares) | 931,289 | |
| Released (in shares) | (1,423,880) | |
| Forfeited (in shares) | (745,107) | |
| Outstanding, ending balance (in shares) | 15,660,128 | 16,897,826 |
| Vested or expected to vest (in shares) | 13,438,337 | |
| Weighted-average Grant-date Fair Value | ||
| Outstanding, beginning balance (in dollars per share) | $ 7.75 | |
| Awarded (in dollars per share) | 1.51 | |
| Released (in dollars per share) | 3.22 | |
| Forfeited (in dollars per share) | 4.79 | |
| Outstanding, ending balance (in dollars per share) | 7.93 | $ 7.75 |
| Vested or expected to vest (in dollars per share) | $ 7.76 | |
| Weighted-average Remaining Contractual Life, in Years | ||
| Outstanding (years) | 2 years | 2 years 2 months 12 days |
| Vested or expected to vest (years) | 1 year 10 months 24 days |
Stock-based Compensation - Employee Service Share-based Compensation, Allocation of Recognized Period Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
| Total stock-based compensation expense | $ 5,785 | $ 11,588 |
| Cost of products sold | ||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
| Total stock-based compensation expense | 66 | 78 |
| Research and development | ||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
| Total stock-based compensation expense | 1,314 | 1,617 |
| Sales, general and administrative | ||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
| Total stock-based compensation expense | $ 4,405 | $ 9,893 |
Stock-based Compensation - Narrative (Details) $ in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2023
USD ($)
| |
| Share-Based Payment Arrangement [Abstract] | |
| Compensation expense related to stock options and RSUs | $ 89.7 |
| Weighted-average period | 2 years 7 months 6 days |
Subsequent Events (Details) - USD ($) $ in Millions |
Feb. 21, 2023 |
Dec. 15, 2022 |
Apr. 03, 2023 |
|---|---|---|---|
| Subsequent Event [Line Items] | |||
| Upfront cash consideration | $ 200 | ||
| Performance-based earnout payments | $ 150 | ||
| Earn-out payments period | 3 years | ||
| Aprinnova JV | |||
| Subsequent Event [Line Items] | |||
| Ownership percentage by noncontrolling owners | 49.00% | ||
| Consideration transferred | $ 49 | ||
| Aprinnova JV | Subsequent Event | |||
| Subsequent Event [Line Items] | |||
| Ownership percentage | 99.00% | ||
| Nikko | Aprinnova JV | |||
| Subsequent Event [Line Items] | |||
| Agreed to purchase shares (in shares) | 39 | ||
| Nissa | Aprinnova JV | |||
| Subsequent Event [Line Items] | |||
| Agreed to purchase shares (in shares) | 10 |
| Label | Element | Value |
|---|---|---|
| Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2020-06 [Member] |