Amyris Reports First Quarter 2013 Financial Results

Amyris Reports First Quarter 2013 Financial Results

Operating Expenses Down by 29% From the First Quarter of 2012, With Continued
Revenue Improvement and Steady Business Execution

EMERYVILLE, Calif., April 30, 2013 (GLOBE NEWSWIRE) -- Amyris, Inc.
(Nasdaq:AMRS), a leading renewable chemicals and fuels company, today
announced financial results for the first quarter ended March 31, 2013.

"With start up of our industrial-scale production plant in Brazil, Amyris has
begun supplying customers with farnesene-derived products from our very own
plant. Also, during the first quarter, we secured additional collaborations
and partnerships to underpin our business strategy and took action to reduce
our operating expenses," said John Melo, President & CEO of Amyris.


Below are some highlights from our activities during the first quarter of


  *Began commercial shipments of farnesene from our facility in Brazil
    following successful start-up of Amyris's plant located adjacent to the
    Paraiso sugarcane mill in Brotas, Sao Paulo.
  *Met the technical milestones at our plant in Brotas to satisfy the
    conditions for a follow-on common stock investment of $5 million from an
    existing Amyris investor.
  *Continued progress in reducing operating expenses, which were down 29%
    from the same quarter last year and down 14% from the fourth quarter of


  *Received confirmation from Total that they are satisfied with the progress
    of our farnesene technical development program to date. Total's
    anticipated $30 million funding will be available to Amyris in the second
  *Expanded collaboration with Firmenich to encompass development and
    commercialization of additional Flavors and Fragrances (F&F) compounds
    beyond the fragrance oil already nearing commercial production. Received
    $10 million in upfront funding and expect similar funding amounts in the
    coming years.
  *Agreed on terms for a collaboration with International Flavors &
    Fragrances, another leading F&F company, to develop a specific set of new
    fragrance ingredients.


  *Expanded Novvi joint venture with Cosan to include renewable additives and
    finished lubricants in addition to the joint venture's original scope of
    renewable base oils for industrial, commercial and automotive markets.
  *Selected Laserson as our new European distributor for squalane, our
    farnesene-derived emollient, further solidifying the global distribution
    network for bringing Amyris squalane to the market.
  *Delivered all required volumes of Amyris renewable diesel to U.S. Navy for
    testing against their marine diesel specifications.


Aggregate revenues for the quarter ended March 31, 2013 were $7.9 million
compared to aggregate revenues of $29.5 million in the first quarter of 2012.
Last year's first quarter revenues included $23.9 million of sales related to
the Company's ethanol and ethanol-blended gasoline trading business. The
Company transitioned out of this business in 2012. Of the $7.9 million in
aggregate revenues during the quarter ended March 31, 2013, $3.0 million was
related to renewable product sales compared to $2.4 million for the same
period in the prior year, and $4.9 million was related to collaboration and
grant revenue during the quarter ended March 31, 2013 compared to $3.2 million
for the same period in the prior year.

Cost of products sold declined to $9.0 million for the three months ended
March 31, 2013 from $43.8 million for the same period in the prior year. Last
year's first quarter's cost of products sold included costs related to the
Company's ethanol and ethanol-blended gasoline trading business. Cost of
products sold for the three months ended March 31, 2013 includes production
costs of farnesene-derived products, including certain costs related to the
scale-up in production of farnesene-derived products at the Company's first
owned plant at Brotas.

In the first quarter of 2012, the Company recorded a loss on purchase
commitments and write-off of production assets of $36.7 million. This loss was
a result of an evaluation of contract manufacturing agreements due to a plan
to shift a portion of production capacity from contract manufacturing
facilities to Amyris-owned plants that were then under construction.

Total research & development and sales, general & administrative expenses
declined 29.0% to $30.6 million from $43.1 million for the same quarter of the
prior year, primarily due to reductions in personnel-related costs and overall
lower spending.

GAAP net loss attributable to common stockholders for the quarter was $32.6
million ($0.44 per share) compared to a loss of $94.5 million ($1.88 per
share) in the comparable quarter of 2012. On a non-GAAP basis, excluding
stock-based compensation, loss on purchase commitments, and write-off of
production assets, the net loss attributable to common stockholders was $28.4
million ($0.39 per share) compared to $51.4 million ($1.02 per share) in the
prior year. A reconciliation of GAAP to non-GAAP results is included in this

The Company's balance of cash, cash equivalents and marketable securities at
the end of the first quarter was $24.9 million. In March 2013, the Company
sold 1,533,742 shares of common stock in a private placement to an existing
Amyris investor for cash proceeds of $5.0 million. In January 2013, the
Company received the remaining $15.0 million of cash proceeds from the private
placement offering that closed in December 2012, and also issued 5,033,557
shares of the Company's common stock to existing Amyris investors.


Amyris will discuss these results and provide a business update in a
conference call scheduled for today at 5:30 pm ET (2:30 pm PT). Investors may
access a live audio webcast of this conference call in the investor relations
section of the Company's website at A replay of
the webcast will be available on the investor relations section of the
Company's website approximately two hours after the conclusion of the call and
will remain available for approximately 60 calendar days.

About Amyris

Amyris is an integrated renewable products company focused on providing
sustainable alternatives to a broad range of petroleum-sourced products.
Amyris uses its industrial synthetic biology platform to convert plant sugars
into a variety of molecules -- flexible building blocks that can be used in a
wide range of products. Amyris's initial portfolio of commercial products is
based on Biofene®, Amyris's brand of renewable farnesene, a long-chain
hydrocarbon. Amyris is commercializing these products both as No Compromise®
renewable ingredients in cosmetics, flavors and fragrances, polymers,
lubricants and consumer products, and also as No Compromise renewable diesel
and jet fuel. Amyris Brasil Ltda., a subsidiary of Amyris, oversees the
establishment and expansion of Amyris's production in Brazil. More information
about Amyris is available at

Forward-Looking Statements

This release contains forward-looking statements, and any statements other
than statements of historical facts could be deemed to be forward-looking
statements. These forward-looking statements include, among other things,
statements regarding future events (such as expectations for availability of
funding from Total and for bringing products to market) that involve risks and
uncertainties. These statements are based on management's current expectations
and actual results and future events may differ materially due to risks and
uncertainties, including those associated with any delays or failures in
development, production and commercialization of products, liquidity and
ability to fund capital expenditures, Amyris's reliance on third parties to
achieve its goals, and other risks detailed in the "Risk Factors" section of
Amyris's Form 10-K filed on March 28, 2013. Amyris disclaims any obligation to
update information contained in these forward-looking statements whether as a
result of new information, future events, or otherwise.

Non-GAAP Financial Information

Consolidated financial information has been presented in accordance with GAAP
as well as on a non-GAAP basis. The non-GAAP financial measures exclude
non-cash items such as stock-based compensation. Management believes that it
is useful to supplement its GAAP financial statements with this non-GAAP
information because management uses such information internally for its
operating, budgeting and financial planning purposes. These non-GAAP financial
measures also facilitate management's internal comparisons to Amyris's
historical performance as well as comparisons to the operating results of
other companies. In addition, Amyris believes these non-GAAP financial
measures are useful to investors because they allow for greater transparency
into the indicators used by management as a basis for its financial and
operational decision making. Non-GAAP information is not prepared under a
comprehensive set of accounting rules and, therefore, should only be read in
conjunction with financial information reported under U.S. GAAP when
understanding Amyris's operating performance. Reconciliation between GAAP and
non-GAAP financial information is provided in the financial statement tables

Amyris, the Amyris logo, Biofene and No Compromise are trademarks or
registered trademarks of Amyris, Inc.

Amyris, Inc.                                                     
Condensed Consolidated Statement of Operations                    
(In thousands, except per share data)                             
                                                       March 31,
                                                      2013        2012
Product sales                                          $2,983    $26,307
Grants and collaborations revenue                      4,886      3,162
Total revenues                                         7,869      29,469
Costs and operating expenses                                      
Cost of products sold                                  8,960      43,811
Loss on purchase commitments and write off of          --        36,652
production assets
Research and development (1)                           15,754     21,344
Sales, general and administrative (1)                  14,827     21,715
Total costs and operating expenses                     39,541     123,522
Loss from operations                                   (31,672)   (94,053)
Other income (expense):                                           
Interest income                                        36         606
Interest expense                                       (1,562)    (1,054)
Other income (expense), net                            1,119      (151)
Total other expense                                    (407)      (599)
Loss before income taxes                               (32,079)   (94,652)
Provision for income taxes                             (236)      (244)
Net loss                                               $(32,315) $(94,896)
Net loss attributable to noncontrolling interest       (299)      348
Net loss attributable to Amyris, Inc. common           $(32,614) $(94,548)
Net loss per share attributable to common              $(0.44)   $(1.88)
stockholders, basic and diluted
Weighted-average shares of common stock outstanding
used in computing net loss per share of common stock,  73,306,860  50,214,192
basic and diluted
(1) Includes stock-based compensation expense of the              
following for the periods presented:
Research and development                              $1,247    $1,513
Sales, general and administrative                      2,946      5,008
                                                      $4,193    $6,521

Amyris, Inc.                                               
Condensed Consolidated Balance Sheets                       
(In thousands)                                              
                                                 March 31,  December 31,
                                                 2013       2012
Current assets:                                             
Cash, cash equivalents and short-term investments $24,855  $30,689
Accounts receivable, net                          7,541      3,846
Inventories, net                                  6,527      6,034
Prepaid expenses and other current assets         9,078      8,925
Total current assets                              48,001     49,494
Property and equipment, net                       162,253    163,121
Restricted cash                                   956       955
Other assets                                      20,778     20,112
Goodwill and intangible assets                    9,120      9,152
Total assets                                      $241,108 $242,834
Liabilities and Equity                                      
Current liabilities:                                        
Accounts payable                                  $14,161  $15,392
Deferred revenue                                  10,433    1,333
Accrued and other current liabilities             21,428    24,410
Capital lease obligation, current portion         998       1,366
Debt, current portion                             5,741     3,325
Total current liabilities                         52,761    45,826
Capital lease obligation, net of current portion  988       1,244
Long-term debt, net of current portion            61,663    61,806
Related party debt                                39,528    39,033
Deferred rent, net of current portion             8,129     8,508
Deferred revenue, net of current portion          5,000     4,255
Other liabilities                                 14,262    15,933
Total liabilities                                 182,331   176,605
Amyris, Inc. stockholders' equity                59,364    67,106
Noncontrolling interest                           (587)     (877)
Total stockholders' equity                       58,777    66,229
Total liabilities and stockholders' equity        $241,108 $242,834

Amyris, Inc.                                                     
Supplemental Consolidated Financial Information                  
(In thousands, except per share data)                             
                                                       March 31,
                                                      2013        2012
Other Selected Financial Information:                             
Capital expenditures and deposits on property and      $2,118    $21,777
Depreciation and amortization                          $4,390    $3,687
Product sales                                                     
Ethanol and ethanol-blended gasoline                   $--      $23,869
Renewables                                             2,983      2,438
Total product sales                                    $2,983    $26,307
Grants and collaborations                                         
Revenue recognized                                     $4,886    $3,162
Cash received                                          $11,761   $3,208
Reconciliationof GAAP to Non-GAAP Net Loss Per Share:            
Net loss attributable to Amyris Inc., common           $(32,614) $(94,548)
stockholders (GAAP)
Stock-based compensation expense                       4,193      6,521
Loss on purchase commitments and write off of          --        36,652
production assets
Net loss attributable to Amyris Inc., common           $(28,421) $(51,375)
stockholders (Non- GAAP)
Net loss per share attributed to common stockholders   $(0.44)   $(1.88)
basic and diluted (GAAP)
Stock-based compensation expense                       0.05       0.13
Loss on purchase commitments and write off of          --        0.73
production assets
Net loss per share attributed to common stockholders,  $(0.39)   $(1.02)
basic and diluted (Non-GAAP)

CONTACT: Amyris, Inc.
         Investor Relations
         Joel Velasco
         (510) 740-7481

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