x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
55-0856151
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
Large accelerated filer
|
x
|
Accelerated filer
|
¨
|
|
|
|
|
Non-accelerated filer
|
¨
|
Smaller reporting company
|
¨
|
Class
|
Outstanding at April 27, 2012
|
Common Stock, $0.0001 par value per share
|
56,318,669 shares
|
|
|
Page
|
|
PART I - FINANCIAL INFORMATION
|
|
Item 1.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
|
|
|
PART II - OTHER INFORMATION
|
|
|
|
|
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
|
||
Item 6.
|
||
|
||
|
Exhibit Index
|
|
|
March 31, 2012
|
|
December 31, 2011
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
103,417
|
|
|
$
|
95,703
|
|
Short-term investments
|
60
|
|
|
7,889
|
|
||
Accounts receivable, net of allowance of $245 and $245, respectively
|
4,707
|
|
|
6,936
|
|
||
Inventories
|
8,921
|
|
|
9,070
|
|
||
Prepaid expenses and other current assets
|
9,059
|
|
|
19,873
|
|
||
Total current assets
|
126,164
|
|
|
139,471
|
|
||
Property and equipment, net
|
150,702
|
|
|
128,101
|
|
||
Other assets
|
35,801
|
|
|
43,001
|
|
||
Goodwill and intangible assets
|
9,441
|
|
|
9,538
|
|
||
Total assets
|
$
|
322,108
|
|
|
$
|
320,111
|
|
Liabilities and Equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
26,010
|
|
|
$
|
26,379
|
|
Deferred revenue
|
3,411
|
|
|
3,139
|
|
||
Accrued and other current liabilities
|
30,860
|
|
|
30,982
|
|
||
Capital lease obligation, current portion
|
3,260
|
|
|
3,717
|
|
||
Debt, current portion
|
29,015
|
|
|
28,049
|
|
||
Total current liabilities
|
92,556
|
|
|
92,266
|
|
||
Capital lease obligation, net of current portion
|
1,986
|
|
|
2,619
|
|
||
Long-term debt, net of current portion
|
37,485
|
|
|
13,275
|
|
||
Deferred rent, net of current portion
|
9,619
|
|
|
9,957
|
|
||
Deferred revenue, net of current portion
|
4,087
|
|
|
4,097
|
|
||
Other liabilities
|
43,980
|
|
|
37,085
|
|
||
Total liabilities
|
189,713
|
|
|
159,299
|
|
||
Commitments and contingencies (Note 5)
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
||||
Preferred stock - $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock - $0.0001 par value, 100,000,000 shares authorized as of March 31, 2012 and December 31, 2011; 56,307,834 and 45,933,138 shares issued and outstanding as of March 31, 2012 and December 31, 2011, respectively
|
6
|
|
|
5
|
|
||
Additional paid-in capital
|
613,166
|
|
|
548,159
|
|
||
Accumulated other comprehensive loss
|
(4,540
|
)
|
|
(5,924
|
)
|
||
Accumulated deficit
|
(475,736
|
)
|
|
(381,188
|
)
|
||
Total Amyris, Inc. stockholders’ equity
|
132,896
|
|
|
161,052
|
|
||
Noncontrolling interest
|
(501
|
)
|
|
(240
|
)
|
||
Total stockholders' equity
|
132,395
|
|
|
160,812
|
|
||
Total liabilities and stockholders' equity
|
$
|
322,108
|
|
|
$
|
320,111
|
|
|
Three Months Ended March 31,
|
||||||
|
2012
|
|
2011
|
||||
Revenues
|
|
|
|
||||
Product sales
|
$
|
26,307
|
|
|
$
|
34,020
|
|
Grants and collaborations revenue
|
3,162
|
|
|
3,154
|
|
||
Total revenues
|
29,469
|
|
|
37,174
|
|
||
Cost and operating expenses
|
|
|
|
||||
Cost of product sales
|
43,811
|
|
|
34,382
|
|
||
Loss on purchase commitments and write off of production assets
|
36,652
|
|
|
—
|
|
||
Research and development
|
21,344
|
|
|
19,736
|
|
||
Sales, general and administrative
|
21,715
|
|
|
15,978
|
|
||
Total cost and operating expenses
|
123,522
|
|
|
70,096
|
|
||
Loss from operations
|
(94,053
|
)
|
|
(32,922
|
)
|
||
Other income (expense):
|
|
|
|
||||
Interest income
|
606
|
|
|
301
|
|
||
Interest expense
|
(1,054
|
)
|
|
(577
|
)
|
||
Other income (expense), net
|
(151
|
)
|
|
51
|
|
||
Total other income (expense)
|
(599
|
)
|
|
(225
|
)
|
||
Loss before income taxes
|
(94,652
|
)
|
|
(33,147
|
)
|
||
Provision for income taxes
|
(244
|
)
|
|
—
|
|
||
Net loss
|
$
|
(94,896
|
)
|
|
$
|
(33,147
|
)
|
Net loss attributable to noncontrolling interest
|
348
|
|
|
10
|
|
||
Net loss attributable to Amyris, Inc. common stockholders
|
$
|
(94,548
|
)
|
|
$
|
(33,137
|
)
|
Net loss per share attributable to common stockholders, basic and diluted
|
$
|
(1.88
|
)
|
|
$
|
(0.76
|
)
|
Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic and diluted
|
50,214,192
|
|
|
43,851,142
|
|
|
Three Months Ended March 31,
|
||||||
|
2012
|
|
2011
|
||||
Comprehensive loss:
|
|
|
|
||||
Net loss
|
$
|
(94,896
|
)
|
|
$
|
(33,147
|
)
|
Change in unrealized loss on investments
|
—
|
|
|
5
|
|
||
Foreign currency translation adjustment, net of tax
|
1,471
|
|
|
540
|
|
||
Total comprehensive loss
|
(93,425
|
)
|
|
(32,602
|
)
|
||
Loss attributable to noncontrolling interest
|
348
|
|
|
10
|
|
||
Foreign currency translation adjustment attributable to noncontrolling interest
|
(87
|
)
|
|
—
|
|
||
Comprehensive loss attributable to Amyris, Inc.
|
$
|
(93,164
|
)
|
|
$
|
(32,592
|
)
|
|
|
Common Stock
|
|
Additional
Paid-in
Capital
|
|
Accumulated
Deficit
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Noncontrolling
Interest
|
|
Total
Equity
|
|||||||||||||||
(In Thousands, Except Share and Per Share Amounts)
|
Shares
|
|
Amount
|
|
|||||||||||||||||||||||
December 31, 2011
|
|
45,933,138
|
|
|
$
|
5
|
|
|
$
|
548,159
|
|
|
$
|
(381,188
|
)
|
|
$
|
(5,924
|
)
|
|
$
|
(240
|
)
|
|
$
|
160,812
|
|
Issuance of common stock upon exercise of stock options, net of restricted stock
|
|
107,236
|
|
|
—
|
|
|
383
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
383
|
|
||||||
Issuance of common stock in a private placement, net of issuance cost of $340
|
|
10,160,325
|
|
|
1
|
|
|
58,386
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
58,387
|
|
||||||
Restricted stock units settlement, net of tax withholdings
|
|
107,188
|
|
|
—
|
|
|
(283
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(283
|
)
|
||||||
Repurchase of common stock
|
|
(53
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
6,521
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,521
|
|
||||||
Foreign currency translation adjustment, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,384
|
|
|
87
|
|
|
1,471
|
|
||||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(94,548
|
)
|
|
—
|
|
|
(348
|
)
|
|
(94,896
|
)
|
||||||
March 31, 2012
|
|
56,307,834
|
|
|
$
|
6
|
|
|
$
|
613,166
|
|
|
$
|
(475,736
|
)
|
|
$
|
(4,540
|
)
|
|
$
|
(501
|
)
|
|
$
|
132,395
|
|
|
Three Months Ended March 31,
|
||||||
|
2012
|
|
2011
|
||||
Operating activities
|
|
|
|
||||
Net loss
|
$
|
(94,896
|
)
|
|
$
|
(33,147
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
||||
Depreciation and amortization
|
3,687
|
|
|
2,105
|
|
||
Inventory write-down to net realizable value
|
8,127
|
|
|
357
|
|
||
Loss on disposal of property and equipment
|
2
|
|
|
—
|
|
||
Stock-based compensation
|
6,521
|
|
|
4,007
|
|
||
Amortization of premium on investments
|
—
|
|
|
457
|
|
||
Loss on purchase commitments and write off of production assets
|
36,652
|
|
|
—
|
|
||
Other noncash expenses
|
113
|
|
|
26
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
2,227
|
|
|
305
|
|
||
Inventories
|
(8,192
|
)
|
|
(5,072
|
)
|
||
Prepaid expenses and other assets
|
(691
|
)
|
|
(719
|
)
|
||
Accounts payable
|
(2,417
|
)
|
|
6,188
|
|
||
Accrued and other liabilities
|
(12,957
|
)
|
|
6,261
|
|
||
Deferred revenue
|
262
|
|
|
(141
|
)
|
||
Deferred rent
|
(294
|
)
|
|
(198
|
)
|
||
Net cash used in operating activities
|
(61,856
|
)
|
|
(19,571
|
)
|
||
Investing activities
|
|
|
|
||||
Purchase of short-term investments
|
(8,238
|
)
|
|
(1,767
|
)
|
||
Maturities of short-term investments
|
—
|
|
|
55,000
|
|
||
Sales of short-term investments
|
16,449
|
|
|
—
|
|
||
Acquisition of cash in noncontrolling interest
|
—
|
|
|
344
|
|
||
Purchase of property and equipment, net of disposals
|
(20,928
|
)
|
|
(13,917
|
)
|
||
Deposits on property and equipment
|
(849
|
)
|
|
(496
|
)
|
||
Net cash provided by (used in) investing activities
|
(13,566
|
)
|
|
39,164
|
|
||
Financing activities
|
|
|
|
||||
Proceeds from issuance of common stock, net of repurchases
|
93
|
|
|
122
|
|
||
Proceeds from issuance of common stock in private placement, net of issuance cost
|
58,606
|
|
|
—
|
|
||
Principal payments on capital leases
|
(1,091
|
)
|
|
(683
|
)
|
||
Proceeds from debt
|
25,004
|
|
|
7,577
|
|
||
Principal payments on debt
|
(705
|
)
|
|
(3,485
|
)
|
||
Initial public offering costs
|
—
|
|
|
(494
|
)
|
||
Net cash provided by financing activities
|
81,907
|
|
|
3,037
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
1,229
|
|
|
86
|
|
||
Net increase in cash and cash equivalents
|
7,714
|
|
|
22,716
|
|
||
Cash and cash equivalents at beginning of period
|
95,703
|
|
|
143,060
|
|
||
Cash and cash equivalents at end of period
|
$
|
103,417
|
|
|
$
|
165,776
|
|
|
Three Months Ended March 31,
|
||||||
|
2012
|
|
2011
|
||||
Supplemental disclosures of cash flow information:
|
|
|
|
||||
Cash paid for interest
|
$
|
755
|
|
|
$
|
539
|
|
Supplemental disclosures of noncash investing and financing activities:
|
|
|
|
||||
Acquisitions of assets under accounts payable and accrued liabilities
|
$
|
(321
|
)
|
|
$
|
2,906
|
|
Change in unrealized gain (loss) on investments
|
$
|
—
|
|
|
$
|
5
|
|
Change in unrealized gain (loss) on foreign currency
|
$
|
1,457
|
|
|
$
|
(517
|
)
|
Accrued offering cost of common stock in private placement
|
$
|
220
|
|
|
$
|
—
|
|
Accrued issuance cost of convertible notes
|
$
|
99
|
|
|
$
|
—
|
|
Accrued deferred offering costs
|
$
|
—
|
|
|
$
|
2
|
|
Receivable from stock option exercises
|
$
|
—
|
|
|
$
|
1,373
|
|
Issuance of common stock upon exercise of warrants
|
$
|
—
|
|
|
$
|
3,554
|
|
Long term deposits used for fixed assets
|
$
|
11,723
|
|
|
$
|
—
|
|
Customers
|
March 31, 2012
|
|
December 31, 2011
|
||
Customer A
|
15
|
%
|
|
20
|
%
|
Customer B
|
13
|
%
|
|
**
|
|
Customer C
|
11
|
%
|
|
**
|
|
Customer D
|
10
|
%
|
|
**
|
|
Customer E
|
14
|
%
|
|
10
|
%
|
Customer F
|
10
|
%
|
|
**
|
|
Balance at December 31, 2011
|
$
|
1,129
|
|
Additions
|
—
|
|
|
Foreign currency impacts and other adjustments
|
32
|
|
|
Accretion expenses recorded during the period
|
32
|
|
|
Balance at March 31, 2012
|
$
|
1,193
|
|
Machinery and equipment
|
7-15 years
|
Computers and software
|
3-5 years
|
Furniture and office equipment
|
5 years
|
Vehicles
|
5 years
|
|
March 31, 2012
|
|
December 31, 2011
|
||||
Foreign currency translation adjustment, net of tax
|
$
|
(4,540
|
)
|
|
$
|
(5,924
|
)
|
Total accumulated other comprehensive loss
|
$
|
(4,540
|
)
|
|
$
|
(5,924
|
)
|
|
Three Months Ended March 31,
|
||||||
|
2012
|
|
2011
|
||||
Numerator:
|
|
|
|
||||
Net loss attributable to Amyris, Inc. common stockholders
|
$
|
(94,548
|
)
|
|
$
|
(33,137
|
)
|
Denominator:
|
|
|
|
||||
Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic and diluted
|
50,214,192
|
|
|
43,851,142
|
|
||
Net loss per share attributable to common stockholders, basic and diluted
|
$
|
(1.88
|
)
|
|
$
|
(0.76
|
)
|
|
Three Months Ended March 31,
|
||||
|
2012
|
|
2011
|
||
Period-end stock options to purchase common stock
|
7,928,567
|
|
|
6,932,703
|
|
Convertible promissory notes
|
3,536,968
|
|
|
—
|
|
Period-end common stock subject to repurchase
|
5,564
|
|
|
25,446
|
|
Period-end common stock warrants
|
23,339
|
|
|
5,136
|
|
Period-end restricted stock units
|
219,183
|
|
|
341,333
|
|
Total
|
11,713,621
|
|
|
7,304,618
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Balance as of March 31, 2012
|
||||||||
Financial Assets
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
66,600
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
66,600
|
|
Certificates of deposit
|
20,465
|
|
|
—
|
|
|
—
|
|
|
20,465
|
|
||||
Derivative asset
|
57
|
|
|
—
|
|
|
—
|
|
|
57
|
|
||||
Total financial assets
|
$
|
87,122
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
87,122
|
|
Financial Liabilities
|
|
|
|
|
|
|
|
||||||||
Notes payable
|
$
|
—
|
|
|
$
|
2,859
|
|
|
$
|
—
|
|
|
$
|
2,859
|
|
Loan payable
|
—
|
|
|
19,513
|
|
|
—
|
|
|
19,513
|
|
||||
Credit facility
|
—
|
|
|
18,950
|
|
|
—
|
|
|
18,950
|
|
||||
Convertible notes
|
—
|
|
|
—
|
|
|
24,122
|
|
|
24,122
|
|
||||
Derivative liabilities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total financial liabilities
|
$
|
—
|
|
|
$
|
41,322
|
|
|
$
|
24,122
|
|
|
$
|
65,444
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Balance as of December 31, 2011
|
||||||||
Financial Assets
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
57,127
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
57,127
|
|
Certificates of Deposit
|
27,384
|
|
|
—
|
|
|
—
|
|
|
27,384
|
|
||||
US Government agency securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total financial assets
|
$
|
84,511
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
84,511
|
|
Financial Liabilities
|
|
|
|
|
|
|
|
||||||||
Derivative liabilities
|
$
|
18
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
18
|
|
Total financial liabilities
|
$
|
18
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
18
|
|
|
Asset/Liability as of
|
||||||||||
|
March 31, 2012
|
|
December 31, 2011
|
||||||||
Type of Derivative Contract
|
Quantity of
Short
Contracts
|
|
Fair Value
|
|
Quantity of
Short
Contracts
|
|
Fair Value
|
||||
Regulated fixed price futures contracts, included as asset in prepaid expenses and other current assets
|
15
|
|
$
|
57
|
|
|
—
|
|
$
|
—
|
|
Regulated fixed price futures contracts, included as liability in accounts payable
|
—
|
|
$
|
—
|
|
|
22
|
|
$
|
18
|
|
Type of Derivative Contract
|
|
Income
Statement Classification
|
Three Months Ended March 31,
|
||||||
2012
|
|
2011
|
|||||||
|
|
|
Gain (Loss) Recognized
|
||||||
Regulated fixed price futures contracts
|
|
Cost of product sales
|
$
|
(720
|
)
|
|
$
|
(1,850
|
)
|
|
March 31, 2012
|
||||||||||
|
Amortized
Cost
|
|
Unrealized Gain
(Loss)
|
|
Fair Value
|
||||||
Short-Term Investments
|
|
|
|
|
|
||||||
Certificates of Deposit
|
$
|
60
|
|
|
$
|
—
|
|
|
$
|
60
|
|
Total short-term investments
|
$
|
60
|
|
|
$
|
—
|
|
|
$
|
60
|
|
|
December 31, 2011
|
||||||||||
|
Amortized
Cost
|
|
Unrealized Gain
(Loss)
|
|
Fair Value
|
||||||
Short-Term Investments
|
|
|
|
|
|
||||||
Certificates of Deposit
|
$
|
7,889
|
|
|
$
|
—
|
|
|
$
|
7,889
|
|
Total short-term investments
|
$
|
7,889
|
|
|
$
|
—
|
|
|
$
|
7,889
|
|
|
March 31, 2012
|
|
December 31, 2011
|
||||
Raw materials
|
$
|
2,163
|
|
|
$
|
2,191
|
|
Work-in-process
|
936
|
|
|
1,237
|
|
||
Finished goods
|
5,822
|
|
|
5,642
|
|
||
Inventories, net
|
$
|
8,921
|
|
|
$
|
9,070
|
|
|
March 31, 2012
|
|
December 31, 2011
|
||||
Advances to contract manufacturers
(1)
|
$
|
1,032
|
|
|
$
|
10,748
|
|
Manufacturing catalysts
|
2,378
|
|
|
3,929
|
|
||
Recoverable VAT and other taxes
|
2,787
|
|
|
2,193
|
|
||
Other
|
2,862
|
|
|
3,003
|
|
||
Prepaid and other current assets
|
$
|
9,059
|
|
|
$
|
19,873
|
|
(1)
|
At
March 31, 2012 and December 31, 2011
, this amount includes
$764,000
and
$748,000
, respectively, of the current unamortized portion of equipment costs funded by the Company to a contract manufacturer. The related amortization is being offset against purchases of inventory.
|
|
March 31, 2012
|
|
December 31, 2011
|
||||
Leasehold improvements
|
$
|
39,704
|
|
|
$
|
40,011
|
|
Machinery and equipment
|
56,518
|
|
|
59,657
|
|
||
Computers and software
|
6,551
|
|
|
6,491
|
|
||
Furniture and office equipment
|
2,310
|
|
|
2,223
|
|
||
Vehicles
|
612
|
|
|
596
|
|
||
Construction in progress
|
74,796
|
|
|
45,318
|
|
||
|
$
|
180,491
|
|
|
154,296
|
|
|
Less: accumulated depreciation and amortization
|
(29,789
|
)
|
|
(26,195
|
)
|
||
Property and equipment, net
|
$
|
150,702
|
|
|
$
|
128,101
|
|
|
March 31, 2012
|
|
December 31, 2011
|
||||
Deferred charge asset
(1)
|
$
|
16,106
|
|
|
$
|
18,792
|
|
Deposits on property and equipment, including taxes
|
5,009
|
|
|
17,455
|
|
||
Advances to contract manufacturers, net of current portion
(2)
|
2,739
|
|
|
2,866
|
|
||
Recoverable taxes on purchased property and equipment and inventories
|
10,201
|
|
|
2,075
|
|
||
Other
|
1,746
|
|
|
1,813
|
|
||
Total other assets
|
$
|
35,801
|
|
|
$
|
43,001
|
|
(1)
|
The deferred charge asset relates to the collaboration agreement between the Company and Total (see Note 9).
|
(2)
|
At
March 31, 2012 and December 31, 2011
, the amount of
$2.7 million
and
$2.9 million
, respectively, relates to the non-current unamortized portion of equipment costs funded by the Company to a contract manufacturer. The related amortization is being offset against purchases of inventory.
|
|
March 31, 2012
|
|
December 31, 2011
|
||||
Professional services
|
$
|
3,337
|
|
|
$
|
4,384
|
|
Accrued vacation
|
2,891
|
|
|
2,761
|
|
||
Payroll and related expenses
|
7,141
|
|
|
6,343
|
|
||
Construction in progress
|
1,324
|
|
|
4,992
|
|
||
Tax-related liabilities
|
1,151
|
|
|
2,180
|
|
||
Deferred rent, current portion
|
1,318
|
|
|
1,274
|
|
||
Contractual obligations to contract manufacturers
|
11,228
|
|
|
—
|
|
||
Customer advances
|
625
|
|
|
3,667
|
|
||
Refundable exercise price on early exercise of stock options
|
22
|
|
|
30
|
|
||
Other
|
1,823
|
|
|
5,351
|
|
||
Total accrued and other current liabilities
|
$
|
30,860
|
|
|
$
|
30,982
|
|
|
March 31, 2012
|
|
December 31, 2011
|
||||
Contingently repayable advance from related party collaborator
(1)
|
$
|
31,922
|
|
|
$
|
31,922
|
|
Bonus payable to contract manufacturer, non-current
|
2,500
|
|
|
2,500
|
|
||
Contractual obligations to contract manufacturers, non-current
|
6,446
|
|
|
—
|
|
||
Asset retirement obligations
|
1,193
|
|
|
1,129
|
|
||
Other
|
1,919
|
|
|
1,534
|
|
||
Total other liabilities
|
$
|
43,980
|
|
|
$
|
37,085
|
|
(1)
|
The contingently repayable advance from related party collaborator relates to the collaboration agreement between the Company and Total.
|
Years ending December 31:
|
Sale/Leaseback
|
||
2012 (Nine Months)
|
$
|
823
|
|
2013
|
1,098
|
|
|
2014
|
1,007
|
|
|
2015
|
289
|
|
|
2016
|
—
|
|
|
Thereafter
|
—
|
|
|
Total future minimum lease payments
|
3,217
|
|
|
Less: amount representing interest
|
(296
|
)
|
|
Present value of minimum lease payments
|
2,921
|
|
|
Less: current portion
|
(935
|
)
|
|
Long-term portion
|
$
|
1,986
|
|
Years ending December 31:
|
Capital Leases
|
||
2012 (Nine Months)
|
$
|
2,885
|
|
2013
|
1,489
|
|
|
2014
|
1,006
|
|
|
2015
|
289
|
|
|
2016
|
—
|
|
|
Thereafter
|
—
|
|
|
Total future minimum lease payments
|
5,669
|
|
|
Less: amount representing interest
|
(423
|
)
|
|
Present value of minimum lease payments
|
5,246
|
|
|
Less: current portion
|
(3,260
|
)
|
|
Long-term portion
|
$
|
1,986
|
|
Years ending December 31:
|
Operating
Leases -
Facilities
|
|
Operating
Leases -
Land
|
|
Total
Operating
Leases
|
||||||
2012 (Nine Months)
|
$
|
4,939
|
|
|
$
|
142
|
|
|
$
|
5,081
|
|
2013
|
6,288
|
|
|
190
|
|
|
6,478
|
|
|||
2014
|
6,372
|
|
|
190
|
|
|
6,562
|
|
|||
2015
|
6,550
|
|
|
190
|
|
|
6,740
|
|
|||
2016
|
6,681
|
|
|
190
|
|
|
6,871
|
|
|||
Thereafter
|
9,237
|
|
|
2,018
|
|
|
11,255
|
|
|||
Total future minimum lease payments
|
$
|
40,067
|
|
|
$
|
2,920
|
|
|
$
|
42,987
|
|
|
March 31, 2012
|
|
December 31, 2011
|
||||
Credit facilities
|
$
|
19,182
|
|
|
$
|
18,852
|
|
Notes payable
|
27,813
|
|
|
3,113
|
|
||
Loans payable
|
19,505
|
|
|
19,359
|
|
||
Total debt
|
66,500
|
|
|
41,324
|
|
||
Less: current portion
|
(29,015
|
)
|
|
(28,049
|
)
|
||
Long-term debt
|
$
|
37,485
|
|
|
$
|
13,275
|
|
•
|
The Company will share with FINEP the costs associated with the FINEP Project. At a minimum, the Company will contribute from its own funds approximately
R$14.5 million
reais (
US$8.0 million
based on the exchange rate at
March 31, 2012
) of which the Company expects
R$11.1 million
reais to be contributed prior to the release of the second disbursement, which is expected to occur in 2012;
|
•
|
After the release of the first disbursement, prior to any subsequent drawdown from the FINEP Credit Facility, the Company is required to provide bank letters of guarantee of up to
R$3.3 million
reais in aggregate (approximately
US$1.8 million
based on the exchange rate at
March 31, 2012
);
|
•
|
Amounts released from the FINEP Credit Facility must be completely used by the Company towards the FINEP Project within
30
months after the contract execution.
|
Years ending December 31:
|
Notes Payable
|
|
Loans Payable
|
|
Credit Facility
|
||||||
2012 (Nine Months)
|
$
|
1,111
|
|
|
$
|
19,539
|
|
|
$
|
8,636
|
|
2013
|
846
|
|
|
144
|
|
|
2,935
|
|
|||
2014
|
431
|
|
|
45
|
|
|
2,784
|
|
|||
2015
|
431
|
|
|
45
|
|
|
2,621
|
|
|||
2016
|
431
|
|
|
45
|
|
|
2,495
|
|
|||
Thereafter
|
25,492
|
|
|
44
|
|
|
2,528
|
|
|||
Total future minimum payments
|
28,742
|
|
|
19,862
|
|
|
21,999
|
|
|||
Less: amount representing interest
|
(929
|
)
|
|
(357
|
)
|
|
(2,817
|
)
|
|||
Present value of minimum debt payments
|
27,813
|
|
|
19,505
|
|
|
19,182
|
|
|||
Less: current portion
|
(1,231
|
)
|
|
(19,335
|
)
|
|
(8,449
|
)
|
|||
Noncurrent portion of debt
|
$
|
26,582
|
|
|
$
|
170
|
|
|
$
|
10,733
|
|
Balance as of December 31, 2009
|
$
|
5,506
|
|
Proceeds from redeemable noncontrolling interest
|
7,041
|
|
|
Conversion of shares of Amyris Brasil S.A. subsidiary held by third parties into common stock
|
(11,870
|
)
|
|
Foreign currency translation adjustment
|
217
|
|
|
Net loss
|
(894
|
)
|
|
Balance as of December 31, 2010
|
$
|
—
|
|
(In thousands)
|
March 31, 2012
|
|
December 31, 2011
|
||||
Assets
|
$
|
26,985
|
|
|
$
|
22,094
|
|
Liabilities
|
$
|
1,502
|
|
|
$
|
2,873
|
|
|
2012
|
|
2011
|
||||
Balance at January 1
|
$
|
(240
|
)
|
|
$
|
2
|
|
Addition to noncontrolling interest
|
—
|
|
|
346
|
|
||
Foreign currency translation adjustment
|
87
|
|
|
—
|
|
||
Loss attributable to noncontrolling interest
|
(348
|
)
|
|
(10
|
)
|
||
Balance at March 31
|
$
|
(501
|
)
|
|
$
|
338
|
|
Purchase Consideration:
|
|
|
||
(in thousands)
|
|
|
||
Fair value of common stock issued to Draths
|
|
$
|
7,000
|
|
Cash paid to Draths
|
|
2,934
|
|
|
Total purchase consideration
|
|
$
|
9,934
|
|
Allocation of Purchase Price:
|
|
|
||
(in thousands)
|
|
|
||
Property and Equipment
|
|
$
|
713
|
|
Other
|
|
101
|
|
|
In-process research and development
|
|
8,560
|
|
|
Goodwill
|
|
560
|
|
|
Total purchase consideration
|
|
$
|
9,934
|
|
|
|
Expiration Date
|
|
Exercise
Price per Share
|
|
Shares as of
|
||||||
Underlying Stock
|
|
|
|
March 31, 2012
|
|
December 31, 2011
|
||||||
Common Stock
|
|
1/31/2018
|
|
$
|
24.88
|
|
|
—
|
|
|
2,884
|
|
Common Stock
|
|
9/23/2018
|
|
$
|
25.26
|
|
|
2,252
|
|
|
2,252
|
|
Common Stock
|
|
12/23/2021
|
|
$
|
10.67
|
|
|
21,087
|
|
|
21,087
|
|
Total
|
|
|
|
|
|
23,339
|
|
|
26,223
|
|
|
|
|
Number
Outstanding
|
|
Weighted -
Average
Exercise
Price
|
|
Weighted -
Average
Remaining
Contractual
Life (Years)
|
|
Aggregate
Intrinsic
Value
|
||||||
|
|
|
|
|
|
|
|
|
(in thousands)
|
||||||
Outstanding - December 31, 2011
|
|
8,377,016
|
|
|
$
|
14.05
|
|
|
7.9
|
|
|
$
|
29,127
|
|
|
|
Options granted
|
|
48,050
|
|
|
$
|
7.98
|
|
|
|
|
|
|||
|
Options exercised
|
|
(107,236
|
)
|
|
$
|
3.50
|
|
|
|
|
|
|||
|
Options cancelled
|
|
(389,263
|
)
|
|
$
|
24.50
|
|
|
|
|
|
|||
Outstanding - March 31, 2012
|
|
7,928,567
|
|
|
$
|
13.64
|
|
|
7.5
|
|
|
$
|
6,984
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Vested and expected to vest after March 31, 2012
|
|
7,630,066
|
|
|
$
|
13.41
|
|
|
7.5
|
|
|
$
|
6,961
|
|
|
Exercisable at March 31, 2012
|
|
3,956,629
|
|
|
$
|
9.07
|
|
|
6.6
|
|
|
$
|
6,374
|
|
|
|
RSUs
|
|
Weighted Average Grant-Date Fair Value
|
|
Weighted Average Remaining Contractual Life (Years)
|
||||
Outstanding - December 31, 2011
|
375,189
|
|
|
$
|
29.84
|
|
|
1.4
|
|
|
Awarded
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
Vested
|
|
(122,673
|
)
|
|
$
|
30.30
|
|
|
—
|
|
Forfeited
|
|
(33,333
|
)
|
|
$
|
30.30
|
|
|
—
|
|
Outstanding - March 31, 2012
|
219,183
|
|
|
$
|
29.51
|
|
|
1.2
|
|
|
Expected to vest after March 31, 2012
|
205,093
|
|
|
$
|
29.51
|
|
|
1.1
|
|
|
Options Outstanding
|
|
Options Exercisable
|
|||||||||||||
Exercise Price
|
Number of Options
|
|
Weighted -
Average
Remaining
Contractual Life
(Years)
|
|
Weighted Average Exercise Price
|
|
Number of Options
|
|
Weighted Average Exercise Price
|
|||||||
$0.10—$0.10
|
22,500
|
|
|
3.7
|
|
|
$
|
0.10
|
|
|
22,500
|
|
|
$
|
0.10
|
|
$0.28—$0.28
|
818,420
|
|
|
4.9
|
|
|
$
|
0.28
|
|
|
817,861
|
|
|
$
|
0.28
|
|
$1.50—$1.50
|
187,668
|
|
|
5.3
|
|
|
$
|
1.50
|
|
|
181,434
|
|
|
$
|
1.50
|
|
$3.93—$3.93
|
1,216,710
|
|
|
6.0
|
|
|
$
|
3.93
|
|
|
982,039
|
|
|
$
|
3.93
|
|
$4.31—$5.49
|
770,749
|
|
|
7.5
|
|
|
$
|
4.35
|
|
|
410,571
|
|
|
$
|
4.31
|
|
$9.32—$9.32
|
921,628
|
|
|
7.7
|
|
|
$
|
9.32
|
|
|
364,806
|
|
|
$
|
9.32
|
|
$10.44—$16.50
|
940,230
|
|
|
8.6
|
|
|
$
|
14.93
|
|
|
309,703
|
|
|
$
|
15.52
|
|
$16.53—$24.20
|
1,069,064
|
|
|
8.3
|
|
|
$
|
21.63
|
|
|
381,886
|
|
|
$
|
21.81
|
|
$24.50—$26.50
|
211,450
|
|
|
9.2
|
|
|
$
|
25.73
|
|
|
10,458
|
|
|
$
|
26.12
|
|
$26.84—$30.17
|
1,770,148
|
|
|
8.7
|
|
|
$
|
27.30
|
|
|
475,371
|
|
|
$
|
27.20
|
|
$0.10—$30.17
|
7,928,567
|
|
|
7.5
|
|
|
$
|
13.64
|
|
|
3,956,629
|
|
|
$
|
9.07
|
|
|
Three Months Ended March 31,
|
||||||
|
2012
|
|
2011
|
||||
Research and development
|
$
|
1,513
|
|
|
$
|
977
|
|
Sales, general and administrative
|
5,008
|
|
|
3,030
|
|
||
Total stock-based compensation expense
|
$
|
6,521
|
|
|
$
|
4,007
|
|
|
Three Months Ended March 31,
|
||||||
|
2012
|
|
2011
|
||||
Research and development
|
$
|
1,511
|
|
|
$
|
964
|
|
Sales, general and administrative
|
4,950
|
|
|
2,748
|
|
||
Total stock-based compensation expense
|
$
|
6,461
|
|
|
$
|
3,712
|
|
|
Three Months Ended March 31,
|
||||
|
2012
|
|
2011
|
||
Expected dividend yield
|
—
|
%
|
|
—
|
%
|
Risk-free interest rate
|
1.3
|
%
|
|
2.3
|
%
|
Expected term (in years)
|
5.9
|
|
|
6.0
|
|
Expected volatility
|
75
|
%
|
|
87
|
%
|
|
Three Months Ended March 31,
|
||||
|
2012
|
|
2011
|
||
Expected dividend yield
|
—
|
%
|
|
—
|
%
|
Risk-free interest rate
|
1.8
|
%
|
|
3.0
|
%
|
Expected term (in years)
|
7.3
|
|
|
8.2
|
|
Expected volatility
|
75
|
%
|
|
87
|
%
|
|
Three Months Ended March 31,
|
||||||
|
2012
|
|
2011
|
||||
United States
|
$
|
26,306
|
|
|
$
|
37,174
|
|
Brazil
|
875
|
|
|
—
|
|
||
Europe
|
1,938
|
|
|
—
|
|
||
Asia
|
350
|
|
|
—
|
|
||
Total
|
$
|
29,469
|
|
|
$
|
37,174
|
|
|
March 31, 2012
|
|
December 31, 2011
|
||||
|
|||||||
United States
|
$
|
75,373
|
|
|
$
|
76,108
|
|
Brazil
|
71,004
|
|
|
48,240
|
|
||
Europe
|
4,325
|
|
|
3,753
|
|
||
Total
|
$
|
150,702
|
|
|
$
|
128,101
|
|
|
|
Three Months Ended March 31,
|
||||
|
|
2012
|
|
2011
|
||
Expected dividend yield
|
|
—
|
%
|
|
—
|
%
|
Risk-free interest rate
|
|
1.3
|
%
|
|
2.3
|
%
|
Expected term (in years)
|
|
5.9
|
|
|
6.0
|
|
Expected volatility
|
|
75
|
%
|
|
87
|
%
|
|
Three Months Ended March 31,
|
||||||
|
2012
|
|
2011
|
||||
|
(In Thousands, Except share and Per Share Amounts)
|
||||||
Consolidated Statement of Operations Data:
|
|
|
|||||
Revenues
|
|
|
|
||||
Product sales
|
$
|
26,307
|
|
|
$
|
34,020
|
|
Grants and collaborations revenue
|
3,162
|
|
|
3,154
|
|
||
Total revenues
|
29,469
|
|
|
37,174
|
|
||
Cost and operating expenses
|
|
|
|
||||
Cost of product sales
|
43,811
|
|
|
34,382
|
|
||
Loss on purchase commitments and write off of production assets
|
36,652
|
|
|
—
|
|
||
Research and development
(1)
|
21,344
|
|
|
19,736
|
|
||
Sales, general and administrative
(1)
|
21,715
|
|
|
15,978
|
|
||
Total cost and operating expenses
|
123,522
|
|
|
70,096
|
|
||
Loss from operations
|
(94,053
|
)
|
|
(32,922
|
)
|
||
Other income (expense):
|
|
|
|
||||
Interest income
|
606
|
|
|
301
|
|
||
Interest expense
|
(1,054
|
)
|
|
(577
|
)
|
||
Other income (expense), net
|
(151
|
)
|
|
51
|
|
||
Total other income (expense)
|
(599
|
)
|
|
(225
|
)
|
||
Loss before income taxes
|
(94,652
|
)
|
|
(33,147
|
)
|
||
Provision for income taxes
|
(244
|
)
|
|
—
|
|
||
Net loss
|
$
|
(94,896
|
)
|
|
$
|
(33,147
|
)
|
Net loss attributable to noncontrolling interest
|
348
|
|
|
10
|
|
||
Net loss attributable to Amyris, Inc. common stockholders
|
$
|
(94,548
|
)
|
|
$
|
(33,137
|
)
|
Net loss per share attributable to common stockholders, basic and diluted
|
$
|
(1.88
|
)
|
|
$
|
(0.76
|
)
|
Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic and diluted
|
50,214,192
|
|
|
43,851,142
|
|
|
|
Three Months Ended March 31,
|
|
Year-to Year
Change
|
|
Percentage
Change
|
|||||||||
|
|
2012
|
|
2011
|
|
||||||||||
|
|
(Dollars in thousands)
|
|
|
|||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|||||||
Product sales
|
|
$
|
26,307
|
|
|
$
|
34,020
|
|
|
$
|
(7,713
|
)
|
|
(23
|
)%
|
Grants and collaborations revenue
|
|
3,162
|
|
|
3,154
|
|
|
8
|
|
|
—
|
%
|
|||
Total revenues
|
|
$
|
29,469
|
|
|
$
|
37,174
|
|
|
$
|
(7,705
|
)
|
|
(21
|
)%
|
|
|
Three Months Ended March 31,
|
|
Year-to Year
Change
|
|
Percentage
Change
|
|||||||||
|
|
2012
|
|
2011
|
|
||||||||||
|
|
(Dollars in thousands)
|
|
|
|||||||||||
Cost of product sales
|
|
$
|
43,811
|
|
|
$
|
34,382
|
|
|
$
|
9,429
|
|
|
27
|
%
|
Loss on purchase commitments and write off of production assets
|
|
36,652
|
|
|
—
|
|
|
36,652
|
|
|
nm
|
|
|||
Research and development
|
|
21,344
|
|
|
19,736
|
|
|
1,608
|
|
|
8
|
%
|
|||
Sales, general and administrative
|
|
21,715
|
|
|
15,978
|
|
|
5,737
|
|
|
36
|
%
|
|||
Total cost and operating expenses
|
|
$
|
123,522
|
|
|
$
|
70,096
|
|
|
$
|
53,426
|
|
|
76
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
Year-to Year
Change
|
|
Percentage
Change
|
|||||||||
|
|
2012
|
|
2011
|
|
||||||||||
|
|
(Dollars in thousands)
|
|
|
|||||||||||
Other income (expense):
|
|
|
|
|
|
|
|
|
|||||||
Interest income
|
|
$
|
606
|
|
|
$
|
301
|
|
|
$
|
305
|
|
|
101
|
%
|
Interest expense
|
|
(1,054
|
)
|
|
(577
|
)
|
|
(477
|
)
|
|
83
|
%
|
|||
Other income, net
|
|
(151
|
)
|
|
51
|
|
|
(202
|
)
|
|
(396
|
)%
|
|||
Total other expense
|
|
$
|
(599
|
)
|
|
$
|
(225
|
)
|
|
$
|
(374
|
)
|
|
166
|
%
|
|
|
March 31, 2012
|
|
December 31, 2011
|
||||
|
|
(Dollars in thousands)
|
||||||
Working capital
|
|
$
|
33,608
|
|
|
$
|
47,205
|
|
Cash and cash equivalents and short-term investments
|
|
$
|
103,477
|
|
|
$
|
103,592
|
|
Debt and capital lease obligations
|
|
$
|
71,746
|
|
|
$
|
47,660
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2012
|
|
2011
|
||||
|
|
(Dollars in thousands)
|
||||||
Net cash used in operating activities
|
|
$
|
(61,856
|
)
|
|
$
|
(19,571
|
)
|
Net cash provided by (used in) investing activities
|
|
$
|
(13,566
|
)
|
|
$
|
39,164
|
|
Net cash provided by financing activities
|
|
$
|
81,907
|
|
|
$
|
3,037
|
|
•
|
We will share with FINEP the costs associated with the FINEP Project. At a minimum, we will contribute approximately R$14.5 million Brazilian reais (
US$8.0 million
based on the exchange rate at
March 31, 2012
) of which R$11.1 million reais to be contributed prior to the release of the second disbursement, which is expected to occur in 2012;
|
•
|
After the release of the first disbursement, prior to any subsequent drawdown from the FINEP Credit Facility, we are required to provide letters of guarantee of up to R$3.3 million reais in aggregate (approximately
US$1.8 million
based on the exchange rate at
March 31, 2012
);
|
•
|
Amounts released from the FINEP Credit Facility must be completely used by us towards the FINEP Project within 30 months after the contract execution.
|
|
|
Total
|
|
2012
(Nine Months)
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
Thereafter
|
||||||||||||||
Principal payments on long-term debt
|
|
$
|
66,500
|
|
|
$
|
27,941
|
|
|
$
|
3,003
|
|
|
$
|
2,517
|
|
|
$
|
2,545
|
|
|
$
|
2,575
|
|
|
$
|
27,919
|
|
Interest payments on long-term debt, fixed rate
(1)
|
|
3,838
|
|
|
1,080
|
|
|
922
|
|
|
743
|
|
|
552
|
|
|
396
|
|
|
145
|
|
|||||||
Interest payments on long-term debt, variable rate
(2)
|
|
265
|
|
|
265
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Operating leases
|
|
42,987
|
|
|
5,081
|
|
|
6,478
|
|
|
6,562
|
|
|
6,740
|
|
|
6,871
|
|
|
11,255
|
|
|||||||
Principal payments on capital leases
|
|
5,246
|
|
|
2,637
|
|
|
1,366
|
|
|
956
|
|
|
287
|
|
|
—
|
|
|
—
|
|
|||||||
Interest payments on capital leases
|
|
423
|
|
|
248
|
|
|
123
|
|
|
50
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|||||||
Terminal storage costs
|
|
313
|
|
|
305
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Purchase obligations
(3)
|
|
74,029
|
|
|
25,260
|
|
|
16,387
|
|
|
14,292
|
|
|
9,855
|
|
|
8,235
|
|
|
—
|
|
|||||||
Total
|
|
$
|
193,601
|
|
|
$
|
62,817
|
|
|
$
|
28,287
|
|
|
$
|
25,120
|
|
|
$
|
19,981
|
|
|
$
|
18,077
|
|
|
$
|
39,319
|
|
(1)
|
For fixed rate facilities, the interest rates are more fully described in Note 6 of our consolidated financial statements.
|
(2)
|
For variable rate facilities, amounts are based on weighted average interest rate which was
3.8%
as of
March 31, 2012
.
|
(3)
|
Purchase obligations include non-cancelable contractual obligations and construction commitments of
$70.9 million
, of which
$21.2 million
have been accrued as loss on purchase commitments.
|
•
|
delays or failures in securing licenses, permits or other governmental approvals necessary to build and operate facilities and use our yeast strains to produce products;
|
•
|
rapid consolidation in the sugar and ethanol industries in Brazil, which could result in a decrease in competition;
|
•
|
political, economic, diplomatic or social instability in or affecting Brazil;
|
•
|
changing interest rates;
|
•
|
tax burden and policies;
|
•
|
effects of changes in currency exchange rates;
|
•
|
exchange controls and restrictions on remittances abroad;
|
•
|
inflation;
|
•
|
land reform movements;
|
•
|
export or import restrictions that limit our ability to move our products out of Brazil or interfere with the import of essential materials into Brazil;
|
•
|
changes in or interpretations of foreign regulations that may adversely affect our ability to sell our products or repatriate profits to the U.S.;
|
•
|
tariffs, trade protection measures and other regulatory requirements;
|
•
|
successful compliance with U.S. and foreign laws that regulate the conduct of business abroad;
|
•
|
an inability, or reduced ability, to protect our intellectual property in Brazil including any effect of compulsory licensing imposed by government action; and
|
•
|
difficulties and costs of staffing and managing foreign operations.
|
•
|
product price;
|
•
|
product performance and other measures of quality;
|
•
|
infrastructure compatibility of products;
|
•
|
sustainability; and
|
•
|
dependability of supply.
|
•
|
achievement, or failure to achieve, technology, product development or manufacturing milestones needed to allow us to enter identified markets on a cost effective basis;
|
•
|
delays or greater than anticipated expenses associated with the completion or commissioning of new production facilities, or the time to ramp up and stabilize production following completion of a new production facility;
|
•
|
impairment of assets based on shifting business priorities and working capital limitations;
|
•
|
disruptions in the production process at any facility where we produce our products;
|
•
|
losses associated with producing our products as we ramp to commercial production levels;
|
•
|
any failure to recover value added tax (VAT) that we currently reflect as recoverable in our financial statements (e.g., due to failure to meet conditions for reimbursement of VAT under local law);
|
•
|
the timing, size and mix of sales to customers for our products;
|
•
|
increases in price or decreases in availability of feedstock;
|
•
|
the unavailability of contract manufacturing capacity altogether or at anticipated cost;
|
•
|
fluctuations in foreign currency exchange rates;
|
•
|
gains or losses associated with our hedging activities, especially in Amyris Fuels;
|
•
|
fluctuations in the price of and demand for sugar, ethanol, and petroleum-based and other products for which our products are alternatives;
|
•
|
seasonal production and sale of our products;
|
•
|
the effects of competitive pricing pressures, including decreases in average selling prices of our products;
|
•
|
unanticipated expenses associated with changes in governmental regulations and environmental, health and safety requirements;
|
•
|
reductions or changes to existing fuel and chemical regulations and policies;
|
•
|
departure of executives or other key management employees;
|
•
|
our ability to use our net operating loss carry forwards to offset future taxable income;
|
•
|
business interruptions such as earthquakes and other natural disasters;
|
•
|
our ability to integrate businesses that we may acquire;
|
•
|
risks associated with the international aspects of our business; and
|
•
|
changes in general economic, industry and market conditions, both domestically and in our foreign markets.
|
•
|
manage multiple research and development programs;
|
•
|
operate multiple manufacturing facilities around the world;
|
•
|
develop and improve our operational, financial and management controls;
|
•
|
enhance our reporting systems and procedures;
|
•
|
recruit, train and retain highly skilled personnel;
|
•
|
develop and maintain our relationships with existing and potential business partners;
|
•
|
maintain our quality standards; and
|
•
|
maintain customer satisfaction.
|
•
|
we or our licensors were the first to make the inventions covered by each of our issued patents and pending patent applications;
|
•
|
we or our licensors were the first to file patent applications for these inventions;
|
•
|
others will independently develop similar or alternative technologies or duplicate any of our technologies;
|
•
|
any of our or our licensors' patents will be valid or enforceable;
|
•
|
any patents issued to us or our licensors will provide us with any competitive advantages, or will be challenged by third parties;
|
•
|
we will develop additional proprietary products or technologies that are patentable; or
|
•
|
the patents of others will have an adverse effect on our business.
|
•
|
infringement and other intellectual property claims, which could be costly and time consuming to litigate, whether or not the claims have merit, and which could delay getting our products to market and divert management attention from our business;
|
•
|
substantial damages for past infringement, which we may have to pay if a court determines that our product candidates or technologies infringe a competitor's patent or other proprietary rights;
|
•
|
a court prohibiting us from selling or licensing our technologies or future products unless the holder licenses the patent or other proprietary rights to us, which it is not required to do; and
|
•
|
if a license is available from a third party, we may have to pay substantial royalties or grant cross licenses to our patents or proprietary rights.
|
•
|
fluctuations in our financial results or outlook or those of companies perceived to be similar to us;
|
•
|
changes in estimates of our financial results or recommendations by securities analysts;
|
•
|
changes in market valuations of similar companies;
|
•
|
changes in the prices of commodities associated with our business such as sugar, ethanol and petroleum;
|
•
|
changes in our capital structure, such as future issuances of securities or the incurrence of debt;
|
•
|
announcements by us or our competitors of significant contracts, acquisitions or strategic alliances;
|
•
|
regulatory developments in the U.S., Brazil, and/or other foreign countries;
|
•
|
litigation involving us, our general industry or both;
|
•
|
additions or departures of key personnel;
|
•
|
investors' general perception of us; and
|
•
|
changes in general economic, industry and market conditions.
|
•
|
staggered board of directors;
|
•
|
authorizing the board to issue, without stockholder approval, preferred stock with rights senior to those of our common stock;
|
•
|
authorizing the board to amend our bylaws and to fill board vacancies until the next annual meeting of the stockholders;
|
•
|
prohibiting stockholder action by written consent;
|
•
|
limiting the liability of, and providing indemnification to, our directors and officers;
|
•
|
not authorizing our stockholders to call a special stockholder meeting;
|
•
|
eliminating the ability of our stockholders to call special meetings; and
|
•
|
requiring advance notification of stockholder nominations and proposals.
|
Period
|
Total Number of Shares Purchased(1)
|
Average Price Paid Per Share(1)
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
|
January 1, 2012 through January 31, 2012
|
—
|
—
|
—
|
—
|
February 1, 2012 through February 29, 2012
|
—
|
—
|
—
|
—
|
March 1, 2012 through March 31, 2012
|
53
|
$3.52
|
—
|
—
|
(1)
|
Historically under our 2005 Plan, we allowed employees to exercise options prior to vesting. We have the right to repurchase at the original purchase price any unvested (but issued) common shares upon termination of service of an employee. The repurchases reflected in this table constitute repurchases of outstanding unvested shares at the original exercise price from employees who departed during the quarter.
|
|
|
AMYRIS, INC.
|
|
|
|
|
|
Dated:
|
May 9, 2012
|
By:
|
/
S
/ J
OHN
G. M
ELO
|
|
|
|
John G. Melo
President and Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
|
Dated:
|
May 9, 2012
|
By:
|
/
S
/
STEVEN R. MILLS
|
|
|
|
STEVEN R. MILLS
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
Exhibit
Index
|
|
|
|
Previously Filed
|
|
Filed
Herewith
|
||||||
Description
|
|
Form
|
|
File No.
|
|
Filing Date
|
|
Exhibit
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
3.01
|
|
Restated Certificate of Incorporation
|
|
10-Q
|
|
001-34885
|
|
November 10, 2010
|
|
3.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.02
|
|
Restated Bylaws
|
|
10-Q
|
|
001-34885
|
|
November 10, 2010
|
|
3.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.01
a
|
|
Securities Purchase Agreement, dated February 22, 2012, among registrant and certain investors listed therein
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.02
a
|
|
Agreement, dated February 23, 2012, among registrant, Maxwell (Mauritius) Pte Ltd, Naxyris SA, Biolding Investment SA and Sualk Capital Ltd.
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.03
|
|
First Amendment to Amended and Restated Investors' Rights Agreement, dated February 23, 2012, among registrant and registrant's security holders listed therein
|
|
S-3
|
|
333-180005
|
|
March 9, 2012
|
|
4.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.04
|
|
Securities Purchase Agreement dated February 24, 2012 among registrant and certain investment funds affiliated with Fidelity Investments Institutional Services Company, Inc. listed therein (the “Purchasers”)
|
|
S-3
|
|
333-180005
|
|
March 9, 2012
|
|
4.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.05
|
|
Form of Unsecured Senior Convertible Promissory Note issued by registrant to the Purchasers in the amounts set forth next to each Purchaser's name on Schedule I of Exhibit 4.04 hereof
|
|
S-3
|
|
333-180005
|
|
March 9, 2012
|
|
4.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.06
|
|
Registration Rights Agreement, dated February 27, 2012, between registrant and registrant's security holders listed therein
|
|
S-3
|
|
333-180005
|
|
March 9, 2012
|
|
4.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.01
|
|
Form of indemnity agreement between registrant and registrant's directors and officers
|
|
S-1
|
|
333-166135
|
|
June 23, 2010
|
|
10.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.02
b
|
|
Addendum to the Banking Credit Form, dated February 17, 2012, between Amyris Brasil Ltda. and Banco Pine S.A.
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.03
c
|
|
Compensation arrangements between registrant and its executive officers
|
|
|
|
|
|
|
|
|
|
X
d
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.04
c
|
|
Compensation arrangements between registrant and its non-employee directors
|
|
|
|
|
|
|
|
|
|
X
e
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.05
c
|
|
Offer letter, dated March 23, 2012, between registrant and Steven R. Mills
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.06
ab
|
|
Agreement for the Supply of Sugarcane Juice and Other Utilities, dated March 18, 2011, between Amyris Brasil Ltda. and Paraíso Bioenergia S.A.
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31.01
|
|
Certification of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-14(c) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31.02
|
|
Certification of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14(c) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32.01
f
|
|
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32.02
f
|
|
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101
g
|
|
The following materials from registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2012, formatted in XBRL (Extensible Business Reporting Language): (i) the Condensed Consolidated Statements of Operations; (ii) the Condensed Consolidated Balance Sheets; (iii) the Condensed Consolidated Statements of Comprehensive Loss; (iv) the Condensed Consolidated Statements of Stockholders' Equity; (v) the Condensed Consolidated Statements of Cash Flows; and (vi) Notes to Unaudited Condensed Consolidated Financial Statements
|
|
|
|
|
|
|
|
|
|
X
|
a.
|
Portions of this exhibit have been omitted pending a determination by the Securities and Exchange Commission as to whether these portions should be granted confidential treatment.
|
b.
|
Translation to English from Portuguese in accordance with Rule 12b-12(d) of the regulations promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended (the "Exchange Act").
|
c.
|
Indicates management contract or compensatory plan or arrangement.
|
d.
|
Description contained in Amyris, Inc.'s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 12, 2012 incorporated herein by reference.
|
e.
|
Description contained under the heading “Director Compensation” in registrant's definitive proxy materials filed with the Securities and Exchange Commission on April 12, 2012 and incorporated herein by reference.
|
f.
|
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 of 1933, as amended or the Exchange Act.
|
g.
|
Pursuant to applicable securities laws and regulations, the Company is deemed to have complied with the reporting obligation relating to the submission of interactive data files in such exhibits and is not subject to liability under any anti-fraud provisions of the federal securities laws as long as the Company has made a good faith attempt to comply with the submission requirements
|
Purchaser
|
Shares Purchased
|
Total Purchase Price
|
Maxwell (Mauritius) Pte Ltd
|
2,595,155
|
$14,999,995.90
|
Naxyris SA
|
1,730,103
|
$9,999,995.34
|
Biolding Investment SA
|
2,595,155
|
$14,999,995.90
|
Total Gas & Power USA, SAS
|
2,288,356
|
$13,226,697.68
|
Sualk Capital Ltd
|
86,505
|
$499,998.90
|
Foris Ventures, LLC
|
865,051
|
$4,999,994.78
|
TOTAL
|
10,160,325
|
US$58,726,678.50
|
1.2
|
If the Shares are to be registered in the name of two or more individuals or are to be community property, check one of the following:
|
1.4
|
Principal Residence Address:
|
1.5
|
Telephone Number:
|
2.1
|
Amount of the proposed investment: $
|
2.2
|
Please
initial
which, if any, of the following statements are applicable to you:
|
_____
|
My individual net worth, or my joint net worth with my spouse, exceeds $1,000,000. (NOTE: In computing the amount of net worth, please exclude both the value of your primary residence and the amount of indebtedness that is secured by your primary residence from the computation. However, if the amount of such indebtedness exceeds the value of your primary residence, include the excess (and only the excess) indebtedness amount in the computation of net worth, but still do not include the value of your primary residence in the computation. In addition, include in the computation any amount of such indebtedness, but not the value of your primary residence, that was incurred within 60 days preceding the proposed investment other than in connection with the acquisition of your primary residence.)
|
_____
|
My proposed total investment in the Company is at least $150,000 and does not exceed 10% of my net worth or joint net worth with my spouse.
|
_____
|
I personally have had an individual income in excess of $200,000 in each of the two (2) most recent years and I reasonably expect an income in excess of $200,000 in the current year.
|
_____
|
My joint income with my spouse is in excess of $300,000 in each of the two (2) most recent years and I reasonably expect a joint income in excess of $300,000 in the current year.
|
2.3
|
If you have
not
initialed one of the responses in Question 2.2 above, please answer the following questions:
|
2.4
|
Are you related in any way to any other person who also intends to purchase Shares in this offering? If so, please state the name and nature of the relationship of each such person:
|
2.5
|
If you have used the services of a securities broker or dealer or a finder in submitting subscription documentation for the Shares, please identify the broker, dealer or finder:
|
2.2
|
Is the entity's cash flow from all sources sufficient to satisfy its current needs, including possible contingencies, such that the entity has no need for liquidity in this proposed investment?
|
2.3
|
Was the entity specifically formed for the purpose of investing in the Company?
|
2.4
|
Does the entity have the ability to bear the economic risk of the investment, i.e., can the entity afford to lose its entire investment?
|
2.5
|
Is the entity an employee benefit plan governed by the Employee Retirement Income Security Act of 1974 (a 401(k) Plan, Keogh Plan, pension plan, etc., maintained by an employer for its employees)?
|
_____
|
the plan is a self-directed plan with investment decisions made solely by persons listed in Section 2.6 below or who are individuals, and each such individual has a net worth in excess $1,000,000 or had an individual income in excess of $200,000 in each of the two most recent years and has a reasonable expectation of reaching the same income level in the current year.
|
_____
|
investment decisions are made by a plan fiduciary which is either a bank, savings and loan association, insurance company or registered investment advisor.
|
_____
|
A broker-dealer registered under Section 15 of the Securities Exchange Act of 1934.
|
_____
|
An investment company registered under the Investment Company Act of 1940 or a business development company as defined in Section 2(a)(48) of that Act.
|
_____
|
A Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958.
|
_____
|
A private business development company defined in Section 202(a)(22) of the Investment Advisors Act of 1940.
|
_____
|
An organization described in Section 501(c)(3) of the Internal Revenue Code with total assets in excess of $5,000,000 not formed for the purpose of investing in the Company.
|
_____
|
A corporation with total assets in excess of $5,000,000, not formed for the purpose of investing in the Company.
|
_____
|
A partnership with total assets in excess of $5,000,000, not formed for the purpose of investing in the Company.
|
_____
|
A Massachusetts or similar business trust with total assets in excess of $5,000,000, not formed for the purpose of investing in the Company.
|
_____
|
Any other trust with total assets in excess of $5,000,000, not formed for the purpose of investing in the Company.
|
_____
|
Each equity owner of the entity (i.e., all shareholders, all general and/or limited partners or all beneficiaries, as applicable) is an individual whose net worth or joint net worth with his or her spouse exceeds $1,000,000.
|
_____
|
Each equity owner of the entity is an individual who had a personal income in excess of $200,000 in each of the two (2) most recent years or joint income with that person's spouse in excess of $300,000 in each of those years and reasonably expects to reach the same income level in the current year.
|
_____
|
Each equity owner of the entity is an entity described in at least one category of Question 2.6 above.
|
_____
|
Although not all equity owners are described in the same category above in this Question 2.7, each equity owner is described in at least one such category.
|
_____
|
Each equity owner of the entity has, by reason of his, her or its business and financial experience, the capacity to evaluate the merits and risks of the entity's proposed investment and to protect his, her or its own interests in connection with the investment.
|
_____
|
Each of the equity owners of the entity is able to bear the economic risk of the entity's investment, i.e., can afford loss of the entity's entire investment.
|
_____
|
The beneficial interest of each equity owner in the entity's proposed investment is less than 10% of such equity owner's net worth, or joint net worth with his or her spouse.
|
_____
|
Although not all equity owners are described in the same category above in this Question 2.8, each equity owner is described in at least one such category.
|
3.1
|
Has your entity previously invested in private placements of securities of newly-formed, non-public companies or companies without a history of significant profits or earnings?
|
3.2
|
Does your entity, by reason of its business and financial knowledge and experience, have the capacity to evaluate the merits and risks of the entity's proposed investment and to protect the entity's own interests in connection with its investment in the Company?
|
3.3
|
Do the persons responsible for making the investment decision for the entity, by reason of their business and financial knowledge and experience, have the capacity to evaluate the merits and risks of the entity's proposed investment?
|
3.4
|
If you have used the services of a securities broker or dealer or a finder in submitting subscription documentation for the Shares, please identify the broker, dealer or finder:
|
3.5
|
Are you relying on the business or financial experience of an accountant, attorney or other professional advisor in evaluating the merits and risks of this investment in order to protect your own interest?
|
|
(a)
|
“
Acquisition
” means:
(x) a merger or consolidation of the Company with a Third Party which results in the holders of the voting securities of the Company outstanding immediately prior thereto (other than the Third Party, its Affiliates and “associates” (as such term is used in the Securities Exchange Act of 1934, as amended)) ceasing to represent at least fifty percent (50%) of the combined voting power of the surviving entity (or, if applicable, its parent company) immediately after such merger or consolidation;
(y) the sale or exclusive license to a Third Party of all or substantially all of the assets of the Company; or
(z) a Third Party, together with any of the Third Party's Affiliates or “associates” (as such term is used in the Securities Exchange Act of 1934, as amended), becoming the beneficial owner of fifty percent (50%) or more of the combined voting power of the outstanding securities of the Company or by contract or otherwise having the right to control the board of directors of the Company or the ability to cause the direction of management of the Company.
|
|
(b)
|
“
Affiliate
” means, with respect to a Person, any Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with such first Person. For purposes of this definition, “control” and, with correlative meanings, the terms “controlled by” and “under common control with” mean (i) the possession, directly or indirectly, of the power to direct the management or policies of a Person, whether through the ownership of voting securities, by contract relating to voting rights or corporate governance, or otherwise, or (ii) the ownership, directly or indirectly, of more than fifty percent (50%) of the voting securities or other ownership interest of a Person.
|
|
(c)
|
“
Board
” means the Company's Board of Directors.
|
|
(d)
|
“
Milestone
” means the date upon which the fermentation plant owned and operated by Paraíso Bioenergia S.A in Brotas, Sao Paulo State in Brazil, is fully operational for production purposes with: (i) total PP&E (plant, property and equipment) as defined under U.S. GAAP of R$[*] in Brazil; and (ii) a Production Cash Cost (as defined below) of not higher than US$[*] per liter, in each case as attested to and declared by the Company.
|
|
(e)
|
“
Person
” means an individual, sole proprietorship, partnership, limited partnership, limited liability partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture or other similar entity or organization, including a government or political subdivision, department or agency of a government.
|
|
(f)
|
“
Production Cash Cost
” means cost per liter of raw farnesene produced at such fermentation plant, excluding depreciation and fixed plant overhead and operating expenses associated with initial production startup and assuming sugar feedstock at US$[*] per pound where such Production Cash Costs, excluding sugar feedstock, are calculated on the basis of a Brazilian Reals-to-United States Dollars foreign exchange rate of 1.8.
|
|
(g)
|
“
Subsidiary
”, as used in Section 3 means a corporation or other entity of which the Company owns, directly or indirectly, a majority of the outstanding voting power for the election of directors, or other similar managers, of such corporation or other entity.
|
|
(h)
|
“
Third Party
” means any person other than the Company, the Investors and any Investor's Affiliates.
|
|
(a)
|
if to the Company, to:
Amyris, Inc.
5885 Hollis Street, Suite 100
Emeryville, CA 94608
Attention: [*]
Facsimile: [*]
Email: [*]
|
|
(b)
|
if to Maxwell, to:
Maxwell (Mauritius) Pte Ltd |
|
|
Les Cascades, Edith Cavell Street
Port Louis, Mauritius
Attention: [*]
Facsimile: [*]
With a Copy To:
60B Orchard Road
#06-18 Tower 2
The Atrium@Orchard
Singapore 238891
|
|
(c)
|
if to Naxos, to:
Naxyris S.A.
40, Boulevard Joseph II
L-1840 Luxembourg
Attention: [*]
Facsimile: [*]
Email: [*]
Copy to: Jeffer Mangels Butler & Mitchell, LLP (which shall not constitute notice hereunder)
1900 Avenue of the Stars, 7th Floor
Los Angeles, California 90067
Attention: [*]
Facsimile: [*]
Email: [*]
|
|
(d)
|
if to Biolding, to:
Biolding Investment SA
11A boulevard Prince Henri
L 1724 Luxembourg.
Attention: [*]
Facsimile: [*]
Email: [*]
Copy to: Artus Wise Partners
154, Boulevard Haussmann
Batiment B, 4ème étage
75008 Paris-France
Attention: [*]
Facsimile: [*]
Email: [*]
|
|
(e)
|
if to Sualk, to:
Sualk Ltd.
Fundo Pitanga
Rua Pedroso de Morais 1619 conj. 804
05419-001 São Paulo SP
Brasil
Attention: [*]
Email: [*]
|
F
4
|
PINE
|
ADDENDUM TO THE BANKING CREDIT FORM
CCB - LOAN
|
|
|
Heading: BANK CREDIT FORM - LOAN Nº 0436/11 Date: 12/21/2011
|
III -
|
Whereas:
|
IV -
|
As requested by the ISSUER, the parties decide, upon a mutual agreement, with the purpose of changing the terms for restitution of the remaining balance, due to be paid by the ISSUER to PINE, to enter into this agreement.
|
V -
|
As a result from such new conditions herein agreed for restitution of the debt balance, the ISSUER will pay R$ 129,150.00 (One hundred and twenty-nine thousand, one hundred and fifty Brazilian Reals), as the Complementary IOF, and the changed field now has the following wording:
|
V - Payment Type
|
|||||
The installments will be debited on the dates provided in the table below, from the ISSUER bank account, as provided above.
|
|||||
Maturity
|
Amounts
|
Maturity
|
Amounts
|
Maturity
|
Amounts
|
5/17/2012
|
R$ 35,000,000.00 + CHARGES
|
|
|
|
|
VI -
|
The items above in the preamble in this Form that are not specifically described in this instrument will remain unchanged.
|
1.
|
Position
|
2.
|
Salary
|
3.
|
Bonus
|
4.
|
Equity
|
5.
|
Relocation Expenses
|
•
|
Up to six (6) months of rental expense for an apartment in the San Francisco Bay Area in order to provide you with enough time to secure permanent accommodations; and
|
•
|
Up to eight (8) round trip (San Francisco, California to Monticello, Illinois) air fares per year for two (2) years for you and Betsy Mills.
|
6.
|
Benefits
|
7.
|
Termination of Employment
|
•
|
Within the first twelve (12) months of your employment, ten percent (10%) of the total RSUs subject to the RSU Award.
|
•
|
From the thirteenth (13
th
) month of your employment through the eighteenth (18
th
) month of your employment, ten percent (10%) of the total RSUs subject to the RSU Award.
|
•
|
From the nineteenth (19
th
) month of your employment through the second anniversary of your start date, the number of RSUs equal to the number obtained by multiplying the total number of the then unvested RSUs subject to the RSU Award by a fraction, the numerator of which shall be the number of complete months after your eighteenth (18
th
) month of employment that you have been employed by Amyris up to the date of termination and the denominator of which shall be six (6).
|
8.
|
Amyris' Policies
|
9.
|
“At-Will” Employment
|
10.
|
Full-Time Service to Amyris
|
11.
|
Conditions of Offer
|
•
|
You must provide satisfactory documentary proof of your identity and right to work in the United States of America on your first day of employment.
|
•
|
You must agree in writing to the terms of the enclosed
Proprietary Information and Inventions Agreement
(“
PIIA
”) without modification.
|
•
|
You must consent to, and Amyris must obtain satisfactory results from, reference and background checks. Until you have been informed in writing by Amyris that such checks have been completed and the results satisfactory, you may wish to defer reliance on this offer.
|
•
|
You must agree in writing to the terms of the enclosed
Mutual Agreement to Binding Arbitration
(“
Arbitration Agreement
”) without modification.
|
12.
|
Tax Compliance
|
13.
|
Entire Agreement
|
/s/ Roel Win Collier
Name: Roel Win Collier
Title:
|
__________________________________
Name:
Title:
|
/s/ Dario Costa Gaeta
Name: Dario Costa Gaeta
Title: Chief Executive Officer
|
_______________________
Name:
Title:
|
_______________________
Name:
Title:
|
parameters
|
Amounts
|
Brix
|
[*]
|
Insoluble solids
|
[*]
|
Sulfite
|
[*]
|
|
|
[*]
|
[*]
|
[*]
|
[*]
|
[*]
|
[*]
|
[*]
|
[*]
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Amyris, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
|
|
|
|
|
Date:
|
May 9, 2012
|
|
|
/s/ JOHN MELO
|
|
|
|
|
John Melo
|
|
|
|
|
President and Chief Executive Officer
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Amyris, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
|
|
|
|
|
Date:
|
May 9, 2012
|
|
|
/s/ STEVEN R. MILLS
|
|
|
|
|
Steven R. Mills
|
|
|
|
|
Chief Financial Officer
|
|
|
|
|
|
Date:
|
May 9, 2012
|
|
|
/s/ JOHN MELO
|
|
|
|
|
John Melo
|
|
|
|
|
President and Chief Executive Officer
|
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
Date:
|
May 9, 2012
|
|
|
/s/ STEVEN R. MILLS
|
|
|
|
|
Steven R. Mills
|
|
|
|
|
Chief Financial Officer
|
|
|
|
|
(Principal Financial Officer)
|