Ginkgo Bioworks Reports Fourth Quarter and Full Year 2023 Financial Results
- Strong total revenue of $251 million in 2023
- 31% growth in Cell Engineering services revenue compared to 2022
- Addition of 78 new Cell Programs in 2023 showing 32% growth over the prior year
- Year-end cash balance of nearly $950 million for a multi-year runway
- Expansion of global bioradar network and biosecurity capabilities
- Strategic partnerships with companies like Illumina and acquisitions of Patch Biosciences, Proof Diagnostics, and Reverie Labs
- Decrease in total revenue from $478 million in 2022 to $251 million in 2023
- Significant decrease in Biosecurity revenue from $334 million in 2022 to $108 million in 2023
- Loss from operations of $(864) million in 2023, a decrease from $(2.2) billion in 2022
- Adjusted EBITDA decrease from $(173) million in 2022 to $(355) million in 2023
Insights
The reported revenue decline of 47% year-over-year and the loss from operations of $(864) million are significant figures that reflect the company's current financial health and strategic challenges. The transition from K-12 testing to a more recurring business model in the Biosecurity segment has impacted revenues substantially. Investors should consider the company's cash balance of nearly $950 million, which provides a cushion for strategic maneuvers. However, the anticipated growth in Cell Engineering services revenue and the expected addition of 100-120 new Cell Programs in 2024 indicate a potential for recovery and growth, particularly in the biopharma sector.
The growth in Cell Engineering services by 31% suggests a robust demand for Ginkgo's services in the biopharma industry. The partnerships with large pharmaceutical companies and the expansion into new markets like biosecurity signal a strategic positioning that could capitalize on emerging opportunities in the sector. The creation of the Center for Unified Biosecurity Excellence in Doha and the collaboration with Illumina are moves that could enhance Ginkgo's global footprint and service capabilities. The Technology Network launch could also create synergies and drive innovation, potentially leading to new revenue streams.
The mention of downstream value share revenue, which includes royalties, milestone payments and equity interests, is a critical component of Ginkgo's financial model. This indicates a reliance on the future success of its partners' programs, which carries inherent risks but also offers significant upside. The $2.4 billion in aggregate revenue potential from downstream milestone payments alone is a substantial figure that could impact future earnings. However, the absence of such revenue in Q4 2023 compared to 2022 could raise questions about the volatility and predictability of this income stream.
78 new Cell Programs added in 2023, representing
Year-end cash balance of nearly
"2023 was a breakout year for Ginkgo," said Jason Kelly, co-founder and CEO of Ginkgo. "We're working to build a durable platform that fundamentally transforms R&D in biotech. I'm particularly pleased with our growth in biopharma, which represents our largest untapped market - we added several new programs across modalities with large enterprises including Boehringer Ingelheim, Merck, Novo Nordisk, and Pfizer and are seeing strong momentum in pharma going into 2024. I am also thrilled to see a real ecosystem building around Ginkgo - we're honored by the trust placed in us by the terrific founders of Patch Biosciences, Reverie Labs, and Proof Diagnostics to bring their technologies to customers and by the over 25 inaugural partners in our newly announced Technology Network. We are committed to bringing the best technologies together to support our customers, and we've never been better positioned to deliver."
Recent Business Highlights & Strategic Positioning
- Added 78 new Cell Engineering Programs in 2023, representing
32% growth over the prior year period - Ginkgo's Cell Engineering segment generated services revenue, which does not include downstream value share revenue, of
$139 million 31% increase versus 2022 - Ginkgo's Biosecurity segment generated
$108 million - Ginkgo continues to expand its global bioradar network—now in 14 countries and 10 airports—and advance capabilities for multi-target and multimodal biological threat detection, characterization, and forecasting for next-generation biological intelligence
- Ginkgo is partnering with the Qatar Free Zones Authority (QFZ) and Doha Venture Capital (DVC) to build a Center for Unified Biosecurity Excellence in
Doha (CUBE-D), envisioned as the first of several hubs for biosecurity sample and data analysis in our global network - Ginkgo is partnering with Illumina, a global leader in DNA sequencing and array-based technologies, to advance localized biosecurity capabilities in countries around the world
- Downstream value share – which consists of potential value to Ginkgo from its Cell Engineering customers and includes potential royalties, milestone payments, and equity interests – is an important component of the financial potential of most programs. As of December 31, 2023 Ginkgo has approximately
$2.4 billion - Ginkgo recently announced the launch of its Technology Network of over 25 companies, creating a more integrated approach to biotech R&D. Ginkgo has a long history of integrating diverse technologies to deliver on customers' complex program goals and believes that customers should not have to choose a technical approach prematurely but should be able to test many approaches in an unbiased way. Ginkgo customers will be able to benefit from the integration of technologies from network partners in their programs, and Ginkgo expects to expand the network based on customer needs and feedback.
- Ginkgo also announced several acquisitions including Patch Biosciences, Proof Diagnostics and Reverie Labs. These acquisitions are expected to expand Ginkgo's capabilities in AI and biopharma.
Fourth Quarter 2023 Financial Highlights
- Fourth quarter 2023 Total revenue of
$35 million $98 million 65% primarily driven by the expected ramp down of K-12 testing in Ginkgo's Biosecurity segment and the impact of Cell Engineering downstream value share from equity milestones in 2022 that did not recur in 2023- Fourth quarter 2023 Cell Engineering services revenue, which does not include downstream value share revenue, of
$27 million 26% from$36 million - Fourth quarter 2023 Biosecurity revenue of
$8 million 15% is reflective of the early stages of transitioning to a more recurring business model
- Fourth quarter 2023 Cell Engineering services revenue, which does not include downstream value share revenue, of
- Fourth quarter 2023 Loss from operations of
$(178) million $44 million $(231) million $111 million - Fourth quarter 2023 Adjusted EBITDA of
$(96) million $(76) million - Cash and cash equivalents balance as of the end of the fourth quarter of
$944 million
Full Year 2023 Financial Highlights
- Full year 2023 Total revenue of
$251 million $478 million 47% as Biosecurity revenue transitioned from K-12 testing to a more recurring business model- Full year 2023 Cell Engineering revenue of
$144 million 31% growth in services revenue offset by a decrease in downstream value share from equity milestones - Full year 2023 Biosecurity revenue of
$108 million $334 million 68% , with full year 2023 Biosecurity gross profit margin of50%
- Full year 2023 Cell Engineering revenue of
- Full year 2023 Loss from operations of
$(864) million $235 million $(2.2) billion $1.9 billion - Full year 2023 Adjusted EBITDA of
$(355) million $(173) million
Full Year 2024 Guidance
- Ginkgo expects to add 100-120 new Cell Programs to the Cell Engineering platform in 2024
- Ginkgo expects Total revenue of
$215 -$235 million - Ginkgo expects Cell Engineering services revenue of
$165 -185 million - Ginkgo expects Biosecurity revenue in 2024 of at least
$50 million
- Ginkgo expects Cell Engineering services revenue of
Conference Call Details
Ginkgo will host a videoconference today, Thursday, February 29, 2024, beginning at 5:30 p.m. ET. The presentation will include an overview of the fourth quarter and full year financial performance, recent business updates, a discussion on Ginkgo's outlook, as well as a moderated question and answer session.
To ask a question ahead of the presentation, please submit your questions to @Ginkgo on X (hashtag #GinkgoResults) or by sending an e-mail to investors@ginkgobioworks.com.
A webcast link is available on Ginkgo's Investor Relations website and a replay will be made available following the presentation.
Ginkgo Investor Website: https://investors.ginkgobioworks.com/events/
Audio-Only Dial Ins:
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Webinar ID: 928 9136 7332
If you experience technical difficulties with any of these dial-ins or if you need international dial-in numbers, please visit our web site at https://investors.ginkgobioworks.com/events/ for updated dial-in information.
About Ginkgo Bioworks
Ginkgo Bioworks is the leading horizontal platform for cell programming, providing flexible, end-to-end services that solve challenges for organizations across diverse markets, from food and agriculture to pharmaceuticals to industrial and specialty chemicals. Ginkgo's biosecurity and public health unit, Concentric by Ginkgo, is building global infrastructure for biosecurity to empower governments, communities, and public health leaders to prevent, detect and respond to a wide variety of biological threats. For more information, visit ginkgobioworks.com and concentricbyginkgo.com, read our blog, or follow us on social media channels such as X (@Ginkgo and @ConcentricByGBW), Instagram (@GinkgoBioworks), Threads (@GinkgoBioworks) or LinkedIn.
Forward-Looking Statements of Ginkgo Bioworks
This press release, the presentation, and the conference call and webcast contain certain forward-looking statements within the meaning of the federal securities laws, including statements regarding our plans, strategies, including with respect to our balance sheet and cash runway, acquisitions, current expectations, operations and anticipated results of operations, both business and financial, including opportunities for increased operational efficiency, our manufacturing capabilities, potential customer success, including successful application of our offerings by our customers, the capabilities and potential operational and financial success of our acquisitions, partnerships and collaborations, and expected timing thereof, expectations with regard to revenue, the nature of such revenue and any related downstream value share associated with such revenue, funding that is contingent upon Ginkgo's achievement of milestones, expenses, including our stock-based compensation expenses, our full year 2024 outlook, the future security and commercial applications of the BIOINT industry, the expansion, timing and potential capabilities of our bioradar network and the national biodefense strategy, plans to develop and deploy AI tools for biology and biosecurity for both internal use and external release, including the expected timing thereof, and the market environment, all of which are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, market trends, or industry results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements generally are identified by the words "believe," "can," "project," "potential," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) volatility in the price of Ginkgo's securities due to a variety of factors, including changes in the competitive and highly regulated industries in which Ginkgo operates and plans to operate, variations in performance across competitors, and changes in laws and regulations affecting Ginkgo's business, (ii) the ability to implement business plans, forecasts, and other expectations, and to identify and realize additional business opportunities, (iii) the risk of downturns in demand for products using synthetic biology, (iv) the uncertainty regarding the demand for passive monitoring programs and biosecurity services, (v) changes to the biosecurity industry, including due to advancements in technology, emerging competition and evolution in industry demands, standards and regulations, (vi) the outcome of any pending or potential legal proceedings against Ginkgo, (vii) our ability to realize the expected benefits from and the success of our Foundry platform programs, (viii) our ability to successfully develop engineered cells, bioprocesses, data packages or other deliverables, and (ix) the product development or commercialization success of our customers. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of Ginkgo's most recent quarterly report on Form 10-Q filed with the
Use of Non-GAAP Financial Measures
Certain of the financial measures included in this release, including Adjusted EBITDA, have not been prepared in accordance with generally accepted accounting principles ("GAAP"), and constitute "non-GAAP financial measures" as defined by the SEC. Ginkgo has included these non-GAAP financial measures because it believes they provide an additional tool for investors to use in evaluating Ginkgo's financial performance and prospects. Due to the nature and/or size of the items being excluded, such items do not reflect future gains, losses, expenses or benefits and are not indicative of our future operating performance. These non-GAAP financial measures are supplemental to, and should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. In addition, these non-GAAP financial measures may differ from non-GAAP financial measures with comparable names used by other companies. See the reconciliation below for additional information regarding certain of the non-GAAP financial measures included in this release, including a description of these non-GAAP financial measures and a reconciliation of the historic measures to Ginkgo's most comparable GAAP financial measures.
Ginkgo Bioworks Contacts:
INVESTOR CONTACT:
investors@ginkgobioworks.com
MEDIA CONTACT:
press@ginkgobioworks.com
Ginkgo Bioworks Holdings, Inc. | |||
Condensed Consolidated Balance Sheets | |||
(in thousands, except per share data, unaudited) | |||
As of December 31, | |||
2023 | 2022 | ||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 944,073 | $ 1,315,792 | |
Accounts receivable, net | 17,157 | 80,907 | |
Accounts receivable - related parties | 742 | 1,558 | |
Prepaid expenses and other current assets | 39,777 | 51,822 | |
Total current assets | 1,001,749 | 1,450,079 | |
Property, plant and equipment, net | 188,193 | 314,773 | |
Operating lease right-of-use assets | 206,801 | 400,762 | |
Investments | 78,565 | 112,188 | |
Equity method investments | — | 1,543 | |
Intangible assets, net | 82,741 | 111,041 | |
Goodwill | 49,238 | 60,210 | |
Other non-current assets | 58,055 | 88,725 | |
Total assets | $ 1,665,342 | $ 2,539,321 | |
Liabilities and Stockholders' Equity | |||
Current liabilities: | |||
Accounts payable | $ 9,323 | $ 10,451 | |
Deferred revenue | 44,486 | 47,817 | |
Accrued expenses and other current liabilities | 110,051 | 114,694 | |
Total current liabilities | 163,860 | 172,962 | |
Non-current liabilities: | |||
Deferred revenue, net of current portion | 158,062 | 174,767 | |
Operating lease liabilities, non-current | 221,835 | 413,256 | |
Warrant liabilities | 5,700 | 10,868 | |
Other non-current liabilities | 18,733 | 31,191 | |
Total liabilities | 568,190 | 803,044 | |
Stockholders' equity: | |||
Preferred stock, | — | — | |
Common stock, | 199 | 190 | |
Additional paid-in capital | 6,385,997 | 6,136,378 | |
Accumulated deficit | (5,290,528) | (4,397,659) | |
Accumulated other comprehensive income (loss) | 1,484 | (2,632) | |
Total stockholders' equity | 1,097,152 | 1,736,277 | |
Total liabilities and stockholders' equity | $ 1,665,342 | $ 2,539,321 | |
Ginkgo Bioworks Holdings, Inc. | |||||
Condensed Consolidated Statements of Operations and Comprehensive Loss | |||||
(in thousands, except per share data, unaudited) | |||||
Three Months Ended December 31, | Year Ended December 31, | ||||
2023 | 2022 | 2023 | 2022 | ||
Cell Engineering revenue | $ 26,976 | $ 53,257 | $ 143,531 | $ 143,666 | |
Biosecurity revenue: | |||||
Product | — | 12,431 | 28,949 | 35,455 | |
Service | 7,779 | 32,597 | 78,975 | 298,585 | |
Total revenue | 34,755 | 98,285 | 251,455 | 477,706 | |
Costs and operating expenses: | |||||
Cost of Biosecurity product revenue | — | 7,447 | 7,481 | 20,646 | |
Cost of Biosecurity service revenue | 6,611 | 22,771 | 46,524 | 183,570 | |
Research and development | 117,038 | 177,548 | 580,621 | 1,052,643 | |
General and administrative | 89,223 | 121,383 | 385,025 | 1,429,799 | |
Impairment of lease assets | — | — | 96,210 | — | |
Total operating expenses | 212,872 | 329,149 | 1,115,861 | 2,686,658 | |
Loss from operations | (178,117) | (230,864) | (864,406) | (2,208,952) | |
Other income (expense): | |||||
Interest income | 13,303 | 11,441 | 57,217 | 20,262 | |
Interest expense | (93) | (106) | (93) | (106) | |
Loss on equity method investments | (1,119) | 10,003 | (2,635) | (43,761) | |
Loss on investments | (10,012) | (13,354) | (54,827) | (53,335) | |
Change in fair value of warrant liabilities | 6,555 | 28,871 | 5,168 | 124,970 | |
(Loss) gain on deconsolidation of subsidiaries | (42,502) | — | (42,502) | 31,889 | |
Other income (expense), net | 93 | 6,161 | 9,138 | 7,634 | |
Total other income (expense), net | (33,775) | 43,016 | (28,534) | 87,553 | |
Loss before income taxes | (211,892) | (187,848) | (892,940) | (2,121,399) | |
Income tax benefit | (198) | (14,770) | (71) | (15,027) | |
Net loss | (211,694) | (173,078) | (892,869) | (2,106,372) | |
Loss attributable to non-controlling interest | — | 2,390 | — | (1,443) | |
Net loss attributable to Ginkgo Bioworks Holdings, Inc. stockholders | $ (211,694) | $ (175,468) | $ (892,869) | $ (2,104,929) | |
Net loss per share attributable to Ginkgo Bioworks Holdings, Inc. common stockholders: | |||||
Basic | $ (0.11) | $ (0.09) | $ (0.46) | $ (1.25) | |
Diluted | $ (0.11) | $ (0.10) | $ (0.46) | $ (1.25) | |
Weighted average common shares outstanding: | |||||
Basic | 1,977,708 | 1,854,952 | 1,944,420 | 1,679,061 | |
Diluted | 1,978,843 | 1,856,610 | 1,944,420 | 1,679,839 | |
Comprehensive loss: | |||||
Net loss | $ (211,694) | $ (173,078) | $ (892,869) | $ (2,106,372) | |
Other comprehensive loss: | |||||
Foreign currency translation adjustment | 4,383 | 5,278 | 4,116 | (917) | |
Total other comprehensive gain (loss) | 4,383 | 5,278 | 4,116 | (917) | |
Comprehensive loss | $ (207,311) | $ (167,800) | $ (888,753) | $ (2,107,289) | |
(1) | R&D and G&A expenses included a significant charge for stock-based compensation expense as a result of the modification of the vesting terms of RSUs and related earnout shares. Total stock-based compensation expense, inclusive of employer payroll taxes, was allocated as follows (in thousands): |
Three Months Ended December 31, | Year Ended December 31, | ||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |
Research and development | $ 26,775 | $ 68,171 | $ 148,861 | $ 738,821 | |
General and administrative | 16,809 | 43,059 | 86,047 | 1,202,099 | |
Total | $ 43,584 | $ 111,230 | $ 234,908 | $ 1,940,920 | |
Ginkgo Bioworks Holdings, Inc. | |||
Condensed Consolidated Statements of Cash Flows | |||
(in thousands, unaudited) | |||
Year Ended December 31, | |||
2023 | 2022 | ||
Cash flows from operating activities: | |||
Net loss | $ (892,869) | $ (2,106,372) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 70,507 | 42,552 | |
Stock-based compensation | 229,884 | 1,930,641 | |
Non-cash customer consideration | (1,373) | (34,263) | |
Loss on equity method investments | 2,635 | 43,761 | |
Loss on investments | 54,827 | 53,335 | |
Change in fair value of notes receivable | 2,416 | (3,757) | |
Change in fair value of warrant liabilities | (5,168) | (124,970) | |
Change in fair value of contingent consideration liability | 9,168 | (1,262) | |
Loss (gain) on deconsolidation of subsidiaries | 42,502 | (31,889) | |
Impairment of long-lived assets | 121,404 | — | |
Deferred income tax benefit | (801) | (14,609) | |
Loss on disposal of equipment | 842 | 3,091 | |
Non-cash lease expense | 28,313 | 19,082 | |
Non-cash in-process research and development | 9,182 | 1,162 | |
Amortization of finance lease right-of-use assets | 1,047 | 1,871 | |
Non-cash severance and retention bonus expense associated with an acquisition | — | 6,152 | |
Other non-cash activity | 2,147 | 283 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | 50,068 | 55,024 | |
Prepaid expenses and other current assets | 10,473 | (8,523) | |
Operating lease right-of-use assets | 9,275 | 13,233 | |
Other non-current assets | 2,570 | 921 | |
Accounts payable | (1,183) | (10,844) | |
Accrued expenses and other current liabilities | 16,899 | (39,639) | |
Deferred revenue, current and non-current | (35,917) | (36,417) | |
Operating lease liabilities, current and non-current | (22,800) | (10,792) | |
Other non-current liabilities | 452 | 31 | |
Net cash used in operating activities | (295,500) | (252,198) | |
Cash flows from investing activities: | |||
Purchases of property and equipment | (40,801) | (52,271) | |
Deconsolidation of subsidiaries - cash | (42,980) | (55,721) | |
Business acquisitions, net of cash acquired | — | 82,367 | |
Asset acquisitions, net of cash acquired | — | (7,639) | |
Purchases of notes receivable | (350) | (40,000) | |
Proceeds from notes receivable | — | 10,000 | |
Purchase of investment in equity securities | — | (3,691) | |
Proceeds from sale of equipment | 4,428 | — | |
Other | (990) | (439) | |
Net cash used in investing activities | (80,693) | (67,394) | |
Cash flows from financing activities: | |||
Proceeds from exercise of stock options | 93 | 240 | |
Taxes paid related to net share settlement of equity awards | (23) | (981) | |
Principal payments on finance/capital leases and lease financing obligation | (1,295) | (1,237) | |
Proceeds from public offering, net of issuance costs | — | 99,303 | |
Contingent consideration payment | (1,411) | (521) | |
Payment of equity issuance costs | (580) | (1,467) | |
Net cash (used in) provided by financing activities | (3,216) | 95,337 | |
Effect of foreign exchange rates on cash and cash equivalents | (588) | 908 | |
Net decrease in cash, cash equivalents and restricted cash | (379,997) | (223,347) | |
Cash and cash equivalents, beginning of period | 1,315,792 | 1,550,004 | |
Restricted cash, beginning of period | 53,789 | 42,924 | |
Cash, cash equivalents and restricted cash, beginning of period | 1,369,581 | 1,592,928 | |
Cash and cash equivalents, end of period | 944,073 | 1,315,792 | |
Restricted cash, end of period | 45,511 | 53,789 | |
Cash, cash equivalents and restricted cash, end of period | $ 989,584 | $ 1,369,581 | |
Ginkgo Bioworks Holdings, Inc. | |||||
Selected Non-GAAP Financial Measures | |||||
(in thousands, unaudited) | |||||
Three Months Ended December 31, | Year Ended December 31, | ||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |
Net loss attributable to Ginkgo Bioworks Holdings, Inc. stockholders | $ (211,694) | $ (175,468) | $ (892,869) | $ (2,104,929) | |
Interest income | (13,226) | (11,412) | (57,217) | (20,262) | |
Interest expense | 15 | 77 | 93 | 106 | |
Income tax benefit | (198) | (14,770) | (71) | (15,027) | |
Depreciation and amortization | 12,837 | 15,667 | 70,507 | 42,552 | |
EBITDA | (212,266) | (185,906) | (879,557) | (2,097,560) | |
Stock-based compensation (1) | 43,584 | 111,230 | 234,908 | 1,940,920 | |
Impairment of long-lived assets (2) | — | — | 121,404 | — | |
Merger and acquisition related expenses (3) | 23,663 | 26,045 | 70,771 | 46,229 | |
Loss on investments | 10,012 | 13,354 | 54,827 | 53,335 | |
Loss (gain) on deconsolidation of subsidiaries | 42,502 | — | 42,502 | (31,889) | |
Loss on equity method investments (4) | 1,119 | (7,612) | 2,635 | 45,315 | |
Change in fair value of warrant liabilities | (6,555) | (28,871) | (5,168) | (124,970) | |
Change in fair value of notes receivable | 2,174 | (3,924) | 2,295 | (4,153) | |
Adjusted EBITDA | $ (95,767) | $ (75,684) | $ (355,383) | $ (172,773) | |
(1) | For the years ended December 31, 2023 and 2022, includes |
(2) | For the year ended December 31, 2023, includes |
(3) | Represents transaction and integration costs directly related to mergers and acquisitions, including: (i) due diligence, legal, consulting and accounting fees associated with acquisitions, (ii) post-acquisition employee retention bonuses and severance payments, (iii) the fair value adjustments to contingent consideration liabilities resulting from acquisitions, (iv) acquired intangible assets expensed as in-process research and development, and (v) costs associated with the Zymergen Bankruptcy, as well as securities litigation costs, net of insurance recovery. |
(4) | Represents losses on equity method investments under the hypothetical liquidation at book value method, net of losses attributable to non-controlling interests. |
Ginkgo Bioworks Holdings, Inc. | |||||
Segment Information | |||||
(in thousands, unaudited) | |||||
Three Months Ended December 31, | Year Ended December 31, | ||||
2023 | 2022 | 2023 | 2022 | ||
Revenue: | |||||
Cell Engineering | $ 26,976 | $ 53,257 | $ 143,531 | $ 143,666 | |
Biosecurity | 7,779 | 45,028 | 107,924 | 334,040 | |
Total revenue | 34,755 | 98,285 | 251,455 | 477,706 | |
Segment cost of revenue: | |||||
Biosecurity | 6,611 | 30,218 | 54,005 | 204,216 | |
Segment research and development expense: | |||||
Cell Engineering | 77,999 | 95,408 | 353,493 | 273,356 | |
Biosecurity | 191 | 590 | 1,599 | 1,937 | |
Total segment research and development expense | 78,190 | 95,998 | 355,092 | 275,293 | |
Segment general and administrative expense: | |||||
Cell Engineering | 60,047 | 63,686 | 215,263 | 168,586 | |
Biosecurity | 12,652 | 13,670 | 55,514 | 56,353 | |
Total segment general and administrative expense | 72,699 | 77,356 | 270,777 | 224,939 | |
Segment operating (loss) income: | |||||
Cell Engineering | (111,070) | (105,837) | (425,225) | (298,276) | |
Biosecurity | (11,675) | 550 | (3,194) | 71,534 | |
Total segment operating loss | (122,745) | (105,287) | (428,419) | (226,742) | |
Operating expenses not allocated to segments: | |||||
Stock-based compensation (1) | 43,584 | 111,230 | 234,908 | 1,940,920 | |
Impairment of long-lived assets | — | — | 121,404 | — | |
Depreciation and amortization | 12,837 | 15,667 | 70,507 | 42,552 | |
Change in fair value of contingent consideration liability | (1,049) | (1,320) | 9,168 | (1,262) | |
Loss from operations | $ (178,117) | $ (230,864) | $ (864,406) | $ (2,208,952) | |
(1) | Includes |
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SOURCE Ginkgo Bioworks
FAQ
What was Ginkgo Bioworks' total revenue in 2023?
How much did Cell Engineering services revenue grow in 2023 compared to 2022?
How many new Cell Programs did Ginkgo add in 2023?
What was the year-end cash balance for Ginkgo in 2023?
What was the decrease in Biosecurity revenue from 2022 to 2023?
