Amyris Inc. (AMRS) shares plunged 27.89% in after-hours on Monday, November 08, 2021, and closed the daily trading at $9.36. Even in the regular trading session, AMRS’s stock lost 7.88%. AMRS shares have risen 586.77% over the last 12 months, and they have moved down 12.59% in the past week. Over the past three months, the stock has lost 11.58%, while over the past six months, it has jumped 12.19%.
Let’s discuss its recent news and developments.
AMRS latest development
On November 8, 2021, Amyris, Inc. (AMRS) released financial results for its third quarter ended September 30, 2021.
Q3 2021 financial highlights
- AMRS reported total revenue of $48 million in Q3 2021 compared to $34.3 million in Q3 2020.
- Total cost and expenses were $134.7 million in Q3 2021 compared to $82.34 million in Q3 2020.
- It suffered a GAAP net loss of $32.9 million or $0.11 per share compared to a loss of $83.5 million or $0.37 per share in Q3 2020.
- Adjusted EBITDA was -$73.1 million in Q3 2021 compared to -$33.07 million in Q3 2020.
- Adjusted EBITDA of -$73.1 million decreased $40 million year-over-year, primarily due to higher operating expense.
- As of September 30, 2021, the company had $115 million of cash compared to $38 million at the end of Q3 2020.
AMRS Convertible Senior Notes offer
On November 8, 2021, Amyris, Inc. (AMRS) proposed to offer a $400.0 million aggregate principal amount of convertible senior notes due 2026. The notes are to be offered and sold in a private placement to persons reasonably believed to be qualified institutional buyers. Amyris also intends to grant an option to purchase, up to an additional $60.0 million aggregate principal number of notes, within 13 days from the first purchase date.
AMRS partnership with ImmunityBio
On November 8, 2021, Amyris, Inc. (AMRS), entered into a 50:50 joint venture arrangement with ImmunityBio, Inc. (IBRX), to accelerate the commercialization of a leading next-generation COVID-19 vaccine.
The joint venture’s goal is to deliver one billion doses of the new vaccine in 2022, upon completion of successful human trials, to unmet needs of access to vaccines in developing countries.
AMRS collaboration with Inscripta
On October 5, 2021, Amyris, Inc. (AMRS) licensed the Onyx genome engineering platform from Inscripta. Amyris and Inscripta will also explore joint research and development opportunities to expand the Onyx platform functionality.
Conclusion
The recent financial results missed the revenue estimates and also it reported loss, due to which it went down in the after-hours on Monday. There are high chances that it will continue to decline on Tuesday as well.
