Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 30, 2016 | |
Entity Registrant Name | AMYRIS, INC. | |
Entity Central Index Key | 1,365,916 | |
Trading Symbol | amrs | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 211,173,206 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 7,826 | $ 11,992 |
Restricted cash | 243 | 216 |
Short-term investments | 1,444 | 1,520 |
Accounts receivable, net of allowance of $479 and $479, respectively | 5,653 | 4,004 |
Related party accounts receivable, net of allowance of $584 and $490, respectively | 1,250 | 1,176 |
Inventories, net | 7,586 | 10,886 |
Prepaid expenses and other current assets | 3,661 | 4,583 |
Total current assets | 27,663 | 34,377 |
Property, plant and equipment, net | 61,776 | 59,797 |
Restricted cash | 957 | 957 |
Equity and loans in affiliates | 34 | 68 |
Other assets | 11,115 | 10,357 |
Goodwill and intangible assets | 560 | 560 |
Total assets | 102,105 | 106,116 |
Current liabilities: | ||
Accounts payable | 7,737 | 7,943 |
Deferred revenue | 5,339 | 6,509 |
Accrued and other current liabilities | 25,909 | 24,268 |
Capital lease obligation, current portion | 477 | 523 |
Debt, current portion | 51,715 | $ 36,281 |
Related party debt | 3,611 | |
Total current liabilities | 94,788 | $ 75,524 |
Capital lease obligation, net of current portion | 163 | 176 |
Long-term debt, net of current portion | 56,471 | 72,854 |
Related party debt | 58,563 | 42,839 |
Deferred rent, net of current portion | 9,519 | 9,682 |
Deferred revenue, net of current portion | 4,469 | 4,469 |
Derivative liabilities | 29,108 | 51,439 |
Other liabilities | 5,813 | 7,589 |
Total liabilities | $ 258,894 | $ 264,572 |
Commitments and contingencies (Note 6) | ||
Stockholders’ deficit: | ||
Preferred stock - $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding | ||
Common stock - $0.0001 par value, 400,000,000 and 400,000,000 shares authorized as of March 31, 2016 and December 31, 2015, respectively; 207,914,096 and 206,130,282 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively | $ 21 | $ 21 |
Additional paid-in capital | 938,227 | 926,216 |
Accumulated other comprehensive loss | (42,511) | (47,198) |
Accumulated deficit | (1,052,412) | (1,037,104) |
Total Amyris, Inc. stockholders’ deficit | (156,675) | (158,065) |
Noncontrolling interest | (114) | (391) |
Total stockholders' deficit | (156,789) | (158,456) |
Total liabilities and stockholders' deficit | $ 102,105 | $ 106,116 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Allowance for doubtful accounts | $ 479 | $ 479 |
Related party accounts receivable allowace | $ 490 | $ 490 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 207,914,096 | 206,130,282 |
Common stock, shares outstanding (in shares) | 207,914,096 | 206,130,282 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues | ||
Renewable product sales | $ 3,140,000 | $ 2,095,000 |
Grants and collaborations revenue | 5,671,000 | 5,777,000 |
Total revenues | 8,811,000 | 7,872,000 |
Cost and operating expenses | ||
Cost of products sold | 11,178,000 | 6,643,000 |
Research and development | 11,906,000 | 12,010,000 |
Sales, general and administrative | 12,266,000 | 14,381,000 |
Total cost and operating expenses | 35,350,000 | 33,034,000 |
Loss from operations | (26,539,000) | (25,162,000) |
Other income (expense): | ||
Interest income | 57,000 | 86,000 |
Interest expense | (8,359,000) | (8,482,000) |
Gain (loss) from change in fair value of derivative instruments | 21,678,000 | $ (17,412,000) |
Gain (Loss) on Extinguishment of Debt | (216,000) | |
Other expense, net | (1,814,000) | $ (369,000) |
Total other income (expense) | 11,346,000 | (26,177,000) |
Loss before income taxes and loss from investments in affiliates | (15,193,000) | (51,339,000) |
Benefit from income taxes | (115,000) | (115,000) |
Net loss before loss from investments in affiliates | $ (15,308,000) | (51,454,000) |
Loss from investments in affiliates | (808,000) | |
Net loss | $ (15,308,000) | (52,262,000) |
Net loss attributable to noncontrolling interest | 22,000 | |
Net loss attributable to Amyris, Inc. common stockholders | $ (15,308,000) | $ (52,240,000) |
Net loss per share attributable to common stockholders: | ||
Basic (in dollars per share) | $ (0.07) | $ (0.66) |
Diluted (in dollars per share) | $ (0.12) | $ (0.66) |
Weighted-average shares of common stock outstanding used in computing net loss per share of common stock: | ||
Basic (in shares) | 207,199,563 | 79,222,051 |
Diluted (in shares) | 260,932,085 | 79,222,051 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net loss | $ (15,308,000) | $ (52,262,000) |
Foreign currency translation adjustment, net of tax | 4,687,000 | (11,245,000) |
Total comprehensive loss | $ (10,621,000) | (63,507,000) |
Loss attributable to noncontrolling interest | 22,000 | |
Foreign currency translation adjustment attributable to noncontrolling interest | (267,000) | |
Comprehensive loss attributable to Amyris, Inc. | $ (10,621,000) | $ (63,752,000) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - 3 months ended Mar. 31, 2016 - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2015 | 206,130,282 | |||||
Balance at Dec. 31, 2015 | $ 21,000 | $ 926,216,000 | $ (1,037,104,000) | $ (47,198,000) | $ (391,000) | $ (158,456,000) |
Issuance of common stock upon exercise of stock options, net of restricted stock (in shares) | 134 | 134 | ||||
Issuance of common stock upon exercise of stock options, net of restricted stock | $ 0 | |||||
Issuance of common stock upon conversion of debt (in shares) | 1,595,382 | |||||
Issuance of common stock upon conversion of debt | 2,075,000 | 2,075,000 | ||||
Issuance of warrants with debt private placement | 3,971,000 | 3,971,000 | ||||
Shares issued from restricted stock settlement (in shares) | 188,298 | |||||
Shares issued from restricted stock settlement | (48,000) | (48,000) | ||||
Stock-based compensation | 2,051,000 | 2,051,000 | ||||
Contribution upon restructuring of Fuels JV | 4,252,000 | 4,252,000 | ||||
Acquisition of noncontrolling interest | (290,000) | $ 277,000 | (13,000) | |||
Foreign currency translation adjustment | 4,687,000 | 4,687,000 | ||||
Net loss | (15,308,000) | (15,308,000) | ||||
Balance (in shares) at Mar. 31, 2016 | 207,914,096 | |||||
Balance at Mar. 31, 2016 | $ 21,000 | $ 938,227,000 | $ (1,052,412,000) | $ (42,511,000) | $ (114,000) | $ (156,789,000) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating activities | ||
Net loss | $ (15,308,000) | $ (52,262,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 2,869,000 | 3,490,000 |
Loss on disposal of property, plant and equipment | (37,000) | 26,000 |
Stock-based compensation | 2,051,000 | 2,652,000 |
Amortization of debt discount | 2,994,000 | $ 3,222,000 |
Loss upon extinguishment of debt | 216,000 | |
Change in fair value of derivative instruments | $ (21,678,000) | $ 17,412,000 |
Loss from investments in affiliates | $ 808,000 | |
Loss on foreign currency exchange rates | $ 1,117,000 | |
Changes in assets and liabilities: | ||
Accounts receivable | (1,484,000) | $ 4,405,000 |
Related party accounts receivables | (300,000) | (196,000) |
Inventories, net | 3,870,000 | 2,227,000 |
Prepaid expenses and other assets | 1,288,000 | 376,000 |
Accounts payable | (810,000) | 382,000 |
Accrued and other liabilities | 2,924,000 | 4,782,000 |
Deferred revenue | (1,292,000) | 9,512,000 |
Deferred rent | (163,000) | (112,000) |
Net cash used in operating activities | (23,743,000) | (3,276,000) |
Investing activities | ||
Purchase of short-term investments | (1,377,000) | (877,000) |
Maturities of short-term investments | 1,627,000 | $ 893,000 |
Change in restricted cash | 13,000 | |
Purchases of property, plant and equipment, net of disposals | (271,000) | $ (1,084,000) |
Net cash used in investing activities | (8,000) | $ (1,068,000) |
Financing activities | ||
Employees' taxes paid upon vesting of restricted stock units | (48,000) | |
Principal payments on capital leases | (160,000) | $ (365,000) |
Proceeds from debt issued to related party | 20,000,000 | 10,850,000 |
Principal payments on debt | (729,000) | (3,167,000) |
Net cash provided by financing activities | 19,063,000 | 7,318,000 |
Effect of exchange rate changes on cash and cash equivalents | 522,000 | (1,240,000) |
Net (decrease)/increase in cash and cash equivalents | (4,166,000) | 1,734,000 |
Cash and cash equivalents at beginning of period | 11,992,000 | 42,047,000 |
Cash and cash equivalents at end of period | 7,826,000 | 43,781,000 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 990,000 | 1,519,000 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Acquisitions of property, plant and equipment under accounts payable, accrued liabilities and notes payable | (521,000) | (233,000) |
Financing of equipment | 100,000 | 80,000 |
Financing of insurance premium under notes payable | (159,000) | (23,000) |
Interest capitalized to debt | 1,010,000 | 3,451,000 |
Purchase of property, plant and equipment via deposit | 24,000 | $ (392,000) |
Non-cash investment in joint venture | 600,000 | |
Cancellation of debt and accrued interest on disposal of interest in affiliate | $ 4,252,000 |
Note 1 - The Company
Note 1 - The Company | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. The Company Amyris, Inc. (or "the Company") was incorporated in California on July 17, 2003 and reincorporated in Delaware on June 10, 2010 for the purpose of leveraging breakthroughs in bioscience technology to develop and provide renewable compounds for a variety of markets. The Company is currently applying its industrial synthetic biology platform to engineer, manufacture and sell high performance, low cost products into a variety of consumer and industrial markets, including cosmetics, flavors & fragrances (or "F&F"), solvents and cleaners, polymers, lubricants, healthcare products and fuels, and it is seeking to apply its technology to the development of pharmaceutical products. The Company's first commercialization efforts have been focused on a renewable hydrocarbon molecule called farnesene (Biofene®), which forms the basis for a wide range of products including emollients, flavors and fragrance oils and diesel fuel. While the Company's platform is able to use a wide variety of feedstocks, the Company has focused on Brazilian sugarcane because of its abundance, low cost and relative price stability. The Company has established two principal operating subsidiaries, Amyris Brasil Ltda. (formerly Amyris Brasil S.A., or Amyris Brasil) for production in Brazil, and Amyris Fuels, LLC (or "Amyris Fuels"). The Company's renewable products business strategy is to focus on direct commercialization of specialty products while moving established commodity products into joint venture arrangements with leading industry partners. To commercialize its products, the Company must be successful in using its technology to manufacture its products at commercial scale and on an economically viable basis (i.e., low per unit production costs) and developing sufficient sales volume for those products to support its operations. The Company's prospects are subject to risks, expenses and uncertainties frequently encountered by companies in this stage of development. Liquidity The Company expects to fund its operations for the foreseeable future with cash and investments currently on hand, cash inflows from collaborations and grants, cash contributions from product sales, and proceeds from new debt and equity financings. The Company's planned 2016 and 2017 working capital needs and its planned operating and capital expenditures are dependent on significant inflows of cash from new and existing collaboration partners and from cash generated from renewable product sales, and will also require additional funding from debt or equity financings. The Company has incurred significant operating losses since its inception and believes that it will continue to incur losses and negative cash flow from operations into at least 2017. As of March 31, 2016, the Company had negative working capital of $67.1 million, an accumulated deficit of $1,052.4 million, and cash, cash equivalents and short term investments of $9.3 million. The Company needs to raise additional financing as early as the second quarter of 2016 to support its liquidity needs. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. If the Company is unable to continue as a going concern, it may be unable to meet its obligations under its existing debt facilities, which could result in an acceleration of its obligation to repay all amounts outstanding under those facilities, and it may be forced to liquidate its assets. As of March 31, 2016, the Company's debt, net of discount and issuance costs of $52.4 million, totaled $170.4 million, of which $55.3 million is classified as current. In addition to upcoming debt maturities, the Company's debt service obligations over the next twelve months are significant, including $21.4 million of anticipated cash interest payments. The Company's debt agreements contain various covenants, including certain restrictions on the Company's business that could cause the Company to be at risk of defaults, such as the requirement to maintain unrestricted, unencumbered cash in defined U.S. bank accounts an amount equal to at least 50% of the principal amount outstanding under its loan facility with Hercules Technology Growth Capital, Inc (or “Hercules”). A failure to comply with the covenants and other provisions of the Company’s debt instruments, including any failure to make a payment when required would generally result in events of default under such instruments, which could permit acceleration of such indebtedness. If such indebtedness is accelerated, it would generally also constitute an event of default under the Company’s other outstanding indebtedness, permitting acceleration of such other outstanding indebtedness. Any required repayment of such indebtedness as a result of acceleration or otherwise would lower current cash on hand such that the Company would not have those funds available for use in its business or for payment of other outstanding indebtedness. Please refer to Note 5, “Debt” and Note 6, “Commitments and Contingencies” for further details regarding the Company's debt service obligations and commitments. The Company also has significant outstanding debt and contractual obligations related to capital and operating leases, as well as purchase commitments. In addition, refer to Note 18, “Subsequent Events” for further details regarding the Company’s compliance with covenants in its loan facility with Hercules. In addition to the need for financing described above, the Company may take the following actions to support its liquidity needs through the remainder of 2016 and into 2017: • Effect significant headcount reductions, particularly with respect to employees not connected to critical or contracted activities across all functions of the Company, including employees involved in general and administrative, research and development, and production activities. • Shift focus to existing products and customers with significantly reduced investment in new product and commercial development efforts. • Reduce production activity at the Company’s Brotas manufacturing facility to levels only sufficient to satisfy volumes required for product revenues forecast from existing products and customers. • Reduce expenditures for third party contractors, including consultants, professional advisors and other vendors. • Reduce or delay uncommitted capital expenditures, including non-essential facility and lab equipment, and information technology projects. • Closely monitor the Company’s working capital position with customers and suppliers, as well as suspend operations at pilot plants and demonstration facilities. Implementing this plan could have a negative impact on the Company's ability to continue its business as currently contemplated, including, without limitation, delays or failures in its ability to: • Achieve planned production levels; • Develop and commercialize products within planned timelines or at planned scales; and • Continue other core activities. Furthermore, any inability to scale-back operations as necessary, and any unexpected liquidity needs, could create pressure to implement more severe measures. Such measures could have an adverse effect on the Company's ability to meet contractual requirements, including obligations to maintain manufacturing operations, and increase the severity of the consequences described above. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying interim condensed consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (or “GAAP”) and with the instructions for Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and notes required for complete financial statements. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Form 10-K for the fiscal year ended December 31, 2015 as filed with the Securities and Exchange Commission (or the “SEC”) on March 31, 2016. The unaudited condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company uses the equity method to account for investments in companies, if its investments provide it with the ability to exercise significant influence over operating and financial policies of the investee. Consolidated net income or loss includes the Company’s proportionate share of the net income or loss of these companies. Judgments made by the Company regarding the level of influence over each equity method investment include considering key factors such as the Company’s ownership interest, representation on the board of directors, participation in policy-making decisions and material intercompany transactions. Principles of Consolidation The condensed consolidated financial statements of the Company include the accounts of Amyris, Inc., its subsidiaries and two consolidated variable interest entities (or “VIEs”), with respect to which the Company is considered the primary beneficiary, after elimination of intercompany accounts and transactions. Disclosure regarding the Company’s participation in the VIEs is included in Note 7, "Joint Ventures and Noncontrolling Interest." Variable Interest Entities The Company has interests in joint venture entities that are VIEs. Determining whether to consolidate a VIE requires judgment in assessing (i) whether an entity is a VIE and (ii) if the Company is the entity’s primary beneficiary and thus required to consolidate the entity. To determine if the Company is the primary beneficiary of a VIE, the Company evaluates whether it has (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company’s evaluation includes identification of significant activities and an assessment of its ability to direct those activities based on governance provisions and arrangements to provide or receive product and process technology, product supply, operations services, equity funding and financing and other applicable agreements and circumstances. The Company’s assessment of whether it is the primary beneficiary of its VIEs requires significant assumptions and judgment. Use of Estimates In preparing the unaudited condensed consolidated financial statements, management must make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Unaudited Interim Financial Information The accompanying interim condensed consolidated financial statements and related disclosures are unaudited, have been prepared on the same basis as the annual consolidated financial statements, except for the impact of adoption of certain accounting standards as described below, and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the results of operations for the periods presented. In the quarter ended March 31, 2016 the Company adopted Accounting Standards Update (“ASU”) No. 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items, Consolidation Interest - Imputation of Interest Simplifying the Presentation of Debt Issuance Costs Intangibles - Goodwill and Other - Internal-Use Software Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The condensed consolidated results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future year or interim period. Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (or “FASB”) issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In March 2016, the FASB issued ASU No. 2016-06, Contingent Put and Call Options in Debt Instruments In February 2016, the FASB issued Accounting Standards Update (or “ASU”) 2016-02- Leases In January 2016, the FASB issued ASU 2016-01 Financial Instruments-Overall In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory In August 2014, FASB issued new guidance related to the disclosure around going concern. The new standard provides guidance around management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosure if substantial doubt exists. The new standard is effective for annual periods ending after December 15, 2016 and for annual periods and interim periods thereafter. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on our financial statements. In May 2014, the FASB issued new guidance related to revenue recognition. In March, April and May 2016, the FASB issued additional amendments to the new revenue guidance relating to reporting revenue on a gross versus net basis, identifying performance obligations, licensing arrangements, collectability, noncash consideration, presentation of sales tax, and transition. This new standard will replace all current GAAP guidance on this topic and eliminate all industry-specific guidance. The new revenue recognition update guidance provides a unified model to determine how revenue is recognized. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. On July 9, 2015, the FASB voted to defer the effective date by one year to December 15, 2017 for interim and annual reporting periods beginning after that date and permitted early adoption of the standard, but not before the original effective date of December 15, 2016. Therefore, the new standard will be effective commencing with our quarter ending March 31, 2018. The Company is currently assessing the potential impact of this new standard on its consolidated financial statements. |
Note 3 - Fair Value of Financia
Note 3 - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 3. Fair Value of Financial Instruments The inputs to the valuation techniques used to measure fair value are classified into the following categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. There were no transfers between the levels, and as of March 31, 2016, the Company’s financial assets and financial liabilities at fair value were classified within the fair value hierarchy as follows (in thousands): Level 1 Level 2 Level 3 Balance as of March 31, 2016 Financial Assets Money market funds $ 57 $ — $ — $ 57 Certificates of deposit 1,444 — — 1,444 Total financial assets $ 1,501 $ — $ — $ 1,501 Financial Liabilities Loans payable (1) $ — $ 29,113 $ — $ 29,113 Credit facilities (1) — 28,636 — 28,636 Convertible notes (1) — — 94,738 94,738 Compound embedded derivative liabilities — — 24,822 24,822 Currency interest rate swap derivative liability — 4,286 — 4,286 Total financial liabilities $ — $ 62,035 $ 119,560 $ 181,595 ________ (1) The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The fair values of money market funds and certificates of deposit are based on fair values of identical assets. The fair values of the loans payable, convertible notes, credit facilities and currency interest rate swaps are based on the present value of expected future cash flows and assumptions about current interest rates and the creditworthiness of the Company. The method of determining the fair value of the compound embedded derivative liabilities is described subsequently in this note. Market risk associated with the fixed and variable rate long-term loans payable, credit facilities and convertible notes relates to the potential reduction in fair value and negative impact to future earnings, from an increase in interest rates. Market risk associated with the compound embedded derivative liabilities relates to the potential reduction in fair value and negative impact to future earnings from a decrease in interest rates. The carrying amounts of certain financial instruments, such as cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities and low market interest rates, if applicable. As of December 31, 2015, the Company’s financial assets and financial liabilities are presented below at fair value and were classified within the fair value hierarchy as follows (in thousands): Level 1 Level 2 Level 3 Balance as of December 31, 2015 Financial Assets Money market funds $ 2,078 $ — $ — $ 2,078 Certificates of deposit 1,520 — — 1,520 Total financial assets $ 3,598 $ — $ — $ 3,598 Financial Liabilities Loans payable (1) $ — $ 9,541 $ — $ 9,541 Credit facilities (1) — 34,893 — 34,893 Convertible notes (1) — — 96,291 96,291 Compound embedded derivative liabilities — — 46,430 46,430 Currency interest rate swap derivative liability — 5,009 — 5,009 Total financial liabilities $ — $ 49,443 $ 142,721 $ 192,164 _______ (1) The following table provides a reconciliation of the beginning and ending balances for the convertible notes disclosed at fair value using significant unobservable inputs (Level 3) (in thousands): 2016 Balance at January 1 $ 96,291 Conversion/extinguishment of convertible notes (835 ) Change in fair value of convertible notes (718 ) Balance at March 31 $ 94,738 Derivative Instruments The following table provides a reconciliation of the beginning and ending balances for the compound embedded derivative liabilities measured at fair value using significant unobservable inputs (Level 3) (in thousands): 2016 Balance at January 1 $ 46,430 Derecognition on conversion/extinguishment (775 ) Gain from change in fair value of derivative liabilities (20,833 ) Balance at March 31 $ 24,822 The compound embedded derivative liabilities represent the fair value of the equity conversion options and "make-whole" provisions, as well as the down round conversion price adjustment or conversion rate adjustment provisions of the R&D Notes, the Tranche I Notes, the Tranche II Notes, the 2014 144A Notes and the 2015 144A Notes (see Note 5, "Debt"). There is no current observable market for these types of derivatives and, as such, the Company determined the fair value of the embedded derivatives using a Monte Carlo simulation valuation model for the R&D Notes and the binomial lattice model for the Tranche I Notes, the Tranche II Notes, the 2014 144A Notes and the 2015 144A Notes (collectively, "the Convertible Notes"). A Monte Carlo simulation valuation model combines expected cash outflows with market-based assumptions regarding risk-adjusted yields, stock price volatility, probability of a change of control and the trading information of the Company's common stock into which the notes are or may be convertible. A binomial lattice model generates two probable outcomes - one up and another down - arising at each point in time, starting from the date of valuation until the maturity date. A lattice model was used to determine if the Convertible Notes would be converted, called or held at each decision point. Within the lattice model, the following assumptions are made: (i) the Convertible Notes will be converted early if the conversion value is greater than the holding value and (ii) the Convertible Notes will be called if the holding value is greater than both (a) redemption price and (b) the conversion value at the time. If the Convertible Notes are called, then the holder will maximize their value by finding the optimal decision between (1) redeeming at the redemption price and (2) converting the Convertible Notes. Using this lattice method, the Company valued the embedded derivatives using the "with-and-without method", where the fair value of the Convertible Notes including the embedded derivative is defined as the "with", and the fair value of the Convertible Notes excluding the embedded derivatives is defined as the "without". This method estimates the fair value of the embedded derivatives by looking at the difference in the values between the Convertible Notes with the embedded derivatives and the fair value of the Convertible Notes without the embedded derivatives. The lattice model uses the stock price, conversion price, maturity date, risk-free interest rate, estimated stock volatility and estimated credit spread. The Company marks the compound embedded derivatives to market due to the conversion price not being indexed to the Company's own stock. As of March 31, 2016 and December 31, 2015, included in "Derivative Liabilities" on the condensed consolidated balance sheet are the Company's compound embedded derivative liabilities of $24.8 million and $46.4 million, respectively. The market-based assumptions and estimates used in valuing the compound embedded derivative liabilities include amounts in the following ranges/amounts: March 31, 2016 March 31, 2015 Risk-free interest rate 0.80% - 0.89% 0.53% - 1.18% Risk-adjusted yields 35.00% - 45.13% 21.30% - 24.40% Stock-price volatility 45% 45% Probability of change in control 5% 5% Stock price $1.11 $2.40 Credit spread 34.16% - 44.25% 20.20% - 23.22% Estimated conversion dates 2016 - 2019 2015 - 2019 Changes in valuation assumptions can have a significant impact on the valuation of the embedded derivative liabilities. For example, all other things being equal, a decrease/increase in the Company’s stock price, probability of change of control, credit spread, term to maturity/conversion or stock price volatility decreases/increases the valuation of the liabilities, whereas a decrease/increase in risk adjusted yields or risk-free interest rates increases/decreases the valuation of the liabilities. The conversion price of certain of the Convertible Notes also include conversion price adjustment features and for, example, issuances of common stock by the Company at prices lower than the conversion price result in a reset of the conversion price of such notes, which increases the value of the embedded derivative liabilities. See Note 5, "Debt" for further details of conversion price adjustment features. In June 2012, the Company entered into a loan agreement with Banco Pine S.A. (or "Banco Pine") under which Banco Pine provided the Company with a loan (or the "Banco Pine Bridge Loan") (see Note 5, "Debt"). At the time of the Banco Pine Bridge Loan, the Company also entered into a currency interest rate swap arrangement with Banco Pine with respect to the repayment of R$22.0 million (approximately US$6.2 million based on the exchange rate as of March 31, 2016) of the Banco Pine Bridge Loan. The swap arrangement exchanges the principal and interest payments under the Banco Pine Bridge Loan for alternative principal and interest payments that are subject to adjustment based on fluctuations in the foreign exchange rate between the U.S. dollar and Brazilian real. The swap has a fixed interest rate of 3.94%. Changes in the fair value of the swap are recognized in “Gain (loss) from change in fair value of derivative instruments" in the condensed consolidated statements of operations are as follows (in thousands): Income Three Months Ended March 31, Type of Derivative Contract 2016 2015 Currency interest rate swap Gain (loss) from change in fair value of derivative instruments $ 845 $ (1,715 ) Derivative instruments measured at fair value as of March 31, 2016 and December 31, 2015, and their classification on the condensed consolidated balance sheets are as follows (in thousands): March 31, 2016 December 31, 2015 Fair market value of compound embedded derivative liabilities $ 24,822 $ 46,430 Fair value of swap obligations 4,286 5,009 Total derivative liabilities $ 29,108 $ 51,439 |
Note 4 - Balance Sheet Componen
Note 4 - Balance Sheet Components | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 4. Balance Sheet Components Inventories, net Inventories, net are stated at the lower of cost or market and comprise of the following (in thousands): March 31, December 31, Raw materials $ 2,532 $ 2,204 Work-in-process 210 3,583 Finished goods 4,844 5,099 Inventories, net $ 7,586 $ 10,886 Property, Plant and Equipment, net Property, plant and equipment, net is comprised of the following (in thousands): March 31, 2016 December 31, 2015 Machinery and equipment $ 76,978 $ 72,876 Leasehold improvements 38,657 38,519 Computers and software 9,249 9,117 Buildings 4,303 3,922 Furniture and office equipment 2,282 2,234 Vehicles 231 215 Construction in progress 7,542 5,736 139,242 132,619 Less: accumulated depreciation and amortization (77,466 ) (72,822 ) Property, plant and equipment, net $ 61,776 $ 59,797 The Company's first, purpose-built, large-scale Biofene production plant in southeastern Brazil commenced operations in December 2012. This plant is located at Brotas in the state of São Paulo, Brazil and is adjacent to an existing sugar and ethanol mill, Tonon Bioenergia S.A. (or “Tonon”) (formerly Paraíso Bioenergia) with which the Company has an agreement to purchase a certain number of tons of sugarcane per year, along with specified water and vapor volumes. Property, plant and equipment, net includes $1.1 million and $2.7 million of machinery and equipment under capital leases as of March 31, 2016 and December 31, 2015, respectively. Accumulated amortization of assets under capital leases totaled $0.1 million and $0.5 million as of March 31, 2016 and December 31, 2015, respectively. Depreciation and amortization expense, including amortization of assets under capital leases was $2.9 million and $3.5 million for the three months ended March 31, 2016 and 2015, respectively. Other Assets (non-current) Other assets are comprised of the following (in thousands): March 31, 2016 December 31, 2015 Recoverable taxes from Brazilian government entities $ 9,532 $ 8,887 Deposits on property and equipment, including taxes 267 243 Other 1,316 1,227 Total other assets $ 11,115 $ 10,357 Accrued and Other Current Liabilities Accrued and other current liabilities are comprised of the following (in thousands): March 31, 2016 December 31, 2015 Withholding tax related to conversion of related party notes $ 4,723 $ 4,723 Professional services 4,424 4,017 SMA relocation accrual 3,995 3,641 Accrued interest 3,949 1,984 Tax-related liabilities 2,393 2,505 Accrued vacation 2,062 2,023 Payroll and related expenses 1,955 3,122 Deferred rent, current portion 1,111 1,111 Contractual obligations to contract manufacturers 546 — Other 751 1,142 Total accrued and other current liabilities $ 25,909 $ 24,268 |
Note 5 - Debt
Note 5 - Debt | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 5. Debt Debt is comprised of the following (in thousands): March 31, 2016 December 31, 2015 Hercules loan facility $ 31,684 $ 31,590 BNDES credit facility 1,878 1,956 FINEP credit facility 850 840 Total credit facilities 34,412 34,386 Convertible notes 63,453 61,233 Related party convertible notes 42,160 42,749 Related party loan payable 16,315 — Loans payable 14,020 13,606 Total debt 170,360 151,974 Less: current portion (55,326 ) (36,281 ) Long-term debt $ 115,034 $ 115,693 Hercules Loan Facility In March 2014, the Company entered into a Loan and Security Agreement with Hercules Technology Growth Capital, Inc. (or “Hercules”) to make available to Amyris a loan in the aggregate principal amount of up to $25.0 million (or the "Hercules Loan Facility"). The original Hercules Loan Facility accrues interest at a rate per annum equal to the greater of either the prime rate reported in the Wall Street Journal plus 6.25% or 9.50%. The Company may repay the loaned amounts before the maturity date (generally February 1, 2017) if it pays an additional fee of 3% of the outstanding loans (1% if after the initial twelve-month period of the loan). The Company was also required to pay a 1% facility charge at the closing of the transaction, and is required to pay a 10% end of term charge. In connection with the original Hercules Loan Facility, Amyris agreed to certain customary representations and warranties and covenants, as well as certain covenants that were subsequently amended (as described below). The total available credit of $25.0 million under this facility was fully drawn down by the Company. In June 2014, the Company and Hercules entered into a first amendment (or the “First Hercules Amendment”) of the Hercules Loan Facility. Pursuant to the First Hercules Amendment, the parties agreed to adjust the term loan maturity date from May 31, 2015 to February 1, 2017 and remove (i) a requirement for the Company to pay a forbearance fee of $10.0 million in the event certain covenants were not satisfied, (ii) a covenant that the Company maintain positive cash flow commencing with the fiscal quarter beginning October 1, 2014, (iii) a covenant that, beginning with the fiscal quarter beginning July 1, 2014, the Company and its subsidiaries achieve certain projected cash product revenues and projected cash product gross profits, and (iv) an obligation for the Company to file a registration statement on Form S-3 with the SEC by no later than June 30, 2014 and complete an equity financing of more than $50.0 million by no later than September 30, 2014. The Company further agreed to include a new covenant requiring the Company to maintain unrestricted, unencumbered cash in defined U.S. bank accounts an amount equal to at least 50% of the principal amount then outstanding under the Hercules Loan Facility and borrow an additional $5.0 million. The additional $5.0 million borrowing was completed in June 2014, and accrues interest at a rate per annum equal to the greater of either the prime rate reported in the Wall Street Journal plus 5.25% or 8.5%. The Hercules Loan Facility is secured by liens on the Company's assets, including on certain Company intellectual property. The Hercules Loan Facility includes customary events of default, including failure to pay amounts due, breaches of covenants and warranties, material adverse effect events, certain cross defaults and judgments, and insolvency. If an event of default occurs, Hercules may require immediate repayment of all amounts due. In March 2015, the Company and Hercules entered into a second amendment (or the “Second Hercules Amendment”) of the Hercules Loan Facility. Pursuant to the Second Hercules Amendment, the parties agreed to, among other things, establish an additional credit facility in the principal amount of up to $15.0 million, which would be available to be drawn by the Company through the earlier of March 31, 2016 or such time as the Company raised an aggregate of at least $20.0 million through the sale of new equity securities. Under the terms of the Second Hercules Amendment, the Company agreed to pay Hercules a 3.0% facility availability fee on April 1, 2015. If the facility was not canceled, and any outstanding borrowings were not repaid, before June 30, 2015, an additional 5.0% facility fee became payable on June 30, 2015. The Company did not pay the additional facility fee and thereafter received a waiver from Hercules with respect thereto. The Company had the ability to cancel the additional facility at any time prior to June 30, 2015 at its own option, and the additional facility would terminate upon the Company securing a new equity financing of at least $20.0 million. The additional facility was cancelled undrawn upon the completion of the Company’s private offering of common stock and warrants in July 2015. In November 2015, the Company and Hercules entered into a third amendment (or the “Third Hercules Amendment”) of the Hercules Loan Facility. Pursuant to the Third Hercules Amendment, the Company borrowed $10,960,000 (or the “Third Hercules Amendment Borrowed Amount”) from Hercules on November 30, 2015. As of December 1, 2015, after the funding of the Third Hercules Amendment Borrowed Amount (and including repayment of $9.1 million of principal that had occurred prior to the Third Hercules Amendment), the aggregate principal amount outstanding under the Loan Facility was approximately $31.7 million. The Third Hercules Amendment Borrowed Amount accrues interest at a rate per annum equal to the greater of (i) 9.5% and (ii) the prime rate reported in the Wall Street Journal plus 6.25%, and, like the previous loans under the Hercules Loan Facility, has a maturity date of February 1, 2017. Upon the earlier of the maturity date, prepayment in full or such obligations otherwise becoming due and payable, in addition to repaying the outstanding Third Hercules Amendment Borrowed Amount (and all amounts owed under the Original Hercules Agreement, as amended), the Company is also required to pay Hercules an end-of-term charge of $767,200. Pursuant to the Third Hercules Amendment, the Company also paid Hercules fees of $1.0 million, $750,000 of which was owed in connection with the expired $15.0 million facility under the Second Hercules Amendment and $250,000 of which was related to the Third Hercules Amendment Borrowed Amount. Under the Third Hercules Amendment, the parties agreed that the Company would, commencing on December 1, 2015, be required to pay only the interest accruing on all outstanding loans under the Loan Facility until February 29, 2016. Commencing on March 1, 2016, the Company would be required to begin repaying principal of all loans under the Loan Facility, in addition to the applicable interest. However, pursuant to the Third Hercules Amendment, the Company could, by achieving certain cash inflow targets in 2016, extend the interest-only period to December 1, 2016. If the achievement of those targets occurs after March 1, 2016, the Company could, after commencing the repayment of principal, revert to interest-only payments once the applicable target is achieved. Upon the issuance by the Company of $20.0 million of unsecured promissory notes and warrants in a private placement in February 2016 for aggregate cash proceeds of $20.0 million, the Company satisfied the conditions for extending the interest-only period to May 31, 2016. The Third Hercules Amendment Borrowed Amount is secured by the same liens provided for in the Original Hercules Agreement and the First Amendment, including a lien on certain Company intellectual property, and the preexisting covenants under the Loan Facility apply to the Loan Facility as amended. As of March 31, 2016, $31.7 million was outstanding under the Hercules Loan Facility, net of discount and issuance costs of $0.3 million. The Hercules Loan Facility requires the Company to maintain unrestricted, unencumbered cash in defined U.S. bank accounts in an amount equal to at least 50% of the principal amount outstanding under such facility. Refer to Note 18, “Subsequent Events” for further details regarding the Company’s compliance with such covenant. BNDES Credit Facility In December 2011, the Company entered into a credit facility with the Brazilian Development Bank (or “BNDES” and such credit facility is the “BNDES Credit Facility”) in the amount of R$22.4 million (approximately US$6.3 million based on the exchange rate as of March 31, 2016). This BNDES Credit Facility was extended as project financing for a production site in Brazil. The credit line was divided into an initial tranche of up to approximately R$19.1 million and an additional tranche of approximately R$3.3 million that would become available upon delivery of additional guarantees. The credit line was cancelled in 2013. The principal of the loans under the BNDES Credit Facility is required to be repaid in 60 monthly installments, with the first installment paid in January 2013 and the last due in December 2017. Interest was due initially on a quarterly basis with the first installment due in March 2012. From and after January 2013, interest payments are due on a monthly basis together with principal payments. The loaned amounts carry interest of 7% per annum. Additionally, there is a credit reserve charge of 0.1% on the unused balance from each credit installment from the day immediately after it is made available through its date of use, when it is paid. The BNDES Credit Facility is collateralized by a first priority security interest in certain of the Company's equipment and other tangible assets totaling R$24.9 million (approximately $7.0 million based on the exchange rate as of March 31, 2016). The Company is a parent guarantor for the payment of the outstanding balance under the BNDES Credit Facility. Additionally, the Company was required to provide a bank guarantee equal to 10% of the total approved amount (R$22.4 million in total debt) available under the BNDES Credit Facility. For advances of the second tranche (above R$19.1 million), the Company is required to provide additional bank guarantees equal to 90% of each such advance, plus additional Company guarantees equal to at least 130% of such advance. The BNDES Credit Facility contains customary events of default, including payment failures, failure to satisfy other obligations under this credit facility or related documents, defaults in respect of other indebtedness, bankruptcy, insolvency and inability to pay debts when due, material judgments, and changes in control of Amyris Brasil. If any event of default occurs, BNDES may terminate its commitments and declare immediately due all borrowings under the facility. As of March 31, 2016 and December 31, 2015, the Company had R$6.7 million (approximately US$1.9 million based on the exchange rate as of March 31, 2016) and R$7.6 million (approximately US$1.9 million based on the exchange rate as of December 31, 2015), respectively, in outstanding advances under the BNDES Credit Facility. FINEP Credit Facility In November 2010, the Company entered into a credit facility with Financiadora de Estudos e Projetos (or the “FINEP Credit Facility”). The FINEP Credit Facility was extended to partially fund expenses related to the Company’s research and development project on sugarcane-based biodiesel (or the “FINEP Project”) and provided for loans of up to an aggregate principal amount of R$6.4 million (approximately US$1.8 million based on the exchange rate as of March 31, 2016), which is secured by a chattel mortgage on certain equipment of Amyris Brasil as well as by bank letters of guarantee. All available credit under this facility is fully drawn. Interest on loans drawn under the FINEP Credit Facility is fixed at 5% per annum. In case of default under or non-compliance with the terms of the agreement, the interest on loans will be dependent on the long-term interest rate as published by the Central Bank of Brazil (such rate, the “TJLP”). If the TJLP at the time of default is greater than 6%, then the interest will be 5% plus a TJLP adjustment factor, otherwise the interest will be 11% per annum. In addition, a fine of up to 10% shall apply to the amount of any obligation in default. Interest on late balances will be 1% per month, levied on the overdue amount. Payment of the outstanding loan balance is being made in 81 monthly installments, which commenced in July 2012 and extends through March 2019. Interest on loans drawn and other charges are paid on a monthly basis and commenced in March 2011. As of March 31, 2016 and December 31, 2015, the total outstanding loan balance under this credit facility was R$3.0 million (approximately US$0.8 million based on the exchange rate as of March 31, 2016) and R$3.4 million (approximately US$0.9 million based on exchange rate as of December 31, 2015), respectively. Convertible Notes Fidelity In February 2012, the Company completed the sale of senior unsecured convertible promissory notes in an aggregate principal amount of $25.0 million pursuant to a securities purchase agreement, between the Company and certain investment funds affiliated with FMR LLC (or the "Fidelity Securities Purchase Agreement"). The offering consisted of the sale of 3% senior unsecured convertible promissory notes with a March 1, 2017 maturity date and an initial conversion price equal to $7.0682 per share of the Company's common stock, subject to proportional adjustment for adjustments to outstanding common stock and anti-dilution provisions in case of dividends and distributions (or the "Fidelity Notes"). As of March 31, 2016, the Fidelity Notes were convertible into an aggregate of up to 3,536,968 shares of the Company's common stock. The holders of the Fidelity Notes have a right to require repayment of 101% of the principal amount of the Fidelity Notes in an acquisition of the Company, and the Fidelity Notes provide for payment of unpaid interest on conversion following such an acquisition if the note holders do not require such repayment. The Fidelity Securities Purchase Agreement and Fidelity Notes include covenants regarding payment of interest, maintaining the Company's listing status, limitations on debt, maintenance of corporate existence, and timely filing of SEC reports. The Fidelity Notes include standard events of default resulting in acceleration of indebtedness, including failure to pay, bankruptcy and insolvency, cross-defaults and breaches of the covenants in the Fidelity Securities Purchase Agreement and Fidelity Notes, with default interest rates and associated cure periods applicable to the covenant regarding SEC reporting. Furthermore, the Fidelity Notes include restrictions on the amount of debt the Company is permitted to incur. With exceptions for certain existing debt, refinancing of such debt and certain other exclusions and waivers, the Fidelity Notes provide that the Company's total outstanding debt at any time cannot exceed the greater of $200.0 million or 50% of its consolidated total assets and its secured debt cannot exceed the greater of $125.0 million or 30% of its consolidated total assets. In connection with the Company’s closing of a short-term bridge loan for $35.0 million in October 2013, holders of the Fidelity Notes waived compliance with the debt limitations outlined above as to the $35.0 million bridge loan (or the “Temasek Bridge Note”) and the August 2013 Financing (defined below). In consideration for such waiver, the Company granted to holders of the Fidelity Notes or their affiliates, the right to purchase up to an aggregate of $7.6 million worth of convertible promissory notes in the first tranche of the August 2013 Financing. Pursuant to a Securities Purchase Agreement among the Company, Maxwell (Mauritius) Pte Ltd (or “Temasek”) and Total, dated as of August 8, 2013 (or the “August 2013 SPA”), as amended in October 2013 to include certain entities affiliated with FMR LLC (or the “Fidelity Entities”) the Company sold and issued certain senior convertible notes (or the “Tranche I Notes”) pursuant to a financing (or the “August 2013 Financing”) exempt from registration under the Securities Act of 1933, as amended (or the “Securities Act”) with an aggregate principal amount of $7.6 million of Tranche I Notes sold to the Fidelity Entities. See "Related Party Convertible Notes" in Note 5, "Debt." 2014 Rule 144A Convertible Note Offering In May 2014, the Company entered into a Purchase Agreement with Morgan Stanley & Co. LLC, as the initial purchaser (or the “Initial Purchaser”), relating to the sale of $75.0 million aggregate in principal amount of its 6.50% Convertible Senior Notes due 2019 (or the "2014 144A Notes") to the Initial Purchaser in a private placement, and for initial resale by the Initial Purchaser to certain qualified institutional buyers (or the "2014 144A Convertible Note Offering"). In addition, the Company granted the Initial Purchaser an option to purchase up to an additional $15.0 million aggregate principal amount of 2014 144A Notes, which option expired according to its terms. Under the terms of the purchase agreement for the 2014 144A Notes, the Company agreed to customary indemnification of the Initial Purchaser against certain liabilities. The Notes were issued pursuant to an Indenture, dated as of May 29, 2014 (or the “2014 Indenture”), between the Company and Wells Fargo Bank, National Association, as trustee. The net proceeds from the offering of the 2014 144A Notes were approximately $72.0 million after payment of the Initial Purchaser’s discounts and offering expenses. In addition, in connection with obtaining a waiver from Total of its preexisting contractual right to exchange certain senior secured convertible notes previously issued by the Company for new notes issued in the offering, the Company used approximately $9.7 million of the net proceeds to repay previously issued notes (representing the amount of 2014 144A Notes purchased by Total from the Initial Purchaser). Certain of the Company's affiliated entities purchased $24.7 million in aggregate principal amount of 2014 144A Notes from the Initial Purchaser (described further below under "Related Party Convertible Notes"). The 2014 144A Notes bear interest at a rate of 6.50% per year, payable semiannually in arrears on May 15 and November 15 of each year, beginning November 15, 2014. The 2014 144A Notes mature on May 15, 2019, unless earlier converted or repurchased. The 2014 144A Notes are convertible into shares of the Company's common stock at any time prior to the close of business day on May 15, 2019. The 2014 144A Notes have an initial conversion rate of 267.037 shares of Common Stock per $1,000 principal amount of 2014 144A Notes (subject to adjustment in certain circumstances). This represents an initial effective conversion price of approximately $3.74 per share of common stock. For any conversion on or after May 15, 2015, in the event that the last reported sale price of the Company’s common stock for 20 or more trading days (whether or not consecutive) in a period of 30 consecutive trading days ending within five trading days immediately prior to the date the Company receives a notice of conversion exceeds the conversion price of $3.74 per share on each such trading day, the holders, in addition to the shares deliverable upon conversion, noteholders will be entitled to receive a cash payment equal to the present value of the remaining scheduled payments of interest that would have been made on the 2014 144A Notes being converted from the conversion date to the earlier of the date that is three years after the date the Company receives such notice of conversion and maturity (May 15, 2019), which will be computed using a discount rate of 0.75%. In the event of a fundamental change, as defined in the 2014 Indenture, holders of the 2014 144A Notes may require the Company to purchase all or a portion of the 2014 144A Notes at a price equal to 100% of the principal amount of the 2014 144A Notes, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In addition, holders of the 2014 144A Notes who convert their 2014 144A Notes in connection with a make-whole fundamental change will, under certain circumstances, be entitled to an increase in the conversion rate. Refer to the “Exchange” and “Maturity Treatment Agreement” sections of this Note 5, "Debt", for details of the impact of the Maturity Treatment and Exchange agreements on the 2014 144A Notes. 2015 Rule 144A Convertible Note Offering In October 2015, the Company entered into a purchase agreement with certain qualified institutional buyers relating to the sale of $57.6 million aggregate principal amount of its 9.50% Convertible Senior Notes due 2019 (or the “2015 144A Notes”) to the purchasers in a private placement (or the “2015 144A Offering”). The Notes were issued pursuant to an Indenture, dated as of October 20, 2015 (or the “2015 Indenture”), between the Company and Wells Fargo Bank, National Association, as trustee. The net proceeds from the offering of the 2015 144A Notes were approximately $54.4 million after payment of the estimated offering expenses and placement agent fees. The Company used approximately $18.3 million of the net proceeds to repurchase $22.9 million aggregate principal amount of outstanding 2014 144A Notes and approximately $8.8 million to repurchase $9.7 million aggregate principal amount of outstanding Fidelity Notes, in each case held by purchasers of the 2015 144A Notes. The 2015 144A Notes bear interest at a rate of 9.50% per year, payable semiannually in arrears on April 15 and October 15 of each year, beginning April 15, 2016. Interest may be payable, at the Company’s option, entirely in cash or entirely in common stock. The 2015 144A Notes will mature on April 15, 2019 unless earlier converted or repurchased. The 2015 144A Notes are convertible into shares of the Company's common stock at any time prior to the close of business on April 15, 2019. The 2015 144A Notes have an initial conversion rate of 443.6557 shares of Common Stock per $1,000 principal amount of 2015 144A Notes (subject to adjustment in certain circumstances). This represents an initial effective conversion price of approximately $2.25 per share of common stock. Following the issuance by the Company of warrants to purchase common stock in a private placement transaction in February 2016, as described below, the conversion rate of the 2015 144A Notes was adjusted to 445.2552 shares of Common Stock per $1,000 principal amount of 2015 144A Notes. For any conversion on or after November 27, 2015, in addition to the shares deliverable upon conversion, noteholders will be entitled to receive a payment equal to the present value of the remaining scheduled payments of interest that would have been made on the 2015 144A Notes being converted from the conversion date to the earlier of the date that is three years after the date the Company receives such notice of conversion and maturity (April 15, 2019), which will be computed using a discount rate of 0.75%. The Company may make such payment (the “Early Conversion Payment”) either in cash or in common stock, at its election, provided that it may only make such payment in common stock if such common stock is not subject to restrictions on transfer under the Securities Act by persons other than the Company’s affiliates. If the Company elects to pay an Early Conversion Payment in common stock, then the stock will be valued at 92.5% of the simple average of the daily volume-weighted average price per share for the 10 trading days ending on and including the trading day immediately preceding the conversion date. In the event of a fundamental change, as defined in the 2015 Indenture, holders of the 2015 144A Notes may require the Company to purchase all or a portion of the 2015 144A Notes at a price equal to 100% of the principal amount of the 2015 144A Notes, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In addition, holders of the 2015 144A Notes who convert their 2015 144A Notes in connection with a make-whole fundamental change will, under certain circumstances, be entitled to an increase in the conversion rate. The issuance of shares of common stock upon conversion of the 2015 144A Notes, upon the Company’s election to pay interest on the 2015 144A Notes in shares of common stock and upon the Company’s election to pay the Early Conversion Payment in shares of common stock in an aggregate amount in excess of Related Party Convertible Notes Total R&D Convertible Notes In July 2012 and December 2013, the Company entered into a series of agreements (or the "Total Fuel Agreements") with Total Energies Nouvelles Activités USA (formerly known as Total Gas & Power USA, SAS, and referred to as “Total”) that expanded Total's investment in the Biofene collaboration with the Company, provided a new structure for a joint venture (or the "Fuels JV") to commercialize the products encompassed by the diesel and jet fuel research and development program (or the "Program"), and established a convertible debt structure for the collaboration funding from Total. The purchase agreement for the notes related to the funding from Total (or the “Total Purchase Agreement”) provided for the sale of an aggregate of $105.0 million in 1.5% Senior Unsecured Convertible Notes due March 2017 (the “Unsecured R&D Notes”) as follows: • As part of an initial closing under the purchase agreement (which was completed in two installments), (i) on July 30, 2012, the Company sold an Unsecured R&D Note with a principal amount of $38.3 million, including $15.0 million in new funds and $23.3 million in previously-provided diesel research and development funding by Total, and (ii) on September 14, 2012, the Company sold another Unsecured R&D Note for $15.0 million in new funds from Total. • At a second closing under the Total Purchase Agreement (also completed in two installments) the Company sold additional Unsecured R&D Notes for an aggregate of $30.0 million in new funds from Total ($10.0 million in June 2013 and $20.0 million in July 2013). • At a third closing under the Total Purchase Agreement (also completed in two installments) the Company sold additional Unsecured R&D Notes for an aggregate of $21.7 million in new funds from Total ($10.85 million in July 2014 and $10.85 million in January 2015) (or the “Third Closing Notes”). The Unsecured R&D Notes have a maturity date of March 1, 2017, an initial conversion price equal to $7.0682 per share for the Unsecured R&D Notes issued under the initial closing, an initial conversion price equal to $3.08 per share for the Unsecured R&D Notes issued under the second closing and an initial conversion price equal to $4.11 per share for the Unsecured R&D Notes issued in the third closing. The Unsecured R&D Notes bear interest of 1.5% per annum (with a default rate of 2.5%), accruing from the date of funding and payable at maturity or on conversion or a change of control where Total exercises the right to require the Company to repay the notes. Accrued interest is partially or fully cancelled if the Unsecured R&D Notes are cancelled based on a final decision by Total to go forward with the fuels collaboration (either partially with respect to jet fuel or fully with respect to jet fuel and diesel (a “Go” decision) (see Note 8, "Significant Agreements"). The agreements contemplate that the research and development efforts under the Program may extend through 2016, with a series of “Go/No Go” decisions (see Note 8, "Significant Agreements") by Total through such date tied to funding by Total. The Unsecured R&D Notes become convertible into the Company's common stock (i) within 10 trading days prior to maturity (if they are not cancelled as described above prior to their maturity date), (ii) on a change of control of the Company, (iii) if Total is no longer the largest stockholder of the Company following a “No-Go” decision (subject to a six-month lock-up with respect to any shares of common stock issued upon conversion), and (iv) on a default by the Company. If Total makes a final “Go” decision with respect to the full fuels collaboration, then the Unsecured R&D Notes will be exchanged by Total for equity interests in the Fuels JV, after which the Unsecured R&D Notes will not be convertible and any obligation to pay principal or interest on the Unsecured R&D Notes will be extinguished. In case of a “Go” decision only with respect to jet fuel, the parties would form an operational joint venture only for jet fuel (and the rights associated with diesel would terminate), 70% of the outstanding Unsecured R&D Notes would remain outstanding and become payable by the Company, and 30% of the outstanding Unsecured R&D Notes would be cancelled. If Total makes a “No-Go” decision, outstanding Unsecured R&D Notes will remain outstanding and become payable at maturity. In March 2013, the Company entered into a letter agreement with Total (or the March 2013 Letter Agreement) under which Total agreed to waive its right to cease its participation in the parties' fuels collaboration at the July 2013 decision point and committed to proceed with the July 2013 funding tranche of $30.0 million (subject to the Company's satisfaction of the relevant closing conditions for such funding in the Total Purchase Agreement). As consideration for this waiver and commitment, the Company agreed to: • reduce the conversion price for the $30.0 million in principal amount of Unsecured R&D Notes to be issued in connection with the second closing of the Unsecured R&D Notes (as described above) from $7.0682 per share to a price per share equal to the greater of (i) the consolidated closing bid price of the Company's common stock on the date of the March 2013 Letter Agreement, plus $0.01, and (ii) $3.08 per share, provided that the conversion price would not be reduced by more than the maximum possible amount permitted under the rules of The NASDAQ Stock Market (or “NASDAQ”) such that the new conversion price would require the Company to obtain stockholder consent; and • grant Total a senior security interest in the Company's intellectual property, subject to certain exclusions and subject to release by Total when the Company and Total enter into final documentation regarding the establishment of the Fuels JV. In addition to the waiver by Total described above, Total also agreed that, at the Company's request and contingent upon the Company meeting its obligations described above, it would pay advance installments of the amounts otherwise payable at the second closing. In June 2013, the Company sold and issued $10.0 million in principal amount of Unsecured R&D Notes to Total pursuant to the second closing of the Unsecured R&D Notes as discussed above. In accordance with the March 2013 Letter Agreement, this Unsecured R&D Note had an initial conversion price equal to $3.08 per share of the Company's common stock. In July 2013, the Company sold and issued $20.0 million in principal amount of Unsecured R&D Notes to Total pursuant to the Total second closing of the Unsecured R&D Notes as discussed above. This purchase and sale completed Total's commitment to purchase $30.0 million of the Unsecured R&D Notes in the second closing by July 2013. In accordance with the March 2013 Letter Agreement, this Unsecured R&D Note has an initial conversion price equal to $3.08 per share of the Company's common stock. The conversion prices of the Unsecured R&D Notes were subject to adjustment for proportional adjustments to outstanding common stock and under anti-dilution provisions in case of certain dividends and distributions. Total had a right to require repayment of 101% of the principal amount of the Unsecured R&D Notes in the event of a change of control of the Company and the Unsecured R&D Notes provided for payment of unpaid interest on conversion following such a change of control if Total did not require such repayment. The Total Purchase Agreement and Unsecured R&D Notes included covenants regarding payment of interest, maintenance of the Company's listing status, limitations on debt, maintenance of corporate existence, and filing of SEC reports. The Unsecured R&D Notes include standard events of default resulting in acceleration of indebtedness, including failure to pay, bankruptcy and insolvency, cross-defaults, and breaches of the covenants in the Total Purchase Agreement and Unsecured R&D Notes, with added default interest rates and associated cure periods applicable to the covenan |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Commitments Contingencies and Guarantees [Text Block] | 6. Commitments and Contingencies Lease Obligations The Company leases certain facilities and finances certain equipment under operating and capital leases, respectively. Operating leases include leased facilities and capital leases include leased equipment (see Note 4, "Balance Sheet Components"). The Company recognizes rent expense on a straight-line basis over the non-cancellable lease term and records the difference between rent payments and the recognition of rent expense as a deferred rent liability. Where leases contain escalation clauses, rent abatements, and/or concessions, such as rent holidays and landlord or tenant incentives or allowances, the Company applies them as a straight-line rent expense over the lease term. The Company has non-cancellable operating lease agreements for office, research and development, and manufacturing space that expire at various dates, with the latest expiration in February 2031. Rent expense under operating leases was $1.3 million and $1.3 million for the three months ended March 31, 2016 and 2015, respectively. Future minimum payments under the Company's lease obligations as of March 31, 2016, are as follows (in thousands): Years ending December 31: Capital Operating Total Lease Obligations 2016 (remaining nine months) $ 430 $ 5,196 $ 5,626 2017 233 6,805 7,038 2018 28 6,820 6,848 2019 — 6,758 6,758 2020 — 6,994 6,994 Thereafter — 18,118 18,118 Total future minimum lease payments 691 $ 50,691 $ 51,382 Less: amount representing interest (51 ) Present value of minimum lease payments 640 Less: current portion (477 ) Long-term portion $ 163 Guarantor Arrangements The Company has agreements whereby it indemnifies its officers and directors for certain events or occurrences while the officer or directors are serving in their official capacities. The indemnification period remains enforceable for the officer's or director’s lifetime. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer insurance policy that limits its exposure and enables the Company to recover a portion of any future payments. As a result of its insurance policy coverage, the Company believes the estimated fair value of these indemnification agreements is minimal. Accordingly, the Company had no liabilities recorded for these agreements as of March 31, 2016 and December 31, 2015. The Company entered into the FINEP Credit Facility to finance a research and development project on sugarcane-based biodiesel (see Note 5, "Debt"). The FINEP Credit Facility is guaranteed by a chattel mortgage on certain equipment of the Company. The Company's total acquisition cost for the equipment under this guarantee is approximately R$6.0 million (approximately US$1.7 million based on the exchange rate as of March 31, 2016). The Company entered into the BNDES Credit Facility to finance a production site in Brazil (see Note 5, "Debt").The BNDES Credit Facility is collateralized by a first priority security interest in certain of the Company's equipment and other tangible assets with a total acquisition cost of R$24.9 million (approximately US$7.0 million based on the exchange rate as of March 31, 2016). The Company is a parent guarantor for the payment of the outstanding balance under the BNDES Credit Facility. Additionally, the Company is required to provide certain bank guarantees under the BNDES Credit Facility. The Company entered into loan agreements and security agreements whereby the Company pledged certain farnesene production assets as collateral (the fiduciary conveyance of movable goods) with each of Nossa Caixa and Banco Pine (see Note 5, "Debt"). The Company's total acquisition cost for the farnesene production assets pledged as collateral under these agreements is approximately R$68.0 million (approximately US$19.1 million based on the exchange rate as of March 31, 2016). The Company is also a parent guarantor for the payment of the outstanding balance under these loan agreements. The Company had an export financing agreement with Banco ABC Brasil S.A for approximately $2.2 million for a one year term to fund exports through March 2015. As of March 31, 2016, the loan was fully repaid. On April 8, 2015, the Company entered into another export financing agreement with the same bank for approximately $1.6 million for a one year term to fund exports through March 2016. The repayment date for this loan has been extended to June 2016. This loan is collateralized by future exports from Amyris Brasil. The Company is also a parent guarantor for the payment of the outstanding balance under these loan agreements. In October 2013, the Company entered into a letter agreement with Total relating to the Temasek Bridge Note and to the closing of the August 2013 Financing (or the "Amendment Agreement") (see Note 5, "Debt"). In the August 2013 Financing, the Company was required to provide the purchasers under the August 2013 SPA with a security interest in the Company’s intellectual property if Total still held such security interest as of the initial closing of the August 2013 Financing. Under the terms of a previous Intellectual Property Security Agreement by and between the Company and Total (or the "Security Agreement"), the Company had previously granted a security interest in favor of Total to secure the obligations of the Company under the R&D Notes issued and issuable to Total under the Total Purchase Agreement. The Security Agreement provided that such security interest would terminate if Total and the Company entered into certain agreements relating to the formation of the Fuels JV. In connection with Total’s agreement to (i) permit the Company to grant the security interest under the Temasek Bridge Note and the August 2013 Financing and (ii) waive a secured debt limitation contained in the outstanding R&D Notes issued pursuant to the Total Purchase Agreement and held by Total, the Company entered into the Amendment Agreement. Under the Amendment Agreement, the Company agreed to reduce, effective December 2, 2013, the conversion price for the R&D Notes issued in 2012 ($3.7 million of which are outstanding as of the date hereof) from $7.0682 per share to $2.20, the market price per share of the Company’s common stock as of the signing of the Amendment Agreement, as determined in accordance with applicable NASDAQ rules, unless the Company and Total entered into the JV Documents on or prior to December 2, 2013. The Company and Total entered into the JV agreements on December 2, 2013 and the Amendment Agreement and all security interests thereunder were automatically terminated and the conversion price of such R&D Notes remained at $7.0682 per share. In December 2013, in connection with the execution of JV Documents entered into by and among Amyris, Total and TAB relating to the establishment of TAB (see Note 5, "Debt" and Note 7, "Joint Venture and Noncontrolling Interests"), the Company agreed to exchange the $69.0 million outstanding R&D Notes issued pursuant to the Total Purchase Agreement and issue replacement 1.5% Senior Secured Convertible Notes due March 2017, in principal amounts equal to the principal amount of each R&D Note and grant a security interest to Total in and lien on all the Company’s rights, title and interest in and to the Company’s shares in the capital of TAB. Following execution of the JV Documents, all Unsecured R&D Notes that had been issued were exchanged for Secured R&D Notes. Further, the $10.85 million in principal amount of such notes issued in the initial tranche of the third closing under the Total Purchase Agreement in July 2014 and the $10.85 million in principal amount of such notes issued in the second tranche of the third closing were Secured R&D Notes instead of Unsecured R&D Notes. "See Note 5,"Debt" for the impact of the Exchange and Maturity Treatment Agreement on the R&D Notes. The Hercules Loan Facility (see Note 5, "Debt") is collateralized by liens on the Company's assets, including certain Company intellectual property. Purchase Obligations As of March 31, 2016 and December 31, 2015, the Company had $1.3 million and $1.3 million, respectively, in purchase obligations which included $0.5 million and $0.5 million, respectively, of non-cancellable contractual obligations and construction commitments. Other Matters Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but will only be recorded when one or more future events occur or fail to occur. The Company's management assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against and by the Company or unasserted claims that may result in such proceedings, the Company's management evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company's financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be reasonably estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material would be disclosed. Loss contingencies considered to be remote by management are generally not disclosed unless they involve guarantees, in which case the guarantee would be disclosed. The Company has levied indirect taxes on sugarcane-based biodiesel sales by Amyris Brasil to customers in Brasil based on advice from external legal counsel. In the absence of definitive rulings from the Brazilian tax authorities on the appropriate indirect tax rate to be applied to such product sales, the actual indirect rate to be applied to such sales could differ from the rate we levied. The Company is subject to disputes and claims that arise or have arisen in the ordinary course of business and that have not resulted in legal proceedings or have not been fully adjudicated. Such matters that may arise in the ordinary course of business are subject to many uncertainties and outcomes are not predictable with reasonable assurance and therefore an estimate of all the reasonably possible losses cannot be determined at this time. Therefore, if one or more of these legal disputes or claims resulted in settlements or legal proceedings that were resolved against the Company for amounts in excess of management’s expectations, the Company’s consolidated financial statements for the relevant reporting period could be materially adversely affected. |
Note 7 - Joint Ventures and Non
Note 7 - Joint Ventures and Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 7. Joint Ventures and Noncontrolling Interests Novvi LLC In September 2011, the Company and Cosan US, Inc. (or “Cosan U.S.”) formed Novvi LLC (or “Novvi”), a U.S. entity that is jointly owned by the Company and Cosan U.S. In March 2013, the Company and Cosan U.S. entered into agreements to (i) expand their base oils joint venture to also include additives and lubricants and (ii) operate their joint venture exclusively through Novvi. Specifically, the parties entered into an Amended and Restated Operating Agreement for Novvi (or the “Operating Agreement”), which sets forth the governance procedures for Novvi and the parties' initial contribution. The Company also entered into an IP License Agreement with Novvi (as amended in March 2016) under which the Company granted Novvi (i) an exclusive (subject to certain limited exceptions for the Company), worldwide, royalty-free license to develop, produce and commercialize base oils, additives, and lubricants derived from Biofene for use in automotive and industrial lubricants markets, and (ii) a non-exclusive, royalty free license, subject to certain conditions, to manufacture Biofene solely for its own products. In addition, both the Company and Cosan U.S. granted Novvi certain rights of first refusal with respect to alternative base oil and additive technologies that may be acquired by the Company or Cosan U.S. during the term of the IP License Agreement. Under these agreements, the Company and Cosan U.S. each own 50% of Novvi and each party shares equally in any costs and any profits ultimately realized by the joint venture. Novvi is governed by a six member Board of Managers (or the “Board of Managers”), with three managers represented by each investor. The Board of Managers appoints the officers of Novvi, who are responsible for carrying out the daily operating activities of Novvi as directed by the Board of Managers. The IP License Agreement has an initial term of 20 years from the date of the agreement, subject to standard early termination provisions such as uncured material breach or a party's insolvency. Under the terms of the Operating Agreement, Cosan U.S. was obligated to fund its 50% ownership share of Novvi in cash in the amount of $10.0 million and the Company was obligated to fund its 50% ownership share of Novvi through the granting of an IP License to develop, produce and commercialize base oils, additives, and lubricants derived from Biofene for use in the automotive, commercial and industrial lubricants markets, which Cosan U.S. and Amyris agreed was valued at $10.0 million. In March 2013, the Company measured its initial contribution of intellectual property to Novvi at the Company's carrying value of the licenses granted under the IP License Agreement, which was zero. Additional funding requirements to finance the ongoing operations of Novvi are expected to happen through revolving credit or other loan facilities provided by unrelated parties (i.e., such as financial institutions); cash advances or other credit or loan facilities provided by the Company and Cosan U.S. or their affiliates; or additional capital contributions by the Company and Cosan U.S. In April 2014, the Company purchased additional membership units of Novvi for an aggregate purchase price of $0.2 million. Also in April 2014, the Company contributed $2.1 million in cash in exchange for receiving additional membership units in Novvi. Each member owns 50% of Novvi's issued and outstanding membership units. In September 2014, the Company and Cosan U.S. entered into a member senior loan agreement to grant Novvi a loan amounting to approximately $3.7 million. The loan is due on September 1, 2017 and bears interest at a rate of 0.36% per annum. Interest accrues daily and is due and payable in arrears on September 1, 2017. The Company and Cosan U.S. each agreed to provide 50% of the loan. The Company's share of approximately $1.8 million was disbursed in two installments. The first installment of $1.2 million was made in September 2014 and the second installment of $0.6 million was made in October 2014. In November 2014, the Company and Cosan U.S. entered into a second member senior loan agreement to grant Novvi a loan of approximately $1.9 million on the same terms as the loan issued in September 2014. The Company and Cosan U.S. each agreed to provide 50% of the loan. The Company disbursed its share of approximately $1.0 million in November 2014. In May 2015, the Company and Cosan U.S. entered into a third member senior loan agreement to grant Novvi a loan of approximately $1.1 million on the same terms as the loan issued in September 2014, except that the due date is May 14, 2018. In the fourth quarter of 2015, the Company and Cosan U.S. entered into several senior loan agreements to grant Novvi a loan of approximately $1.6 million on the same terms as the loan issued in September 2014, except that the due date is August 19, 2018. In February 2016, the Company purchased additional membership units of Novvi for an aggregate purchase price of $0.6 million in the form of forgiveness of existing receivables due from Novvi related to rent and other services performed by the Company. Cosan U.S., the other member of Novvi, purchased an equal number of additional membership units in Novvi in cash. Each member owns 50% of Novvi's issued and outstanding membership units. The Company has identified Novvi as a VIE and determined that the power to direct activities, which most significantly impact the economic success of the joint venture (i.e., continuing research and development, marketing, sales, distribution and manufacturing of Novvi products), is equally shared between the Company and Cosan U.S. Accordingly, the Company is not the primary beneficiary and therefore accounts for its investment in Novvi under the equity method of accounting. The Company will continue to reassess its primary beneficiary analysis of Novvi if there are changes in events and circumstances impacting the power to direct activities that most significantly affect Novvi's economic success. Under the equity method, the Company's share of profits and losses and impairment charges on investments in affiliates are included in “Loss from investments in affiliates” in the condensed consolidated statements of operations. The carrying amount of the Company's equity investment in Novvi as of March 31, 2016 and December 31, 2015 was zero and the Company recognized zero and $0.8 million losses for the three months ended March 31, 2016 and 2015, respectively. Total Amyris BioSolutions B.V. In November 2013, the Company and Total formed Total Amyris BioSolutions B.V. (or “TAB”). As of March 31, 2016, the common equity of TAB was owned 25% by the Company and 75% by Total. Prior to the restructuring of TAB in March 2016 as described below, TAB’s purpose was limited to executing the License Agreement dated December 2, 2013 between the Company, Total and TAB and maintaining such licenses under it, unless and until either (i) Total elects to go forward with either the full (diesel and jet fuel) TAB commercialization program or the jet fuel component of the TAB commercialization program (or a “Go Decision”), (ii) Total elects to not continue its participation in the R&D Program and TAB (or a “No-Go Decision”), or (iii) Total exercises any of its rights to buy out the Company’s interest in TAB. Following a Go Decision, the articles and shareholders’ agreement of TAB would be amended and restated to be consistent with the shareholders’ agreement contemplated by the Total Fuel Agreements (see Note 5, "Debt" and Note 8, "Significant Agreements"). TAB has an initial capitalization of €0.1 million (approximately US$0.1 million based on the exchange rate as of March 31, 2016). The Company has identified TAB as a VIE and determined that the Company is not the primary beneficiary and therefore accounts for its investment in TAB under the equity method of accounting. Under the equity method, the Company's share of profits and losses are included in “Loss from investment in affiliate” in the consolidated statements of operations. In July 2015, the Company and Total entered into a Letter Agreement (or, as amended in February 2016, the “TAB Letter Agreement”) regarding the restructuring of the ownership and rights of TAB (or the “Restructuring”), pursuant to which the parties agreed to, among other things, enter into an Amended & Restated Jet Fuel License Agreement between the Company and TAB (or the “Jet Fuel Agreement”), a License Agreement regarding Diesel Fuel in the European Union (or the “EU”) between the Company and Total (or the “EU Diesel Fuel Agreement”, and together with the Jet Fuel Agreement, the “Commercial Agreements”), and an Amended and Restated Shareholders’ Agreement among the Company, Total and TAB (or, together with the Commercial Agreements, the “Restructuring Agreements”), and file a Deed of Amendment of Articles of Association of TAB, all in order to reflect certain changes to the ownership structure of TAB and license grants and related rights pertaining to TAB. On February 12, 2016, the Company and Total entered into an amendment to the TAB Letter Agreement, pursuant to which the parties agreed that, upon the closing of the Restructuring, Total would cancel R&D Notes in an aggregate principal amount of approximately $1.3 million, plus all paid-in-kind and accrued interest as of the closing of the Restructuring under all outstanding R&D Notes (including all such interest that was outstanding as of July 29, 2015), and a note in the principal amount of Euro 50,000, plus accrued interest, issued by the Company to Total in connection with the existing TAB capitalization, in exchange for an additional 25% ownership interest of TAB (giving Total an aggregate ownership stake of 75% of TAB and giving the Company an aggregate ownership stake of 25% of TAB). In connection therewith, Total would surrender to the Company the remaining R&D Notes and the Company would provide to Total a new unsecured senior convertible note, containing substantially similar terms and conditions, in the principal amount of $3.7 million (collectively, the “TAB Share Purchase”). Under the Jet Fuel Agreement, (a) the Company granted exclusive (excluding its Brazil jet fuel business), world-wide, royalty-free rights to TAB for the production and commercialization of farnesene- or farnesane-based jet fuel, (b) the Company granted TAB the option, until March 1, 2018, to purchase the Company’s Brazil jet fuel business at a price based on the fair value of the commercial assets and on the Company’s investment in other related assets, (c) the Company granted TAB the right to purchase farnesene or farnesane for its jet fuel business from the Company on a “most-favored” pricing basis and (d) all rights to farnesene- or farnesane-based diesel fuel previously granted to TAB by the Company reverted back to the Company. Upon all farnesene- or farnesane-based diesel fuel rights reverting back to the Company, the Company granted to Total, pursuant to the EU Diesel Fuel Agreement, (a) an exclusive, royalty-free license to offer for sale and sell farnesene- or farnesane-based diesel fuel in the EU, (b) the right to make farnesene or farnesane anywhere in the world, provided Total must (i) use such farnesene or farnesane to produce diesel fuel to offer for sale or sell in the EU and (ii) pay the Company a to-be-negotiated, commercially reasonable, “most-favored” basis royalty and (c) the right to purchase farnesene or farnesane for its EU diesel fuel business from the Company on a “most-favored” pricing basis. On March 21, 2016, the Company, Total and TAB closed the Restructuring and the TAB Share Purchase. See Note 5. “Debt” for further details of the impact of this transaction on the Company’s condensed consolidated financial statements. As a result of, and in order to reflect, the changes to the ownership structure of TAB described above, on March 21, 2016, (a) the Company, Total and TAB entered into an Amended and Restated Shareholders’ Agreement and filed a Deed of Amendment of Articles of Association of TAB and (b) the Company and Total terminated the Amended and Restated Master Framework Agreement, dated December 2, 2013 and amended on April 1, 2015, between the Company and Total. SMA Indústria Química S.A. In April 2010, the Company established SMA Indústria Química (or "SMA"), a joint venture with São Martinho S.A. (or "SMSA"), to build a production facility in Brazil. SMA is located at the SMSA mill in Pradópolis, São Paulo state. The joint venture agreements establishing SMA have a 20 year initial term. SMA was initially managed by a three member executive committee, of which the Company appointed two members, one of whom is the plant manager who is the most senior executive responsible for managing the construction and operation of the facility. SMA was initially governed by a four member board of directors, of which the Company and SMSA each appointed two members. The board of directors had certain protective rights which include final approval of the engineering designs and project work plan developed and recommended by the executive committee. The joint venture agreements required the Company to fund the construction costs of the new facility and SMSA would reimburse the Company up to R$61.8 million (approximately US$17.4 million based on the exchange rate as of March 31, 2016) of the construction costs after SMA commences production. After commercialization, the Company would market and distribute Amyris renewable products produced by SMA and SMSA would sell feedstock and provide certain other services to SMA. The cost of the feedstock to SMA would be a price that is based on the average return that SMSA could receive from the production of its current products, sugar and ethanol. The Company would be required to purchase the output of SMA for the first four years at a price that guarantees the return of SMSA’s investment plus a fixed interest rate. After this four year period, the price would be set to guarantee a break-even price to SMA plus an agreed upon return. Under the terms of the joint venture agreements, if the Company became controlled, directly or indirectly, by a competitor of SMSA, then SMSA would have the right to acquire the Company’s interest in SMA. If SMSA became controlled, directly or indirectly, by a competitor of the Company, then the Company would have the right to sell its interest in SMA to SMSA. In either case, the purchase price would be determined in accordance with the joint venture agreements, and the Company would continue to have the obligation to acquire products produced by SMA for the remainder of the term of the supply agreement then in effect even though the Company would no longer be involved in SMA’s management. The Company initially had a 50% ownership interest in SMA. The Company has identified SMA as a VIE pursuant to the accounting guidance for consolidating VIEs because the amount of total equity investment at risk is not sufficient to permit SMA to finance its activities without additional subordinated financial support, as well as because the related commercialization agreement provides a substantive minimum price guarantee. Under the terms of the joint venture agreement, the Company directed the design and construction activities, as well as production and distribution. In addition, the Company had the obligation to fund the design and construction activities until commercialization was achieved. Subsequent to the construction phase, both parties equally would fund SMA for the term of the joint venture. Based on those factors, the Company was determined to have the power to direct the activities that most significantly impact SMA’s economic performance and the obligation to absorb losses and the right to receive benefits. Accordingly, the financial results of SMA are included in the Company’s consolidated financial statements and amounts pertaining to SMSA’s interest in SMA are reported as noncontrolling interests in subsidiaries. The Company completed a significant portion of the construction of the new facility in 2012. The Company suspended construction of the facility in 2013 in order to focus on completing and operating the Company's smaller production facility in Brotas, Brazil. In February 2014, the Company entered into an amendment to the joint venture agreement with SMSA which updated and documented certain preexisting business plan requirements related to the recommencement of construction at the joint venture operated plant and sets forth, among other things, (i) the extension of the deadline for the commencement of operations at the joint venture operated plant to no later than 18 months following the construction of the plant no later than March 31, 2017, and (ii) the extension of an option held by SMSA to build a second large-scale farnesene production facility to no later than December 31, 2018 with the commencement of operations at such second facility to occur no later than April 1, 2019. On July 1, 2015 SMSA filed a material fact document with CVM, the Brazilian securities regulator, that announced that certain contractual targets undertaken by the Company have not been achieved, which affects the feasibility of the project. Therefore, SMSA decided not to approve continuing construction of the plant for the joint venture with the Company and its Brazilian subsidiary Amyris Brasil. In July 2015, the Company announced that it was in discussions with SMSA regarding the continuation of the joint venture. In December 2015, the Company and SMSA entered into a Termination Agreement and a Share Purchase and Sale Agreement (SPA) relating to the termination of the joint venture. Under the Termination Agreement, the parties agreed that the joint venture would be terminated effective upon the closing of a purchase by Amyris Brasil of SMSA’s shares of SMA. Under the SPA, Amyris Brasil agreed to purchase, for R$50,000 (approximately US$14,049 based on the exchange rate as of March 31, 2016), 50,000 shares of SMA (representing all the outstanding shares of SMA held by SMSA), which purchase and sale was consummated on January 11, 2016. The Share Purchase and Sale Agreement also provides that the Company and Amyris Brasil will have 12 months following the closing of the share purchase to remove assets from SMSA’s site, and enter into an extension of the lease for such 12 month period for monthly rental payments of R$9,853 (approximately US$2,769 based on the exchange rate as of March 31, 2016). The SPA also clarified that the Company and Amyris Brasil would not be required to demolish or remove the foundations of the plant at the SMSA site. Glycotech In January 2011, the Company entered into a production service agreement (or the "Glycotech Agreement") with Glycotech, Inc. (or "Glycotech"), under which Glycotech provides process development and production services for the manufacturing of various Company products at its leased facility in Leland, North Carolina. The Company products manufactured by Glycotech are owned and distributed by the Company. Pursuant to the terms of the Glycotech Agreement, the Company is required to pay the manufacturing and operating costs of the Glycotech facility, which is dedicated solely to the manufacture of Amyris products. The initial term of the Glycotech Agreement was for a two year period commencing on February 1, 2011 and the Glycotech Agreement renews automatically for successive one-year terms, unless terminated by the Company. Concurrent with the Glycotech Agreement, the Company also entered into a Right of First Refusal Agreement with the lessor of the facility and site leased by Glycotech (or the "ROFR Agreement"). Per conditions of the ROFR Agreement, the lessor agreed not to sell the facility and site leased by Glycotech during the term of the Glycotech Agreement. In the event that the lessor is presented with an offer to sell or decides to sell an adjacent parcel, the Company has the right of first refusal to acquire it. The Company has determined that the arrangement with Glycotech qualifies as a VIE. The Company determined that it is the primary beneficiary of this arrangement since it has the power through the management committee over which it has majority control to direct the activities that most significantly impact Glycotech's economic performance. In addition, the Company is required to fund 100% of Glycotech's actual operating costs for providing services each month while the facility is in operation under the Glycotech Agreement. Accordingly, the Company consolidates the financial results of Glycotech. The carrying amounts of Glycotech's assets and liabilities were not material to the Company's condensed consolidated financial statements. The table below reflects the carrying amount of the assets and liabilities of the consolidated VIE for which the Company is the primary beneficiary at March 31, 2016 (two at December 31, 2015). As of March 31, 2016 and December 31, 2015, the assets include $0.1 million and $5.2 million in property, plant and equipment, respectively, $0.5 million and $1.5 million in current assets, respectively, and zero and $0.3 million in other asset, respectively. The liabilities include $0.2 million and $1.1 million in accounts payable and accrued current liabilities, respectively, and $0.1 million and $0.1 million in loan obligations by Glycotech to its shareholders that are non-recourse to the Company, respectively. The creditors of each consolidated VIE have recourse only to the assets of that VIE. (In thousands) March 31, December 31, $ 568 $ 6,993 Liabilities $ 332 $ 1,221 The change in noncontrolling interest for the three months ended March 31, 2016 and 2015, is summarized below (in thousands): 2016 2015 Balance at January 1 $ 391 $ 611 Foreign currency translation adjustment — (267 ) Income attributable to noncontrolling interest — 22 Acquisition of noncontrolling interest (277 ) — Balance at March 31 $ 114 $ 366 |
Note 8 - Significant Agreements
Note 8 - Significant Agreements | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | 8. Significant Agreements Research and Development Activities Total Collaboration Arrangement In June 2010, the Company entered into a technology license, development, research and collaboration agreement (or the “Total Collaboration Agreement”) with Total Gas & Power USA Biotech, Inc., an affiliate of Total. This agreement provided for joint collaboration on the development of products through the use of the Company’s synthetic biology platform. In November 2011, the Company entered into an amendment of the Total Collaboration Agreement (or the “Amendment”) with respect to development and commercialization of Biofene for fuels. This represented an expansion of the initial collaboration with Total, and established a global, exclusive collaboration for the development of Biofene for fuels and a framework for the creation of a joint venture to manufacture and commercialize Biofene for diesel. In addition, a limited number of other potential products were subject to development by the joint venture on a non-exclusive basis. The Amendment provided for an exclusive strategic collaboration for the development of renewable diesel products and contemplated that the parties would establish a joint venture (or the “JV”) for the production and commercialization of such renewable diesel products on an exclusive, worldwide basis. In addition, the Amendment contemplated providing the JV with the right to produce and commercialize certain other chemical products on a non-exclusive basis. The amendment further provided that definitive agreements to form the JV had to be in place by March 31, 2012 or such other date as agreed to by the parties or the renewable diesel program, including any further collaboration payments by Total related to the renewable diesel program, would terminate. In the second quarter of 2012, the parties extended the deadline to June 30, 2012, and, through June 30, 2012, the parties were engaged in discussions regarding the structure of future payments related to the program, until the amendment was superseded by a further amendment in July 2012 (as further described below). Pursuant to the Amendment, Total agreed to fund the following amounts: (i) the first $30.0 million in research and development costs related to the renewable diesel program incurred since August 1, 2011, which amount would be in addition to the $50.0 million in research and development funding contemplated by the Total Collaboration Agreement, and (ii) for any research and development costs incurred following the JV formation date that were not covered by the initial $30.0 million, an additional $10.0 million in 2012 and up to an additional $10.0 million in 2013, which amounts would be considered part of the $50.0 million contemplated by the Total Collaboration Agreement. In addition to these payments, Total further agreed to fund 50% of all remaining research and development costs for the renewable diesel program under the Amendment. In July 2012, the Company entered into a further amendment of the Total Collaboration Agreement that expanded Total’s investment in the Biofene collaboration, incorporated the development of certain JV products for use in diesel and jet fuel into the scope of the collaboration, and changed the structure of the funding from Total for the collaboration by establishing a convertible debt structure for the collaboration funding (see Note 5, “Debt”). In connection with such additional amendment Total and the Company also executed certain other related agreements. Under these agreements (collectively referred to as the “Total Fuel Agreements”), the parties would grant exclusive manufacturing and commercial licenses to the JV for the JV products (diesel and jet fuel from Biofene) when the JV was formed. The licenses to the JV were to be consistent with the principle that development, production and commercialization of the JV products in Brazil would remain with Amyris unless Total elected, after formation of the operational JV, to have such business contributed to the joint venture (see below for additional detail). Further, as part of the Total Fuel Agreements, Total's royalty option contingency related to diesel was removed and the jet fuel collaboration was combined with the expanded Biofene collaboration. As a result, $46.5 million of payments previously received from Total that had been recorded as an advance from Total were no longer contingently repayable. Of this amount, $23.3 million was treated as a repayment by the Company and included as part of the senior unsecured convertible promissory note issued to Total in July 2012 and the remaining $23.2 million was recorded as a contract to perform research and development services, which was offset by the reduction of the capitalized deferred charge asset of $14.4 million resulting in the Company recording revenue from a related party of $8.9 million in 2012. On March 21, 2016, the Company and Total consummated a restructuring of the JV pursuant to a letter agreement dated July 26, 2015, as amended on February 12, 2016, which restructuring included, among other things, the parties amending certain of the Total Fuel Agreements and the Company selling part of its ownership stake in the JV to Total in exchange for Total cancelling certain outstanding indebtedness issued to Total by the Company. See Note 5, "Debt" and Note 7, "Joint Ventures and Noncontrolling Interest" for further details of the Company’s relationship with Total. F&F Collaboration Agreement In March 2013, the Company entered into a Master Collaboration Agreement (or, as amended in July 2015, the “F&F Collaboration Agreement”) with a collaboration partner to establish a collaboration arrangement for the development and commercialization of multiple renewable flavors and fragrances compounds. Under the F&F Collaboration Agreement, except for rights granted under pre-existing collaboration relationships, the Company granted the collaboration partner exclusive access to specified Company intellectual property for the development and commercialization of flavors and fragrances compounds in exchange for research and development funding and a profit sharing arrangement. The F&F Collaboration Agreement superseded and expanded the November 2010 Master Collaboration and Joint Development Agreement between the Company and the collaboration partner. The F&F Collaboration Agreement provided for annual, up-front funding to the Company by the collaboration partner of $10.0 million for each of the first three years of the collaboration. Payments of $10.0 million were received by the Company in each of March 2013, 2014 and 2015. The F&F Collaboration Agreement contemplates additional funding by the collaboration partner of up to $5.0 million under four potential milestone payments, as well as additional funding by the collaboration partner on a discretionary basis. Through March 2016, the Company had achieved the third performance milestone under the F&F Collaboration Agreement and recognized collaboration revenues of $3.0 million under the F&F Collaboration Agreement for the three months ended March 31, 2016. The F&F Collaboration Agreement does not impose any specific research and development obligations on either party after year six, but provides that if the parties mutually agree to perform research and development activities after year six, the parties will fund such activities equally. Under the F&F Collaboration Agreement, the parties agreed to jointly select target compounds, subject to final approval of compound specifications by the collaboration partner. During the development phase, the Company would be required to provide labor, intellectual property and technology infrastructure and the collaboration partner would be required to contribute downstream polishing expertise and market access. The F&F Collaboration Agreement provides that the Company will own research and development and strain engineering intellectual property, and the collaboration partner will own blending and, if applicable, chemical conversion intellectual property. Under certain circumstances, such as the Company’s insolvency, the collaboration partner would gain expanded access to the Company’s intellectual property. The F&F Collaboration Agreement contemplates that, following development of flavors and fragrances compounds, the Company will manufacture the initial target molecules for the compounds and the collaboration partner will perform any required downstream polishing and distribution, sales and marketing. The F&F Collaboration Agreement provides that the parties will mutually agree on a supply price for each compound developed under the agreement and, subject to certain exceptions, will share product margins from sales of each such compound on a 70/30 basis (70% for the collaboration partner) until the collaboration partner receives $15.0 million more than the Company in the aggregate from such sales, after which time the parties will share the product margins 50/50. The Company also agreed to pay a one-time success bonus to the collaboration partner of up to $2.5 million if certain commercialization targets are met. In September 2014, the Company entered into a supply agreement with the collaboration partner for a compound developed under the F&F Collaboration Agreement. The Company recognized $2.0 million and zero of revenues from product sales under this agreement for the three months ended March 31, 2016 and 2015, respectively. Michelin and Braskem Collaboration Agreements In June 2014, the Company entered into a collaboration agreement with Braskem S.A. (or “Braskem”) and Manufacture Francaise de Pnematiques Michelin (or “Michelin”) to collaborate to develop the technology to produce and possibly commercialize renewable isoprene. The term of the collaboration agreement commenced on June 30, 2014 and will continue, unless earlier terminated in accordance with the agreement, until the first to occur of (i) the date that is three years following the actual date on which a work plan is completed, which date is estimated to occur on or about December 30, 2020, or (ii) the date of the commencement of commissioning of a production plant for the production of renewable isoprene. The June 2014 collaboration agreement terminated and superseded the September 2011 collaboration agreement between the Company and Michelin and, as a result of the signing of the June 2014 collaboration agreement, the upfront payment by Michelin of $5.0 million under the September 2011 collaboration agreement was rolled forward into the new collaboration agreement as Michelin’s funding towards the research and development activities to be performed under the new collaboration agreement. Braskem contributed $4.0 million of funding to the research and development activities under the June 2014 collaboration agreement, of which $2.0 million was received in July 2014 and $2.0 million was received in January 2015. For this collaboration agreement, the Company recognized collaboration revenues of $0.1 million and $1.0 million for the three months ended March 31, 2016 and 2015, respectively. As of March 31, 2016 and 2015, $6.5 million and $8.6 million, respectively, of deferred revenues were recorded in the condensed consolidated balance sheet related to these agreements. Kuraray Collaboration Agreement and Securities Purchase Agreement In March 2014, the Company entered into the Second Amended and Restated Collaboration Agreement with Kuraray Co., Ltd (or “Kuraray”) in order to extend the term of the original collaboration agreement between the Company and Kuraray dated July 21, 2011 for an additional two years and add additional fields and products to the scope of development. In consideration for the Company’s agreement to extend the term of the original collaboration agreement and add additional fields and products, Kuraray agreed to pay the Company $4.0 million in two equal installments of $2.0 million. The first installment was paid on April 30, 2014 and the second installment was due on April 30, 2015. In connection with entering into the Second Amended and Restated Collaboration Agreement, Kuraray signed a Securities Purchase Agreement in March 2014 to purchase 943,396 shares of the Company's common stock at a price per share of $4.24 per share, which shares were sold and issued in April 2014 for aggregate cash proceeds to the Company of $4.0 million. In March 2015, the Company and Kuraray entered into the First Amendment to the Second Amended and Restated Collaboration Agreement to extend the term of the original collaboration agreement until December 31, 2016 and to accelerate payment to the Company of the second installment of $2.0 million due from Kuraray under the Second Amended and Restated Collaboration Agreement to March 31, 2015. The Company recognized collaboration revenues of $0.4 million and $0.5 million for the three months ended March 31, 2016 and 2015, respectively, under this agreement. DARPA In September 2015, the Company entered into a Technology Investment Agreement (or the “2015 TIA”) with The Defense Advanced Research Projects Agency ( or “DARPA”), under which the Company, with the assistance of five specialized subcontractors, will work to create new research and development tools and technologies for strain engineering and scale-up activities. The program that is the subject of the 2015 TIA will be performed and funded on a milestone basis, where DARPA, upon the Company’s successful completion of each milestone event in the 2015 TIA, will pay the Company the amount set forth in the 2015 TIA corresponding to such milestone event. Under the 2015 TIA, the Company and its subcontractors could collectively receive DARPA funding of up to $35.0 million over the program’s four year term if all of the program’s milestones are achieved. In conjunction with DARPA’s funding, the Company and its subcontractors are obligated to collectively contribute approximately $15.5 million toward the program over its four year term (primarily by providing specified labor and/or purchasing certain equipment). The Company can elect to retain title to the patentable inventions it produces under the program, but DARPA receives certain data rights as well as a government purposes license to certain of such inventions. Either party may, upon written notice and subject to certain consultation obligations, terminate the 2015 TIA upon a reasonable determination that the program will not produce beneficial results commensurate with the expenditure of resources. The Company recognized collaboration revenues of $0.4 million and $0.5 million for the three months ended March 31, 2016 and 2015, respectively, under this agreement. Financing Agreements February 2016 Private Placement See Note 5, “Debt” for details regarding the February 2016 Private Placement. At Market Issuance Sales Agreement On March 8, 2016, the Company entered into an At Market Issuance Sales Agreement (the “ATM Sales Agreement”) with FBR Capital Markets & Co. and MLV & Co. LLC (the “Agents”) under which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $50.0 million (the “ATM Shares”) from time to time through the Agents, acting as its sales agents, under the Company’s Registration Statement on Form S-3 (File No. 333-203216), effective April 15, 2015. Sales of the ATM Shares through the Agents, if any, will be made by any method that is deemed an “at the market offering” as defined in Rule 415 under the Securities Act, including by means of ordinary brokers’ transactions at market prices, in block transactions, or as otherwise agreed by the Company and the Agents. Each time that the Company wishes to issue and sell ATM Shares under the ATM Sales Agreement, the Company will notify one of the Agents of the number of ATM Shares to be issued, the dates on which such sales are anticipated to be made, any minimum price below which sales may not be made and other sales parameters as the Company deems appropriate. The Company will pay the designated Agent a commission rate of up to 3.0% of the gross proceeds from the sale of any ATM Shares sold through such Agent as agent under the ATM Sales Agreement. The ATM Sales Agreement contains customary terms, provisions, representations and warranties. The ATM Sales Agreement includes no commitment by other parties to purchase shares the Company offers for sale. During the three months ended March 31, 2016, the Company did not sell any shares of common stock under the ATM Sales Agreement. As of the date hereof, $50.0 million remained available for future sales under the ATM Sales Agreement. March 2016 R&D Note See Note 7, “Joint Ventures and Noncontrolling Interest” for details regarding the March 2016 R&D Note. |
Note 9 - Goodwill and Intangibl
Note 9 - Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 9. Goodwill and Intangible Assets The following table presents the components of the Company's intangible assets (in thousands): March 31, 2016 December 31, 2015 Useful Life in Years Gross Carrying Amount Accumulated Amortization/ Net Carrying Value Gross Carrying Amount Accumulated Amortization/ Impairment Net Carrying Value In-process research and development Indefinite $ 8,560 $ (8,560 ) $ — $ 8,560 (8,560 ) $ — Acquired licenses and permits 2 772 (772 ) — 772 (772 ) — Goodwill Indefinite 560 — 560 560 — 560 $ 9,892 $ (9,332 ) $ 560 $ 9,892 (9,332 ) $ 560 The in-process research and development (IPR&D) of $8.6 million was acquired through the acquisition of Draths in October 2011 and was treated as indefinite lived intangible assets pending completion or abandonment of the projects to which the IPR&D related. The IPR&D was fully impaired in 2015. The Company has a single reportable segment (see Note 15, “Reporting Segments” for further details). Consequently, all of the Company's goodwill is attributable to that single reportable segment. |
Note 10 - Stockholders' Deficit
Note 10 - Stockholders' Deficit | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 10. Stockholders’ Deficit Unexercised Common Stock Warrants In February 2016, in connection with a private offering of unsecured promissory notes, the Company sold and issued warrants to purchase a total of 2,857,142 shares of common stock to the investors in the private offering. The warrants have an exercise price of $0.01 per share and, as of March 31, 2016, 2,857,142 of these warrants remain unexercised and outstanding. See Note 5, “Debt” for further details. As of March 31, 2016 and 2015, the Company had 7,328,069 and 1,021,087, respectively, of unexercised common stock warrants with exercise prices ranging from $0.01 to $10.67 per warrant and a weighted average remaining maturity of 5.1 years. |
Note 11 - Stock-based Compensat
Note 11 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 11. Stock-Based Compensation The Company’s stock option activity and related information for the three months ended March 31, 2016 was as follows: Number Weighted- Weighted-Average Aggregate (in thousands) Outstanding - December 31, 2015 12,930,112 $ 4.77 7.39 $ 22 Options granted 19,100 $ 1.41 — — Options exercised (134 ) $ 0.28 — — Options cancelled (789,924 ) $ 10.13 — — Outstanding - March 31, 2016 12,159,154 $ 4.42 7.14 $ 3 Vested and expected to vest after March 31, 2016 11,136,376 $ 4.63 6.96 $ 3 Exercisable at March 31, 2016 6,326,072 $ 6.42 5.50 $ 3 The aggregate intrinsic value of options exercised under all option plans was zero for each of the three months ended March 31, 2016 and 2015, determined as of the date of option exercise. The Company’s restricted stock units (or "RSUs") and restricted stock activity and related information for the three months ended March 31, 2016 was as follows: RSUs Weighted-Average Grant-Date Fair Value Weighted Average Remaining Contractual Life (Years) Outstanding - December 31, 2015 5,554,844 $ 2.03 1.61 Awarded 75,199 $ 1.43 — Vested (217,990 ) $ 1.81 — Forfeited (236,623 ) $ 1.96 — Outstanding - March 31, 2016 5,175,430 $ 2.03 1.55 Expected to vest after March 31, 2016 4,235,489 $ 2.69 1.25 The following table summarizes information about stock options outstanding as of March 31, 2016: Options Outstanding Options Exercisable Exercise Price Number of Options Weighted- Weighted-Average Exercise Price Number of Options Weighted-Average Exercise Price $0.28 — $1.64 1,221,959 9.18 $ 1.61 69,209 $ 1.45 $1.67 — $1.75 1,364,325 9.36 $ 1.73 87,500 $ 1.75 $1.78 — $1.80 121,000 9.08 $ 1.79 23,041 $ 1.78 $1.96 — $1.96 1,302,358 9.19 $ 1.96 — $ 0.00 $1.98 — $2.79 1,576,920 6.94 $ 2.62 1,020,806 $ 2.70 $2.81 — $3.05 1,265,452 6.94 $ 2.94 936,825 $ 2.94 $3.08 — $3.44 317,787 7.28 $ 3.32 207,745 $ 3.30 $3.51 — $3.51 1,790,211 7.76 $ 3.51 895,557 $ 3.51 $3.55 — $3.93 1,449,652 4.55 $ 3.87 1,351,880 $ 3.88 $4.08 — $30.17 1,749,490 4.14 $ 14.74 1,733,509 $ 14.84 $0.28 — $30.17 12,159,154 7.14 $ 4.42 6,326,072 $ 6.42 Stock-Based Compensation Expense Stock-based compensation expense related to options and restricted stock units granted to employees and nonemployees was allocated to research and development expense and sales, general and administrative expense as follows (in thousands): Three Months Ended March 31, 2016 2015 Research and development $ 491 $ 716 Sales, general and administrative 1,560 1,936 Total stock-based compensation expense $ 2,051 $ 2,652 As of March 31, 2016, there was unrecognized compensation expense of $6.4 million and $6.2 millionrelated to stock options and RSUs, respectively, the Company expects to recognize this expense over a weighted average period of 2.84 years and 2.69 years, respectively. Stock-based compensation expense for RSUs is measured based on the closing fair market value of the Company's common stock on the date of grant. Stock-based compensation expense for stock options and employee stock purchase plan rights is estimated at the grant date and offering date, respectively, based on their fair-value using the Black-Scholes option pricing model. The fair value of employee stock options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value of employee stock options was estimated using the following weighted-average assumptions: Three Months Ended March 31, 2016 2015 Expected dividend yield — % — % Risk-free interest rate 1.4 % 1.6 % Expected term (in years) 6.23 5.96 Expected volatility 73 % 74 % Expected Dividend Yield Risk-Free Interest Rate Expected Term Expected Volatility Forfeiture Rate Each of the inputs discussed above is subjective and generally requires significant management and director judgment. |
Note 12 - Employee Benefit Plan
Note 12 - Employee Benefit Plan | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 12. Employee Benefit Plan The Company established a 401(k) Plan to provide tax deferred salary deductions for all eligible employees. Participants may make voluntary contributions to the 401(k) Plan up to 90% of their eligible compensation, limited by certain Internal Revenue Service (or the "IRS") restrictions. Effective January 2014, the Company implemented a discretionary employer match plan whereby the Company will match employee contributions up to the IRS limit or 90% of compensation, with a minimum one year of service required for vesting. The total matching amount for each of the three months ended March 31, 2016 and 2015 was $0.1 million. |
Note 13 - Related Party Transac
Note 13 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 13. Related Party Transactions Related Party Financings See Note 5, “Debt” for a description of the February 2016 Private Placement transaction with Foris Ventures, LLC, Naxyris S.A. and Biolding SA, each a related party of the Company, and the March 2016 R&D Note transaction with Total. As of March 31, 2016 and December 31, 2015, convertible notes and loan with related parties were outstanding in aggregate principal amount of $58.8 million and $43.0 million, respectively, net of debt and issuance costs of $5.5 million and $1.9 million, respectively. The fair value of the derivative liability related to the related party convertible notes as of March 31, 2016 and December 31, 2015 was $3.5 million and $7.9 million, respectively. The Company recognized a gain from change in fair value of the derivative instruments of $4.5 million for the three months ended March 31, 2016 and a loss from change in fair value of the derivative instruments of $11.4 million for the three months ended March 31, 2015 (see Note 3, "Fair Value of Financial Instruments" for further details). Related Party Revenues The Company recognized no related party revenues from product sales to Total for each of the three months ended March 31, 2016 and 2015. Related party accounts receivable from Total as of March 31, 2016 and December 31, 2015, were $1.2 million and $1.2 million, respectively. Loans to Related Parties See Note 7, "Joint Ventures and Noncontrolling Interest" for details of the Company's transactions with its affiliate, Novvi LLC. Joint Venture with Total In November 2013, the Company and Total formed TAB as discussed above under Note 7, "Joint Ventures and Noncontrolling Interest." Pilot Plant Agreements In May 2014, the Company received the final consents necessary for the Pilot Plant Services Agreement (or the “Pilot Plant Services Agreement”) and a Sublease Agreement (or the “Sublease Agreement”), each dated as of April 4, 2014 (collectively the “Pilot Plant Agreements”), between the Company and Total. The Pilot Plant Agreements generally have a term of five years. Under the terms of the Pilot Plant Services Agreement, the Company agreed to provide certain fermentation and downstream separations scale-up services and training to Total and, as originally contemplated, the Company was to receive an aggregate annual fee payable by Total for all services in the amount of up to approximately $0.9 million per annum. In July 2015, Total and the Company entered into Amendment #1 (the "Pilot Plant Agreement Amendment") to the Pilot Plant Services Agreement whereby the Company agreed to waive a portion of these fees, up to approximately $2.0 million, over the term of the Pilot Plant Services Agreement in connection with the restructuring of TAB discussed above in Note 7,"Joint Ventures and Noncontrolling Interest." Under the Sublease Agreement, the Company receives an annual base rent payable by Total of approximately $0.1 million per annum. As of March 31, 2016, the Company had received $1.7 million in cash under the Pilot Plant Agreements from Total. In connection with these arrangements, sublease payments and service fees of $0.0 million and $0.2 million was offset against cost and operating expenses for the three months ended March 31, 2016 and 2015, respectively. |
Note 14 - Income Taxes
Note 14 - Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14. Income Taxes The Company recorded a provision for income taxes of $0.1 million for each of the three months ended March 31, 2016 and 2015. The provision for income taxes for the three months ended March 31, 2016 and 2015 consisted of an accrual of Brazilian withholding tax on intercompany interest liabilities. Other than the above mentioned provision for income tax, no additional provision for income taxes has been made, net of the valuation allowance, due to cumulative losses since the commencement of operations. On December 15, 2011, the IRS completed its audit of the Company for tax year 2008 which concluded that there were no adjustments resulting from the audit. While the statutes are closed for tax year 2008, the US federal tax carryforwards (net operating losses and tax credits) may be adjusted by the IRS in the year in which the carryforward is utilized. |
Note 15 - Reporting Segments
Note 15 - Reporting Segments | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 15. Reporting Segments The chief operating decision maker for the Company is the chief executive officer. The chief executive officer reviews financial information presented on a consolidated basis, accompanied by information about revenue by geographic region, for purposes of allocating resources and evaluating financial performance. The Company has one business activity comprised of research and development and sales of fuels and farnesene-derived products and there are no segment managers who are held accountable for operations, operating results or plans for levels or components below the consolidated unit level. Accordingly, the Company has determined that it has a single reportable segment and operating segment structure. Revenues by geography are based on the location of the customer. The following tables set forth revenue and long-lived assets by geographic area (in thousands): Revenues Three Months Ended March 31, 2016 2015 Europe $ 4,372 $ 832 United States 3,462 5,222 Asia 590 835 Brazil 375 983 Other 12 — Total $ 8,811 $ 7,872 Long-Lived Assets (Property, Plant and Equipment) March 31, 2016 December 31, 2015 Brazil $ 44,638 $ 41,093 United States 16,851 18,401 Europe 287 303 Total $ 61,776 $ 59,797 |
Note 16 - Comprehensive Income
Note 16 - Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 16. Comprehensive Loss Comprehensive loss represents all changes in stockholders’ deficit except those resulting from investments or contributions by stockholders. The Company’s foreign currency translation adjustments represent the components of comprehensive loss excluded from the Company’s net loss and have been disclosed in the condensed consolidated statements of comprehensive loss for the periods presented. The components of accumulated other comprehensive loss are as follows (in thousands): March 31, 2016 December 31, 2015 Foreign currency translation adjustment, net of tax $ (42,511 ) $ (47,198 ) Total accumulated other comprehensive loss $ (42,511 ) $ (47,198 ) |
Note 17 - Net Loss Attributable
Note 17 - Net Loss Attributable to Common Stockholders and Net Loss per Share | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 17. Net Loss Attributable to Common Stockholders and Net Loss per Share The Company computes net loss per share in accordance with ASC 260, “Earnings per Share.” Basic net loss per share of common stock is computed by dividing the Company’s net loss attributable to Amyris, Inc. common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share of common stock is computed by giving effect to all potentially dilutive securities, including stock options, restricted stock units, common stock warrants and convertible promissory notes using the treasury stock method or the as converted method, as applicable. For the three months ended March 31, 2015, basic net loss per share was the same as diluted net loss per share because the inclusion of all potentially dilutive securities outstanding was anti-dilutive. As such, the numerator and the denominator used in computing both basic and diluted net loss was the same for that period. The following table presents the calculation of basic and diluted net loss per share of common stock attributable to Amyris, Inc. common stockholders (in thousands, except share and per share amounts): Three Months Ended March 31, 2016 2015 Numerator: Net loss attributable to Amyris, Inc. common stockholders $ (15,308 ) $ (52,240 ) Interest on convertible debt 1,817 — Accretion of debt discount 1,633 — Gain from change in fair value of derivative instruments (18,415 ) — Net loss attributable to Amyris, Inc. common stockholders after assumed conversion $ (30,273 ) $ (52,240 ) Denominator: Weighted average shares of common stock outstanding for basic EPS 207,199,563 79,222,051 Basic and diluted loss per share $ (0.07 ) $ (0.66 ) Weighted average shares of common stock outstanding 207,199,563 79,222,051 Effect of dilutive securities: Convertible promissory notes 53,732,522 — Weighted common stock equivalents 53,732,522 — Diluted weighted-average common shares 260,932,085 79,222,051 Diluted loss per share $ (0.12 ) $ (0.66 ) The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share of common stock because including them would have been anti-dilutive: Three Months Ended March 31, 2016 2015 Period-end stock options to purchase common stock 12,159,154 10,702,731 Convertible promissory notes (1) 99,648,739 78,500,456 Period-end common stock warrants 5,885,762 1,021,087 Period-end restricted stock units 5,175,430 2,103,071 Total 122,869,085 92,327,345 (1) The potentially dilutive effect of convertible promissory notes was computed based on conversion ratios in effect as of . A portion of the convertible promissory notes issued carries a provision for a reduction in conversion price under certain circumstances, which could potentially increase the dilutive shares outstanding. Another portion of the convertible promissory notes issued carries a provision for an increase in the conversion rate under certain circumstances, which could also potentially increase the dilutive shares outstanding. |
Note 18 - Subsequent Events
Note 18 - Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 18. Subsequent Events Gates Foundation Investment On April 8, 2016, the Company entered into a Securities Purchase Agreement (the “Gates Foundation Purchase Agreement”) with the Bill & Melinda Gates Foundation (the “Gates Foundation”), pursuant to which the Company agreed to sell and issue 4,385,964 shares of its common stock (the “Investment Shares”) to the Gates Foundation at a purchase price per share equal to $1.14, for aggregate proceeds to the Company of approximately $5,000,000 (the “Gates Foundation Investment”). The Purchase Agreement includes customary representations, warranties and covenants of the parties. The closing of the Gates Foundation Investment is subject to certain conditions, including completion of certain licensing arrangements. In connection with the entry into the Gates Foundation Purchase Agreement, on April 8, 2016, the Company and the Gates Foundation entered into a Charitable Purposes Letter Agreement. Pursuant to the Charitable Purposes Letter Agreement, the Company agreed to use the proceeds from the Gates Foundation Investment to develop a yeast strain that produces artemisinic acid and/or amorphadiene at a low cost and to supply such artemisinic acid and amorphadiene to companies qualified to convert artemisinic acid and amorphadiene to artemisinin for inclusion in artemisinin combination therapies used to treat malaria. If the Company defaults in its obligation to use the proceeds from the Gates Foundation Investment as set forth above or defaults under certain other commitments in the Charitable Purposes Letter Agreement, the Gates Foundation will have the right to request that the Company redeem, or facilitate the purchase by a third party of, the Investment Shares then held by the Gates Foundation at a price per share equal to the greater of (i) the closing price of the Company’s common stock on the trading day prior to the redemption or purchase, as applicable, or (ii) an amount equal to $1.14 plus a compounded annual return of 10% from the date of issuance of the Investment Shares. The Charitable Purposes Letter Agreement also includes customary representations, warranties and covenants of the parties. May 2016 Convertible Note Offering On May 10, 2016, the Company entered into a securities purchase agreement (the “May 2016 Purchase Agreement”) between the Company and a private investor (the “Purchaser”) relating to the sale of up to $15.0 million aggregate principal amount of convertible notes due 2017 (“2016 Convertible Notes”) that are convertible into shares of the Company’s common stock at an initial conversion price of $1.90 per share. The May 2016 Purchase Agreement includes customary representations, warranties and covenants by the Company. The May 2016 Purchase Agreement also provides the Purchaser with a right of first refusal with respect to any variable rate transaction on the same terms and conditions as are offered to a third-party purchaser for as long as the Purchaser holds any 2016 Convertible Notes or shares of the Company’s common stock underlying the 2016 Convertible Notes. The 2016 Convertible Notes will be issued and sold in two separate closings. The initial closing occurred on May 10, 2016. At the initial closing, the Company issued and sold a 2016 Convertible Note in a principal amount of $10.0 million to the Purchaser. The second closing will occur on the first trading day following the completion of the first three installment periods under the 2016 Convertible Notes and the satisfaction of certain other closing conditions, including certain equity conditions, such as that no Triggering Event (as defined below) has occurred. At the second closing, the Company will issue and sell a 2016 Convertible Note in a principal amount of $5.0 million to the Purchaser. The net proceeds from the sale of the 2016 Convertible Notes, after deducting estimated offering expenses payable by the Company, are expected to be approximately $14.9 million. The 2016 Convertible Notes and the common stock underlying the 2016 Convertible Notes are being offered and sold pursuant to a prospectus filed with the Securities and Exchange Commission (the “SEC”) on April 9, 2015 and a prospectus supplement dated May 10, 2015, in connection with a takedown from the Company’s effective shelf registration statement on Form S-3 (File No. 333-203216) declared effective by the SEC on April 15, 2015. The 2016 Convertible Notes will be general unsecured obligations of the Company. Unless earlier converted or redeemed, the 2016 Convertible Notes will mature on the 18-month anniversary of their respective issuance, subject to the rights of the holders to extend the maturity date in certain circumstances. The 2016 Convertible Notes will be payable in monthly installments, in either cash at 118% of such installment amount or, at the Company’s option, subject to the satisfaction of certain equity conditions, shares of common stock at a discount to the then-current market price, subject to a price floor. In addition, in the event that the Company elects to pay all or any portion of a monthly installment in common stock, the holders of the 2016 Convertible Notes shall have the right to require that the Company repay in common stock an additional amount of the 2016 Convertible Notes not to exceed 50% of the cumulative sum of the aggregate amounts by which the dollar-weighted trading volume of the Company’s common stock for all trading days during the applicable installment period exceeds $200,000. In addition, if the volume-weighted average price of the Common Stock is (i) less than $1.00 for 30 consecutive trading days or (ii) less than $0.50 for five consecutive trading days (each, a “Triggering Event”), the Company may, at its option, defer up to three (3) monthly installments immediately following such Triggering Event. The 2016 Convertible Notes contain customary terms and covenants, including certain events of default after which the holders may require the Company to all or any portion of their 2016 Convertible Notes in cash at a price equal to the greater of (i) 118% of the amount being redeemed and (ii) the intrinsic value of the shares of common stock issuable upon an installment payment of the amount being redeemed in shares. In the event of a Fundamental Transaction (as defined in the 2016 Convertible Notes), holders of the 2016 Convertible Notes may require the Company to purchase all or any portion of their 2016 Convertible Notes at a price equal to the greater of (i) 118% of the amount being redeemed and (ii) the intrinsic value of the shares of common stock issuable upon an installment payment of the amount being redeemed in shares. The Company has the right to redeem the 2016 Convertible Notes for cash, in whole, at any time, or in part, from time to time, at a redemption price of 118% of the principal amount of the 2016 Convertible Notes to be redeemed. In addition, upon the occurrence of a Triggering Event within four months of the issuance of any 2016 Convertible Notes, the Company will have the option to redeem such 2016 Convertible Notes in whole for cash at a redemption price of 112% of the principal amount of such 2016 Convertible Notes. The 2016 Convertible Notes will be convertible from time to time, at the election of the holders, into shares of Common Stock at an initial conversion price of $1.90 per share. The conversion price will be subject to adjustment in the event of any stock split, reverse stock split, recapitalization, reorganization or similar transaction. Notwithstanding the foregoing, the holders will not have the right to convert any portion of a Note, and the Company may not issue shares of common stock upon conversion or repayment of the 2016 Convertible Notes, if (a) the holder, together with its affiliates, would beneficially own in excess of 4.99% (or such other percentage as determined by the holder and notified to the Company in writing, not to exceed 9.99%, provided that any increase of such percentage will not be effective until 61 days after notice thereof) of the number of shares of the common stock outstanding immediately after giving effect to such conversion or payment, as applicable, or (b) the aggregate number of shares issued with respect to the 2016 Convertible Notes after giving effect to such conversion or payment, as applicable, would exceed 19.99% of the number of shares of the Company’s common stock outstanding as of May 10, 2016. The holders may not re-sell any shares of common stock issued under the 2016 Convertible Notes at a price less than (i) in the case of shares issued at a price equal to or greater than $1.00, $1.05 per share and (ii) in the case of shares issued at a price less than $1.00, the price floor applicable to the installment period in which such shares are sold. Hercules Loan Facility The Company’s loan facility with Hercules requires the Company to maintain unrestricted, unencumbered cash in defined U.S. bank accounts in an amount equal to at least 50% of the principal amount outstanding under such facility. The Company received a waiver from Hercules with respect to non-compliance with such covenant through the date hereof. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying interim condensed consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (or “GAAP”) and with the instructions for Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and notes required for complete financial statements. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Form 10-K for the fiscal year ended December 31, 2015 as filed with the Securities and Exchange Commission (or the “SEC”) on March 31, 2016. The unaudited condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company uses the equity method to account for investments in companies, if its investments provide it with the ability to exercise significant influence over operating and financial policies of the investee. Consolidated net income or loss includes the Company’s proportionate share of the net income or loss of these companies. Judgments made by the Company regarding the level of influence over each equity method investment include considering key factors such as the Company’s ownership interest, representation on the board of directors, participation in policy-making decisions and material intercompany transactions. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The condensed consolidated financial statements of the Company include the accounts of Amyris, Inc., its subsidiaries and two consolidated variable interest entities (or “VIEs”), with respect to which the Company is considered the primary beneficiary, after elimination of intercompany accounts and transactions. Disclosure regarding the Company’s participation in the VIEs is included in Note 7, "Joint Ventures and Noncontrolling Interest." |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Variable Interest Entities The Company has interests in joint venture entities that are VIEs. Determining whether to consolidate a VIE requires judgment in assessing (i) whether an entity is a VIE and (ii) if the Company is the entity’s primary beneficiary and thus required to consolidate the entity. To determine if the Company is the primary beneficiary of a VIE, the Company evaluates whether it has (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company’s evaluation includes identification of significant activities and an assessment of its ability to direct those activities based on governance provisions and arrangements to provide or receive product and process technology, product supply, operations services, equity funding and financing and other applicable agreements and circumstances. The Company’s assessment of whether it is the primary beneficiary of its VIEs requires significant assumptions and judgment. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates In preparing the unaudited condensed consolidated financial statements, management must make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Unaudited Interim Financial Information Policy [Policy Text Block] | Unaudited Interim Financial Information The accompanying interim condensed consolidated financial statements and related disclosures are unaudited, have been prepared on the same basis as the annual consolidated financial statements, except for the impact of adoption of certain accounting standards as described below, and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the results of operations for the periods presented. In the quarter ended March 31, 2016 the Company adopted Accounting Standards Update (“ASU”) No. 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items, Consolidation Interest - Imputation of Interest Simplifying the Presentation of Debt Issuance Costs Intangibles - Goodwill and Other - Internal-Use Software Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The condensed consolidated results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future year or interim period. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (or “FASB”) issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In March 2016, the FASB issued ASU No. 2016-06, Contingent Put and Call Options in Debt Instruments In February 2016, the FASB issued Accounting Standards Update (or “ASU”) 2016-02- Leases In January 2016, the FASB issued ASU 2016-01 Financial Instruments-Overall In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory In August 2014, FASB issued new guidance related to the disclosure around going concern. The new standard provides guidance around management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosure if substantial doubt exists. The new standard is effective for annual periods ending after December 15, 2016 and for annual periods and interim periods thereafter. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on our financial statements. In May 2014, the FASB issued new guidance related to revenue recognition. In March, April and May 2016, the FASB issued additional amendments to the new revenue guidance relating to reporting revenue on a gross versus net basis, identifying performance obligations, licensing arrangements, collectability, noncash consideration, presentation of sales tax, and transition. This new standard will replace all current GAAP guidance on this topic and eliminate all industry-specific guidance. The new revenue recognition update guidance provides a unified model to determine how revenue is recognized. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. On July 9, 2015, the FASB voted to defer the effective date by one year to December 15, 2017 for interim and annual reporting periods beginning after that date and permitted early adoption of the standard, but not before the original effective date of December 15, 2016. Therefore, the new standard will be effective commencing with our quarter ending March 31, 2018. The Company is currently assessing the potential impact of this new standard on its consolidated financial statements. |
Note 3 - Fair Value of Financ27
Note 3 - Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Balance as of March 31, 2016 Financial Assets Money market funds $ 57 $ — $ — $ 57 Certificates of deposit 1,444 — — 1,444 Total financial assets $ 1,501 $ — $ — $ 1,501 Financial Liabilities Loans payable (1) $ — $ 29,113 $ — $ 29,113 Credit facilities (1) — 28,636 — 28,636 Convertible notes (1) — — 94,738 94,738 Compound embedded derivative liabilities — — 24,822 24,822 Currency interest rate swap derivative liability — 4,286 — 4,286 Total financial liabilities $ — $ 62,035 $ 119,560 $ 181,595 Level 1 Level 2 Level 3 Balance as of December 31, 2015 Financial Assets Money market funds $ 2,078 $ — $ — $ 2,078 Certificates of deposit 1,520 — — 1,520 Total financial assets $ 3,598 $ — $ — $ 3,598 Financial Liabilities Loans payable (1) $ — $ 9,541 $ — $ 9,541 Credit facilities (1) — 34,893 — 34,893 Convertible notes (1) — — 96,291 96,291 Compound embedded derivative liabilities — — 46,430 46,430 Currency interest rate swap derivative liability — 5,009 — 5,009 Total financial liabilities $ — $ 49,443 $ 142,721 $ 192,164 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | 2016 Balance at January 1 $ 96,291 Conversion/extinguishment of convertible notes (835 ) Change in fair value of convertible notes (718 ) Balance at March 31 $ 94,738 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | 2016 Balance at January 1 $ 46,430 Derecognition on conversion/extinguishment (775 ) Gain from change in fair value of derivative liabilities (20,833 ) Balance at March 31 $ 24,822 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | March 31, 2016 March 31, 2015 Risk-free interest rate 0.80% - 0.89% 0.53% - 1.18% Risk-adjusted yields 35.00% - 45.13% 21.30% - 24.40% Stock-price volatility 45% 45% Probability of change in control 5% 5% Stock price $1.11 $2.40 Credit spread 34.16% - 44.25% 20.20% - 23.22% Estimated conversion dates 2016 - 2019 2015 - 2019 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Income Three Months Ended March 31, Type of Derivative Contract 2016 2015 Currency interest rate swap Gain (loss) from change in fair value of derivative instruments $ 845 $ (1,715 ) |
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | March 31, 2016 December 31, 2015 Fair market value of compound embedded derivative liabilities $ 24,822 $ 46,430 Fair value of swap obligations 4,286 5,009 Total derivative liabilities $ 29,108 $ 51,439 |
Note 4 - Balance Sheet Compon28
Note 4 - Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, Raw materials $ 2,532 $ 2,204 Work-in-process 210 3,583 Finished goods 4,844 5,099 Inventories, net $ 7,586 $ 10,886 |
Property, Plant and Equipment [Table Text Block] | March 31, 2016 December 31, 2015 Machinery and equipment $ 76,978 $ 72,876 Leasehold improvements 38,657 38,519 Computers and software 9,249 9,117 Buildings 4,303 3,922 Furniture and office equipment 2,282 2,234 Vehicles 231 215 Construction in progress 7,542 5,736 139,242 132,619 Less: accumulated depreciation and amortization (77,466 ) (72,822 ) Property, plant and equipment, net $ 61,776 $ 59,797 |
Schedule of Other Assets, Noncurrent [Table Text Block] | March 31, 2016 December 31, 2015 Recoverable taxes from Brazilian government entities $ 9,532 $ 8,887 Deposits on property and equipment, including taxes 267 243 Other 1,316 1,227 Total other assets $ 11,115 $ 10,357 |
Schedule of Accrued and Other Current Liabilities [Table Text Block] | March 31, 2016 December 31, 2015 Withholding tax related to conversion of related party notes $ 4,723 $ 4,723 Professional services 4,424 4,017 SMA relocation accrual 3,995 3,641 Accrued interest 3,949 1,984 Tax-related liabilities 2,393 2,505 Accrued vacation 2,062 2,023 Payroll and related expenses 1,955 3,122 Deferred rent, current portion 1,111 1,111 Contractual obligations to contract manufacturers 546 — Other 751 1,142 Total accrued and other current liabilities $ 25,909 $ 24,268 |
Note 5 - Debt (Tables)
Note 5 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 31, 2016 December 31, 2015 Hercules loan facility $ 31,684 $ 31,590 BNDES credit facility 1,878 1,956 FINEP credit facility 850 840 Total credit facilities 34,412 34,386 Convertible notes 63,453 61,233 Related party convertible notes 42,160 42,749 Related party loan payable 16,315 — Loans payable 14,020 13,606 Total debt 170,360 151,974 Less: current portion (55,326 ) (36,281 ) Long-term debt $ 115,034 $ 115,693 |
Schedule of Long-term Debt Instruments [Table Text Block] | Years ending December 31: Related Party Convertible Debt Convertible Debt Loans Related Credit Facility Total 2016 (remaining nine months) $ 1,356 $ 11,889 $ 4,762 $ 2,025 $ 37,660 $ 57,692 2017 4,838 24,200 2,334 21,004 1,415 53,791 2018 16,290 17,962 2,235 — 295 36,782 2019 34,913 87,466 2,136 — 71 124,586 2020 — — 2,038 — — 2,038 Thereafter — — 3,023 — — 3,023 Total future minimum payments 57,397 141,517 16,528 23,029 39,441 277,912 Less: amount representing interest (1) (20,506 ) (74,956 ) (2,103 ) (6,624 ) (4,980 ) (109,169 ) Present value of minimum debt payments 36,891 66,561 14,425 16,405 34,461 168,743 Less: current portion present value of minimum debt payments (3,700 ) (15,309 ) (4,684 ) — (33,089 ) (56,782 ) Less: current debt issuance cost (74 ) (1,044 ) (290 ) — (48 ) (1,456 ) Current portion debt (3,626 ) (14,265 ) (4,394 ) — (33,041 ) (55,326 ) Less: noncurrent debt issuance cost (144 ) (2,104 ) (115 ) (90 ) — (2,453 ) Add: fair value change due to conversions 5,526 — — — — 5,526 Noncurrent portion of debt $ 38,573 $ 49,148 $ 9,626 $ 16,315 $ 1,372 $ 115,034 |
Note 6 - Commitments and Cont30
Note 6 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule Of Future Minimum Payments For Lease Obligations [Table Text Block] | Years ending December 31: Capital Operating Total Lease Obligations 2016 (remaining nine months) $ 430 $ 5,196 $ 5,626 2017 233 6,805 7,038 2018 28 6,820 6,848 2019 — 6,758 6,758 2020 — 6,994 6,994 Thereafter — 18,118 18,118 Total future minimum lease payments 691 $ 50,691 $ 51,382 Less: amount representing interest (51 ) Present value of minimum lease payments 640 Less: current portion (477 ) Long-term portion $ 163 |
Note 7 - Joint Ventures and N31
Note 7 - Joint Ventures and Noncontrolling Interests (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | (In thousands) March 31, December 31, $ 568 $ 6,993 Liabilities $ 332 $ 1,221 |
Noncontrolling Interest [Table Text Block] | 2016 2015 Balance at January 1 $ 391 $ 611 Foreign currency translation adjustment — (267 ) Income attributable to noncontrolling interest — 22 Acquisition of noncontrolling interest (277 ) — Balance at March 31 $ 114 $ 366 |
Note 9 - Goodwill and Intangi32
Note 9 - Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | March 31, 2016 December 31, 2015 Useful Life in Years Gross Carrying Amount Accumulated Amortization/ Net Carrying Value Gross Carrying Amount Accumulated Amortization/ Impairment Net Carrying Value In-process research and development Indefinite $ 8,560 $ (8,560 ) $ — $ 8,560 (8,560 ) $ — Acquired licenses and permits 2 772 (772 ) — 772 (772 ) — Goodwill Indefinite 560 — 560 560 — 560 $ 9,892 $ (9,332 ) $ 560 $ 9,892 (9,332 ) $ 560 |
Note 11 - Stock-based Compens33
Note 11 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block] | Number Weighted- Weighted-Average Aggregate (in thousands) Outstanding - December 31, 2015 12,930,112 $ 4.77 7.39 $ 22 Options granted 19,100 $ 1.41 — — Options exercised (134 ) $ 0.28 — — Options cancelled (789,924 ) $ 10.13 — — Outstanding - March 31, 2016 12,159,154 $ 4.42 7.14 $ 3 Vested and expected to vest after March 31, 2016 11,136,376 $ 4.63 6.96 $ 3 Exercisable at March 31, 2016 6,326,072 $ 6.42 5.50 $ 3 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | RSUs Weighted-Average Grant-Date Fair Value Weighted Average Remaining Contractual Life (Years) Outstanding - December 31, 2015 5,554,844 $ 2.03 1.61 Awarded 75,199 $ 1.43 — Vested (217,990 ) $ 1.81 — Forfeited (236,623 ) $ 1.96 — Outstanding - March 31, 2016 5,175,430 $ 2.03 1.55 Expected to vest after March 31, 2016 4,235,489 $ 2.69 1.25 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Exercise Price Number of Options Weighted- Weighted-Average Exercise Price Number of Options Weighted-Average Exercise Price $0.28 — $1.64 1,221,959 9.18 $ 1.61 69,209 $ 1.45 $1.67 — $1.75 1,364,325 9.36 $ 1.73 87,500 $ 1.75 $1.78 — $1.80 121,000 9.08 $ 1.79 23,041 $ 1.78 $1.96 — $1.96 1,302,358 9.19 $ 1.96 — $ 0.00 $1.98 — $2.79 1,576,920 6.94 $ 2.62 1,020,806 $ 2.70 $2.81 — $3.05 1,265,452 6.94 $ 2.94 936,825 $ 2.94 $3.08 — $3.44 317,787 7.28 $ 3.32 207,745 $ 3.30 $3.51 — $3.51 1,790,211 7.76 $ 3.51 895,557 $ 3.51 $3.55 — $3.93 1,449,652 4.55 $ 3.87 1,351,880 $ 3.88 $4.08 — $30.17 1,749,490 4.14 $ 14.74 1,733,509 $ 14.84 $0.28 — $30.17 12,159,154 7.14 $ 4.42 6,326,072 $ 6.42 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended March 31, 2016 2015 Research and development $ 491 $ 716 Sales, general and administrative 1,560 1,936 Total stock-based compensation expense $ 2,051 $ 2,652 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Months Ended March 31, 2016 2015 Expected dividend yield — % — % Risk-free interest rate 1.4 % 1.6 % Expected term (in years) 6.23 5.96 Expected volatility 73 % 74 % |
Note 15 - Reporting Segments (T
Note 15 - Reporting Segments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three Months Ended March 31, 2016 2015 Europe $ 4,372 $ 832 United States 3,462 5,222 Asia 590 835 Brazil 375 983 Other 12 — Total $ 8,811 $ 7,872 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | March 31, 2016 December 31, 2015 Brazil $ 44,638 $ 41,093 United States 16,851 18,401 Europe 287 303 Total $ 61,776 $ 59,797 |
Note 16 - Comprehensive Incom35
Note 16 - Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | March 31, 2016 December 31, 2015 Foreign currency translation adjustment, net of tax $ (42,511 ) $ (47,198 ) Total accumulated other comprehensive loss $ (42,511 ) $ (47,198 ) |
Note 17 - Net Loss Attributab36
Note 17 - Net Loss Attributable to Common Stockholders and Net Loss per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2016 2015 Numerator: Net loss attributable to Amyris, Inc. common stockholders $ (15,308 ) $ (52,240 ) Interest on convertible debt 1,817 — Accretion of debt discount 1,633 — Gain from change in fair value of derivative instruments (18,415 ) — Net loss attributable to Amyris, Inc. common stockholders after assumed conversion $ (30,273 ) $ (52,240 ) Denominator: Weighted average shares of common stock outstanding for basic EPS 207,199,563 79,222,051 Basic and diluted loss per share $ (0.07 ) $ (0.66 ) Weighted average shares of common stock outstanding 207,199,563 79,222,051 Effect of dilutive securities: Convertible promissory notes 53,732,522 — Weighted common stock equivalents 53,732,522 — Diluted weighted-average common shares 260,932,085 79,222,051 Diluted loss per share $ (0.12 ) $ (0.66 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended March 31, 2016 2015 Period-end stock options to purchase common stock 12,159,154 10,702,731 Convertible promissory notes (1) 99,648,739 78,500,456 Period-end common stock warrants 5,885,762 1,021,087 Period-end restricted stock units 5,175,430 2,103,071 Total 122,869,085 92,327,345 |
Note 1 - The Company (Details T
Note 1 - The Company (Details Textual) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Number of Operating Segments | 2 | |
Working Capital | $ (67,100) | |
Retained Earnings (Accumulated Deficit) | (1,052,412) | $ (1,037,104) |
Cash, Cash Equivalents, and Short-term Investments | 9,300 | |
Debt Instrument, Unamortized Discount | 52,400 | |
Long-term Debt | 170,360 | 151,974 |
Long-term Debt, Current Maturities, Including Due to Related Parties | 55,326 | $ 36,281 |
Interest Payable | $ 21,400 | |
Percentage of Outstanding Principle to be Maintained in Unencumbered Cash | 50.00% |
Note 2 - Summary of Significa38
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended |
Mar. 31, 2016 | |
Variable Interest Entity, Number of Entities | 2 |
Note 3 - Fair Value of Financ39
Note 3 - Fair Value of Financial Instruments (Details Textual) $ in Thousands, BRL in Millions | Mar. 31, 2016USD ($) | Mar. 31, 2016BRL | Dec. 31, 2015USD ($) |
Derivative Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative Liability, Compound Embedded Derivatives [Member] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ 24,800 | $ 46,400 | |
Fair Value, Inputs, Level 3 [Member] | Derivative Liability, Compound Embedded Derivatives [Member] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 24,822 | $ 46,430 | |
Banco Pine July 2012 Loan Agreement [Member] | Interest Rate Swap [Member] | |||
Derivative, Notional Amount | $ 6,200 | BRL 22 | |
Derivative, Fixed Interest Rate | 3.94% | 3.94% |
Note 3 - Fair Value, Assets, an
Note 3 - Fair Value, Assets, and Liabilities Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Inputs, Level 1 [Member] | |||
Money market funds | $ 57 | $ 2,078 | |
Certificates of deposit | 1,444 | 1,520 | |
Total financial assets | $ 1,501 | $ 3,598 | |
Loans payable | [1] | ||
Credit facilities | [1] | ||
Convertible notes | [1] | ||
Compound embedded derivative liabilities | |||
Currency interest rate swap derivative liability | |||
Total financial liabilities | |||
Fair Value, Inputs, Level 2 [Member] | |||
Money market funds | |||
Certificates of deposit | |||
Total financial assets | |||
Loans payable | [1] | $ 29,113 | $ 9,541 |
Credit facilities | [1] | $ 28,636 | $ 34,893 |
Convertible notes | [1] | ||
Compound embedded derivative liabilities | |||
Currency interest rate swap derivative liability | $ 4,286 | $ 5,009 | |
Total financial liabilities | $ 62,035 | $ 49,443 | |
Fair Value, Inputs, Level 3 [Member] | |||
Money market funds | |||
Certificates of deposit | |||
Total financial assets | |||
Loans payable | [1] | ||
Credit facilities | [1] | ||
Convertible notes | [1] | $ 94,738 | $ 96,291 |
Compound embedded derivative liabilities | $ 24,822 | $ 46,430 | |
Currency interest rate swap derivative liability | |||
Total financial liabilities | $ 119,560 | $ 142,721 | |
Money market funds | 57 | 2,078 | |
Certificates of deposit | 1,444 | 1,520 | |
Total financial assets | 1,501 | 3,598 | |
Loans payable | [1] | 29,113 | 9,541 |
Credit facilities | [1] | 28,636 | 34,893 |
Convertible notes | [1] | 94,738 | 96,291 |
Compound embedded derivative liabilities | 24,822 | 46,430 | |
Currency interest rate swap derivative liability | 4,286 | 5,009 | |
Total financial liabilities | $ 181,595 | $ 192,164 | |
[1] | These liabilities are carried on the condensed consolidated balance sheet on a historical cost basis (noting that the Remaining Notes subject to the Maturity Treatment Agreement were revalued to fair value on July 29, 2015, see Note 5 "Debt" for details). |
Note 3 - Fair Value, Liabilitie
Note 3 - Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Fair Value, Inputs, Level 3 [Member] | Convertible Debt [Member] | |
Balance, convertible notes | $ 96,291 |
Change in fair value of convertible notes | (718) |
Balance, convertible notes | 94,738 |
Conversion/extinguishment of convertible notes | $ (835) |
Note 3 - Reconciliation for Com
Note 3 - Reconciliation for Compound Embedded Derivative Liability (Details) - Fair Value, Inputs, Level 3 [Member] - Derivative Liability, Compound Embedded Derivatives [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Balance, convertible notes | $ 46,430 |
Derecognition on conversion/extinguishment | (775) |
Gain from change in fair value of derivative liabilities | (20,833) |
Balance, convertible notes | $ 24,822 |
Note 3 - Market-based Assumptio
Note 3 - Market-based Assumption and Estimates for Compound Embedded Derivative Liabilities Valuation (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Minimum [Member] | ||
Risk-free interest rate | 0.80% | 0.53% |
Risk-adjusted yields | 35.00% | 21.30% |
Credit spread | 34.16% | 20.20% |
Estimated conversion dates | 2,016 | 2,015 |
Maximum [Member] | ||
Risk-free interest rate | 0.89% | 1.18% |
Risk-adjusted yields | 45.13% | 24.40% |
Credit spread | 44.25% | 23.22% |
Estimated conversion dates | 2,019 | 2,019 |
Expected volatility | 45.00% | 45.00% |
Probability of change in control | 5.00% | 5.00% |
Stock price (in dollars per share) | $ 1.11 | $ 2.40 |
Note 3 - Derivative Instruments
Note 3 - Derivative Instruments Classification (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Currency Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Gain (Loss) From Change in Fair Value of Derivative Instruments [Member] | ||
Currency interest rate swap | $ 845 | $ (1,715) |
Note 3 - Derivative Liabilities
Note 3 - Derivative Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair market value of compound embedded derivative liabilities | $ 24,822 | $ 46,430 |
Fair value of swap obligations | 4,286 | 5,009 |
Total derivative liabilities | $ 29,108 | $ 51,439 |
Note 4 - Balance Sheet Compon46
Note 4 - Balance Sheet Components (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Capital Lease Obligations [Member] | Machinery and Equipment, Furniture and Office Equipment Under Capital Lease [Member] | |||
Property, Plant and Equipment, Gross | $ 1,100 | $ 2,700 | |
Capital Lease Obligations [Member] | |||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 100 | 500 | |
Property, Plant and Equipment, Including Capital Leases [Member] | |||
Depreciation, Depletion and Amortization | 2,900 | $ 3,500 | |
Property, Plant and Equipment, Gross | 139,242 | 132,619 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 77,466 | $ 72,822 | |
Depreciation, Depletion and Amortization | $ 2,869 | $ 3,490 |
Note 4 - Inventory, Current (De
Note 4 - Inventory, Current (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Raw materials | $ 2,532 | $ 2,204 |
Work-in-process | 210 | 3,583 |
Finished goods | 4,844 | 5,099 |
Inventories, net | $ 7,586 | $ 10,886 |
Note 4 - Property, Plant and Eq
Note 4 - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment, Gross | $ 76,978 | $ 72,876 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment, Gross | 38,657 | 38,519 |
Computer Equipment and Software [Member] | ||
Property, Plant and Equipment, Gross | 9,249 | 9,117 |
Building [Member] | ||
Property, Plant and Equipment, Gross | 4,303 | 3,922 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment, Gross | 2,282 | 2,234 |
Vehicles [Member] | ||
Property, Plant and Equipment, Gross | 231 | 215 |
Construction in Progress [Member] | ||
Property, Plant and Equipment, Gross | 7,542 | 5,736 |
Property, Plant and Equipment, Gross | 139,242 | 132,619 |
Less: accumulated depreciation and amortization | (77,466) | (72,822) |
Property, plant and equipment, net | $ 61,776 | $ 59,797 |
Note 4 - Other Assets, Noncurre
Note 4 - Other Assets, Noncurrent (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Recoverable taxes from Brazilian government entities | $ 9,532 | $ 8,887 |
Deposits on property and equipment, including taxes | 267 | 243 |
Other | 1,316 | 1,227 |
Total other assets | $ 11,115 | $ 10,357 |
Note 4 - Accrued and Other Curr
Note 4 - Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Withholding tax related to conversion of related party notes | $ 4,723 | $ 4,723 | |
Professional services | 4,424 | 4,017 | |
SMA relocation accrual | 3,995 | 3,641 | |
Accrued interest | 3,949 | 1,984 | |
Tax-related liabilities | 2,393 | 2,505 | |
Accrued vacation | 2,062 | 2,023 | |
Payroll and related expenses | 1,955 | 3,122 | |
Deferred rent, current portion | 1,111 | $ 1,111 | |
Contractual obligations to contract manufacturers | 546 | ||
Other | 751 | $ 1,142 | |
Total accrued and other current liabilities | $ 25,909 | $ 25,909 | $ 24,268 |
Note 5 - Debt (Details Textual)
Note 5 - Debt (Details Textual) $ / shares in Units, l in Millions, BRL in Millions | Feb. 15, 2016USD ($)$ / sharesshares | Feb. 12, 2016EUR (€) | Feb. 12, 2016USD ($)$ / sharesshares | Dec. 02, 2015USD ($) | Nov. 30, 2015USD ($) | Oct. 14, 2015USD ($)$ / sharesshares | Jul. 29, 2015USD ($)$ / sharesshares | Apr. 02, 2015 | Mar. 31, 2016EUR (€) | Mar. 31, 2016USD ($)$ / sharesshares | Feb. 29, 2016USD ($)$ / sharesshares | Nov. 30, 2015USD ($) | Jun. 30, 2014USD ($) | May. 31, 2014USD ($)$ / shares | Mar. 31, 2014USD ($) | Jan. 31, 2014USD ($)$ / shares | Oct. 31, 2013USD ($)$ / sharesl | Aug. 31, 2013USD ($)$ / sharesshares | Jul. 31, 2012USD ($)$ / shares | Jul. 31, 2012BRL | Dec. 31, 2011USD ($) | Dec. 31, 2011BRL | Nov. 30, 2010USD ($) | Mar. 31, 2016USD ($)$ / sharesshares | Jun. 30, 2015 | Mar. 31, 2015USD ($)$ / shares | Jul. 31, 2012USD ($)$ / shares | Dec. 31, 2015USD ($) | Mar. 31, 2016BRLshares | Feb. 16, 2016$ / shares | Dec. 31, 2015BRL | Apr. 30, 2015USD ($) | Jan. 31, 2015USD ($)$ / shares | Jul. 31, 2014USD ($)$ / shares | May. 30, 2014USD ($) | Apr. 30, 2014USD ($)$ / shares | Dec. 31, 2013USD ($) | Oct. 04, 2013 | Sep. 30, 2013USD ($)shares | Jul. 31, 2013USD ($) | Jun. 30, 2013USD ($)$ / shares | Mar. 31, 2013$ / shares | Sep. 14, 2012USD ($) | Jul. 31, 2012BRL | Jul. 30, 2012USD ($) | Jun. 30, 2012USD ($) | Feb. 28, 2012USD ($)$ / shares | Dec. 31, 2011BRL | Nov. 30, 2010BRL | Oct. 30, 2010 |
Hercules Technology Growth Capital, Inc. (Hercules) [Member] | Minimum [Member] | Prime Rate [Member] | Hercules Credit Additional Amount [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.25% | |||||||||||||||||||||||||||||||||||||||||||||||||
Hercules Technology Growth Capital, Inc. (Hercules) [Member] | Minimum [Member] | Prime Rate [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 6.25% | |||||||||||||||||||||||||||||||||||||||||||||||||
Hercules Technology Growth Capital, Inc. (Hercules) [Member] | Maximum [Member] | Prime Rate [Member] | Hercules Credit Additional Amount [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 8.50% | |||||||||||||||||||||||||||||||||||||||||||||||||
Hercules Technology Growth Capital, Inc. (Hercules) [Member] | Maximum [Member] | Prime Rate [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 9.50% | |||||||||||||||||||||||||||||||||||||||||||||||||
Hercules Technology Growth Capital, Inc. (Hercules) [Member] | Prime Rate [Member] | Third Hercules Amendment [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 6.25% | |||||||||||||||||||||||||||||||||||||||||||||||||
Hercules Technology Growth Capital, Inc. (Hercules) [Member] | After the Initial Twelve-month Period [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Prepayment Penalty, Percentage | 1.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Hercules Technology Growth Capital, Inc. (Hercules) [Member] | Hercules Credit Additional Amount [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Additional Amount Required | $ 5,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Hercules Technology Growth Capital, Inc. (Hercules) [Member] | Third Hercules Amendment [Member] | Portion of Debt Costs Owed in Connection with Expired Facility [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Payments of Debt Issuance Costs | $ 750,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Hercules Technology Growth Capital, Inc. (Hercules) [Member] | Third Hercules Amendment [Member] | Portion of Debt Costs Related to the Third Hercules Amendment [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Payments of Debt Issuance Costs | $ 250,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Hercules Technology Growth Capital, Inc. (Hercules) [Member] | Third Hercules Amendment [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable | $ 31,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Long-term Debt | $ 10,960,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-term Debt | $ 9,100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.50% | 9.50% | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 767,200 | $ 767,200 | ||||||||||||||||||||||||||||||||||||||||||||||||
Payments of Debt Issuance Costs | $ 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Hercules Technology Growth Capital, Inc. (Hercules) [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable | $ 31,700,000 | $ 25,000,000 | $ 31,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Prepayment Penalty, Percentage | 3.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Facility Charge, Percentage | 1.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, End of Term Fee, Percentage | 10.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Line of Credit | $ 25,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Forbearance Fee, Forgiven | 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Required Equity Financing, Amount | $ 50,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Unencumbered, Unrestricted, Cash Required, Percentage | 50.00% | 50.00% | ||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Amount to be Raised Through Equity Triggering Withdrawal of the Credit Facility | 20,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 3.00% | 5.00% | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Unamortized Discount | 300,000 | $ 300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Nossa Caixa and Banco Pine Agreements [Member] | Loans Payable [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt | 11,600,000 | 11,600,000 | $ 11,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Nossa Caixa and Banco Pine Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | 5.50% | 5.50% | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 14,600,000 | $ 14,600,000 | BRL 52 | |||||||||||||||||||||||||||||||||||||||||||||||
Collateral Provided by Company Certain Equipment and Other Tangible Assets, Amount | $ 19,100,000 | BRL 68 | ||||||||||||||||||||||||||||||||||||||||||||||||
Certain Farnesene Production Assets Pledged as Collateral for Loans | BRL | 52 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Period of Interest Only QuarterlyPayments | 2 years | 2 years | ||||||||||||||||||||||||||||||||||||||||||||||||
Banco Pine [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | BRL | 22 | |||||||||||||||||||||||||||||||||||||||||||||||||
Nossa Caixa [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | BRL | BRL 30 | |||||||||||||||||||||||||||||||||||||||||||||||||
Banco ABC Brasil S.A. (ABC) [Member] | ABC Brasil Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt | $ 1,600,000 | $ 1,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Additional Export Financing Agreement | $ 2,200,000 | $ 1,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Temasek [Member] | If Total R&D Warrant is Exercised in Full [Member] | Temasek Warrant Three [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 880,339 | |||||||||||||||||||||||||||||||||||||||||||||||||
Temasek [Member] | Rule 144A Convertible Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable | $ 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Temasek [Member] | Temasek Warrant 1 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 14,677,861 | |||||||||||||||||||||||||||||||||||||||||||||||||
Temasek [Member] | Temasek Warrant 2 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Numerator One | 30.60% | |||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Denominator One | 69.40% | |||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Numerator Two | 13.30% | |||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Denominator Two | 86.70% | |||||||||||||||||||||||||||||||||||||||||||||||||
Temasek [Member] | Temasek Warrant Three [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Term | 10 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Common Stock Shares Used In Calculation | shares | 880,339 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Threshold Number of Securities | shares | 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Temasek [Member] | The 2013 Warrant [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 1,000,000 | 12,700,244 | 127,194 | 12,700,244 | 12,700,244 | |||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.01 | |||||||||||||||||||||||||||||||||||||||||||||||||
Temasek [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 71,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 30,860,633 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total [Member] | Unsecured Senior Convertible Promissory Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Extinguishment of Debt, Amount | $ 1,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total [Member] | Tranche I and Tranche II Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable | $ 15,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total [Member] | Rule 144A Convertible Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable | $ 9,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total [Member] | Total Funding Warrant [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 18,924,191 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Term | 5 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Total [Member] | Total R&D Warrant [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total [Member] | Temasek Warrant 2 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable | $ 25,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Extinguishment of Debt, Amount | € | € 50,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 70,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 30,434,782 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total and Temasek [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 2.30 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest Expense, Debt | 39,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Minimum [Member] | March 2013 Letter Agreement [Member] | Total [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 3.08 | |||||||||||||||||||||||||||||||||||||||||||||||||
TJLP Adjustment Factor [Member] | Threshold Met [Member] | FINEP Credit Facility [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
TJLP Adjustment Factor [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
DebtInstruementInterestRateOfTheCentralBankOfBrazilUsedAsAThreshold | 6.00% | 6.00% | ||||||||||||||||||||||||||||||||||||||||||||||||
First Tranche [Member] | BNDES Credit Facility [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | BRL | BRL 19.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
The Second Tranche [Member] | BNDES Credit Facility [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | BRL | 3.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility Bank Guarantee Percentage | 90.00% | 90.00% | ||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Borrowings Above Which is New Tranche | BRL | 19.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Threshold Met [Member] | FINEP Credit Facility [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 11.00% | 11.00% | ||||||||||||||||||||||||||||||||||||||||||||||||
Numerator [Member] | Rule 144A Convertible Note Offering [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 267.037 | |||||||||||||||||||||||||||||||||||||||||||||||||
Denominator [Member] | Rule 144A Convertible Note Offering [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 1,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Initial Closing [Member] | Unsecured Senior Convertible Promissory Notes [Member] | Total [Member] | New Funding [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 15,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Initial Closing [Member] | Unsecured Senior Convertible Promissory Notes [Member] | Total [Member] | Diesel Research and Development Funding [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 23,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Initial Closing [Member] | Unsecured Senior Convertible Promissory Notes [Member] | Total [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | 1.50% | 1.50% | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 15,000,000 | $ 38,300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 7.0682 | $ 7.0682 | ||||||||||||||||||||||||||||||||||||||||||||||||
Number of Installments | 2 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Second Closing [Member] | Unsecured Senior Convertible Promissory Notes [Member] | Total [Member] | Related Party Convertible Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 20,000,000 | $ 10,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Second Closing [Member] | Unsecured Senior Convertible Promissory Notes [Member] | Total [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 3.08 | 3.08 | ||||||||||||||||||||||||||||||||||||||||||||||||
Number of Installments | 2 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Two Installments in Second Closing [Member] | Unsecured Senior Convertible Promissory Notes [Member] | Total [Member] | Related Party Convertible Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 30,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Third Closing [Member] | Unsecured Senior Convertible Promissory Notes [Member] | Total [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 10,850,000 | $ 10,850,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 4.11 | $ 4.11 | ||||||||||||||||||||||||||||||||||||||||||||||||
Number of Installments | 2 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Two Installments In Third Closing [Member] | Unsecured Senior Convertible Promissory Notes [Member] | Total [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 21,700,000 | 21,700,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Fidelity Convertible Notes [Member] | Convertible Subordinated Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable | $ 25,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Fidelity Convertible Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 7.0682 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Number of Equity Instruments | 3,536,968 | |||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Promissory Note, Acquisition Right Amount Redeemable, Percentage | 101.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Promissory Note, Maximum Allowable Debt | $ 200,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Promissory Notes, Debt Percentage of Total Assets | 50.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Promissory Note, Maximum Amount of Secured Debt | $ 125,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Promissory Note, Secured Debt as a Percentage of Consolidated Total Assets | 30.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Promissory Note, Bridge Loan Amount, Convertible Promissory Note Covenants Waived | $ 35,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Additional Consideration for Covenant Waiving, Convertible Promissory Notes | 7,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Rule 144A Convertible Note Offering [Member] | Convertible Debt Securities [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.50% | |||||||||||||||||||||||||||||||||||||||||||||||||
Rule 144A Convertible Note Offering [Member] | Affiliated Entity [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | |||||||||||||||||||||||||||||||||||||||||||||||||
Amount of Convertible Debt Purchased by Affiliated Entities | $ 24,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Rule 144A Convertible Note Offering [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 3.74 | |||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Note Offering | $ 75,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Additional Convertible Note Offering | 15,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Convertible Debt | 72,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Convertible Debt Used to Repay Previously Issued Convertible Debt | $ 9,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 days | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Threshold Days for Conversion Notification | 5 days | |||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Note Substantial Change, Discount Rate Used in Calculate Value of Remaining Interest Payments | 0.75% | |||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Note Substantial Change, Percentage of Principal Repurchase Price | 100.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Senior Notes, 9.5% [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.50% | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 57,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 2.25 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Number of Equity Instruments | 38,415,626 | |||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Convertible Debt | $ 54,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Note Substantial Change, Discount Rate Used in Calculate Value of Remaining Interest Payments | 0.75% | |||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Note Substantial Change, Percentage of Principal Repurchase Price | 100.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Repurchase Amount | $ 3,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Rate, Shares | shares | 443.6557 | 445.2552 | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Rate, Principle Amount | $ / shares | $ 1,000 | $ 1,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible Percentage of Average Price Per Share the Stock will be Valued upon Early Conversion | 92.50% | |||||||||||||||||||||||||||||||||||||||||||||||||
Number of Trading Days Notes Become Convertible | 10 days | |||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Term | 5 years | 5 years | ||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Senior Notes, 6.5% [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Repurchase Amount | $ 18,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Repurchased Face Amount | 22,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Senior Notes, 3% [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Repurchase Amount | 8,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Repurchased Face Amount | $ 9,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Purchase Agreement [Member] | Secured Debt [Member] | Total [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Restrictions, Maximum Outstanding Debt | $ 125,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Restrictions, Maximum Outstanding Debt, Percentage of Consolidated Total Assets | 30.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Purchase Agreement [Member] | Total [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 105,000,000 | $ 105,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured Senior Convertible Promissory Notes [Member] | Total [Member] | Related Party Convertible Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 30,000,000 | $ 10,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured Senior Convertible Promissory Notes [Member] | Total [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 69,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Number of Trading Days Notes Become Convertible | 10 days | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Default Rate | 2.50% | 2.50% | 2.50% | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Percentage Outstanding and Payable | 70.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of Outstanding Notes To Be Cancelled | 30.00% | 30.00% | 30.00% | |||||||||||||||||||||||||||||||||||||||||||||||
March 2013 Letter Agreement [Member] | Total [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 3.08 | 7.0682 | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Closing Price Plus Incremental Rate | $ / shares | $ 0.01 | |||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Convertible Note [Member] | Total [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | |||||||||||||||||||||||||||||||||||||||||||||||||
July 2012 Agreements [Member] | Total [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 10,850,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 7.0682 | |||||||||||||||||||||||||||||||||||||||||||||||||
March 2014 Letter Agreement [Member] | Total [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 4.11 | $ 4.11 | $ 4.11 | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debt | $ 75,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured Promissory Notes, 2016 [Member] | Total [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Extinguishment of Debt, Amount | $ 1,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
March 2016 R&D Note [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Extinguishment of Debt, Amount | 5,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Replacement Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Unamortized Discount | 0 | $ 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt | 3,700,000 | 3,700,000 | 5,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
August 2013 Convertible Notes [Member] | Private Placement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 110,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
August 2013 Convertible Notes [Member] | Total [Member] | First Tranche [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cancellation of Convertible Debt | $ 7,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
August 2013 Convertible Notes [Member] | Total [Member] | Second Tranche [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cancellation of Convertible Debt | $ 5,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
August 2013 Convertible Notes [Member] | Total [Member] | Common Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.01 | |||||||||||||||||||||||||||||||||||||||||||||||||
August 2013 Convertible Notes [Member] | Total [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cancellation of Convertible Debt | $ 13,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
August 2013 Convertible Notes [Member] | Temasek [Member] | First Tranche [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Convertible Debt | 35,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
August 2013 Convertible Notes [Member] | Temasek [Member] | Second Tranche [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Convertible Debt | 25,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
August 2013 Convertible Notes [Member] | Temasek [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Convertible Debt | 60,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Bridge Loan | 35,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
August 2013 Convertible Notes [Member] | Total and Temasek [Member] | First Tranche [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 42,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
August 2013 Convertible Notes [Member] | Total and Temasek [Member] | Second Tranche [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 30,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
August 2013 Convertible Notes [Member] | Total and Temasek [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 73,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Private Placement Convertible Notes, Period | 2 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Number of Tranches | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Temasek Bridge Loan [Member] | Temasek [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |||||||||||||||||||||||||||||||||||||||||||||||||
First Tranche [Member] | Related Party Convertible Notes [Member] | Total [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 51,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Extinguishment of Debt, Amount | 9,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Future Cancellation of Debt, Amount | 9,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
First Tranche [Member] | Related Party Convertible Notes [Member] | Temasek [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Extinguishment of Debt, Amount | $ 35,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
First Tranche [Member] | Related Party Convertible Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 2.44 | |||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Convertible Debt | $ 7,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | (19,900,000) | |||||||||||||||||||||||||||||||||||||||||||||||||
Cancellation of Convertible Debt | $ 44,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Promissory Notes, Period After Which Notes Will Be Due | 5 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes, Discount Percentage to Determine Conversion Price | 15.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Note Discount, Number of Days for Trailing Weighted-average Closing Price | 60 days | |||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes, Period After Which Convertible at the Option of Holder | 1 year 180 days | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price, Event Date Price | $ / shares | $ 2.15 | |||||||||||||||||||||||||||||||||||||||||||||||||
Plant Manufacturing Production, Volume | l | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Plant Manufacturing Production, Period | 45 days | |||||||||||||||||||||||||||||||||||||||||||||||||
Plant Manufacturing Production, Product Sales, Percentage | 5.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Plant Manufacturing Gross Margin | 8.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage, per Six Months | 5.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price, Interest Accrued, Rate Applicable to the First 180 Days | 6.50% | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price, Interest Accrued Thereafter | 8.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price, Interest Accrued for Defaults | 6.50% | |||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes, Period Over Which Interest is Payable in Kind | 2 years 180 days | |||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes, Recurring Term of Option to Prepay After Initial Payment Period | 180 days | |||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes, Initial Prepayment Term | 2 years 180 days | |||||||||||||||||||||||||||||||||||||||||||||||||
Second Tranche [Member] | Related Party Convertible Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Future Cancellation of Debt, Amount | $ 5,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
The Second Tranche [Member] | Related Party Convertible Notes [Member] | Temasek [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes Purchased | $ 25,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
The Second Tranche [Member] | Related Party Convertible Notes [Member] | Wolverine [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes Purchased | 3,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
The Second Tranche [Member] | Related Party Convertible Notes [Member] | Total [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes Purchased | 6,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
The Second Tranche [Member] | Related Party Convertible Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 34,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Tranche I and Tranche II Notes [Member] | Related Party Convertible Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Unamortized Discount | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 1.40 | |||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debt | 24,000,000 | 24,000,000 | 23,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Percentage of Principal Amount of Notes, Required to Be Repaid in Change of Control | 101.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Related Party and Non-Related Party Convertible Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Unamortized Discount | 48,500,000 | 48,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Private Placement February 2016 [Member] | Unsecured Promissory Notes, 2016 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 2,000,000 | $ 18,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 285,714 | 2,571,428 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.01 | $ 0.01 | ||||||||||||||||||||||||||||||||||||||||||||||||
Private Placement February 2016 [Member] | Foris Ventures, LLC [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Private Placement | $ 16,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 2,285,714 | |||||||||||||||||||||||||||||||||||||||||||||||||
Private Placement February 2016 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 13.50% | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 20,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Private Placement | $ 2,000,000 | $ 18,000,000 | $ 20,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Unsecured Senior Convertible Promissory Notes [Member] | Total [Member] | Related Party Convertible Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 20,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured Senior Convertible Promissory Notes [Member] | Total [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Promissory Note, Acquisition Right Amount Redeemable, Percentage | 101.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Restrictions, Maximum Outstanding Debt | $ 200,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Restrictions, Maximum Outstanding Debt, Percentage of Consolidated Total Assets | 50.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
BNDES Credit Facility [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Line of Credit | 1,900,000 | 1,900,000 | 1,900,000 | BRL 6.7 | BRL 7.6 | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 6,300,000 | BRL 22.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | 7.00% | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Number of Monthly Installments | 60 | 60 | ||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.10% | 0.10% | ||||||||||||||||||||||||||||||||||||||||||||||||
Collateral Provided by Company Certain Equipment and Other Tangible Assets, Amount | $ 7,000,000 | BRL 24.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility Bank Guarantee Percentage | 10.00% | 10.00% | ||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor Obligations, Liquidation Proceeds, Percentage | 130.00% | 130.00% | ||||||||||||||||||||||||||||||||||||||||||||||||
FINEP Credit Facility [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Line of Credit | 800,000 | 800,000 | 900,000 | BRL 3 | BRL 3.4 | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,800,000 | BRL 6.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Number of Monthly Installments | 81 | |||||||||||||||||||||||||||||||||||||||||||||||||
DebtDefualtPenaltyAndFineOnObligationInDefaultPercentage | 10.00% | 10.00% | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Interest On Late Balance Percentage Per Month | 1.00% | 1.00% | ||||||||||||||||||||||||||||||||||||||||||||||||
Total [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Extinguishment of Debt, Amount | € | € 50,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Letter of Credit [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Cash and Cash Equivalents, Noncurrent | 1,000,000 | 1,000,000 | 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
August 2013 Convertible Notes [Member] | Temasek [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Bridge Loan | $ 35,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Convertible Notes [Member] | The Second Tranche [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 2.87 | |||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Promissory Notes, Period After Which Notes Will Be Due | 5 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Note Discount, Number of Days for Trailing Weighted-average Closing Price | 60 days | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price, Interest Accrued, Rate Applicable to the First 180 Days | 13.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price, Interest Accrued Thereafter | 16.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price, Interest Accrued for Defaults | 12.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes, Recurring Term of Option to Prepay After Initial Payment Period | 180 days | |||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes Exchanged and Cancelled | $ 6,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Term | 1 year | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price, Interest Accrued | 10.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price, Interest Period | 3 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Convertible Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debt | 42,200,000 | 42,200,000 | 42,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ (9,400,000) | |||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt | 42,160,000 | 42,160,000 | 42,749,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Future Cancellation of Debt, Amount | $ 14,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Debt Discount, Related Party | 1,800,000 | 1,800,000 | 1,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Rule 144A Related Party Convertible Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debt | 14,800,000 | 14,800,000 | 14,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Debt Discount, Related Party | 1,500,000 | 1,500,000 | 1,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt | $ 14,020,000 | $ 14,020,000 | $ 13,606,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Total [Member] | JVCO Joint Venture [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage by Counterparty | 75.00% | 75.00% | 75.00% | 75.00% | ||||||||||||||||||||||||||||||||||||||||||||||
JVCO Joint Venture [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | ||||||||||||||||||||||||||||||||||||||||||||
Exchange Warrants [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.01 | |||||||||||||||||||||||||||||||||||||||||||||||||
Reduction in Noncurrent Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Prior Period Reclassification Adjustment | $ 2,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Reduction in Current Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Prior Period Reclassification Adjustment | 1,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Reduction in Noncurrent Assets [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Prior Period Reclassification Adjustment | 2,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Reduction in Prepaid Expenses and Other Current Assets [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Prior Period Reclassification Adjustment | 1,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-term Debt | 729,000 | $ 3,167,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Unamortized Discount | $ 52,400,000 | 52,400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ 4,200,000 | (216,000) | ||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt | $ 170,360,000 | $ 170,360,000 | $ 151,974,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.01 | $ 0.01 | $ 10.67 | |||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Term | 5 years 36 days | |||||||||||||||||||||||||||||||||||||||||||||||||
Letters of Credit Outstanding, Amount | $ 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Cash and Cash Equivalents, Noncurrent | $ 957,000 | $ 957,000 | $ 957,000 |
Note 5 - Debt Components (Detai
Note 5 - Debt Components (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Hercules Loan Facility [Member] | ||
Long-term Debt | $ 31,684 | $ 31,590 |
BNDES Credit Facility [Member] | ||
Long-term Debt | 1,878 | 1,956 |
FINEP Credit Facility [Member] | ||
Long-term Debt | 850 | 840 |
Credit Facility [Member] | ||
Long-term Debt | 34,412 | 34,386 |
Less: current portion | (33,041) | |
Long-term debt | 1,372 | |
Convertible Debt [Member] | ||
Long-term Debt | 63,453 | 61,233 |
Less: current portion | (14,265) | |
Long-term debt | 49,148 | |
Related Party Convertible Notes [Member] | ||
Long-term Debt | 42,160 | $ 42,749 |
Less: current portion | (3,626) | |
Long-term debt | 38,573 | |
Related Party Loan Payable [Member] | ||
Long-term Debt | $ 16,315 | |
Less: current portion | ||
Long-term debt | $ 16,315 | |
Loans Payable [Member] | ||
Long-term Debt | 14,020 | $ 13,606 |
Less: current portion | (4,394) | |
Long-term debt | 9,626 | |
Long-term Debt | 170,360 | 151,974 |
Less: current portion | (55,326) | (36,281) |
Long-term debt | $ 115,034 | $ 115,693 |
Note 5 - Long-term Debt Instrum
Note 5 - Long-term Debt Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Related Party Convertible Notes [Member] | |||
2016 (remaining nine months) | $ 1,356 | ||
2,017 | 4,838 | ||
2,018 | 16,290 | ||
2,019 | $ 34,913 | ||
2,020 | |||
Thereafter | |||
Total future minimum payments | $ 57,397 | ||
Less: amount representing interest(1) | [1] | (20,506) | |
Present value of minimum debt payments | 36,891 | ||
Less: current portion present value of minimum debt payments | (3,700) | ||
Less: current debt issuance cost | (74) | ||
Current portion debt | (3,626) | ||
Less: noncurrent debt issuance cost | (144) | ||
Add: fair value change due to conversions | 5,526 | ||
Noncurrent portion of debt | 38,573 | ||
Convertible Debt [Member] | |||
2016 (remaining nine months) | 11,889 | ||
2,017 | 24,200 | ||
2,018 | 17,962 | ||
2,019 | $ 87,466 | ||
2,020 | |||
Thereafter | |||
Total future minimum payments | $ 141,517 | ||
Less: amount representing interest(1) | [1] | (74,956) | |
Present value of minimum debt payments | 66,561 | ||
Less: current portion present value of minimum debt payments | (15,309) | ||
Less: current debt issuance cost | (1,044) | ||
Current portion debt | (14,265) | ||
Less: noncurrent debt issuance cost | $ (2,104) | ||
Add: fair value change due to conversions | |||
Noncurrent portion of debt | $ 49,148 | ||
Loans Payable [Member] | |||
2016 (remaining nine months) | 4,762 | ||
2,017 | 2,334 | ||
2,018 | 2,235 | ||
2,019 | 2,136 | ||
2,020 | 2,038 | ||
Thereafter | 3,023 | ||
Total future minimum payments | 16,528 | ||
Less: amount representing interest(1) | [1] | (2,103) | |
Present value of minimum debt payments | 14,425 | ||
Less: current portion present value of minimum debt payments | (4,684) | ||
Less: current debt issuance cost | (290) | ||
Current portion debt | (4,394) | ||
Less: noncurrent debt issuance cost | $ (115) | ||
Add: fair value change due to conversions | |||
Noncurrent portion of debt | $ 9,626 | ||
Related Party Loan Payable [Member] | |||
2016 (remaining nine months) | 2,025 | ||
2,017 | $ 21,004 | ||
2,018 | |||
2,019 | |||
2,020 | |||
Thereafter | |||
Total future minimum payments | $ 23,029 | ||
Less: amount representing interest(1) | [1] | (6,624) | |
Present value of minimum debt payments | $ 16,405 | ||
Less: current portion present value of minimum debt payments | |||
Less: current debt issuance cost | |||
Current portion debt | |||
Less: noncurrent debt issuance cost | $ (90) | ||
Add: fair value change due to conversions | |||
Noncurrent portion of debt | $ 16,315 | ||
Credit Facility [Member] | |||
2016 (remaining nine months) | 37,660 | ||
2,017 | 1,415 | ||
2,018 | 295 | ||
2,019 | $ 71 | ||
2,020 | |||
Thereafter | |||
Total future minimum payments | $ 39,441 | ||
Less: amount representing interest(1) | [1] | (4,980) | |
Present value of minimum debt payments | 34,461 | ||
Less: current portion present value of minimum debt payments | (33,089) | ||
Less: current debt issuance cost | (48) | ||
Current portion debt | $ (33,041) | ||
Less: noncurrent debt issuance cost | |||
Add: fair value change due to conversions | |||
Noncurrent portion of debt | $ 1,372 | ||
2016 (remaining nine months) | 57,692 | ||
2,017 | 53,791 | ||
2,018 | 36,782 | ||
2,019 | 124,586 | ||
2,020 | 2,038 | ||
Thereafter | 3,023 | ||
Total future minimum payments | 277,912 | ||
Less: amount representing interest(1) | [1] | (109,169) | |
Present value of minimum debt payments | 168,743 | ||
Less: current portion present value of minimum debt payments | (56,782) | ||
Less: current debt issuance cost | (1,456) | ||
Current portion debt | (55,326) | $ (36,281) | |
Less: noncurrent debt issuance cost | (2,453) | ||
Add: fair value change due to conversions | 5,526 | ||
Noncurrent portion of debt | $ 115,034 | $ 115,693 | |
[1] | Including debt discount of $57.0 million related to the embedded derivatives associated with the related party and non-related party convertible debt which will be accreted to interest expense under the effective interest method over the term of the convertible debt. |
Note 6 - Commitments and Cont54
Note 6 - Commitments and Contingencies (Details Textual) $ / shares in Units, BRL in Millions | Apr. 08, 2015USD ($) | Dec. 02, 2013USD ($)$ / shares | Dec. 31, 2011USD ($) | Dec. 31, 2011BRL | Mar. 31, 2016USD ($) | Mar. 31, 2016BRL | Mar. 31, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2013USD ($) | Dec. 01, 2013$ / shares | Nov. 30, 2010 |
FINEP Credit Facility [Member] | Chattel Mortgage [Member] | ||||||||||||
Research and Development Asset Acquired Other than Through Business Combination, Fair Value Acquired | $ 1,700,000 | BRL 6 | ||||||||||
FINEP Credit Facility [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||||||||||
BNDES Credit Facility [Member] | BNDES [Member] | ||||||||||||
Collateral Provided by Company Certain Equipment and Other Tangible Assets, Amount | 7,000,000 | 24.9 | ||||||||||
BNDES Credit Facility [Member] | ||||||||||||
Collateral Provided by Company Certain Equipment and Other Tangible Assets, Amount | $ 7,000,000 | BRL 24.9 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | 7.00% | ||||||||||
Banco ABC Brasil S.A. (ABC) [Member] | ABC Brasil Agreement [Member] | ||||||||||||
Export Financing Agreement | $ 1,600,000 | $ 2,200,000 | $ 2,200,000 | |||||||||
Export Funding Agreement Term | 1 year | 1 year | ||||||||||
Nossa Caixa and Banco Pine Agreements [Member] | ||||||||||||
Collateral Provided by Company Certain Equipment and Other Tangible Assets, Amount | 19,100,000 | BRL 68 | ||||||||||
Related Party Convertible Notes [Member] | Unsecured Debt [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 69,000,000 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | |||||||||||
Related Party Convertible Notes [Member] | Secured Debt [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 10,850,000 | |||||||||||
Purchase Obligation, Due in Second Year | $ 10,850,000 | |||||||||||
JV Agreements [Member] | Unsecured Senior Convertible Promissory Notes [Member] | ||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 7.0682 | |||||||||||
Unsecured Senior Convertible Promissory Notes [Member] | ||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 2.20 | $ 7.0682 | ||||||||||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net | 0 | $ 0 | ||||||||||
Operating Leases, Rent Expense | 1,300,000 | $ 1,300,000 | ||||||||||
Debt Instrument, Convertible Promissory Note Held by Third Party | $ 3,700,000 | |||||||||||
Purchase Obligation | 1,300,000 | 1,300,000 | ||||||||||
Contractual Obligation | $ 500,000 | $ 500,000 |
Note 6 - Future Minimum Payment
Note 6 - Future Minimum Payments for Lease Obligations (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
2016 (remaining nine months) | $ 430 | |
2016 (remaining nine months) | 5,196 | |
2016 (remaining nine months) | 5,626 | |
2,017 | 233 | |
2,017 | 6,805 | |
2,017 | 7,038 | |
2,018 | 28 | |
2,018 | 6,820 | |
2,018 | 6,848 | |
2,019 | 6,758 | |
2,019 | $ 6,758 | |
2,020 | ||
2,020 | $ 6,994 | |
2,020 | 6,994 | |
Thereafter | 18,118 | |
Thereafter | 18,118 | |
Total future minimum lease payments | 691 | |
Total future minimum lease payments | 50,691 | |
Total future minimum lease payments | 51,382 | |
Less: amount representing interest | (51) | |
Present value of minimum lease payments | 640 | |
Less: current portion | (477) | $ (523) |
Long-term portion | $ 163 | $ 176 |
Note 7 - Joint Ventures and N56
Note 7 - Joint Ventures and Noncontrolling Interests (Details Textual) | Feb. 12, 2016EUR (€) | Feb. 12, 2016USD ($) | Feb. 29, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015BRL | Nov. 30, 2014USD ($) | Oct. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Apr. 30, 2014USD ($) | Feb. 28, 2014 | Jan. 31, 2011 | Apr. 30, 2010 | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2013USD ($) | Sep. 30, 2015EUR (€) | Dec. 31, 2015USD ($) | Dec. 31, 2015BRL | Sep. 30, 2015USD ($) | May. 31, 2015USD ($) |
Cosan [Member] | Novvi LLC [Member] | ||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||||||||||||||||
Obligation To Fund Agreement Cash Portion | $ 10,000,000 | |||||||||||||||||||
Novvi LLC [Member] | ||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||||||||||||||||
Equity Method Investment, Number of Members Of Board of Directors | 6 | |||||||||||||||||||
Joint Venture, Number of Managers Representing each Investor | 3 | |||||||||||||||||||
Initial Term of Joint Venture | 20 years | |||||||||||||||||||
IP License, Value | $ 10,000,000 | |||||||||||||||||||
Carrying Value of the Licenses Granted Under the IP License Agreement | $ 0 | |||||||||||||||||||
Joint Venture, Additional Membership Units Purchased, Aggregate Purchase Price | $ 600,000 | |||||||||||||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 2,100,000 | |||||||||||||||||||
Loan Granted to Joint Venture | $ 1,600,000 | $ 1,900,000 | $ 3,700,000 | $ 1,600,000 | $ 1,100,000 | |||||||||||||||
Loan Granted to Joint Venture, Stated Annual Interest Rate | 0.36% | |||||||||||||||||||
Loan to Joint Venture, Percentage Provided by Each the Company and the Partner | 50.00% | 50.00% | ||||||||||||||||||
Loan Granted to Joint Venture, Amount Disbursed by Company | $ 1,000,000 | $ 1,800,000 | ||||||||||||||||||
Loan Granted to Joint Venture, Number of Installments Paid by the Company | 2 | |||||||||||||||||||
Loan Granted to Joint Venture, Amount of First Installment Paid by Company | $ 1,200,000 | |||||||||||||||||||
Loan Granted to Joint Venture, Amount of Second Installment Paid by Company | $ 600,000 | |||||||||||||||||||
Equity Method Investments | $ 0 | $ 0 | $ 0 | |||||||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 0 | $ (800,000) | ||||||||||||||||||
Novvi S.A. [Member] | ||||||||||||||||||||
Joint Venture, Additional Membership Units Purchased, Aggregate Purchase Price | $ 200,000 | |||||||||||||||||||
JVCO Joint Venture [Member] | Total [Member] | ||||||||||||||||||||
Equity Method Investment, Ownership Percentage Exchanged for Cancellation of Debt | 25.00% | |||||||||||||||||||
Equity Method Investment, Ownership Percentage by Counterparty | 75.00% | 75.00% | ||||||||||||||||||
JVCO Joint Venture [Member] | ||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | |||||||||||||||
Capitalization, Long-term Debt and Equity | € 100,000 | $ 100,000 | ||||||||||||||||||
SMA Industria Quimica S.A. [Member] | SMSA [Member] | ||||||||||||||||||||
Due from Joint Ventures | $ 17,400,000 | $ 17,400,000 | BRL 61,800,000 | |||||||||||||||||
SMA Industria Quimica S.A. [Member] | ||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||||||||||||||||
Equity Method Investment, Number of Members Of Board of Directors | 4 | 4 | ||||||||||||||||||
Initial Term of Joint Venture | 20 years | |||||||||||||||||||
Equity Method Investment, Number of Members of Executive Committee | 3 | 3 | ||||||||||||||||||
Equity Method Investment, Number of Members of Board of Directors Appointed by Each Venture | 2 | 2 | ||||||||||||||||||
Equity Method Investment, Period Company is Required to Purchase Output of Joint Venture | 4 years | |||||||||||||||||||
Operation Commencement Timeline Requirement, Extension | 18 years | |||||||||||||||||||
Share Purchase and Sale Agreement Purchase Price of Shares | 14,049 | BRL 50,000 | ||||||||||||||||||
Operating Leases, Rent Expense | 2,769 | BRL 9,853 | ||||||||||||||||||
Unsecured Senior Convertible Promissory Notes [Member] | Total [Member] | ||||||||||||||||||||
Extinguishment of Debt, Amount | $ 1,300,000 | |||||||||||||||||||
Convertible Senior Notes, 9.5% [Member] | ||||||||||||||||||||
Debt Instrument, Repurchase Amount | $ 3,700,000 | |||||||||||||||||||
Total [Member] | ||||||||||||||||||||
Extinguishment of Debt, Amount | € | € 50,000 | |||||||||||||||||||
Glycotech Agreement [Member] | ||||||||||||||||||||
Variable Interest Entity, Consolidated, Carrying Amount, Property and Equipment | $ 100,000 | |||||||||||||||||||
Period of Initial Term of Collaboration Agreement | 2 years | |||||||||||||||||||
Variable Interest Entity, Financial or Other Support, Percentage | 100.00% | |||||||||||||||||||
Variable Interest Entity, Number of Entities | 2 | |||||||||||||||||||
Variable Interest Entity, Consolidated, Carrying Amount, Current Assets | 1,500,000 | $ 500,000 | 1,500,000 | |||||||||||||||||
Variable Interest Entity, Consolidated, Carrying Amount, Other Assets | 300,000 | 0 | 300,000 | |||||||||||||||||
Variable Interest Entity, Consolidated, Carrying Amount, Accounts Payable and Accrued Liabilities | 1,100,000 | 200,000 | 1,100,000 | |||||||||||||||||
Variable Interest Entity, Consolidated, Carrying Amount, Loan Obligations | 100,000 | 100,000 | ||||||||||||||||||
Variable Interest Entity, Consolidated, Carrying Amount, Property and Equipment | $ 5,200,000 | $ 5,200,000 | ||||||||||||||||||
Operating Leases, Rent Expense | $ 1,300,000 | $ 1,300,000 | ||||||||||||||||||
Variable Interest Entity, Number of Entities | 2 |
Note 7 - Variable Interest Enti
Note 7 - Variable Interest Entities (Details) - Variable Interest Entity, Primary Beneficiary [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
$ 568 | $ 6,993 | |
Liabilities | $ 332 | $ 1,221 |
Note 7 - Noncontrolling Interes
Note 7 - Noncontrolling Interest (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Noncontrolling Interest [Member] | ||
Balance, noncontrolling interest | $ 391,000 | $ 611,000 |
Foreign currency translation adjustment | (267,000) | |
Income attributable to noncontrolling interest | $ 22,000 | |
Acquisition of noncontrolling interest | $ (277,000) | |
Balance, noncontrolling interest | 114,000 | $ 366,000 |
Balance, noncontrolling interest | (391,000) | |
Foreign currency translation adjustment | $ (4,687,000) | 11,245,000 |
Income attributable to noncontrolling interest | $ 22,000 | |
Balance, noncontrolling interest | $ (114,000) |
Note 8 - Significant Agreemen59
Note 8 - Significant Agreements (Details Textual) | Mar. 08, 2016USD ($) | Apr. 30, 2015USD ($) | Sep. 30, 2015USD ($) | Jan. 31, 2015USD ($) | Jul. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($)$ / sharesshares | Mar. 31, 2013USD ($) | Jul. 30, 2012USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Mar. 31, 2016USD ($) | May. 09, 2016USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Nov. 30, 2011 | Aug. 02, 2011USD ($) |
Research and Development Collaboration with Total [Member] | Total [Member] | ||||||||||||||||||
Revenue from Related Parties | $ 8,900,000 | |||||||||||||||||
Research and Development Collaboration with Total [Member] | ||||||||||||||||||
Additional Amount to the Initial Amount Research and Development Collaborative Agreement Contribution Amount | $ 30,000,000 | |||||||||||||||||
Initial Amount Research and Development Collaborative Agreement Contributed by Collaborator | $ 50,000,000 | |||||||||||||||||
Research and Development Collaboration Agreement Amount to be Considered as Part of Initial Amount Pledged | $ 10,000,000 | $ 10,000,000 | ||||||||||||||||
Remaining Percentage of Research and Development Collaboration Funding | 50.00% | |||||||||||||||||
Advanced Payments Recognized and no Longer Contigently Repayable | 46,500,000 | |||||||||||||||||
Amount from Advanced Payment Rolled into Unsecured Convertible Promissory Note | 23,300,000 | |||||||||||||||||
Research and Development Arrangement, Contract to Perform for Others, Compensation Earned | 23,200,000 | |||||||||||||||||
Reduction in Capitalized Deferred Charge Asset | $ 14,400,000 | |||||||||||||||||
Master Collaboration Agreement [Member] | Collaboration Partner [Member] | Flavors and Fragrances Compounds [Member] | ||||||||||||||||||
Revenue from Related Parties | $ 2,000,000 | $ 0 | ||||||||||||||||
Sales Margin Company Percentage Split | 30.00% | |||||||||||||||||
Return Required for Collaboration Partner Before Adjusting Split on Sales Margin | $ 15,000,000 | |||||||||||||||||
Sales Margin Company Percentage Split Following Return Requirements | 50.00% | |||||||||||||||||
Success Bonus | $ 2,500,000 | |||||||||||||||||
Technology Investment Agreement with DARPA [Member] | ||||||||||||||||||
Collaboration Agreement Period | 4 years | |||||||||||||||||
Maximum DARPA Funding to be Received if all Milestones are Achieved | $ 35,000,000 | |||||||||||||||||
Collective Obligation Due | $ 15,500,000 | |||||||||||||||||
Collaboration Partner [Member] | Flavors and Fragrances Compounds [Member] | ||||||||||||||||||
Collaboration Agreement Annual Funding Year One | 10,000,000 | |||||||||||||||||
Collaboration Agreement Annual Funding Year Three | $ 10,000,000 | |||||||||||||||||
Collaboration Partner [Member] | ||||||||||||||||||
Revenue from Related Parties | $ 3,000,000 | |||||||||||||||||
Additional Grants and Collaboration Funding | 5,000,000 | |||||||||||||||||
Michelin [Member] | ||||||||||||||||||
Proceeds from Collaborators | $ 5,000,000 | |||||||||||||||||
Braskem [Member] | ||||||||||||||||||
Revenue from Related Parties | 100,000 | 1,000,000 | ||||||||||||||||
Proceeds from Collaborators | $ 2,000,000 | $ 2,000,000 | $ 4,000,000 | |||||||||||||||
Deferred Revenue, Revenue Recognized | 6,500,000 | 8,600,000 | ||||||||||||||||
Kuraray [Member] | ||||||||||||||||||
Revenue from Related Parties | 400,000 | 500,000 | ||||||||||||||||
Proceeds from Collaborators | $ 2,000,000 | $ 4,000,000 | ||||||||||||||||
Collaboration Agreement Period | 2 years | |||||||||||||||||
Collaborative Agreement Number Of Installments | 2 | |||||||||||||||||
Collaboration Arrangement Shares To Be Sold | shares | 943,396 | |||||||||||||||||
Collaboration Arrangement Price Per Share | $ / shares | $ 4.24 | |||||||||||||||||
DARPA [Member] | ||||||||||||||||||
Revenue from Related Parties | $ 400,000 | $ 500,000 | ||||||||||||||||
At the Market Offering [Member] | Subsequent Event [Member] | ||||||||||||||||||
Common Stock, Value, Subscriptions | $ 50,000,000 | |||||||||||||||||
At the Market Offering [Member] | ||||||||||||||||||
Common Stock, Value, Subscriptions | $ 50,000,000 | |||||||||||||||||
Commission Rate | 3.00% |
Note 9 - Goodwill and Intangi60
Note 9 - Goodwill and Intangible Assets (Details Textual) $ in Millions | 1 Months Ended |
Oct. 31, 2011USD ($) | |
Draths Corporation [Member] | In Process Research and Development, Indefinite [Member] | |
Indefinite-lived Intangible Assets Acquired | $ 8.6 |
Note 9 - Intangible Assets and
Note 9 - Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
In Process Research and Development, Indefinite [Member] | ||
In-process research and development, carrying amount | $ 8,560 | $ 8,560 |
In-process research and development | $ (8,560) | $ (8,560) |
In-process research and development, net carrying value | ||
Acquired Licenses and Permits [Member] | ||
In-process research and development, carrying amount | $ 772 | $ 772 |
Acquired licenses and permits, useful life | 2 years | |
Acquired licenses and permits | $ (772) | (772) |
Goodwill, carrying amount | 560 | 560 |
Goodwill, net carrying value | 560 | 560 |
9,892 | 9,892 | |
(9,332) | (9,332) | |
$ 560 | $ 560 |
Note 10 - Stockholders' Defic62
Note 10 - Stockholders' Deficit (Details Textual) - $ / shares | 3 Months Ended | ||
Mar. 31, 2016 | Feb. 29, 2016 | Mar. 31, 2015 | |
Warrants in Connection with Issuance of Tranche I Convertible Promissory Notes [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,857,142 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | ||
Class of Warrant or Right, Outstanding | 2,857,142 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | $ 10.67 | |
Class of Warrant or Right, Outstanding | 7,328,069 | 1,021,087 | |
Class of Warrant or Right, Term | 5 years 36 days |
Note 11 - Stock-based Compens63
Note 11 - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Employee Stock Option [Member] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 6,400,000 | |
Restricted Stock Units (RSUs) [Member] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 6,200,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 306 days | 2 years 251 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0 | $ 0 |
Note 11 - Share-based Compensat
Note 11 - Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Outstanding (in shares) | 12,930,112 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 4.77 | |
Outstanding, weighted average remaining contractual life | 7 years 51 days | 7 years 142 days |
Outstanding, aggregate intrinsic value | $ 22 | |
Options granted (in shares) | 19,100 | |
Options granted, weighted average exercise price (in dollars per share) | $ 1.41 | |
Options exercised (in shares) | (134) | |
Options exercised, weighted average exercise price (in dollars per share) | $ 0.28 | |
Options cancelled (in shares) | (789,924) | |
Options cancelled, weighted average exercise price (in dollars per share) | $ 10.13 | |
Outstanding (in shares) | 12,159,154 | 12,930,112 |
Outstanding, weighted average exercise price (in dollars per share) | $ 4.42 | $ 4.77 |
Outstanding, aggregate intrinsic value | $ 3 | $ 22 |
Vested and expected to vest after March 31, 2016 (in shares) | 11,136,376 | |
Vested and expected to vest after September 30, 2015, weighted average exercise price (in dollars per share) | $ 4.63 | |
Vested and expected to vest after September 30, 2015, weighted average remaining contractual life | 6 years 350 days | |
Vested and expected to vest after September 30, 2015, aggregate intrinsic value | $ 3 | |
Exercisable at March 31, 2016 (in shares) | 6,326,072 | |
Exercisable at September 30, 2015, weighted average exercise price (in dollars per share) | $ 6.42 | |
Exercisable at September 30, 2015, weighted average remaining contractual life | 5 years 182 days | |
Exercisable at September 30, 2015, aggregate intrinsic value | $ 3 |
Note 11 - Temporal Display of S
Note 11 - Temporal Display of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Outstanding, RSUs (in shares) | 5,554,844 | |
Outstanding, weighted average grant-date fair value (in dollars per share) | $ 2.03 | |
Outstanding, weighted average remaining contractual life | 1 year 200 days | 1 year 222 days |
Awarded (in shares) | 75,199 | |
Awarded, weighted average grant-date fair value (in dollars per share) | $ 1.43 | |
Vested (in shares) | (217,990) | |
Vested, weighted average grant-date fair value (in dollars per share) | $ 1.81 | |
Forfeited (in shares) | (236,623) | |
Forfeited, weighted average grant-date fair value (in dollars per share) | $ 1.96 | |
Outstanding, RSUs (in shares) | 5,175,430 | 5,554,844 |
Outstanding, weighted average grant-date fair value (in dollars per share) | $ 2.03 | $ 2.03 |
Expected to vest after March 31, 2016 (in shares) | 4,235,489 | |
Expected to vest after September 30, 2015, weighted average grant-date fair value (in dollars per share) | $ 2.69 | |
Expected to vest after September 30, 2015, weighted average remaining contractual life | 1 year 91 days |
Note 11 - Share-based Compens66
Note 11 - Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range (Details) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Exercise Price Range 1 [Member] | |
Exercise Price, Lower (in dollars per share) | $ 0.28 |
Exercise Price, Upper (in dollars per share) | $ 1.64 |
Options Outstanding, Number of Options (in shares) | shares | 1,221,959 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 9 years 65 days |
Options Outstanding, Weighted-Average Exercise Price (in dollars per share) | $ 1.61 |
Options Exercisable, Number of Options (in shares) | shares | 69,209 |
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $ 1.45 |
Exercise Price Range 2 [Member] | |
Exercise Price, Lower (in dollars per share) | 1.67 |
Exercise Price, Upper (in dollars per share) | $ 1.75 |
Options Outstanding, Number of Options (in shares) | shares | 1,364,325 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 9 years 131 days |
Options Outstanding, Weighted-Average Exercise Price (in dollars per share) | $ 1.73 |
Options Exercisable, Number of Options (in shares) | shares | 87,500 |
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $ 1.75 |
Exercise Price Range 3 [Member] | |
Exercise Price, Lower (in dollars per share) | 1.78 |
Exercise Price, Upper (in dollars per share) | $ 1.80 |
Options Outstanding, Number of Options (in shares) | shares | 121,000 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 9 years 29 days |
Options Outstanding, Weighted-Average Exercise Price (in dollars per share) | $ 1.79 |
Options Exercisable, Number of Options (in shares) | shares | 23,041 |
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $ 1.78 |
Exercise Price Range 4 [Member] | |
Exercise Price, Lower (in dollars per share) | 1.96 |
Exercise Price, Upper (in dollars per share) | $ 1.96 |
Options Outstanding, Number of Options (in shares) | shares | 1,302,358 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 9 years 69 days |
Options Outstanding, Weighted-Average Exercise Price (in dollars per share) | $ 1.96 |
Options Exercisable, Number of Options (in shares) | shares | |
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $ 0 |
Exercise Price Range 5 [Member] | |
Exercise Price, Lower (in dollars per share) | 1.98 |
Exercise Price, Upper (in dollars per share) | $ 2.79 |
Options Outstanding, Number of Options (in shares) | shares | 1,576,920 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 6 years 343 days |
Options Outstanding, Weighted-Average Exercise Price (in dollars per share) | $ 2.62 |
Options Exercisable, Number of Options (in shares) | shares | 1,020,806 |
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $ 2.70 |
Exercise Price Range 6 [Member] | |
Exercise Price, Lower (in dollars per share) | 2.81 |
Exercise Price, Upper (in dollars per share) | $ 3.05 |
Options Outstanding, Number of Options (in shares) | shares | 1,265,452 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 6 years 343 days |
Options Outstanding, Weighted-Average Exercise Price (in dollars per share) | $ 2.94 |
Options Exercisable, Number of Options (in shares) | shares | 936,825 |
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $ 2.94 |
Exercise Price Range 7 [Member] | |
Exercise Price, Lower (in dollars per share) | 3.08 |
Exercise Price, Upper (in dollars per share) | $ 3.44 |
Options Outstanding, Number of Options (in shares) | shares | 317,787 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 7 years 102 days |
Options Outstanding, Weighted-Average Exercise Price (in dollars per share) | $ 3.32 |
Options Exercisable, Number of Options (in shares) | shares | 207,745 |
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $ 3.30 |
Exercise Price Range 8 [Member] | |
Exercise Price, Lower (in dollars per share) | 3.51 |
Exercise Price, Upper (in dollars per share) | $ 3.51 |
Options Outstanding, Number of Options (in shares) | shares | 1,790,211 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 7 years 277 days |
Options Outstanding, Weighted-Average Exercise Price (in dollars per share) | $ 3.51 |
Options Exercisable, Number of Options (in shares) | shares | 895,557 |
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $ 3.51 |
Exercise Price Range 9 [Member] | |
Exercise Price, Lower (in dollars per share) | 3.55 |
Exercise Price, Upper (in dollars per share) | $ 3.93 |
Options Outstanding, Number of Options (in shares) | shares | 1,449,652 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 4 years 200 days |
Options Outstanding, Weighted-Average Exercise Price (in dollars per share) | $ 3.87 |
Options Exercisable, Number of Options (in shares) | shares | 1,351,880 |
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $ 3.88 |
Exercise Price Range 10 [Member] | |
Exercise Price, Lower (in dollars per share) | 4.08 |
Exercise Price, Upper (in dollars per share) | $ 30.17 |
Options Outstanding, Number of Options (in shares) | shares | 1,749,490 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 4 years 51 days |
Options Outstanding, Weighted-Average Exercise Price (in dollars per share) | $ 14.74 |
Options Exercisable, Number of Options (in shares) | shares | 1,733,509 |
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $ 14.84 |
Exercise Price Range 11 [Member] | |
Exercise Price, Lower (in dollars per share) | 0.28 |
Exercise Price, Upper (in dollars per share) | $ 30.17 |
Options Outstanding, Number of Options (in shares) | shares | 12,159,154 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 7 years 51 days |
Options Outstanding, Weighted-Average Exercise Price (in dollars per share) | $ 4.42 |
Options Exercisable, Number of Options (in shares) | shares | 6,326,072 |
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $ 6.42 |
Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $ 6.42 |
Note 11 - Employee Service Shar
Note 11 - Employee Service Share-based Compensation, Allocation of Recognized Period Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Research and Development Expense [Member] | ||
Allocated share-based compensation expense | $ 491 | $ 716 |
Selling, General and Administrative Expenses [Member] | ||
Allocated share-based compensation expense | 1,560 | 1,936 |
Allocated share-based compensation expense | $ 2,051 | $ 2,652 |
Note 11 - Share-based Payment A
Note 11 - Share-based Payment Award, Stock Options, Valuation Assumptions (Details) - Employee Stock Option [Member] | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Risk-free interest rate | 1.40% | 1.60% |
Expected term (in years) | 6 years 83 days | 5 years 350 days |
Expected volatility | 73.00% | 74.00% |
Note 12 - Employee Benefit Pl69
Note 12 - Employee Benefit Plan (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 90.00% |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 90.00% |
Defined Contribution Plan, Minimum Service, Vesting Period | 1 year |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0.1 |
Note 13 - Related Party Trans70
Note 13 - Related Party Transactions (Details Textual) - USD ($) | Jul. 26, 2015 | Jul. 31, 2015 | May. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Dec. 31, 2015 |
Related Party Convertible Notes [Member] | |||||||
Convertible Debt | $ 58,800,000 | $ 58,800,000 | $ 43,000,000 | ||||
Debt Instrument, Unamortized Discount | 5.50 | 5.50 | 1,900,000 | ||||
Derivative Liability | 3,500,000 | 3,500,000 | 7,900,000 | ||||
Derivative, Gain (Loss) on Derivative, Net | 4,500,000 | $ (11,400,000) | |||||
Total [Member] | Pilot Plant Agreements [Member] | Scale-up Services and Training [Member] | |||||||
Related Party Transaction, Amounts of Transaction | $ 900,000 | ||||||
Total [Member] | Pilot Plant Agreements [Member] | Sublease Agreement [Member] | |||||||
Proceeds from Fees Received | 1,700,000 | ||||||
Total [Member] | Pilot Plant Agreements [Member] | Sublease Payments and Service Fees [Member] | |||||||
Related Party Transaction, Amounts of Transaction | 0 | $ 0.20 | |||||
Total [Member] | Pilot Plant Agreements [Member] | |||||||
Related Party Agreement Term | 5 years | ||||||
Related Party Transaction, Amounts of Transaction | $ 100,000 | ||||||
Related Party Transaction, Fees Waived | $ 2,000,000 | ||||||
Total [Member] | |||||||
Accounts Receivable, Related Parties | 1,200,000 | 1,200,000 | 1,200,000 | ||||
Debt Instrument, Unamortized Discount | 52,400,000 | 52,400,000 | |||||
Accounts Receivable, Related Parties | $ 1,250,000 | $ 1,250,000 | $ 1,176,000 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Expense (Benefit) | $ 115 | $ 115 |
Note 15 - Reporting Segments (D
Note 15 - Reporting Segments (Details Textual) | Mar. 31, 2016 |
Segment Reporting, Number Of Business Activities | 1 |
Note 15 - Revenues by Geography
Note 15 - Revenues by Geography (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Europe [Member] | ||
Revenues | $ 4,372 | $ 832 |
UNITED STATES | ||
Revenues | 3,462 | 5,222 |
Asia [Member] | ||
Revenues | 590 | 835 |
BRAZIL | ||
Revenues | 375 | $ 983 |
Other Area [Member] | ||
Revenues | 12 | |
Revenues | $ 8,811 | $ 7,872 |
Note 15 - Long-Lived Assets by
Note 15 - Long-Lived Assets by Geography (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
BRAZIL | ||
Long-Lived Assets | $ 44,638 | $ 41,093 |
UNITED STATES | ||
Long-Lived Assets | 16,851 | 18,401 |
Europe [Member] | ||
Long-Lived Assets | 287 | 303 |
Long-Lived Assets | $ 61,776 | $ 59,797 |
Note 16 - Accumulated Other Com
Note 16 - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Foreign currency translation adjustment, net of tax | $ (42,511) | $ (47,198) |
Total accumulated other comprehensive loss | $ (42,511) | $ (47,198) |
Note 17 - Calculation of Basic
Note 17 - Calculation of Basic and Diluted Net Loss Per Share of Common Stock Attributable to Amyris, Inc. Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net loss attributable to Amyris, Inc. common stockholders | $ (15,308) | $ (52,240) |
Interest on convertible debt | 1,817 | |
Accretion of debt discount | 1,633 | |
Gain from change in fair value of derivative instruments | (18,415) | |
Net loss attributable to Amyris, Inc. common stockholders after assumed conversion | $ (30,273) | $ (52,240) |
Basic (in shares) | 207,199,563 | 79,222,051 |
Basic and diluted loss per share (in dollars per share) | $ (0.07) | $ (0.66) |
Convertible promissory notes (in shares) | 53,732,522 | |
Weighted common stock equivalents (in shares) | 53,732,522 | |
Diluted (in shares) | 260,932,085 | 79,222,051 |
Diluted (in dollars per share) | $ (0.12) | $ (0.66) |
Note 17 - Antidilutive Securiti
Note 17 - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Stock Options to Purchase Common Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 12,159,154 | 10,702,731 | |
Convertible Promissory Notes [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | [1] | 99,648,739 | 78,500,456 |
Common Stock Subject to Repurchase [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 5,885,762 | 1,021,087 | |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 5,175,430 | 2,103,071 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 122,869,085 | 92,327,345 | |
[1] | The potentially dilutive effect of convertible promissory notes was computed based on conversion ratios in effect as of the respective period end dates. A portion of the convertible promissory notes issued carries a provision for a reduction in conversion price under certain circumstances, which could potentially increase the dilutive shares outstanding. Another portion of the convertible promissory notes issued carries a provision for an increase in the conversion rate under certain circumstances, which could also potentially increase the dilutive shares outstanding. |
Note 18 - Subsequent Events (De
Note 18 - Subsequent Events (Details Textual) - USD ($) | May. 10, 2016 | Apr. 08, 2016 | Jun. 30, 2014 | Mar. 31, 2016 | Apr. 07, 2016 |
Subsequent Event [Member] | Gates Foundation Purchase Agreement [Member] | |||||
Stock Issued During Period, Shares, New Issues | 4,385,964 | ||||
Shares Issued, Price Per Share | $ 1.14 | ||||
Proceeds from Issuance of Common Stock | $ 5,000,000 | ||||
Redemption Base Price | $ 1.14 | ||||
Compound Annual Return | 10.00% | ||||
Subsequent Event [Member] | Convertible Notes 2016 [Member] | Maximum [Member] | |||||
Debt Instrument, Convertible Stock Price Trigger for Deferred Installments | $ 1 | ||||
Debt Instrument, Convertible Threshold Consecutive Trading Days, Deferred Installments | 30 days | ||||
Debt Instrument, Threshold Resell Price Per Share, Greater than | $ 1.05 | ||||
Subsequent Event [Member] | Convertible Notes 2016 [Member] | Minimum [Member] | |||||
Debt Instrument, Convertible Stock Price Trigger for Deferred Installments | $ 0.50 | ||||
Debt Instrument, Convertible Threshold Consecutive Trading Days, Deferred Installments | 5 days | ||||
Debt Instrument, Threshold Resell Price Per Share, Equal to | $ 1 | ||||
Subsequent Event [Member] | Convertible Notes 2016 [Member] | |||||
Debt Instrument, Face Amount | $ 15,000,000 | ||||
Debt Instrument, Convertible, Conversion Price | $ 1.90 | ||||
Number of Convertible Note Offerings | 2 | ||||
Debt Instrument, Face Amount, Initial Closing | $ 10,000,000 | ||||
Debt Instrument, Face Amount, Contingent Second Closing | 5,000,000 | ||||
Expected Proceeds from Convertible Notes | $ 14,900,000 | ||||
Debt Instrument, Term | 1 year 180 days | ||||
Debt Instrument, Monthly Installments, Percent of Installment Amount | 118.00% | ||||
Debt Instrument, Additional Common Stock Payment, Maximum Percent of Aggregate Amount | 50.00% | ||||
Debt Instrument, Threshold Amount of Dollar-weighted Volume of Common Stock | $ 200,000 | ||||
Debt Instrument, Maximum Number of Monthly Installments can be Deferred Following Triggering Event | 3 | ||||
Debt Instrument, Events of Default, Percentage of Amount can be Redeemed by Holders | 118.00% | ||||
Debt Instrument, Events of Fundamental Transaction, Percentage of Amount can be Redeemed by Holders | 118.00% | ||||
Debt Instrument, Redemption Price, Percentage | 118.00% | ||||
Debt Instrument, Redemption Price, Percentage upon Triggering Event | 112.00% | ||||
Debt Instrument, Threshold Excess Percent of Outstanding Common Stock Owned by Holder and Affiliates | 4.99% | ||||
Debt Instrument, Maximum Excess Percent of Outstanding Common Stock Owned by Holder and Affiliates | 9.99% | ||||
Debt Instrument, Term of Increase on Percent of Outstanding Common Stock Owned | 61 days | ||||
Debt Instrument, Threshold Percent of Aggregate Number of Shares Issued | 19.99% | ||||
Hercules Technology Growth Capital, Inc. (Hercules) [Member] | |||||
Debt Instrument, Unencumbered, Unrestricted, Cash Required, Percentage | 50.00% | 50.00% |