Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 10, 2018 | |
Document Information [Line Items] | ||
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 | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 50,368,507 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 14,050 | $ 57,059 |
Restricted cash | 1,846 | 2,994 |
Short-term investments | 130 | |
Accounts receivable, net of allowance of $642 as of June 30, 2018 and December 31, 2017 | 26,814 | 24,281 |
Unbilled receivable, current | 12,683 | 9,340 |
Inventories | 6,632 | 5,408 |
Prepaid expenses and other current assets | 4,687 | 5,525 |
Total current assets | 66,842 | 104,607 |
Property, plant and equipment, net | 15,300 | 13,892 |
Unbilled receivable, noncurrent | 9,747 | 7,940 |
Restricted cash, noncurrent | 959 | 959 |
Recoverable taxes from Brazilian government entities | 1,057 | 1,445 |
Other assets | 24,747 | 22,640 |
Total assets | 118,652 | 151,483 |
Current liabilities: | ||
Accounts payable | 19,206 | 15,921 |
Accrued and other current liabilities | 20,101 | 29,402 |
Deferred revenue, current | 9,643 | 4,880 |
Debt, current portion | 59,987 | 36,924 |
Related party debt, current portion | 49,669 | 20,019 |
Total current liabilities | 158,606 | 107,146 |
Long-term debt, net of current portion | 43,642 | 61,893 |
Related party debt, net of current portion | 18,104 | 46,541 |
Derivative liabilities | 138,695 | 119,978 |
Other noncurrent liabilities | 8,581 | 10,632 |
Total liabilities | 367,628 | 346,190 |
Commitments and contingencies (Note 9) | ||
Preferred stock - $0.0001 par value, 5,000,000 shares authorized as of June 30, 2018 and December 31, 2017, and 19,334 and 22,171 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively | ||
Common stock - $0.0001 par value, 250,000,000 shares authorized as of June 30, 2018 and December 31, 2017; 50,340,680 and 45,637,433 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively | 5 | 5 |
Additional paid-in capital | 1,086,814 | 1,048,274 |
Accumulated other comprehensive loss | (42,818) | (42,156) |
Accumulated deficit | (1,298,914) | (1,206,767) |
Total Amyris, Inc. stockholders’ deficit | (254,913) | (200,644) |
Noncontrolling interest | 937 | 937 |
Total stockholders' deficit | (253,976) | (199,707) |
Total liabilities, mezzanine equity and stockholders' deficit | 118,652 | 151,483 |
Contingently Redeemable Common Stock [Member] | ||
Current liabilities: | ||
Mezzanine Equity | $ 5,000 | $ 5,000 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts receivable, allowance | $ 642 | $ 642 |
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) | 19,334 | 22,171 |
Preferred stock, shares outstanding (in shares) | 19,334 | 22,171 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 50,340,680 | 45,637,433 |
Common stock, shares outstanding (in shares) | 50,340,680 | 45,637,433 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenue: | ||||
Revenues | $ 23,194 | $ 25,679 | $ 46,192 | $ 38,660 |
Cost and operating expenses: | ||||
Cost of products sold | 5,984 | 17,279 | 11,299 | 30,047 |
Research and development | 15,287 | 14,249 | 34,100 | 28,956 |
Sales, general and administrative | 20,189 | 15,949 | 38,946 | 28,799 |
Total cost and operating expenses | 41,460 | 47,477 | 84,345 | 87,802 |
Loss from operations | (18,266) | (21,798) | (38,153) | (49,142) |
Other income (expense): | ||||
Interest expense | (8,824) | (9,303) | (17,029) | (21,486) |
Gain (loss) from change in fair value of derivative instruments | 24,365 | 35,775 | (39,548) | 38,114 |
Gain upon extinguishment of derivative liability | 1,857 | 1,857 | ||
Loss upon extinguishment of debt | (26) | (3,624) | (26) | (3,528) |
Other income (expense), net | 2,427 | (120) | 2,936 | (440) |
Total other income (expense), net | 19,799 | 22,728 | (51,810) | 12,660 |
Income (loss) before income taxes | 1,533 | 930 | (89,963) | (36,482) |
Provision for income taxes | (310) | (269) | ||
Net income (loss) attributable to Amyris, Inc. | 1,533 | 620 | (89,963) | (36,751) |
Less deemed dividend on capital distribution to related parties | (8,648) | (8,648) | ||
Less deemed dividend related to beneficial conversion feature on Series A preferred stock | (562) | (562) | ||
Less cumulative dividends on Series A and B preferred stock | (399) | (1,675) | (794) | (1,675) |
Less earnings allocated to participating securities | (67) | |||
Net income (loss) attributable to Amyris, Inc. common stockholders | $ 1,067 | $ (10,265) | $ (90,757) | $ (47,636) |
Net income (loss) per share attributable to common stockholders, basic (in dollars per share) | $ 0.02 | $ (0.44) | $ (1.71) | $ (2.24) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.29) | $ (0.44) | $ (1.71) | $ (2.24) |
Weighted-average shares of common stock outstanding used in computing net income (loss) per share of common stock, basic (in shares) | 54,932,411 | 23,155,874 | 53,076,975 | 21,226,013 |
Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, diluted (in shares) | 60,729,736 | 23,155,874 | 53,076,975 | 21,226,013 |
Product [Member] | ||||
Revenue: | ||||
Revenues | $ 6,633 | $ 9,892 | $ 11,828 | $ 17,929 |
Licenses and Royalties [Member] | ||||
Revenue: | ||||
Revenues | 6,887 | 5,497 | 18,324 | 5,752 |
Grants and Collaborations [Member] | ||||
Revenue: | ||||
Revenues | $ 9,674 | $ 10,290 | $ 16,040 | $ 14,979 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Product [Member] | ||||
Revenues, related party | $ 144 | $ 0 | $ 295 | $ 0 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Comprehensive income (loss): | ||||
Net income (loss) attributable to Amyris, Inc. | $ 1,533 | $ 620 | $ (89,963) | $ (36,751) |
Foreign currency translation adjustment, net of tax | (525) | (1,422) | (662) | (1,099) |
Total comprehensive income (loss) attributable to Amyris, Inc. | $ 1,008 | $ (802) | $ (90,625) | $ (37,850) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities | ||
Net loss | $ (89,963) | $ (36,751) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Loss (gain) from change in fair value of derivative liabilities | 39,548 | (38,115) |
Amortization of debt discount | 6,587 | 7,637 |
Stock-based compensation | 3,178 | 2,684 |
Depreciation and amortization | 2,944 | 5,550 |
Loss (gain) on disposal of property, plant and equipment | 942 | (161) |
Loss on foreign currency exchange rates | 271 | 63 |
Loss upon extinguishment of debt | 26 | 3,528 |
Gain on extinguishment of derivative liability | (1,857) | |
Gain on change in fair value of equity investment | (1,717) | |
Receipt of equity in connection with collaboration arrangements revenue | (2,660) | |
Changes in assets and liabilities: | ||
Accounts receivable | (2,027) | (3,509) |
Unbilled receivables | (5,150) | |
Inventories | (1,313) | 409 |
Prepaid expenses and other assets | (1,072) | (4,220) |
Accounts payable | 2,681 | (1,739) |
Accrued and other liabilities | (10,031) | 7,943 |
Increase (Decrease) in Contract with Customer, Liability | 3,959 | (838) |
Net cash used in operating activities | (52,994) | (60,179) |
Cash flows from investing activities | ||
Purchases of property, plant and equipment | (4,207) | (264) |
Increase in short-term investments | (157) | (85) |
Net cash used in investing activities | (4,364) | (349) |
Cash flows from financing activities | ||
Proceeds from issuance of debt | 34,611 | 12,455 |
Proceeds from issuance of common stock upon exercise of warrants | 14,549 | |
Proceeds from issuance of common stock in private placement | 1,416 | |
Proceeds from exercises of ESPP purchases | 270 | |
Proceeds from exercises of common stock options | 248 | 69 |
Principal payments on debt | (37,037) | (24,372) |
Principal payments on capital leases | (593) | (764) |
Payment of minimum employee taxes withheld upon net share settlement of restricted stock units | (185) | (110) |
Proceeds from issuance of convertible preferred stock | 50,661 | |
Net cash provided by financing activities | 13,279 | 37,939 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (78) | 7 |
Net decrease in cash, cash equivalents and restricted cash | (44,157) | (22,582) |
Cash, cash equivalents and restricted cash at beginning of period | 61,012 | 32,433 |
Cash, cash equivalents and restricted cash at end of the period | 16,855 | 9,851 |
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets | ||
Cash and cash equivalents | 14,050 | 5,078 |
Restricted cash, current | 1,846 | 3,815 |
Restricted cash, noncurrent | 959 | 958 |
Cash, cash equivalents and restricted cash at end of the period | 16,855 | 9,851 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 8,035 | 4,526 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Settlement of derivative liability into equity | 9,536 | |
Accrued interest added to debt principal | 1,894 | 1,745 |
Acquisition of property, plant and equipment under accounts payable, accrued liabilities and notes payable | 744 | 1,189 |
Financing of equipment | 642 | 138 |
Issuance of convertible preferred stock upon conversion of debt | 40,204 | |
Issuance of common stock upon conversion of debt | 28,702 | |
Issuance of common stock for settlement of debt principal and interest payments | 3,233 | |
Financing of insurance premium under notes payable | $ 191 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Amyris, Inc. (Amyris or the Company) is a leading industrial biotechnology company that applies its technology platform to engineer, manufacture and sell high performance, natural, sustainably-sourced products into the Health & Wellness, Clean Beauty, and Flavors & Fragrances markets. The Company's proven technology platform enables the Company to rapidly engineer microbes and use them as catalysts to metabolize renewable, plant-sourced sugars into large volume, high-value ingredients. The Company's biotechnology platform and industrial fermentation process replace existing complex and expensive manufacturing processes. The Company has successfully used its technology to develop and produce six The accompanying unaudited condensed consolidated financial statements of Amyris, Inc. should be read in conjunction with the audited consolidated financial statements and notes thereto included in the 10 December 31, 2017 10 10 X. not not Liquidity The Company has incurred significant operating losses since its inception and expects to continue to incur losses and negative cash flows from operations for at least the next 12 June 30, 2018, $105.9 $59.6 December 31, 2017 $1.3 As of June 30, 2018, $25.5 $171.4 $109.7 $23.2 August 31, 2019 $114.5 $15.8 Cash and cash equivalents of $14.1 June 30, 2018 not one one not 12 12 second 2018, may may not Significant Accounting Policies Note 1, 10 606 606” Revenue from Contracts with Customers 2016 01, Financial Instruments-Overall (Subtopic 825 10 no three six June 30, 2018. Revenue Recognition The Company recognizes revenue from the sale of renewable products, licenses of and royalties from intellectual property, and grants and collaborative research and development services. Revenue is measured based on the consideration specified in a contract with a customer and recognized when, or as, the Company satisfies a performance obligation by transferring control over a product or service to a customer. The Company generally does not The Company accounts for a contract when it has approval and commitment to perform from both parties, the rights of the parties are identified, payment terms are established, the contract has commercial substance and collectability of the consideration is probable. Changes to contracts are assessed for whether they represent a modification or should be accounted for as a new contract. The Company considers the following indicators among others when determining whether it is acting as a principal in the transaction and recording revenue on a gross basis: (i) the Company is primarily responsible for fulfilling the promise to provide the specified goods or service, (ii) the Company has inventory risk before the specified good or service has been transferred to a customer or after transfer of control to the customer and (iii) the Company has discretion in establishing the price for the specified good or service. If a transaction does not The Company’s significant contracts and contractual terms with its customers are presented in Note 10, 8 10 The Company recognizes revenue when control has passed to the customer. The following indicators are evaluated in determining when control has passed to the customer: (i) the Company has a right to payment for the product or service, (ii) the customer has legal title to the product, (iii) the Company has transferred physical possession of the product to the customer, (iv) the customer has the significant risk and rewards of ownership of the product and (v) the customer has accepted the product. The Company’s renewable products are delivered to customers from the Company’s facilities with shipping terms typically specifying F.O.B. shipping point. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Company's contracts may The following is a description of the principal goods and services from which the Company generates revenue. Renewable Product Sales Revenues from renewable product sales are recognized as a distinct performance obligation on a gross basis as the Company is acting as a principal in these transactions, with the selling price to the customer recorded net of discounts and allowances. Revenues are recognized at a point in time when control has passed to the customer, which typically is upon the renewable products leaving the Company’s facilities with the first may not not not two not Licenses and Royalties Licensing of Intellectual Property: Royalties from Licensing of Intellectual Property: When the Company’s intellectual property license is the only performance obligation, or it is the predominant performance obligation in arrangements with multiple performance obligations, the Company applies the sales-based royalty exception and revenue is estimated and recognized at a point in time when the licensee’s product sales occur. Estimates of sales-based royalty revenues are made using the most likely outcome method, which is the single amount in a range of possible amounts derived from the licensee’s historical sales volumes and sales prices of its products and recent commodity market pricing data and trends. When the Company’s intellectual property license is not not Grants and Collaborative Research and Development Services Collaborative Research and Development Services: one Collaboration agreements are evaluated at inception to determine whether the intellectual property licenses represent distinct performance obligations separate from the research and development services. If the licenses are determined to be distinct, the non-refundable upfront license fee is recognized as revenue at a point in time when the license is transferred to the licensee and the licensee is able to use and benefit from the license while the research and development service fees are recognized over time as the performance obligations are satisfied. The research and development service fees represent variable consideration. Estimates of the amount of variable consideration to include in the transaction price are made using the expected value method, which is the sum of probability-weighted amounts in a range of possible amounts. The Company only includes an amount of variable consideration in the transaction price to the extent it is probable that a significant reversal in the cumulative revenue recognized will not Collaboration agreements that include milestone payments are evaluated at inception to determine whether the milestone events are considered probable of achievement and estimates are made of the amount of the milestone payments to include in the transaction price using the most likely amount method which is the single amount in a range of possible amounts. If it is probable that a significant revenue reversal will not The Company generally invoices its collaborators on a monthly or quarterly basis, or upon the completion of the effort or achievement of a milestone, based on the terms of each agreement. Deferred revenue arises from amounts received in advance of performing the research and development activities and is recognized as revenue in future periods as the performance obligations are satisfied. Grants: The milestone payments are evaluated at inception to determine whether the milestone events are considered probable of achievement and estimates are made of the amount of the milestone payments to include in the transaction price using the most likely amount method which is the single amount in a range of possible amounts. If it is probable that a significant revenue reversal will not For descriptions of the Company's other significant accounting policies, see the Company's Annual Report on Form 10 December 31, 2017. Recent Accounting Pronouncements (a) Recent Accounting Standards, Pronouncements or Updates Recently Adopted In the six June 30, 2018, Revenue Recognition 606 January 1, 2018. 606 606 not January 1, 2018. not 605, The Company applied ASC 606 January 1, 2018, The cumulative effect of initially applying ASC 606 January 1, 2018 $0.8 $0.8 606 605. not may The following table presents the amounts by which revenue is affected in the current reporting period by the application of ASC 606 No 606. Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 (In thousands) As Adjustments Amounts Without As Adjustments Amounts Without Renewable products $ 6,633 $ — $ 6,633 $ 11,828 $ — $ 11,828 Licenses and royalties 6,887 (4,980 ) 1,907 18,324 (15,747 ) 2,577 Grants and collaborations 9,674 (2,039 ) 7,635 16,040 (2,265 ) 13,775 Total revenue from all customers $ 23,194 $ (7,019 ) $ 16,175 $ 46,192 $ (18,012 ) $ 28,180 Financial Instruments January 2016, 2016 01, Financial Instruments-Overall (Subtopic 825 10 2016 01 January 1, 2018 $1.4 January 1, 2018 January 1, 2018 Classification of Cash Flow Elements August 2016, 2016 15, Statement of Cash Flows (Topic 230 2016 15 2016 15, 2016 15 January 1, 2018 2016 15, Restricted Cash in Statement of Cash Flows November 2016, 2016 18, Statement of Cash Flows (Topic 230 January 1, 2018 2016 18 Derecognition of Nonfinancial Assets February 2017, 2017 05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610 20 606 not 1 not not not 2 not January 1, 2018 not Staff Accounting Bulletin No 118 2017 December 22, 2017, 2017 not 35% 21% one December 31, 2017. Based on the Company’s current operations it is anticipated that the only significant current impact of the Act for the Company will be the reduction in the U.S. corporate tax rate. The Act reduces the corporate tax rate to 21 January 1, 2018. December 2017, No. 118 118 not June 30, 2018, not may one 118. June 30, 2018, not (b) Recent Accounting Standards Pronouncements or Updates Not Leases February 2016, 2016 02, Leases (Topic 842 first 2019 may Financial Instruments with "Down Round" Features July 2017, 2017 11, Earnings Per Share (Topic 260 480 815 no first 2019 Non-employee Stock-based Compensation June 2018, 2018 07, Improvements to Nonemployee Share-Based Payment Accounting, no first 2019 not Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the periods presented. Actual results could differ from these estimates, and such differences may Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation in the Company’s condensed consolidated financial statements and the accompanying notes to the condensed consolidated financial statements. The condensed consolidated statements of operations previously presented license fee revenue in combination with grants and collaborations revenue, and royalties (formerly referred to as “value share”) were previously presented in combination with renewable products revenue. Licenses and royalties revenue is presented as a separate line within the condensed consolidated statements of operations. The reclassifications reflect the growth in the Company’s business model of licensing its technology and earning royalties from customers utilizing the Company’s technology in the products it produces and sells. The reclassifications had no In the statements of cash flows, the prior period has been restated to reflect accounting standards changes for reporting (i) restricted cash, and (ii) debt extinguishment costs, in statements of cash flows. |
Note 2 - Balance Sheet Details
Note 2 - Balance Sheet Details | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 2. Accounts Receivable, Net Accounts receivable, net is comprised of the following: (In thousands) June 30, December 31, Accounts receivable $ 9,567 $ 18,953 Related party accounts receivable 17,247 5,328 $ 26,814 $ 24,281 Inventories Inventories are stated at the lower of cost or net realizable value and are comprised of the following: (In thousands) June 30, December 31, Raw materials $ 823 $ 819 Work-in-process 1,147 364 Finished goods 4,662 4,225 Inventories $ 6,632 $ 5,408 Property, Plant and Equipment, Net Property, plant and equipment, net is comprised of the following: (In thousands) June 30, December 31, Machinery and equipment $ 46,755 $ 49,277 Leasehold improvements 40,571 40,036 Computers and software 10,497 9,555 Furniture and office equipment, vehicles and land 3,463 3,415 Construction in progress 18,583 17,438 119,869 119,721 Less: accumulated depreciation and amortization (104,569 ) (105,829 ) Property, plant and equipment, net $ 15,300 $ 13,892 Property, plant and equipment, net includes $4.8 $4.2 June 30, 2018 December 31, 2017, $1.9 $1.6 June 30, 2018 December 31, 2017, During the three six June 30, 2018, $1.2 $1.6 Depreciation and amortization expense, including amortization of assets under capital leases, was $1.4 $2.7 three June 30, 2018 2017, $2.9 $5.6 six June 30, 2018 2017, Other Assets Other assets are comprised of the following: (In thousands) June 30, December 31, Contingent consideration $ 8,151 $ 8,151 Prepaid royalty 7,285 7,409 Deposits 3,662 2,462 Equity investment in SweeGen 3,570 3,233 Goodwill 560 560 Other 1,519 825 Other assets $ 24,747 $ 22,640 Accrued and Other Current Liabilities Accrued and other current liabilities are comprised of the following: (In thousands) June 30, December 31, Payroll and related expenses $ 7,074 $ 7,238 Accrued interest 2,325 8,213 SMA relocation accrual 3,417 3,587 Tax-related liabilities 2,305 5,837 Professional services 1,400 1,894 Other 3,580 2,633 Total accrued and other current liabilities $ 20,101 $ 29,402 |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurement | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 3. Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis The following tables summarize assets and liabilities measured at fair value, and the respective fair value by input classification level within the fair value hierarchy: (In thousands) June 30, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Money market funds $ — $ — $ — $ — $ 53,199 $ — $ — $ 53,199 Certificates of deposit 130 — — 130 7,813 — — 7,813 Equity investment in SweeGen — 3,570 — 3,570 — — — — Total assets measured and recorded at fair value $ 130 $ 3,570 $ — $ 3,700 $ 61,012 $ — $ — $ 61,012 Liabilities Embedded derivatives in connection with the issuance of debt and equity instruments $ — $ — $ 6,560 $ 6,560 $ — $ — $ 4,203 $ 4,203 Freestanding derivative instruments in connection with the issuance of equity instruments — — 132,135 132,135 — — 115,775 115,775 Total liabilities measured and recorded at fair value $ — $ — $ 138,695 $ 138,695 $ — $ — $ 119,978 $ 119,978 There were no Equity Investment in SweeGen The Company holds 850,115 December 2016 June 30, 2018, $3.6 2 three six June 30, 2018, $1.4 $1.7 2016 01 January 1, 2018 1, Derivative Liabilities Recognized in Connection with the Issuance of Debt and Equity Instruments The following table provides a reconciliation of the beginning and ending balances for the Company's derivative liabilities recognized in connection with the issuance of debt and equity instruments, measured at fair value using significant unobservable inputs (Level 3 (In thousands) Equity-related Debt-related Total Derivative Balance at December 31, 2017 $ 112,368 $ 7,610 $ 119,978 Loss from change in fair value of derivative liabilities 34,650 6,709 41,359 Derecognition upon extinguishment of derivative liabilities (22,642 ) — (22,642 ) Balance at June 30, 2018 $ 124,376 $ 14,319 $ 138,695 The derivative liabilities recognized in connection with the issuance of equity and debt instruments represent the fair value of the make-whole provisions of the Series A and B Preferred Stock as well as the cash and anti-dilution warrants issued concurrently with the Series A, B and D Preferred Stock (see Note 6, 8 10 2014 144A 2015 144A 4, 6, 8 10 The market-based assumptions and estimates used in applying a Monte Carlo simulation approach and Black-Scholes-Merton option value approach for valuing the derivative liabilities in connection with debt and equity instruments include amounts in the following ranges and amounts: June 30, 2018 June 30, 2017 Risk-free interest rate 1.97% - 2.85% 1.68% - 2.40% Risk-adjusted yields 15.10% - 25.23% 18.40% - 28.53% Stock price volatility 45% - 75% 45% - 80% Probability of change in control 0% - 5% 5% Stock price $6.39 $3.75 Credit spread 12.96% - 22.98% 16.63% - 26.70% Estimated conversion dates 2018 - 2025 2018 - 2025 The valuation of the embedded derivatives in connection with the issuance of debt and equity instruments and freestanding derivative instruments in connection with the issuance of equity instruments can be significantly affected by changes in valuation assumptions. 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. A third See Note 6, April 2018 Changes in Fair Value Changes in the fair value of assets or liabilities measured at fair value on a recurring basis are recognized in “Gain (loss) from change in fair value of derivative instruments" in the condensed consolidated statements of operations. Assets and Liabilities Recorded at Carrying Value Financial Assets and Liabilities 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. Loans payable, credit facilities and convertible notes are recorded at carrying value, which is representative of fair value at the date of acquisition. The Company estimates the fair value of loans payable and credit facilities using observable market-based inputs (Level 2 3 (In thousands) June 30, 2018 December 31, 2017 Fair Value Carrying Value Fair Value Carrying Value Total debt $ 165,844 $ 171,402 $ 156,900 $ 165,377 |
Note 4 - Debt
Note 4 - Debt | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. Net carrying amounts of debt are as follows: June 30, 2018 December 31, 2017 (In thousands) Principal Unamortized Net Balance Principal Unamortized Net Balance Nonrelated Party Convertible notes 2015 Rule 144A convertible notes $ 37,887 $ (4,576 ) $ 33,311 $ 37,887 $ (6,872 ) $ 31,015 2014 Rule 144A convertible notes 24,004 (2,023 ) 21,981 24,004 (3,170 ) 20,834 December 2017 convertible note — — — 5,000 (25 ) 4,975 August 2013 financing convertible notes 4,416 (2,541 ) 1,875 4,009 (2,918 ) 1,091 66,307 (9,140 ) 57,167 70,900 (12,985 ) 57,915 Loans payable and credit facilities GACP term loan facility 36,000 (1,596 ) 34,404 — — — Senior secured loan facility — — — 28,566 (253 ) 28,313 Ginkgo notes 12,000 (4,599 ) 7,401 12,000 (4,983 ) 7,017 Other loans payable 5,696 (1,234 ) 4,462 6,463 (1,277 ) 5,186 Other credit facilities 195 — 195 381 — 381 53,891 (7,429 ) 46,462 47,410 (6,513 ) 40,897 Subtotal nonrelated party 120,198 (16,569 ) 103,629 118,310 (19,498 ) 98,812 Related Party Related party convertible notes August 2013 financing convertible notes 23,199 432 23,631 21,711 897 22,608 2014 Rule 144A convertible notes 24,705 (2,423 ) 22,282 24,705 (3,784 ) 20,921 R&D note 3,700 — 3,700 3,700 (18 ) 3,682 51,604 (1,991 ) 49,613 50,116 (2,905 ) 47,211 Related party loans payable DSM note 25,000 (6,896 ) 18,104 25,000 (8,039 ) 16,961 Other DSM loan 56 — 56 393 — 393 February 2016 private placement — — — 2,000 — 2,000 25,056 (6,896 ) 18,160 27,393 (8,039 ) 19,354 Subtotal related party 76,660 (8,887 ) 67,773 77,509 (10,944 ) 66,565 Total debt 196,858 (25,456 ) 171,402 195,819 (30,442 ) 165,377 Less: current portion (109,656 ) (56,943 ) Long-term debt, net of current portion $ 61,746 $ 108,434 During the six June 30, 2018, • Senior Secured Loan Facility Repayment: June 29, 2018, $27.3 • GACP Term Loan Facility: June 29, 2018, $36.0 $35.0 July 2, 2018 Loans under the GACP Term Loan Facilities have a maturity date of July 1, 2021; not January 7, 2019 2015 144A 2014 144A July 1, 2021 January 12, 2019, January 12, 2019. July 1, 2019 2.5% 4.0%, 6.25%, first three The Company paid origination fees at closing equal to 4%, $1.4 $0.2 $25,000 $1.6 3 Future Minimum Payments Future minimum payments under the Company's debt agreements as of June 30, 2018 Years ending December 31 (In thousands) Convertible Loans Credit Related Related Total 2018 (remaining six months) $ 2,580 $ 3,323 $ 1,878 $ 4,503 $ 1,306 $ 13,590 2019 69,334 1,627 5,912 25,508 2,500 104,881 2020 — 1,626 7,289 — 2,500 11,415 2021 — 1,627 32,551 — 27,500 61,678 2022 — 13,417 — — — 13,417 Thereafter — 2,528 — — — 2,528 Total future minimum payments 71,914 24,148 47,630 30,011 33,806 207,509 Less: amount representing interest (5,160 ) (6,453 ) (11,434 ) (1,606 ) (8,750 ) (33,403 ) Add: amount mandatorily convertible into common stock upon maturity — — — 24,802 — 24,802 Less: future interest accruals to be converted to principal (447 ) — — (1,603 ) — (2,050 ) Present value of minimum debt payments 66,307 17,695 36,196 51,604 25,056 196,858 Less: current portion of debt principal (66,307 ) (2,714 ) (196 ) (51,604 ) (56 ) (120,877 ) Noncurrent portion of debt principal $ — $ 14,981 $ 36,000 $ — $ 25,000 $ 75,981 |
Note 5 - Mezzanine Equity
Note 5 - Mezzanine Equity | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Mezzanine Equity Disclosure [Text Block] | 5. Mezzanine equity is comprised of the following: (In thousands) June 30, 2018 December 31, 2017 Contingently redeemable common stock $ 5,000 $ 5,000 Mezzanine equity at June 30, 2018 December 31, 2017 May 10, 2016 not third $17.10 10%. |
Note 6 - Stockholders' Deficit
Note 6 - Stockholders' Deficit | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 6. Warrants In connection with various debt and equity transactions (see Note 4, 6, 8 10 six June 30, 2018: Transaction Number Additional Exercises Number July 2015 private placement 81,197 — — 81,197 July 2015 related party debt exchange 2,082,010 — — 2,082,010 February 2016 related party private placement 171,429 — — 171,429 May 2017 warrants (Series A and B preferred stock) 18,042,568 — (3,801,330 ) 14,241,238 August 2017 DSM offering (Series B preferred stock) 3,968,116 — — 3,968,116 August 2017 Vivo offering (Series D preferred stock) 5,575,118 — — 5,575,118 Tranche 1 new cash warrants — 3,616,174 — 3,616,174 Other 1,406 — — 1,406 29,921,844 3,616,174 (3,801,330 ) 29,736,688 For the six June 30, 2018, $14.5 3,801,330 Warrants Exercises and New Warrant Issuance On April 12, 2018, May 2017 6, 8 10 May 2017 3,616,174 $14.5 May 2017 May 2017 May 2017 May 2017 May 2017 May 2017 3,616,174 $7.00 July 12, 2019. not May 2017 May 2017 $9.4 90%, 2.16%, 1.25 $0, $7.00, $6.80. $1.9 three June 30, 2018. $11.3 $9.4 At Market Issuance Sales Agreement On March 8, 2016, may $50.0 3 No. 333 203216 April 15, 2015. may 415 1933, 3.0% no During the three six June 30, 2018, 191,639 205,168 $6.91 $6.90 $1.4 April 15, 2018, zero June 30, 2018. |
Note 7 - Variable-interest Enti
Note 7 - Variable-interest Entities and Unconsolidated Investments | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | 7. Consolidated Variable-interest Entity The table below reflects the carrying value of the Aprinnova JV's (see Note 7, 8 10 June 30, 2018: (In thousands) June 30, 2018 December 31, 2017 Assets $ 37,133 $ 36,781 Liabilities $ 1,873 $ 3,187 The Aprinnova JV's creditors have recourse only to the assets of the Aprinnova JV. During the three six June 30, 2018 2017, no Unconsolidated Investments The Company's unconsolidated investments are summarized as follows: Carrying Value of Investment on (Amounts in thousands) Amyris Equity June 30, 2018 December 31, 2017 Equity-method investments: Novvi LLC 20 % $ — $ — Total Amyris BioSolutions B.V. 25 % $ — $ — Other unconsolidated equity investment: SweeGen, Inc. 3 % $ 3,570 $ 3,233 |
Note 8 - Net Loss Per Share Att
Note 8 - Net Loss Per Share Attributable to Common Stockholders | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 8. For the three June 30, 2017 six June 30, 2018 June 30, 2017, three June 30, 2018, three June 30, 2018 no not The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders: Three Months Ended June 30, Six Months Ended June 30, (In thousands, except shares and per share amounts) 2018 2017 2018 2017 Numerator: Net income (loss) attributable to Amyris, Inc. $ 1,533 $ 620 $ (89,963 ) $ (36,751 ) Less deemed dividend on capital distribution to related parties — (8,648 ) — (8,648 ) Less deemed dividend related to beneficial conversion feature on Series A preferred stock — (562 ) — (562 ) Less cumulative dividends on Series A and B preferred stock (399 ) (1,675 ) (794 ) (1,675 ) Less earnings allocated to participating securities (67 ) — — — Net income (loss) attributable to Amyris, Inc. common stockholders, basic 1,067 (10,265 ) (90,757 ) (47,636 ) Earnings allocated to participating securities 67 — — — Gain from change in fair value of dilutive common stock warrants (13,421 ) — — — Interest on dilutive convertible debt 357 — — — Accretion of debt discount (99 ) — — — Gain from change in fair value of derivative instruments (5,765 ) — — — Net loss attributable to Amyris, Inc. common stockholders, diluted $ (17,794 ) $ (10,265 ) $ (90,757 ) $ (47,636 ) Denominator: Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic 54,932,411 23,155,874 53,076,975 21,226,013 Basic income (loss) per share $ 0.02 $ (0.44 ) $ (1.71 ) $ (2.24 ) Weighted-average shares of common stock outstanding 54,932,411 23,155,874 53,076,975 21,226,013 Effect of dilutive convertible debt 2,709,323 — — — Effect of dilutive common stock warrants 3,088,002 — — — Weighted-average common stock equivalents used in computing net loss per share of common stock, diluted 60,729,736 23,155,874 53,076,975 21,226,013 Diluted loss per share $ (0.29 ) $ (0.44 ) $ (1.71 ) $ (2.24 ) 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 antidilutive: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Period-end stock options to purchase common stock 5,424,330 997,275 5,424,330 997,275 Convertible promissory notes (1) 5,695,615 6,270,734 8,390,819 6,270,734 Period-end common stock warrants 18,177,362 16,871,700 24,341,772 16,871,700 Period-end restricted stock units 5,211,584 666,336 5,211,584 666,336 Period-end preferred stock 4,053,905 - 4,053,905 - Total potentially dilutive securities excluded from computation of diluted net loss per share 38,562,796 24,806,045 47,422,410 24,806,045 ______________ ( 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 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 9. Commitments Future minimum payments under the Company's lease obligations as of June 30, 2018 Years ending December 31: (In thousands ) Capital Operating Total Lease 2018 (remaining six months) $ 424 $ 4,941 $ 5,365 2019 451 8,755 9,206 2020 125 7,017 7,142 2021 — 7,241 7,241 2022 — 7,414 7,414 Thereafter — 3,281 3,281 Total future minimum payments $ 1,000 $ 38,649 $ 39,649 Less: amount representing interest (49 ) Present value of minimum lease payments 951 Less: current portion (583 ) Long-term portion $ 368 Guarantor Arrangements In November 2010, 4, 8 10 June 30, 2018 December 31, 2017 was R$6.0 US$1.6 US$1.8 Contingencies The Company has levied indirect taxes on sugarcane-based biodiesel sales that took place several years ago by Amyris Brasil Ltda. (see Note 13, 8 10 The Company and a number of the Company’s current officers and directors are parties to four December 21, 2017, March 9, 2018. March 29, 2018, May 4, 2018 July 23, 2018, two not 1, 10 The Company is subject to disputes and claims that arise or have arisen in the ordinary course of business and that have not not may not one |
Note 10 - Revenue Recognition a
Note 10 - Revenue Recognition and Contract Assets and Liabilities | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | 10. Disaggregation of Revenue The following table presents revenue by major product and service, as well as by primary geographical market, based on the location of the customer: Three Months Ended June 30, (In thousands) 2018 2017 Renewable Licenses Grants and Total Renewable Licenses Grants and Total United States $ 2,339 $ — $ 4,624 $ 6,963 $ 1,902 $ 2,663 $ 7,379 $ 11,944 Europe 2,987 6,887 4,314 14,188 749 202 2,786 3,737 Asia 1,113 — — 1,113 7,161 2,632 125 9,918 South America 194 — 736 930 80 — — 80 Other — — — — — — — — $ 6,633 $ 6,887 $ 9,674 $ 23,194 $ 9,892 $ 5,497 $ 10,290 $ 25,679 Six Months Ended June 30, (In thousands) 2018 2017 Renewable Licenses Grants and Total Renewable Licenses Grants and Total United States $ 4,301 $ — $ 5,832 $ 10,133 $ 2,998 $ 2,673 $ 9,369 $ 15,040 Europe 5,421 18,324 7,815 31,560 3,307 446 5,359 9,112 Asia 1,791 — 1,000 2,791 11,468 2,633 251 14,352 South America 215 — 1,393 1,608 144 — — 144 Other 100 — — 100 12 — — 12 $ 11,828 $ 18,324 $ 16,040 $ 46,192 $ 17,929 $ 5,752 $ 14,979 $ 38,660 Significant Revenue Agreements In connection with significant revenue agreements (also see Note 10, 8 10 three six June 30, 2018 2017 : Three Months Ended June 30, (In thousands) 2018 2017 Renewable Licenses Grants and Total Renewable Licenses Grants and Total DSM - related party $ — $ 6,887 $ 1,737 $ 8,624 $ — $ — $ 149 $ 149 Givaudan 2,109 — 1,358 3,467 — — 1,500 1,500 Firmenich — — 1,219 1,219 — 202 2,137 2,339 Nenter — — — — 4,016 2,633 — 6,649 DARPA — — 4,191 4,191 — — 4,671 4,671 Subtotal revenue from significant revenue agreements 2,109 6,887 8,505 17,501 4,016 2,835 8,457 15,308 Revenue from all other customers 4,524 — 1,169 5,693 5,876 2,662 1,833 10,371 Total revenue from all customers $ 6,633 $ 6,887 $ 9,674 $ 23,194 $ 9,892 $ 5,497 $ 10,290 $ 25,679 Six Months Ended June 30, (In thousands) 2018 2017 Renewable Licenses Grants and Total Renewable Licenses Grants and Total DSM - related party $ — $ 18,287 $ 3,127 $ 21,414 $ — $ — $ 149 $ 149 Givaudan 3,184 — 2,859 6,043 619 — 3,000 3,619 Firmenich 207 37 2,486 2,730 998 446 3,211 4,655 Nenter — — 1,000 1,000 6,324 2,633 — 8,957 DARPA — — 5,038 5,038 — — 5,642 5,642 Subtotal revenue from significant revenue agreements 3,391 18,324 14,510 36,225 7,941 3,079 12,002 23,022 Revenue from all other customers 8,437 — 1,530 9,967 9,988 2,673 2,977 15,638 Total revenue from all customers $ 11,828 $ 18,324 $ 16,040 $ 46,192 $ 17,929 $ 5,752 $ 14,979 $ 38,660 Contract Assets and Liabilities When a contract results in revenue being recognized in excess of the amount the Company has invoiced or has the right to invoice to the customer, a contract asset is recognized. Contract assets are transferred to accounts receivable, net when the rights to the consideration become unconditional. Contract assets are presented as Unbilled Receivables on the consolidated balance sheets. Contract liabilities consist of payments received from customers, or such consideration that is contractually due, in advance of providing the product or performing services such that control has not Trade receivables related to revenue from contracts with customers are included in accounts receivable on the consolidated balance sheets, net of the allowance for doubtful accounts. Trade accounts receivable are recorded at the point of renewable product sale or in accordance with the contractual payment terms for licenses and royalties, and grants and collaborative research and development services for the amount payable by the customer to the Company for sale of goods or the performance of services. Contract Balances The following table provides information about unbilled receivables, deferred revenue, and accounts receivable from contracts with customers: (In thousands) June 30, December 31, Unbilled receivable, current $ 12,683 $ 9,340 Unbilled receivable, noncurrent $ 9,747 $ 7,940 Deferred revenue, current $ 9,643 $ 4,880 Deferred revenue, noncurrent $ 383 (1) $ 383 (1) Accounts receivable, net $ 26,814 $ 24,281 ( 1 June 30, 2018 December 31, 2017, Unbilled receivables, current, as of June 30, 2018 not December 31, 2017, $9,250,000 three June 30, 2018. December 31, 2019. Deferred revenue, current increased by $4.8 June 30, 2018 $0.8 606 January 1, 2018 $3.3 six June 30, 2018 Remaining Performance Obligations The following table provides information regarding the estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) based on the Company's existing agreements with customers as of June 30, 2018. (In thousands) June 30, 2018 Remaining 2018 $ 4,032 2019 6,338 2020 6,338 2021 and thereafter 572 Total from all customers $ 17,280 In accordance with the disclosure provisions of ASC 606, one $12.4 |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 11. Related Party Debt See Note 4. June 30, 2018 December 31, 2017. Related Party Accounts Receivable and Unbilled Receivables Related party accounts receivable and unbilled receivables as of June 30, 2018 December 31, 2017 (In thousands) June 30, 2018 December 31, 2017 Accounts receivable, net: DSM $ 15,829 $ 3,483 Novvi 472 1,607 Total 384 238 $ 16,685 $ 5,328 Unbilled receivable, current: DSM $ 12,683 $ 9,340 Unbilled receivable, noncurrent: DSM $ 9,747 $ 7,940 Related Party Joint Ventures See Note 7, 8 10 • Aprinnova joint venture with Nikko, and • TAB joint venture with Total |
Note 12 - Stock-based Compensat
Note 12 - Stock-based Compensation | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 12. The Company’s stock option activity and related information for the six June 30, 2018 Quantity of Weighted- Weighted-average Aggregate Outstanding - December 31, 2017 1,338,367 $ 33.40 7.7 $ 97 Granted 4,192,476 $ 5.12 Exercised (43,055 ) $ 3.68 Forfeited or expired (63,458 ) $ 29.29 Outstanding - June 30, 2018 5,424,330 $ 11.83 9.2 $ 8,541 Vested or expected to vest after June 30, 2018 4,981,859 $ 12.42 9.2 $ 7,790 Exercisable at June 30, 2018 949,237 $ 42.07 6.7 $ 1,119 The Company’s restricted stock units (RSUs) activity and related information for the six June 30, 2018 Quantity of Weighted-average Weighted-average Outstanding - December 31, 2017 683,554 $ 8.62 1.40 Awarded 4,712,787 $ 5.27 RSUs released (144,572 ) $ 11.18 RSUs forfeited (37,879 ) $ 7.01 Outstanding - June 30, 2018 5,213,890 $ 5.53 2.03 Vested or expected to vest after June 30, 2018 4,927,426 $ 5.54 2.00 Stock-based compensation expense related to options and RSUs granted to employees and non-employees during the three six June 30, 2018 2017 Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Research and development $ 333 $ 441 $ 696 $ 925 Sales, general and administrative 1,567 597 2,482 1,759 Total stock-based compensation expense $ 1,900 $ 1,038 $ 3,178 $ 2,684 As of June 30, 2018, $36.0 3.7 The fair value of employee stock options was estimated using the following weighted-average assumptions: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Expected dividend yield — % — % — % — % Risk-free interest rate 2.7 % 1.8 % 2.7 % 1.8 % Expected term (in years) 6.86 5.38 6.85 5.38 Expected volatility 79.6 % 85.7 % 79.7 % 85.7 % In May 2018, 2010 9 4 Also in May 2018, 2010 may 1 In May 2018, 3,250,000 may December 31, 2021, December 31, 2022. four may zero 3,250,000 $5.08 Stock-based compensation expense for this award will be recognized using a graded-vesting approach over the service period beginning at the grant date thru December 31, 2022, June 30, 2018, $5.1 $0.1 three six June 30, 2018. Stock Option Award with Performance and Market Vesting Conditions Fair value of the Company’s common stock on grant date $ 5.08 Expected volatility 70 % Risk-free interest rate 2.75 % Dividend yield 0.0 % |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 13. R&D Note Repayment On July 2, 2018, 4, 4, 18, 8 10 $3.7 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Liquidity [Policy Text Block] | Liquidity The Company has incurred significant operating losses since its inception and expects to continue to incur losses and negative cash flows from operations for at least the next 12 June 30, 2018, $105.9 $59.6 December 31, 2017 $1.3 As of June 30, 2018, $25.5 $171.4 $109.7 $23.2 August 31, 2019 $114.5 $15.8 Cash and cash equivalents of $14.1 June 30, 2018 not one one not 12 12 second 2018, may may not |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition The Company recognizes revenue from the sale of renewable products, licenses of and royalties from intellectual property, and grants and collaborative research and development services. Revenue is measured based on the consideration specified in a contract with a customer and recognized when, or as, the Company satisfies a performance obligation by transferring control over a product or service to a customer. The Company generally does not The Company accounts for a contract when it has approval and commitment to perform from both parties, the rights of the parties are identified, payment terms are established, the contract has commercial substance and collectability of the consideration is probable. Changes to contracts are assessed for whether they represent a modification or should be accounted for as a new contract. The Company considers the following indicators among others when determining whether it is acting as a principal in the transaction and recording revenue on a gross basis: (i) the Company is primarily responsible for fulfilling the promise to provide the specified goods or service, (ii) the Company has inventory risk before the specified good or service has been transferred to a customer or after transfer of control to the customer and (iii) the Company has discretion in establishing the price for the specified good or service. If a transaction does not The Company’s significant contracts and contractual terms with its customers are presented in Note 10, 8 10 The Company recognizes revenue when control has passed to the customer. The following indicators are evaluated in determining when control has passed to the customer: (i) the Company has a right to payment for the product or service, (ii) the customer has legal title to the product, (iii) the Company has transferred physical possession of the product to the customer, (iv) the customer has the significant risk and rewards of ownership of the product and (v) the customer has accepted the product. The Company’s renewable products are delivered to customers from the Company’s facilities with shipping terms typically specifying F.O.B. shipping point. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Company's contracts may The following is a description of the principal goods and services from which the Company generates revenue. Renewable Product Sales Revenues from renewable product sales are recognized as a distinct performance obligation on a gross basis as the Company is acting as a principal in these transactions, with the selling price to the customer recorded net of discounts and allowances. Revenues are recognized at a point in time when control has passed to the customer, which typically is upon the renewable products leaving the Company’s facilities with the first may not not not two not Licenses and Royalties Licensing of Intellectual Property: Royalties from Licensing of Intellectual Property: When the Company’s intellectual property license is the only performance obligation, or it is the predominant performance obligation in arrangements with multiple performance obligations, the Company applies the sales-based royalty exception and revenue is estimated and recognized at a point in time when the licensee’s product sales occur. Estimates of sales-based royalty revenues are made using the most likely outcome method, which is the single amount in a range of possible amounts derived from the licensee’s historical sales volumes and sales prices of its products and recent commodity market pricing data and trends. When the Company’s intellectual property license is not not Grants and Collaborative Research and Development Services Collaborative Research and Development Services: one Collaboration agreements are evaluated at inception to determine whether the intellectual property licenses represent distinct performance obligations separate from the research and development services. If the licenses are determined to be distinct, the non-refundable upfront license fee is recognized as revenue at a point in time when the license is transferred to the licensee and the licensee is able to use and benefit from the license while the research and development service fees are recognized over time as the performance obligations are satisfied. The research and development service fees represent variable consideration. Estimates of the amount of variable consideration to include in the transaction price are made using the expected value method, which is the sum of probability-weighted amounts in a range of possible amounts. The Company only includes an amount of variable consideration in the transaction price to the extent it is probable that a significant reversal in the cumulative revenue recognized will not Collaboration agreements that include milestone payments are evaluated at inception to determine whether the milestone events are considered probable of achievement and estimates are made of the amount of the milestone payments to include in the transaction price using the most likely amount method which is the single amount in a range of possible amounts. If it is probable that a significant revenue reversal will not The Company generally invoices its collaborators on a monthly or quarterly basis, or upon the completion of the effort or achievement of a milestone, based on the terms of each agreement. Deferred revenue arises from amounts received in advance of performing the research and development activities and is recognized as revenue in future periods as the performance obligations are satisfied. Grants: The milestone payments are evaluated at inception to determine whether the milestone events are considered probable of achievement and estimates are made of the amount of the milestone payments to include in the transaction price using the most likely amount method which is the single amount in a range of possible amounts. If it is probable that a significant revenue reversal will not For descriptions of the Company's other significant accounting policies, see the Company's Annual Report on Form 10 December 31, 2017. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements (a) Recent Accounting Standards, Pronouncements or Updates Recently Adopted In the six June 30, 2018, Revenue Recognition 606 January 1, 2018. 606 606 not January 1, 2018. not 605, The Company applied ASC 606 January 1, 2018, The cumulative effect of initially applying ASC 606 January 1, 2018 $0.8 $0.8 606 605. not may The following table presents the amounts by which revenue is affected in the current reporting period by the application of ASC 606 No 606. Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 (In thousands) As Adjustments Amounts Without As Adjustments Amounts Without Renewable products $ 6,633 $ — $ 6,633 $ 11,828 $ — $ 11,828 Licenses and royalties 6,887 (4,980 ) 1,907 18,324 (15,747 ) 2,577 Grants and collaborations 9,674 (2,039 ) 7,635 16,040 (2,265 ) 13,775 Total revenue from all customers $ 23,194 $ (7,019 ) $ 16,175 $ 46,192 $ (18,012 ) $ 28,180 Financial Instruments January 2016, 2016 01, Financial Instruments-Overall (Subtopic 825 10 2016 01 January 1, 2018 $1.4 January 1, 2018 January 1, 2018 Classification of Cash Flow Elements August 2016, 2016 15, Statement of Cash Flows (Topic 230 2016 15 2016 15, 2016 15 January 1, 2018 2016 15, Restricted Cash in Statement of Cash Flows November 2016, 2016 18, Statement of Cash Flows (Topic 230 January 1, 2018 2016 18 Derecognition of Nonfinancial Assets February 2017, 2017 05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610 20 606 not 1 not not not 2 not January 1, 2018 not Staff Accounting Bulletin No 118 2017 December 22, 2017, 2017 not 35% 21% one December 31, 2017. Based on the Company’s current operations it is anticipated that the only significant current impact of the Act for the Company will be the reduction in the U.S. corporate tax rate. The Act reduces the corporate tax rate to 21 January 1, 2018. December 2017, No. 118 118 not June 30, 2018, not may one 118. June 30, 2018, not (b) Recent Accounting Standards Pronouncements or Updates Not Leases February 2016, 2016 02, Leases (Topic 842 first 2019 may Financial Instruments with "Down Round" Features July 2017, 2017 11, Earnings Per Share (Topic 260 480 815 no first 2019 Non-employee Stock-based Compensation June 2018, 2018 07, Improvements to Nonemployee Share-Based Payment Accounting, no first 2019 not |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the periods presented. Actual results could differ from these estimates, and such differences may |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation in the Company’s condensed consolidated financial statements and the accompanying notes to the condensed consolidated financial statements. The condensed consolidated statements of operations previously presented license fee revenue in combination with grants and collaborations revenue, and royalties (formerly referred to as “value share”) were previously presented in combination with renewable products revenue. Licenses and royalties revenue is presented as a separate line within the condensed consolidated statements of operations. The reclassifications reflect the growth in the Company’s business model of licensing its technology and earning royalties from customers utilizing the Company’s technology in the products it produces and sells. The reclassifications had no In the statements of cash flows, the prior period has been restated to reflect accounting standards changes for reporting (i) restricted cash, and (ii) debt extinguishment costs, in statements of cash flows. |
Note 1 - Basis of Presentatio22
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 (In thousands) As Adjustments Amounts Without As Adjustments Amounts Without Renewable products $ 6,633 $ — $ 6,633 $ 11,828 $ — $ 11,828 Licenses and royalties 6,887 (4,980 ) 1,907 18,324 (15,747 ) 2,577 Grants and collaborations 9,674 (2,039 ) 7,635 16,040 (2,265 ) 13,775 Total revenue from all customers $ 23,194 $ (7,019 ) $ 16,175 $ 46,192 $ (18,012 ) $ 28,180 |
Note 2 - Balance Sheet Details
Note 2 - Balance Sheet Details (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (In thousands) June 30, December 31, Accounts receivable $ 9,567 $ 18,953 Related party accounts receivable 17,247 5,328 $ 26,814 $ 24,281 |
Schedule of Inventory, Current [Table Text Block] | (In thousands) June 30, December 31, Raw materials $ 823 $ 819 Work-in-process 1,147 364 Finished goods 4,662 4,225 Inventories $ 6,632 $ 5,408 |
Property, Plant and Equipment [Table Text Block] | (In thousands) June 30, December 31, Machinery and equipment $ 46,755 $ 49,277 Leasehold improvements 40,571 40,036 Computers and software 10,497 9,555 Furniture and office equipment, vehicles and land 3,463 3,415 Construction in progress 18,583 17,438 119,869 119,721 Less: accumulated depreciation and amortization (104,569 ) (105,829 ) Property, plant and equipment, net $ 15,300 $ 13,892 |
Schedule of Other Assets, Noncurrent [Table Text Block] | (In thousands) June 30, December 31, Contingent consideration $ 8,151 $ 8,151 Prepaid royalty 7,285 7,409 Deposits 3,662 2,462 Equity investment in SweeGen 3,570 3,233 Goodwill 560 560 Other 1,519 825 Other assets $ 24,747 $ 22,640 |
Schedule of Accrued and Other Current Liabilities [Table Text Block] | (In thousands) June 30, December 31, Payroll and related expenses $ 7,074 $ 7,238 Accrued interest 2,325 8,213 SMA relocation accrual 3,417 3,587 Tax-related liabilities 2,305 5,837 Professional services 1,400 1,894 Other 3,580 2,633 Total accrued and other current liabilities $ 20,101 $ 29,402 |
Note 3 - Fair Value Measureme24
Note 3 - Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | (In thousands) June 30, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Money market funds $ — $ — $ — $ — $ 53,199 $ — $ — $ 53,199 Certificates of deposit 130 — — 130 7,813 — — 7,813 Equity investment in SweeGen — 3,570 — 3,570 — — — — Total assets measured and recorded at fair value $ 130 $ 3,570 $ — $ 3,700 $ 61,012 $ — $ — $ 61,012 Liabilities Embedded derivatives in connection with the issuance of debt and equity instruments $ — $ — $ 6,560 $ 6,560 $ — $ — $ 4,203 $ 4,203 Freestanding derivative instruments in connection with the issuance of equity instruments — — 132,135 132,135 — — 115,775 115,775 Total liabilities measured and recorded at fair value $ — $ — $ 138,695 $ 138,695 $ — $ — $ 119,978 $ 119,978 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | (In thousands) Equity-related Debt-related Total Derivative Balance at December 31, 2017 $ 112,368 $ 7,610 $ 119,978 Loss from change in fair value of derivative liabilities 34,650 6,709 41,359 Derecognition upon extinguishment of derivative liabilities (22,642 ) — (22,642 ) Balance at June 30, 2018 $ 124,376 $ 14,319 $ 138,695 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | June 30, 2018 June 30, 2017 Risk-free interest rate 1.97% - 2.85% 1.68% - 2.40% Risk-adjusted yields 15.10% - 25.23% 18.40% - 28.53% Stock price volatility 45% - 75% 45% - 80% Probability of change in control 0% - 5% 5% Stock price $6.39 $3.75 Credit spread 12.96% - 22.98% 16.63% - 26.70% Estimated conversion dates 2018 - 2025 2018 - 2025 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | (In thousands) June 30, 2018 December 31, 2017 Fair Value Carrying Value Fair Value Carrying Value Total debt $ 165,844 $ 171,402 $ 156,900 $ 165,377 |
Note 4 - Debt (Tables)
Note 4 - Debt (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | June 30, 2018 December 31, 2017 (In thousands) Principal Unamortized Net Balance Principal Unamortized Net Balance Nonrelated Party Convertible notes 2015 Rule 144A convertible notes $ 37,887 $ (4,576 ) $ 33,311 $ 37,887 $ (6,872 ) $ 31,015 2014 Rule 144A convertible notes 24,004 (2,023 ) 21,981 24,004 (3,170 ) 20,834 December 2017 convertible note — — — 5,000 (25 ) 4,975 August 2013 financing convertible notes 4,416 (2,541 ) 1,875 4,009 (2,918 ) 1,091 66,307 (9,140 ) 57,167 70,900 (12,985 ) 57,915 Loans payable and credit facilities GACP term loan facility 36,000 (1,596 ) 34,404 — — — Senior secured loan facility — — — 28,566 (253 ) 28,313 Ginkgo notes 12,000 (4,599 ) 7,401 12,000 (4,983 ) 7,017 Other loans payable 5,696 (1,234 ) 4,462 6,463 (1,277 ) 5,186 Other credit facilities 195 — 195 381 — 381 53,891 (7,429 ) 46,462 47,410 (6,513 ) 40,897 Subtotal nonrelated party 120,198 (16,569 ) 103,629 118,310 (19,498 ) 98,812 Related Party Related party convertible notes August 2013 financing convertible notes 23,199 432 23,631 21,711 897 22,608 2014 Rule 144A convertible notes 24,705 (2,423 ) 22,282 24,705 (3,784 ) 20,921 R&D note 3,700 — 3,700 3,700 (18 ) 3,682 51,604 (1,991 ) 49,613 50,116 (2,905 ) 47,211 Related party loans payable DSM note 25,000 (6,896 ) 18,104 25,000 (8,039 ) 16,961 Other DSM loan 56 — 56 393 — 393 February 2016 private placement — — — 2,000 — 2,000 25,056 (6,896 ) 18,160 27,393 (8,039 ) 19,354 Subtotal related party 76,660 (8,887 ) 67,773 77,509 (10,944 ) 66,565 Total debt 196,858 (25,456 ) 171,402 195,819 (30,442 ) 165,377 Less: current portion (109,656 ) (56,943 ) Long-term debt, net of current portion $ 61,746 $ 108,434 |
Schedule of Long-term Debt Instruments [Table Text Block] | Years ending December 31 (In thousands) Convertible Loans Credit Related Related Total 2018 (remaining six months) $ 2,580 $ 3,323 $ 1,878 $ 4,503 $ 1,306 $ 13,590 2019 69,334 1,627 5,912 25,508 2,500 104,881 2020 — 1,626 7,289 — 2,500 11,415 2021 — 1,627 32,551 — 27,500 61,678 2022 — 13,417 — — — 13,417 Thereafter — 2,528 — — — 2,528 Total future minimum payments 71,914 24,148 47,630 30,011 33,806 207,509 Less: amount representing interest (5,160 ) (6,453 ) (11,434 ) (1,606 ) (8,750 ) (33,403 ) Add: amount mandatorily convertible into common stock upon maturity — — — 24,802 — 24,802 Less: future interest accruals to be converted to principal (447 ) — — (1,603 ) — (2,050 ) Present value of minimum debt payments 66,307 17,695 36,196 51,604 25,056 196,858 Less: current portion of debt principal (66,307 ) (2,714 ) (196 ) (51,604 ) (56 ) (120,877 ) Noncurrent portion of debt principal $ — $ 14,981 $ 36,000 $ — $ 25,000 $ 75,981 |
Note 5 - Mezzanine Equity (Tabl
Note 5 - Mezzanine Equity (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Mezzanine Equity Table [Table Text Block] | (In thousands) June 30, 2018 December 31, 2017 Contingently redeemable common stock $ 5,000 $ 5,000 |
Note 6 - Stockholders' Deficit
Note 6 - Stockholders' Deficit (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Transaction Number Additional Exercises Number July 2015 private placement 81,197 — — 81,197 July 2015 related party debt exchange 2,082,010 — — 2,082,010 February 2016 related party private placement 171,429 — — 171,429 May 2017 warrants (Series A and B preferred stock) 18,042,568 — (3,801,330 ) 14,241,238 August 2017 DSM offering (Series B preferred stock) 3,968,116 — — 3,968,116 August 2017 Vivo offering (Series D preferred stock) 5,575,118 — — 5,575,118 Tranche 1 new cash warrants — 3,616,174 — 3,616,174 Other 1,406 — — 1,406 29,921,844 3,616,174 (3,801,330 ) 29,736,688 |
Note 7 - Variable-interest En28
Note 7 - Variable-interest Entities and Unconsolidated Investments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | (In thousands) June 30, 2018 December 31, 2017 Assets $ 37,133 $ 36,781 Liabilities $ 1,873 $ 3,187 |
Unconsolidated Investments [Table Text Block] | Carrying Value of Investment on (Amounts in thousands) Amyris Equity June 30, 2018 December 31, 2017 Equity-method investments: Novvi LLC 20 % $ — $ — Total Amyris BioSolutions B.V. 25 % $ — $ — Other unconsolidated equity investment: SweeGen, Inc. 3 % $ 3,570 $ 3,233 |
Note 8 - Net Loss Per Share A29
Note 8 - Net Loss Per Share Attributable to Common Stockholders (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, (In thousands, except shares and per share amounts) 2018 2017 2018 2017 Numerator: Net income (loss) attributable to Amyris, Inc. $ 1,533 $ 620 $ (89,963 ) $ (36,751 ) Less deemed dividend on capital distribution to related parties — (8,648 ) — (8,648 ) Less deemed dividend related to beneficial conversion feature on Series A preferred stock — (562 ) — (562 ) Less cumulative dividends on Series A and B preferred stock (399 ) (1,675 ) (794 ) (1,675 ) Less earnings allocated to participating securities (67 ) — — — Net income (loss) attributable to Amyris, Inc. common stockholders, basic 1,067 (10,265 ) (90,757 ) (47,636 ) Earnings allocated to participating securities 67 — — — Gain from change in fair value of dilutive common stock warrants (13,421 ) — — — Interest on dilutive convertible debt 357 — — — Accretion of debt discount (99 ) — — — Gain from change in fair value of derivative instruments (5,765 ) — — — Net loss attributable to Amyris, Inc. common stockholders, diluted $ (17,794 ) $ (10,265 ) $ (90,757 ) $ (47,636 ) Denominator: Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic 54,932,411 23,155,874 53,076,975 21,226,013 Basic income (loss) per share $ 0.02 $ (0.44 ) $ (1.71 ) $ (2.24 ) Weighted-average shares of common stock outstanding 54,932,411 23,155,874 53,076,975 21,226,013 Effect of dilutive convertible debt 2,709,323 — — — Effect of dilutive common stock warrants 3,088,002 — — — Weighted-average common stock equivalents used in computing net loss per share of common stock, diluted 60,729,736 23,155,874 53,076,975 21,226,013 Diluted loss per share $ (0.29 ) $ (0.44 ) $ (1.71 ) $ (2.24 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Period-end stock options to purchase common stock 5,424,330 997,275 5,424,330 997,275 Convertible promissory notes (1) 5,695,615 6,270,734 8,390,819 6,270,734 Period-end common stock warrants 18,177,362 16,871,700 24,341,772 16,871,700 Period-end restricted stock units 5,211,584 666,336 5,211,584 666,336 Period-end preferred stock 4,053,905 - 4,053,905 - Total potentially dilutive securities excluded from computation of diluted net loss per share 38,562,796 24,806,045 47,422,410 24,806,045 |
Note 9 - Commitments and Cont30
Note 9 - Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule Of Future Minimum Payments For Lease Obligations [Table Text Block] | Years ending December 31: (In thousands ) Capital Operating Total Lease 2018 (remaining six months) $ 424 $ 4,941 $ 5,365 2019 451 8,755 9,206 2020 125 7,017 7,142 2021 — 7,241 7,241 2022 — 7,414 7,414 Thereafter — 3,281 3,281 Total future minimum payments $ 1,000 $ 38,649 $ 39,649 Less: amount representing interest (49 ) Present value of minimum lease payments 951 Less: current portion (583 ) Long-term portion $ 368 |
Note 10 - Revenue Recognition31
Note 10 - Revenue Recognition and Contract Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, (In thousands) 2018 2017 Renewable Licenses Grants and Total Renewable Licenses Grants and Total United States $ 2,339 $ — $ 4,624 $ 6,963 $ 1,902 $ 2,663 $ 7,379 $ 11,944 Europe 2,987 6,887 4,314 14,188 749 202 2,786 3,737 Asia 1,113 — — 1,113 7,161 2,632 125 9,918 South America 194 — 736 930 80 — — 80 Other — — — — — — — — $ 6,633 $ 6,887 $ 9,674 $ 23,194 $ 9,892 $ 5,497 $ 10,290 $ 25,679 Six Months Ended June 30, (In thousands) 2018 2017 Renewable Licenses Grants and Total Renewable Licenses Grants and Total United States $ 4,301 $ — $ 5,832 $ 10,133 $ 2,998 $ 2,673 $ 9,369 $ 15,040 Europe 5,421 18,324 7,815 31,560 3,307 446 5,359 9,112 Asia 1,791 — 1,000 2,791 11,468 2,633 251 14,352 South America 215 — 1,393 1,608 144 — — 144 Other 100 — — 100 12 — — 12 $ 11,828 $ 18,324 $ 16,040 $ 46,192 $ 17,929 $ 5,752 $ 14,979 $ 38,660 |
Revenue in Connection with Significant Revenue Agreement [Table Text Block] | Three Months Ended June 30, (In thousands) 2018 2017 Renewable Licenses Grants and Total Renewable Licenses Grants and Total DSM - related party $ — $ 6,887 $ 1,737 $ 8,624 $ — $ — $ 149 $ 149 Givaudan 2,109 — 1,358 3,467 — — 1,500 1,500 Firmenich — — 1,219 1,219 — 202 2,137 2,339 Nenter — — — — 4,016 2,633 — 6,649 DARPA — — 4,191 4,191 — — 4,671 4,671 Subtotal revenue from significant revenue agreements 2,109 6,887 8,505 17,501 4,016 2,835 8,457 15,308 Revenue from all other customers 4,524 — 1,169 5,693 5,876 2,662 1,833 10,371 Total revenue from all customers $ 6,633 $ 6,887 $ 9,674 $ 23,194 $ 9,892 $ 5,497 $ 10,290 $ 25,679 Six Months Ended June 30, (In thousands) 2018 2017 Renewable Licenses Grants and Total Renewable Licenses Grants and Total DSM - related party $ — $ 18,287 $ 3,127 $ 21,414 $ — $ — $ 149 $ 149 Givaudan 3,184 — 2,859 6,043 619 — 3,000 3,619 Firmenich 207 37 2,486 2,730 998 446 3,211 4,655 Nenter — — 1,000 1,000 6,324 2,633 — 8,957 DARPA — — 5,038 5,038 — — 5,642 5,642 Subtotal revenue from significant revenue agreements 3,391 18,324 14,510 36,225 7,941 3,079 12,002 23,022 Revenue from all other customers 8,437 — 1,530 9,967 9,988 2,673 2,977 15,638 Total revenue from all customers $ 11,828 $ 18,324 $ 16,040 $ 46,192 $ 17,929 $ 5,752 $ 14,979 $ 38,660 |
Contract with Customer, Asset and Liability [Table Text Block] | (In thousands) June 30, December 31, Unbilled receivable, current $ 12,683 $ 9,340 Unbilled receivable, noncurrent $ 9,747 $ 7,940 Deferred revenue, current $ 9,643 $ 4,880 Deferred revenue, noncurrent $ 383 (1) $ 383 (1) Accounts receivable, net $ 26,814 $ 24,281 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | (In thousands) June 30, 2018 Remaining 2018 $ 4,032 2019 6,338 2020 6,338 2021 and thereafter 572 Total from all customers $ 17,280 |
Note 11 - Related Party Trans32
Note 11 - Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Related Party Accounts Receivables [Table Text Block] | (In thousands) June 30, 2018 December 31, 2017 Accounts receivable, net: DSM $ 15,829 $ 3,483 Novvi 472 1,607 Total 384 238 $ 16,685 $ 5,328 Unbilled receivable, current: DSM $ 12,683 $ 9,340 Unbilled receivable, noncurrent: DSM $ 9,747 $ 7,940 |
Note 12 - Stock-based Compens33
Note 12 - Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block] | Quantity of Weighted- Weighted-average Aggregate Outstanding - December 31, 2017 1,338,367 $ 33.40 7.7 $ 97 Granted 4,192,476 $ 5.12 Exercised (43,055 ) $ 3.68 Forfeited or expired (63,458 ) $ 29.29 Outstanding - June 30, 2018 5,424,330 $ 11.83 9.2 $ 8,541 Vested or expected to vest after June 30, 2018 4,981,859 $ 12.42 9.2 $ 7,790 Exercisable at June 30, 2018 949,237 $ 42.07 6.7 $ 1,119 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Quantity of Weighted-average Weighted-average Outstanding - December 31, 2017 683,554 $ 8.62 1.40 Awarded 4,712,787 $ 5.27 RSUs released (144,572 ) $ 11.18 RSUs forfeited (37,879 ) $ 7.01 Outstanding - June 30, 2018 5,213,890 $ 5.53 2.03 Vested or expected to vest after June 30, 2018 4,927,426 $ 5.54 2.00 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2018 2017 2018 2017 Research and development $ 333 $ 441 $ 696 $ 925 Sales, general and administrative 1,567 597 2,482 1,759 Total stock-based compensation expense $ 1,900 $ 1,038 $ 3,178 $ 2,684 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Expected dividend yield — % — % — % — % Risk-free interest rate 2.7 % 1.8 % 2.7 % 1.8 % Expected term (in years) 6.86 5.38 6.85 5.38 Expected volatility 79.6 % 85.7 % 79.7 % 85.7 % |
Performance-based Stock Options [Member] | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Stock Option Award with Performance and Market Vesting Conditions Fair value of the Company’s common stock on grant date $ 5.08 Expected volatility 70 % Risk-free interest rate 2.75 % Dividend yield 0.0 % |
Note 1 - Basis of Presentatio34
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | Jan. 01, 2018 | |
Working Capital | $ (59,600) | $ (105,900) | ||
Retained Earnings (Accumulated Deficit), Ending Balance | (1,206,767) | (1,298,914) | ||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net, Total | 25,500 | |||
Long-term Debt, Total | 165,377 | 171,402 | ||
Long-term Debt, Current Maturities, Including Due to Related Parties | $ 56,943 | 109,656 | ||
Convertible Debt, Total | 23,200 | |||
Long-term Debt, Maturities, Repayments of Principal and Interest in Next 15 Months | 114,500 | |||
Long-term Debt, Maturities, Repayments of Interest in Next 15 Months | 15,800 | |||
Cash, Cash Equivalents, and Short-term Investments, Total | $ 14,100 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |||
Scenario, Forecast [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
Accounting Standards Update 2014-09 [Member] | ||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ (800) | |||
Accounting Standards Update 2016-01 [Member] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (1,400) |
Note 1 - Basis of Presentatio35
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies - Adoption of ASC 606 (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues | $ 23,194 | $ 25,679 | $ 46,192 | $ 38,660 |
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||
Revenues | (7,019) | (18,012) | ||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||
Revenues | 16,175 | 28,180 | ||
Product [Member] | ||||
Revenues | 6,633 | 9,892 | 11,828 | 17,929 |
Product [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||
Revenues | ||||
Product [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||
Revenues | 6,633 | 11,828 | ||
Licenses and Royalties [Member] | ||||
Revenues | 6,887 | 5,497 | 18,324 | 5,752 |
Licenses and Royalties [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||
Revenues | (4,980) | (15,747) | ||
Licenses and Royalties [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||
Revenues | 1,907 | 2,577 | ||
Grants and Collaborations [Member] | ||||
Revenues | 9,674 | $ 10,290 | 16,040 | $ 14,979 |
Grants and Collaborations [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||
Revenues | (2,039) | (2,265) | ||
Grants and Collaborations [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||
Revenues | $ 7,635 | $ 13,775 |
Note 2 - Balance Sheet Detail36
Note 2 - Balance Sheet Details (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Property, Plant and Equipment, Net, Ending Balance | $ 15,300 | $ 15,300 | $ 13,892 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance | 104,569 | 104,569 | 105,829 | ||
Capitalized Computer Software, Additions | 1,200 | 1,600 | |||
Depreciation, Depletion and Amortization, Total | 2,944 | $ 5,550 | |||
Property, Plant and Equipment, Including Capital Leases [Member] | |||||
Depreciation, Depletion and Amortization, Total | 1,400 | $ 2,700 | 2,900 | $ 5,600 | |
Capital Lease Obligations [Member] | |||||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance | 1,900 | 1,900 | 1,600 | ||
Capital Lease Obligations [Member] | Machinery and Equipment, Furniture and Office Equipment Under Capital Lease [Member] | |||||
Property, Plant and Equipment, Net, Ending Balance | $ 4,800 | $ 4,800 | $ 4,200 |
Note 2 - Balance Sheet Detail37
Note 2 - Balance Sheet Details - Accounts Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts receivable | $ 9,567 | $ 18,953 |
Related party accounts receivable | 17,247 | 5,328 |
$ 26,814 | $ 24,281 |
Note 2 - Balance Sheet Detail38
Note 2 - Balance Sheet Details - Inventory, Current (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Raw materials | $ 823 | $ 819 |
Work-in-process | 1,147 | 364 |
Finished goods | 4,662 | 4,225 |
Inventories | $ 6,632 | $ 5,408 |
Note 2 - Balance Sheet Detail39
Note 2 - Balance Sheet Details - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Property, plant and equipment | $ 119,869 | $ 119,721 |
Less: accumulated depreciation and amortization | (104,569) | (105,829) |
Property, plant and equipment, net | 15,300 | 13,892 |
Machinery and Equipment [Member] | ||
Property, plant and equipment | 46,755 | 49,277 |
Leasehold Improvements [Member] | ||
Property, plant and equipment | 40,571 | 40,036 |
Computer Equipment and Software [Member] | ||
Property, plant and equipment | 10,497 | 9,555 |
Furniture and Office Equipment, Vehicles and Land [Member] | ||
Property, plant and equipment | 3,463 | 3,415 |
Construction in Progress [Member] | ||
Property, plant and equipment | $ 18,583 | $ 17,438 |
Note 2 - Balance Sheet Detail40
Note 2 - Balance Sheet Details - Other Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Contingent consideration | $ 8,151 | $ 8,151 |
Prepaid royalty | 7,285 | 7,409 |
Deposits | 3,662 | 2,462 |
Equity investment in SweeGen | 3,570 | 3,233 |
Goodwill | 560 | 560 |
Other | 1,519 | 825 |
Other assets | $ 24,747 | $ 22,640 |
Note 2 - Balance Sheet Detail41
Note 2 - Balance Sheet Details - Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Payroll and related expenses | $ 7,074 | $ 7,238 |
Accrued interest | 2,325 | 8,213 |
SMA relocation accrual | 3,417 | 3,587 |
Tax-related liabilities | 2,305 | 5,837 |
Professional services | 1,400 | 1,894 |
Other | 3,580 | 2,633 |
Total accrued and other current liabilities | $ 20,101 | $ 29,402 |
Note 3 - Fair Value Measureme42
Note 3 - Fair Value Measurement (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Equity Securities, FV-NI | $ 3,570 | $ 3,570 | $ 3,233 | |
Equity Securities, FV-NI, Unrealized Gain | $ 1,717 | |||
SweeGen Common Stock [Member] | ||||
Equity Securities, Number of Unregistered Shares Hold | 850,115 | 850,115 | ||
Equity Securities, FV-NI, Unrealized Gain | $ 1,400 | $ 1,700 | ||
SweeGen Common Stock [Member] | Other Noncurrent Assets [Member] | ||||
Equity Securities, FV-NI | $ 3,600 | $ 3,600 |
Note 3 - Fair Value Measureme43
Note 3 - Fair Value Measurement - Fair Value, Assets, and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Equity investment in SweeGen | $ 3,570 | $ 3,233 |
Fair Value, Measurements, Recurring [Member] | ||
Money market funds | 53,199 | |
Certificates of deposit | 130 | 7,813 |
Equity investment in SweeGen | 3,570 | |
Total assets measured and recorded at fair value | 3,700 | 61,012 |
Embedded derivatives in connection with the issuance of debt and equity instruments | 6,560 | 4,203 |
Freestanding derivative instruments in connection with the issuance of equity instruments | 132,135 | 115,775 |
Total liabilities measured and recorded at fair value | 138,695 | 119,978 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Money market funds | 53,199 | |
Certificates of deposit | 130 | 7,813 |
Equity investment in SweeGen | ||
Total assets measured and recorded at fair value | 130 | 61,012 |
Embedded derivatives in connection with the issuance of debt and equity instruments | ||
Freestanding derivative instruments in connection with the issuance of equity instruments | ||
Total liabilities measured and recorded at fair value | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Money market funds | ||
Certificates of deposit | ||
Equity investment in SweeGen | 3,570 | |
Total assets measured and recorded at fair value | 3,570 | |
Embedded derivatives in connection with the issuance of debt and equity instruments | ||
Freestanding derivative instruments in connection with the issuance of equity instruments | ||
Total liabilities measured and recorded at fair value | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Money market funds | ||
Certificates of deposit | ||
Equity investment in SweeGen | ||
Total assets measured and recorded at fair value | ||
Embedded derivatives in connection with the issuance of debt and equity instruments | 6,560 | 4,203 |
Freestanding derivative instruments in connection with the issuance of equity instruments | 132,135 | 115,775 |
Total liabilities measured and recorded at fair value | $ 138,695 | $ 119,978 |
Note 3 - Fair Value Measureme44
Note 3 - Fair Value Measurement - Reconciliation for Compound Embedded Derivative Liability (Details) - Fair Value, Inputs, Level 3 [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Derivative Liability, Equity-related [Member] | |
Balance, compound embedded derivative liabilities | $ 112,368 |
Loss from change in fair value of derivative liabilities | 34,650 |
Derecognition upon extinguishment of derivative liabilities | (22,642) |
Balance, compound embedded derivative liabilities | 124,376 |
Derivative Liability, Debt-related [Member] | |
Balance, compound embedded derivative liabilities | 7,610 |
Loss from change in fair value of derivative liabilities | 6,709 |
Derecognition upon extinguishment of derivative liabilities | |
Balance, compound embedded derivative liabilities | 14,319 |
Derivative Financial Instruments, Liabilities [Member] | |
Balance, compound embedded derivative liabilities | 119,978 |
Loss from change in fair value of derivative liabilities | 41,359 |
Derecognition upon extinguishment of derivative liabilities | (22,642) |
Balance, compound embedded derivative liabilities | $ 138,695 |
Note 3 - Fair Value Measureme45
Note 3 - Fair Value Measurement - Market-based Assumption and Estimates for Compound Embedded Derivative Liabilities Valuation (Details) | 6 Months Ended | |
Jun. 30, 2018$ / shares | Jun. 30, 2017$ / shares | |
Share Price | $ 6.39 | $ 3.75 |
Estimated conversion dates | ||
Measurement Input, Risk Free Interest Rate [Member] | ||
Risk-free interest rate | ||
Measurement Input, Risk-adjusted Yields [Member] | ||
Risk-free interest rate | ||
Measurement Input, Probability of Change in Control [Member] | ||
Risk-free interest rate | 0.05 | |
Measurement Input, Credit Spread [Member] | ||
Risk-free interest rate | ||
Minimum [Member] | ||
Estimated conversion dates | 2,018 | 2,018 |
Minimum [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Risk-free interest rate | 0.0197 | 0.0168 |
Minimum [Member] | Measurement Input, Risk-adjusted Yields [Member] | ||
Risk-free interest rate | 0.151 | 0.184 |
Minimum [Member] | Measurement Input, Price Volatility [Member] | ||
Risk-free interest rate | 0.45 | 0.45 |
Minimum [Member] | Measurement Input, Probability of Change in Control [Member] | ||
Risk-free interest rate | 0 | |
Minimum [Member] | Measurement Input, Credit Spread [Member] | ||
Risk-free interest rate | 0.1296 | 0.1663 |
Maximum [Member] | ||
Estimated conversion dates | 2,025 | 2,025 |
Maximum [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Risk-free interest rate | 0.0285 | 0.024 |
Maximum [Member] | Measurement Input, Risk-adjusted Yields [Member] | ||
Risk-free interest rate | 0.2523 | 0.2853 |
Maximum [Member] | Measurement Input, Price Volatility [Member] | ||
Risk-free interest rate | 0.75 | 0.8 |
Maximum [Member] | Measurement Input, Probability of Change in Control [Member] | ||
Risk-free interest rate | 0.05 | |
Maximum [Member] | Measurement Input, Credit Spread [Member] | ||
Risk-free interest rate | 0.2298 | 0.267 |
Note 3 - Fair Value Measureme46
Note 3 - Fair Value Measurement - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Total debt | $ 165,844 | $ 156,900 |
Reported Value Measurement [Member] | ||
Total debt | $ 171,402 | $ 165,377 |
Note 4 - Debt (Details Textual)
Note 4 - Debt (Details Textual) - USD ($) | Jun. 29, 2018 | Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 |
Repayments of Long-term Debt, Total | $ 37,037,000 | $ 24,372,000 | ||
Loan Annual Amortization Percentage of Loan Accounts Outstanding | 2.50% | |||
Debt Instrument, Facility Charge, Percentage | 4.00% | 4.00% | ||
Debt Instrument, Origination Fee Amount | $ 1,400,000 | $ 1,400,000 | ||
Debt Instrument, Funded Amount and Other Closing Costs | 200,000 | 200,000 | ||
Debt Instrument, Agency Fee Amount Per Quarter | 25,000 | 25,000 | ||
Unamortized Debt Issuance Expense | 1,600,000 | 1,600,000 | ||
Proceeds from Issuance of Debt | $ 34,611,000 | $ 12,455,000 | ||
Debt Conversion, Original Debt, Amount | $ 0 | |||
Minimum [Member] | Prime Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | |||
Maximum [Member] | Prime Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 6.25% | |||
Hercules Technology Growth Capital, Inc. (Hercules) [Member] | Loan and Security Agreement [Member] | ||||
Repayments of Long-term Debt, Total | $ 27,300,000 | |||
Great American Capital Partners, LLC [Member] | Loan and Security Agreement [Member] | ||||
Debt Instrument, Face Amount | 36,000,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity | 35,000,000 | |||
Proceeds from Issuance of Debt | $ 36,000,000 |
Note 4 - Debt - Debt Components
Note 4 - Debt - Debt Components (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Debt, principal | $ 196,858 | $ 195,819 |
Unamortized Debt Discount | (25,456) | (30,442) |
Debt | 171,402 | 165,377 |
Debt, current | 109,656 | 56,943 |
Debt, noncurrent | 61,746 | 108,434 |
Convertible Debt [Member] | ||
Debt, principal | 66,307 | 70,900 |
Unamortized Debt Discount | (9,140) | (12,985) |
Debt | 57,167 | 57,915 |
Convertible Debt [Member] | The 2015 144A Notes [Member] | ||
Debt, principal | 37,887 | 37,887 |
Unamortized Debt Discount | (4,576) | (6,872) |
Debt | 33,311 | 31,015 |
Convertible Debt [Member] | The 2014 144A Notes [Member] | ||
Debt, principal | 24,004 | 24,004 |
Unamortized Debt Discount | (2,023) | (3,170) |
Debt | 21,981 | 20,834 |
Convertible Debt [Member] | December 2017 Convertible Note [Member] | ||
Debt, principal | 5,000 | |
Unamortized Debt Discount | (25) | |
Debt | 4,975 | |
Convertible Debt [Member] | August 2013 Convertible Notes [Member] | ||
Debt, principal | 4,416 | 4,009 |
Unamortized Debt Discount | (2,541) | (2,918) |
Debt | 1,875 | 1,091 |
Loans Payable [Member] | ||
Debt, principal | 53,891 | 47,410 |
Unamortized Debt Discount | (7,429) | (6,513) |
Debt | 46,462 | 40,897 |
Loans Payable [Member] | Great American Capital Partners, LLC Term Loan Facility [Member] | ||
Debt, principal | 36,000 | |
Unamortized Debt Discount | (1,596) | |
Debt | 34,404 | |
Loans Payable [Member] | Senior Secured Convertible Note [Member] | ||
Debt, principal | 28,566 | |
Unamortized Debt Discount | (253) | |
Debt | 28,313 | |
Loans Payable [Member] | Ginkgo Collaboration Note [Member] | ||
Debt, principal | 12,000 | 12,000 |
Unamortized Debt Discount | (4,599) | (4,983) |
Debt | 7,401 | 7,017 |
Loans Payable [Member] | Other Loans Payable [Member] | ||
Debt, principal | 5,696 | 6,463 |
Unamortized Debt Discount | (1,234) | (1,277) |
Debt | 4,462 | 5,186 |
Loans Payable [Member] | Other Credit Facilities [Member] | ||
Debt, principal | 195 | 381 |
Unamortized Debt Discount | ||
Debt | 195 | 381 |
Nonrelated Party Debt [Member] | ||
Debt, principal | 120,198 | 118,310 |
Unamortized Debt Discount | (16,569) | (19,498) |
Debt | 103,629 | 98,812 |
Related Party Convertible Notes [Member] | ||
Debt, principal | 51,604 | 50,116 |
Unamortized Debt Discount | (1,991) | (2,905) |
Debt | 49,613 | 47,211 |
Related Party Convertible Notes [Member] | The 2014 144A Notes [Member] | ||
Debt, principal | 24,705 | 24,705 |
Unamortized Debt Discount | (2,423) | (3,784) |
Debt | 22,282 | 20,921 |
Related Party Convertible Notes [Member] | August 2013 Convertible Notes [Member] | ||
Debt, principal | 23,199 | 21,711 |
Unamortized Debt Discount | 432 | 897 |
Debt | 23,631 | 22,608 |
Related Party Convertible Notes [Member] | Secured R&D Notes [Member] | ||
Debt, principal | 3,700 | 3,700 |
Unamortized Debt Discount | (18) | |
Debt | 3,700 | 3,682 |
Related Party Loan Payable [Member] | ||
Debt, principal | 25,056 | 27,393 |
Unamortized Debt Discount | (6,896) | (8,039) |
Debt | 18,160 | 19,354 |
Related Party Loan Payable [Member] | Other Loans Payable [Member] | ||
Debt, principal | 56 | 393 |
Unamortized Debt Discount | ||
Debt | 56 | 393 |
Related Party Loan Payable [Member] | DSM Note [Member] | ||
Debt, principal | 25,000 | 25,000 |
Unamortized Debt Discount | (6,896) | (8,039) |
Debt | 18,104 | 16,961 |
Related Party Loan Payable [Member] | Private Placement February 2016 [Member] | ||
Debt, principal | 2,000 | |
Unamortized Debt Discount | ||
Debt | 2,000 | |
Related Party Debt [Member] | ||
Debt, principal | 76,660 | 77,509 |
Unamortized Debt Discount | (8,887) | (10,944) |
Debt | $ 67,773 | $ 66,565 |
Note 4 - Debt - Long-term Debt
Note 4 - Debt - Long-term Debt Instruments (Details) $ in Thousands | Jun. 30, 2018USD ($) |
2018 (remaining six months) | $ 13,590 |
2,019 | 104,881 |
2,020 | 11,415 |
2,021 | 61,678 |
2,022 | 13,417 |
Thereafter | 2,528 |
Total future minimum payments | 207,509 |
Less: amount representing interest | (33,403) |
Add: amount mandatorily convertible into common stock upon maturity | (24,802) |
Less: future interest accruals to be converted to principal | (2,050) |
Present value of minimum debt payments | 196,858 |
Less: current portion of debt principal | (120,877) |
Noncurrent portion of debt principal | 75,981 |
Related Party Convertible Notes [Member] | |
2018 (remaining six months) | 2,580 |
2,019 | 69,334 |
2,020 | |
2,021 | |
2,022 | 13,417 |
Thereafter | |
Total future minimum payments | 71,914 |
Less: amount representing interest | (5,160) |
Add: amount mandatorily convertible into common stock upon maturity | |
Less: future interest accruals to be converted to principal | (447) |
Present value of minimum debt payments | 66,307 |
Less: current portion of debt principal | (66,307) |
Noncurrent portion of debt principal | |
Convertible Debt [Member] | |
2018 (remaining six months) | 3,323 |
2,019 | 1,627 |
2,020 | 1,626 |
2,021 | 1,627 |
2,022 | |
Thereafter | 2,528 |
Total future minimum payments | 24,148 |
Less: amount representing interest | (6,453) |
Add: amount mandatorily convertible into common stock upon maturity | |
Less: future interest accruals to be converted to principal | |
Present value of minimum debt payments | 17,695 |
Less: current portion of debt principal | (2,714) |
Noncurrent portion of debt principal | 14,981 |
Loans Payable [Member] | |
2018 (remaining six months) | 1,878 |
2,019 | 5,912 |
2,020 | 7,289 |
2,021 | 32,551 |
2,022 | |
Thereafter | |
Total future minimum payments | 47,630 |
Less: amount representing interest | (11,434) |
Add: amount mandatorily convertible into common stock upon maturity | |
Less: future interest accruals to be converted to principal | |
Present value of minimum debt payments | 36,196 |
Less: current portion of debt principal | (196) |
Noncurrent portion of debt principal | 36,000 |
Related Party Loan Payable [Member] | |
2018 (remaining six months) | 4,503 |
2,019 | 25,508 |
2,020 | |
2,021 | |
2,022 | |
Thereafter | |
Total future minimum payments | 30,011 |
Less: amount representing interest | (1,606) |
Add: amount mandatorily convertible into common stock upon maturity | (24,802) |
Less: future interest accruals to be converted to principal | (1,603) |
Present value of minimum debt payments | 51,604 |
Less: current portion of debt principal | (51,604) |
Noncurrent portion of debt principal | |
Credit Facility [Member] | |
2018 (remaining six months) | 1,306 |
2,019 | 2,500 |
2,020 | 2,500 |
2,021 | 27,500 |
2,022 | |
Thereafter | |
Total future minimum payments | 33,806 |
Less: amount representing interest | (8,750) |
Add: amount mandatorily convertible into common stock upon maturity | |
Less: future interest accruals to be converted to principal | |
Present value of minimum debt payments | 25,056 |
Less: current portion of debt principal | (56) |
Noncurrent portion of debt principal | $ 25,000 |
Note 5 - Mezzanine Equity (Deta
Note 5 - Mezzanine Equity (Details Textual) - $ / shares | Apr. 08, 2016 | Jun. 30, 2018 | Jun. 30, 2017 |
Share Price | $ 6.39 | $ 3.75 | |
Gates Foundation Purchase Agreement [Member] | |||
Share Price | $ 17.10 | ||
Compound Annual Return | 10.00% |
Note 5 - Mezzanine Equity - Mez
Note 5 - Mezzanine Equity - Mezzanine Equity (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Contingently Redeemable Common Stock [Member] | ||
Mezzanine Equity | $ 5 | $ 5 |
Note 6 - Stockholders' Defici52
Note 6 - Stockholders' Deficit (Details Textual) | Apr. 12, 2018USD ($)yr$ / sharesshares | Mar. 08, 2016USD ($) | Jun. 30, 2018USD ($)$ / shares | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)$ / sharesshares | Jun. 30, 2017USD ($) |
Proceeds from Warrant Exercises | $ 14,549,000 | |||||
Stock Issued During Period, Shares, Warrants Exercised | shares | 3,801,330 | 3,801,330 | ||||
Class of Warrants or Right, Issued in Period | shares | 3,616,174 | |||||
Gain on Extinguishment of Derivative Liability | $ 1,857,000 | $ 1,857,000 | ||||
At the Market Offering [Member] | ||||||
Common Stock, Value, Subscriptions | $ 50,000,000 | 0 | 0 | |||
Commission Rate | 3.00% | |||||
Stock Issued During Period, Value, New Issues | $ 191,639 | 205,168 | ||||
Proceeds from Issuance of Common Stock | $ 1,400,000 | |||||
At the Market Offering, Three Months Ended [Member] | ||||||
Shares Issued, Price Per Share | $ / shares | $ 6.91 | $ 6.91 | ||||
At The Market Offering, Six Months Ended [Member] | ||||||
Shares Issued, Price Per Share | $ / shares | $ 6.90 | $ 6.90 | ||||
May 2017 Warrants [Member] | ||||||
Proceeds from Warrant Exercises | $ 8,000,000 | |||||
Stock Issued During Period, Shares, Warrants Exercised | shares | 6 | |||||
Class of Warrants or Right, Issued in Period | shares | 3,616,174 | |||||
Class of Warrant or Right, Term | 1 year 75 days | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 7 | |||||
Warrants and Rights Outstanding | $ 9,400,000 | |||||
Loss on Extinguishment of Derivative Liability | $ 9,400,000 | |||||
May 2017 Warrants [Member] | Measurement Input, Price Volatility [Member] | ||||||
Warrants and Rights Outstanding, Measurement Input | 0.009 | |||||
May 2017 Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||||
Warrants and Rights Outstanding, Measurement Input | 0.0216 | |||||
May 2017 Warrants [Member] | Measurement Input, Expected Term [Member] | ||||||
Warrants and Rights Outstanding, Measurement Input | yr | 1.25 | |||||
May 2017 Warrants [Member] | Measurement Input, Expected Dividend Payment [Member] | ||||||
Warrants and Rights Outstanding, Measurement Input | 0 | |||||
May 2017 Warrants [Member] | Measurement Input, Exercise Price [Member] | ||||||
Warrants and Rights Outstanding, Measurement Input | 7 | |||||
May 2017 Warrants [Member] | Measurement Input, Share Price [Member] | ||||||
Warrants and Rights Outstanding, Measurement Input | 6.8 |
Note 6 - Stockholders' Defici53
Note 6 - Stockholders' Deficit - Warrant Activity (Details) - shares | Apr. 12, 2018 | Jun. 30, 2018 |
Number outstanding, beginning balance (in shares) | 29,921,844 | |
Additional Warrants Issued (in shares) | 3,616,174 | |
Exercises (in shares) | (3,801,330) | (3,801,330) |
Number outstanding, ending balance (in shares) | 29,736,688 | |
Warrant 1 [Member] | ||
Number outstanding, beginning balance (in shares) | 81,197 | |
Additional Warrants Issued (in shares) | ||
Exercises (in shares) | ||
Number outstanding, ending balance (in shares) | 81,197 | |
Warrant 2 [Member] | ||
Number outstanding, beginning balance (in shares) | 2,082,010 | |
Additional Warrants Issued (in shares) | ||
Exercises (in shares) | ||
Number outstanding, ending balance (in shares) | 2,082,010 | |
Warrant 3 [Member] | ||
Number outstanding, beginning balance (in shares) | 171,429 | |
Additional Warrants Issued (in shares) | ||
Exercises (in shares) | ||
Number outstanding, ending balance (in shares) | 171,429 | |
Warrant 4 [Member] | ||
Number outstanding, beginning balance (in shares) | 18,042,568 | |
Additional Warrants Issued (in shares) | ||
Exercises (in shares) | (3,801,330) | |
Number outstanding, ending balance (in shares) | 14,241,238 | |
Warrant 5 [Member] | ||
Number outstanding, beginning balance (in shares) | 3,968,116 | |
Additional Warrants Issued (in shares) | ||
Exercises (in shares) | ||
Number outstanding, ending balance (in shares) | 3,968,116 | |
Warrant 6 [Member] | ||
Number outstanding, beginning balance (in shares) | 5,575,118 | |
Additional Warrants Issued (in shares) | ||
Exercises (in shares) | ||
Number outstanding, ending balance (in shares) | 5,575,118 | |
Warrant 7 [Member] | ||
Number outstanding, beginning balance (in shares) | ||
Additional Warrants Issued (in shares) | 3,616,174 | |
Exercises (in shares) | ||
Number outstanding, ending balance (in shares) | 3,616,174 | |
Warrant 8 [Member] | ||
Number outstanding, beginning balance (in shares) | 1,406 | |
Additional Warrants Issued (in shares) | ||
Exercises (in shares) | ||
Number outstanding, ending balance (in shares) | 1,406 |
Note 7 - Variable-interest En54
Note 7 - Variable-interest Entities and Unconsolidated Investments - Variable Interest Entities (Details) - Variable Interest Entity, Primary Beneficiary [Member] - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Assets | $ 37,133 | $ 36,781 |
Liabilities | $ 1,873 | $ 3,187 |
Note 7 - Variable-interest En55
Note 7 - Variable-interest Entities and Unconsolidated Investments - Unconsolidated Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Equity investment in SweeGen | $ 3,570 | $ 3,233 |
Novvi LLC [Member] | ||
Equity-method investment, percentage | 20.00% | |
Equity-method investment | ||
Total Amyris Biosolutions B.V. [Member] | ||
Equity-method investment, percentage | 25.00% | |
Equity-method investment | ||
SweeGen, Inc. [Member] | ||
SweeGen, Inc. | 3.00% | |
Equity investment in SweeGen | $ 3,570 | $ 3,233 |
Note 8 - Net Loss Per Share A56
Note 8 - Net Loss Per Share Attributable to Common Stockholders - Calculation of Basic and Diluted Net Loss Per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net income (loss) attributable to Amyris, Inc. | $ 1,533 | $ 620 | $ (89,963) | $ (36,751) |
Less deemed dividend on capital distribution to related parties | (8,648) | (8,648) | ||
Less deemed dividend related to beneficial conversion feature on Series A preferred stock | (562) | (562) | ||
Less cumulative dividends on Series A and B preferred stock | (399) | (1,675) | (794) | (1,675) |
Less earnings allocated to participating securities | (67) | |||
Net income (loss) attributable to Amyris, Inc. common stockholders, basic | 1,067 | (10,265) | (90,757) | (47,636) |
Earnings allocated to participating securities | 67 | |||
Gain from change in fair value of dilutive common stock warrants | (13,421) | |||
Interest on dilutive convertible debt | 357 | |||
Accretion of debt discount | (99) | |||
Gain from change in fair value of derivative instruments | (5,765) | |||
Net loss attributable to Amyris, Inc. common stockholders, diluted | $ (17,794) | $ (10,265) | $ (90,757) | $ (47,636) |
Weighted-average shares of common stock outstanding used in computing net income (loss) per share of common stock, basic (in shares) | 54,932,411 | 23,155,874 | 53,076,975 | 21,226,013 |
Net income (loss) per share attributable to common stockholders, basic (in dollars per share) | $ 0.02 | $ (0.44) | $ (1.71) | $ (2.24) |
Effect of dilutive convertible debt (in shares) | 2,709,323 | |||
Effect of dilutive common stock warrants (in shares) | 3,088,002 | |||
Weighted-average common stock equivalents used in computing net loss per share of common stock, diluted (in shares) | 60,729,736 | 23,155,874 | 53,076,975 | 21,226,013 |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.29) | $ (0.44) | $ (1.71) | $ (2.24) |
Note 8 - Net Loss Per Share A57
Note 8 - Net Loss Per Share Attributable to Common Stockholders - Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Antidilutive securities (in shares) | 38,562,796 | 24,806,045 | 47,422,410 | 24,806,045 | |
Stock Options to Purchase Common Stock [Member] | |||||
Antidilutive securities (in shares) | 5,424,330 | 997,275 | 5,424,330 | 997,275 | |
Convertible Promissory Notes [Member] | |||||
Antidilutive securities (in shares) | [1] | 5,695,615 | 6,270,734 | 8,390,819 | 6,270,734 |
Period-end Common Stock Warrants [Member] | |||||
Antidilutive securities (in shares) | 18,177,362 | 16,871,700 | 24,341,772 | 16,871,700 | |
Restricted Stock Units (RSUs) [Member] | |||||
Antidilutive securities (in shares) | 5,211,584 | 666,336 | 5,211,584 | 666,336 | |
Period-end Preferred Stock [Member] | |||||
Antidilutive securities (in shares) | 4,053,905 | 4,053,905 | |||
[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 9 - Commitments and Cont58
Note 9 - Commitments and Contingencies (Details Textual) R$ in Millions, $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018USD ($) | Jun. 30, 2018BRL (R$) | Dec. 31, 2017USD ($) | Dec. 31, 2017BRL (R$) | |
FINEP Credit Facility [Member] | Chattel Mortgage [Member] | ||||
Research and Development Asset Acquired Other than Through Business Combination, Fair Value Acquired | $ 1.6 | R$ 6 | $ 1.8 | R$ 6 |
Note 9 - Commitments and Cont59
Note 9 - Commitments and Contingencies - Future Minimum Payments for Lease Obligations (Details) $ in Thousands | Jun. 30, 2018USD ($) |
2018 (remaining six months) | $ 424 |
2018 (remaining six months) | 4,941 |
2018 (remaining six months) | 5,365 |
Capital leases 2019 | 451 |
Operating leases 2019 | 8,755 |
Total lease obligations 2019 | 9,206 |
Capital leases 2020 | 125 |
Operating leases 2020 | 7,017 |
Total lease obligations 2020 | 7,142 |
Capital leases 2021 | |
Operating leases 2021 | 7,241 |
Total lease obligations 2021 | 7,241 |
Capital leases 2022 | |
Operating leases 2022 | 7,414 |
Total lease obligations 2022 | 7,414 |
Capital leases thereafter | |
Operating leases thereafter | 3,281 |
Total lease obligations thereafter | 3,281 |
Total future minimum capital lease payments | 1,000 |
Total future minimum operating lease payments | 38,649 |
Total future minimum lease payments | 39,649 |
Less: amount representing interest | (49) |
Present value of minimum lease payments | 951 |
Less: current portion | (583) |
Long-term portion | $ 368 |
Note 10 - Revenue Recognition60
Note 10 - Revenue Recognition and Contract Assets and Liabilities (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | 24 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2016 | |
Increase (Decrease) in Contract with Customer, Liability | $ 3,959 | $ (838) | |||
Contract with Customer, Liability, Current | 9,643 | $ 9,643 | $ 4,880 | ||
Givaudan International, SA [Member] | Collaborative Arrangement [Member] | |||||
Receivable from Collaborators | $ 12,000 | ||||
Proceeds from Collaborators | 0 | ||||
Royalty [Member] | |||||
Contract with Customer, Liability, Revenue Recognized | 3,300 | ||||
Accounting Standards Update 2014-09 [Member] | |||||
Increase (Decrease) in Contract with Customer, Liability | 4,800 | ||||
Contract with Customer, Liability, Current | $ 800 | $ 800 |
Note 10 - Revenue Recognition61
Note 10 - Revenue Recognition and Contract Assets and Liabilities - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues | $ 23,194 | $ 25,679 | $ 46,192 | $ 38,660 |
Product [Member] | ||||
Revenues | 6,633 | 9,892 | 11,828 | 17,929 |
Licenses and Royalties [Member] | ||||
Revenues | 6,887 | 5,497 | 18,324 | 5,752 |
Grants and Collaborations [Member] | ||||
Revenues | 9,674 | 10,290 | 16,040 | 14,979 |
UNITED STATES | ||||
Revenues | 6,963 | 11,944 | 10,133 | 15,040 |
UNITED STATES | Product [Member] | ||||
Revenues | 2,339 | 1,902 | 4,301 | 2,998 |
UNITED STATES | Licenses and Royalties [Member] | ||||
Revenues | 2,663 | 2,673 | ||
UNITED STATES | Grants and Collaborations [Member] | ||||
Revenues | 4,624 | 7,379 | 5,832 | 9,369 |
Europe [Member] | ||||
Revenues | 14,188 | 3,737 | 31,560 | 9,112 |
Europe [Member] | Product [Member] | ||||
Revenues | 2,987 | 749 | 5,421 | 3,307 |
Europe [Member] | Licenses and Royalties [Member] | ||||
Revenues | 6,887 | 202 | 18,324 | 446 |
Europe [Member] | Grants and Collaborations [Member] | ||||
Revenues | 4,314 | 2,786 | 7,815 | 5,359 |
Asia [Member] | ||||
Revenues | 1,113 | 9,918 | 2,791 | 14,352 |
Asia [Member] | Product [Member] | ||||
Revenues | 1,113 | 7,161 | 1,791 | 11,468 |
Asia [Member] | Licenses and Royalties [Member] | ||||
Revenues | 2,632 | 2,633 | ||
Asia [Member] | Grants and Collaborations [Member] | ||||
Revenues | 125 | 1,000 | 251 | |
South America [Member] | ||||
Revenues | 930 | 80 | 1,608 | 144 |
South America [Member] | Product [Member] | ||||
Revenues | 194 | 80 | 215 | 144 |
South America [Member] | Licenses and Royalties [Member] | ||||
Revenues | ||||
South America [Member] | Grants and Collaborations [Member] | ||||
Revenues | 736 | 1,393 | ||
Other Area [Member] | ||||
Revenues | 100 | 12 | ||
Other Area [Member] | Product [Member] | ||||
Revenues | 100 | 12 | ||
Other Area [Member] | Licenses and Royalties [Member] | ||||
Revenues | ||||
Other Area [Member] | Grants and Collaborations [Member] | ||||
Revenues |
Note 10 - Revenue Recognition62
Note 10 - Revenue Recognition and Contract Assets and Liabilities - Revenue in Connection With Significant Revenue Agreement (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues | $ 23,194 | $ 25,679 | $ 46,192 | $ 38,660 |
Significant Revenue Agreement [Member] | ||||
Revenues | 17,501 | 15,308 | 36,225 | 23,022 |
DSM International B.V. [Member] | Significant Revenue Agreement [Member] | ||||
Revenues | 8,624 | 149 | 21,414 | 149 |
Givaudan International, SA [Member] | Significant Revenue Agreement [Member] | ||||
Revenues | 3,467 | 1,500 | 6,043 | 3,619 |
Firmenich [Member] | Significant Revenue Agreement [Member] | ||||
Revenues | 1,219 | 2,339 | 2,730 | 4,655 |
Nenter & Co., Inc. [Member] | Significant Revenue Agreement [Member] | ||||
Revenues | 6,649 | 1,000 | 8,957 | |
DARPA [Member] | Significant Revenue Agreement [Member] | ||||
Revenues | 4,191 | 4,671 | 5,038 | 5,642 |
All Other Customers [Member] | ||||
Revenues | 5,693 | 10,371 | 9,967 | 15,638 |
Renewable Products [Member] | ||||
Revenues | 6,633 | 9,892 | 11,828 | 17,929 |
Renewable Products [Member] | Significant Revenue Agreement [Member] | ||||
Revenues | 2,109 | 4,016 | 3,391 | 7,941 |
Renewable Products [Member] | DSM International B.V. [Member] | Significant Revenue Agreement [Member] | ||||
Revenues | ||||
Renewable Products [Member] | Givaudan International, SA [Member] | Significant Revenue Agreement [Member] | ||||
Revenues | 2,109 | 3,184 | 619 | |
Renewable Products [Member] | Firmenich [Member] | Significant Revenue Agreement [Member] | ||||
Revenues | 207 | 998 | ||
Renewable Products [Member] | Nenter & Co., Inc. [Member] | Significant Revenue Agreement [Member] | ||||
Revenues | 4,016 | 6,324 | ||
Renewable Products [Member] | DARPA [Member] | Significant Revenue Agreement [Member] | ||||
Revenues | ||||
Renewable Products [Member] | All Other Customers [Member] | ||||
Revenues | 4,524 | 5,876 | 8,437 | 9,988 |
Licenses and Royalties [Member] | ||||
Revenues | 6,887 | 5,497 | 18,324 | 5,752 |
Licenses and Royalties [Member] | Significant Revenue Agreement [Member] | ||||
Revenues | 6,887 | 2,835 | 18,324 | 3,079 |
Licenses and Royalties [Member] | DSM International B.V. [Member] | Significant Revenue Agreement [Member] | ||||
Revenues | 6,887 | 18,287 | ||
Licenses and Royalties [Member] | Givaudan International, SA [Member] | Significant Revenue Agreement [Member] | ||||
Revenues | ||||
Licenses and Royalties [Member] | Firmenich [Member] | Significant Revenue Agreement [Member] | ||||
Revenues | 202 | 37 | 446 | |
Licenses and Royalties [Member] | Nenter & Co., Inc. [Member] | Significant Revenue Agreement [Member] | ||||
Revenues | 2,633 | 2,633 | ||
Licenses and Royalties [Member] | DARPA [Member] | Significant Revenue Agreement [Member] | ||||
Revenues | ||||
Licenses and Royalties [Member] | All Other Customers [Member] | ||||
Revenues | 2,662 | 2,673 | ||
Grants and Collaborations [Member] | ||||
Revenues | 9,674 | 10,290 | 16,040 | 14,979 |
Grants and Collaborations [Member] | Significant Revenue Agreement [Member] | ||||
Revenues | 8,505 | 8,457 | 14,510 | 12,002 |
Grants and Collaborations [Member] | DSM International B.V. [Member] | Significant Revenue Agreement [Member] | ||||
Revenues | 1,737 | 149 | 3,127 | 149 |
Grants and Collaborations [Member] | Givaudan International, SA [Member] | Significant Revenue Agreement [Member] | ||||
Revenues | 1,358 | 1,500 | 2,859 | 3,000 |
Grants and Collaborations [Member] | Firmenich [Member] | Significant Revenue Agreement [Member] | ||||
Revenues | 1,219 | 2,137 | 2,486 | 3,211 |
Grants and Collaborations [Member] | Nenter & Co., Inc. [Member] | Significant Revenue Agreement [Member] | ||||
Revenues | 1,000 | |||
Grants and Collaborations [Member] | DARPA [Member] | Significant Revenue Agreement [Member] | ||||
Revenues | 4,191 | 4,671 | 5,038 | 5,642 |
Grants and Collaborations [Member] | All Other Customers [Member] | ||||
Revenues | $ 1,169 | $ 1,833 | $ 1,530 | $ 2,977 |
Note 10 - Revenue Recognition63
Note 10 - Revenue Recognition and Contract Assets and Liabilities - Contract Balances (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | |
Unbilled receivable, current | $ 12,683 | $ 9,340 | |
Unbilled receivable, noncurrent | 9,747 | 7,940 | |
Deferred revenue, current | 9,643 | 4,880 | |
Deferred revenue, noncurrent | [1] | 383 | 383 |
Accounts receivable, net | $ 26,814 | $ 24,281 | |
[1] | As of June 30, 2018 and December 31, 2017, deferred revenue, noncurrent is presented in Other Noncurrent Liabilities in the consolidated balance sheets because of its insignificance. |
Note 10 - Revenue Recognition64
Note 10 - Revenue Recognition and Contract Assets and Liabilities - Remaining Performance Obligations (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-07-01 | |
Remaining performance obligation | $ 4,032 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Remaining performance obligation | 6,338 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Remaining performance obligation | 6,338 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Remaining performance obligation | 572 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Remaining performance obligation | $ 17,280 |
Note 11 - Related Party Trans65
Note 11 - Related Party Transactions - Related Party Accounts Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts receivable, net | $ 16,685 | $ 5,328 |
Unbilled receivable, current | 12,683 | 9,340 |
Unbilled receivable, noncurrent | 9,747 | 7,940 |
DSM International B.V. [Member] | ||
Accounts receivable, net | 15,829 | 3,483 |
Unbilled receivable, current | 12,683 | 9,340 |
Unbilled receivable, noncurrent | 9,747 | 7,940 |
Novvi LLC [Member] | ||
Accounts receivable, net | 472 | 1,607 |
Total [Member] | ||
Accounts receivable, net | $ 384 | $ 238 |
Note 12 - Stock-based Compens66
Note 12 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
May 31, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Performance-based Stock Options, Grant Date Fair Value | $ 5,100 | $ 5,100 | |||
Allocated Share-based Compensation Expense, Total | $ 1,900 | $ 1,038 | $ 3,178 | $ 2,684 | |
Chief Executive Officer [Member] | |||||
Purchasable Shares Under Performance Based Options | 3,250,000 | 3,250,000 | |||
Performance-Based Stock Options, Exercise Price | $ 5.08 | ||||
Chief Executive Officer [Member] | Minimum [Member] | |||||
Performance-Based Stock Options Contingently Available for Issuance | 0 | 0 | |||
Chief Executive Officer [Member] | Maximum [Member] | |||||
Performance-Based Stock Options Contingently Available for Issuance | 3,250,000 | 3,250,000 | |||
Equity Incentive Plan, 2010 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 9,000,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee | 4,000,000 | ||||
Employee Stock Purchase Plan, 2010 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 1,000,000 | ||||
Employee Stock Option [Member] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 36,000 | $ 36,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 255 days | ||||
Performance-based Stock Options [Member] | |||||
Performance-Based Stock Options, Exercise Price | $ 5.08 | ||||
Allocated Share-based Compensation Expense, Total | $ 100 | $ 100 |
Note 12 - Stock-based Compens67
Note 12 - Stock-based Compensation - Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Outstanding (in shares) | 1,338,367 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 33.40 | |
Outstanding, weighted average remaining contractual life (Year) | 9 years 73 days | 7 years 255 days |
Outstanding, aggregate intrinsic value | $ 8,541 | $ 97 |
Granted (in shares) | 4,192,476 | |
Granted, weighted average exercise price (in dollars per share) | $ 5.12 | |
Exercised (in shares) | (43,055) | |
Exercised, weighted average exercise price (in dollars per share) | $ 3.68 | |
Forfeited or expired (in shares) | (63,458) | |
Forfeited or expired, weighted average exercise price (in dollars per share) | $ 29.29 | |
Outstanding (in shares) | 5,424,330 | 1,338,367 |
Outstanding, weighted average exercise price (in dollars per share) | $ 11.83 | $ 33.40 |
Vested or expected to vest after June 30, 2018 (in shares) | 4,981,859 | |
Vested and expected to vest after June 30, 2018, weighted average exercise price (in dollars per share) | $ 12.42 | |
Vested and expected to vest after June 30, 2018, weighted average remaining contractual life (Year) | 9 years 73 days | |
Vested and expected to vest after June 30, 2018, aggregate intrinsic value | $ 7,790 | |
Exercisable at June 30, 2018 (in shares) | 949,237 | |
Exercisable at June 30, 2018, weighted average exercise price (in dollars per share) | $ 42.07 | |
Exercisable at June 30, 2018, weighted average remaining contractual life (Year) | 6 years 255 days | |
Exercisable at June 30, 2018, aggregate intrinsic value | $ 1,119 |
Note 12 - Stock-based Compens68
Note 12 - Stock-based Compensation - Temporal Display of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Outstanding, RSUs (in shares) | 683,554 | |
Outstanding, weighted average grant-date fair value (in dollars per share) | $ 8.62 | |
Outstanding, weighted average remaining contractual life (Year) | 2 years 10 days | 1 year 146 days |
Awarded (in shares) | 4,712,787 | |
Awarded (in dollars per share) | $ 5.27 | |
RSUs released (in shares) | (144,572) | |
RSUs released (in dollars per share) | $ 11.18 | |
RSUs forfeited (in shares) | (37,879) | |
RSUs forfeited (in dollars per share) | $ 7.01 | |
Outstanding, RSUs (in shares) | 5,213,890 | 683,554 |
Outstanding, weighted average grant-date fair value (in dollars per share) | $ 5.53 | $ 8.62 |
Vested or expected to vest after June 30, 2018 (in shares) | 4,927,426 | |
Vested or expected to vest after June 30, 2018 (in dollars per share) | $ 5.54 | |
Vested or expected to vest after June 30, 2018 (Year) | 2 years |
Note 12 - Stock-based Compens69
Note 12 - Stock-based Compensation - Employee Service Share-based Compensation, Allocation of Recognized Period Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Allocated share-based compensation expense | $ 1,900 | $ 1,038 | $ 3,178 | $ 2,684 |
Research and Development Expense [Member] | ||||
Allocated share-based compensation expense | 333 | 441 | 696 | 925 |
Selling, General and Administrative Expenses [Member] | ||||
Allocated share-based compensation expense | $ 1,567 | $ 597 | $ 2,482 | $ 1,759 |
Note 12 - Stock-based Compens70
Note 12 - Stock-based Compensation - Share-based Payment Award, Stock Options, Valuation Assumptions (Details) - Employee Stock Option [Member] | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Expected dividend yield | ||||
Risk-free interest rate | 2.70% | 1.80% | 2.70% | 1.80% |
Expected term (in years) (Year) | 6 years 313 days | 5 years 138 days | 6 years 310 days | 5 years 138 days |
Expected volatility | 79.60% | 85.70% | 79.70% | 85.70% |
Note 12 - Stock-based Compens71
Note 12 - Stock-based Compensation - Share-based Payment Award, Stock Options with Performance, Valuation Assumptions (Details) - Performance-based Stock Options [Member] | 6 Months Ended |
Jun. 30, 2018$ / shares | |
Fair value of the Company’s common stock on grant date (in dollars per share) | $ 5.08 |
Expected volatility | 70.00% |
Risk-free interest rate | 2.75% |
Dividend yield | 0.00% |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) - USD ($) $ in Thousands | Jul. 02, 2018 | Jun. 30, 2018 | Jun. 30, 2017 |
Repayments of Long-term Debt, Total | $ 37,037 | $ 24,372 | |
Secured R&D Notes [Member] | Subsequent Event [Member] | Related Party Convertible Notes [Member] | |||
Repayments of Long-term Debt, Total | $ 3,700 |