Transcript Board of Directors Meeting

Investor Presentation
September 2014
Cautionary Note re: Forward Looking Statements
This presentation and oral statements accompanying this presentation contain forward-looking
statements, and any statements other than statements of historical facts could be deemed to be
forward-looking statements. These forward-looking statements include, among other things,
statements regarding Amyris’s product pipeline, sizes of markets that may be addressed by
Amyris’s current and potential products, Amyris’s expected product pipeline, expected cash
inflows from collaborations and product sales, product revenue pipeline and potential size,
financial trends and outlook, operation of production facilities, commercial relationships, and
Amyris’s projected financial results, including cash inflows, operating expenses, earnings and
cash payback from a manufacturing plant, that involve risks and uncertainties. These statements
and other forward-looking statements that may be provided in the presentation and/or oral
statements accompanying it are based on management’s estimates and current expectations and
actual results and future events may differ materially due to changes in Amyris’s business and
various risks and uncertainties, including those associated with any delays or failures in
development, production and commercialization of products, liquidity and ability to fund capital
expenditures, Amyris’s reliance on third parties to achieve its goals, and other risks detailed in the
“Risk Factors” section of Amyris’s quarterly report on Form 10-Q filed on August 8, 2014. Amyris
disclaims any obligation to update information contained in these forward-looking statements
whether as a result of new information, future events, or otherwise.
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Copyright © 2012 Amyris, Inc. All rights reserved.
Non-GAAP Measures
This presentation and oral statements accompanying this presentation contains both GAAP and
non-GAAP financial information, because the Company considers non-GAAP information to be a
helpful measure to assess its operational performance and for financial and operational decisionmaking. The Company's non-GAAP financial information excludes stock-based compensation,
loss on purchase commitments and write off of production assets, depreciation and amortization,
gains and losses from changes in fair value of derivatives and debt extinguishment, but adds
back accounts receivable, deferred revenue and funding associated with collaborations. A
reconciliation of the non-GAAP financial measures presented in this presentation to their GAAP
equivalents, is provided in the Company’s Q2’2014 earnings press release dated August 7, 2014.
Additionally, please note during this presentation, we may discuss historical non-GAAP financial
measures. For each non-GAAP financial measure discussed a presentation of the most directly
comparable GAAP financial measure and a reconciliation of the difference between the nonGAAP financial measure discussed and the most directly comparable GAAP measure is available
in the Investor Relations section of the Company’s website at www.amyris.com.
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Copyright © 2012 Amyris, Inc. All rights reserved.
OVERVIEW
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The Industrial Bioscience Company
KEY FINANCIAL OUTLOOK
 Proven technology, multiple molecules
 Operating at industrial manufacturing scale
 Differentiated & proven business model
Renewable Products CAGR
100% Y-o-Y
Cash Gross Margin Range
50-60%
Molecules in Pipeline
Over 20
Average Selling Price per Liter
Near $10
AMYRIS BIOREFINERY IN 2ND YEAR OF OPERATION
COMPANY HIGHLIGHTS
• Founded in 2003 by post-doctoral fellows
from the University of California, Berkeley
• Headquartered in the San Francisco Bay
Area and with operations in Brazil
• 395 full-time employees (27% of US
employees are PhDs)
• Over 135 issued patents and nearly 300
pending applications
LEADING INVESTORS
BIOLDING
investment
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Milestones of an Industrial Bioscience Company
Signed collaboration
agreement with Total
Signed collaboration
agreement with
Firmenich for F&F
Signed collaboration
agreements with
Awarded $8MM
DARPA contract
Secured downstream
processing facility in
the U.S.
2010
Launched IPO and
listed on NASDAQ
Expanded Firmenich
collaboration
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Signed F&F
collaboration with IFF
2011
Amyris sells diesel in a
bus fleet - Brazil Diesel
de Cana TM
Expanded partnership
products
Formed fuels joint
venture with Total
Further expanded
Firmenich
collaboration
2012
First renewable jet fuel
demo flight
VW partners with
Amyris to promote
automotive uses of
renewable fuels
Expanded collaboration
in farnesene-based
polymers
Sanofi begins production
of anti-malarial drug
2013
First commercial
shipment from Brotas
Amyris-Total demo
flight in Airbus 321
(Paris Air Show)
Added multiple new
collaborations
Amyris-Total
renewable jet fuel
begins
commercialization
2014
Advanced innovative
collaboration to develop
ingredients for F&F markets
Continued to expand
squalane sales
Board of Directors
Philippe Boisseau
John Doerr
Nam-Hai Chua*
HH Sheikh Abdullah
bin Khalifa Al Thani
Patrick Yang
Carole Piwnica
BIOLDING
INVESTMENTS
Fernando Reinach
John Melo
* Dr. Chua is appointed by Temasek Holdings
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Geoff Duyk
Neil Williams
Industry Leading Product Portfolio
C O N S U ME R C A R E
COSMETICS
s q u al ane
hemi
s q u al ane
P E R F O R MA N C E
MA TE R I A L S
R E N EW AB LE
MO B I L I TY
L U B R I C AN TS
p o l y m e rs
diesel
e n g i ne
s o l v en ts
jet
t r a n sfo rm er
AROMAS
f r a g r anc e o i l s
a d h e s iv es
& c o a ti ngs
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Copyright © 2012 Amyris, Inc. All rights reserved.
h yd r a ulic
WHERE WE ARE
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Four Challenges for Industrial Biosciences
1. Technology
Pace
4. Funding
Accessibility
2. Manufacturing
Scale-Up
3. Top Line
Build-Up
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Technology Pace
Tested and Proven Platform
Build:
Robotics &
Automation
 Developed high-throughput
strain engineering system to
code and screen over 100,000
yeast strains per month at 95%
lower cost
 Generated over 600,000
unique farnesene strains in
past year, surpassing 3 million
strains
 Tested over 5,000 unique
strains in actual fermentation to
date and now predict 200,000
liter fermentation performance
from 2-liter scale tests
Design based on learnings
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Test: 100,000 strains/month
 Reduced time to target
isoprenoid molecule from years
to months, with thousands of
molecules to be accessed
Technology Pace
Tested and Proven Platform
Cosmetics
Target Market
Characteristics
• Cosmetic
Emollients
Aromas
Price & Supply
Volatility
Consumer
Demand for
Naturals
Build Strains
Test Strains and Processes
Manufacture
Millions
strains per
month
120,000
strains
per month
60 strains
per month
2 strains
per month
2 to 4
strains
per year
Mutagenesis,
Meiosis &
Automated
Strain
Engineering
96-well
Screening
0.5 & 2 Liter
Fermentation
300 Liter
Fermentation
& Recovery
200,000 Liter
Fermentation
& Recovery
• Flavors &
Fragrances
Perf. Materials
• Polymers
• Solvents
and Fluids
Fuels
• Diesel
• Jet Fuel
Need for Higher
Performance at
Competitive Price
Lubricants
• Base Oils
• Finished Lubricants
LEADING COLLABORATION PARTNERS
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Technology Pace:
Robust Strain Pipeline Progress
Amyris “Best of Breed”
Organism Development
Farnesene
Second Generation
 Unique ability to engineer robust
strains at industrial scale
 Proprietary processes to validate
yeast production capability
 The only “big data” repository of
yeast design data
Farnesene
First Generation
Fragrance 1
Fragrance 2
Fragrance 3
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Manufacturing Scale-Up:
Integrated Scale-Up
PRODUCTION COST EVOLUTION
50
40
30
($/L, non-GAAP)
Feedstock currently
represents over 50%
of the farnesene cost
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Lab
2L
Pilot Plant
300 L
Lab
2 L scale
Pilot Plant
300 L
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10
0
Demo Plant
5,000 L
Production
6 x 200,000 L
Manufacturing Scale-Up:
Biotech Regulations
● Application requirements are vast
yet the required tests are not
explicitly dictated
● Amyris has developed in-house
expertise in risk assessments that
have been accepted by CTNBio
● We’re one of three companies
(the first one) to obtain
commercial approval for two
strains and maintain CQBs in
Campinas and Brotas

Amyris’s Farnesene Yeast

Solazyme’s Algae

GranBio’s Cellulosic Yeast
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Project
Construction
Import
Export
Transport
Transfer
Handling
Cultivation
Production
Storage
Release
Disposal
Under Brazil’s 2005 Biosafety Law, regulatory
approval is required for every stage of process.
In the case of a microorganism such as GMO
yeast, a “CQB” (BioSafety Quality Certificate) is
required at every stage until the strain is
commercially approved.
Top Line Build-Up:
Current Addressable Market
$1.6T
Over $1 Trillion Total Addressable
Market Ahead
Over $100 Billion Addressable Market
at Current Commercial Performance
$212B
$123B
$40B
$9B
$4B
Emollients,
Moisturizers, Film
Formers
F&F Ingredients
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$18B
Elastomers and
Synthetic Rubbers &
Plastic Additives
Auto & Industrial
Lubricants
Bulk Polymers,
Coatings, Adhesives
and Polyolefins
Jet Fuel
Diesel Fuel
Top Line Build-Up:
Diverse Product Mix to Drive Growth
Collaboration Inflows and Product Revenue ($M)
$600
$500
Performance Materials
$400
F&F
$300
Cosmetics
$200
Fuels & Lubes
$100
Collaborations
$0
2013
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2014
2015
2016
2017
Top-Line Build-Up:
$1B Product Revenue Pipeline
 Liquid
Farnesene Rubber*
 Multiple Fragrances
 Solid Farnesene
Rubber*, Elastomers
(e.g. sealants,
adhesives)
 Diesel
 Cleaning Solvent
 Vitamins
 Fragrance Ingredients
 Squalane
 Hemisqualane
 3 from Farnesene
 Patchouli
 Jet Fuel
 Pharma
 Nutraceuticals
 Agroscience
 Flavors, Cosmetics,
Polymers
 3 from New Strains*
*Development in partnership
Opportunity
(Assessment)
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Co-Engineering
(Feasibility)
Current Engineering
(Development)
2014 First Revenue
(Launch)
Commercial Business
(Ongoing Revenue)
Funding Accessibility:
Over $800M Invested to Date
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Funding Accessibility:
Quality Capital Structure
Leading Equity Holders
Current Debt Breakdown by Maturity
350.0
($ in millions, as of June 2014)
300.0
23.6
250.0
75.0
2.2
200.0
34.0
$306.3M Debt Breakdown by Holder
306.3
150.0
54.6
($ in millions, as of June 2014)
6.1
Hercules
Term Loan
Development
Banks & Project
Financing
100.0
30.0
31.9
78.8
TOTAL
Convertibles
$53.4 Converts
TOTAL R&D
78.4
50.0
Institutional
Holders of
Convertibles
91.3
72.0
Temasek
Convertibles
$25.0 Converts
Fidelity
30.0
-
0.2
Nov'14
2.2
Mar'15
Feb'17
Mar'17
Dec'17
Converts
BNDES
Glycotech Pre-Export Hercules TOTAL R&D Project
Financing Financing Term Loan
Fidelity Financing
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Oct'18
Jan'19
NOTE: Equity ownership percentages are based on shares of common stock currently outstanding (excluding convertible notes); Debt breakdown for illustration purposes, loans from Development Banks
and Hercules are shown as bullet at maturity, although they have their principal amortizing during their terms. Debt does not include about $2.5 million in working capital.
Copyright © 2012 Amyris, Inc. All rights reserved.
Apr'19
FINEP
Tranche I Tranche II
Project
Converts Converts
Financing
May'19
Jul'22
144A
Converts
BNDES
Project
Financing
Total
Debt
Funding Accessibility:
Healthy Financial Trends (Non-GAAP)
Growing Collaboration
Inflows and Product Sales (1)
Cash Used in Operations
to Turn Positive (2)
Reduced Cash
Operating Expenses (1)
$113
$116
$73
$80-85
$85
$70
$46
$41
YTD
$26
YTD
2012
2013
$27
YTD
1H 2014 14 Forecast
2012
Lower Capital
Expenditures
2013
1H 2014 14 Forecast
2012
2013
Cash Balance Improving
$90
YTD
$57
$31
2012
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(1)
(2)
$8
$2
YTD
$8-10
2013
1H 2014
14
Forecast
$8
2012
2013
1H 2014 14 Forecast
For a definition of non-GAAP Collaboration Inflows and Product Sales, refer to the Q2 2014 earnings release
Includes non-GAAP Collaboration Inflows and Product Sales less non-GAAP Cost of Products Sold, and non-GAAP R&D and SG&A. Refer to the Q2 earnings release.
Copyright © 2012 Amyris, Inc. All rights reserved.
1H 2014 14 Forecast
Summary
● Leading industrial synthetic biology technology, transforming how materials are made
across all sectors and the technology enabling sustainable growth for the world’s
leading brands
● Only independent company in the sector that has successfully scaled its biotechnology
platform at its own industrial scale plant
● Strong pipeline that supports long-term profitability and growth built on
commercialization of first three molecules
● World class board and management team, supported by some of the leading global
investors
● Strong product revenue growth and consistent cash inflows from
multi-year partner collaborations
● Track record of capital efficient partnerships
● Capital raise accelerates growth initiatives
● Strong financial position to support our growth
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Copyright © 2012 Amyris, Inc. All rights reserved.
RECENT HIGHLIGHTS
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Operational Performance
● Brotas biorefinery achieved best
operational performance to date
– Farnesene production and finishing
costs continue to decrease
– Fragrance oil production ongoing
as planned
● Met collaboration milestones and
expanded with current and new
partners
– Natura becomes first cosmetics
collaboration
– Braskem joined our isoprene
project
● Received industry validation for
our jet fuel, with initial production,
shipments completed and sales
underway
AMYRIS BIOREFINERY IN OPERATION
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Commercialization Update
C O N S U ME R C A R E
P E R F O R MA N C E
MA TE R I A L S
 Received “quasi-drug” approval for
Neossance® Squalane in Japan, opening
significant market for new uses
 Braskem joined
ongoing isoprene
collaboration
 Launched Neossance® Hemisqualane,
our second emollient ingredient, with
customer interest
 Launched our
solvent product to
address VOC and
performance
needs
 Ongoing production and shipments of our
first fragrance oil and have strong
demand for new fragrance ingredients in
R&D pipeline
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 Continued
progress in liquid
polymer product
with Kuraray
R E N EW AB LE
MO B I L I TY
 ASTM spec for jet
fuel now includes
10% farnesane
blends of AmyrisTotal fuel
 First commercial
flight in July with
GOL airlines
 Resumed sales of
Diesel de Cana™
in Brazil
L U B R I C AN TS
 Novvi, our joint
venture with
Cosan, validated
technology for
base oil and
lubricants
 With funding in
place, planned
scale production
during second half
to seed first
customers
Statement of Earnings
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Balance Sheet
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