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Amyris Management Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: AMRS

Shipments to our customers remain on track across our 2 current commercial products: renewable diesel and squalene. And we are seeing strong interest in other farnesene applications. We have reached an agreement with Total on a revised structure and up to an incremental $82 million of funding, a 3-year funding program for farnesene research and development. We have simplified our joint collaboration to focus on renewable jet fuel and diesel from Biofene while giving Amyris governance over the research program, and Total predictability and security in funding our joint fuels efforts.

Finally, we are in active discussion with several other companies with the potential to receive additional funding in the coming quarters. In today's call, I will review our progress in these areas, as well as provide you with an update on our business strategy and funding opportunities. As we outlined in our previous call, we have focused our current production operations one contract manufacturing operation, as we prepare to bring online Amyris' own industrial-scale farnesene production facility at Paraíso.

We have met 3 main milestones during the past quarter as a result of our focused approach on technology and manufacturing operations. First, we narrowed our current CMO production platform to the Tate & Lyle facility in Decatur, Illinois. In May, we paused our production in Antibióticos in Spain and transitioned our staff at Biomin in Piracicaba, Brazil to prepare for commissioning of Paraíso. During the quarter, we produced approximately 810,000 liters of farnesene from these CMOs, bringing our year-to-date production to over 1.7 million liters. Over the last 12 months, we have produced approximately 2.5 million liters of farnesene, building inventory to meet near-term customer demand, particularly as we consolidate our CMO operations in Illinois and commission our plant in Brazil. As a result, we will have lower production volumes in the remainder of the year while growing our sales from inventory.

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