Biofuel upstart Amyris ( AMRS) busted out of the IPO gate in late 2010, translating an opening day pricing in the mid-teens all the way up above $30 by early 2011. A year later, shares are down to $5, the company's production plans have been delayed, and the bank account needed to be replenished. So the hefty insider buying you see above is simply insider purchases on a recent secondary offering. Shares have fallen another 10% since that secondary was completed. >>7 Undeveralued IPO Stocks That Could Rebound in 2012 Still, this is a business with a great deal of promise. Amyris takes a basic organic material such as sugarcane and uses yeast and other microbes to convert it into industrial chemicals. Those end-product chemicals were typically made with either crude oil (which is currently quite expensive) or natural gas (which is currently quite cheap). So Amyris' success largely depends on what specific chemicals it will end up focusing upon to be economically viable. After some recent setbacks, the company now thinks significant production volumes won't arrive before 2014, though the recent capital raise mitigates any cash burn concerns for now. These insiders are clearly in it for the long haul, and it may be a number of quarters before investors again flock to this promising business model.