Good day, everyone, and welcome to the Amyris Virtual Investor Miniseries. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star and then one using a touch-tone telephone. To withdraw your questions, you may press star and two. You may also submit a question via the webcast by clicking the Ask Question button. Please also note that today's event is being recorded. You may listen to a webcast replay of this call by going to the investor section of the Amyris website. I would now like to turn the conference call over to Han Kieftenbeld, Chief Financial Officer of Amyris. Sir, please go ahead. Thank you, Jamie, good morning and good afternoon. With me today are John Melo, President and Chief Executive Officer, Eduardo Alvarez, Chief Operating Officer, Alastair Dorward, Chief Brand Officer, Mike Rytokoski, President of our Ingredients business, and Annie Tsong, Chief Product and Technology Strategy Officer. Today's webcast is the fourth session in the Amyris Virtual Investor Miniseries, after three very well-attended sessions. The theme for part four of the series is Lab to Market: Delivering Disruptive Health and Beauty Products. During this call, we will make forward-looking statements about future events and circumstances, such as those related to market opportunities and market size, growth prospects, and expectations regarding new products and brands. These statements are based on management's current expectations and actual results and future events may differ materially due to risks and uncertainties, including those detailed from time to time in our filings with the Securities and Exchange Commission. Amyris disclaims any obligation to update information contained in these forward-looking statements, whether as a result of new information, future events, or otherwise. Before we begin today, I'd like to note that included in our webcast is a slide presentation that we will refer to. The slides are also posted on the investor relations section of the Amyris website. During our hour together, we will discuss how Amyris is leading the bio-revolution with distinct advantages. Our lab-to-market operating system, our knowledge continuum, which is how data, information, and intelligence comes together, and the unique and powerful connection we have created between our ingredients and our portfolio of consumer brands. This is what we refer to as the portfolio connection. We'll focus on two case studies to show how these powerful advantages are brought to life to benefit the triple bottom line. We will conclude today's event with a Q&A session. I'll now turn the call over to John Melo. John? Thank you, Han. Hi, everyone. Thank you for joining today. We are very pleased to host the fourth session of our virtual investor miniseries, and we're thankful that so many people have found these to be valuable and are again joining us today. Let me start by providing a big picture perspective on why we're here and what is driving our mission and our business model. As much as 60% of the physical inputs to the global economy could, in principle, be produced biologically. Biology has the potential to determine what we eat, what we wear, the products we put on our skin, the medicines we take, the fuels we use, and the way we build our physical world. It is the remaking of our planet sustainably with no compromise to performance and the excellence we've come to expect without harm to ourselves or our planet. Worldwide, DNA sequencing now creates huge volumes of biological data every year. These technical advances, such as lower cost sequencing or high throughput screening, have helped lower the cost of entry, accelerate the pace of experimentation, and generate new forms of data to help us better understand biology, which enables us to deliver better solutions faster to make people and our planet healthier at a lower cost to all. The potential of biotechnology, as witnessed by many of the products we produce and now by the response to the global pandemic, are much deeper and disruptive than the advances of the digital revolution. We are well beyond the movement of data, and we're into how all things are created. Already, more than one-third of you are likely consuming a product with an Amyris sustainable molecule inside. If you use Tide detergent in your home, Tom Ford perfumes, soaps from companies like Unilever and many others, or products made by L'Oréal or Estée Lauder, to name a few, of the over 3,500 global leading consumer brands that use our ingredients in their products to improve performance and deliver on their promise to become more sustainable companies. Clean chemistry will continue to become a bigger component in applications for everyday consumer products as consumers continue to demand more natural and sustainable solutions. Our future growth is about more molecules into more products and used at higher rates in each application. This is how we move the world to sustainable consumption and create a healthier planet for all. We have the leading manufacturing and commercial platform in the industry and have established leadership in clean beauty, personal care, health, flavors, and fragrances. It is still early days for each of these, but we are well on our way with significant traction and market leadership with 13 scale molecules to date within these markets and four to six molecules scaling every year for the next five to 10 years. We work with sector leaders as our partners to identify the best market opportunities. Unlike our peer group, we inform our science and product development based on a market pull and the benefit of direct consumer data. Today, you will learn more about the power of two of our hero ingredients, Amyris Squalane, which is chemistry we invented to replace harmful silicones and is at the heart of the JVN Hair care line that we launched recently, and CBG, which is much better than CBD for many applications and provides critical functionality to the Terasana Clinical product for blemished skin and muscle pains. A great example of significantly reducing a rare ingredient to the world, CBG, so that it can be sold at the same price or lower than CBD and significantly disrupt a market that's been served by an underperforming molecule. The chemical industry is nearly $4 trillion in size. The world's chemistry needs to be cleaned up if we are to achieve sustainable living on this planet. Synthetic biology companies will lead the cleanup and will thrive in doing this. We are the leading synthetic biology platform technology and currently have winning and scaled products that are delivering industry-leading growth across multiple verticals. It's also what consumers want, and they want it now. Our competition is not our peer group in the biotechnology sector. We are disrupting traditional chemical companies that use old and dirty chemistry to manufacture ingredients and destroy our planet's biodiversity by relying on cheap petrochemicals or vulnerable plants and animals for their profits. Synthetic biology represents a far bigger economic, environmental, and social opportunity for the world than any one company can deliver. Amyris has a clear and focused business-to-business model and world-class partners, a proven record of success connecting our ingredients to our consumer product portfolio, and unmatched knowledge optimized over 15 years from lab to market that drives our competitive advantages of fast time to market and delivery at industrial scale. Our mission is clear. We are accelerating the world's transition to sustainable consumption. We truly care about the future of our planet and the generations that come after us, which is why we are invested in taking meaningful steps to disrupt the old way of making the world's chemistry with a new way that uses new technology to make chemistry cleaner, more sustainable, lower cost, and much better performing. This is our no compromise promise. We believe this is the key to driving consumer adoption. Amazing chemistry that is lower cost and better performing, making it easier for the consumer to switch from their old habits. Our mission drives our strategy and our business model. Our mission is not to make science easier to engineer. We aim to deliver a great business that is useful for the health of our planet. We are producing clean, natural ingredients that are beneficial to consumers in every corner of the world to make their lives better and our planet healthier. At Amyris, we have integrated our business model all the way from molecule to consumer product, which is driven by our lab-to-market science and technology. This is delivering the best product revenue and revenue growth in our sector. We expect to continue this advantaged level of performance for the next several years. Our business model and our strategy are a choice. We can engineer organisms to produce and commercialize target chemistry faster, cheaper, and better than anyone in the world. We have more total revenue, growth, and recurring revenue of any company in our sector. That's the test of a winning strategy. We don't believe there's a right or wrong strategy. We believe most companies in our sector will thrive. Those that are most useful to the health of our planet will perform the best. We are like Tesla, choosing to be fully integrated versus just producing batteries or selling software. Tesla is valued a lot more than Panasonic, which just supplies the batteries, not an integrated solution. Another great example is Apple versus Intel. Both are very successful companies. One is worth over $2 trillion. The other is far from it. One is a foundry, a fabricator, a developer of chips, and the other is delivering an amazing consumer experience that is changing and making people's lives better. This is just like us doing fermentation because others struggle to scale and operate a tightly controlled process where highly engineered strains can thrive. It's taken some companies in our sector four years to scale a molecule that we achieved in less than one year. This is the result of very careful strategic choices aligned with a clear mission that is about real impact on our planet and the health of consumers. We have invested significantly in our platform and have taken all the learnings and data-driven insights over the past 15 years to accelerate and expand our ingredients pipeline. At the heart of our ingredients pipeline is clean chemistry and sustainability. Since the start of the pandemic, we have witnessed a tremendous pull by consumers for more clean, natural, and sustainable products. We are leading this transition to clean chemistry. We believe that we deliver more bio-manufactured products than the aggregate of our entire sector. We see three stages in the journey from lab to market. The first, technology leadership, the second, scale-up and manufacturing excellence, and the third, adoption at large scale. The science is hard, but scale-up and manufacturing is much harder to execute. We have increased our pipeline of ingredients in active development by more than 30% this year for our partners and for our own direct sales. At the same time, we have completed proof of concept on over 250 different molecules made sustainably from fermentation using our technology. We expect to commercialize four to six new core ingredients annually. Each of these ingredients are for addressable market sizes in excess of $1 billion each. We expect, on average, each of these ingredients to be worth $50 million-$100 million within two to three years of commercialization. This is based on our proven track record of success with our partners. Our ingredients are currently found in well over 20,000 products, reaching over 200 million consumers globally. Our consumer brands serve to accelerate commercialization and global access to these ingredients. Our brands set the standard for consumer expectations. In turn, they create the consumer pull for clean products that we have all witnessed. In this quarter alone, we have doubled the number of consumers we touch every day with our own consumer brands. You are going to hear next from Annie Tsong, who determines, out of the hundreds of thousands of molecules we have the capability to develop, which ones to prioritize by applying three filters. The market opportunity, our technology capability, and the ingredient efficacy. We're driven by consumers ultimately. Annie leads this critical process for us, which repeatedly delivers winning results. Before I hand it off to her, let me provide you with an update on our most recent consumer brand introductions. Our new consumer brands are performing very well. JVN is showing up as our best brand launch to date. Based on early results, it's on track to deliver an estimated $20 million in its first full year of revenue. This implies a three-year path to $100 million in revenue, potentially translating into a three-year path into a billion-dollar valuation brand. That is faster than any other brand in our portfolio. Rose Inc. is also doing very well and is currently tracking to be the second fastest growth brand in the history of our consumer portfolio. It's on track to become one of the top 10 brands in the industry for clean color cosmetics. It's growing at a faster rate than Biossance and Pipette did in their first year. The Costa Brazil brand is also seeing excellent demand and is tracking to be about 3x 2020 revenue in 2021. Terasana is delivering great results for consumers around acne treatment. No more expensive treatments that mostly don't deliver on their promises. A single product with a revolutionary new ingredient, fermentation-based CBG, combined with a patent formulation that is mostly squalane, nourishing the skin while isolating and treating the acne. We're also getting consumer feedback for Terasana as to how well the product is addressing chronic muscle pain, arthritis, and post-COVID cramping. I have a very good friend, Valerie, who had not been able to play his guitar since experiencing COVID. I introduced him to Terasana, and overnight, the swelling diminished, and within days, he was playing guitar again. This is real impact from a breakthrough formulation derived from a set of ingredients that only Amyris produces at the purity level and sourced from sustainable sugarcane. We are just scratching the surface with this brand. We've added four new brands to the portfolio in this quarter, and all four are delivering promising early results to become real winners, with one becoming our fastest path to a billion-dollar valuation brand, and the others all demonstrating early potential to lead their respective categories. We are now at six consumer brands in our portfolio, performing at a run rate to become billion-dollar valuation brands within the next four to five years. We have three new ones that we expect to launch in the first half of next year. This is the true power of combining the world's best synthetic biology platform, the effective scale-up and production of powerful platform molecules that are disruptive to their end markets, connected to a world-class formulation capability that is the leading formulator of clean chemistry with a powerhouse brand building capability. This underpins our path to $2 billion in revenue by the end of 2025, and with continued execution on our most recent progress, what we now look like to have about $800 million-$1 billion in profitable revenue by the end of 2023. Annie, please take it from here. Thanks, John. Today, I'll briefly review our technology platform, then discuss how we use our model of ingredient selection and development to deliver innovation in the beauty and personal care space. We've invested the past 15 years developing our lab-to-market operating system. Our system of fully interlocking capabilities has continuous data capture and learning at its heart. We begin with automated strain design and strain engineering, where we engineer and quality control a strain every two minutes with minimal hands-on intervention from our scientists. Our high-throughput screening team processes millions of strains to find the top candidates for testing and fermentation. Our fermentation and downstream process development team has designed lab-scale processes that mimic our industrial manufacturing operations, enabling us to predict with perfect precision the performance of a strain at one billion-fold scale. Analytics applied continuously across from the microliter to 225,000 L scale provides unmatched data sets for machine learning and continuous improvement. The power of our platform is evident. Each time we bring a molecule to scale in a new chemical class, it decreases the time to market for subsequent molecules in that class by up to 80%. The result is a 90% lower average product development cost achieved over the last decade. We program our microbes like a programmer programs a computer to convert any kind of plant sugar into pure ingredients. We use a programming language for DNA called Genotype Specification Language, or GSL, which we invented here at Amyris. We then made that coding language available to the world on an open source basis. Just as software engineers don't code in zeros and ones, we don't code in A's, T's, G's, and C's. Instead, we use GSL. With GSL, we can make thousands of designs in a matter of minutes without any errors. For comparison, it would take highly skilled PhD level scientists over a year to do this task at the level of A's, T's, G's, and C's. Consider the competitive advantage that would give Amyris for a moment, and yet we gave it away. Why? Because we truly believe in leading the way in syn bio. GSL is only the first step towards success. Since then, Amyris has developed an entire proprietary system that accelerates the automated design of molecules, enabling access to the chemistry of living systems to create unique, sustainably sourced ingredients at scale. The result of all this technology is a proven clean manufacturing platform. Our precision engineered microbes consume plant sugars and convert the sugar into the ingredients that consumers use in their everyday lives. We choose to use Brazilian sugarcane because it's one of the most economical and sustainable feedstock options at large scale. Time and again, we've witnessed our ingredients and consumer products rapidly gaining market share in their categories. This is because our clean manufacturing platform delivers ingredients that are consistently the best in their class, the best purity profile, odor, color, taste, and more. This doesn't happen by accident. We've learned how tweaks anywhere in the integrated process will impact how the product performs in the hands of our customers, whether it's an adjustment to a strain's metabolism or a change to a downstream purification unit operation at scale. This knowledge continuum, not just the sophistication of our individual capabilities, is what has enabled us to deliver on the promise of synthetic biology ingredient after ingredient. The chemical functionality accessible by our technology is boundless and has the potential to benefit virtually any sector. We have deliberately chosen to focus initially on the beauty and personal care, health and wellness, and flavor and fragrance sectors. This is because these markets see much faster adoption rates, and therefore deliver much earlier material economic impact than other major sectors. These are categories where industry leaders and consumers alike are embracing innovation. In the last few years, Amyris has gone all in on the clean beauty and personal care markets. This market size was estimated at $500 billion at the end of 2020, growing more than 7% annually, and the clean category specifically is growing at 2x that rate. We now have distinct ingredients and distinct brands powered by those ingredients, covering every major category within global beauty and personal care. Our decision regarding end markets is not only based on the market size, the exceptional rate of adoption, or the fact that our technology is aptly suited for the industry. It goes deeper than that to the heart of our mission of sustainability and access. Consider the sheer volume of harmful chemicals being washed into our waterways by billions of people every day. Consumers want better options, and Amyris has them. This industry is ripe for disruption, and by the end of this decade, we see a world in which clean has become the market standard. For the first time in the history of the world, we can access huge classes of rare biological molecules in a manner that is scalable, sustainable, and consistent. To find the targets worth making, we apply three filters, market, technology, and efficacy. First, market. Insights from our own brands as well as partners help us prioritize molecules. We're also looking for molecules with a large TAM and consolidated markets. Second, technology. For all of our products, our technology needs to be the right solution to fulfill our no compromise criteria of producing the best ingredient at the best price and sustainability profile. Finally, we look for efficacy. Our ingredients must be safe and offer best in class activity in their respective applications. To dig deeper into how we find the highest and best use of each molecule we evaluate, we invest in understanding the properties of the molecule through applications testing, in vitro testing, and clinical testing. We identify the precise applications where our ingredients can offer the best advantage relative to incumbents. Some ingredients, like CBG and hemisqualane, which will be discussed by Mike and Alastair, allowed Amyris to enter segments that were new to us. Others synergize with our overall ingredient portfolio to deliver greater efficacy for complementary functions, and all provide solutions to the broader industry. Ingredients made from petrochemistry, animals, or rare plants, which we can produce at scale through fermentation to unlock access for everyone. To give more color to the power of our knowledge continuum from the customer all the way back to our initial strain design, Eduardo Alvarez will discuss how we specifically apply the knowledge continuum to the challenge of scaling to drive us ahead of our peers. Eduardo? Thank you, Annie. The science behind our company is indeed amazing and hard, but scaling and producing is harder. Much harder. I'll spend some time now discussing two things. First, how is it that we scale, and second, illustrating the benefits from having a continuum between our lab to market capability, our ingredients, and brands. Let me start by clarifying what we mean by scaling. We start our process development activity at our lab in fermenters with volumes that are 0.1 uL, and our full production scale is at fermenters of over 200,000 L. This is a 2 billion-fold scale-up of volume. Amyris is the only company in biotechnology which has delivered billion-fold scale-ups multiple times. In fact, we have successfully scaled 13 ingredients through that process. Let's now discuss how we do that. There are three important elements to our scale-up capability. First, we start by targeting the right products. As Annie explained, we do our own formulation for our nine consumer brands. This is market consumer activity, which provides deep consumer data, market insights, and early awareness to adoption rates for new technology. We have also selected partners who are leaders in their fields who help direct our portfolio and product priority. We begin each of our scale-up activities with a clear view of the end market, product profile, and cost target. We always start with the end in mind. Second, we have built a proprietary scale-up toolkit to help us manage most production risks and uncertainties up front. This is when we can best react and find solutions quickly. This toolkit is based on high throughput models that leverage miniaturization, automation, AI, and machine learning. I'll be illustrating how this works a bit more shortly. Finally, we follow a lean, agile collaboration model covering up to 10 different functional groups throughout the scale-up process. This is an iterative process that ensures our lab to market capability delivers at market leading speed. Our scale-up capability creates sustained, repeatable cycle that delivers more scale and faster innovation. Let me now explain a bit more how scale-up works in our labs pilot plants and at manufacturing scale. Our scale-up approach is designed to eliminate risk and surprises at the smallest scale of the process. We like to say that we scale down to scale up. We have built data intensive fermentation and production models that help us do three unique things. First, we simulate the real operating conditions we expect at full production scale. As a result, we only advance to our pilot plants those molecules and S&OP processes that we know from the start will work. Second, we have built models that use lab data to predict full scale performance. In fact, the latest version of our software and models can predict performance with 95% accuracy. These models are also crucial to determine when our development and scale-up efforts are enough, when we have achieved sufficient progress to meet our target product specification and cost, which creates a precise just in time method that reduces rework and handover delays from lab to pilot to manufacturer. Finally, we look at the pilot plan results and our production models to decide the optimum time to run fast, targeted early campaigns at full scale. This creates an agile scale-up method that reduces risks and allows us to have the shortest time to market in the industry. We have taken this proven toolkit and continue to make it better, bigger and faster. In fact, during the last 10 years alone, we've increased our throughput for this process by 100-fold. Increasing the fidelity and pace of our scale-up activity provides faster time for market and better innovation for our products and brands. I know that Mike and Alastair will highlight two actual cases of how this works. In addition, though, it has allowed us to broaden the aperture of the class and types of ingredients we can produce for our partners and customers. Four years ago, we were largely in two sectors, clean beauty and flavors and fragrances. In fact, our latest portfolio analysis confirmed active products and programs across six different market sectors today. We believe this knowledge continuum from creation through manufacturing to commercialization is a moat, and it's critical to bring science to real life in real products and applications that consumers want and love. Our scale-up activity is repeatable and a formidable competitive weapon that keeps getting better. Let me use our 3 latest products to demonstrate these results. The right side of this page shows the product scale curves for our sweetener, our latest leading natural flavor, and our cannabinoid CBG. It shows our volume versus unit cost for these three areas. The points on each line demonstrate the actual production campaigns we have run as we scale these products during the last couple of years. The results highlight the key benefits from our scale and confirm Moore's law is also applicable to biotechnology. Increasing volume. You can see each campaign delivers 2x to 3 x higher volume than the previous one. This is geometric, not linear scale-up. This approach provides great supply resilience to our consumers and partners, especially during critical innovation and growth phases. Lower unit cost. Each campaign takes unit cost down by 30% - 40% from the previous one. As you see from these products, it typically takes three to four campaigns to reach end target cost structures. Finally, the target cost structures are confirmed to be around 5% - 8% of the unit cost of the first campaign. Each of these products delivers the lowest unit cost and best scale in the industry. These results confirm our toolkit is resilient and that it works very well across all the sectors of our entire growing portfolio. In summary, we are constantly improving our methods and continue to scale products faster, delivering larger volume with lower risk and surprises. We are, however, keeping what matters the same. We deliver the best quality natural ingredients with no compromise, every time. Are now redirecting this capability across more categories to make natural accessible to more customers. As you know, we are on plan to scale and add pace by introducing four to six new ingredients per year in the years to come. I'm now turning it over to Mike Rytokosk i, who will share a case study on hemisqualane, a molecule invented by Amyris. Mike? Thank you, Eduardo. We have an amazing range of ingredients developed through our science platform. They all have one thing in common. They help manufacturers make products that are better performing, healthier, safer, and more sustainable. This then helps the end consumers in making smarter purchasing choices that are healthier, safer, and more sustainable. This is what our mission of accelerating the transition to sustainable consumption is all about. It is this higher level purpose that excites and motivates me and all of us here at Amyris. In today's presentation, we're going to focus on the beauty care category and three ingredients, squalane and hemisqualane, that are revolutionizing the beauty market, particularly in skin and hair care, and a newer ingredient called CBG that has been designed for the fast-growing cannabinoids market. We supply our proprietary ingredients to thousands of consumer brands around the world and lead the clean beauty movement in our industry. We also demonstrate the performance of these ingredients in our own consumer brands, shown here. Our own consumer brands offer us a unique connection to the end consumers, helping us identify new emerging needs, as well as providing us direct feedback for further product improvement. It also helps us build consumer awareness of our groundbreaking ingredients, as well as capturing a higher share of the lab to market value chain. Those of you who have been following the beauty care category, you will no doubt be aware of the growing consumer concerns about the use of silicones, especially in hair care products. Many beauty brands and retailers have recently included silicones on their list of ingredients they avoid when formulating and choosing new products to meet the expectations of today's consumers. These concerns for silicones are driven by three things. One, unlike the sugarcane used in hemisqualane, silicones are made from non-renewable resources. Two, silicone manufacturing isn't particularly sustainable. It is energy intensive, and it uses significant amounts of water. Three, some silicones can be toxic to our environment as they accumulate in the ocean floor with harmful impact on the fish population. Our hemisqualane offers the best performing natural alternative to silicones in hair care. Hemisqualane performs better, it is safer for the environment, and above all, it revolutionizes the way hair care works. This is chemistry we invented to deliver better hair care while making our planet healthier. This is real disruption in one of the fast-growing categories in beauty and personal care. What makes our patented hemisqualane molecule so unique for hair conditioning products is its ability to penetrate the hair shaft to nourish and protect the hair. Silicones that are typically used in rinse-off hair products do not penetrate the hair shaft and can therefore leave hair dull and damaged. Here we have two photos to illustrate this. The image you see on the left shows a microscopic close-up of what a dry and damaged hair strand looks like. On the right-hand side, you can see the positive impact from using hemisqualane that provides weightless nourishing and conditioning working from inside out. Now, hair care can be a challenging category for the product formulator, as there are so many different benefits that consumers are looking for. What is exciting about our hemisqualane is that it ticks all of the boxes in the hair conditioning category. It is silicone-free, it is sustainable, and it penetrates the hair shaft with nourishing benefits. It works on all hair types and textures. It also performs all of the functions that consumers expect, helping improve hair's manageability while reducing frizz and preserving color, among other things. Hemisqualane is the hero ingredient in our brand new JVN Performance Hair Care lineup introduced just a couple of weeks ago. This is a great example of how we use our own consumer brands to demonstrate the power of our unique ingredients and build market buzz about our molecule breakthrough. The JVN product line is off to a promising start as a true game changer in the hair care category. I'm now handing it off to Alastair Dorward to share a second case study with you. It is another real example that demonstrates the superiority of our sustainable ingredients and how we use these to power consumer brands. Thank you, Mike. We'll now move to an example where we introduce the powerful combination of two molecules developed by our lab-to-market platform. The first molecule is well known to our audience, squalene. Squalene, a molecule traditionally sourced from shark's livers, a key component for our Biossance clean skincare and Pipette baby and family care brands, is also one of our top-selling ingredients that's been adopted by hundreds of leading premium skincare brands. In this case study, squalene's role is to unlock the potency of a second new molecule, cannabigerol or CBG. Over the last couple of years, we've been researching the potential efficacy of a number of rare cannabinoids. Historically, performing clinical research on these cannabinoids has been cost-prohibitive and fraught with regulatory issues as they've been previously only sourced from the cannabis or hemp plant. Amyris' lab-to-market platform is the first to test and commercialize fermentation-derived CBG, completely free from impurities. Most importantly, our CBG is 100% free from tetrahydrocannabinol, THC, the compound with psychoactive properties. Our research is suggesting we have a breakthrough for multiple inflammatory conditions. Our 100% pure CBG is showing promising efficacy in acne, pain relief, psoriasis, eczema, swollen joints, and even sunburn. We found that CBG is at its most effective when it's bioavailable to the layers of the skin where it's most needed. That is where the combination with squalane comes in. Because squalane is such a lightweight oil, it makes for a very potent carrier for active ingredients. In performance trials against other oils typically used in skincare, we found that squalane delivers up to 40 x more cannabinoids to the deeper layers of the skin. Using squalane as a carrier unlocks the full potential of CBG. Of particular significance has been our speed to market. From first commercial availability of CBG, we were able to formulate and launch our Terasana brand within six months. We recently engaged Princeton Research to conduct a clinical trial among a cohort of acne sufferers over a four-week period. We tested the combination of our CBG plus squalane versus the most popular commercially available alternative, plus a control. The results were striking. CBG plus squalane proved most effective at reducing the lesion count amongst acne sufferers. These before and after photos provide a visual demonstration of the efficacy of our molecule combination. Many acne care treatments are associated with collateral damage to the skin. For example, benzoyl peroxide causes the skin to dry and peel. Medical experts recommend women discontinue using a range of prescription acne medications during pregnancy. Amyris' innovation in acne treatment has a second benefit. Not only is the combination of CBG and squalane more effective, it helps nourish the skin. Specifically, the combination reduces moisture loss across the skin barrier and at the same time preserves the balance of the skin microbiome. Beyond clinical studies, the testimonials of actual users of the product have been particularly compelling. Anecdotally, we're receiving increasing unsolicited positive feedback from earlier users of the product. By way of hard statistics, 100% of participants in the clinical trial told us that their skin appeared clearer after using the combination of squalane and CBG for 28 days. Furthermore, 100% of participants would recommend the product to friends and families. We believe that this type of consumer endorsement and loyalty will make for a strong foundation for our Terasana brand, the first product in the world to combine fermentation-based CBG with squalane. Let me now hand the call back to John for closing comments. Thank you, Alastair. Thanks, everyone. It's so great to have everybody on the call today. Both Mike, leading our ingredients business that's joined actually this year, and Alastair Dorward, who came to us through the OLIKA acquisition. Great to have you guys on. Eduardo, who's been dedicating his life to making scaleup and manufacturing a no-brainer for our industry. Thank you. Let me now make a few final comments. Our thesis at Amyris is simple. Consumers are demanding natural products that are clean and sustainably sourced. This is true for all consumer goods, including beauty, personal care, health, and nutrition markets. We deliver better performing molecules at a lower cost, and we sustainably source them. This is our no-compromise promise for customers and consumers that is delivering industry-leading growth and margins. To make the world sustainable, our company needs to be sustainable. The simplification of our portfolio and our continued operational performance enables us to become one of the first companies in our sector to become financially self-sustaining. We welcome you to join our journey to creating a healthier, more sustainable planet through synthetic biology and fermentation. Let me now turn the call to Han so we can start our Q&A session. Han? Thanks, John, and thanks, everyone. Special thank you to our speakers today and the insights they provided. Before we turn the call to Q&A, I wanted to let everybody know that we will make an effort to address everybody's questions. Also, we need to be mindful of time. Keep in mind, if we do not get to your question, please submit it to our investor relations email and we will be sure to get back to you. With that, I will open the call up for questions. Operator? Ladies and gentlemen, we'll now begin the question and answer session. To ask a question via telephone, you may press star and then one using your touchtone telephones. If you are using a speakerphone, we do ask that you please pick up your handset before pressing the keys. To withdraw your questions, you may press star and then two. To submit a question via the webcast, please click on the Ask Question button. We'll begin with questions via phone. We ask that you please limit yourselves to one question and one follow-up. At this time, we'll pause momentarily to assemble the roster. Our first question today comes from Colin Rusch from Oppenheimer. Please go ahead with your question. Hi, everyone. This is Kristen on for Colin. Thank you for taking our questions. You touched on this in various different parts of the presentation today, but I'm wondering if you can expand on what's driving the accelerated time to get to that billion-dollar brand valuation. Can you talk a little bit about how those cycle times have changed as you've built out the portfolio and how we should think about that for new product or brand launches going forward? Then I have a follow-up. Thank you. Great. Kristen, thank you for being on, appreciate the question. Look, there are two factors. First, how we think about valuation, which is really market-based. We, on a regular basis, are in contact with some of the largest companies in the world that are typical acquirers of brands. They look at our portfolio and tell us what they look for when they look for interesting brands. We have our banking partners who almost every quarter send us a new deck on current transactions and what's driving their valuation and then the valuation that they're changing hands at. We use market data as the bottom line in how we look at it. The market data is simple. The market data basically says when you have a brand that's growing at over 50% a year, has over $50 million in revenue, and that revenue is delivering a positive EBITDA, then you typically are getting 8x to 10x times revenue for value of that brand. Whether it's 8x or 10x depends a lot on the channel mix, the geographic exposure, and the sustainability of that growth. Just to give you a few of the critical factors. When you look at our portfolio, our first few brands, think about it as Biossance, to be specific, really in its first year did slightly over $1 million in revenue. Then grew very rapidly from there, reaching its fourth year at around the $50 million mark. Now in its fifth year, Biossance will exceed $100 million, probably around $105 million in revenue, $165 million in sales. We look at that as the reference and then look at our other brands against that reference. We've obviously grown a lot faster in the first couple of years with Pipette. Think about the first year of Pipette, full year being around $7 million. We're in the second year of Pipette, where we expect Pipette to be about $20 million, which is probably 4x to 5x more than Biossance did in its second year. Compare that against the new brands we're launching. The new brands we're launching are all performing at a significantly greater level than that in their first year. I think about that as, first of all, we've gotten a lot better. Secondly, we've built a significant team with a lot of deep capability and expertise doing an amazing job. Thirdly, I think the timing of these launches, where we're finding great white space in the market, meaning markets where the consumers are not being served well. Then we're delivering amazing formulations with brands that are really engaging for the consumer. There's really a mix of drivers that I believe are really giving us the results we're achieving. Those results, against the backdrop of where the industry is and where the market is for valuation, is how we think about that. Again, we've been very fortunate now to have six brands in our portfolio that are all tracking to exceed $1 billion in valuation and continuing to grow, and then three in the pipeline, where we're very excited about them launching in the first half of next year, where we expect, assuming we keep executing well for them to perform in line or better, since they're now our third generation of brands than our second generation of brands. I hope that helps, Kris, and I think you said you had a follow-up. That is very helpful. My follow-up is sort of related to that, sort of extending the trend on that growth. You do have some aggressive assumptions for products in the back half of the year. Can you just speak to the state of the supply chain and its ability to serve to meet that demand that you forecasted? Thank you. Look, I think when you think about the second half, we're halfway done with the second half since we're just about to enter the fourth quarter. There's no question the supply chain, as a result of a lot of COVID shutdowns last year, beginning of this year, and a lot of disruption, especially in shipping and logistics, and a lot of componentry coming out of China and other markets, to say it's been challenging is an understatement. We're very fortunate that a lot of our growth in the second half is coming out of consumer brands. The consumer brands, the team has done a great job stocking components, knowing we were going into a very challenging period, and really managing the logistics well, to really get ourselves set up to be able to meet the demand ramp that we are currently experiencing. The good news is the number one dependency for our second half is really demand, making sure consumers are buying from us at the rate that we expect. That is going very well, if not exceeding our expectations. Then secondly, making sure we have stock to be able to support that demand. Because of a lot of pre-planning and effective execution on our team side, that's also going well. I am cautious. Again, we're in a very unpredictable world in what's happening with supply chains around the world. We'll keep managing and doing the best we can to meet the demand ramp as we see it. Again, key message, most of that ramp that underpins our growth in the second half is consumer. It comes from our brands, and a lot of that is managed through understanding componentry formulations and our supply chain, which is basically dependent on a lot of third-party manufacturing in the U.S., which we're very close to monitoring and ensuring we have inventory in place to sell. Our next question comes from Randy Baron from Pinnacle Associates. Please go ahead with your question. Hi, John. I want to follow up on that last question. I have two questions. The first is just administrative. Since the third quarter is essentially over and JVN and Rose Inc. Have launched at such strength, I'm wondering if you're still confident in full-year guidance of over $400 million in revenues. Randy, good to have you on the call, and I can confirm our confidence in delivering over $400 million in revenue, which is, I believe, what we reinforced in our last call. That's great. My second question is a bit broader. The applications for clean chemistry are pretty compelling and shared, I'm sure, by many on this call who see Amyris' pioneering position in the space. The presentations you guys did today were compelling and show that we're on track to be a billion-dollar revenue company in two years. I want to dig into some of the, you called it distinct advantages you discussed today that are going to get you there. You certainly talked about the brands, but given the recent successful IPO of one of your direct peers, the market doesn't seem to be giving you credit for a lot of what you talked about today. I'd just love to get your perspective on the valuation disconnect, and specifically, why doesn't the market recognize the difficulty in scaling up that you talked about in the script? Thank you. Randy, I wish I could explain all that to you, and I wish investors were sophisticated enough to really understand what the differences are in these companies. What I can tell you is we're here for the long road. We've seen plenty of high valuation companies come and valuations go. I like to call it the balloon phase of valuation, which is where all the hype exists. Beyond the hype comes the reality of real products, real revenue, and delivering real results. We have a track record of doing that, and I expect all of these companies will at some point have to face that reality. That said, I think that reality still is the same. I think that we've got a couple of really good companies. Obviously, we're super dependent on the infrastructure that a company like Twist provides, and I think Twist is a company that's here to stay and really needed to enable synthetic biology. We have a couple of other companies that are engineering products that at some point they will get products to market, they will scale, and they'll be just fine. It'll take time. It'll take time, and they've got some bumps to get through. The good news is some of these companies have a ton of cash and my guess is they'll buy their way to successful revenue, and that'll be okay. Everybody needs to find their path. That's the way it will go. I don't think that it's any more sophisticated than that. I wish I could tell you, "Oh my gosh, one of my competitors has a secret gun and amazing bullets, and I am so worried." I'm not. I've been here before. I think this is really simple. Stick to your guns, execute well, deliver amazing products, do them in a way that are sustainably for people and our planet, and if you do that consistently, and you do it well, the rest of it will take care of itself. I'm looking forward to the road ahead, and I'm glad and hope that you stay on our journey and be here for the moments where balloons get popped. Well, I'm looking forward to that road too. Good luck, guys. Keep up the pioneering work. Thank you. Thanks, Randy. Once again, if you would like to ask a question, please press star and then one. To withdraw your questions, you may press star and two. As a reminder, you may submit your questions via the webcast by clicking on the Ask Question button. Our next question comes from Amit Dayal from H.C. Wainwright. Please go ahead with your question. Thank you. Good morning, everyone. John, in terms of the production facility at Brazil, could you give us an update on how all that is progressing? Sort of with your own brands growing at this pace, how should we think about Amyris itself utilizing a lot of that capacity going forward? First, Amit, thank you for being on the call. If we had a lot more time, I'd let Eduardo tell all of his war stories. Getting this plant built is, as you could imagine, not been easy, but I can confirm for you, the plan is on track. We expect production in the first quarter of 2022 and are excited about the flexibility and are really impressed and thankful for the partners and our teams that are working around the clock. I think we're currently, there are two or three shifts, and probably over 300 people on that construction site. I was just there a few weeks back. Eduardo was just there last week. Chuck Kraft, one of our other manufacturing leaders, is there right now. We're just working around the clock to get that plant done, and again, I confirm that is going well. Again continues to be unpredictable. We've been very fortunate that we haven't had any COVID breakouts, but that's been requiring a tremendous amount of management and focus to achieve. All good there. On the second part of your question, I don't think many people realize this. Our consumer brand revenue has grown 8.5 x in the last 24 months. I just want you to think about that for a second. 8.5 x growth of our consumer revenue. When you look at our current run rate, it is incredible. We have a consumer business that this year will do over $150 million and has a run rate and a trajectory that makes it clear to me we're going to be at $350 million or more in consumer for next year. By the way, what we didn't say was the gross margin coming out of these new brands and the total gross margin of the consumer business continues to be well north of the 60% mark, which has been our stated target. It is amazing how the consumers are smart. They understand really the ingredient story. They look at ingredients, they research them, and they are starting to really embrace the idea that fermentation-based products are the way to get really all that they want, which is natural, sustainably sourced, great formulations that are good for them and good for the planet. It's a very robust world. 8.5 x growth in the last 24 months. Oh, by the way, I think you're just about to see the start of really what our growth looks like in consumer as we go through the next 24 months where a lot of the new brands really start to come onto their own. If you think about some of the new categories we're going into, obviously with menopause being an amazing category that's really growing, with a great partner in Naomi Watts, who's passionate about empowering women and really getting a real conversation active about what it means to be in the best point and time of your life. Last thing I'll say is there's more to come. We're currently working on a couple of significant brand deals that we'll talk to you about when they're ready. By no means are we done, and we're just getting into the stride of what we do with consumer. As Mike said during the call, what a successful consumer brand and ingredient story does for our ingredient revenue is unbelievable. We doubled the growth rate of squalane when Biossance became well-known and one of the fastest-growing clean beauty brands in North America. With JVN and hemisqualane, you would not believe if I told you the backlog we're seeing in hemisqualane orders come through and the demand for hemisqualane as people are starting to realize, "Oh my God, these guys really have an amazing hair care brand. This really works." Consumers love it. They love it because it approaches doing hair differently. We don't use silicone to stick a bunch of ingredients to the shaft of your hair and hope like hell some of it actually works. We go to the base, we go inside the root, and we work from the root out to make your hair beautiful, shiny, clean. The feeling on your head is just incredibly different. I always tell Eduardo I feel sorry for him because he can't actually feel the benefit. The rest of us will continue to enjoy it, okay. Let's go to the next question. Our next question comes from Graham Tanaka from Tanaka Capital Management. Please go ahead with your question. Hi, guys. Nice presentation. Couple questions. One, we've not been able to talk about ingredients gross margins much, and it looks like ingredients is getting a boost, a turbocharge in growth with hemisqualane as well as the squalane too, for Aprinnova. Could you give us a little bit of perspective on the ingredients outlook and the gross margins, which I guess some people have been speculating is lower than they thought. If you can comment on that, please, and then I have another. Thanks. Graham, I'm happy to do that. Look, I think people are trying to figure out way too much without having perfect information. The reality is. Right We don't capitalize most of our scale-up costs. Actually, almost none of our scale-up costs regarding ingredients. We just load them on the P&L. As a result, it's a messy P&L for ingredients as long as we're scaling up, and we're scaling up four to six new every year. Here's what I can tell you. When you pull all that back and you look at the true gross margin of our ongoing ingredients business, it's 40% - 50%, and it is a cash generator. That we can confirm for our ingredients, and we see that expanding going forward by ingredients that actually have a much better gross margin profile, like CBG. That's probably one of the best examples. If you look at what Annie's done to the portfolio, I mean, Annie has really transformed our portfolio. A lot of our new ingredients in the portfolio are all ingredients that go into markets that we currently have direct control over. When you look at the margin of those ingredients, they're all over 60%. I mean, it is a phenomenal portfolio that we've upgraded to. That's what I would say, 40% -5 0% is the underlying gross margin, and we have upgraded, and a lot of what's coming out is in that north of 60% level, obviously with CBG being well off the charts on a gross margin basis based on the current production profile. As we said, I think Eduardo said it well, just in the next couple of batches that we run CBG, we're going to get to under $500 a kilo for CBG. I don't know who in the world can even touch that cost structure for something as good as the efficacy we're seeing with CBG from a cost of goods perspective. That's terrific. That really helps clear things up. The other was, it's kind of a catchall question. If you could just touch very lightly, if you can, on the outlook for, I know this is a little bit off base from the subject of this call, but proteins, HMOs, adjuvants, and the COVID vaccine trials. Just brief comments. Thanks. Look, I think one of our most interesting recent projects has been our run to make squalane directly from fermentation for the adjuvant market in vaccines. It's another great example of really Sunil's leadership in R&D, partnered with Annie's leadership on the portfolio side, and Eduardo and his scale-up and manufacturing team. I think it's six months from deciding we wanted to engineer a strain to make squalane to having that strain ready to scale. It is remarkable. This is squalene, the molecule everybody said we'd never be able to make directly from fermentation. Answer to your question is, as far as the adjuvant goes, we are in a kickass place. We have the right partners engaged, and we expect to do what we said, which is the world needs a non-animal source adjuvant that really works and a lipid that really performs. We have that in squalane, and we are so excited to be going to scale and actually being able to get product available and driving revenue from that market early in 2022. Well done. That's the answer there. The vaccine itself, it's all about the human trials. We expect to get through the first data before the end of the year, and we're excited about its potential. Nothing's changed there. We believe we have the best RNA delivery platform in the world, and we're going to prove it. Then we're going to look at how we monetize that for folks who are still struggling to make RNA sustainable and accessible to all. We believe RNA is the right treatment technology for a lot of end markets, oncology being one, COVID being the other, and we want to play in it and believe we can do really well there. When you look at the other targets, proteins as one of them, we're about to close. I'm going to knock on wood here if I could find wood, but in the next few weeks, we'll be closed on the joint venture with Minerva Foods, and already the targets we have and the traction we're seeing on that looks fantastic. I expect to see that be another part of our platform. I think as Eduardo mentioned, I don't think anybody realizes how many verticals we're in. They keep thinking about us as a single product company having no clue that we're actually the leading platform company in our sector, and we're excited about that, and proteins is just another quiver for us as we continue to build out our business. I hope that helps on your question. Yeah, that's great. I just didn't know if you wanted to comment on HMOs and maybe perhaps a sweetener, which it seems like the beverage companies are a little slow on, and food companies. Thanks. Yeah, no, appreciate that, Graham. Look, on HMOs, it's going extremely well. We are very integrated in with DSM, and DSM is the leading HMO company in the world. They have fantastic customers. They have great technology that we're plugging into, and we're able to really expand our production. I expect HMOs to be very good revenue and profit contributors as we go into 2022. Another component of our technology that we don't have in 2021 that'll perform for us in 2022. Sweeteners, I can tell you that the partnership with Ingredion is off to a very good start. We love the Ingredion channel and how much reach it has. We're going to continue growing that business. To your point, the big volume players, like the soda companies, are slow to ship. It is interesting to see, for all of those of you who watched football, Pepsi use our No Compromise proposition, right? They're now calling it Zero Compromise, and I hope like heck they use a sweetener that is truly zero compromise versus that chemical crap that's going to kill you over time. That's for them to decide, and we hope they jump on the right bandwagon soon so they can truly be zero compromise versus just have a good marketing slogan. Thanks, Graham. Ladies and gentlemen, with that, we will conclude today's question and answer session. I'd now like to turn the conference call back over to John Melo for any closing remarks. Thanks, Jamie, and thanks for all of our team on the call. I know you guys are super busy with closing out the quarter, and appreciate you making time for this. I'd like to thank everyone for joining us today and for your continued interest and support. If we didn't get to your question, please follow up with our investor relations team, and we'll make sure we get back to you with a response. We really look forward to being with you during our earnings call in early November. Stay tuned for more news between now and our earnings call. Thanks, everyone. Have a good rest of your day. Ladies and gentlemen, with that, we'll conclude today's conference call. We do thank you for attending. You may now disconnect your lines.