Good afternoon, everyone. Welcome to the Amyris Fireside Chat. I have John Melo, Chief Executive Officer of Amyris, here with me. I will now pass on the word to him, and after that, we can jump into the Q&A. John, the floor is yours. Great, Lisa. First of all, thank you for having us on. It's great to be with everyone. I thought I might share a little bit about Amyris and what we do before getting into the Q&A. At Amyris, we're the world's leading synthetic biology platform. We focus on that platform being applied through really a series of different end markets, and the way to think about it is we're very focused in beauty, in a direct-to-consumer business that has one of the leading brand portfolios in the world, which we can describe, and then secondly, we're able to provide ingredients to some of the world's leading companies, really to help supply the growing demand, the growing consumer shift to sustainable, clean ingredients, naturally sourced, and a lot of consumer-end products. And our partners on the ingredients side of the business are companies like DSM, Givaudan, Firmenich, Ingredion, Yifan from China. So our focus is to partner with some of the world's leading companies, become the real transformation to drive their portfolio to clean chemistry, supply the leading markets in the world for that clean chemistry, and in beauty, go direct to the consumer, because the consumer is very focused on beauty and purpose in everything that they touch. And synthetic biology is really one of the best enablers to make that a reality for consumers. So what is synthetic biology? What do we do with our technology? We are the world's leading genetic coders, and we're able to code organisms to get the organisms in a fermentation tank to take sustainable, natural sources of carbon, like sugarcane syrup, and convert that sugarcane syrup into exactly the chemistry that's necessary for the end product, so we make amazing, complex chemistry from nature, accessible to all at the lowest cost possible in the most sustainable way by using synthetic biology and fermentation tanks to make that conversion happen. That's a little bit about what we do. We do this faster, better, cheaper than anyone in the world. We have 13 commercialized molecules. We have a pipeline of 24, and we have 250 molecules where we already have engineered yeast to be able to effectively make that specific molecule from fermentation. We are growing rapidly. Our revenue this year is expected to be around EUR 400 million. That compares against about EUR 174 million-EUR 177 million last year. And we expect next year to be EUR 500 million-EUR 600 million, and by 2025 to be about EUR 1.5 billion-EUR 2 billion in revenue. So fantastic growth, solid margins. We have the best gross margin structure in our industry. And we expect by 2025 to be at about 30% adjusted EBITDA business. With that, I'll pause so I don't run out of breath, and I'll turn it to you, Lisa, so we can actually get to a lot more detail through questions. Now, so first question. So Amyris is one of the key innovators in the renewables, plant-based, clean-label ingredients space. How has consumers' appetite for natural solutions and synthetic biology evolved over, let's say, the last three years? And what do you think are the key trends we should look out for on a forward basis that you're seeing from end consumers via your Biossance brand or just your direct consumers like your Givaudans and Firmenich of the world? Yeah. Look, I'll start with what hasn't changed over the last three to four years when it comes to sustainable, clean chemistry for the consumer, and then what has changed. So what hasn't changed is, look, the consumer has always wanted to do right for the planet, but not at the sacrifice of great products that do good for them and paying a higher price, so those two things haven't changed. At the end of the day, as much as the consumer wants to do right for the planet, they're a bit selfish, and what they really want is an amazing product that actually is accessible in price, so you can't charge more for sustainability. I shouldn't say you can't. A lot of people try to charge more, but if you really want to be in high growth and access a lot of consumers, you have to make it accessible and affordable, and then when you do those two things well, if you make it sustainable, if you make it clean, the consumer gives you a level of loyalty like we've never seen before, so clean and sustainable is really sticky from a loyalty standpoint, but to acquire the consumer, you still have to deliver the best-performing product in a way that's accessible, so that whole thing has not changed. I'll tell you what has changed dramatically. As a result of COVID, people have become so much more conscious around their personal health. They've become so much more conscious about the health of our planet, so in a way, they're seeking solutions that are much more about them: self-care, health. They want solutions that are sustainable because they've been cocooning. In cocooning and zooming, which has been kind of like a big part of our lives over the last year and a half, when you zoom, you see yourself in a way that you actually didn't focus on before. When you spend all day zooming, you get to realize, like, "Holy shit, my skin isn't as good as I thought it was," or, "I've got these imperfections." You start to realize, like, "How do I take care of myself?" That then drives consumers seeking out better ingredients, more transparency, better products. We've seen that dramatically shift demand for our ingredients. We have now completed, after the first quarter, our third record quarter for squalane, our emollient that's actually an amazing moisturizer for skin. Why is the moisturizer doing so well? Because the consumer is seeking simple, high-efficacy formulations that make their skin better because they now are aware that there are issues that they'd like to take care of, so to me, that's really what hasn't changed versus what's changed. What's changed is doubling down on sustainability and personal health. What hasn't changed is still shouldn't cost more, and it has to perform. It has to actually be an amazing ingredient that delivers efficacy to the end consumer. Thank you so much, John, and maybe looking at one of your recent transactions, so can you share some of the details on your most recent transaction with Ingredion, in particular the transaction size, potentially a little bit more on the future profit share? And also in a bigger sort of a bigger picture, how does Amyris think about the size of the natural low-calorie sweetener market and the appetite for especially fermented solutions versus maybe a natural stevia solution? And also, what are the challenges in developing a biosynthetic stevia product? And also to sort of have a full question here, I mean, what is sort of the evolution being consumer appetite as we move from Reb A solutions, which sort of has the bitter aftertaste, if you like, towards a more sugar-like solution like Reb M, for example, would be helpful? You just went through the whole spectrum of what's important in natural sweeteners. You've got quite a bit packed in that question, and I'm happy to go through it with you. Again, back to your last question, like the Ingredion transaction was the third in a series of three major strategic deals for us, where the first involved really creating an industry platform for the flavor and fragrance industry that combined the best of Firmenich, Givaudan, and DSM with Amyris's technology. We did that because we now have more traction in the flavor and fragrance industry than any other company in our sector. That traction is really delivering significant penetration and growth of the molecules we make for Firmenich and Givaudan. DSM has very interesting technology and very good capability. We feel like the four of us together actually create a significant moat to really transform the flavor and fragrance industry into an industry that's much more sustainable, driven by clean chemistry, and delivering amazing pure ingredients that actually, whether it's the notes or whether it's the flavor and the flavor texture, just delivering a better experience overall in formulation. With that behind us, we then got into, let's make sweeteners better and scale faster, which is why we really partnered with Ingredion with our Reb M technology. If you think about Ingredion, after the PureCircle acquisition of Ingredion, they ended up with what looks like, I think, the largest Reb A business in the world. One thing that's probably not known to most of the market is we've had significant success in scaling our Reb M commercially. And one of the things we learned in scaling Reb M commercially is the number one market to sell Reb M into is actually converting Reb A users to Reb M. So if you take a look at the picture, it basically said we were actually taking a lot of share from Reb A to Reb M. And the obvious combination for us was gain scale in market access by combining with a significant player for Reb A and do that in a way where we could actually bring together the best technology for natural sweeteners with the best market reach and position so we could actually accelerate the penetration of Reb M, but more importantly, also accelerate the development of additional natural sweeteners. The other part of your question is kind of like, how do we see the market developing in natural sweeteners and what's the total size? It's fascinating to me. I think Brazil is a great insight into where the world is headed with sweeteners. Brazil, if you look at the last two, three years, the growth for natural sweeteners in Brazil has been phenomenal. They're experiencing like 20%, 25% annual growth rate of natural sweetener, and they're taking that share away from chemically derived zero-calorie sweeteners, and then sugar as a whole is flat to declining. Now, that's in the world's best market for sugar. Think about it. They export more, and per capita, they consume more in just about any place in the world, and yet sugar demand is flat to declining in that market. Natural sweeteners are going through the roof, and it's funny. I've held a lot of consumer groups and panel discussions in Brazil. When I ask the consumer, like they'll be together, and I ask them, "So why do you consume a natural sweetener that has a bad aftertaste? Like, why would you do that?" They're like, "John, you don't understand. We will choose something that has zero calories and doesn't make us gain weight or get bad health versus any other issue. So we're willing to take on anything just so we don't gain calories and we stay healthy." That mindset in the consumer, I think, is driving a real shift. Then you add to that this momentum around the world that people want their products naturally sourced, and you see the stevia-based and mogroside-based and other natural sources of sweeteners really taking off in a way that I had not expected. I see that now happening across other geographies in the world. So I just think that Brazil example is indicative of what we will see in other markets. And the Ingredion opportunity and partnership enables us to focus on what we do best, which is develop, scale, and produce natural, sustainable ingredients for the world, in this case, zero-calorie natural sweetener from sugarcane, while Ingredion can go to market, expand their margin. Actually, our cost base of Reb M is much lower than any other production of a naturally sourced sweetener, zero-calorie sweetener. And we can reach markets and reach customers that otherwise would be harder to do. That's great, John. And maybe taking a step back, I mean, can you share some details on your lab-to-market operating system, like in terms of how you move from developing, I mean, actually the R of the R&D to developing a product to then driving it to commercialization and going into partnership with someone? Look, I think the hardest thing in developing new chemistry and taking it to market, especially natural sustainable chemistry, is actually selecting the molecule. What molecule do you work on? And then the second hardest thing is actually getting it to market because I always tell people, like, "Our competitor is not actually somebody else doing synthetic biology. Our competitor is somebody supplying what I'll call the dark side, ingredients that aren't sustainable, that have an established market share, and us having to displace that ingredient." So because of those two challenges, target selection and go-to-market, the way we think about ingredients and how we go-to-market and target selection is actually partnership. And I think the Firmenich partnership and Givaudan are perfect examples of that. We start with market leaders. Here, we have two market leaders, one in flavors and the other in fragrances. Each one of them has deep expertise in the supply chain for these ingredients that gives us insight on which ingredients actually solve the biggest problem. We always start with, "Tell me about the volatility and the supply source of that current ingredient." If we're seeing a lot of volatility in supply and price, that is a perfect ingredient for us to actually jump into and make from fermentation. Because through fermentation, the first thing we do is remove all volatility. The second thing we do is make available as much volume as necessary. The third thing we do as a result of those two things is stabilize price to the market and end up reducing the cost of production. There is not an ingredient today that we make for a major partner where our cost of production is not at least a third less than the cost of accessing the alternative. So again, I go back to when you cost a lot less, when you're sustainably sourced and natural, it's actually not that hard to get to market if you have a market leader that's your partner and can very quickly accelerate route to market. And that's what we're achieving, and that's really what we focus on in picking new molecules and developing them. Okay, great. That's great, and sort of in the Development stage, what is the process you go through to test the efficacy of a cosmetic or food ingredient? I mean, what are the challenges in the performance of a cosmetic ingredient when you take it into a lab context and actually in a sort of real-life environment in terms of stability, the performance? What should we look out for, essentially? Look, first of all, it all starts with a fundamental truth. The fundamental truth is a fermentation-based ingredient has a higher level of purity than something made from crude oil-derived feedstock or plant or animal-derived sources, okay? And I have a point in case. I'm going to hold this up. I've got two—this is actually sandalwood. We make the purest, most beautiful notes of sandalwood in the world, okay? The one that's clear is the fermentation-based sandalwood. The one that's yellow is actually the plant-derived sandalwood, the tree-derived sandalwood, okay? What's the difference between both? One, the yellow one has impurities, and those impurities actually create off-notes and also oxidize over time. So when you think about applications to the consumer, because sandalwood ends up being a scent, the pure one that doesn't have the off-notes and doesn't actually over time oxidize has a note that lasts potentially two times longer than the one that comes from plant. So what's the point? The point is actually you start with a fundamental truth that fermentation-based is pure, has a different impurity profile, and actually will add higher performance. But what that means is it requires actually pretty good sophistication in how you formulate because it's not as simple as, "It's sandalwood, and therefore I'm going to formulate the way I always have." Actually, it's sandalwood, natural pure sandalwood, which is simpler to formulate and delivers a different level of performance to the end product. So the actual development process is pretty straightforward. When you identify a molecule, our job is to take that molecule and then engineer yeast, in this particular case, to be able to go from a target to large-scale production, big tanks, and do it in a way where we can deliver the right cost, the right purity, and the right efficacy. But we start with answering the efficacy question, right? So we start with, because it's pure, we know we're making a perfect replica of the final molecule that has higher purity, and therefore the efficacy is validated at the start. Okay, thank you so much. And then there's a question from an investor. I mean, you've delivered very strong yield improvements in the first quarter, which I think is related to your fermentation. I mean, can you provide us with some granularity on what have been the main drivers to that and how we should expect this to evolve over the midterm? Okay, I think our main improvements have really been a combination of mix and operating performance, and so the operating performance is really all about just constantly improving the downstream purification and having new generations of strains that we put in the fermentation tank to make the fermentation lower cost. And our pipeline there is pretty significant, so we have a lot of room to go in what I'll call our cost of goods improvement and our yield or margin expansion, and the way to think about it is we expect our business, based on the current product mix and go-to-market portfolio, to generate 60%-70% gross margins in a sustainable way into the future, and we think, first of all, that's better than any of the established chemical companies, but secondly, that's better than any of our peers in synthetic biology. And in both cases, we're delivering a gross margin structure that's probably 2x the industry norm. And a lot of that is really because of the efficiency in engineering and the effectiveness of our fermentation operation combined with the mix of molecules we've chosen and the fact that we could make them for a much lower cost than the existing supply in the market. Okay, that's great. Thank you. And then maybe going to the R&D budgets. I mean, how do you manage your R&D budgets and how do you balance capital efficiency? And what is the process and the parameters that need to be met for you to allocate investment to the development of a novel ingredient? I think for a European investor, I always find that this next conversation kind of scares them, right? Because we're in Silicon Valley and technology is first, right? We're in a business to ensure that when it comes to clean, sustainable chemistry, we are the operating system and the standard for the future. And to do that, we need continuous investment in the technology to ensure we stay ahead. As of today, we know because our direct competitors have become public or are going public, and their data has now become public. We know we are now 8-10 years ahead of any competitor in synthetic biology. That includes the Chinese market, the North American market, and the European market, right? So when I think about that, I think, "Okay, if I'm 8-10 years ahead, now is the time to accelerate further and really focus on technology to ensure we don't lose our lead and to ensure that our approach is the default standard for how you make clean chemistry." Because we also know the establishment is focused on this. We know that BASF is starting to really drive hard into shifting their portfolio to cleaner chemistry. They once told me they'd never do that, and it's interesting how the consumer can shift behavior pretty quickly. And then we know that the DuPont Biosciences combination with IFF is also going after the market in a big way. So we know that our approach to technology investment is really simple. We've been investing about EUR 70 million a year in our core R&D platform since about 2011. We did that when everybody thought we were going out of business, and we do that today when we have EUR 240 million of cash on our balance sheet and a pipeline of EUR 270 million of payments over the next three to four years, not including our operating business. So whether a strong balance sheet or a weak balance sheet, the one thing is stay consistent in the investment in technology. The second principle is only invest in technology in service of commercializing products. We're a commercial company. I'm not a science experiment. I'm not looking for turning the next publication of a paper with an amazing science breakthrough. So our focus on investment is actually debottlenecking and ensuring we've got the perfect technology to scale. The vision for us is really a simple one. We believe there's a point in time where we will go from a single design, from a target chemical to one step, and it's in a fermentation tank making that product. We're probably 10 to 20 years away as an industry to achieve that, and our focus on investment is making sure we drive commercialization. Right now, we're basically commercializing a molecule in about 12 months or less with about EUR 1 million of investment. In 2012, it took us four years to commercialize a molecule, and it took us EUR 70-EUR 80 million per molecule, right? So that's the kind of improvement, which is better than Moore's Law so far for synthetic biology, and we want to continue that rate of improvement year on year to get to the standard, which is, again, from target to scale, one design for a strain, because that's how clean chemistry becomes like the chemistry of the world. Thank you so much, John. And another question from an investor. This is a quite opaque space from the outside in. And who do you consider to be your main peers in sort of the biosynthetic fermentation space and why? I mean, if you have any commentary there. Sure. Look, I think there are two direct peers, and then there's hundreds of companies out there because the amount of money flowing into the space, especially now in the world of SPACs, has been incredible, right? I mean, there's billions of dollars coming into the space, hundreds of small competitors, but two main ones, one that became public earlier this year and then another one that's in the process of going public. The two companies are Zymergen and Ginkgo Bioworks. Those would be the two direct competitors. And the first thing I'd say is we actually make products; they don't. They are working on that, and I'm sure because I know their science is solid, and the world needs their science. Think about it. The world of clean chemistry will eventually be a EUR 3 trillion market, if you believe McKinsey. So there's a lot of market, right? We are very focused on beauty and personal care because there's a lot of money to be made, and it's dirty. So we can clean it up, we can do it well, and we can make a lot of money, which we're demonstrating. They don't make products yet from their technology. They are aiming to do that. They also don't have any experience of scaling and fermenting, and that's part of what they need to develop. So a ways to go, and my estimate is, again, eight to 10 years ahead, but they'll get there because they have access to a lot of capital, and there's a lot of capital chasing, creating a real portfolio of companies in this sector. I think the second thing I'd mention is if you look at Ginkgo, they just accessed about a EUR 2.5 billion investment as part of their go-to-public through the SPAC. So the one advantage they have is with EUR 2.5 billion on the balance sheet, my guess is they will be able to acquire their way to be able to actually successfully play in the world of delivering amazing clean chemistry that's really having an impact on our planet and driving a true business. So I would watch those companies. I think the whole sector is really thriving right now. And if I'm an investor, what I really look at is what revenue do you drive from the products you actually make because that's sustainable revenue. The amazing thing about chemistry is once it's formulated into a final consumer product, you can count on that revenue for some time to come. Once you see that and once you have traction in that, I think those companies are off to the races. Okay, great. That's very helpful, John. And maybe then going back to some of your products, can you share some details on your partnership with BASF, especially the most recent transaction with BASF acquiring the exclusive rights to seven of your intermediate flavor and fragrance ingredients? So any sort of anything you want to share on that would be very helpful. Thank you. Yeah, look, we have a lot of respect for DSM. I mean, they are one of our lead shareholders. I think they're in our top five shareholder base. They own about 6% of the company today. They have a board seat, which is an amazing contributor to our development. And our relationship goes back a few years, right? Our relationship started with them gaining exclusive rights to one of our molecules that actually is an alternative to crude oil, to a crude oil derivative to make vitamin E. And since they are the leading market share leader in the world for vitamin E, having a really disruptive technology disrupt that market was something that was important to them, and they wanted to be the disruptor and not be disrupted. So they licensed and then bought a factory from us to have access, exclusive access to that alternative to crude oil. And why? For a very simple reason. The alternative to crude oil, under most market conditions in the current outlook, is actually faster, cheaper, and better to make Vitamin E. So that's a perfect example of what our core technology does. So we disrupted the vitamin E market. That's how we entered into the relationship with DSM, and from that, we learned a lot about each other and really developed a mutual respect for the capability that both companies have. They are amazing at premix and formulation. They have good chemistry capability. We are the world's leaders at synthetic biology, and we can scale and ferment highly engineered organisms better than anybody in the world. You combine us both together, best chemistry, best synthetic biology, and then focus it against markets that actually are in a transition, like the flavor and fragrance market with two leaders like Firmenich and Givaudan, and that really creates an industry platform like I don't think any of us have seen before, which is really what drove us together. We think the combination of the joint technology, the market reach, I think just creates, again, this industry platform that is unique, and it is really on a roll. I mean, think about it. The ingredient portfolio we have that we just licensed to DSM is in process over the next couple of years of those ingredients and our supply source becoming the largest supplier of ingredients to Firmenich and the largest supplier of ingredients to Givaudan. That's a big deal, right? And that's all from ingredients that we developed with those two partners now in the DSM portfolio. The outlook going ahead is even more exciting. We've already identified, working together with the three partners, about 10 additional molecules that we're now actually prioritizing in the pipeline to be able to scale. So it's not just we have the largest base and are becoming the largest supplier to those two companies. It's actually there's much more to do in making that industry clean, and we're actually developing that future pipeline to aggressively convert that industry to natural, sustainable ingredients that make better formulations for a better planet. That's great, John. Moving on to maybe different markets, the CBD market. I mean, how should investors think about the addressable market for CBD as a cosmetic ingredient? And what type of barriers is Amyris facing in terms of product regulations? Because I think that's quite a topic for that space. Thank you. Look, I think the cannabinoids as a class of molecules are very, very interesting, right? And again, you start with a basic premise. Nature is amazing. Nature gives us. It gives me the chills. Nature gives us amazing chemistry. And actually, the most amazing chemistry in nature is actually very rare and hard to find, right? If I use a market that people are much more familiar with, which is the sweetener market, and you look at the stevia-based molecules, right? Everybody got focused on Reb A. Why did they do that? Because Reb A was easier to extract and purify from the leaf. The reality is Reb A is not the best sweetener in the leaf. It's actually Reb M, maybe some help from Reb D. Who knows? There may be other minor Rebs that are actually really fascinating. So the big lesson is nature gives us amazing chemistry that changes markets in the world. And the chemistry nature gives us actually is hard to really get to. The stuff that nature gives us that's abundant is interesting, but not great. If you go to cannabinoids, the story is exactly the same. I look at CBD, like why is CBD mainstream? Because it's easy to get. Even though people complain about the extraction, it's not that sustainable, but it's available and it's lower cost. So because it's available and lower cost, it's the one people know. It's like the equivalent of Reb A for stevia. Is it actually the best molecule coming out of the cannabis plant? No. As a matter of fact, I can tell you now, like for personal care specifically and for skincare, for topical, at the end of the day, one of the properties from the cannabinoids that's really fascinating is the anti-inflammatory performance that those molecules have, right? And when you look at anti-inflammatory, I can tell you now because we have amazing clinical data on this, CBG is much better. I mean, by several magnitudes better in anti-inflammatory properties than CBD. What is that teaching us? That's teaching us that the minor cannabinoids by themselves each have significantly better performance attributes in specific targets than CBD. So I actually have a simple strategy. We are the world's best at engineering and scaling cannabinoids from fermentation. We have CBG at scale, producing more volume than anybody in the world, and we're going to go after the other minor cannabinoids, and we're going to do it in a way that attacks CBD one slice at a time. Why? Because we can. It's much more profitable. Today, we make CBG at about the market cost of CBD, and we're in process now of taking our CBG to below EUR 500 a kilo in cost of production. Like how can you touch that from a plant? You can't. And how can you do that with a molecule that performs as good as CBG? You can't. So how are we managing that? Well, we have clinicals. We now have over 200 consumers where we've tested the anti-inflammatory to address something as simple as acne, and it is amazing. As a matter of fact, what I would tell you is when you add CBD to CBG, CBD dilutes the anti-inflammatory performance of CBG. It's a barrier. It doesn't actually help. So I think the world for cannabinoids is going to be phenomenal. We're going to deal with pain management. We're going to deal with inflammation. We're going to deal with it at the topical level. We're going to deal with it inside at the level of the bone. And I think there's a long ways to go. Look, regarding regulatory, that's the challenge we all face, mainly because there is no regulatory consistency anywhere in the world for how you actually go to market with cannabinoids. Our focus is identifying what drives that, which is actually THC. So when we make all these minor cannabinoids from fermentation, we don't actually have any measurable levels of THC in them. We do that to avoid regulatory noise across markets. The other thing, the last point I'll make is, look, because we now know and we have great clinical data on how good CBG is, we're doing our ingredient business slightly differently. We're not making CBG available to the rest of the world. We're actually delivering CBG in amazing consumer formulations addressing specific skin issues to take significant market share and develop a leading position for those consumer markets directly ourselves. As we establish that position, which we think will be very rapidly, we will then make the ingredient available to others once our brands are able to establish their position in the market. We're launching a brand called Terasana focused directly on acne. We just established and are advancing a major partnership for a multi-level marketing relationship to take that acne product direct to the consumer in a sales force of 26,000 people around the world. And I think in 18 months, people will see the difference in a simple solution to acne that really works. And then once we establish that position, we'll make the product more available. We did file a set of patents around our formulation with CBG because of the level of efficacy in dealing with acne. And I think, again, you'll see more of that from us in the cannabinoid space. Sorry to get so excited about cannabinoids. Anyway, I need to calm down. Thank you, Lisa, for the question. No, thank you so much for sharing your passion on this. So we talked about one of your launches, Terasana, which is coming up, but moving a little bit broader into the business-to-consumer space, if you like. I mean, can you first share which changes in consumer behavior you may have perceived during the pandemic and some trends we'll lose structurally and what this has meant for a product line you already have out there, which is the Biossance brand? Yeah, you bet. Yeah, we had during the pandemic, we had two brands in the market, Biossance and Pipette. Pipette for baby care, mother care, and family care, all clean, obviously, and then Biossance as a clean skincare or clean beauty brand. Biossance's growth has been phenomenal. We did EUR 17 million in 2019, around EUR 50 million in 2020. And this year, Biossance is on track. I mean, it's had an amazing first quarter. It's breaking another record in the second quarter. It's on track for over EUR 100 million in revenue and profitable this year. It was profitable in the fourth quarter. So it's on fire. And since then, since the beginning of 2020, we've added another five brands to our portfolio. We have some amazing brands that are in the process of launching this year. Our consumer business as a whole this year will be about EUR 150 million. Last year, our consumer business was slightly short of EUR 60 million. And then next year, we expect the consumer business, based on all of the launches this year and all the pre-orders we already have, to be around EUR 300 million. So the consumer business is exciting. It is thriving. And it is thriving because, look, the consumer wants health for themselves and our planet. As I said earlier, beauty and purpose is driving the consumer decision today. And we're able to do that in a way that most people are not, and we're reaching the consumer by using social networks, by actually doing live streaming, by educating, and by partnering with people that have significant reach, like our relationship with Rosie Huntington-Whiteley for Rose Inc. Rose Inc is an amazing brand. It'll be one of the most beautiful color brands that's clean and sustainable available to the world. Jonathan Van Ness for clean hair. I mean, those are the kinds of things we've been developing to get reach and awareness, to drive conversion, and to ensure that we are the leaders for clean beauty direct to the consumer. Back to your question of what happened during COVID, look, a few things. First, the consumer went online in a way that I don't think any of us expected. We were fortunate enough to have an online presence and have an online store that was pretty effective. And so we benefited from that, right? Our online sales during 2020 tripled, right? More than tripled. So it was really an amazing year to establish and build this bond with the consumer for Biossance. What are we seeing now? What we're seeing now is interesting. Like in the U.S., this is not true everywhere in the world. I think Europe is lagging a bit in this. But in the U.S. and then in China, really mid-last year, and then now in the U.S., the store traffic is up. We are partners with Sephora for the Biossance brand. And I can tell you that the revenue coming, the sales coming from Sephora in the last six weeks has now surpassed the pre-COVID growth rate. And for those of you who track us, pre-COVID, we were more than doubling every year in Sephora. So Sephora is on fire. It's actually great to see the consumer. And what's great about the traffic we're seeing in this opening up world is actually it's traffic that's going into the store to buy. They're not shopping. They're buying. So by the way, we've been able to maintain our online traffic. Our online traffic is up 50% from last year. So our revenue online is continuing to double or more. Our traffic is up significantly. Obviously, our repeat purchase rate is amazing. As a brand, we're running over 50% repeat purchase. So we like beauty. And I love synthetic biology and beauty because I always say, if you want to make something mainstream, you got to make it sexy. And there's nothing like the beauty industry to make synthetic biology a sexy business to be in. And the consumer is really simple. If you deliver great performing products and you add on kind of the icing on the cake, which is, and they're sustainably sourced and natural, you're going to get rewarded by the consumer. And that's really what we've been lucky enough to be in. That's great, John. I see we're getting towards the end of the session. So I wanted to give the word back to you and see if there's anything we haven't touched upon today, which you really wanted to share on Amyris before we close off. Look, you've done a great job actually getting a lot of color about our company through the questions, both from you and the audience. I want to thank you for having us on. And I just like to leave all the audience, all the investor community in Europe to really think about synthetic biology as the future of chemistry. Chemistry from crude oil, chemistry from plants and animals is not sustainable for our future. And I'm deep in thinking about what I really care about. And what I really care about is that my kids, someday potentially my grandkids, have a planet where they can actually have options like many of us had growing up. At the level of demand coming from the number of consumers consuming around the world, the growth in the middle class around the world, what's happening in China, which is just incredible, we're going to have a problem. We can't support providing these consumers all the amazing products we want while keeping our planet sane. I hope you all join me on that mission to really make sure our children have a place that's at least as good, if not better than when we came onto this world. Remember that synthetic biology is the key to doing that. We did it with malaria, starting with Bill Gates' investment in how the company got started. And now we're doing it across everything from the scents that you have in the shampoos you use to the perfumes you use to the moisturizer for your skin to the best polymers to make natural rubber or synthetic rubber perform as good as natural rubber and tires. We're covering the spectrum because that's what synthetic biology does as a platform. So thank you again for having me on. Thank you, John. I think everyone in the room could feel your passion for Amyris and fermentation technology. So really thank you for all your insights today. And thank you, investors, for tuning in. I hope you find this helpful. Thank you.