Good morning and welcome to the Amyris Virtual Investor Mini-Series Part 2. All participants will be in 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, then one, on your touch-tone phone. To withdraw your question, please press star, then two. You may also submit a question via the webcast by clicking the Ask a Question button. Please note this event is being recorded. You may listen to a webcast replay of this call by going to the investor section of Amyris's website. I would now like to turn the conference over to Han Kieftenbeld, Chief Financial Officer of Amyris. Please go ahead. Thank you, Operator, and good morning and good afternoon. With me today from Amyris are John Melo, President and Chief Executive Officer, Daya Fields, President, Pipette and Purecane, Catherine Gore, President, Biossance, Caroline Hadfield, Chief Executive Officer, Rose Inc., and President, Aprinova, Sheila Shekar Pollak, Chief Marketing Officer, Biossance, and our guest, Julian Reis, Founder and Chief Executive Officer of SuperOrdinary. Today's webcast is the second session in the Amyris Virtual Investor Mini-Series after a very well-attended first session on December 15. The theme for the series is Delivering on the Promise of Synthetic Biology. Today, we will feature our consumer portfolio with the title "The Science Delivering Clean and Sustainable Consumer Products." During this call, we will make forward-looking statements about future events and circumstances such as those related to future transactions, financial performance, operating activities, market opportunities, and growth prospects. 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 we will refer to in today's presentation. The slides are also posted on the Investor Relations section of Amyris's website. During our hour together, John will provide a business update followed by a market and consumer portfolio overview. We will then hold a panel discussion, and we will conclude today's event with a Q&A session. I'll now turn the call over to John Melo. John? Thanks, Han. Good morning and good afternoon, everyone. Thank you for joining us today. I prefer being with you in person, and I really look forward to a day soon when that will be possible while keeping us safe and healthy. Being away from investors, customers, and partners is truly driving me crazy. 2020 has been a year of extreme uncertainty due to the pandemic. We are very pleased that it also has been one of the most productive years in our company's history, where we have transformed our business, accelerated our industry leadership, and advanced our strategic position with our technology, consumer, and ingredients portfolio, and also a much-improved financial position. We continue to deliver industry-leading growth, with our product portfolio having achieved more than three times revenue growth during the first three quarters of 2020, and our consumer portfolio compares to our guidance of about 2x growth while also enhancing our gross margins. We scaled six new molecules versus our communicated target of two to three per year. We continue to improve the balance sheet by diversifying our institutional shareholder base, and we reduced our debt by over 40% by the end of Q3 2020 compared to the start of last year. This, along with the previously communicated strategic transactions, is transitioning us to profitable growth and positive cash delivery. 2021 so far is off to a very productive start. We are moving towards another record year by far, and I'm really humbled by the amazing work of our teams and the collaborative approach of our partners. Thanks, everyone, for the contributions you're making and the impact we're having. Let me now give you an update on our transactions, which I spoke about during our first investor mini-series on December 15. We mentioned that we were actively working on three transactions. As you will be aware from the news release on December 21, we closed the first transaction, which was valued at $50 million, with $30 million received in December, $10 million payable in the first quarter of 2021, and the remainder in milestone payments thereafter. The last time we communicated, the other two transactions had signed term sheets with agreement on key business terms and were moving through due diligence and toward contracting, with expected closing in the first half of 2021. I'm pleased to update you that we have made significant progress on both and have the contracts for the largest of the two mostly complete, subject to our respective board governance approvals and other customary closing conditions. We are now on track for both transactions to close by the end of this quarter. The upfront portion of the three transactions combined is expected to be more than $200 million, with payment expected during the first half of 2021. We see a clear plan ahead that is strategic and value accretive for all parties involved, and that will also deliver a significant expansion to our product pipeline because of the strategic technology development components of these transactions beyond the near-term monetization opportunity. We expect three to five new molecules added to our pipeline in the next year from these strategic relationships. The total value directly attributable to the three transactions is over $450 million and represents a combination of upfront payments, milestone payments, and royalty arrangements. This does not include the long-term value driven by the expansion of our technology pipeline and new molecules from these partners and the future value of the new development projects and their respective commercialization. Regarding our consumer brands, we have an update that we have not previously announced. We have agreed business terms for the purchase of another complementary consumer clean beauty brand on which we expect to close in the coming weeks after completing customary closing conditions. This is a brand that is in the luxury skincare market with amazing formulations that involve very unique natural ingredients from the Amazon. Our objective with this brand will be to improve the formulations using squalane as the foundation and to eventually make some of the Amazon-sourced ingredients using our science and fermentation while creating give-back mechanisms to support the villages where these ingredients were first discovered. With this new brand, we are also adding an exceptional design and creative capability to our Amyris team, who is one of the most respected design thought leaders from the fashion industry. We expect this additional brand to be accretive to our 2021 results. We will issue a press release announcing the details once we close the transaction. This completes the near-term expansion of our beauty and personal care consumer portfolio and provides us a leadership foundation and significant opportunity to accelerate our organic growth over the next three to five years, leveraging our science and delivering real impact to consumers, investors, and our planet. During the December 15 investor mini-series event, we discussed our science and technology and the power of our proprietary Lab-to-Market process to scale and commercialize new ingredients. We currently have 13 molecules in the market. These are all commercially successful with strong market-leading growth for the next several years, and another 18 molecules in active development. These molecules are targeted at different end markets and have the following characteristics in common. There is a large addressable market. The supply chain of the ingredient it's replacing is volatile and not sustainable. The market is highly concentrated. We can achieve the lowest cost point for making these ingredients and have contracted commercial partners to deliver fast, successful market adoption for these ingredients. Of the six new molecules that we scale in 2020, there are four that are directly applicable to beauty and personal care. These new molecules are achieving strong demand, with most of them delivering more than $1 million in revenue in their first year. As I described last time, you can think of our technology platform as the operating system for making clean chemistry and remaking the world a healthier place. Like Windows or Apple OS or Tesla battery operating logic, we are the equivalent for remaking chemistry. Our technology platform is meeting a significant need to offer a better alternative to chemicals by delivering clean, sustainable chemistry that performs better and at a lower cost than what is available today. I would expect that at least one-third of you already use a product that has Amyris technology and ingredients inside. 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 using a higher rate in each application. This is how we are cleaning up our world while making you healthier. The molecules or ingredients we develop through our science are the foundation of our consumer brands. You can see them as building blocks for the formulations in our brands. We have developed a unique sugarcane-based alternative sweetener, which we market to consumers with our Purecane brand. We have developed squalane and hemisqualane as two unique ingredients that underpin the formulations of our skincare and hair care brands. This is the unique connection we have at Amyris between the science and technology, our ingredients, and our consumer product portfolio. The synergies and value add is oftentimes misunderstood or undervalued. With our technology platform, we can offer better-performing ingredients at lower cost using a process that is far better for the environment. Natural, clean, and sustainably sourced is the common thread between our ingredients and consumer products, and today's consumers care deeply about transparency and clarity as it relates to the ingredients in their products. The economic impact is clear. The better our consumer brands perform, the more ingredients we sell to the world's leading companies as they try to meet the changing needs and desires of consumers. The power of social media, search capabilities, and consumer engagement drives a movement. This is shifting consumers to sustainable consumption and making our world healthier. All of this powered by our science and making natural ingredients that are better performing and sustainably sourced. Squalane is a key component of our Biossance clean skincare and Pipette and f amily c are brands. Squalane is a molecule traditionally sourced from shark liver. Millions of sharks are being killed annually, which has a severe destabilizing impact on our ocean's ecosystem. At Amyris, we reject the idea that you need to kill sharks to have great skin. We decided this was unacceptable and found a way to develop squalane derived from sugarcane rather than shark liver or olive trees. Our squalane performs much better than the alternative. Its moisturizing capabilities result in notably smoother skin and is a great basis for a variety of formulations. We believe we have the best purity, lowest cost, and best-performing skin moisturizer in the world and a formulation carrier that is available as a way to make all formulas more powerful and impactful for consumers. Besides formulating it into our own brands, we also market squalane under the Neossance brand to many of the world's leading beauty and personal care brands. The growth of our squalane has been remarkable since it was first introduced. We've been delivering approximately a 60% cumulative annual growth rate from 2012 to 2020, a testament to the unique positioning and the performance of this ingredient in formulations. The global beauty and personal care market size was estimated at about $500 billion at the end of 2020 and growing more than 7% annually. Clean beauty, which is a part of the total addressable market, is growing by more than twice that rate. North America represents nearly a quarter of the global market and Asia-Pacific nearly half, with the U.S. and China markets at 20% and 13%. We have a strong presence in North America already and continue to expand both in brick and mortar and through e-commerce. China is a key expansion market for us in 2021. By the end of this decade, we see a world in which clean beauty will be most of the beauty market. It's the obvious choice for consumers, especially as it becomes more science and clinical-backed. It's not just a trend. It is a movement, a movement that we're leading in, a movement that we're delivering true impact for consumers. We are well-positioned with Biossance as our clean beauty skincare brand, as well as with Pipette, our baby care brand. Skincare is the largest portion of the global beauty market at 30% and also the fastest-growing segment. As previously communicated through news releases, we are launching three new brands this year that will address the other fastest-growing large segments, including hair care and clean color cosmetics. In the brick-and-mortar channel, we have partnerships with Sephora, Target, Selfridges in the U.K., just to name a few. In the e-commerce channel, we sell our products online through various partners, including Amazon and also via our own direct-to-consumer websites. As a result of COVID, online sales growth has accelerated in many markets, including clean beauty. We were digitally ready last year when COVID hit and have seen a notable shift to online sales for both Biossance and Pipette. Post-COVID e-commerce is expected to continue to outpace brick-and-mortar growth with millennials and Gen Z consumers as a driving force of transforming the beauty industry. Prior to the pandemic, our direct consumer business was about 40% of our revenue. It has grown now to approximately 60% during 2020, obviously on a much bigger revenue base. Clean beauty is evolving from niche to mainstream, driven by millennials and Gen Zs who are keenly looking for transparency as it relates to ingredients. They want clean, natural, and free-from products that are sustainably sourced. This movement was clearly evolving before the pandemic but is now significantly accelerated, and consumers are doubling down on the care for their wellness in a more holistic way. They're focused on health. They want it sustainable. They want great value, and they want to buy it online. At Amyris, we have been clear about the meaning of clean from the outset. This is how we have defined our products because it is the right thing to do for people and our planet. Consumers are curious about clean, and they want to be educated. We understood the importance of information and education early on, and we responded to this need by establishing the Clean Academy for our Biossance brand with our partner, Jonathan Van Ness. Second, consumers are looking for total wellness and are looking for both topical skincare products and internal products, such as nutritional and nutraceutical products, to work together synergistically. Third, social responsibility on the part of the business selling the product is particularly important for the younger generation. They want to identify with companies that have a clear purpose. Our no-compromise promise to our customers fits very well with that expectation. In 2020, Biossance partnered with the not-for-profit organization Oceana to support the cause of preserving sharks and our ocean's ecosystem. With two clean beauty brands already in the market leading in their categories, we plan to add four more during 2021 to address the fastest-growing categories in beauty: JVN for hair care, Rose Inc. for clean color cosmetics, Terasana for acne and other treatment-focused skincare, and the new brand I mentioned, which we'll update later once we announce it through our press release. Our strategy for our consumer business is to grow organically in the fastest-growing categories where we believe we can build a billion-dollar brand in four years or less and have a strong possibility of becoming a market leader with our clean ingredients and formulation and our focus on our direct-to-consumer experience and community building. By the way, the reference to a billion-dollar brand is the valuation, the value of the brand that we're creating. Our financial framework is to deliver a 10X, 10X return on invested capital within four years or less for each of the brands we're building. We have achieved this with Biossance and are well on our way to better returns at a faster rate with Pipette. We believe JVN, Rose Inc., and Terasana each have the brand DNA and the market potential to build on this track record. We believe that organic growth has a much higher probability of strong investor returns compared to inorganic growth. The rationale of our recent acquisitions involved the purchase of brands where the cost is less than if we develop these brands ourselves. We are great market makers and brand builders. Today, you will get to meet the people behind the brand building. It's a great team of deep expertise in each of our target categories. This is a team that has a great time transitioning our world to clean consumption and sustainable beauty products that are the best for your skin and great for our planet. Our Pipette and Biossance brands are built on the clean promise. Through our products, we deliver the new standard in baby care to new parents with Pipette. And we've pioneered clean skincare with Biossance, which is now the fastest-growing clean skincare brand in North America. The momentum that we built and learnings that we have from introducing and scaling these two brands will set us up well for success with our four new brands that we are launching this year. We recently announced breakthrough results achieved in an early clinical study of our proprietary acne formulation. Our acne formulation consists of two clean fermentation-based ingredients, and they've demonstrated superior efficacy compared to 10 other leading standard acne treatments currently available in the U.S. Efficacy was measured in terms of magnitude of acne reduction and the time it takes for such effect. Acne is one of the most common skin conditions affecting up to 50 million Americans annually, including approximately 85% of people between the ages of 12 and 24. Due to the wearing of face masks to protect against COVID-19 infection, the incidence of mask-related acne has been rising in all age groups. We believe to have a high-performing differentiated product. Most current treatments kill the acne and your skin and require treatments after to renew your skin. Our formulation eliminates the acne and leaves your skin healthy and refreshed, all with one product that is also natural and sustainably sourced. Our plan is to market this formulation ourselves with a single brand ready to bring the best solution to a condition most of us have dealt with at some point in our lives. The total acne treatment market was valued at approximately $11 billion in 2019, with North America being the largest market. Asia-Pacific and China are expected to see some of the highest growth globally over the next five years for acne. Speaking of China, we see great potential for our clean beauty products in China. The Chinese consumer is adopting clean beauty in an accelerated fashion, looking for product safety and high-performing products. We recently signed an agreement with SuperOrdinary to partner with them for marketing of Biossance in China. Julian Reis, the founder and CEO, is with us today, and he will make some comments later regarding the China market and the sizable opportunity. I'm sure he'll forgive me for pronouncing his last name with a Portuguese accent rather than his natural accent. Our brands offer a clearly differentiated proposition due to our unique science, the consumer ingredient, and formulation capability. We bring great R&D capability to our product portfolio that many small and upcoming brands lack. The growth opportunities for our consumer portfolio are multiple. I commented on new brand launches, product line extensions such as acne, channel expansion, as well as entry into new geographies such as China. We have a big year ahead of us with our consumer portfolio, with many exciting opportunities to continue to grow our portfolio at well above market rates. Our consumer portfolio is expected to continue growing at two times or more annually for the next several years. Now, let me 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 brands, including beauty, personal care, health, and nutrition markets. We deliver better-performing molecules at a lower cost that are sustainably sourced. 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 are very excited and pleased with this moment and the momentum in Amyris's life cycle. We welcome you to join our journey to creating a healthier and more sustainable planet through synthetic biology and fermentation. I now want to have our panelists introduce themselves, followed by a panel discussion, after which we will turn to Q&A. Let me now turn to the panelists. Yeah, and with that, John, I think we'll ask Catherine to make her first introduction and give a quick background on all that she brings to Amyris. That'll be great. Catherine, we'll start, and then we'll let Sheila come on. And then the rest of the team should just go ahead and do their introductions one after the other. Great. Thank you, John and Han. Hi, everyone. My name is Catherine Gore. I'm happy to be here today and also share a bit about my background and what led me to my role as president of Biossance. I have more than 20 years of expertise in the beauty industry, and what I'm best known for is building world-class teams and driving rapid growth in highly competitive markets. I started my career as one of Sephora's first hires, and during my 18 years at LVMH and Sephora, I rose through the ranks and was selected as one of the few executives to guide the LVMH global leadership strategy. While at Sephora, I helped grow the business into a multi-billion-dollar enterprise by launching and scaling several iconic beauty brands like Marc Jacobs Beauty and Sephora Collection. Now, as president of Biossance, I'm most proud of the team we've built and the results, which have delivered 300% growth since I started in late 2018, along with the impact we've made on sustainability in the industry. And the good news is we're just getting started. Let me share with you a little bit about what the biggest growth drivers for us have been in the last year. We've expanded our distribution into 13 different global markets. This year, you'll be able to pick up Biossance products in Harrods, Selfridges, and Cult Beauty should you find yourself in London, for example, and China, which Julian will speak to later. Conversely, on Biossance.com, by the end of last year, we were fulfilling one order every minute. We grew our new customer base with education and social campaigns as part of the launch of our Clean Academy, which John touched on, a program that educates our consumers on clean. With help from our mega brand ambassador, Jonathan, who also embodies inclusivity, these videos were viewed over 500,000 times. Last year, we also launched Biossance's first loyalty program called the Clean Crew, which in a few short months now represents 34% of total website sales. Another growth driver is our deep consumer focus and digital expertise, which has always been a foundational pillar of Biossance. We continue to lead in the digital space with innovation, award-winning content, and, of course, always great execution. As part of this, a few weeks ago, we kicked off our first global brand ambassador program, which is comprised of top global influencers who will be promoting the brand and developing a steady stream of content for us. This, on top of explosive social growth from 350,000 followers in 2020 to nearly 700,000 today. Sheila will touch on more on what underpins all of this, which is a philosophy we like to call Always On. All of this is possible, of course, because of the unparalleled performance of our clean and sustainable ingredients and formulations. I'm incredibly motivated to lead a team who is driven with purpose to save the planet and help people feel more beautiful in their own skin. What I know for sure after more than 20 years in beauty is that it's not just what you put on your skin. It's how you feel in it. All in all, we're poised to deliver another record-breaking year at the intersection of explosive results and a higher sense of purpose. Great. Thank you, Kieftenbeld. My name is Sheila Shekar Pollak, and I'm the Chief Marketing Officer at Biossance. It's very nice to be here with you all today. Before I share a little bit about my current role, I wanted to talk a bit about my background. So my passion and 20-plus years of expertise is in building purpose-driven, high-growth, global consumer lifestyle brands, and I'm known for really inspiring teams to innovate and create what I love to call irrational loyalty from consumers through a deep, authentic connection with the brand that goes far beyond sales. In fact, most recently, I was the Chief Marketing Officer for Athleta, one of the fastest-growing women's apparel brands in the U.S. In my nine and a half years at that brand, I really helped define the mission and brand values, including a pretty significant shift towards sustainability across all of our business practices there. I also spearheaded the company's Power of She campaign and platform, launched the Athleta Girl brand, and led Athleta in becoming a B Corp, which was the first brand to ever actually do this in the Gap Inc. portfolio. My team and I also signed on the most highly decorated track and field athlete of all time, Allyson Felix, by really focusing on our shared mission of empowering women and girls through fitness. Before Athleta, I held some senior marketing global roles at Gap, Banana Republic, and a brand strategy consulting firm called Prophet. I'm a huge, huge believer in using business as a force for good, which is why I joined Amyris six months ago, and I'm so excited to be here. In my current role, I oversee our global brand strategy, marketing, and communications for Biossance, and I'm helping to build some marketing capabilities across our consumer portfolio. We have an extraordinary marketing team with deep digital expertise, as Catherine mentioned, and I'm extremely confident about accelerating the growth trajectory of Biossance in the coming year. Right now, I'm really focused with the team on creating a step change in our global brand awareness by doubling down on bigger brand campaign moments, our strategic partnerships with retailers and influencers, and optimizing our digital media mix. Another big opportunity that we're focused on is really driving long-term loyalty and retention with our customers by creating highly personalized omnichannel experiences and taking our amazing loyalty program, the Clean Crew, to the next level. And how we're going to do that is really through exclusive educational content, rewards, and experiences for our customers. Last but not least, I'm also very much focused on truly building a global mindset. With all of the amazing explosive global growth that we have ahead of us, we're building a team and a structure and a brand framework that allows us to scale quickly while staying true to our brand. And one of the things I'm really most excited about is creating the beauty experience of the future. Given the accelerated shift into digital over the past year, we see a tremendous opportunity to lean into our superpowers of industry-leading, high-performance clean skincare products, our digital expertise, unforgettable community experiences, and skincare, what we love to call edutainment, a mix of education and entertainment to create the 360-degree client experience of the future. We've got some super exciting concepts in the works, and I can't wait to bring them to life this year. Thank you. Thank you so much, Sheila. That sounds absolutely amazing, and hello, everyone. It's so good to be here. I joined Amyris as President, overseeing both the Pipette and Purecane brands in July 2020, and my name is Daya Fields. I'm honored to bring the learnings of my successes during my 14 years in the beauty and personal care industry, as well as the business rigor learned during my time at MIT, where I pursued my MBA. I most recently served as the SVP of Marketing and Product Development at Alaffia, an 18-year-old mission-based fair-trade natural ingredients personal care brand that reinvests a percentage of the sales of each product back into its empowerment projects throughout West Africa. The brand spans the categories of baby, natural, food, personal care, and home. While at Alaffia, I launched the brand at Walmart and 400 brick-and-mortar stores, increasing the door count 200% to 1,200 stores within just a year. I also co-led the expansion of the brand within Walmart from just one department, which was body, to three, adding both baby and multicultural expansion into the mix. Additionally, the brand was a global Whole Foods Market partner, ranking number one and number two in select baby segments. As we penetrated even deeper into grocery, we landed Safeway and Albertsons accounts. Working with a brand that cares about its impact on their consumers and in the world, the top player in mass, natural, organic, and clean channels, sets me up for success as I come with a valuable toolkit for my role here at Amyris, growing awareness, accessibility, and reach for the Pipette and Purecane brands. As I have vast experience in Main Street retail, I also have in-depth knowledge driving sales on Amazon with 10 years of strategic management expertise in this channel. This has been a key advantage for Pipette and Purecane since Amazon is the second-largest sales channel for both brands. Prior to this, I spent a decade in the beauty industry in New York City, companies where I worked for several brands within the ELC portfolio, such as Jo Malone London, Estée Lauder, and Clinique. While at Clinique, I led the brand's gift with purchase business, which at the time was the number one ranked brand in gift in the U.S. My areas of ownership included gifting time periods, holiday season, and special events. This contributed to 37% of Clinique's total North America revenue, and I'll pass it to Caroline. Thank you, Daya. Thank you, Sheila and Catherine. And good morning, good afternoon. As I share my 25 years in the beauty industry, I really look back at some significant moments. One really was the very beginning of being a member of four people in the inaugural executive team tasked by LVMH to launch Sephora domestically across North America. And as President at Body Shop, within the executive committee, under the guidance of Anita Roddick, I developed my passion for bringing the cleanest products to the market while seeing the potential for positive social impact. Six years ago, when I was approached by John Melo to build a new customer division for Amyris, of which my children were very surprised at when they found out it was a biotech company and I failed my chemistry O level in England, but enjoyed the passion and the excitement that John had for the vision. Offering a blank slate to create a skincare range, the opportunity was too good for the entrepreneur in me to pass up, and I created Biossance Skincare, which enjoyed explosive growth as we pioneered the focus on clean, sustainable, efficacious products and the concept of a banned list of 2,000 ingredients. Three years on, myself and John looked at other opportunities within the cosmetic industry and identified the space within the baby and mom care market. We launched Pipette in 2019, exceeding sales projections and seeing continued rapid growth, with Daya leading the charge and the team there. Through this time, I've also led our B2B squalane ingredient business, which John has touched on earlier, the growth of which we have seen has magnified over the last couple of years. My most recent appointment is CEO of a partnership that Amyris is launching with Rosie Huntington-Whiteley to create a clean color cosmetic brand, which we intend to launch in the third quarter of 2021. Rosie, Rosie Huntington-Whiteley, is one of the most recognizable models. In 2018, she took the knowledge gained from almost two years in the industry and launched Rose Inc., an editorial site for the modern consumer. We partnered with Rosie because her values and passion for clean beauty products mirrored our own. Together, we're realizing our joint goal of providing sustainable, non-toxic, top-performing cosmetics is giving consumers more choice. Rosie's international reach, 30 million followers alone on her Instagram, provides a great platform for a global launch. However, the color expertise she has as one of the world's top models and her significant contribution to the creation of the product range will ensure growth and credibility. Over to Han and John. Oh, and Julian. Julian, I missed you. Hi everyone. This is Julian Reis, the founder and CEO of SuperOrdinary. It's a pleasure to be here this morning and this afternoon. Thank you, everyone, Catherine, Caroline, Daya, and John. It's my first time to participate on one of these events, and I'm super excited to introduce SuperOrdinary as Amyris's partner across the portfolio and give you a little bit of insight of what we do. So I started SuperOrdinary three years ago in Shanghai. My background is a little unconventional in the beauty industry. It's kind of incredible to be included on this panel with such, I guess, would say, experience across the teams at Amyris. My background was actually from the financial community, actually similar to John. I first started my first foray into the beauty industry in 2008 when I started and was the founding investor of a company called Luxola, distributing beauty products through Southeast Asia. The company was later acquired by LVMH and eventually became the Sephora digital arm in Southeast Asia. I really got a very quick understanding of how to move product through the markets in Southeast Asia and to build brands by focusing on brand first. SuperOrdinary was born out of the need where I saw in China this incredible opportunity where digital brands weren't being brought into the China consumer in the appropriate way. In 2017, I moved to Shanghai to tackle this very, very large problem. Started the company and now have close to 250 employees based in Shanghai. I would say we're one of the fastest growing beauty companies in the world in Shanghai. And we represent incredible brands such as Farmacy, Drunk Elephant, Supergoop, Malin+Goetz, OUAI, and many others. And I'm super, super excited to become the partner for Biossance here. So that's a little bit about my background, and I'm sure we'll have a lot more questions over the panel discussion. Thanks, everyone. Thanks, Julian. Great to have you with us. Really a pleasure and great to have the whole team actually on the panel together. I know Han, being the master operator, is going to actually help us figure out how to get through questions and answers, and Han, while you're doing that, maybe I'll throw a quick question to Julian, just following up on his introduction, which is, give us a sense, Julian, of how the Chinese consumer is behaving with beauty and then clean beauty specifically, and then what's your view regarding the potential for the Biossance brand in China, especially based on the amount of time you and your team have spent doing diligence and getting to know our team? Just love a little color and perspective, and then after you answer, Han, I'll turn to you for the first question from our audience, if that makes sense. That sounds great. Great. Okay. Well, I mean, I think there's a lot to talk about here. The China market, which everyone reads on a daily basis through all the trade rags, it's become such an important market for everyone to understand. And I think what we do at SuperOrdinary is really try to understand the DNA of the brand and the messaging behind the brand before we launch a brand in the local market. From a macro point of view, China is quickly becoming the largest beauty market in the world. I always ask people, "What do I know that everyone else doesn't know?" And the one thing I think is that the pace of the China market growth is really unbeknown to most. We've seen brands develop domestically in China and grow from 0 to $600 million in two years in the cosmetic space. This type of growth has not been seen ever before, I guess, in our lifetime, and I think what's super exciting and interesting about China is that the dynamics of the consumer is changing on a daily basis. Three years ago, when I first moved to Shanghai, I noticed that the consumer really didn't have that much inclination to clean beauty. We launched brands like Farmacy, which were very much driven by ingredients and Manuka honey. But very few people talked about the packaging or how important clean ingredients were. But what we do at SuperOrdinary is very data-focused, and we do social listening, listening to what's being said across the equivalents of the Twitters and the Reddits of the world in China, and what we do notice is that the consumer does start to care. These little learnings that we're starting to see sprout are becoming much, much more important for us when we look at brands to partner with. When I think about clean beauty and what the opportunity is for China, it's humongous. One of the things we do at SuperOrdinary is we really work with creating a lot of brand awareness for our brands via different opportunities. One of these channels is what we call live streaming. We heavily invested in this channel about three years ago. Some of our live streamers who many of you may have heard of, such as Austin Li and Viya, who just to give you an example, the size of their opportunity during the shopping festival in 11/11, Viya did in US dollars, just by herself as an influencer, was $1.3 billion in sales. That's $1.3 billion just from one person. And Austin Li did $800 million. A lot of it was beauty, but that just gives you the size of how big the opportunity is in China. A lot of our brands in our portfolio are growing at 200%-300% a year. So when I look at the opportunity for Biossance in the big picture, and I like to think in terms of five- and 10-year views, is that Biossance could potentially become one of the largest players in the market. And I think what we do at SuperOrdinary is we heavily invest in marketing behind the brand so that we can get incredible growth. So I'm so excited that we can share with this opportunity because I do believe that clean beauty is something that the consumer is looking for. They're highly researched and they understand what's going into these products and what's going on to their skin. And even though we've seen the proliferation of these very strong domestic brands, credibility and authenticity and the credence of these brands from overseas markets into China is very, very important. So yeah, it looks extremely strong in our view, and we're so excited to get started. Hopefully, that answers some of the questions, but looking forward to answering more. Great, Julian. Thank you. Let me turn to Han and let him guide our next step. Han? No, absolutely. And what a great insight that Julian provided there on the China market. So before we turn to Q&A, I wanted to let everyone know that we will make an effort to address all the questions that you have, but also we want to be obviously mindful of time. So keep in mind, if we do not get to your question, there is always our investor relations email and contact that we'll be happy to follow up after the event. And with that, I'll open up the call for questions. Operator? We will now begin the question and answer session. To ask a question via telephone, you may press star, then one on your touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star, then two. To submit a question via the webcast, please click on the ask question button, and we will begin the questions via the phone. We ask that you please limit yourself to one question and one follow-up. At this time, we will pause momentarily to assemble our roster. The first question today comes from Doug Schenkel of Cowen. Please go ahead. Hey, good morning and good afternoon, everybody. And thank you for taking my questions. My first question is for John, and then my second question is for the panelists. So John, the first question is just on the strategic transactions and the update you provided early in today's webcast. Is it fair to assert that the fact that you're providing public updates along these lines is consistent with the fact that you are very confident that these transactions will close without compromise on the timelines referenced? And then would you envision additional transactions of these sort? And if so, on what timeframe? So those are the questions for John and Han. For the panelists, you can't see me right now, but I will acknowledge I'm not the trendiest person when it comes to beauty products. So a little bit of this is just my own ignorance. But I'm curious if market research is clearly supportive of the fact that consumers are willing to pay more for environmentally friendly beauty products and if that actually differs by geography? The second part of that question is just prompted by the diversity of the panelists in different areas of the world and different types of products that you market. Thank you very much. Great, Doug. Hey, thank you for being on the call, and thank you for the questions. And the second part of the question, I'm going to have Sheila and also Julian talk to us so that we get a China perspective and a US perspective. And I'll pass that to them when I'm done with the first part of the question. So look, Doug, on the first part of the question, I'm actually taking the call from Europe tonight, meaning that we obviously wouldn't be updating if we hadn't been in a position of having enough completed. And if I think about the big transaction, we've got the contracts done and are now really going through board approvals, respective board approvals, and final closing conditions to be able to close it. So I guess all that to say without giving you more specifics that we wouldn't be putting it out there without having a lot behind us. And I have to say that the progress made since we actually updated the market at the middle of December has really been outstanding. In light of COVID and everything else going on, our ability to move these at this rate is something that I don't think we've ever done before. So great to be here, highly confident. And for us at this point, it's getting these done. Because what's most exciting about these transactions, what's most exciting about these transactions is not necessarily just the amount of value we're monetizing. It's actually the follow-on work. It's actually the new molecules. It's actually the partnerships that we're creating for some of these markets that we're going to be evolving together with these partners. So the faster the contracts are signed and funded, the faster we're into business with these partners in a way that really accelerates or contributes more to our core business. The second part of your question about will we be doing more and at what rate? Look, I think what's exciting is that our pipeline continues to expand. And this model of really maintaining our leadership and technology by partnering pieces of the platform where the partner is the go-to-market and then the pipeline for molecules we develop, we scale, and we produce really gives our model lots of scale and an opportunity for continuous monetization. Is it one molecule or two next year? Is it the same size or not? I really couldn't tell you, but will there be more? And will these more be regular over time, not like one-trick ponies or one deal once in a great while? I believe so because I believe it's a critical part of our model. So I hope that helps, Doug. To the second part of your question, I'll only make one statement. I spent a lot of years studying consumer behavior and dealing with sustainability and renewables. And one of the base assumptions I always make is that the sustainable and the renewable and the clean chemistry really gets traction when you're actually not charging a premium. Because what I've learned about consumers is they love to tell you they care about the planet and they want to do well by the planet. But when it comes time to paying, not many are willing to pay a premium. Now, I hope, and I've been hoping this for the last 25 years, that they will start paying a premium. And I think the more government policy actually starts putting a fair price behind carbon and behind what I'll call dirty chemistry, I think the more the consumer will pay, mainly because the other products are going to be more expensive. So I see an evolution. It's been a long time coming. I hope it actually comes through. But our base assumption is to actually be positioned really with the best products in the market, most clean, most sustainable, best performing at a value that's at a lower end of our competitive set, not a premium to our competitive set. But I'll look forward to Sheila's comments with her background and then obviously Julian with what's happening in China. Sounds great. Thank you, John. Yeah, I think just building on what John was just saying, I think the trends that we're seeing accelerating from a customer trend perspective around continued shift towards well-being, especially given what everybody has lived through in the last year. Skincare is a huge part of that, part of your self-care and well-being. The continued acceleration of focus on sustainability in their purchase decisions, and then also the need for safety as the new luxury. All of those things combined are making the desire and need for more clean products higher and higher. And we are at an accessible price point. So to John's point, highly efficacious product with amazing reviews from our community and customers, really strong before and afters with an accessible price point has proven to be a winning formula. And Julian, kick it over to you. Hey, Sheila, I want to add one point before Julian picks up, which is the two incredible data points during the last year is the consumer is definitely responding more to value. In other words, more promotional activity, but their actual purchase behavior. Our average order size has actually gone up in the last year. So it's really interesting to connect mindset with behavior. They're looking for a deal to take action, but once they're actually shopping, they're actually choosing better products. They're actually choosing to get more of them. And their basket size has gone up during the period. So I just wanted to highlight a couple of data points for the audience. Julian? Yeah. Thanks, John. And thanks, Sheila. So I've got an interesting perspective on this, just looking both at the US and China markets. I think one of the trends that we've seen in the US, and especially in the direct-to-consumer businesses, is that really if you look at households in the US, about 20% of the households really dictate whether a direct-to-consumer brand is successful or not. And when you drill down into those 20% of the households, some of the cofactors or coefficients to the success of a brand these days is, are they sustainable? Are they clean? Are they mission-focused? And if you think about that as one of the drivers to the success of brands as being so important, this only emphasizes that brands have to take this and make this their paramount strategy going forward. Now, in China, I kind of give this trend a two-year lag effect. If you look at many of the trends that we have in China, it really is a two-year lag to the U.S. market. And clean beauty really started to see its sprouts, in my view, about two years ago. And now that's why we're starting to see a lot more activity in the China market. Some of the things that we've seen and noticed upon is in the Gen Z and the millennial customers that when they've taken surveys, especially in the U.S., and especially in the clothing industry, the consumer is willing to pay on average 40% more for a T-shirt manufacturer with brands that have DNA, which are mission-focused around clean and sustainable. And that was something that just recently came out. However, in China, what we're starting to see is that people are now starting to think much more carefully about what's being in the ingredient column on the products. So from our point of view, we think this trend is really going to start to explode in the next 24 months in China. So we expect the price premium to become slightly more important, but we think that the consumer, if they can get at the same price as any other product, that opens up a whole new segment to the market. Great, Julian. Thank you for that. Han? No, that's great. Wonderful insight. So let's go to the next person on the line. The next question is from Amit Dayal of H.C. Wainwright. Please go ahead. Thank you. Good morning, everyone, or good afternoon. A really impressive team, John. Congratulations on assembling such a strong team on the brand and marketing front. Maybe for the panel, my first question is that we're dealing with the beauty space, the fashion space, trends come and go. How do we keep sort of this momentum going? How do we keep the brand fresh? Can you give us any insights on what you may be doing to sustain this momentum? Any color on that would be helpful. Thank you. Thanks, Amit, and great having you on the call. Thank you very much for your participation and obviously your support, and I'd love to maybe pass that question to Catherine. You've seen brands come and go. You've seen trends come and go. You've been part of creating them, actually. And here you are, leading a brand that's leading in clean beauty, and you're taking it across the world. So to Amit's question, trends come and go. How do we sustain growth through trends? And how do you think of clean? Is it a trend or something more than a trend? Tell us your perspective. Thank you, John, and thank you, Amit, for your question. Appreciate it. I've always said I think you can learn as much from the brands that have exceeded as the sort of graveyard of brands that have not, and over the years, have really built sort of a recipe for what I believe it takes at the core to build a really great brand, and that really involves a great team, great product, and always, always flawless execution. The clean trend is certainly here to stay. We call it clean beauty, but ultimately, the word clean will go away, and all of beauty will become clean beauty. That's the vision. Biossance will be the forerunner of that movement, which we already are, and the way to do that is really around our innovation in product and our formulas, the great team that we've assembled. And then I just want to touch on digital for a moment. So in a recent McKinsey study, they shared that digital grew more in the first three months of the pandemic than it had in more than 10 years. And the great news about being digitally savvy is that Biossance was already there, having just won the Digital Innovator of the Year award from Women's Wear Daily. And so on top of knowing who we are and having all of that great product and the great team, we focus obsessively on digital expertise. And that is through engagement, personalized content, skincare advice. And all of that comes together to empower the consumer to make better choices. Because once you know better, you do better. And then the past is behind. And so I think we're incredibly poised with that recipe for success, but also particularly on our leadership in digital. And finally, if you think about it, the number one beauty store in the world is Tmall China. And the number two beauty store in the world is Sephora.com. And Biossance will have a prominent position in both of those. So very, very proud of our team, and thank you for the great question. Thank you, Catherine. Thanks, Catherine. Just one more. Maybe one more for you, John. So at the end of 2021, John, how many brands on the beauty front will we have? Look, on the beauty front, by the end of 2021, I think we'll have six brands, and I believe all six brands will be billion-dollar brands by 2025. I mean, that's the mission here. We obviously, by the end of 2021, I think Biossance will definitely have crossed that billion-dollar threshold for valuation. I expect in the following couple of years, Pipette will be there, and then by 2025, I think the new brands will be there. And by the way, it's not just an imaginary dream. Everyone involved with these brands, whether it's Caroline building or Catherine leading or Daya leading or Sheila driving marketing or our partners, JVN, or if you think about everybody we're partnering with, they're here because they're on a mission. They're committed to leadership with their brands. As a result, they all have this aspiration of building billion-dollar brands supported by science, which is something that's really unheard of in beauty. I hope that helps kind of give you a sense of where we are by the end of 2021 and where we're headed. Yeah, just one follow-up to that, John. So in, say, the next five years, the beauty business could be doing upwards of $500 million in sales annually? That's exactly right. I would be disappointed if five years from now our consumer business wasn't doing more than $500 million in revenue. Understood. That's all I have. Thank you so much. That's, by the way, just keeping track of the average of what we've been doing. That's not having another pandemic year because if we keep growing at the rate of pandemic years, then that could actually happen very quickly. I do think there were extraordinary conditions that led to growth beyond our expectations during the pandemic. Now, I will say that 2021 is off to a great start if I think about the performance of the brands in the first five weeks or so of the year. Not only was it a 2020 effect, we are definitely seeing continued strong performance for our brands. Our focus is really staying true. It's like launching Terasana. We want to launch Terasana with a single offer that really breaks through an $11 billion market that we believe we have a leading product position that we're going to put our marketing power behind. So being focused, being clear about the addressable market, and really driving it with our technology and ingredients, I think is a formula that we're not changing. All right, John. Thank you so much. Thanks, Amit. Great. Operator, let's take the next question from the phone line. Certainly. Again, if you do have a question, please press star, then one. The next question is from Randy Baron of Pinnacle. Please go ahead. Good afternoon. I have two questions. One for Catherine and her team, and then one for John. Catherine, Biossance has been incredibly successful. I wanted to directly relay my congratulations to you and your team for that. Los Angeles has been one geography in particular where you guys have really knocked the cover off the ball based on your returns per dollar invested. Now that Amyris, as a company, is essentially self-funding, and it seems you can kind of broaden your awareness, I'm curious to learn what you think you'll be able to do additionally to grow the reach and value of Biossance even further and maybe share some details with us of the success of the LA case story in that answer. Thank you. Thanks. Randy, by the way, great that you're on and love to hear Catherine's perspective on this. Great. Thanks, Randy. Great question and thank you for noticing the LA effort. In early 2020, we made a decision to focus on Los Angeles. We knew a lot of the influencers were in LA, a lot of our top influencers, and the rise of the brand was brewing, and we decided to double down our efforts there. That was really an omnichannel moment, so that included everything from digital ads to influencers and billboards, etc. Of course, in addition, one of the best events we have ever thrown in the heart of LA, so one of the Biossance team superpowers is experiential moments. Of course, then the pandemic hit, and we were off to the digital races, but as we open up in the roaring 2021s, we will be taking that best practice from Los Angeles and expanding it into multiple global cities. So we've identified seven cities that we want to do the same thing and essentially take that learning and apply it into those global cities and really amp up the awareness globally of the brand. So hopefully that helps answer your question. But I would say it's very much an omnichannel strategy in order to do that. I know that John before has talked about kind of $9 in revenue for every $1 invested. My sense of LA, because I believe the penetration there is like 35% or 40%, it's some unbelievable penetration, is the return on invested dollar bigger in that market? And do you think in these seven new markets that you're going to be going into, it could be comparable? Look, Randy, by the way, it's return on sales, not revenue, which really talks to Catherine's point about omnichannel, right? What gives us the leverage is that every dollar we spend on media, and think about most media dollars are spent online, right? Whenever we talk to a consumer online, well, you got to start with the assumption that consumers are online all the time. So when you spend a dollar to raise awareness or touch a consumer online, the return on that dollar goes up dramatically if you have a lot of doors plus an online presence. So that's kind of like step one and a critical part of our strategy. And I'll tell you, even LA is crazy. Different cities in LA have a dramatically different return on ad spend based on the demographic of that city, based on the consumer's likelihood of buying beauty in that market. I mean, there are a lot of different variables. You can imagine there's a long tail for our return on ad spend across the markets we're in. But I would tell you, on average, we play on the top-tier performance on return on ad spend. Then obviously, for our best markets, we're top of the game, right? When you talk about numbers that are $9-$12 return on ad spend, those are unheard of. And again, I think they come from the fact that we're omnichannel and we have a very strong direct-to-consumer business that really enables us a good yield on the dollar we spend online. I don't know if there's anything you want to add to that. Probably Sheila from the marketing side. Yeah. No, I mean, I think you've covered it. I think we're going to continue to double down on optimizing our media mix and making that super efficient. We have a phenomenal digital team and partner to do that with. And a lot of it is also about just really targeting the customers and the places that they're in where they're really ahead of the game in terms of clean customer intent, purchase intent. So we've been very focused on just refining our targeting strategy and refining our creative, frankly, that goes with it. So for example, we've seen some phenomenal results just shifting more and more to video. And again, in terms of driving brand awareness, we see 81% higher reach and consideration with 30% more clicks to site with some of our video creative than we do with static. So it's really all levers. It's the targeting, it's spend allocation, it's creative storytelling, which is one of our superpowers. So it's really the combo. So I think we'll be very set up for great success as we double down on the key markets that Catherine talked about. Thanks, Sheila. I want to jump to Daya for a second because, well, a couple of things. First of all, she's not quite at the 9 to 12, but boy, has she changed return on ad spend for actually both of her brands, both Pipette and Purecane. But she also has some amazing news about what we're doing with channel, what we're doing with brick-and-mortar stores during 2021 that I believe is going to significantly shift Pipette's return on ad spend just because we're going to have more reach. So maybe, Daya, if you wouldn't mind giving us a couple of headlines on stuff that I know we've not said publicly yet about where we're going with new channel partners and expansion in-store for 2021. Sure. Well, I'll first start with 2020 because in the last six months, we've closed over seven new retail distribution points. Some of those are including CVS, Nordstrom, Anthropologie, and KeHE, which is the largest national and natural distribution retailer. And we've also closed Tmall as well. So we're really excited about that. And there's lots of revenue potential there. In March, we are going to be launching in 600 Target stores across the country. We have been doing really well on Target.com online. And when they saw how well Pipette was accepted by their baby consumer and by their pregnant mom, they definitely pulled the trigger and said, "We want you guys in stores." So we're really excited about that. We have a lot of programs to support our success in Target through 2021 because not only do we want to maintain our shelf space, we want to grow. And we also want to be invited into more stores and expanded distribution in Target. So we have a lot coming up in 2021 in terms of in-store, but our start in CVS has been really exciting. Great, Sheila. Thank you. And congratulations on the expansion. John, this is Randy. Let me just continue because this is wonderful how you guys are top of the table on everything. Let me ask just a broader question to you, John, on that same kind of note. To me, Amyris is the most under-the-radar socially responsible investment available within the world of investable securities. I'm glad you talked in your script about how your clean efforts are saving hundreds of thousands of sharks' lives per year. With this latest, newest acquisition, can you quantify how many acres or hectares of the Amazon Amyris may be able to save per year? And then, of course, how much are you paying for this company? Thanks. Randy, so I'll tell you that we are doing an ESG report that is going to focus on capturing or quantifying the impact we're having across our business. And my intent with the ESG report is no fluff because I think there's a lot out there that everybody's trying to ride the wave of ESG. And we are ESG. That's kind of like what we do. We deliver ESG for all of our partners. And I want to make sure we capture the impact, whether it's acres, whether it's trees, whether it's plants that were going to be extinct that no longer will be, whether it's the amount of crude oil we're not using in the supply of product that's come out of our technology. But we will definitely quantify. And regarding what we're paying for brands, we're not disclosing the terms of deals. But I did say in the script, actually, an important point, which is the brands we're buying for less than we would have spent ourselves to develop them and get them to the same level of performance that we're acquiring them at. And that's kind of how I look at economics. If we have to pay any more than what we would have done to get them to that same spot, we're not buying. But if we can actually get them for less, then it's actually a credit from day one, especially as we add revenue and margin and then have an opportunity to reposition and reformulate. So I hope that helps you. Yeah, that does. And I think it's marvelous that you guys are in a position to buy things now. I think that shouldn't be understated. And I totally respect you're not giving out terms. But can you just confirm that these are cash deals and that you're not issuing stock to do that? Thanks. We're not confirming the terms. And I can tell you that in light of where we are in both our revenue, our growth, and our valuation, none of these are material to our current status. But I want to move because we haven't had Caroline. And then we're going to have to maybe take one more question and wrap. And go ahead, Han. You want to do one more? Yeah, absolutely. And I think exactly pointed out, Caroline. Some questions we're getting online here are related to us not just acquiring, but really organically growing these brands, which has really been our focus. As you just said, I think, John, we've complemented some of our portfolio with Terasana and this brand you talked about today. But standing up Biossance and you, standing up Pipette and you, and now also with the haircare JVN, and then obviously Rose Inc., which Caroline is leading. What the audience is interested in is how do we identify the market opportunity and how do we go about standing it up? So Caroline, perhaps you can make some comments. I can. Thank you, Han. We did a lot of work at the very beginning positioning where Biossance should sit as a value proposition and just really pulling a lot of data from the competition and mapping it out on an axis of mass and prestige, and the other axes being not clean, not regulated, and the far end of the axes being clean, so that we could actually look at where the white space was in skincare and also where the value proposition was. We saw immediately the white space of where we could take and launch Biossance and also gave us a very good understanding of price position in that upper mass stage, not going into prestige. We did the same data work with the personal care industry, and we looked at both haircare, men's personal care, and also the baby market. We again applied all of this data. We worked on it for almost a year, looking at each one of those categories in the cosmetic industry and looked at which one had the space and the need for clean and also what the value proposition was. If we look at Pipette, it was very clear. We didn't want to be down there in mass, but we needed to be in upper mass, where again, the value proposition was everything from proprietary ingredients, efficacy, and sustainable packaging. The conversation with global retailers or North America retailers with Pipette, as Daya has touched on, people like Target at the very beginning were very interested, but they took us into a path more online until they saw the traction with their consumer. When they saw that, we then had a free flow into 600 stores for 2021. And the price position is more difficult in that mass, really making sure that you can drive volume and also volume across multiple retailers. The same exercise we've done with color and also with haircare. And I think that just gives you some background of really the positioning of value, clean, price, and where there's white space. Thank you. One thing I'd like to add, Caroline. First of all, I have the benefit of seeing some of the amazing work you're doing with Rose Inc. and seeing the product line. I mean, what you're creating in Rose Inc. is, I mean, it is an absolute mastermind, and I cannot wait that people get to experience it as we get out, hopefully, around the early part of the second half of the year. So really, congratulations on your creation. And I see the formulas that are coming out for JVN Hair. And one thing I want to call out, both in what we're doing in Rose Inc., what we're doing with JVN, what we're doing in all the new products in Biossance. There's like a new product out almost every three weeks, right? So what we're not celebrating here, and I want to call out because maybe they're on the call right now, our formulation team, our chemists, the work that whether it's Mimi or Ramya and the team behind them, the work they do with our products is actually, I mean, these people hit home runs almost every time they formulate the hair product. I cannot stop using our shampoo and conditioner. It is truly the best shampoo and conditioner I've ever used. Coming up with the breakthrough formulation for acne, that was all done by our people. It was insights that we had. And when I talk to brands that we're looking at or brands in the market in general, they're always telling me about the CMO they're using to formulate. You can't be a distinctive brand if you don't have a magic formula, insights, and technology to actually create exactly what's impactful for that consumer without doing harm to our planet. So I want to call out that team. I want to call out your creativity and the amazing work, like whether it was the recreation of Biossance, the Pipette brand, and what you're doing now with Rose Inc., and then obviously Catherine and Sheila and the team on what they're doing with JVN. This is what makes it happen. So I wanted to call that out for the group to know that behind this are amazing chemists that actually make what our biologists do really shine for the consumer. Han, I think we're getting close to being out of time here. We're getting close. There's two questions, actually. One for you, John, that I want to close up with before you then make your closing remarks. And there's one that is kind of applicable across kind of the brands. And I want to point it at Daya for a moment, which has to do with there was a comment earlier about accessible pricing. And what the audience is interested in is how do we position our products? How do we come up with kind of the pricing so that it is indeed accessible compared to the alternative, which obviously we like to think that our product is superior in efficacy and performance and whatnot, but how do we come up with that and how do we evaluate? So perhaps Daya, a couple of comments? Absolutely, so before we launch any new product, we do an in-depth market analysis. What is the potential in the U.S.? What's the potential globally, and then we look at the top competitors within the U.S., specifically in the channels that we want to win in, so it's Main Street retailers. After we do that, we take a look at, okay, the top competitors, what are their dollars per ounce? What type of sizing are they offering? What type of value are they offering, and we know that we have a highly superior formula, but we also want to be accessible not just for that one-time purchase, but just the replenishment. We want to be a replenishment brand, so we do a lot of extensive analysis first before we just go and launch a product, and we make sure we're competitive right up against the top brands in the space. That's great, and the question I have for John before we finish up, and again, it's been fantastic. We've been monitoring the attendance today. We had well over 500 people listening in and participating, so that's a great result, and we thank everybody so much, but John, you talked about the transactions in your comments early in the session here today, so looking at those pieces, but then also branching out further into the brands. If you look at those dynamics along with the technology portfolio, what does the future for Amyris look like? Look, I'd say the future, you got to start with the macro, right? And the macro is really about what I'd say the revolution in chemistry, right? We're in a world that is transitioning to clean chemistry. Governments, consumers, I mean, it is moving. It is moving rapidly. Clean chemistry is best done with biology. And for clean chemistry to be delivered by biology, you need synthetic biology to enable fermentation. So if you really see that at a very high level, then the thesis is really simple. We are the world's leading synthetic biology platform, and therefore we are the enabler of the world's transition to clean chemistry. That's it at a high level. So then what are the three strategic pillars? Kind of how do we do that? Because that's all about the business model and how to create value. First, lead with technology and do that by partnering in verticals that we don't want to participate downstream. So we have those in place. We partner with market leaders, and you're going to see as a result of these strategic transactions, further expansion of verticals or pieces of our platform that we're going deeper with strategic partners so that we focus on taking their targets, developing, scaling, producing. They focus on go-to-market. That will enable us to keep our technology in a leadership position and continue to expand chemistry in markets that we choose not to operate in. Markets like the flavor and fragrance markets, the proteins market, the natural sweeteners market, the healthcare markets. Those are all markets that synthetic biology is perfect for, but we're actually partnering so that we leverage what we're good at. Secondly, we want to be in the business of building billion-dollar brands. We have six, what I'd say are four seeds and two that are well on their way there. And we believe billion-dollar brands and going direct to the consumer enables us to control our destiny, but more importantly, it enables us to set the consumer expectation for clean. And the third thing is in the markets that we have consumer brands, we want to be the supplier of those distinctive ingredients to the rest of the world so that we capture the value in that value chain. That's what we're going to do. Leading technology partnered in verticals and parts of the platform that we don't want to participate, billion-dollar brands, and then participate in selling the ingredients off those billion-dollar brands all the way to other brands so that we have a flywheel for growth. And by the way, once in a while, we'll generate $4 million-$500 million by actually monetizing and engaging deeper with partners to capture some of the future value for those ingredients. I hope that helps, Han, in thinking about the picture. No, that's great. And I think we're here right at the bottom of the hour. We went long, and that's great because we had so much inbound traffic as it relates to questions. But I think we're at this point now. John, if you want to make some closing comments and then close out the session today. Great. Hey, thank you for pulling this together. Thanks for your leadership and keeping us all in order and organized. Thanks for the speakers. I know you guys have absolute full-time jobs and you're packed. I don't know how you do it with COVID and everything else going on in your lives, but thank you. Julian, thank you for being our guest, what you're doing for us in China, what you're doing for us in other channels, and just your partnership and how much we're learning together has been a tremendous value add to the company and our shareholders, and I appreciate that. So thanks, everybody, for joining us today, 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 wish everyone the best of luck for a healthy and successful 2021. By the way, the best way to be healthy in 2021 is go buy Pipette, go buy Biossance, go buy Rose Inc., go buy JVN because I do not want to see you wash your hair with crappy chemicals that then actually put acne on your back because then we have to solve that selling you Terasana products. So please take care of yourselves, and we look forward to speaking to you during our earnings call early in March. Have a great evening or a great afternoon for everyone. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.