Good morning and welcome to part three of the Amyris event series, delivering on the promise of synthetic biology. 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. Please note this event is being recorded. I would now like to turn the conference over to Han Kieftenbeld, CFO and Chief Administration Officer of Amyris. Please go ahead. Thank you, Andrew, and good morning and good afternoon, everyone. With me today from Amyris are John Melo, President and CEO, Eduardo Alvarez, COO, Annie Tsong, Senior Director of Product Innovation, and our guest, Fernando Queiroz, CEO of Minerva Foods. Today's webcast is the third session in the Amyris Virtual Investor mini-series after very well-attended sessions on December 15th and February 9th. The theme for the series is delivering on the promise of synthetic biology. Today, we will feature our ingredients portfolio with the title, "Science and Partnerships: Building Blocks for Disruptive, Natural, Sustainably Sourced Ingredients." 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 sections of Amyris's website. During our hour together, John will provide a business update, followed by an ingredients 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. Today is the third part of what we have been very successful with a virtual investor mini-series, and we are grateful for many of you that have been attending these sessions. Today, we will be diving deeper into our product portfolio, partnership platform, and pipeline. We will be sharing more detail about our products and partnerships than before and unveiling new insights into how we use our lab-to-market platform to connect ingredients to applications to markets. We truly have an abundance of riches in our product portfolio. We have successfully engineered strains that today are capable of producing over 250 molecules. These come from over 20 different biological pathways and have the capability of delivering thousands of molecules to the world from 15 different chemical classes. We have the most flexible and adaptive platform in the world for bioengineering. We have capability to engineer on several hosts and have performed work on these multiple hosts within our labs. As the most advanced company in our sector and the company that has successfully scaled and commercialized more molecules than the entire sector combined, we do believe in critical strategic choices that facilitate strong engineering performance and deliver what our customers want: the lowest-cost supply of the most sustainable source of natural products and clean chemistry. We are not running an academic lab. We are running the leading company for the design, development, and production of clean chemistry. We are remaking the world with sustainable clean chemistry. This is the atomic structure of our lives. We are remaking the source of atoms, not just bits and bytes. That's what makes synthetic biology the technology breakthrough of the century. We are and have the capability to remake all chemistry into sustainably sourced material. The key to a sustainable platform company is to prioritize how we apply our technology and focus on the best early markets while continuing to execute and benefit from the network impact of consistently lowering costs to enable new, larger, and more impactful markets. Our focus in the near term is to apply our platform to solve supply chain volatility and make rare molecules from nature abundant and sustainably sourced. This meets the greatest consumer demand trend of our time and meets the need of companies to lower their costs and get access to reliable supply. This could be translated into complex chemistry that sells for $5 or more a kilo, where we can reduce the current cost of supply by 30% or more and deliver a 50% gross margin or better for ourselves. Today, Annie Tsong, a truly amazing scientist who has been with us for over 13 years and one day to the day today. I'll also let you know a little secret. It's Annie's birthday today, and we're so happy she could be with us to actually celebrate her birthday, celebrate Earth Day, and share the amazing work she's doing around our product platform. She'll discuss for the first time how extensive and flexible our technology platform truly is, and we will do this by providing you a look into the expansive product portfolio we have built, and we will also share much more detail about what is in development and scale-up today, which is beyond what we've revealed before. Let me start by providing an overview of today and where we are. Let me briefly recap what we discussed during the first two parts of our investor mini-series. During the December 15th investor mini-series event, we discussed our science and technology platform and the power of our proprietary lab-to-market process to scale and commercialize new ingredients. At the heart of what we do is clean, sustainably sourced chemistry. We are cleaning up the world by making all chemistry clean and sustainable, and we are leading this effort in beauty, personal care, and health and wellness markets, where we believe there's the clearest demand drivers and the fastest time-to-value creation for consumers, investors, and our planet. By engineering the genetics of yeast strains and fermenting them in sugarcane syrup, Amyris has pioneered the ability to convert basic plant sugars to hydrocarbon molecules to be used as clean, sustainable ingredients for consumer products. That is how we use what's renewable to recreate what's finite in a sustainable way that costs less. That is our technology platform. During the February 9th investor mini-series event, we discussed our clean beauty consumer portfolio. The molecules or ingredients that we develop through our science are the foundation of our consumer brands. A hero ingredient such as squalane from sugarcane is the building block for the product formulations in our brands. We have a significant pipeline of additional ingredients to continue leading the transition of the beauty and personal care market to clean. These include biosilica, a clean natural preservative for products, and many others. This is the unique connection we have at Amyris between the science, our ingredients, and our consumer product portfolio. These synergies and value-add are oftentimes undervalued. Today, we're celebrating Earth Day with an opportune moment to talk about the power of our lab-to-market capability, as part of which we develop, scale, and commercialize ingredients that are natural, sustainably sourced, and better for people and the planet. At Amyris, we embrace environmental stewardship, social responsibility, and financial sustainability. Consumers are demanding natural products that are clean and sustainably sourced. This is true for all consumer goods, including beauty, personal care, health, and nutrition markets. We deliver better-performing molecules at a lower cost and sustainably sourced. This is our no-compromise promise for customers and consumers that is delivering industry-leading growth and margins. We believe to drive consumer adoption to sustainable consumptions, products must deliver better performance than current options, be lower cost, and much more sustainably produced. To make the world sustainable, our company needs to be sustainable. The simplification of our portfolio and our continued operational performance enabled us to become one of the first companies in our sector to become financially self-sustaining. We have made tremendous progress over the past 12 months. We continue to demonstrate sector-leading product revenue growth, and we have a very well-positioned development pipeline to deliver new ingredients at scale. We also made significant progress on the balance sheet with our debt reducing from close to $300 million at the start of last year to close to $100 million by the end of the second quarter of this year. When you consider the automatic convertible to equity in our current debt, it will be around $55 million of real debt by the end of June. This is all in the context of current cash on hand of $250 million, which will be instrumental to support the growth in our business and over $250 million in earnout and milestone payments over the next several years. Let's talk about the evolution of our consumer brand portfolio now as part of our update. We continue to evolve our business model and product portfolio. We are adding five new brands this year that will address other fast-growing large segments, including hair care with Jonathan Van Ness, clean color cosmetics with Rose Inc. We're also adding specialty skincare brands, including Terasana for acne and Costa Brazil, a clean luxury skincare brand, as well as the latest addition, Ecofabulous, our Gen Z-focused brand. We have delivered a transformational change to our clean beauty portfolio. We started the year with two brands that are leading in their categories to ending this year with seven leading brands in clean beauty. We now have well over 85% of key clean beauty and personal care markets where we have advantage technology and the capability to win covered. We are very fortunate that our reputation for the leading science in beauty and a demonstrated capability to build billion-dollar valuation consumer brands is enabling us to attract our pick of brand partners and amazing thought leaders and influencers who share our passion and want to use their voice to help us transition the world to sustainable consumption through the use of clean beauty. Friends of Amyris like Reese Witherspoon, Rosie Huntington-Whiteley, Jonathan Van Ness, and Francisco Costa, to name a few. It's with the help of their powerful voices and passion for a healthier planet that our brands will continue leading the way to a clean and impactful beauty industry. Our network of friends and influencers now reaches well over 100 million consumers, and we are accessing these consumers and helping them convert to healthier skin and doing their part to improve the sustainability of our planet. During the consumer mini-series in February, we discussed the four areas of growth for our consumer brands: new brand launches, exclusive formulation and ingredients, expansion of selling doors and square footage space in retail stores, and geographical expansion. Let me give you a few updates. First, in the last few weeks, Biossance has set a new weekly sales record of over $2.3 million in sales a week. As it relates to new retail stores covering our brands, we have already exceeded our annual target with well over 2,000 new stores having agreed to sell our brands this year. We are now on track for more than 4,000 new store additions this year. The development of the Rosie brand, Rose Inc., has progressed very well. Rosie is such a hard worker, a great mind, and a terrific partner. Rose Inc. will start sales in the third quarter. We are seeing very strong interest in this new clean color cosmetics brand and have all of the retail launch partners in place for this year. We are also experiencing significant demand for our JVN clean hair care brand, as well as the other new brand additions. We anticipate that our combined new brands have the ability to deliver over $30 million of revenue this year. Stores are open for business across most parts of the U.S., and we are experiencing excellent sales from Sephora. We are back to better than pre-COVID growth rates from the brick-and-mortar channel. I'm pleased to report that we are maintaining our growth rate in our direct-to-consumer business. That's the dot-com channel. Our consumer brand business is more than delivering on our goal of doubling revenue annually. We are in a consumer supercycle for beauty and luxury. This is global in nature and is expected to continue for some time. LVMH is now the most valuable company in Europe. This is driven by megatrends that are sustainable for the next decade: a growing middle class with a need for the simple luxuries in life, even in the midst of economic stress. Skincare is a recession-proof business. Remember, Estée Lauder was started in the midst of the Great Depression, right on the back of the last major global pandemic, the Spanish flu. A significant acceleration to healthy skin and a deep commitment by the consumer to personal health and wellness. This, along with a much greater awareness and focus on sustainability and clean ingredients, that's led by our ability to deliver the best-performing ingredients that are natural and sustainably sourced. We are benefiting significantly from these trends through our leading brands that are perfectly positioned for where the consumer is going and the best ingredient portfolio and science in the industry. Let me now provide an update on our ingredients business. With recent transactions, we see a clear path that is strategic and value-accretive for all parties involved that will also deliver a significant expansion through our product pipeline because of the deep strategic technology development components of these transactions beyond the near-term industry platform opportunity. Let me provide more details on the DSM transaction we closed at the end of March. This transaction actually involved four parties and several new contracts with each of the parties: DSM, Firmenich, Givaudan, and Amyris. We have created the leading industry platform for clean ingredients into flavor and fragrance and personal care industry through the combination of each partner's unique capabilities into a major source of clean, natural ingredients into the consumer markets. With this industry platform, we have created the largest, most capable supplier of clean, natural ingredients in the world. Here are a few additional highlights not previously reported of the transaction. We expanded the collaboration with Firmenich by 15 years and added several new molecules to the partnership. The technology and development portion of this relationship remains with Amyris. We deepened the partnership with Givaudan and significantly deepened the nature of our technology development and depth of our supply relationship with Givaudan. Thirdly, we have visibility into at least an additional 10 molecules for development with these partners that include our technology and be scaled and produced by Amyris. This is not included in any of the values we've made public to date. These contracts and the supply agreements maintained by Amyris production represent an expected $2 billion in revenue for the remaining term of our long-term manufacturing agreements coming out of these relationships. We have not reported the revenue opportunity that's built into the supply agreements. These transactions are a perfect example of our collaboration business model and how we create commercial partnerships and industry platforms. Let me update you on the third of the three strategic transactions previously communicated. This transaction remains on track to be signed by our earnings call. I can confirm that this agreement will add a new partner to our portfolio. As such, it's not with DSM. This transaction is expected to have a total value of over $100 million. This does not include the expected revenue from this partnership over the term of the agreement. The $100 million consists of upfront cash, milestone payments, and long-term royalties. Excuse me. me. Lastly, let me confirm that our engineering and operations team continues to work hard on the construction of our new ingredients plant in Barra Bonita, Brazil. We expect to be complete with the construction by the end of this year and be producing early in 2022, and I know Eduardo Alvarez and his entire team is very focused on this as a key deliverable for us this year. Now, let me step deep into our product portfolio and the agenda for the day. We have the leading commercial platform in the industry. Our revenue growth is accelerating, and we are deepening our leadership position in our current core markets while significantly expanding where synthetic biology can have immediate impact. Today, we will provide you a detailed view into the abundance of riches in our portfolio, how deep, flexible, and adaptive our technology is, and how we are making or remaking the world with clean, sustainable chemistry, one molecule at a time. We can do novel molecules. We prefer to first make our company sustainable and the planet healthier by cleaning up and lowering the cost of existing chemistry the world knows and loves but can't get enough of without hurting our planet. New molecules to the world are very interesting but more challenging to drive adoption and deliver a fast revenue ramp and positive cash flow. We have established leadership in flavors and fragrances, personal care ingredients, sugar reduction as part of human nutrition, clean beauty, and our RNA platform technology for vaccines. These are early days for each of these, but we are well on our way with significant traction and market leadership with 13 scaled fermentation molecules to date within these markets. Today, you will learn that we are in process of developing and scaling molecules and establishing collaborations in three new categories. First, health and wellness focused on gut health, human pain management, and RNA vaccine platform technology, and a high-performance, low-cost, sustainable lipids. We have a deep product portfolio of nutraceuticals, minor cannabinoids, and minor HMOs to really drive our growth and health and wellness into the short term. Secondly, sustainable nutrition as a platform market focused on protein and healthy sweeteners. And then thirdly, sustainable packaging and supply chain with a focus on our bioplastics, unique molecules, and materials and bio-based preservatives to enable more flexibility in moving goods around the world without the use of harmful chemicals. The role of synthetic biology for our planet is bigger than any one company. We are talking atoms the way most things are made. In most cases, what we live with today is not sustainable. BASF has been the chemical company of the old. They are quickly trying to shift to clean chemistry. It's not that simple as we've seen in the auto industry with electrification or in clean energy with the oil companies. We are leading this transition to clean chemistry, just like Tesla has led the transition to the electrification of transportation. We need many healthy companies to transition the world to clean, sustainable chemistry. It's a problem that needs to be addressed well beyond the scale that Amyris can touch by itself. Our competition is not Zymergen or Ginkgo Bioworks. The reality is that companies seek us out to help transform their supply chains, lower their costs, and meet the needs of their customers for sustainable sources of supply. The competition is the establishment. It's the suppliers of traditional chemistry. Our customers are not necessarily interested in how many base pairs or robots we count or promote in our technology. They care about how many molecules we've scaled, the cost of development, and the time to develop and scale a target for them. This is where we are leading, and this is what matters. I am also happy to share with you some of the metrics around the core technology. We have designed two billion base pairs of DNA to date. We have inserted 458 million base pairs of DNA in yeast in the last three years. This is actual physical insertions of individual DNA in yeast over the last three years. We have built an enzyme discovery, an engineering platform that is capable of engineering 20 unique new enzymes per year. This is critical capability to get the performance advantage we want from organisms and get our target chemistry fast. In 2020 alone, we engineered and scaled 17 new enzymes through our platform. All of this is interesting and amazing science happening in our labs every single day. There's so much chemistry to clean up and deliver to make our world sustainable. The chemical industry is nearly $4 trillion in size. The world needs all synthetic biology companies to thrive. As the most expensive and flexible platform, we expect to continue to expand our technology and our market leadership. One of my favorite tools is what we like to call our wheel of fortune. It's a diagram that illustrates the world of our chemistry. From this diagram, you can see that we have successfully engineered over 20 chemical pathways where we have an organism that is already making our target chemistry in fermentation. This represents over 250 molecules in our pipeline that are ready for development and scale-up. Beyond this, we have another 200 molecules that we have designed a pathway for that have not yet scaled to produce in a fermentation tank. The proven and produced molecules can deliver well over thousands of molecules when you consider direct and derivative molecules they are capable of accessing. Annie, who now leads our product planning activity, will cover this in more detail in a few minutes. The key message is whether it's an interesting silicone or polymer to make electronic circuits more effective, or a polymer that binds rubber better to improve the performance of Chinese tires and make them competitive with the rest of the world, or a rocket fuel that can help U.S. missions go faster, farther, be more efficient, or the next breakthrough molecule for anti-wrinkle and anti-aging. We have all of these in our portfolio today. The challenge is not the science or the chemistry. It's the scale-up and commercialization. This is why we are methodical in our selection of molecules to scale. This is why we work so hard to deepen relationships with partners who are market leaders and to ensure we de-risk market entry and adoption of our molecules. We are on track to scale 24 new molecules between now and 2025. That's an average of six new molecules a year through 2025. We scaled six new molecules last year. They each delivered at least $1 million in revenue. That same portfolio this year will deliver an estimated $30 million of our 2021 product revenue. Our mature molecule portfolio is growing at between 20% and 30% annually. This combination of great-performing established molecules, very fast adoption and high growth of new molecules, and a world-class consumer brand portfolio that's growing at two to three times annually is what's delivering a complete breakout for Amyris. The 24 molecules I've just referenced is much more than the 18 we have disclosed publicly and speaks to the rate of acceleration we are experiencing in our product development and scale-up pipeline today. All right. Let me now turn to Annie, where she will provide you a detailed review of how we select molecules to scale and our methodology for market prioritization. After she's done, Eduardo Alvarez will share how we manage and scale-up production processes of our molecules. We will then go to Q&A, where we will start with an introduction and background of our guests and where our latest partner, Minerva Foods CEO Fernando Queiroz, who will share his vision for the future of protein to ensure sustainable nutrition accessible to all on our planet. Annie, let me turn it to you. Thanks, John. Today, I want to talk about three things. First, how we leverage two tremendous assets. On one hand, our ability to make molecules of astounding chemical diversity. And on the other hand, our market reach through partners and through our own brands to realize value from ingredients. Second, how we use our discovery process to find molecules that have what it takes to win in markets where we can move the needle. Third, how our capabilities for molecule selection, scale-up, applications development, and commercialization translate to real-world successes in delivering on the promise of synthetic biology. Before we do that, let's quickly refresh from the first miniseries event, which highlighted science and technology. You will recall that at Amyris, we disrupt conventional production systems that rely on destructive and non-sustainable practices and replace them with a highly scalable, clean manufacturing platform. We precisely engineer microbes like Saccharomyces cerevisiae to fermentatively convert sugar into ingredients that we use every day in our lives. What we can make with this platform is unbounded in diversity. This chemical dendrogram represents 500 molecules classified by chemical functionality, and we've produced 250 of them through fermentation. These 250 unlock thousands more. Not only can we access upstream biochemical intermediates, but every time we optimize a pathway, we can produce hundreds more related compounds. Moreover, we can use simple chemistry to further diversify every scaffold. All told, we can access hundreds of thousands of potential targets, representing over half of all small molecule diversity in nature. This technology is at the core of our value. As John calls it, it's our golden goose. It's the ability to make molecules and the ability to scale molecules, 13 to date to the metric ton or even kiloton scale, faster than anyone in the industry. These skills build on themselves. Every time we scale a molecule, it makes the next one easier and faster because we leverage know-how in pathway engineering, in analytics to measure the molecules, in developing processes for fermentation and purification, in running unit ops at manufacturing scale, and much more. But technology on its own doesn't make impact. It's what you do with the technology that matters, which brings me to our next capability, our skill connecting ingredients to applications. In the realm of personal care, we have some of the most effective formulations in the market today, as borne out by extensive clinical study and benchmarking. Like our core technology, this know-how builds on itself and becomes exponentially stronger over time as we shore up our knowledge base. And in applications where we are not expert, we partner with the top voices in their respective markets to ensure that we are working on the most relevant and urgent applications. Finally, the real value and impact come once our ingredients are in the hands of our customers and partners at massive scale. This is why we've invested in becoming one of the most trusted voices in clean beauty and personal care. This is why we're leveraging economies of scale across our formulation, manufacturing, distribution, digital infrastructure, marketing, and consumer experience capabilities to grow brands that will reach new audiences. And this, again, is why we always select top partners in their respective markets to drive adoption, scale, and impact, even in areas that are not core to our business. I want to share an example of how value shows up through our capabilities of scaling ingredients, identifying applications, and getting them to market. Here, a single molecule, pharmacine, has given rise to billions of dollars in value to the company through a variety of applications that can access a wide range of end markets. In every single one of these examples, we provide a no-compromise solution, best performance in this category for the best cost using a sustainable process. And note that the bottom four products are all direct derivatives of pharmacine, showing how combining fermentation and chemistry amplifies value. Now I'd like to jump to our discovery pipeline. We have hundreds of thousands of molecules to choose from. To figure out which ones are worth making, we apply three filters: market, technology, and efficacy. First, market. We are always looking for a large TAM and consolidated market. The most impactful targets are often ones made from animals or plants and come from a challenged supply chain that is subject to variability in price and quality. We also look for the value that a molecule can drive for our brands and partnerships through offering a distinct advantage in cost and performance. Second, technology. All of our products must fulfill our no-compromise criteria, one where we can produce the best ingredient at the best price and sustainability profile. We also evaluate the investment needed to make this molecule. How much can we leverage our experience in R&D, PD, and manufacturing in bringing this to market? Can we piggyback on strains, processes, and CapEx already in place? If not, can we validate the market justifying the investment? Finally, we look for efficacy. First and foremost, the molecule must be safe for its application. Second, we go after molecules that have best-in-class activity in their respective applications. Finally, we're always looking for complementary and synergistic functions to ingredients in our portfolio so that we have the best palette of ingredients available for our formulation. Now I'll give a sneak peek at two ingredients that are in the discovery phase. Both build on molecules that we have scaled in the chemical space, not related to terpenes. In both cases, we have yeast strains stored in the freezer that can already make the target at commercial titers. One strain was designed and built entirely by our proprietary AI and automation systems and required no hands-on strain engineering. I'm just going to repeat that. One strain was designed and built entirely by our proprietary AI and automation systems and required no hands-on strain engineering. The second we've already produced as an upstream intermediate of an ingredient that we've previously scaled. Molecule one has multiple applications in a sizable market, but is a classic case of being constrained in growth due to limited supply and high cost. Despite its outstanding proven efficacy and potential to enhance formulations across all of our personal care and beauty lines, it's too expensive to use in products with accessible price points. Our technology is a game changer and would allow dramatically lower cost and therefore greater access at more price points at a higher concentration in use. Not only do we already have the strain in the freezer, but we have experience at the manufacturing scale with every unit ops needed for its purification. Molecule two has several applications in concentrated high-volume markets and has synergies with both our brand formulations and partnerships. There are literally thousands of peer-reviewed papers in the medical literature extolling its health benefits, and it's also been tested to great effect as a cosmetic active, a natural preservative, and a nutritional supplement for production agriculture. It has never been available as a pure ingredient because until now, there's been no good way of extracting it from plants. This is just two of well over 10 molecules in the discovery phase. We see our pipeline as an evergreen embarrassment of riches. Our biggest challenge is not finding value, but being deeply strategic about which of these opportunities to pursue. This funnel is one that we own in its entirety for the clean beauty and personal care markets, but we don't want to limit our impact to those markets alone, and that's where our partners come in. We are proud to partner with top players in multiple segments. We amplify our partners' ESG leadership and return, and in return, our partners show us where to focus our technological might. Partners help us do three things very well. First, they validate targets, identifying opportunities to bring sustainable solutions in the most attractive markets. This knowledge allows us to start with the end in mind. Second, they help define the winning applications by bringing deep understanding of the markets and competitors, articulating best-in-class formulas with advantaged cost and use, and keeping their finger on the pulse of consumer trends. Finally, they drive scale and adoption, accelerating the impact of replacing unsustainable incumbents by providing privileged access to leading brands and markets and by developing applications and solutions that are plug-and-play for the brand. Welcome. The molecules or ingredients that we develop through our clients are the foundation of our consumer brands. You can see them as building blocks for the formulations in our brand. We've 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 for our skincare and haircare brands. This is the unique connection we have at Amyris between the science and technology, our ingredients, and our consumer product portfolio. With our technology platform, we can offer better-performing ingredients at lower cost using a process that is far better for the environment. Now we'll move on to examples where a lab-to-market platform has already delivered value. We'll start with a molecule well-known to our investor community, squalane. Squalane is a key component for our Biossance clean skincare and Pipette Baby and Family Care brands. Squalane is a molecule traditionally sourced from shark liver. Millions of sharks are being killed annually, which has a severe destabilizing impact on the oceanic ecosystem. Squalane embodies exactly the type of molecule we're going after in discovery, one where we have the best efficacy borne out with extensive formulation development and clinical testing, one where we can offer the best cost and the best sustainability profile. Not only does it exemplify our no-compromise criteria, but we're also learning that this molecule enhances the efficacy of our formulations. This winning combination of criteria has made squalane the platform molecule for several of our consumer brands and has also powered its growth in the ingredient market since we launched it in 2012. Now I'll turn it over to our COO, Eduardo Alvarez, who will talk about our most recent scale-up of CBG, a minor cannabinoid offering important functionality. Thank you, Annie, and happy birthday again. Thank you. Let me go back to that golden goose point that you brought up. At the core of our value is our ability to make molecules and bring them to scale at a pace that is unmatched in the industry. This is where we truly differentiate ourselves from other companies in our space. When you think about it, when we started the lab at a 100 microliter scale and where we end at 100,000 liters or more, you're talking about a billion-fold increase in scale, a billion-fold. And the transition from each step to the next presents many failure points that can derail the entire project. We have been successful at managing these transitions with well-developed fermentation pipeline where the data quality is robust and where we are measuring the right parameters at each step to enable success at the next scale. The capabilities needed to deliver this span the entirety of our research, process development, and manufacturing groups, where we can go from microliter to 200,000-liter scales. The numbers that you see at the bottom just represent our indicative throughputs, but let me show you a little bit more how this worked for CBG, as you mentioned. We started screening strains in microliter plates in the late summer of 2019, and we went through about 500,000 strains. By the fall, we had down-selected from that group 500 candidates that we proceeded to test in our 0.5-liter to 2-liter scale in the labs, and by the start of 2020, we had down-selected it to a single-digit set of candidates that we started testing at our pilot scale by March of 2020. We were ready with our first manufacturing campaign by September of 2020. There is a lot of overlap and knowledge exchange in each step, but as you can see, this is a precise and, in fact, almost Darwinian process of selection at each stage that is driven by data, which has allowed us to rapidly track and improve strains and perfectly replicate performance when we move to the largest manufacturing scale. Now let me shift to discuss how were we able to scale with an equal speed, volume, and quality. Let me go back to the CBG example to illustrate and highlight three parts of our lab-to-market scale-up process. First, we start with the end in mind. As you mentioned, we either through our brands or partners discuss a very clear view of what would be the best CBG product profile defined in terms of purity, color, product form, and, of course, unit costs. And for CBG, an additional top priority was to ensure our fermentation-based CBG had no trace of THC. By the time we were ready starting our pilot scale in March, we already knew we were going to deliver the best CBG in the market across all of these dimensions. This was about six to seven months after we had started the development of the program. Second, our scale-up toolkit allows us to select the right strains and production protocols to deliver that precise product specification with minimal variation as we scale. As you see in the right chart of our scale-up activity at the lab, it has a very tight correlation to the performance we would see at the 200,000-liter scale. We only select strains for manufacturing that we know beforehand can be successful. This is why we decided to run our first campaign in September for CBG at a 40,000-liter scale. The final part is to run focused, frequent campaigns that allow us to reduce risk, build a learning curve quickly, and most importantly, assure partners of steady, dependable supply. For CBG, we ran two campaigns in less than six months, and as our announcement last month mentioned, the second one had just completed in February and was five times larger than the first and with costs that were about one-fourth of the original. Let me just also confirm that we have sold out all the volume produced from both campaigns. There is one final point about our production and scale-up capability that I wanted to mention and that provides significant structural advantage to us and to the consumers and partners. And that is our production footprint and chosen feedstock, which is Brazilian sugarcane. Last December, we announced we had received full Bonsucro certification both for all our sugarcane feedstock, but also the certification applying to all the products that are fermented using it. Our partners care deeply to use ingredients that provide the sustainability, societal, and traceability impact into the products that Bonsucro now offers. As Han mentioned initially, our ingredients allow our partners to amplify their ESG agenda. And to illustrate how this works, I'm going to use this example between clean Bonsucro ethanol and compare it to our corn-based non-GMO alternatives. And as you see, our ethanol is better for our planet with Bonsucro sugar reducing greenhouse emissions by about one-third in comparison. It is better for society with each batch having clear traceability throughout the supply chain and also enforcing ethical fair trade practices. Finally, it's better for business. As you see, sugarcane, which is our largest raw material, is 38% lower cost than US non-GMO sources. Now let me turn back the conversation to John. John. Great, Eduardo. Thank you. Thanks, Annie. Really appreciate your insight and depth regarding our product platform. 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 goods, including beauty, personal care, health, and nutrition markets. We deliver better-performing molecules at a lower cost, and they're 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. This portfolio, combined with $250 million of cash on hand, over $250 million of milestones and earnouts over the next several years, and less than $55 million of real debt, provides us the self-sustaining model and sustainable growth that is positioned to continue delivering transformational returns for our investors. We've invested heavily for 15 years to achieve this market leadership. This was not an overnight success. It's the right moment to accelerate. We welcome you to join our journey to creating a healthier and more sustainable planet through synthetic biology and fermentation and the leading portfolio of clean skincare and beauty brands in the world. I now want to have our panelists introduce themselves, followed by a panel discussion after which we'll turn to Q&A. And just to help facilitate and move along pretty quickly, because I do want us to have enough time for audience Q&A, I'm actually going to turn to Fernando Queiroz first, have him introduce himself, provide a little bit of background on himself and his company, and then talk about his vision for what he wants to achieve with synthetic biology and why he chose Amyris. After he does that, we'll have Annie do a quick background introduction, and then also Eduardo do that, and then we'll turn it to Q&A. So let me pass to Fernando. Fernando, it is a pleasure to have you. I will tell the audience, like in all partner selection, I really enjoy spending time upfront, getting to know the partner, getting to know their business, and ensuring they are serious, we have aligned interests, and they have the capacity to really help us scale and build a leading industry platform. We don't want to repeat some of the mistakes we've made with partners in the past, and that was a great part of the relationship-building and getting-to-know process that Fernando and I spent together. So Fernando, it is great to have you with us, and I'll turn it over to you. Thank you, John. Thank you, everybody. I would like to give a special thanks for all of you and the Amyris team for allowing me to share our experience with you at this conference. Minerva is a company that started 65 years ago, and for the last 25 years, we've been a beef producer out of South America. Our platform is spread in the main countries of South America: in Brazil, Argentina, Uruguay, Paraguay, and Colombia. From these platforms, we export to 100 countries all over the world in three different segments: retailers, food service, and the industry. With that, we cover more than 100,000 clients all over the world. We are responsible for approximately 20% of all the exports out of South America. And South America is responsible for 40% of the world trade. That means that we are responsible for approximately 8% of the world trade. This gives us also some special credentials, like we are the biggest exporter of organic beef in the world. So that means that we care and we are worried about sustainability. Why South America? South America has a natural way of producing. It's the most cost-efficient producer. And most important, it's in a sustainable way, using 90% of natural grass, not like in other countries using other techniques. Our commitment to sustainability goes much further than that. And especially, we look at all the pillars of sustainability, but the main one that we are putting more effort and energy is in reducing CO2 emissions. And we have three scopes that we are working on CO2 reduction of emissions. Scope one is all that is related to our own process, how we produce in a more sustainable way, reducing CO2 emissions. So we have many programs that allow us to do it. Scope two is related to our logistics and our energy. We are using renewable sources, and we are a big player of biodiesel, where our trucks and our fleets use biodiesel. And Scope three is one of that has more potential of reduction that is related to the supply chain. We have 100% of our suppliers traceable, and we monitor them in all environmental aspects that they have. So we select our suppliers. We know where we produce from. And this is one of the two main pillars of Minerva for the future: sustainability and innovation. So the new synthetic biology brings the new technology, and through fermentation, we are studying new products, and we are in the development of new products together with Amyris. I can mention some of them: natural preservatives that extend the shelf life of our products. This is one of them. Sustainable and biodegradable packaging. That's also one of the worries that the world has. This is part of our sustainability commitments. Last week, Minerva published its commitments for the next 20 years on sustainability and how to reduce and why to reduce. We are advancing further in lowering emission of CO2. It's important to know that sustainability also generates incomes and generates competitiveness for the company. We differentiate our products, and through the differentiation, we go into special markets with special clients that care and are worried about it. CO2 also generates carbon credits that can be tradable. And CO2 also brings favorable financial terms when you are financing a new project related to that. The most important is the innovation. That's where we see the biggest trend. And that's why we chose Amyris to be our partner. First, I would like to point, as John just mentioned, that we share the same values and the same beliefs. We chose Amyris because of its team and how this team is structured. It's the most advanced company in the sector and has proven its experience in developing, not only developing the yeast, but also putting it in industrial scale and putting it in the market. So these are the reasons that we chose to be together with Amyris on this JV that sounds very promising and sounds very with a big eye on the sustainability and on the future. What Minerva brings to it is the distribution channels. We know the markets. We know the outlets. We know where to place the products. And this is exactly what we expect with this partnership: to join the Amyris technology together with the go-to-market plans that Minerva has. So again, I thank you, John. I thank you, all the Amyris team, for this great opportunity, and looking forward to meeting all of you personally. John? Fernando, thank you so much. And I can't wait for the day for us to be able to have live meetings and advance quickly. So thank you for being here with us. Look, in light of the time that we have, Han and Andrew, maybe we can go right to Q&A. And Han, can you lead us through the process with Andrew? Yeah, so very well. Thanks, everybody. And a special thank you to our speakers and our guests today and the insights they provided. So we will try to make an effort before we turn to Q&A to answer everybody's questions, but also want to be mindful of time. So if we do not get to your question, please submit it to our investor relations email, and we will be sure to get back to you. With that, let me turn it back to Andrew and get to Q&As from our audience. Andrew? Thank you. We will now begin the audio 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. 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 comes from Colin Rusch of Oppenheimer. Please go ahead. Thank you so much. This is actually a question for Annie. Can you talk about the rate of change of learning of the automation system? It seems to me that you guys have gone through a bit of a transformation in the last few years in terms of the rate at which you're able to screen and evaluate molecules. Yeah, absolutely, Colin. We're always working on the technology, and as I mentioned in the discussion earlier, this stuff builds on itself, so when we learn something, it just makes the next iteration faster and easier, and we're very, very proud of our technology, but if there's one takeaway from this call that I'd like to make, it's really that the technology is just part of what it takes to actually make an impact in the market, and we talked about all the capabilities we have through this incredibly integrated stack to get molecules into the hands of our customers at scale, so yes, we're always making sure that our technology is at the cutting edge, and we also know that it's only a tiny part of the picture of what we need to deliver for the world. Thanks so much. And then a follow-on is the integration of the software, the design, and the learning with the hardware. All of that, from my understanding, is all proprietary. Can you talk about the importance of how or how important the integration is of both the hardware and the software in terms of automating and the efficiency and the defensibility of the technology? That's a great question, Colin. I mean, it's easy to go out there and buy a bunch of robots that can do stuff, but if they're not integrated, you don't have a platform or a system. And so that's a huge focus for our team. It's how do we plug in all those little gaps between our systems so that we have a truly seamless handoff from one system to the next? Thanks so much. That's super helpful. Thanks, Colin. Okay. May I take the next question that has come in? Please, Andrew. Okay. That next question comes from Craig Irwin with Roth Capital Partners. Please go ahead. Hi, good afternoon, and thanks for taking my questions. So Eduardo, I really appreciated the update on CBG and some of the details of the campaigns you've been running there. Can you maybe talk about yields in the 200,000-liter campaign you did? And previously, I guess a few times last year, the company had said the CapEx for a full-scale campaign would be about $4.5 million. Can you maybe scope out how big that is in liters? And are we still looking at a production cost of somewhere between $500-$1,500 a kilogram? Yeah. Let me start with your first question, which is, I will not disclose the specific yield that we delivered on the campaign that we referred to, but I will say that, as I mentioned, it was every one of the metrics that we discussed around productivity, but more importantly, end product specification was exceeded. We really have very little variability as we scale from where we started to define the end in mind, and I can also assure you that the tests that we have completed from the clinical and lab have confirmed that the purity, performance, and efficacy of the product that was delivered was as high as it was when we set out the program. In terms of your comment around capital productivity, again, I'm not going to get into the specifics of the numbers of the campaign, but what I will say is that the ability to do multiple campaigns two, three months after each other. You can imagine how quickly the productivity and the volume increasing by fourfold, three, fourfold every time. It doesn't take long for the returns of whatever capital investment is placed to be more than accretive within months, if not for sure less than a year. Understood. The only thing I would add to help Craig out, I would add two data points, right? One is first campaign was U.S., second campaign Spain, and we are now looking at moving it to Brazil, and I can tell that the Spanish and Brazilian campaign are very little, if any, CapEx to scale up. So for me, that talks about the adaptiveness of our production platform and how effective we are at being able to actually get the strains to scale in our kit. And I think the second part was Craig's question of cost. And I would tell you that it's now clear to us that the final cost of the product will end up being less than the range that you've put out there. And I can tell you that the campaigns we're currently running are not far, if not right in the range that you're describing, Craig. So I can confirm we're in the ballpark. Secondly, I can confirm we're headed for a lower base than we had signaled regarding the range. Thirdly, from a CapEx perspective, we've been super efficient at being able to scale and produce in Spain, expect the same result in Brazil, and have a great downstream process, which really talks to everything Eduardo referenced regarding the final spec of the product. Great. Great. That's really good to hear. Thank you. My second question, I guess I should first say congratulations on the successful portfolio optimization. It's really nice to see a chunky $250 million cash balance at Amyris today. There was a final transaction expected. I know you've been working on a lot of different things at once, but can you maybe frame out for us the potential timeline? Is this fair to expect sort of before the end of June? And can you remind us the numbers around this final piece of the different transactions? Yeah, Craig, I referenced that earlier in the call, but let me go ahead and repeat it. We expect that before the end of June. We actually said in the call earlier today by the earnings call, which we expect to be first half of May. I think we've actually announced when the call is going to be, right, Han? That's so sick. So, by the earnings call. I think secondly, we've announced some of the high-level metrics, right? $100 million total value, which consists of in total value really in the three parts: upfront, milestones, and loyalty. I think secondly, we can confirm, like the DSM transaction, there is a significant amount of revenue over the period of the contract that we have not disclosed yet. We'll disclose that once we get the deal done. And I think those were the pieces that we put out there. I guess we also did confirm it is not DSM. This is a new partner to the portfolio. It is an industry platform play with a specific new partner that we believe will lead with us in really disrupting a final market where we have a best-in-class molecule for. Excellent. Excellent. Last question, if I may. John, really appreciate the $30 million number you gave us earlier about the contribution from the new clean beauty brands this year. Can you maybe talk about growth expectations in these brands? Sometimes we can see north of 100% on successful launches. How fast can these potentially be growing as we look towards the back end of the year? Would you expect these to be a material contribution in the fourth quarter and then beyond, given the high growth rates? Look, I can tell you that I'll give you one example. And I'm seeing like numbers across the portfolio, but one example is the Costa Brazil acquisition. They did about or slightly less than $1 million last year in revenue. This year, we thought they would do $2 million-$3 million. The reality is it's on track for more like 5-6 times growth year- on- year. I think that the traction these brands have, the level of engagement that I see in the metrics, and our ability to really invest and have an investment model that really works in this omnichannel approach, direct-to-consumer and brick-and-mortar. I'm seeing and expect to see continued very robust growth. That's not very unlike what we've been able to achieve with Pipette. And as you know, Pipette is actually growing at a faster rate than Biossance did for the same period. I'm very optimistic. At the end of the day, I think Annie hit it well. The reason I'm optimistic is consumers love our formulations. The rest of it is really a mechanical investment model. How much do you invest to get awareness? What kind of partnerships do you put in place to expand and accelerate your reach? Then how well do you engage, educate, and convert to ensure that the investment dollars are efficient in growing product? The other thing that's important is loyalty, right? Make sure the consumers, once they buy, they come back. And those metrics we're hitting. We want at least 50% repeat purchases in our portfolio, and we're getting that. So we have loyal customers. They're repurchasing two, three times a year. And we have significant new customer acquisition coming in by a lot of the names we're bringing on to support and provide more visibility and scale for the brands. Thank you. Congratulations on the commercial progress. I'll hop back in the queue. Thanks, Craig. Okay. I have another question, if I may take that at this time. Please go ahead. Okay. I have a question from Amit Dayal of H.C. Wainwright. Please go ahead. Thank you. Good afternoon, guys. In terms of these recent acquisitions, John, are these just small enough at this point that it doesn't impact margins etc.? Could you just give us some color on how we should think about that part of these efforts? Look, I think we've provided guidance around 60%-65% gross margin for our business this year, and we expect to be within that. We've also said we would have a total year positive EBITDA, which we're still completely on track for. So look, we've been very lucky, partially as a result of COVID, that we've been able to identify very interesting brands, including the ones we started off and built starting last year, that are all coming together at a time where the consumer continues to double down on skincare and beauty, and we're well positioned to really access and grow with that. So no change to what we've guided. Small in part, but actually quite meaningful in contribution to our revenue growth and really giving us a great platform for continuing to lead in the clean beauty space. So with all of these new properties and brands and products that you have acquired and you're developing yourselves, are you potentially thinking of creating sort of a more different distribution channel online versus from an e-commerce front? I'm just trying to see if there's an opportunity to create our own marketplace, etc., for these things. Is that something that we should think about, or you're not at that place yet? It's early days, so we're not there. I mean, right now, we're focused on each brand really getting into a sticky personalized relationship with a consumer. You saw the announcement of our recent deal to acquire Beauty Labs, which is an amazing artificial intelligence and machine learning technology, along with great coders to just help advance our relationship with the consumer, and our focus right now is using those platforms and tools as a way to get much, much smarter about how to reach the consumer and give them a better online experience, and the better we do that and the more sticky each brand becomes, then at some point, we can look at a potential marketplace for clean beauty and clean products, but it's too early for that, so nothing in that regard, at least through the end of this year. Okay. Thank you for that. Just one last one from me. You mentioned some potential competitors, John, in your comments. How should we think about competition just going forward? Are these players coming into your space? Are you going into their space? It's a big market, and it's very early, but just trying to think about where some of the competitive aspects of the story lie. Yeah. Look, I don't have any desire to chase spaces that aren't actually delivering significant revenue growth. So we're going to stay very focused on our strategy. We think being with the consumer is really important because it actually controls our destiny. We have plenty of experiences launching products that take forever to get off the ground because you're dependent on a partner adopting and having the confidence to scale and take risk. And we don't see that world changing very rapidly. So we're not chasing anybody's markets. What we see is a lot of people trying to chase our markets. And you've seen the data. The great news about companies being public, you look at the data. I mean, think about just our revenue in the recurring base this year. We'll be well north of $240 million. Our total revenue north of $400 million this year. Strong margins, positive total EBITDA, and growth that is accelerating, not slowing down, and as I hope you take away from today's call, a product pipeline that is immense. Who else can say that they have in their library 250 molecules that are capable today of being produced in fermentation tanks ready for either developing or scaling based on seeking the right market platform, the right market opportunity to really do it efficiently? So from my perspective, again, we're at least three-to-five years ahead, which means a lot more capital to go. On the other hand, I am so excited for these companies. They've gone public. That means now there's a better portfolio, hopefully, for investors to compare different public companies. Data is out there, and I love these companies. They're getting great valuations. I hope they get even greater valuations. I hope that Ginkgo achieves a $20 billion plus valuation. They deserve it. They have great technology. The only difference is we're a little bit ahead, maybe three to five years. That's okay. The world needs all these companies to thrive. So I'm excited. They have great science. We have great science. The world needs all of us. And our mission is to maintain leadership and ensure that we have a robust, healthy sector that ends up actually making our planet better. Thank you, John. Appreciate it. I'd like before we go. Before we go. Yeah. Before we go Yeah. Before we go to the next call from the line, we have quite a few of inbound queries coming in on the chat. There's one actually I'd like to do as a follow-up to what Fernando had commented on. He obviously illustrated a few examples in terms of where he sees the opportunity for Minerva as it relates to sustainability and particularly also mentioned food packaging. So I had a question here. Fernando, how do you see the food packaging opportunity and how do you see that in combination with the partnership with Amyris? The world is more and more worried about the waste. And having biodegradable packaging really makes a difference, especially when you are going into channels like retailers. So this is one of the goals that we have and that we are further advancing on the studies. The market is ready for that. The market is demanding that. The bottleneck, it's on the development of the technology. Han, I want to build on that and say, look, I think Fernando's point is spot on. I'm in Brazil today, as you know, and I was in Europe Monday and Tuesday. For the first time on Monday, I reviewed or got an update regarding our product, our chemistry portfolio in Porto. As many of you know, we have a EUR 50 million grant from the European Union to develop new chemistry using our technology and our waste streams. I was able to hold in my hand the first innovative bioplastic for packaging coming out of our technology. I think about that and say, look, that is exactly what we ought to be doing and addressing problems like Fernando mentioned around supply chain. Most of you know there is a significant amount of recovery funding being deployed by the European Union. We are set to take advantage of some of that funding and really expand our base from what is currently about 80 scientists in Porto to a significantly greater number because the EU wants to advance quickly on sustainability. We have exactly the right technology to do that and are in a great position to take advantage of that, as well as advance and accelerate our production platform in the EU to make products for the EU. Great time to be a renewable company that has leading technology in the EU for accessing funding. Happy to report the amazing breakthrough of the team in Porto with a bioplastic that hopefully we can scale commercially and really provide Fernando with a quick solution for a bio-based packaging solution. Just adding to that, John, bioplastic also generates CO2 credits. So you'll have two sources of differentiation. It's on the product itself and on the generation of CO2 credits. Fernando just highlighted another benefit of partnership. There is not a partner I don't learn something from, and our teams don't quickly engage to try to figure out how we best monetize the technology, and Fernando had spoken to me about in the past how well he's monetizing carbon credits and how we should be looking at that, and I see that as a great addition as we launch new technologies for supply chain. Our carbon credits can become a part of our business, just like Tesla has done in the electrification transition. Excuse me. I understand. Is there time for one more question? Yes. I think we'll take one last question. We're getting here at close to 20 past the hour. It's great to see so many people still joining in and wanting to ask questions, but I think let's take one more question from the line. Okay. Thank you, and that question comes from Graham Tanaka from Tanaka Capital Management. Please go ahead. Hi, guys. Thank you. Can you hear me? Yes, we can. Yes, Graham. We have you on. Great. Thank you for the presentation. I had a question actually for Fernando. What were the alternatives that you considered other than joining joint venturing with Amyris? And what do you think the revenue potential would be going forward for the joint venture with Amyris? Thank you. It's a long answer, but we considered the three technologies that exist for alternative products. We considered the plant-based, we considered the fermentation, and we considered the cell in bioreactor, the cell-based. We chose the fermentation because we see that it is the most efficient and the closest to the market that we can have. Having a partner like Amyris gives us an edge on that. We did a deep analysis on the alternatives first, on the technologies, and we chose the fermentation. We were very happy to find Amyris and John as a partner that shares the same values and especially the same beliefs on the importance of sustainability. That's the reasons that we chose to be with them. What is the revenue potential, do you think, longer term for addressing your markets with the Amyris solution, fermentation solution? Thank you. What kind of revenue potential are we talking in maybe in dollars if you could estimate? We cannot disclose that, but there are a few lines that we are looking. One, we just mentioned on bioplastic that is part of the packaging that practically goes on the 30,000 tons that we produce every month. There is also food ingredients that increase the shelf life, food preservatives that increase the shelf life, and food ingredients that also go into the process. So we have a defined scope of yeasts that we will develop together. We are providing market information on where are the potentials, but I can tell you that they are big. Okay. Thank you very much. I was wondering also if, Han, to give you a chance to comment, if you had a chance to look at now that you've got you do have a lot of moving parts here, but what kind of self-financing growth rate do you think the company has going forward, given your higher gross margins, which really help what appears to be a fairly high capital efficiency in terms of low capital intensity? Excuse me. Have you had a chance to do that analysis yet? Because we're now going to be approaching the point where your revenues are going to be going rapidly and you're going to need to add plant capacity. Thank you. Yeah. I think we've talked about the business model in the two kind of broad pillars, right, from a product perspective before, and I'm just going to repeat that without giving just a single number because I'm not sure that means all that much, so if you think about consumer, John alluded to it earlier. We've always guided on the top-line growth and that we expect top-line to double year- over- year. We see a gross margin range of 60%-70% from the consumer brands. Last year, we delivered well ahead of that, and then basically, we have marketing expense needed to support it, the brands that is, but basically little to zero in the way of capital expenditure. Now, then, you look at the ingredient side of the house. We have revenue. We've grown 25%-30% in recent memory. Gross margin targets, 35%-40% target. And this is what John said earlier. If you look at that timeline on the ingredient side, importantly, we listed the Barra Bonita facility coming online in the early part of 2022. That's important because what we've typically and previously communicated, Eduardo has mentioned it too on some of the earnings calls, was on a pro forma basis, and we'll get the advantage of the integrated facility from then on. But then obviously, we typically say that we need to invest approximately $70 million in capital expenditure for every $200 million in revenue. But we think we can do better with that. But that's kind of how the two sit side- by- side. One, no CapEx required, needs a bit more on the OpEx side to support the business. Clearly, very significant growth at very strong margins. The other one, revenue operating at margins that are a little lower or that are a little lower, but no expense, but a little bit more capital expenditure required. So that's, I think, what you see in the business model and what we've kind of previously communicated. I don't know, John, whether you want to add anything to that. Yeah. Let me add a little more color around capital efficiency and leverage. We talked about this, but I'm not sure we've disclosed before. So I'm going to use squalane as the example, but frankly, there are several molecules. I think CBG is the next one to be added that works quite with the same kind of leverage. But let me use squalane. Let me make it really simple. To produce one kilo of squalane costs the same, whether that one kilo is sold to a consumer or whether it's sold to a distributor or whether it's sold to a large consumer company that's buying it from us as an ingredient. It's all the same. Same exact cost, same exact capital base. When we sell that kilo of squalane to a business partner, a distributor, that kilo of squalane generates somewhere between $15 and $24 of revenue. It depends on their size, their geography, and the amount of volume they do with us. That's kind of the range that that kilo of squalane generates in revenue. That same exact kilo of squalane, when it's included in a consumer product that's sold by Amyris, generates anywhere from $1,000-$2,500 of revenue. Same exact manufacturing base, same exact capital base, a significantly different contribution to revenue. If I give you another metric, for 2020, our total use of the squalane we produce in our consumer business was less than 5%. This year, we'll end slightly less than 10%. Over time, which is why the portfolio of brands is really critical, over time, I expect that squalane will be about 80/20. 20% of the squalane we use will be sold through our consumer brands. The 80% will be sold through others. Each one of our ingredients will vary. I think CBG, as we're seeing today, a lot of our CBG for this year will be sold through our consumer brands and partner brands, and then obviously, some of it sold as an ingredient for flavors and fragrances through the global market, so I think if you get the math, you get the leverage we've built into our portfolio and why our business model and portfolio really, really matters, and that also drives the prioritization we have for selecting ingredients to develop based on how we can apply them through this mixed portfolio for optimization, cash generation, and margin generation for the company, so I hope that helps. Thank you. I will now turn the call back over to John Melo for any closing remarks. Look, appreciate it, Andrew. I want to first just thank everybody on the call. I know everybody's got busy schedules, especially in the life of Zoom calls, and I really appreciate your participation. For those of you who are investors, I really appreciate your investment in our company and your contribution to making the world more sustainable and helping us advance the world's leading technology for clean chemistry. For the guests, Annie, happy birthday, so great to have you on the call. It's been great to work with you for over 13 years now, and couldn't ask for a better person to be leading our strategic picture for product portfolio. Eduardo, thanks for your help in keeping us going on scale-up and just transforming the predictability in our manufacturing base. Han, for continuing to clean up and making sure we stay effective and efficient with all that we do inside and outside the company. And Fernando, I only wish we could have more time together, but I so appreciate you being on the call today. So to everyone, a huge thank you. Appreciate everybody. We have a lot going on, as always. We'll keep you updated through our movements, either through releases or on the upcoming earnings call. And really look forward to getting news out regarding the last of the major strategic transactions being done, giving you an update on the full outcome of that on our earnings call, reporting the quarter, and continuing to execute and deliver breakthrough results for our sector. Thanks again. Have a great afternoon, everyone. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.