Hi, I'm John Sourbeer, life science analyst at UBS. Joining me on stage today is my associate, Tianchi Heng. He's a PhD and a self-described R&D guy, so it's a great addition to a conversation with another R&D guy. Today from Amyris, we have Sunil Chandran. Welcome. Thank you, John. Yeah, glad to be here. Great. So maybe just start off on some of the clean beauty. So it's really rapidly gaining momentum. From a high level, where does Amyris play in the movement? And what has been the customer feedback? And then how do you educate customers on this new kind of segment within beauty? So our technology just allows us to naturally play in the clean beauty space, right? So what we do is we displace traditional manufacturing practices that rely on petroleum or extraction from plants and animals and replace them by manufacturing through fermentation. So that is how we started as a company. That is what our business model was. And so then when we look at sectors that could be positively impacted by what we can do, the beauty industry is definitely on top of that food chain right there. And so why, right? Let's take an example of squalene, right? I mean, before we came in the sector, three million sharks per year being killed just for squalene for the cosmetics market. That's an immediate impact that we can make, right? So when we say clean beauty and our ability to play in that market space, that's what we mean, right? Displacing traditional sources of those same ingredients without really making any compromises on cost or quality, right? And so when consumers start seeing that they have a sustainable source for the same products that they're used to, that is when they start buying into it. So we are seeing a lot of traction across our brands for all the ingredients we're producing and products we formulate with our ingredients. And the fact is that we are quite transparent about where those ingredients come from and what is in and what is not in those products that consumers get. So I think we've been able to really carve out a pretty nice segment of that market. Great. And so the transparency there and educating the customers. And then I guess what has been the customer feedback from these products? So I think if you go to our website, our brand website, and look at the reviews, the reviews speak for themselves, right? I don't even have to make stuff up over there. It's been gratifying to see that consumers are buying into our way of manufacturing, right? Our ability to give them an alternate source that doesn't disrupt the planet at all, right? So that's one. Yeah, great. It's sustainable. But we talked about this before, which is you also then have to make sure that the consumer is not paying more for that same ingredient. And the last one is the performance, right? Do the products perform the way the consumers expect them to? And when they do, they see it meeting all three of those axes that they really enjoy. You see the customer feedback starting to come in, being more positive, and they start buying more. Then at the end of the day, we measure it based on our repeat customer. We have repeat customers is one of our biggest business areas, actually. Great. So let's dig a little bit into some of the product development. Can you kind of take us through the early phase of your product development? What are the things you think about when you choose which molecule to go after? Yeah. So when Amyris, when we look at a certain chemical that we would like to go after, there are a few areas we look at. One is what is the current market for that molecule, right? How big is it? And then where is it sourced from? Is there an advantage that we can provide using our technology? So it might be a question of maybe that chemical is constrained by supply chain. Maybe it's being extracted from a plant that's about to go extinct, right? Or maybe the purity is not where it needs to be to grow the market, or the cost is just too high to grow the market. So we look at all those parameters. So that's one factor that's on the market side. And we, of course, have a team that focuses just on that. The other part then is, can we make it biologically? And can we make it at a cost that allows us to play in that market? And so this is where our expertise in not just the R&D side, but also the manufacturing side helps a lot because we can actually connect the dots between R&D, manufacturing, and the commercial marketplace, right? And so it has to meet all three criteria, right? It should be biologically feasible. Based on our experience, we should be able to predict that we can produce it cost-effectively and at a purity that meets the market demand. The third one is that there is a commercial story there. We believe we can actually provide a product that will allow us to grow the market or displace the incumbent. So those are some of the factors that go into deciding whether we can play with that molecule in that space or not. And when you think about, I guess, those comfort zones, are there also areas you'd maybe want more exposure to or less exposure to? I think, yeah. And that's on a molecule by molecule, segment by segment, right? So for example, if you already have a chemical that's being produced by fermentation, it's being produced at a pretty decent cost, purity is good enough, what are we offering, right? Because we always believe in our no compromise statement, right? And so are we just doing it to be a me-too player in that space? That's not that great for us, right? We want to be an entity that actually does better than what's out there. So in terms of what's not in our comfort zone, we don't want to be a me-too. We want to be actually there and we disrupt it, bring something new that the consumers haven't seen before. You have a lot of collaborations. I guess, what do you think attracts those partners to come to you for the ingredient development? Yeah. So partners come to us for a variety of reasons. But I would say one of the top ones is they are reliant on a chemical for their entire product portfolio. But the only way for them to source that chemical is from a source that's about to be disrupted, either because it's a petroleum feedstock that doesn't exist anymore or extracted from a plant or animal. So that's one. So they are trying to fix a pretty significant supply chain constraint on their end. The second one could be that they are limited in their ability to grow the market because of cost issues, right? So maybe even though they might be producing it today, it might just be too expensive for them to expand the market because consumers just won't pay more for that product. The third one could be that they are simply not getting the purity or performance they need for that chemical based on how they are extracting or producing it. And so they come to us for typically those kinds of reasons, right? Which is like, "Hey, we need a more sustainable and scalable and reliable supply chain. And can you also provide it at a lower cost? Or can you provide us with a performance advantage that we don't have today?" And the other reason collaborators, partners come to us is also because of our experience in manufacturing. They know that we aren't just providing them with a piecemeal solution on the design side, right? We are providing them an end-to-end solution where we go all the way from idea to commercial-scale manufacturing, right? So we were essentially guaranteeing them a supply for a chemical, and they appreciate that. That is a huge part of what the collaborators come to us for. You think about where Amyris excels, is it your R&D capabilities, your manufacturing capabilities somewhere else that's really attracting these partners and collaborations? It's actually across this entire spectrum, so it's starting from even before we start the R&D, because of our experience in the sector. Today we can actually look at a chemical that a partner wants and actually be very upfront with the partner about, "Hey, here's a risk of taking this product to market," or, "We believe that it's a two-year or three-year timeline. Maybe it's $500,000 or it might be a $20 million investment," right? We are very upfront about it, right?, and so the partners appreciate that. That's one, but then we also take control of the R&D on behalf of the partner, but the way we do it is we run the R&D, we run the process development, we do the tech transfer, and the manufacturing. All that is done in parallel form because you need to have that information go back and forth, right? So if we were just an R&D organization and the partner then had to figure out the manufacturing solution on their own, it's less attractive for them. So the fact that we can offer them end-to-end solutions is what we call Lab to market, right? That's why our platform, we call it the lab to market platform. They appreciate that they can actually come to a company and get an end-to-end solution starting from R&D all the way to commercial-scale manufacturing. It allows them to focus on what they do best, right? Which is sell it to the consumer. And so that is a huge attraction for them. That's great, and I guess maybe from a high level, can you walk through the typical process on what are the different steps to develop a molecule? How much time do we have? Yeah. So I think the first step is what I just said earlier, which is, is this the right molecule for us to go after, right? What kind of applications are we talking about? Is there really something there that we can differentiate in terms of consumer products? So that's the first one. The second one is, is it biologically feasible to make that molecule? So maybe it's being made by a tree in the Amazon Rainforest. Do we know enough about the genetics of that plant that we can then recapitulate it in a microbe, right? So we have to do that biological feasibility. And then as a scientist, you have to gauge, okay, how easy or difficult is that pathway going to be to actually manipulate in an actual fermenter? So that analysis has to go on. Finally, because of our experience in manufacturing and the fact that we have access to our own manufacturing data, we have cost models where we can then say, "Okay, based on biological feasibility, and we know how much we're going to spend on electricity or labor or wastewater treatment, we know what that cost looks like." So you overlay the biological feasibility with the cost model analysis, and you start coming up with the analysis saying, "There's a really good chance based on the cost target that the partner is giving us and the volumes that we need to manufacture that we have, it's going to be a two-year project," or we just say, "It's not feasible." That's before we have even started the first experiment, right, but we already know what the manufacturing campaign might look like and what the strain needs to look like. The next step then is, of course, doing the genetic engineering, right? Recapitulating the same genetic machinery from the plant and putting that into a microbe like yeast or E. coli or yeast or bacteria. And then that is a highly iterative process. Now, those first few iterations, the proof of concept, that is as short as two to three months. But in two to three months, we know we've already started producing some of that ingredient. It's not at a level that you can actually take to commercial scale, but you're actually producing it. You know you've started analyzing the actual molecule. The next stage depends on the target itself, right? So let's assume it's an ingredient that, for example, squalene, that we use adjuvants, right? Over there, you need to create samples first, right? And you need those samples for a variety of reasons. One, you need to provide them to your partners so that they can formulate with it, but the second one is you also need to start filing for regulatory approvals, and so we have access to our own pilot plant facility, and so what we are able to do is within six months to a year, actually start running a strain at the pilot plant scale. Pilot scale is somewhere like 300-1,000 liters. Generate enough material, and so while we're doing the R&D, we've already started generating samples that partners can formulate with or we are doing regulatory filings on, right? That is, I would say, six months to a year. After that, then it depends on the economics, right? I mean, is it a $1,000 per kilo molecule or is it a $50 per kilo? If it's $1,000 per kilo, maybe you can risk and go to commercial scale very quickly, right? If it's $50 per kilo, okay, maybe it takes more time. It also depends on whether the partner wants to actually make an impact and make a splash in the marketplace by going first, right? And so they might say, "Let's go to market even though it costs a lot more." And so we might say, "Okay, let's have our first manufacturing campaign." So what I'm trying to say is the first proof of concept, three months. On average, we are at the pilot scale in less than a year. In a lot of cases, we've gone to manufacturing scale in a year. But I would say it's anywhere from six months to two years where we actually go to manufacturing. And during that time, we are doing the R&D. We're doing the process development. We're doing transfer to the manufacturing side. The manufacturing team is getting used to operating the strain at scale using the process that we have developed. And at the same time, we're also doing regulatory filings wherever we need them depending on the market we're going after, so that breaks down the process. I guess once you get to that actual manufacturing point, what do you think is the most challenging step to get from once you're manufacturing to product in the market? Oh, I mean, so sometimes when you're doing the manufacturing, we take a lot of risk on the early stage of the project, right? So we scale down a lot of manufacturing processes to the lab scale so that we address a lot of the risk over there. But when you start manufacturing, right, you can have impacts like, what is the sugarcane season? What does the sugarcane look like in that season? Do we have small changes in the cane feedstock? So we predict all that upfront. Once we manufacture, right, we have to make sure we hit the specifications that the partner needs, right? And then it's a question of how do you then what other finishing do they need? Is there a chemical step after that? Maybe the fermentation product is just an intermediate that they're then converting it. How do you then take it to the partner and the partner then has to do the finishing, right? So a lot of it is trying to figure out where and how do we provide it to the partner. In terms of other areas that we have had to solve for is, do you have an end-to-end solution at the same facility or do you have to take that intermediate by freight or by air for final purification? Because that will increase the cost. So those are some of the parameters that vary from target to target and depend on how many unit operations you have for the manufacturing. Great. Tianchi, I think you're going to jump in here. Sure. So as you just mentioned, the manufacturing capability is really one of Amyris's strengths. So your Barra Bonita, Brazil plant is a huge addition to your manufacturing capability. I think with late June, just it was up and running. Can you share a little bit of the update there? And how will the company benefit from this addition? Yeah. So before I go into Barra Bonita, right, let me back up just a minute and just why Barra Bonita, right? And so when Amyris started as a company that was focused on biofuels, we built the Brotas facility first, right? That was back in 2010. And Brotas is a fantastic fermentation facility, 1.2 million liters of fermentation capacity, but it was built for producing a single ingredient at scale, very low cost, right? When we transitioned and we pivoted a business model to go into other markets, we realized that we needed a facility where it wasn't just a single molecule at large volumes. We needed a facility that could manage smaller volumes of many different ingredients at the same time. And so over the years, we've been using Brotas in different ways. We're using other CMOs. So we took all those lessons and applied them to Barra Bonita. So today, the way Barra Bonita is being built, I would wager that it's the world's most advanced precision fermentation facilities. We built it to be modular so that you don't have a single-size fermentation tank across the entire facility. You have many different sizes of fermentation tanks. So you can then modulate the volume you need to produce depending on the ingredient and depending on the market it's going into. That's one. The other one is different chemicals have very different purification streams, right, as unit operations. We set them up independently so you can actually have five different manufacturing campaigns going on simultaneously at the same facility. And that's a huge advantage that gives us. The final point is, what does it do for the business is that because it's all integrated in the same facility and we can control the operations, we can drive the cost down. So some of the same ingredients we're now producing as CMOs, we will be able to produce at much lower cost and with more predictability, right, at our own facility. So that is what Barra Bonita enables us to do. But yeah, I mean, we commissioned it in June. We've actually started a second manufacturing campaign over there last week, actually. That's great. Thank you. Next question is, so looking ahead, what are the kind of key new products and technology areas that you're getting into? Yeah. I think I'll always like to say that our Lab-to-Market platform is agnostic to the markets we're going after and the products we're going after because really we built it to be quite flexible. That being said, to date, we focus on small molecules, right, and we can talk a lot about those from farnesene and then squalane derived from farnesene or squalane as a fermentation product, but I think that we've realized that our platform also allows us to go into macromolecules, so proteins, for example, right, and proteins can fit into many different markets, so health and wellness is a big one, nutrition being the other, right, so that is definitely an area we are focused on. Coming back to small molecules, I think some of the applications for some of the small molecules, especially materials and advanced, especially advanced materials with the Department of Defense, that is actually quite interesting for us. It's still something that we are looking at. But these are some of the areas and technology sectors that we believe we can play in. But yeah, right now it's the clean beauty space because it's easier to get into that space right now. But it sets us up for going into markets like agriculture or the pharma space, which have longer timelines, but the clean beauty sector gives us time and runway to build on those other ones. Oh, that's great. Well, with all this technology and how does Amyris protect its position in the industry? Can you talk a little bit about your kind of IP strategy or even broader on a competitive landscape? Yeah. So I mean, for obvious reasons, I won't go deep into IP, but I will talk about what we protect, right? So if you look at our IP landscape, it's really the three areas we protect, right? One is just technology, right? We have tools that we develop that we protect. And so that is one area of IP. So just the tools and technology itself. The second one is, of course, the pathway and the genetics, right? So we identify novel pathways or we figure out novel ways of controlling the pathway in the microbe. We will protect that. The third one is actually the application space, right? And second one, within the second one, also in the pathway is also the process, right? So we develop very innovative methods of running those microbes in fermentation and then some of the purification schemes. So all that goes, we definitely try and protect that. And third one is applications, right? So for example, using a certain ingredient with maybe squalane as a carrier, right? That's a pretty novel way of delivering an ingredient. And so we'll protect that application or protect that formulation. So that's how we like to see our IP landscape, and that is what we protect. And that's also how we stay competitive because, again, these are areas that are quite new, and we believe we are among the first in the space. Thank you. I'll turn it back to John. I guess, Sunil, can you talk a little bit about how you leverage sequencing in your R&D? Okay. So many different ways. And the first step, when you are genetically modifying a yeast strain, right, you need to make sure that the DNA that's getting inserted is actually the right sequence. Because if you are putting in DNA sequences that are not what you intend to do, the experiment you're doing is completely different than what you intend it to be. So we do sequencing on very small DNA cassettes that go into the strain. We do that on the order of what, 6,000 of those in a week easily, right? So that is just one area of sequencing that we focus on. The second one is, once you have the yeast strains that are behaving the way you need them to be, we will sequence. We'll do whole genome sequencing of a huge number of yeast strains that we develop in-house. Of course, we are now expanding that across yeast because it's not just yeast anymore at Amyris. So whole genome sequencing to identify and make sure that we are using the sequences that were intended to be. We also do a lot of random evolution adaptation. And so sometimes those will result in random mutations in the genome. And so we'll try and identify those and try to identify which ones are causative, which ones are not, right? And the last one is enzyme engineering, right? Pretty much every project we run at Amyris requires at least one or two enzymes that need to be optimized. And so when you need to optimize an enzyme, you will change the sequence of the enzyme to get better properties. And so that requires you to, of course, sequence the enzymes all the time to understand where are you getting the beneficial sequences from. So yeah, so we rely on sequencing quite a lot. The last one is actually just diversity screening. So in the first step, when we are doing porting over sequences from another host into a microbe, there are times when we don't use just one sequence. We might use many different sequences from many different organisms. That sometimes requires us to sequence and find the right ones to port over into our strain. So yeah, it's quite heavily, actually. Yeah, there's quite a bit of volume there. I guess, are you able to elaborate on just what platforms you have? Do you have NovaSeq today? Do you do any long-read sequencing? Not as much long-read, definitely shorter-read. But for us, the challenge is in the sequencing platform itself. The challenge for us is once you have the data, like annotating it correctly. And so because of the amount of sequencing we run and because we have reference genomes, it's not just genome, genomes. And so for us, it's sequencing 6,000 plasmids in a week, right? I mean, there's no way to manually curate that. So you need tools that allow you to do the matching of the sequences very rapidly so that you can tease out the winners, the right and the wrong sequences. So in terms of the platforms, yeah, we use pretty much what's out there in the market, but the difference is how we apply those platforms to our own internal workflow and then the tools we have built in-house to access the data coming from those instruments and then applying it to what we need for. So we write a lot of our software tools are in-house designed to tackle that issue of the data that's being generated. I guess, are you able to elaborate on any of those tools and AI and how you're leveraging that to then get to the data? Yeah. So on the AI and machine learning part, so let's take an example, right? We might run a library of, let's say, 6,000 strains. That's pretty normal at Amyris. You just run a campaign of 6,000 strains. You collect a lot of data as to growth rates, sugar consumption, or titers of the molecule trying to produce all the intermediates that are being generated, right? That's a huge amount of data. What do you do with that? And again, this is now where you have the computational model of the cell, right? You have the data. You then overlay the data onto those computational models, but then you rely on statistical models, machine learning to help you tease apart, okay, what did I do to the strains, right? When I did this to the strain, this is what happened. What is that trying to tell me? Sure, you can do that one strain at a time, very manually, but if you're doing it for thousands of them at the same time, this is where you need the ML tools or the statistical models to help tease apart what's happening. What that allows us to do then is redesign because everyone talks about the Design-Build-Test-Learn cycle, right?, but we have to remember that after the first Design-Build-Test-Learn cycle, there is a redesign based on that first set of data, and that is really where a lot of our machine learning tools help. And so just given those volumes of sequencing, I'm sure you're pretty sensitive to the cost of sequencing. Yeah. Big announcements at AGBT, evolving competitive landscape. Have you looked at any of the emerging players out there and just thoughts on color around that? Yeah. So at Amyris, we are always on the lookout for technology platforms that other companies have developed. And then we collaborate closely with these companies, right? We realize that at the end of the day, we aren't a tools company, right? We use tools as a means to an end. We are a products company. So we are always on the lookout for new technologies, whether it be sequencing or whether it be microfluidics, DNA synthesis. And we work closely with these companies and then bring that collaboration in-house. So we are willing to take the risk. We take a lot of risk on our platforms, and that's fine. I mean, a lot of times when you take the risk, it's how you get ahead and stay ahead in this competitive landscape. That's great. Maybe just touching a little bit on macro. Any color around how the China lockdowns impacted your R&D? Any outlook for the second half of the year there? Didn't impact R&D as much. A lot of our supply, at least on the R&D side, are domestic, but we were able to protect ourselves quite well on that front. On the commercial side of the business, I think we announced that yesterday that we are definitely finding alternate sources and moving away from sourcing a lot of our materials from China. But that's on the commercial side, packaging and whatnot. But that was something that we had anticipated happening, and so we announced that yesterday that in Q2, second half of the year, we're going to be insulated from those supply chain constraints on that front. But specifically on the R&D side, we were actually quite well insulated to begin with. Sometimes it's good to be lucky, I guess, and we were lucky. That's great. And then maybe high level, I guess, where do you see the advantages at Amyris versus your competitors? And what do you think is the biggest strength of your platform? Yeah, so I mean, there are plenty of companies in our space, very talented, and everyone has a unique business model, right? And I think there's plenty of room for everyone to play in the sector. I think what we offer, one of the advantages we bring is we've actually gone through many different manufacturing campaigns, right? And we know what that looks like. We know what it takes to take a product all the way from proof of concept to commercial-scale manufacturing. So what that allows us to do is every project we start today, we start with the end in mind, right? So before we even design the first strain, we already have an idea of what that manufacturing campaign needs to look like. Maybe it's going to happen in two years, but we already know what that needs to look like. And so we are already designing towards that, right? And that's a big advantage because it de-risks what happens two years later at 200,000-liter scale. Because that's not a mistake you want to be making at 200,000 liters. And so one of the biggest advantages is the integration of the platform starting all the way from the small-scale lab through process development, tech transfer, manufacturing. And again, I wouldn't say that is by accident. That is more than a decade worth of experience and lessons learned that we are now applying to every project we start at Amyris. So again, that's an advantage that our partners leverage. That's why they come to us. It's an advantage that allows us to launch new brands. So that is definitely something we're proud of. Great. And I guess, are you able to talk a little bit about Amyris's lab automation and any just kind of details you can provide there? Yeah. I mean, I think back in 2009, then we realized we needed to bring in more automation because biology is unpredictable. And we were trying to apply technology that was used in the pharma sector for making molecules that were quite lucrative, but we are now applying it to molecules that are going into day-to-day consumer use, right? So we realized that to enable us to get in the consumer space, we need to make faster progress, which means investing in automation, lab robotics, and software. And so in the early days, we were relying on off-the-shelf solutions. We still rely on off-the-shelf solutions. If you come to Amyris, you'll still see quite a few of the off-the-shelf solutions being used. But in the last few years, we've also evolved where biological processes tend to take time, right? You don't have a single operation. Sometimes you have an operation that takes a few days, many different unit ops, and so we started building our own workstations, automation workstations at Amyris where we have our own robotics and automation team in-house at Amyris. And so we have the scientists and the automation teams actually work together, define the workflows, and then the automation team will then figure out, okay, I need to buy this unit from this company, this unit from this company, maybe this one from eBay. Don't quote me on that, but the automation team then brings the units in-house, and then actually we develop the workstation ourselves, integration of all the units, and then writing the software to control those workstations on our own, and so that is how our automation has evolved, where these are proprietary workstations, one of a kind, and they are designed to meet our own pipeline requirements. And so that is how we have evolved. But we still will rely on. We are open to bringing off-the-shelf solutions if they meet certain requirements that we have. That's great. And so proprietary solutions, proprietary software. Ginkgo recently announced that they were acquiring Zymergen. And one of the areas that Ginkgo highlighted there was Zymergen's lab automation. Just any thoughts on how Amyris compares there? And does that deal change the competitive landscape, you think, at all? I mean, I can't speak for Ginkgo's acquisition of Zymergen. I mean, both good companies, fantastic platforms. It doesn't change what we do, right? At Amyris, we are focused on what we can control. We can't control what someone else does. But one thing we know is that we have continued to invest in the R&D platform. We never stopped innovating. We never stopped being hungry and trying to develop the next technology solution. So we've continued to remain competitive in this space by continuously investing for growth. And that is true on the biology side. That's true on the automation, software, and process engineering side. So I think it's great for the sector. I think the more we keep innovating across all companies, I think the better it is for everyone, actually. I guess just given the current inflationary environment on the supply side, are you seeing any pressure there and any comment on any pricing that you're seeing in the market? Yeah. I mean, of course. I mean, I think the era we're in right now with inflation the way it is, yeah, I mean, it is a challenge. I mean, we see it across the board from either the materials that we require for our own operations, both on the R&D side and the manufacturing side. So we see that actually being something that we have to solve towards. It's also our partners need to also figure out how much can the consumer bear, right? Because at the end of the day, you don't want to lose market either. So I think the inflation has caused some pressure both on the supply and the consumer side. And that's something that we're just continuously mitigating. I think that will there be price increases? Maybe, but that depends on the markets and depends on how much the market can bear. But it's definitely a challenge at this point, yes. And I guess it's still in bio, still new, Clean Beauty, still new industries, but how would you characterize the customer awareness there? And say that we're moving into an economic downturn, do you think that there could be pressure or just how would that influence choice on brands or products in the market? Yeah. That's a great question. I think one area where Amyris has focused on diligently is cost, right? We know that the consumer is not going to pay more for an ingredient that they use for a product that they're used to using for a long time. So we are quite aggressive with how we are able to tackle that cost structure. So that's one. So our belief is consumers will continue to use our products because we are cost competitive. The second one is actually they are getting a product that is, again, cost competitive, but performs really, really well, right? So I think even in times of economic downturn, I mean, we saw that during the pandemic. In fact, during the pandemic, we didn't see a big reduction in consumers using, for example, some of our branded products. In fact, we saw the opposite. We saw sales go up, right? And so I think some of our products, the way we have positioned them from the standpoint of cost and quality actually does allow them to weather economic downturns quite well relative to other products that are out there. I guess just when you look at what could be the new products to bring to market or even existing products, are you able to talk at all on international expansion? I think most of your revenue today is EU, North America, but any plans to expand beyond that in APAC? Yeah. Yeah, absolutely. I mean, Asia remains a big area that we would like to expand into. LatAm definitely is an area that we've been aggressive in expanding into. I still think there's plenty of room for growth in the U.S. and EU already. But you're absolutely right. I think globally, we definitely would like to increase our presence, and we are definitely aggressively pursuing that. Some of our products in China are actually quite a hit. And of course, we rely on local manufacturers over there and local brands over there. But it's definitely an area that we would like to expand into, yes. Great. And then I guess, are you able to talk a little bit just on Amyris's partnership story there and just what are the plans going forward? Yeah. I think as a company, we started as a company that would partner with other companies, right? So one of the when we started, we worked with ingredient companies that were leaders in their own sectors, right? And like I said earlier, we need to provide them with a sustainable and reliable change in supply chain, right? That remains an area that is still a core part of our business. And it's actually just quite simple. Even as successful as our brands are, we also recognize that the market can absorb a lot more of the ingredient than what our brands can then survive. And so this is where an ingredient supplier, a large-scale ingredient supplier, plays a huge role in our own business, right? Because they can drive the volume. Driving that volume in the marketplace allows us to access more revenue, but it also allows us to access more consumers. And those consumers, then there's more awareness among the consumers for that ingredient that then comes back to our brand. So those partnership agreements are definitely a big part of our business. The question is, how do you continue to drive that, right? I mean, we realize that we also would like to work in that market. And so how do you then make sure that you're not competing with your partners in that same space? And so we work with partners to make sure that we have some freedom to operate in our brands. They have freedom to operate in areas that they want to. And then in areas where there might be mutual interests, collaborate, right? At the end of the day, I think we all recognize that competing against each other, we're just going to compete with each other and we both lose out. And so what we thrive on is collaboration and partnerships. And some of these agreements that we come up with are designed just for that. I think the other part of the agreement is no matter what kind of agreement we have with a partner, at the end of the day, the partners are quite happy allowing us to actually just take control of the entire design to manufacturing and then just go ahead and manufacture. All we want is the product. And they're perfectly happy with us being a supplier to them for the ingredients that they can then sell into the marketplace. And so that hasn't changed. And so the question then becomes, how do you split that value? Who gets what? What kind of royalty or licensing agreement are we talking about? And that can change from partner to partner, market to market. Another issue, we touched on this briefly, but Amyris had announced the JV with ImmunityBio, but if you kind of look at larger aspirations to enter in healthcare, where would you see Amyris playing out there? Long term is definitely an area that we would like to will be playing in. The question is the timeline, right? I think if you look at the overall timeline to take any pharmaceutical ingredient to market, right, with all the approvals, it takes time. Doesn't mean we won't be there. It's just that we need to buy ourselves time. And so that's why the current emphasis is on health and wellness or even the cosmetic space. But the pharma sector remains an important part of where we would like to go. So the COVID vaccine story, that's important for us, right? Developing a squalene as an adjuvant for the vaccine market, that's important for us. And we are fully invested in that, right? So in terms of the you talked about ImmunityBio on the COVID side, we have two areas of focus. One is squalene by itself as an ingredient to be sold as an adjuvant. And then the next one is our own vaccine, which is going through clinical trials as we speak. I think it's an important part of what we're trying to do. So there's vaccines, and then there's pharmaceuticals themselves, right? And so that is definitely an area that we will be playing in the near future. But the question is the timeline and how long do we see that happening? Will we be in drug discovery? That remains to be seen. When I say we'll work, we play in the pharma space, I think I'm talking about ingredients that those markets need or need a source of production for. I think we can play quite well in that space. But drug discovery remains an area that still remains to be TBD. TBD on that. Yeah. That's great. We're about out of time here, but I guess kind of wrapping things all together, for the investor community, you went through a lot of details on the R&D and where Amyris differentiates. But what do you think is the key takeaway to leave people here with today? So I think the key takeaway is, I think we've, as successful as we have been in commercializing 13 different ingredients, right? I think we just barely scratched the surface of what we can do. And I think we are right now at the beginning of an exponential growth curve. And it's exciting. It'll be exciting to bring on new investors and work with all of you in seeing what the next 10 years look like because it's going to be an exciting ride. But I think we're just at the beginning of an exponential growth period for Amyris. Great. Well, Sunil, thanks for joining us. And with that, we're out of time. Thank you.