Hi. I'm John Sourbeer. I cover life sciences, diagnostic tools, and pharma services for UBS, hosting our next fireside chat here with Amyris, and we have John Melo, President and CEO, with us today. Hi, John. Hi, John. How are you? Doing great. I guess, you know, maybe just to kinda start off high level to kick things off here, but maybe some that are new to the Amyris story, could you just kinda run through on where the company is today and how you're positioned? Sure, John. Happy to do that. First of all, great to be here. Great to be back in person. I will say, being a company that actually sells a lot through retail, I can tell you that the retail stores are back in person a lot more than financial conferences. I don't think we're back yet to where we were prior to COVID. Anyway, very good to be here. Our company, Amyris, is a company that is really leading in the world of consumer health, beauty, and wellness, powered by science, and what I mean by the powered by science is we use synthetic biology, a science that enables us to engineer organisms that then use this fermentation to make some of the world's leading chemistry, which ends up being ingredients in consumer products like our brands, as well as many other consumer products we sell to. Again, consumer-focused brands in health, beauty, and wellness, powered by science, which really means fermented, clean, sustainable ingredients that build amazing products for consumers. Great for that intro there. So I guess, you know, maybe just starting off on the revenue side, one key highlight, record consumer revenue growth, maybe digging in a little bit on that. Can you provide us on the commercial side, you know, sorry, the consumer side, what is the outlook for the year? Sure. Look, I think we had an amazing first quarter. I can tell you that the second quarter is gonna be significantly better than the first quarter was in consumer. And we expect the full year to be over 150% growth to last year in the consumer business. And that's really being powered by what I would call category leading brands. Biossance, which is a category leader in skincare. I was just with the CEO of Sephora yesterday. It's been an amazing week. I started the week in Brazil visiting our factories, a brand new factory for cosmetic ingredients, and Barra Bonita, our new fermentation factory. And then I flew back to San Francisco to meet with the CEO of Sephora and then here at the conference. Yesterday, he made a clear statement to me. He said, "You know, last couple of years, I loved the Biossance brand but always thought of it as a niche. Over the last 12 months, the Biossance brand has transitioned from being just a niche brand that people really loved to actually a mainstream, clean skincare brand that's now one of the leaders in the field." So again, category leading brands powering our revenue growth in consumer. Biossance first. Secondly, JVN. Our clean hair care brand is now the fastest growing clean hair care brand in North America. It is actually expanding significantly in door count. About 70% of the revenue for JVN has come from our direct-to-consumer business, and it's having a field day in the UK. It's the number one right now. It's surpassed Olaplex in Space NK in the UK. And we're launching in Brazil because I was surprised to hear how popular Jonathan Van Ness is in Brazil and how much the consumer in Brazil is looking forward for the JVN brand, keeping in mind that the hair care category in Brazil is the or Brazil is the leading country in the world for hair care. So we're excited about where that's going. I think the third is Rose Inc, a category leader in color, clean color cosmetics. And then last but not least, our Pipette brand, which is leading in baby. And it's leading in baby by a significant expansion. As we speak, we're shipping into over 4,000 Walmart stores across North America with the Pipette brand. So again, the consumer business is doing very well right now. And meeting with the CEO of Sephora yesterday, he told me that Sephora is having their best year in history this year in North America. And as recently as April, April was their best month ever, surpassing past December. So think about where the consumer is right now in beauty. As recently as this week, the consumer in beauty is really doubling down in simple luxuries. And I'd almost say they're trading down luxury. They're going from buying expensive bags and shoes to buying great skincare, great color cosmetics, and great hair care, both for their health and also because they're focused on sustainable consumption. I guess, you know, maybe leading on that and just with those consumers, you know, what are you doing to educate the consumers there? I guess can you kinda provide, you know, what is your typical customer profile and what are you doing to maybe expand on that profile? Look, I mean, I think it's our biggest opportunity, both how we expand, and where we are today. You have to think about it. And I'll use the Biossance brand as an example. The Biossance brand is well over $100 million in revenue, currently, its run rate. And for the full year, again, a great year for the brand. That means over $160 to $170 million in retail sales, okay? So that's a pretty big brand that's growing significantly for that level of scale. And it's doing all of that, selling to 28 to 34 year-olds in five major U.S. markets. That's 90% of Biossance sales. We just learned that our newest serum that we launched recently has become the number one serum in China during the month of April. Now, keep in mind, China is now the world's number one skincare market, and we now have, with the Biossance brand, the number one serum in the world's leading skincare market. China last year did about $2 million in revenue for us. This year, I expect China to do well over $15 million. So that's the kind of growth opportunity in reaching new consumers that are not actually driving the brand's current performance. And the real question is, how do we reach that consumer and educate that consumer? And I would tell you in the consumer business, that landscape is changing dramatically, okay, both because of privacy laws that are affecting how consumers actually or how we could access specific consumers on social platforms, and secondly, because of changes to the iPhone operating system and other technology, changes that are really moving the weight of the consumer to companies like Apple, Amazon, and Google. So as a brand leader, our focus is making every dollar count. So we can already see reducing our media spend by about $20 million in the second half of the year based on really changing where we select to invest and using more dedicated channels. We have a significant partnership with Hearst Publishing. You probably saw in the April issue of Elle, where we had about 15 pages of editorial inside the magazine. So we think there's new ways to reach the consumer that are much more effective, that enable us to grow awareness at a much lower investment rate than where it's gotten to because of the cost of media and the cost of accessing the consumer. I guess, you know, how do you see that opportunity with the consumer, maybe comparing e-commerce versus the in-store? Look, it's and I always kind of laugh with Han. The first quarter was amazing. We had 56% of our revenue come from direct-to-consumer. And if you look at our top-performing direct-to-consumer brand, it was really JVN at 70% of its sales from direct-to-consumer. So you might say, "Isn't that great? Because direct-to-consumer is over 80% gross margin." Here's the challenge. I actually think it needs to be more in balance. And whenever I see that strong of a direct-to-consumer performance, I actually think the real opportunity is and how do we get more productive in store performance, which is part of my conversation with Sephora yesterday. So I actually think, and we're seeing it now, and you'll see it through the end of the year, significant expansion in unit performance at the store level, which really means sales per sq ft per week for each of our brands at the store level. That's where we see the most significant growth right now, mainly because stores are back open, consumers are flowing in, and we're very dedicated to the omnichannel strategy. Our strategy is not force the consumer to buy in the store or force the consumer to buy online. The strategy is enable the consumer to buy where they are and do it because we have very effective digital marketing that's raising awareness and moving them to purchase. I guess, you know, can you talk a little bit on the, international expansion and the strategy there? Just remind us on what your China exposure is. Have you seen any headwinds with some of the, lockdowns that we've seen in China? Look, I've been surprised, and it might be because of our size, right? We're not big enough in China to really be impacted by the lockdowns. And again, what we've seen in the first quarter and then so far this quarter to date is significant growth for us in China, but from a small base. So I do know some of the major brands are being impacted by lockdowns in China. We're not. The other part of it is, you know, we're effectively on Tmall today. So because we're online on Tmall, we've been able to actually really sustain our sales through the lockdown period. We are in the process of expanding into Sephora stores in China. So as the lockdowns free up, I actually think we have an opportunity for increased velocity in China's access, coming out of the lockdowns. But we have not had direct access to lockdowns or impact from lockdowns. I think in Europe, we saw when the war started, a bit of a slowdown in the European consumer that very quickly rebounded. I would tell you today, really in the UK, where we have the biggest presence across Europe, UK, we've seen that consumer back in a very robust way. We're having record days right now, across our Space NK footprint, across the Selfridges environment, across Harrods. So I would tell you Europe is back strong, and we're seeing just a consumer doubling down on our categories. Great. And any of this, any thoughts around, you know, given some of the supply chain pressures, the inflationary environment, any color around pricing and just kind of what kind of levers you have there? Look, I would tell you that that's one of the most active discussions happening across all of our retail partners, which is really surprising. They're coming to us saying, "Hey, tell me about your pressures and how are you thinking about price increases?" And you know, the reality is they benefit from a price increase if we put one through. To date, we've activated one price increase that has about a $10 million impact, annualized impact to our bottom line, which has really been on our ingredient business 'cause we see a lot of pricing power, mainly because the alternative sources for some of the ingredients we supply are crude oil-based. And with the crude oil pricing where it is, it's significantly disrupting some of those supply chains, giving us a pretty big opportunity, both demand and price power. So again, we put one price increase through that affected two ingredients that has about a $10 million annual positive impact to our bottom line. I think around the consumer business, we're gonna be very precise in how we think about pricing. I would tell you in SKUs, in products that are entry points to the brands, I don't see us making price increases. In treatments, products that the consumer seeks because they're number one in their category, and we have several. We have three or four SKUs, especially in the Biossance brand, that are either number one or number two in skincare for North America. On those kind of SKUs that are treatments, I think what you'll see is some inflationary pricing power pushed through. Great. And I guess just, you know, keeping on that macro side, you know, if there were an economic downturn, you know, what do you think it comes to maybe on if customers are facing the choice on going through a sustainable product or maybe an alternative product? Just any thoughts there on what could happen? Look, I think it's really important to be clear about our value proposition. I actually think positioning a product or a brand on sustainability in itself, as good as it sounds and as pure as I wanna be, actually doesn't make a business sustainable. And that's a fundamental problem. I actually think the consumer doesn't do what they say. The consumer does what they need to do. And the consumer is very, very interested about this. Like, they actually won't spend more for a product that's sustainable. But what they'll do is give the brand loyalty. And what they really care about is a best-performing product. And right now, I mean, I've seen it in the last couple of months, the pivot the consumer has to value has actually been significant. If you're a value player and if you've got a value proposition that they perceive as better value or sit differently, best performance at better value, and oh, by the way, you're sustainable, I actually think you're the most robust business you can be at this point in time. I mean, remember, we've just come out of a period where we're looking at ourselves almost every freaking hour on a Zoom call, okay? And when you're doing that and you see the imperfections in your skin, the first thing you wanna do is fix that. So that's why skincare has had such an amazing, or one of the reasons, such an amazing rebound. And I don't see that changing in the short term. I think secondly, hair. Think about what's happened to hair loss, which is the number one issue people are trying to correct coming out of COVID. If you've had COVID, you probably are experiencing more hair loss than normal. Guess what we do? I mean, I can't hesitate, right? We have a product that's actually called a pre-wash scalp oil in the JVN brand, right? You can tell it's used. This is from about four days of use, right? I use this like I actually will rarely wash my hair now, and I'll use this during every shower, okay? What this does is two things that are significant. First, it actually increases hair growth. Secondly, it decreases the graying of hair. Think about that. Make your hair healthy. I love it because it's one of the few products we have where the majority of the ingredients, over 95%, are our Amyris-produced ingredients: squalane, hemisqualane, and bisabolol. BisaboLife, which is a product we actually developed for Givaudan, our partner. I mean, it is an amazing product. That is what the consumer wants. The consumer wants a product that has real impact, actually doesn't harm our planet, even better, does good for our planet, and it is at a great value, right? The whole JVN line is around a $20 average selling price. So it's very accessible for the consumer. I think brands like that are performing super well coming into this period. Great. Well, I might have to take a look at that product personally in here, but, I guess moving on. I'll share it with you, and I'll actually teach you how to use it, right? Wow. Even better. Even a bigger benefit. Even better. I guess, you know, maybe just moving on to some of the technology. I guess when you look at, you know, the opportunities on when you evaluate different molecules, I guess, you know, kind of what are areas that you're trying to focus on and then maybe areas that are trying to have less, I guess maybe less of a focus and I guess kind of where's your comfort level there? Look, I'll give you that answer, but then I also wanna answer how the hell we fund it all, right? Because, like, this is all good and growth is really nice, but if you can't fund it, especially in the current environment, I think we and other companies are in deep trouble. So look, I'll give you an example. Hyaluronic acid is a great example in skincare, right? Hyaluronic acid is like a hero. It's used around the world. It's got great demand. People love it. How it actually functions isn't great. I mean, the way hyaluronic acid works, it actually tries to trap the moisture in your skin. That's not cool because what if you don't have enough moisture to begin with, and a great example is we're launching a new brand, and we're focused a lot on a new category around pre-menopause and menopause. And we think that category is explosive. I mean, right now, just our acquisition is probably up 300% from last year. And our new brand, I think, will be one of the leading brands in our portfolio, Stripes. So what's the issue for women in menopause, right? Dryness of skin is a super problem. So one thing you can do is apply a lot of hyaluronic acid. The issue is you don't have enough moisture to begin with. So we discovered an amazing new molecule that what it actually does is open up the pore, extract moisture from nature, and put it inside the skin to actually give you the most natural, effective moisture access that your skin could have. Now, that's a molecule that today you can't access in the market. I mean, you probably could from rare sources at a very expensive price. We're making it accessible. We're transforming how women in menopause actually get moisture into their skin, and we're doing it with an ingredient that we think has the opportunity to to significantly displace hyaluronic acid in the market. That's how we focus our portfolio. We don't. Like, we're not a science experiment. I think there are companies who get so fascinated with the science that they think they're gonna discover a bunch of new technology, and the reality, if you look at those companies' portfolios, they do not have one successful scale-up that has any material volume in the market. That is not a successful company. Our focus is pick molecules that make a significant difference, scale them fast and cheap, and then make a real market out of them to really drive revenue, and you can see it in our revenue growth, right? Unlike any other company in our sector, our core revenue is growing quarter on quarter like there's no tomorrow, but go back to the basic question: how the hell do we fund all that? And then I wanna connect that to two fundamental questions. First, how do you think about our use of cash in the first quarter? And then how do you think about our access to cash and available cash going forward as a company? And let me take each one of those, and address them directly. So first, if you think about the headlines coming out of our first quarter, like the headline was, "$195 million of cash burn. Oh my God, company's dying." That's gotta be the craziest conclusion you could come to. First of all, if you think about the actual cash burn versus cash use, cash burn in the first quarter was $134 million. I think it was one of the lowest of any company in our sector and definitely decreasing as we move through the rest of the year. So where did the rest of the cash go? The rest of the cash above the 134 was really used for two things: CapEx and working capital. And right now, our focus is actually releasing that cash. If you think about a simple concept for a growth company called net cash, which is actually much more relevant, what is the net cash balance available to the company today as we speak? It's $300 million. And how do you think about net cash? You think about net cash as cash on hand plus receivables plus inventory minus payables. That's net cash. Why do you have to look at it at the level of growth that we're currently growing at? Because we're employing a lot of cash, especially in a world where the supply chain has shifted dramatically. I'd almost want everybody to consider a simple concept. Until recently, everybody was focused on just in time inventory management. By the way, if we could execute today on just in time inventory management, we'd actually be generating positive cash from our growth because we would sell to our direct-to-consumer business before we'd have to pay for the raw materials we buy. That's just in time. The reality is there is no just in time today. Today, it's called just in case. In a just in case inventory world, there is a shitload of cash being employed in actually transportation, warehousing, the advanced purchase of things like pumps and bottles because the reality is most of that comes from China, and China is not a reliable supply chain today. So the only way you can actually take the risk out of going to market is ensuring you've got all that inventory for a long time to come. That's uses of cash, okay? So like that was the first quarter profile. If you think about like what does the rest of the year look like, I'll kind of give you a very simple picture, okay? Our focus right now is, again, net cash and releasing cash. If you think about where we are, I expect us, as we go through the year, to create access to about $700 million to $850 million of cash without a single equity issuance or fundraising activity, and how do we expect to do that? Pretty easily. First of all, releasing cash from inventory and receivables, and that amounts to about $100 million of cash available. Secondly, releasing capital, which is really our equity today employed in hard assets like the Barra Bonita plant and other factories. We think that gives us access to about $100 million of cash, and then thirdly, and one of our most important assets is the earnout we have with DSM. The earnout we have with DSM is about $250 million of available cash over the next three years. By the way, we're currently outperforming that earnout based on demand for the ingredients in the earnout. We think there's a potential to access about $100 million of that upfront and therefore giving us access to the cash now versus the period for the earnout. And then last but not least, we're still doing strategic portfolio rationalization. 'Cause if you think about our strategy, we were a very focused ingredient company selling B2B. And we realized that you don't actually get maximum return by just being a B2B supplier. So we started to shift our portfolio, exiting the B2B sales, keeping the manufacturing so we maximize utilization and reduce cost of goods, and advancing the rights to market by getting advanced cash payments from those assets. That's called rationalizing our portfolio in service of a strategic shift to investing in the consumer business and really becoming a leader in consumer for health, beauty, and wellness. That rationalization is still in process. We still have a lot to do there. I think this year we could generate at least $250 million from that activity. So in total, as we sit here today, visibility on $700 to $850 million of cash, that's where we see the sources. And again, total available or net cash today is about $300 million. And then these are all activities to get us to the $700 to $850. I hope that helps both connect up where we ended the first quarter, but secondly, what our outlook is for how we fund our growth. The one thing we're not doing is we're not slowing down the industry leading brands for the leading categories in markets that are super attractive because the consumer is there right now, and we want that consumer. So that's really great there, and I appreciate the color on the cash and where the outlook is for the year. I guess maybe just translate that into then on margins. Any just thought there on kind of margin profile and then what the long-term margin profile is of the company? Yeah, absolutely, and I think I'll do two things. I'll give you a sense of what does the cost base of the company really look like, and then what is the outlook, and I think that connects up two parts of that question, so if you think about what our real cost base is when you cut through all the noise in the first quarter and the activities we're currently implementing, our cost base, our underlying cost base, is $85 to $90 million of cash OpEx spend per quarter. That's where we are today, and that's where we expect to end the year. From the first quarter, there are things we're acting on to make sure that that is a sustainable cost base. The first is we're reducing payments to outside third parties and services by about $10 million for the year. Secondly, we're reducing where we put our marketing and advertising dollars, and we're reducing that at an annualized rate of about $20 million from where we were in the first quarter, and that reduction really comes from two things: portfolio, which represents about half, $10 million, and then efficiency, which represents the other half, another $10 million, and then last but not least, currently, pick, pack, and ship, which is a variable expense that typically is accounted for above line, part of cost of goods sold, we have been accounting for in our OpEx. We expect to move that above line as we go into the second half of the year, and we also are moving the way we do that, so in efficiency, we think there's about a 20% reduction in our actual cost by doing that better. In total, we see a $20 million removal in the annual OpEx space to go above line, which will not be a reduction in our gross margin. Our gross margin is actually expanding because of the move we're making to doing manufacturing in-house. As I said, I was just at our new facility in Brazil, a facility called Intercos. I mean, it's one of our best purchases. We actually will make back the full cash we invested in that purchase within 12 months. It's an amazing factory. We bought the factory thinking it would produce 35 million units per year, and units of products like this and products like the Biossance Rose Oil, products like the Rose Inc color cosmetics line. Those are all products that can be produced at this new factory. It is clear to me from visiting the factory, we have plenty of expansion to take that factory from a 35 million to probably a 50 to 60 million unit a year production facility. That is a complete shift to our cost base, more flexible, lower cost, faster time to market. So that's kind of what we see, really affecting the cost base. Now, the second part of your question is, so what does that do for our future, and it's really pretty simple. We're right now with our current brand portfolio, and the brands we're launching this year, I'd expect about $1 billion in revenue by 2024. That $1 billion in revenue from our consumer business in 2024 will generate about a 20% operating profit, okay? Now, that's not scale. To get the scale, to get the full scale for our business, we need about $1.5 billion of revenue. We think we get well past that as we go into 2025. As I've said publicly before, we think our portfolio produces about $2 billion in revenue by 2025. Above $1.5 billion, we basically have two critical factors in our operating model. First, a gross margin structure that's about 60% to 65% per year, and then an operating profit, or call it Adjusted EBITDA, at 30% to 35% a year when we reach revenue scale. So I hope that gives you a sense of where we are. And again, where do we turn the corner? You know, by the fourth quarter of this year, I expect minimal burn and to actually be non-growth, about positive to break even on an operating basis next year to generate an operating profit, and by 2024 to be net income positive, probably on a non-GAAP basis 'cause it's very hard sometimes to account for any accounting we have as it relates to the bonds and other instruments we have in our portfolio. So I hope that gives you a sense of outlook, operating structure, and leverage, and then where we see the levers to really manage our business. That was a great profile that you presented there and outlook. I guess, you know, one thing you touched on earlier was just, you know, competitive environment. Any way where you think your competitive position is versus some of the other synthetic biology companies out there like Ginkgo, Zymergen, or Codexis? Look, I don't think we have a competitor in synthetic biology. I think that's the reality, and you don't have to take my word for it. Just look at the public filings, right? I mean, Ginkgo is the company we hear a lot as our public competitor. Their core revenue is down 5% quarter-on-quarter, year-on-year, right, and then if you look underneath that, even more interesting, over 65% of that revenue is actually doing business with themselves, and I think the real issue is, like, how do you get to effective molecules in the market? Now, the good news is I think they have solid science, but my guess is they'll be doing more acquisitions to actually be able to mass up their business. They have a strong balance sheet they can execute on that. I think beyond that, I don't see like anyone else playing. And if you were to ask me, like, from a technology perspective, where are we? And I'd say if you just look at the portfolio, if you look at the revenue performance and you look at the margin structure, I would tell you we're probably 10 years ahead of everybody else, and we spend less than everybody else. So I think for me, that gives us a solid competitive advantage. And then based on our access to capital to fund our growth, I think this is all about just one area of focus: operational excellence. All that we need to do is put our focus on making the inside operate flawlessly. And I think there's a great lesson to take. Look, what we're experiencing right now in financial markets is a bloodbath. It sucks for everybody, especially some of our investors and myself that have all or most of our wealth in the company, right? So when you think about that, it has not been fun, most of this year and really the last part of last year. For biotech, specifically, nonprofitable high-growth biotech companies, this is equal to, if not worse, than the dot-com crash. And so you can actually look back and take a simple lesson. And the lesson I have is since my largest shareholder funded Amazon through its growth years, I have a lot of time with him on, like, what did they do? What was Jeff thinking? How did he go through this? And it was actually very simple. Jeff had been very fortunate. By the way, Amazon lost 90% of its value during the dot-com crash. Around the dot-com crash, they were valued at like right around $2 to $3 billion. That's kind of where they went down to during the crash. By the way, they're now valued, I think, over $1 trillion, right? And that is less than or a little more than 20 years to go from $2 to $3 billion to over $1 trillion, just as a reference for everyone. Now, a lot. There was a lot of pressure on Jeff to stop spending, change the strategy, and rethink the whole business. Jeff said, "Hell no. This is the business we're building." But what he did do is he led the company to become super shrewd in every dollar they invested, and they became radically focused on the consumer and operational excellence. That is what I think our opportunity is. If I think about our three priorities, it's really, really, really simple: execute flawlessly, drive the heck out of our margin structure, and free up the cash we have invested in our asset base. Third, but not least, just really focus on making every dollar we invest matter for our brands. If we do that really well, I think we come out of this as one of the strongest, not only in the sector, but the strongest brand builder for health, beauty, and wellness. You know, I guess just maybe when you look at what's moving Amyris forward, any new products or technology areas you think you could be driving that? Look, I think we have over 24 or 26 ingredients currently in our portfolio. So there's a lot, and I think the things I'm most excited about are ingredients like the one I mentioned earlier that can replace hyaluronic acid and really be super impactful. I think this new ingredient will be the equivalent of what squalane has become. Squalane now, I mean, the growth in squalane is phenomenal. We're over 40% quarter on quarter. It is currently constrained 'cause we don't have enough supply, and I expect to become unconstrained in the second half of the year. It's also one of our most profitable businesses. It is just a machine. I think this new ingredient will be a lot like that, and I think there's another 24, 25 in the portfolio that fit that same profile. I think what's happened for our business that most people don't realize, we used to actually be contracted, and even though we gained from the upside, the partner had control of the molecule. The majority of the molecules in our portfolio today, I'd say over 80%, we have full control over, and the difference in value is significant. You gotta think about the DSM deal we did versus our active discussions on ingredients we own fully. The DSM deal we did generated somewhere around $50 to $75 million per molecule, okay? The current deals we're talking about are $100 to $125 million per molecule, so the value difference, call it about a 50% jump in value because the molecule is unconstrained. There's no limitation. There's no limitation on which customer, which market you can use it in because we have full control. That is a big shift in our portfolio. It's almost like thinking about it as the first stage in getting involved in specialty chemicals was all about taking risk out of go-to-market by partnering. Once we built enough of a mass in our business and we have a successful consumer business, we can actually take the training wheels off. I don't need to partner with somebody to make a bet on a molecule because actually I have direct access to the consumer in developing the market for that molecule. That's a complete shift in the value base of our ingredients and technology. That's great. And I guess, you know, maybe just to bring things together here in the last couple of minutes, you know, when you look at Amyris and the story there, you know, what are the key takeaways you want investors to walk away with? Look, I think the first is most people. I don't think give us any credit, or not a lot of credit for the value of our consumer brand portfolio. Look, you can look at it any way you want. The consumer brand portfolio is growing at $150 million. I'm sorry, 150% a year, okay? Last year, that consumer brand portfolio delivered about $92 million of revenue. 2019, that same portfolio, or actually less brands, delivered $17 million of revenue. This year, we will deliver north of $250 million of consumer revenue. We are a real consumer machine. By the way, I spent 25 years of my life building brands, right? This is not a new practice for me. It's just in a field that is super interesting because of the margin structure, a consumer that is really focused on their health and the health of the planet, and a technology, a science backing up the technology, backing up the products that no one else has access to. That kind of differentiation in a consumer business is untouchable. I mean, look, our real comp in the market is really a company called Olaplex, right? They currently, in the current market environment, are trading at over 10 times their revenue. We are growing faster than them. At our level of maturity, we're growing at 3 to 4X what they grew at the same stage of their development. Already in the U.K., our brand has surpassed their performance in one of the leading retailers in the U.K. So that is the competitor. They have a very different margin structure because they don't have a lot of science investment. We have a higher cost base than somebody like an Olaplex because we have a significant amount of investment going into our R&D platform. Why? Because we're making a bet that the science of making clean chemistry is actually the underpinning to the future of all chemistry on the planet. And we're willing to make that bet. That costs us $70 million a year, whether we like it or not, every year, as long as we stay focused on that base. Good news is that's less than our competitors, including Zymergen, who has no product pipeline. So we're not, it's not like we're overspending, but the value of that portfolio and its impact is huge, and that gives us a very different margin structure than an Olaplex. The long-term potential is untouchable. Olaplex is trying to get into skincare. We're already number one in skincare. So for me, that's really number one thing for investors is we are an amazing consumer brand machine. The second thing is that to monetize amazing science, you need direct access to the consumer. And we have it. No one else can touch lab to market. I think that's the second thing that I'm not sure investors fully realize. And then third and last is, look, we've got significant access to capital built into our model. And the focus is releasing cash from our asset base, not going out and selling more shares. And we have a lot available to be able to actually fully fund our strategy as we've said publicly before. I think this is a moment in time for the company to really focus on one thing: not more acquisitions, but efficient use of our cash, super shrewd with where we put it, and ensure we're executing flawlessly on our strategy. Great. Well. Back to basics. That's a great story there, John. I really appreciate you taking the time to make it out here. I know that you said you're on, I think, three different flights in three days, so that's a busy schedule, but thanks a lot for joining us, and thanks for everyone in the audience. Thanks, John. It's great to be here. Appreciate the time today.