Hello, good morning, everyone. This is Rachel Vatnsdal from JPM's Life Science Tools and Diagnostics team. I am pleased to present our next company, Amyris. And so, as a reminder, if you have any questions, please submit them via the Q&A function on the conference website. And with that, let me turn it over to John. Great, Rachel, thank you. Good morning, everyone. Thank you for joining us on this presentation. I'd like to call out on the forward-looking statements on slide two. During today's presentation, I will be sharing preliminary unaudited revenue numbers for 2021. We may update these numbers at future investor events or as part of a news release. I just wanted to let you all know that. I will be using slides or calling out slide numbers so that you'll be able to follow me as I reference content during the presentation. Let me step back and start with what Amyris is. Amyris is a leading consumer health, beauty, and wellness company powered by science. Our focus is on really doing three things really well. I'm now on slide number three. First, lab-to-market. We are the only lab-to-market company in synthetic biology today operating at scale. And we think this differentiates us because it enables us to have a technology platform across verticals that's delivering clean chemistry and addressing consumer needs for health, wellness, and sustainability. Secondly, we focus on consumer brands and really delivering a differentiated offer to consumers powered by our science. In the consumer brands, we currently have eight brands, of which we're leading in four key categories in the beauty and wellness market: skincare, baby care, hair care, and color cosmetics. Each one of these areas is powered by a significant platform molecule that enables us to formulate and deliver the best efficacy for the consumer around each of these categories. We think of our consumer brands as the growth engine of the company. Our three-year CAGR for the consumer business is running at around 120%, and we see that accelerating. The third part of our business is technology access. In technology access, we have licensing collaborations. We have molecules that we sell to partners. We have partners, and we have a lot of science engagement with communities. The technology access part of our business is our cash driver, and we think about the technology part of our business as a way to de-risk our future and partner with industry leaders. Our focus is on partnering with the industry leaders to de-risk our time to market for technology that we believe can be very disruptive in target markets. I'm now moving to slide four. We are all about biotechnology making people and the planet healthier. Most of you, or I would say at least a third of you, currently are consuming a product in your household that has an Amyris-produced ingredient or some Amyris technology inside that product, and we think that is all about impact. It's really about making ingredients that can get used across many different products that provide reach and then enable consumers to consume sustainably and deliver more benefits for them. We think about this as the Intel Inside concept applied to biotech, a company that's able to reach many of you in your everyday life by giving you cleaner, more sustainable chemistry powered by a technology platform. About 50% of our current consumer revenue is direct-to-consumer. And you'll see on the left of slide four the verticals we play in: beauty and personal care, flavor and fragrance, food and beverage, and human health. And for each one of those, we apply our lab-to-market platform. In the beauty and personal care and the food and beverage, we have direct consumer brands. And in each of the platforms, we're partnered with industry leaders that enable us to drive revenue growth and generate cash to continue to be sustainable and deliver sustainable growth as a business. Slide five. We believe where we are today is a winning business model and an advantaged portfolio. We do three things. We create, we manufacture, and we sell. And we sell to the consumer as well as technology access, which again includes licenses, products, technology collaborations, and partnerships. If you go to slide six, how do we do this? What is the science powering our business today? Very simply, we program cells, mostly yeast, but we can do other cells. We program cells and organisms that create high-performing sustainable ingredients or chemistry. One of our ideal targets is looking for very rare chemistry, whether that's applied to the health industry, to the consumer and personal care industry, flavor and fragrance. It doesn't really matter. We're really agnostic in where the chemistry is applied. What's important is that's the right molecule enabling disruption in the final market. We have a lot of unique technology, everything from a language we developed to be able to do genetic engineering and programming at scale, GSL, ASE, our automated strain engineering, high-throughput screening, data science, machine learning, automated science. I could give you more and more buzzwords. Here's the bottom line. We have delivered the most productive technology platform in synthetic biology today. You can measure that by the number of products we've delivered, by the technology partnerships we have, and the revenue and cash we generated off those partnerships, and by our absolute revenue growth in the business today and the absolute revenue we're delivering, which is the leading in synthetic biology. Let me turn to slide seven. At the end of this, it's really about the chemistry that comes out of the technology platform. We believe that biology has been able to really give us access to very rare molecules and have enabled us to be very disruptive in some of the end markets we play in. The first molecule we developed as a company is artemisinic acid, that was actually a project to lower the cost and make more accessible artemisinin, one of the leading antimalarial treatments. That was one of our first projects. Squalane is another big market that we play into today. It's actually the world's best moisturizer. It originally comes from sharks. And what we've been able to do is take the chemistry from the shark and replicate it perfectly, delivering a more sustainable solution that's actually powering a lot of the skincare brands around the world today. Everybody from a Shiseido to a L'Oréal to an Estée Lauder uses Squalane, our Squalane in their final products. And again, all of this focused on addressing big global needs, a need for sustainable chemistry, a need to ensure that we've got access to sustainable chemistry in many industries around the world. Second, the ability to scale fast rare molecules. Our business today and our platform is such that if you came to us with a very rare molecule that you were actually developing for a therapy, the likelihood that we could actually engineer a strain to make that molecule and produce significant volume at a low cost is very high. And we could probably do that in six months or less to develop that strain. We've just done that recently on a couple of our latest projects. And it's really the power of the platform we've built. I think the other piece around big global needs is the consumer shift to wellness and our ability to serve that. And then last but not least, the consumer wants natural ingredients that are sustainably sourced. A good example of that is they love vanilla. Many products we consume have vanilla in them, but they want it to be sustainably sourced. They don't want to ruin forests. They don't want to have labor issues, and we've been able to scale and produce natural vanilla and today have become one of the largest producers in the world of vanilla. A good example of the technology platform going into a vertical, taking a target that's meaningful and pervasive around many different end markets and then scaling it. That's, again, what we do best as a company. Let me now turn to slide eight. I'll give you another example about how we think about the chemistry and how our platform works, and here I have two platform molecules, CBG, which we've identified as one of the best performing anti-inflammatory products or molecules in the market. Squalane, as I said earlier, an amazing emollient and an amazing product to moisturize skin, but also one of the best carriers of actives to penetrate the skin. So when you combine an amazing anti-inflammatory with the best carrier available today in the market, what we end up delivering is the best efficacy around many different issues like acne, muscle pain, eczema, swollen joints, sunburn, and so on. It is how we think about the business: technology platform, making molecules that can become platform molecules, disruption in formulation that enables us to really win in the end market with consumers, and then consumer driving the revenue of our business. Let me now turn to slide nine. Again, a big part of our business and the fastest growing part of our business is the consumer business. In consumer, we have about half of our revenue coming from the direct-to-consumer side, our own websites around the brands we have. We have a big focus on wellness, and then we also are growing significantly across retail outlets in businesses like Sephora, Target, and now our latest addition, a launch of one of our newest brands, inside Walmart across 4,000 stores in the U.S., so if you think about that, in 2021, we added a little more than 10,000 new doors representing our brands. So far, in the first quarter, we already have signed up, really, for momentum coming out of the fourth quarter, 5,000 new doors just in the first quarter for our brands, so the momentum is really building, and the velocity is growing significantly for our consumer business, again, powered by biotechnology, our science platform. Let me turn to slide 10 for a second. Again, this is a listing of a portfolio of our brands. We currently have eight active brands, and we have four new brands in the pipeline that will launch through 2022. And we have an excellent track record of launching very disruptive brands. Most of the brands that we launched in 2021 have very quickly become category leaders. JVN, our hair care brand, is the fastest growing hair care brand in North America today. And then Rose Inc, our color cosmetics brand, Clean Color Cosmetics, is obviously performing as a top-notch color cosmetics brand across our channel partners. So again, if I give you some data, we were at less than 1 million consumers a month coming through our direct-to-consumer sites at the beginning of 2021, January of 2021. As of right now, January of 2022, we're actually seeing about 3 million consumers come through if I look at the run rate after the first 10, 11 days of January. If I think about what that means in orders, in January of 2021, we delivered about 30,000 orders, and for January of 2022, we're tracking for something like 300,000 orders to consumers, so again, stepping back, we have built and executed on some of the best performing consumer brands in health, beauty, and wellness. Those brands are delivering industry-leading growth, and those brands are powered by the best synthetic biology platform technology that enables us to make sustainable chemistry that performs better at a lower cost than anyone in the world. Let me turn to page 11. Page 11 talks a little bit about our consumer model. We like partnering with influencers. We think influencers are the future of marketing. We think the ability to partner with people that connect intimately with a consumer, have credibility with a consumer, enables us to scale brands faster and cheaper than anyone else in the market. Our partners today represent about 120 million of combined audience that we have reached, the ability to access and deliver messages daily. We think that deep connection is a significant advantage for our company and underpins our growth as we go forward. As I turn to slide 12, we've had a very good 2021 and are looking forward to even better performance in 2022. We've exceeded our goal of new ventures. We've indicated that we would look at just about doubling our consumer business year on year, and if you look at the three-year CAGR, we're well over that. We expect that to accelerate further as we go into 2022. We delivered a step-out opportunity with a sustainable RNA vaccine platform partnered in a new joint venture that we closed in January. Again, we think about where we are now and the addition of a new vertical with Minerva Foods around fermented-based protein for nutrition is another big opportunity that, again, was not planned in 2021, but we were able to execute. Let me turn to slide 13. We now have completed fixing our balance sheet. We have recapitalized the company. We evolved our shareholder base, and we are delivering the leading growth in our industry today. We expect that to accelerate as we go forward. We are now fully capitalized to deliver on the growth and reach a level of performance that I think we've indicated before around $2 billion by 2025 in revenue. And now we have the assets in place, the capital in place, and the people in place to be able to do that. So turning to the next slide, slide 14, what is our focus right now? It's all about execution and delivering operational excellence. We're actually focused on ensuring we've got the systems and processes in place to support our growth. Our growth has come on very fast, and we need to ensure we've got people, systems, and processes in place. We're investing in enabling innovation and commercialization in new brands, in the current brands, and obviously the next generation of synthetic biology technology platform. We've led the industry to here, and we're going to maintain that position. I think today we're probably somewhere around five to 10 years ahead of any of our nearest competitors in being able to take a target, deliver it, deliver it at their cost, and scale it in a way that delivers real value in the market. From an operating perspective, on the right side of the slide, we are obviously very focused on our next factory, our big fermentation factory at Barra Bonita in Brazil. That factory is on track. We expect first production and delivered commercial products at the beginning of the second quarter. We're also building out a very large manufacturing facility for our consumer business, which is in Reno. Something we've not spoken about before, but we expect as Barra Bonita comes alive and gets settled and starts producing ratable volume, we will actually break ground on another fermentation facility since we expect to be out of capacity very quickly with a new plant coming online this year. Very focused on putting our capital to work with an efficient focus on operating excellence across our business and debottlenecking us to support the kind of demand we're experiencing for both our technology and on the consumer side. Now let me turn to slide 15. Our underlying business has been growing. If you look at the last three years at over 50%, we see that accelerating going into 2022. Our fourth quarter revenue will be around $65 million. That is all underlying revenue. Then for 2021 as a whole, we believe we expect to exceed $340 million in total revenue for the year. As we think about 2022, we expect the revenue growth to accelerate and for us to obviously really more than double what is 2021 underlying revenue. We're very excited about what 2022 looks like, especially as we get off to a very strong start in January. We're glad that we were able to execute with all the headwinds facing supply chain and the new variant around the virus, being able to still execute and exceed what was the analyst consensus both for the year and for the quarter. Looking forward to moving on to 2022 and very happy with where we finished off the fourth quarter. How about the consumer business? Because it is the biggest part of our business. It is now delivering more revenue, significantly more revenue than the rest of our business, and so I want to make sure we dive into that in detail. We had a very strong 2021. Our cumulative annual growth rate for the last three years is a little over 120%, and we expect the revenue from consumer in 2022 to accelerate the growth rate beyond the last three years, and we see that coming from three, actually four new brands that we expect to launch in three categories: Gen Z Clean Beauty, Menopause, and then Men's Health and Beauty. We have those assets in the portfolio, either already closed or under development, and we expect to launch those somewhere around mid-year, beginning of the third quarter, so now let me turn to slide 17 and really summarize where we are. Our focus now is all about two business areas: consumer brands, technology access. We're actually in the middle of organizing the company to put in place two leaders, two presidents, one of the consumer business and one of the technology access business. Each of those leaders will be responsible for the revenue and the execution of our business plans and the operational performance of those businesses. If you think about the business as a whole, the consumer business and the technology access part of our business combined, they are the fastest growing and most sustainable business in synthetic biology today. We are, in effect, delivering the future of chemistry for a healthier planet and delivering wellness, health, and beauty to a population that's doubling down on it. That's one of the most exciting segments to be in. We are one of the best performing companies in those segments. And we are continuing to really accelerate our growth in both those areas, the technology and the consumer family of brands. Thank you for putting up with my quick download of information. I'll now pass to Rachel, who will help us with the Q&A. Great. Thank you, John, for that overview. So just to start off, Amyris faced a number of supply chain issues during 3Q and then brought down 2021 guidance as a result. So can you just talk about how that supply chain environment evolved throughout the quarter? And then is the worst behind us? And can you talk about any supply chain constraints that you expect to continue going into 2022? I think we're living in a pretty unpredictable future at this point, right? Especially with the new variant and how it's impacting travel as well as movement of goods around the world. So it's very hard, and I would not say supply chain issues are now resolved. I would say as a company, we got very focused in the fourth quarter planning for supply chain issues and mitigating the risk around those issues. And what that means is really looking ahead at our fastest growing brands and the products that we have to make and ensuring that we have ingredients, components, and the supply chain with risk mitigation so that we could actually work through just about whatever comes our way. So when it comes to supply chain, I expect issues to sustain. And at the same time, we have implemented significant risk mitigation that we do not expect to get in the way of our business expectations as we kick off the year. As far as constraints, I mean, we're out of capacity, right? So we have a major issue in being able to meet the demand we're facing. Because one of the things that's happened is through COVID, a lot of consumers have really doubled down on taking care of themselves. And a lot of the products we make, a lot of our ingredients end up in personal care brands and beauty brands that are all the brands that are actually growing at significant rates across the world. So we've run out of capacity to meet all the demand we're facing. And we are really focused on ensuring that, number one, our plant comes online and starts producing commercial product at the beginning of the second quarter. And number two, we're adding contract capacity so we could deliver for the customer. The one thing I don't want to do during this period, and we've taken the right steps to ensure it doesn't happen, is I don't want to destroy demand. And so the way to do that and the way we've been managing that is by adding contract capacity to give us some elasticity in meeting the demand that we're facing right now. Helpful. Maybe going off of that, just to follow up on capacity. So you're building out the Brazil locations. You're also adding Reno to bring some of that third-party manufacturing in-house on the consumer side. And then you also just mentioned another site for fermentation that you planned for later this year. So can you talk about the size of that newest facility that you just mentioned? And then where do you think you'll stand with capacity needs beyond that? We're focused on ensuring that we've got what we need as we look at our roadmap to 2025. And so when we think about that next plant, it actually gives us the runway from a capacity perspective to deliver on our plan through 2025. Beyond that, it's hard for me to say, Rachel. It depends a lot on how the business evolves, right? But that's the kind of visibility we have is the ingredients and the brands and the traction that both have and the partnerships and then the new product launches we have. Because right now we're doing about four or so new ingredients a year. And so we already have a pretty good roadmap on exactly what ingredients come to market in 2022, in 2023, and 2024. And that's really what, again, we're building capacity for. How big will that plant be? I expect it to be about the same size as the Barra Bonita plant. So a plant that can deliver a couple hundred million a year in ingredient revenue is kind of where I see the range for that plant coming out. Helpful. And then maybe shifting over to your partnership with ImmunityBio. So you recently announced that you completed that joint venture to develop a next-gen COVID vaccine. So can you talk about when you expect to complete human trials and then when could you potentially be on market this year? And going off of that, really, how should we think about the size of this opportunity for Amyris? Let me maybe start with the not exactly the last question, but close to the last question. We have, as of this week, I think we'll have a million sq ft of production capacity for the vaccine under contract across two continents. I expect to add a third continent as we go into the next 90 days. So we're planning on success through the human trials. I have to be careful because obviously human trials are super sensitive, especially with regulatory bodies. So I think all I can tell you is I would expect in the next 40 days or so for us to have entered the human trials. They're already defined. They're already set up. We've got, I think, most of the folks recruited. And I think we just need to get to a point of executing. And then we'll see. I think the timeline we have is we'd expect to have, assuming everything goes right, right, which is a big assumption here, we'd expect to have commercial revenue from the vaccine around the second half of the year, okay? And our expectation is we will have capacity, and we would love to get close to a million vaccines produced in 2022. Whether we get there or not really depends on how well the trials go and how fast. It won't be a capacity issue. We've not only been adding square footage of manufacturing capacity, we've been buying a lot of the raw materials that we need that are outside of what we make ourselves. And that's been really how we've learned how to mitigate supply chain, especially in the vaccine era and in making vaccines. Great. And then we just got a question in over email here. Just diving deeper on supply chain, could you talk about what you're seeing from a shortages on materials standpoint versus really logistics and freight constraints? It's pretty broad, right? Everything from pumps on products, right? If you look at any of our products, there's usually a pump on top to extract the product, tops, jars, raw materials like we formulate with obviously other ingredients beyond the ingredients we make. And some of those ingredients are very constrained. Some of the suppliers have called force majeure. There's actually a wide wave across China where plants are being shut down and don't have access to power, right? So I'd say it's a broad spectrum across many of the components and supplies that we need. Everything from the ingredients to the components to assemble the way we package and distribute product. And again, we've been buying ahead. I would say in most critical path items, we've probably bought through middle of 2022 just to ensure we get through this. I expect, assuming that we don't have the next big wave come through, that around mid-year, we should see some easing of the supply chain. So our focus has been really plan on through mid-year having what we need in place for critical path where it's a single supplier and we don't want to take a risk. Great. So let's take a few moments to talk about your international strategy. You've highlighted China as a key market specifically for your consumer brands. So what's the opportunity there in China and then also outside of China as well? Look, our nearest competitor on the skin side, on the clean beauty side, skincare brand, Biossance, is a brand that we are currently beating in the U.S. and is doing over $40 million in China. So I think of that as the simple target. The simple target is if we're doing so well with it in other markets, why aren't we doing the equal to them or better in China? So that's kind of how I think about in the near term. What is the China opportunity? It's actually across brand. But if I look at our biggest brand today, it's probably $40 million annual, getting there fairly fast, right? And we're not there yet. So we have work to do to be able to execute on that. I think the other big international footprint that we are expanding to this year is Europe. One of the things we've learned, I mean, our U.K. business really has taken off very well in 2021, and we see just a significant shift by the European consumer that really started around middle of 2021, moving into wellness and clean sustainable beauty. They're actually rejecting a lot of the established brands, so we've been in discussions with three significant retailers in Europe. We're negotiating contracts, so we expect a significant expansion of our footprint in Europe, and we already started with one of the major retailers in Portugal to add to our U.K. position, which is obviously outside of Europe now, but so that's kind of what we see. Think about it as there's 40 million there in China, and I would say there's another 40 million in Europe, and we're going to execute on the European footprint as a priority for 2022. Helpful. I'm sticking on 2022. We just had a question come in over email saying, do you expect 2022 to more than double 2021 sales? The street is at about 15% increase year over year, so what do you think the street is missing on 2022? We have to be careful, right? 2022 had a pretty significant one-time transaction or a couple of one-time transactions, so when I talk about more than double, I'm talking about underlying revenue. I think if you saw the illustration on slide, I forgot what it was now, 15 or 16. When you look at that, actually slide 15, you'll notice the illustration shows total revenue better than 2021. But the underlying piece, which is the dark line that shows up on that slide, being more than double, and that's the way to think about 2022. And I've also been careful as CEO to leave most of my detailed guidance to my CFO so I can stay out of trouble since managing Wall Street is not the thing I do best. Yep. Maybe you'll answer this one on email, maybe not, but so for the pre-announcement, you guys did $65 million roughly this quarter. So investors wondering here, can you just give us some color on how the consumer brands perform versus ingredients? With the consumer brands, I think I said earlier, we're the biggest part of our revenue by far. So you can now see, I mean, by more than 50%. So it's like a significant shift up. We had been moving where the brands and the ingredients over the last few quarters were about even. And now we've shifted where the brands actually are significantly more than the ingredient part of the business. So is there anything to look into that? Is ingredients underperforming at all? Are you seeing any softness in that channel? Or is it really just outperformance on the consumer brand side? It's outperformance on the consumer brand side. We've said that ingredients would grow 30%-40% a year, and that's exactly what they're doing. So no surprise there. And it's really the outperformance and the acceleration of growth on the consumer side. Got it. And then sticking with consumers, so Amyris has been really successful in the DTC channel. You recently only highlighted that over half of your sales from Black Friday came from online channels. So how much of your consumer brand revenue do you think will come from DTC, and where do you expect to get that to over time? That's a great question. Look, it's hard to answer because we're in the process of evolving the portfolio, right? If I look at the brand portfolio we have now, I would say we're going to keep 50/50. We're going heavy into the menopause space. We think that's a very exciting opportunity. And it isn't clear to us yet whether the menopause buyer is going to pick a product off the shelf or do DTC. So I guess my best answer is for now, expect the mix to stay 50/50. But that mix will vary over time based on the brand portfolio and the channel mix, how many stores we add per channel. So an example is Pipette does a lot more through retail than direct-to-consumer. Biossance does more direct-to-consumer than retail, right? So each brand has a slightly different mix. Overall, the portfolio today is delivering about 50/50. Great. And then going off of that, so brick and mortar is also a key part. You mentioned the retail sales. You partnered with Sephora. You mentioned Walmart during the presentation as well. So what should we expect for future partnerships and getting into additional retail stores? Look, I see us really maintaining our strategy of partnering with leaders, right? You look at the U.S. footprint, there's a lot of retailers, but then there are leaders, people who actually are either the biggest operator of stores, the biggest online seller. And so you could expect us to partner with market leaders. You can expect us to become partners with those market leaders, so not just put products on their shelf and make them a commercial transaction or a transactional relationship. I expect a lot of disruption to happen in the world of consumer where retailers more and more are going to move away from the traditional brand suppliers like the P&Gs and the Unilevers and look at companies like us that can deliver science directly to their shelf. Because the consumer or the retail companies are very progressive and have a lot of data. They're really focused on where's the consumer going? The consumer is doubling down on sustainability. So all these retailers are looking for, how can I deliver sustainability in a differentiated way to help the consumer get what they want in my store? Those are the conversations we're having now. I think you can expect us to do quite a bit there where it's the whole lab to market actually becomes lab to retail shelf of major retailers across the world. Great. So sticking on that topic, but shifting more to the margin profile of consumer brands, can you spend a minute talking about how margins differ through that retail channel versus the DTC channel? And then you said your brands typically range from 60%-70% on the margin profile. So where do you see opportunities to move that higher over time? It is about mix, right? I think your point, Rachel, is spot on that the direct-to-consumer in our best brands is over 80% gross margin. And on average, across the portfolio, since now we have eight and they're all different, it's probably around 70%, right? So very strong gross margin performance in that DTC. When it comes to the wholesale business, like selling to retailers to put on their shelves, that varies a lot, right? It could be anywhere from 50%-60%. To your point, how do I see margin expansion? I see margin expansion really in two ways. First, moving manufacturing in-house and accessing better cost of goods, better procurement, just kind of doing the operations better for our consumer business. And I expect that alone will have about a thousand basis points impact on our gross margin. Now, whether we actually take all that to the bottom line or not, I think is a big question because it depends on the channels it goes through. But just from a cost of goods perspective, I'm expecting about a thousand basis points improvement. I think the other is how well we continue to expand in direct-to-consumer, especially as we go global. And that's where it gets tricky, right? We don't have a global presence right now in direct-to-consumer other than the Brazilian market. So to me, that'll be; it's almost like an offsetting pressure. A thousand basis points up on cost of goods for manufacturing and then uncertain on mix based on what we're doing with global expansion. If we can get DTC to work as well globally as it works in the U.S., then you could expect a lot of that thousand points improvement to go to the bottom line. Great. And then we're getting a few follow-ups here on the announcement of the new manufacturing plant. So first off, what will the estimated CapEx be for that new plant and when do you think it could be up and running? And then as a follow-up, where will that new plant be based? Yeah. I mean, assuming the world becomes a new normal and we get out of all the inflation we're dealing with in steel and everything else, I would expect the plant to be about an $80 million investment. And then regarding where it'll be at, the way we designed Barra Bonita is actually a footprint with utilities that enables us to add another factory. So that's where we'll add the second factory. Great. And then a few questions here before our time is up. So you recently raised about $600 million in financing and really streamlined the balance sheet. So can you talk about A, the use of proceeds there? And then B, when do you think the company will be break-even cash flow-wise? Yeah. I would expect break-even cash flow-wise on an operating basis, right? Because I don't want to take out any optionality we have on investment. But if you think about on a operating cash flow basis, I would expect later this year for us to be able to generate positive cash on a sustainable basis, not just a one-time. I think your second question, Rachel. Say that again to me. I got my third COVID shot yesterday, and I think I'm in a fog. So it was just about use of proceeds and then when will there be break-even cash flow? Got it. Yeah. So I gave you the break-even. I think the use of proceeds, we actually put out a pretty detailed slide in one of our last updates during December to investors. And I would tell you we're executing on that plan. If anything, we probably will be lighter in spending on M&A because our homegrown brands are working so well. So I would say more homegrown, less M&A, but total picture about the same. Great. And then in the last minute or two here, let's just spend a minute talking about stock performance. So Amyris has really underperformed lately, just following the issues that you faced in 3Q, excuse me. But also a number of your peers in Synbio have also struggled as of late and faced their own individual roadblocks. So investors are really skittish on the industry as a whole. So could you just spend a few minutes talking about what do you think investors are missing in the Amyris story? And then what do you think should give them some confidence in the Synbio sector? Look, I think we're our own worst enemy, right? I think investors have asked us for a very simple thing: put out numbers and deliver on them. So, I want to separate kind of the impact on stock price from the underlying business. The underlying business is super solid. Demand is taking off. Our brands are doing super well. And it's not overnight. I mean, we've worked hard to get here. We have the best and the most productive synthetic biology platform in the world. I mean, we execute and deliver on molecules. We do molecules at a lower cost than anybody in the world. Those molecules get scaled. They get commercially advanced. And every molecule we have now is a success, a commercial success in its market since 2012, right? So, I would say I think if investors take the cover off and see how real, and all they have to do is connect to the consumer. The consumer loves what we do. And that for me is the best test. It's the old test of, it's the dog eat the dog food. Consumers love the products we make. The products we make are underpinned by amazing science, and we're using that science to formulate products that have high efficacy and are delivering super positive impact in everything from hair care to color cosmetics to skincare, now moving into menopause, moving into men, so we love the categories. Beauty is a great business to be in. It's what everybody wants, and we're one of the best at it. I don't think they're missing that. If they are, they should look under the hood, and we'll open the hood, and I think we need some self-help of just hitting our numbers and doing it consistently. Great. Well, that is all the time we have for today. Thanks so much for joining us, John. Have a great rest of your day. Thank you, Rachel. Really appreciate the time.