Hi. Thanks. It's my pleasure to introduce John and the Amyris team. We'll do 20 minutes of presentation and then about 20 minutes of Q&A. Turning it over to you, John. Great, Noah. Thank you very much. I think I left some product in the back. Good morning to everyone. Great to have everybody here in the room and those listening on the outside. Oh, thank you. Appreciate that. We are gonna be making forward-looking statements. There's a disclaimer regarding those statements. Again, we are Amyris. We are the science making our planet healthier. What that really means is we focus on using biotechnology to engineer microbes that take cheap sources of carbon and make high-value chemistry using fermentation. We're the world leader in doing that, as we'll share with you a little bit through our presentation. We are remaking the world sustainable. Our real mission is, we believe there's a way that most chemistry in the world can and should be made sustainably not from plants that destroy climate and resources and not from crude oil that actually is limited long term and also is destructive from a carbon perspective. Our focus is all about dealing with using fermentation as a way through large scale, making great chemistry that ends up going into consumer products throughout the world that end up having an impact on our planet for both people and planet to be healthier. There are three components to our business. Lab-to-Market, which is what we call our technology from our ability to target chemistry, code an organism. In our case, we use yeast as our core workhorse, and then get that organism through large scale fermentation to make exactly the chemistry we want. From there, put that chemistry into consumer brands and then through our technology access business, make that chemistry available to some of the world's leading companies. We have a partnership with DSM for vitamins and nutritional products, as well as flavor and fragrances. We're the world's leading supplier of flavors, fragrances, and technology that enables Vitamin E to actually be delivered to the world in a sustainable way through our partnership with DSM. Technology access is about those ingredients. It's about partnerships. It's about how we scale and deliver our ingredients to most of the world. Consumer brands are a way that we create the most value for our technology. Again, at the heart of what we do, we are the world's leaders at coding genetics in organisms that through fermentation, convert cheap carbon to high-value carbon, which is what we think about in remaking the world's chemistry. We do that again by taking sugarcane, feeding the sugarcane juice to yeast in large fermentation tanks, and then making products. The products we make are ingredients like Squalane, Artemisinin, that's an antimalarial treatment, the intermediate for an antimalarial treatment. Hemisqualane, that's actually chemistry we invented that's now the fastest growing chemistry used as a replacement for silicones in hair care products as well as body wash products. Here's a great example. We have a brand called JVN Hair Care. It's a clean hair care brand. It's the fastest growing hair care brand in North America today. It's an amazing brand powered by our chemistry. In this bottle, there are three ingredients, Squalane, Hemisqualane, and an ingredient called BisaboLife that we developed for a company called Givaudan. Those three ingredients make up more than 90% of what's in this bottle, and this bottle delivers an amazing hair product that actually is the most effective product at making your hair healthier from the bottom of the hair shaft out. Again, a product from a chemistry we invented, a chemistry we scaled up and produced industrially, and a brand we developed that's now the fastest growing hair care brand in North America. That little bottle kind of shares with you our business in a nutshell. We have the best bioengineering technology in the world to code DNA in organisms that change what they like to make. Yeast loves to make alcohol. We program the yeast to make exactly the chemistry we want. We have focused on taking that chemistry into three markets: health, beauty, and wellness. We like those three markets because they're growing rapidly. We like those three markets because they have great gross margin structure. We like those three markets because we have advantaged chemistry that plays well in those markets. Our business model starts with what I like to call our golden goose, which is the science and technology platform. That is, again, the technology we've invented in industrializing synthetic biology as a way to remake the world's chemistry. That's our technology. We do that technology from beginning to end. We are the most effective, the fastest, and the lowest cost engineers of biochemistry to actually make industrialized high-value products. We're faster to market, we're cheaper than anybody else, and today we supply ingredients that I would guarantee probably half of you or more are currently consuming in your home. We make everything from a replacement for natural vanillin through fermentation. We're the world's largest suppliers of natural vanillin today. Patchouli oil, Squalane, again, the Vitamin E through our partners at DSM. Those are all products that in something in your house you're probably consuming today, and you're consuming with an ingredient made from Amyris by using our synthetic biology platform. The technology what I like to call the translation. Having bioengineering is great. You can create amazing fabs. You can talk all about how great your technology is, if you can't translate it to high production, if you can't translate it to volume, if you can't translate it to molecules, you actually have no product. We see the translation. We see the industry bottleneck as being scale-up and biomanufacturing capacity. Today, we've built and own the most advanced biomanufacturing facility in the world for taking highly engineered organisms, running them at scale, and making exactly the chemistry you want. We also have scaled more bioengineered, highly bioengineered molecules than anyone in the world using our scale-up capability. Again, that layer of scale-up and biomanufacturing we see as the big industry enabler. Then we monetize. We monetize two ways. We monetize by selling directly to the consumer with our portfolio of consumer brands, we built an amazing portfolio. We were selected by one of the industry, leading organizations, WWD, as the number one, mid or small cap consumer brand builder in the world, in 2022. We build great brands, and those brands deliver amazing products to the end consumer. A great example is our Vitamin C Rose Oil, number 1 selling Vitamin C Rose Oil at Sephora. We sell one of these every minute throughout the world. It's now also become the fastest growing single SKU for Vitamin C Rose Oil in China. It's a perfect example of how our consumer brands work. We have category leadership, meaning we have brands that are the fastest growing today in skincare in the U.S., hair care in the U.S., color cosmetics in the U.S., and wellness, specifically in the menopause space for women. That gives you a sense of what we've done to go to the consumer directly. Our consumer portfolio is delivering the fastest growth of any consumer portfolio today in North America. We create demand with our consumer brands for our ingredients. The better our consumer brands do, and a good example is JVN. The minute we launched JVN and the industry started to see how well consumers were connecting to Hemisqualane, an ingredient we built, created, immediately the demand for Hemisqualane went through the roof. That's a perfect example of how the consumer business drives pull-through demand for our ingredient business. The consumer business has a 60%-70% gross margin, and that gross margin came through clearly in the fourth quarter. The fourth quarter is very early for us. We don't have financials complete yet. Our team is working hard on that. We can tell you from early data that an agenda we kicked off called Fit to Win to really help improve our cost base and deliver gross margin is pulling through, and we're seeing our gross margin in the consumer business really come on. It was already great, and we see it improving further as we really drive integration and we drive sourcing to really deliver lower cost products to the market. There's our technology access business. Our technology access business is really based on exclusive marketing partnerships with partners for end markets, for categories. We have an exclusive marketing partnership with DSM for flavors and fragrances. We are in the process of establishing an exclusive molecule marketing partnership for another category we're in, and we have another one. We have two new ones that are going to market this year. One in health and one in a space that we're well-respected for. Think about these exclusive marketing agreements as a way to get paid upfront for the molecules and then monetize long term by earning a royalty on the molecules. It's a way for us to focus our business so that we sell and build capability in the consumer business, and we let our partners sell in the B2B space to other industry. A good example in other industry is just in beauty and personal care. We currently supply over 4,000 of the world's leading beauty brands with an ingredient called Squalane and then Hemisqualane. That's a perfect example of how the business works together. Really reinforcing this, you can see where our consumer portfolio is. Again, as of Q3, we had delivered $124 million for the year. I can tell you coming out of Q4, the preliminary numbers indicate once again, we've just about doubled our consumer revenue year-on-year. The consumer portfolio is performing super well. A lot of people ask, so, you know, is the consumer slowing down? We can tell you in beauty, the consumer is not slowing down. Actually, our quarter-on-quarter growth for the fourth quarter was the highest quarter-on-quarter growth we've delivered in six quarters. We can tell you the consumer is not slowing down, and more importantly, overall demand for sustainable clean ingredients is actually where the world is going and where the consumer wants to be. Our consumer portfolio is not only one that we say is growing, it's also one that has products that consumers love and award-winning products. Just about across all of our top brands, Rose Inc., Biossance, JVN, and Costa Brazil for that matter, were all award winners with top products in their respective categories during 2022. We expect that to continue. We won a lot of awards in 2021. We won a lot more than we ever expected in 2022, and we expect to continue that into 2023. You can see the result of all that. When you look at the beauty industry, all the big companies are delivering great growth. Our growth outpaces the industry by far. We're growing at probably two to three times the fastest-growing in the industry today. Again, the good news coming out of the fourth quarter, not only are we delivering incredible growth, we actually in the fourth quarter delivered that growth at the lowest cost that we've actually delivered growth in a very long time. We're growing, we're growing at lower and lower cost, and we're growing by reducing the amount of cash that we use inside the business. Again, why do we think we're doing that? We're doing that because we have the chemistry. People ask, "So, but, you know, you have these other customers using the chemistry." Well, not only do we have the chemistry, but we have unique formulation capability that enables us to formulate very distinctive products for the end customer. The combination of our formulation capability with the ingredients that we have actually enables us to deliver very distinctive, high-efficacy products in each category we play in today. A good example is the Vitamin C Rose Oil. This is a very unique formulation, yet it uses a market-available Vitamin C and our Squalane. Here's the difference. We put more Squalane in this bottle than anyone else that currently sells a Vitamin C product. Why? Because our insight and the studies we've done with the consumer indicate that the Squalane increases the efficacy of Vitamin C. We have lower Vitamin C than most people and a lot more Squalane than most people because we own the science behind the Squalane. That enables us to deliver the highest efficacy of any Vitamin C product for skincare in the market today. That for me is being distinctive. It's not just about the end ingredient. It's not just about a great brand. It's about delivering amazing performance with a sustainable formulation. That capability is owned by us end to end. We are advancing into the health part of the world. Our number one application now into health is a molecule. It's an amazing story, but it's a molecule that we're now starting to commercialize in the market, and it's a molecule for vaccine adjuvants called Squalene. Squalene is used in vaccine adjuvants today. I've got three examples here with GSK and Sanofi as two of those three examples. What's interesting is, coming out of COVID, we actually learned a lot about how much impact the right adjuvant in the vaccine has on the efficacy of the vaccine. Now we have enough data that shows how good Squalene really is and how impactful it is to amplify the performance of the final vaccine from an efficacy perspective. We actually took this molecule, Squalene, we thought we were gonna do it through a chemical process. We realized we didn't like the chemistry we were using. It was not actually sustainable. It wasn't connected to our values. We decided overnight to actually develop this molecule directly from fermentation. In other words, we code a bug that would take cheap carbon from sugarcane and make perfect high-purity Squalene. We did this project in nine months, from concept to the chemistry being done and scaled and ready to be approved, okay. I don't know of anybody that's doing bioengineering that can take a complex molecule like Squalene, do it in nine months, do it at the cost that we did. This is a project that for less than $5 million, we had a molecule ready to go and did it in the time that we did. That's a great proof point for my point of we are the fastest, cheapest bioengineers in the world to make high-value chemistry. This is just one of the recent examples that we've delivered. Let me talk a little bit about performance, financial performance. The fourth quarter was a strong finish for us. Teams are working really hard to complete the fourth quarter. We have an early view, but by no means is it close to being complete. I can tell you a few things about the quarter. Our core business grew a little more than 40% quarter-on-quarter. That's the highest sequential quarter-on-quarter growth that we've seen in over six quarters. The total business year-on-year, when we look at the fourth quarter, is up 55%. I love that because there are people bragging about programs and a lot of other but the bottom line is, how well is your core business growing? How is the margin doing? What's happening with your cost structure? I could tell you our cost structure is going down significantly. I can tell you our cash burn is going down at the rate we expected, I can tell you that our revenue, our underlying revenue, is growing better than anyone, not only in synthetic biology, but in the consumer business. That, for me, talks about the power of our brands and the power of our science. The consumer business, by the way, also on a sequential basis, was up about 25% quarter-over-quarter, and around 100% year-over-year. All parts of our core are delivering exactly what we would expect in the business today. People are always asking, "How much are you losing in the consumer business?" On a direct spend basis, our consumer business lost less than $10 million in the fourth quarter, which is a significant improvement, throughout the year, and really what we expected. We said we were gonna lower our marketing spend. We said through Fit to Win, we were gonna get more effective at our operating costs, that is exactly what we're doing. Again, we made a lot of investments in 2022. We used a lot of cash in 2022. We deepened and built a great relationship with Walmart, that's now actually growing super rapidly, including our latest brand called 4U by Tia, which is a more mass to masstige brand for haircare. Another way to think of it is, this brand sells on average for about $20 a unit. The 4U brand at Walmart will sell on average for about $10-$12 a unit. Different price point, different consumer, significant growth in that category based on all the headwinds, the economy and a lot of those consumers are facing. We did a lot of enablement of our innovation and commercialization platform, and then we invested quite a bit in operational assets, several factories, as well as a lot of back-office capability to ensure we could actually process and get our accounts in place and management in place for a lot of the business that we grew through 2021 and 2022. We also had significant headwinds. It's one thing to say we invested a lot, and that was good. You know, a lot of it was planned. In addition to the planned investment, we had a lot of headwinds that actually required a lot of unplanned cash. To be specific, around $200 million of unplanned spend in 2022, really around what I'll call the perfect or the trifecta. The war, you might think, you know, the war doesn't impact companies in the U.S. Well, we actually had a production base in Spain where our energy costs went up 6 times and our actual unit cost went up 3-4 times in Spain as a result of inflation coming out of the war. COVID. COVID had a real big impact on us supply chain-wise, because when you have the consumer brands that we do, a lot of the sourcing for these brands comes out of China. The problem is during COVID, we lost access to a lot of our supply chain, more importantly to the speed of the supply chain. We ended up having to shift a lot of shipments out of China to air versus ship as a way to keep our brands alive, because we had a choice. Either shut down our consumer business because we couldn't make product or pay the cost of air shipping to actually make the business work. COVID had a huge impact. Then inflation. We were in the middle of building a big factory that takes a lot of steel. Starting at the end of 2021, beginning of 2022, the inflation in all the components for that factory hit us really hard. Again, in total, about $200 million of extra cash that went in. The real question is, can we reduce the cash use fast enough to make our business successful long term? The answer is absolutely, and I think the fourth quarter is a great indication towards that. Let me give you exactly how we do that. Again, we don't have final financials, so we're not reporting the fourth quarter. If you just do some simple math and take a look at the first three quarters of the year, we were averaging about $150 million of cash use for the first three quarters. If you assume the full year was the same, which it's not, but let's assume that for a second, it would be $600 million of cash use during 2022. We're improving that and in the middle of that, like right now, and we know that confidently by about $440 million, getting the net use of cash down from $150 to $200 in 2023. Most of that net use is actually front half of the year. Because again, we are sequentially reducing our cash use quarter on quarter. We saw a reduction, third quarter, reduction in fourth, reduction in first, like we expect, and then obviously as we go through the second and beginning of third. Most of that is front-end loaded. Where's that reduction coming from? Really simple. Marketing spend, air shipping, procurement and sourcing and insourcing of production. Having our own factory, both for cosmetics and for fermentation, dramatically shifts our costs. That alone is a $30 million-$40 million improvement in our cost base. In total, those pieces represent $130 million of improvement on the 2022 baseline. It's not even thinking about the growth in 2023. This is all based on what we spent in 2022 that we're not spending in 2023, regardless of volume. $130 million. $75 million in CapEx. We're not building another Barra Bonita, the big plant that we just finished building. Working capital, we ended up building an extra quarter of inventory to mitigate our risk around China at the beginning of the year. We're not doing that again. Matter of fact, we're going the other way. We're actually taking cash out of our inventory. M&A and financing, we don't have any major M&A and financing planned for this year. That's $25 million from last year. People efficiencies. I wanna share with you that we're actually simplifying how we manage our consumer portfolio. I'm reducing our executive team by about 30%. That plus, if you can imagine, if you reduce executives by 30%, there's a lot else that comes out cost-wise. When you look in total, there's about $10 million or more that we're taking out of our people costs into the year. Margin improvement. If you just think about the growth that we're currently experiencing, if the growth did not change at all and we just kept the business as is today, there's an incremental, at a minimum, $150 million of margin going into 2023. That delta is $440 million of improvement that we are absolutely in the middle of and making great progress on. You know, part of this chart, by the way, is set up this way because I'd like to continue as we do our quarterly updates with investors, use that chart to actually track our progress. If there's anything I think we can do better as a company and execute for you is improve our cash use, and we'll be reporting on that every quarter, so you could see the progress. How about our consumer portfolio? What are we doing there? We're actually breaking consumer portfolio and operating it in two ways. Performance units for what we have as brands that are category leaders today, and I'll explain what I mean. Then a growth accelerator. That'll be one leadership team running three to five brands that are everything else that's not currently a category leader, okay? By the way, what's in the growth accelerator is not bad. We have Costa Brazil, that's a brand that's up 170% over last year. We have Onda Beauty that we purchased and came into the portfolio this year. Onda Beauty is up 2x last year and profitable. Like, it's not that it's bad stuff in the growth, it's that we wanna manage the growth as one leadership team rather than having resources allocated through a bunch of different teams organizationally, and the category leadership is an amazing portfolio. These are all category leaders. The brands in the category leadership bucket today, based on market input, market feedback, market inquiries, is worth about $1.9 billion on an asset basis. That's the value of that portfolio today. That portfolio today, coming out of the fourth quarter, has an annualized revenue of about $230 million. It is an amazing portfolio of consumer brands. It represents 90% of all of our consumer revenue. It delivers about 80% year-on-year growth. We're targeting it to give us about $1 of revenue for every $3 we invest in media spend. It's differentiated because all of those brands actually use a significant amount of our ingredients in the formulation, and that's critical to us. We don't wanna be in consumer brands for the sake of being a consumer company. We wanna be in consumer brands for the sake of accelerating adoption of sustainable, clean ingredients. And then last but not least, that portfolio is expected, as a portfolio, to be profitable, as we exit 2023. What are some critical questions we get frequently from investors? Is our revenue growth sustainable? Can or will we reduce the use of cash fast enough to give the company its full potential as we go through this year? On is the revenue growth sustainable, look, for the last six quarters, we have sold out every dry ingredients we've made. In the fourth quarter for the first time, we had some breathing room. We had our new factory up and running, and we had more capacity to make our ingredients. We sold out everything we made. Based on the demand we have today for our ingredients, our ingredient portfolio is sold out for 2023. On the ingredient side, yes, our growth is sustainable. On the consumer side, don't take it from me, just look at any consumer company out there. Go look at L'Oréal's last investor presentation. The beauty business is not slowing. I can tell you, as recent as the last couple of weeks, January is an amazing month for skincare. January is wellness month. Everybody wants to take care of themselves coming out of the holidays. Our business on the consumer side is solid and growing. Can and will we reduce the use of cash fast enough? Look, 2022 was a year of heavy investment. I don't like it any more than anybody else. I am glad it's behind us, and I can tell you, coming through the fourth quarter, we are seeing the cash use decline as expected, and we have a clear visibility on where we're gonna end the year for cash. Look, in addition to that, we know that our strategic transaction and what we've finished the year with, which was significantly more cash than we finished the third quarter with. The combination of both, what we finished and our strategic transaction, funds all of our needs through 2023 based on where we are today. We're excited about that. We've got a clear path. Cash use is coming down, and our business is performing super well. What are we focused on? Delivering a path to profitability. That's our number one focus right now. There are three items to deliver on. Closing our exclusive marketing rights, which is known as the strategic transaction that the market's got a lot of buzz around. That transaction funds 2023, and we see that transaction on track to closing early in the first quarter. We are gonna continue delivering industry-leading revenue growth. It's not just about funding and getting to a cash positive operations, it's also about continuing to deliver industry-leading growth, and we see no reason why we don't or can't continue doing that. Last but not least, we have to get operating leverage through our Fit to Win agenda and other cost reduction actions which we started, aggressively delivering on through the fourth quarter and then into the first quarter. With that, let me turn to Q&A. Awesome. Thank you so much. It's really great to hear about all this incredible progress as you keep up your really high growth rate here. I guess, just starting off on the sort of strategic transaction side, obviously there's been a lot of discussion about sort of the progress there, as that is, you know, pretty instrumental in supporting the 2023 initiatives. I guess like, you know, you're set to sign an agreement with a partner focused on exclusive rights to distribute, market, and sell two molecules for about that $500 million mark. Could you talk about, first of all, like where specifically you are within that transaction? The deal is contingent on, you know, anti-competitive review. Could you talk about like, steps or any, hurdles that might be associated with that deal? I think we put out a PR end of the year, I think, right? Last week of the year. In that PR, we talked about where we were with the transaction, which is we landed all the economic terms. We had some conditions to work through, including HSR. All of that, we're in process of working through, and I think we indicated we'd have the transaction closed in early in Q1, and that's where we are. I think there's no new news to share. We're excited. We really like the partner on the other end, one of my lessons is when you're live in closing a transaction, you don't go and talk a lot about the transaction. I think that just introduces more risk for us and the partner, we're not prepared to do that. I appreciate the question. Yep, no problem. Maybe could we just clarify, you know, again, just regarding the sort of details of the transaction. We talked a little bit more about the upfront cash component versus the downstream components on prior calls, and we heard about $350 million of upfront cash. Is that still so kind of in place, or how are you thinking about sort of that upfront cash component versus the other components of the deal? Yeah. I would say the near term cash component versus the total value of the deal has remained fairly intact, even though there's been a lot of negotiation back and forth, right? I don't have anything new to share at this point. No problem. That's great. Then just regarding the, you know, obviously, you've made all these incredible reductions in sort of the COGS components in recent weeks. You know, you've been getting up this Barra Bonita facility, which has been really, you know, as you point to, instrumental in being able to leverage for lower costs. Could we just clarify, I guess, where you are on sort of the integration of that Barra Bonita facility? You know, it looks like you had disclosed that you commissioned two lines, which would accommodate five products, you know, you look to, by the fourth quarter, hit all five lines. Did you get all those lines up and running and then where are you on track to produce all your ingredients and/or products out of the facility? At the start, actually two points. First, you talk about progress in the last couple of weeks. The reality is the progress to underpin our cost base is something that's been a long-term investment plan. I think the only short-term part of it was really opportunistic in 2022 with buying a downstream facility for our cosmetics business. That facility, I can tell you, is ramping up very, very quickly. I think we're gonna probably be ramped up 3 to 5 times more volume than we expected because of the cost base we're experiencing. We're realizing that moving sourcing from China to Brazil for basic components, bottles, labels, paper, all the basic stuff that goes into making consumer products. You know, it's funny, we'd never really looked because we thought it was China, and China was low cost, and so we just kept operating in China. Because of what happened in China, it forced us to have to look elsewhere. We started saying, "Okay, since we're gonna make in Brazil, why the hell ship from anywhere? Let's just go into the Brazilian, production base and supplier base and see what we find." What we found was higher quality glass, better bottles, higher quality in the pumps, better paper, lower cost, to the point where just the componentry itself on a like-for-like basis is 30% lower cost purchased in Brazil versus China. When you add that, when you add transport, when you add our own factory fully integrated, when we hit our end goal, because we're still kind of in process, our end goal will actually reduce the cost of something like this by over 50%. Right? That means if this today costs $5 or $6, it's going to be $2.50 to $3 in the future. That is a significant change in our margin structure of our consumer business. The issue now is how fast can we get there. That was opportunistic. Barra Bonita was a long-term plan to invest and build that, and that is all about really changing the cost base of our ingredients. Farnesene being one of the big ones. We buy and use a lot of farnesene. We've been buying a lot from our partner, DSM, and then from the Spanish facility. During 2022, we had like the perfect storm. Costs of making farnesene in Spain went up dramatically, and we couldn't ship fast enough to make it in our plant. The minute we were able to go to our plant, we moved our plant to make as much farnesene as we could, which is really what happened through a lot of the fourth quarter, okay? To your point of like, the lines at Barra Bonita, we have three big lines at Barra Bonita, all of them 200,000 liter tanks or greater. Those three lines were running all out during the fourth quarter. The other two lines, people talk about, did you build out the other two lines? The other two lines are completely built and ready to go, but they're very small lines. They're 40,000 liter tanks, and because they're small lines, we actually did not have molecules that make sense to make in those lines during the fourth quarter. We didn't operate in those lines. We operated in the three big lines all out. As we go into 2023, we will have use for those lines. We will use those lines. We have a new molecule that we're scaling up for the cosmetics industry, an amazing workhorse. That'll be produced in one of the small lines in the first quarter because the lines are ready to go. I just wanna make sure that's clear. The lines are set, built, ready to go. Did we operate them in the fourth? No. Why? We didn't need to. We actually needed to focus on one thing, keep the three blinds, six big tanks working all out. By the way, those six big tanks are equivalent to the size of our old facility at Brotas that we sold to DSM. Just to give you an idea of scale. Those three lines are equivalent to one big plant that we sold and we still have two lines, much smaller, for smaller volume ingredients that we'll use during 2023, okay? Yeah. That's incredibly helpful. Thank you. Also, as you mentioned, kind of determining what products you're going to be producing out of the line, kind of cash decisions as you're trying to keep up your incredibly high growth rate moving ahead. How do you think about prioritizing between your different cash allocations in this early period right now, January, February, et cetera, while still trying to keep up that really high growth rate? Is a lot of that determining products that you're trying to deprioritize or where are you thinking about shifting and allocating between different products? Three parts, right. The question is how do we think about resource allocation and how do we fund the growth, especially as we go into 2023. Look, the biggest opportunity around resource allocation is obviously the consumer brands. I mean, again, if we had all the cash in the world and it made sense, we can invest as much cash just to grow consumer brands. Here's the issue: We can't do that. We don't have unlimited cash. Cost of capital is very high, and it doesn't make sense for every brand at the same time to be growing at a very fast rate. I share that with you today for the first time. We actually are focused on seven brands, five performance units. Those brands are currently in-market leaders in the categories they play in. They have great returns. I said to you, that portfolio of seven brands is currently valued at about $1.8 billion-$1.9 billion as assets in the market. By the way, our total investment in those brands is probably somewhere around $100 million. That has been an amazing return on capital. I mean, JVN, this is about a $15 million investment that's now worth between $3 million-$4 million, and we achieved that in about 24 months. The consumer business, when it works, is awesome. The problem is, it doesn't work all the time, and that's where we have to be careful, and that's why the portfolio is split the way it is. Okay? That's item one. Item two is the board and I, and I've got one major shareholder on the board who's probably the most adamant about this. We have been investing $70 million-$80 million a year in our technology platform, whether we have the money or not. Why? We believe deeply that the science of engineering microbes, the science of making clean, sustainable chemistry is the foundational science for our planet, period. By the way, we know that because right now I've got more Chinese investors than you can imagine asking me to take the technology to China, and we've opted not to, for a couple of reasons. One, not easy when you've got some government money in the U.S. Number two, just not right to do because we have a lot to do with our current business. Okay? That $70 million-$80 million is gonna continue, and that's not about resource allocation. That's like making sure the science does its job. You might think, "Why would you spend $70-$80?" I can tell you, and you can look at the public filings of our direct competitors. We spend significantly less than any direct competitor that does synthetic biology in engineering our microbes, and we are the most productive of any of them because their revenue is declining and ours is growing. Just look at the financials. Don't get lost with the magic dust. Look at the financials. Our business is simple. We engineer microbes. We use high, large-scale industrial manufacturing. We make amazing chemistry. That's not going away. I think that's how we look at the portfolio. It's like invest in the technology, prioritize the brands, and then take costs down and on the operating side to get much more efficient with how we go to market. That's awesome. Maybe in the last few seconds here, do you have any opinion in how much debt, kind of you're willing to take on or any creative financing options you're willing to employ? You've done a ton of great liquidity management over the years with Amyris. Have you been thinking about any options in this year? Look, I'd love our liquidity management to be better. There's one side of it that says, you know, we actually funded what we did to build an amazing business. On the other side, yeah, there's been a lot more dilution than I would've liked along the way, and I know a lot of our investors would've liked. That's not really where I wanna be. Based on where we are now and having the investment phase behind us, our focus is simple. It's just execute what we have, which means don't go take on a bunch of new capital or debt. When I think about that, the only debt that would be super interesting is finding a way to access a new slug of debt that actually took out our bonds at the current trading price that they're at. That would be super interesting. That's all upside. Right now, I'm just focused on one thing: execute our current plan, make sure we fully fund the business off our strategic transaction, take the cost out in the way we've been making progress towards the fourth quarter, and really continue to lead the industry, both in synthetic biology and the consumer categories we play in with industry-leading growth by far. Consumers want what we have, and we do what we have better than anyone else in the world today. Thank you. Awesome. Thanks a bunch. I think that's it for questions. We're out of time, right? Thanks, everybody, for being here. I'm sorry. We have a question in the room. Wait. Sorry. Can I ask one question? If you believe your consumer portfolio really is worth $1.8 billion. $1.9 billion. Sorry, $1.9 billion. Obviously, your shareholders and bondholders have faced enormous dilution and poor stock price performance for a long time. You haven't talked about your cash hole for 2024. Your bonds are trading at a very distressed level. Why would you not sell a stake or all the consumer portfolio to avoid further dilution to your shareholders and fund these technology investments that you've been talking about for the last few minutes? Look, we believe in the integrated model. We've had this debate, by the way, so it's not a question that's has not been debated amongst our board. We made a decision to keep the portfolio together. Part of it is the rate of growth in that portfolio. I mean, if we thought next year the portfolio would still be worth $1.9 billion, it may be a different answer, I don't know. That's not what we see, and we've demonstrated, like, even since we've had the debate, the portfolio's up $200 million, right? It's hard at that rate of growth to trade off the value that we have today. It is definitely, and I can assure you that every quarter, I would be surprised if that question isn't asked by our board, okay? Awesome. Thanks so much. Thank you, everybody. Have a good one.