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IN Z zymergen Zymergen Reports Preliminary First Quarter 2021 Financial Results May 24 , 2021 EMERYVILLE , Calif . , May 24 , 2021 ( GLOBE NEWSWIRE ) -- Zymergen Inc. ( " Zymergen " ) , one of the world's leading biofacturing companies , today reported preliminary financial results for the first quarter ended March 31 , 2021 . " I am so proud of our team for their continued execution across our organization , " says Josh Hoffman , Zymergen CEO . " With biofacturing , we are committed to transforming what is possible by partnering with nature to make better products in a better way . I am confident that we are well positioned to execute on our strategy to develop and sell superior products across multiple markets , this year and beyond . " Recent Highlights • Completed initial public offering in April 2021 , raising $ 575 million in gross proceeds • Strengthened leadership by adding Aindrea Campbell as Chief Manufacturing Officer , a seasoned industry veteran who will be instrumental in the scaling of Zymergen's production capabilities First Quarter 2021 Financial Results Total revenue was $ 3.7 million dollars for the three months ended March 31 , 2021 , all relating to R & D services agreements and Collaboration revenue . This represents a 26 % increase over the same quarter in 2020 , and was primarily driven by the impact of new and acquired contracts . Total operating expenses for the first quarter of 2021 were $ 87.1 million dollars , a 32.8 % increase from $ 65.6 million dollars in the first quarter of 2020 . The increase was driven by an increase in R & D activities to develop Hyaline production processes , as well as the additional costs associated with becoming a public company . Net loss in the first quarter of 2021 was $ 84.6 million dollars . Cash and cash equivalents were $ 121.0 million as of March 31 , 2021. Subsequent to quarter end , Zymergen completed its initial public offering in April 2021 raising approximately $ 530 million in net proceeds . Webcast Information Zymergen will host a conference call to discuss the first quarter 2021 financial results after market close on Monday , May 24 , 2021 at 1:30 pm Pacific Time / 4:30 pm Eastern Time . A webcast of the conference call can be accessed at https://investors.zymergen.com/ . The webcast will be archived and available for replay for at least 90 days after the event . About Zymergen Zymergen is a biofacturing company using biology to reimagine the world . Zymergen partners with nature to design , develop and manufacture bio - based breakthrough products that deliver value to customers in a broad range of industries . A unique combination of biology , chemistry , software and automation enables the company to design and create new materials . Forward Looking Statements This press release contains " forward - looking statements " within the meaning of the Private Securities Litigation Reform Act of 1995 , as amended . Such forward - looking statements are based on the Company's beliefs and assumptions and on information currently available to it on the date of this press release . Forward - looking statements may involve known and unknown risks , uncertainties and other factors that may cause the Company's actual results , performance or achievements to be materially different from those expressed or implied by the forward - looking statements , including but not limited to statements regarding our timing and ability to execute on our strategy to develop and sell superior products across multiple markets , this year and beyond . These and other risks are described more fully in the Company's filings with the Securities and Exchange Commission ( " SEC " ) , including the Company's prospectus dated April 23 , 2021 filed with the SEC pursuant to Rule 424 under the Securities Act of 1933 , and other documents the Company subsequently files with the SEC from time to time , including the Company's Quarterly Report on Form 10 - Q for the quarter ended March 31 , 2021. Except to the extent required by law , the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made . Investor Contact Niraj Javeri investors@zymergen.com Media Contact Mike Dulin mdulin@zymergen.com 502-777-2029 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS