Good day, and thank you for standing by. Welcome to the Zymergen first quarter 2021 financial results conference call. At this time, all participants are in a listen only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star zero. I would now like to hand the conference over to your speaker today, Niraj Javeri. Please go ahead. Thank you. Earlier today, Zymergen released preliminary financial results for the quarter ended March 31st, 2021. If you haven't received this news release or if you'd like to be added to the company's distribution list, please send an email to investors@zymergen.com. Joining me today from Zymergen are Josh Hoffman, Co-Founder and Chief Executive Officer, and Ena Singh, Chief Financial Officer. Before we begin, I'd like to remind you that management will make statements during this call that are forward-looking statements within the meaning of the federal securities laws. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated. Additional information regarding these risks and uncertainties appears in the section entitled Forward-Looking Statements in the press release Zymergen issued today. For a more complete list and description, please see the Risk Factors section of the company's IPO prospectus and in its other filings with the Securities and Exchange Commission, including the Form 10-Q for this quarter. Except as required by law, Zymergen disclaims any intention or obligation to update or revise any financial or product pipeline projections or other forward-looking statements, whether because of new information, future events, or otherwise. This conference call contains time-sensitive information and is accurate only as of the live broadcast, May 24th, 2021. With that, I would like to turn the call over to Josh. Thanks, Niraj, thank all of you for joining us this afternoon. I'm very pleased to welcome you to our first earnings call as a public company to review our results for the first quarter of 2021. We completed our initial public offering in April, raising approximately $530 million in net proceeds, and I'd like to start out our call today by thanking our incredible team at Zymergen. This is an exciting milestone for our company, and it's truly a testament to our team's collective dedication and passion. Zach, Jed, and I founded this company with a vision to partner with nature to produce better products, and our team is making that vision a reality. On today's call, I'll start with a brief overview of our company for those who are new to our story. Next, I'll provide an overview of our progress since the IPO. I'll turn the call over to Ena for a more detailed look at our financials. At Zymergen, we're biofacturers. We partner with nature, designing, manufacturing, and most importantly, selling products in a better way. Our biofacturing platform enables this by combining biology, chemistry, and technology in a seamless way to bring these products into people's lives. Our goal is to do this in approximately half the time and at a tenth of the cost than with traditional manufacturing. We have a simple business model. We design, develop, manufacture, and sell products that solve customer challenges with superior performance. To do this, our strategy is to identify customer market needs, design and develop products to meet those needs, optimize microbes to make those products at scale, and commercialize those products. We will generate revenue primarily by selling these products across multiple industries. Speed to market is critical for us, and our growth will come both from the volume and the frequency of our product launches. Traditionally, materials are made from a half dozen molecular building blocks, mostly derived from petrochemicals. The companies that make petrochemical derived materials are huge, but they're also old, slow, and lack innovation. The way they make materials hasn't changed in decades. Biology offers a better way. At Zymergen, we've replaced a chemical plant with a microbe, a microscopic engineered cell. Because biomolecules are the product of billions of years of evolution, an engineered cell can produce a vast array of biomolecules that do things petrochemicals can't. Biomolecules can make adhesives as strong as a muscle's grip or an optical film that's clear and thin as a dragonfly's wing. Because the biochemistry takes place inside a cell, biofacturing happens safely in fermentation vats. Biology is Earth's greatest innovator. We've built an engine that can make breakthrough products based on nature's own inventions. We believe the opportunity our biofacturing platform can address is massive and represents a total market opportunity of approximately $1.2 trillion across 20 industries, all of which are ripe for disruption. We estimate that electronics, consumer care, and agriculture, our first markets or core verticals, represents a combined market opportunity for us of around $150 billion. Beyond these initial core verticals, we are pursuing opportunities where the market needs new materials to solve hard problems. We choose markets where biology-based products have a functional advantage, can create substantial value for our customers, and where we believe our novel products can be rapidly adopted by the market. Our strategy is to pursue continuous product launches with breakthrough products that stack on top of each other over time. We currently have a pipeline of 11 products in our core verticals, including four in electronics, four in consumer care, and three in agriculture. At Zymergen, biofacturing is not just a long term goal. We're doing it today. There are five steps on the Zymergen product journey. We identify a market or customer need. We design a product to meet that need. We create the microbe or microbes that will produce the building blocks of that product. We scale production of the microbe. Finally, we commercialize the product. Doing all this requires a wide range of technological, operational, and commercial capabilities. From product experts across our core and target verticals, to the scientists and technologists we have, the manufacturing expertise to produce these products, to the sales and marketing functions we've built out to bring our products to market and sell them. We have the ability to take each product in our pipeline from the first step to the last. Crucially, we've proven we can develop and scale products. We identify and create biomolecules that are the critical ingredients of new products. Our database has over 75,000 biomolecules. We have developed microbial strains to produce a large number of them. We've run over 25 programs with partners, including some of the largest companies in the world. Based on our work to date, we believe that for approximately $50 million, we can bring a product to market in about five years. We've reliably discovered genomic edits that improve the performance of microbial production, even though many of those edits are in part of the genome that humans barely understand. We've scaled up fermentation from lab scale to hundreds of liters, to tens and hundreds of thousands of liters. We can and have produced biomolecules at industrial scale. We've proven our platform works. Partners have sold over $1.3 billion of products using microbes that we've developed and engineered. Moving to our product pipeline, our first core vertical is electronics. We're initially focused on optical films with a range of use cases. In 2019, this market opportunity was estimated to be around $25 billion. Hyaline, our first product, is a transparent film used in devices across the display stack for a range of applications, with adjacent use cases as well, such as in flexible printed electronics. We're very excited about Hyaline, and so far, customer market feedback during the product qualification phase has been positive. We're currently in the 6-18 months qualification process with multiple customers, including sampling and discussions on commercial terms. As customers are moving through the qualification process, we expect to have product sales later in 2021. In addition, we're on track to convert to a fermentation-based molecule in 2022. Next year, we're targeting the launch of a second film product, which has a different chemistry and a range of different use cases. 2023, we plan to introduce a third product in this vertical, an optical film for foldable electronic devices. As with our other film products, this product will have use cases across multiple application areas, such as insulation for 5G antennas and transparent heaters, and more. Beyond films, we're currently developing a bio-based adhesive product in our electronics vertical, which will have distinctive features for components assembly in smartphones and surface mounting of vehicle electronics. In all, we expect our market opportunity in electronics is around $59 billion. In our consumer care vertical, our first product will be ZYM0201, a naturally derived insect repellent. Every year, an estimated one-third of the U.S. population use repellents containing the chemical DEET to protect them from insect-borne illnesses. DEET is a neurotoxin, and consumers face the unappealing choice of applying it or being subject to various insect-borne diseases. We plan to launch our insect repellent in 2023 and are in the process of scaling production, branding, and developing a distribution plan. Beyond ZYM0201, we have three additional consumer care products in development, including a naturally derived UV protectant and a silicone-free film former. Film formers are the chemicals used in personal products, shampoos, lotions, and the like, that give these products the texture consumers have come to expect. However, the current silicone-based ones have a number of problematic end-of-life properties. Like ZYM0201, our consumer care products address the increasingly stringent regulatory backdrop, along with meeting customer demand for better products made without harmful ingredients. Agriculture is our third core vertical and is a market that needs economic, sustainable solutions to address a diverse array of problems that are increasing in urgency because of climate change and population growth. Biofacturing can provide natural products with gene-level precision to address these challenges, achieving levels of effectiveness and specificity not possible with traditional chemistry and being compliant with evolving regulations that aim to phase out legacy products that harm the environment. We're developing our first agricultural product, ZYM0301, with a partner. It's an alternative to synthetic nitrogen fertilizer, helping to improve crop nutrient uptake and thereby increasing farmer yields. Beyond this, ZYM0302 targets specific crop pests, and ZYM0303 is a crop-specific herbicide. Both would increase grower profit through their efficacy and application requirements compared to on-market products. While we're excited about the products currently in our pipeline, this is just the start. Consumers are demanding products with better performance, sustainability, and safety. By overcoming the challenges of discovering and scaling products to market with biology, our biofacturing platform can seize this massive market opportunity. We plan to expand beyond our core verticals and enter new markets through partnerships with industry leaders. We currently have several of these efforts underway and look forward to sharing announcements regarding progress in the coming quarters. We continue to make progress since we completed our IPO four weeks ago at the end of April. Key drivers of our success over the long term will be both the volume and frequency of product launches, as well as our ability to enter new markets. The foundation of all this will be contingent on continuing to grow our incredibly talented team. I'm excited to welcome Aindrea Campbell as our new Chief Manufacturing Officer. Aindrea comes to us with over two decades of experience leading multi-billion-dollar manufacturing teams at world-class brands, first at Ford, and most recently as the senior director of iPad operations at Apple. Aindrea's experience across manufacturing, procurement, and supply chain will be instrumental as we continue to scale our production capabilities for commercial markets. We have a mission-driven culture at Zymergen that inspires our commitment to each other and to our customers to achieve things that have never been done before. As we continue to invest heavily across our platform, we're committed to retaining these core values that we believe are critical to our long-term success. With that, I'll now turn the call over to Ena for more detail on our financials. Ena? Thanks, Josh. Total revenue for the first quarter of 2021 was $3.7 million, all relating to R&D service 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, offset by a decrease in revenue from contracts ending in 2020. Total operating expenses for the first quarter of 2021 were $87.1 million, a 33% increase from $65.6 million in the first quarter of 2020. The increase was primarily attributable to an increase in R&D activities in the continued development of the Hyaline production process, as well as the costs associated with becoming a public company. I would like to highlight that we plan to continue to increase our investments in R&D, sales and marketing, as well as G&A as we scale the company. We also expect our ongoing operating expenses to increase as we continue to incur public company costs that we did not previously have prior to our IPO in April. R&D expenses for the first quarter of 2021 were $39.8 million, compared to $21.8 million in the first quarter of 2020. This was primarily due to an increase in resources focused on our product development, along with further investments in new products for our pipeline, including the continued development of Hyaline. We expect R&D expenses will continue to increase in absolute dollars as we invest in growing our product pipeline and further improving our biofacturing platform. Sales and marketing expenses for the first quarter of 2021 were $6.9 million, compared to $5.5 million in the first quarter of 2020. The increase was primarily due to an increase in customer and brand marketing activities. We expect sales and marketing expenses will continue to increase in absolute dollars as we invest in activities to commercialize our products. General and administrative expenses for the first quarter of 2021 were $19.3 million, compared to $13.7 million in the first quarter of 2020. This increase was primarily driven by fees associated with becoming a public company, an increased headcount, and an increase in facilities costs as we continue to expand our footprint. We expect general and administrative expenses will continue to increase in absolute dollars as we support our operations as a public company and additional facilities costs as we expand our office and lab space. Net loss in the first quarter of 2021 was $84.6 million, compared to $65.3 million in the first quarter of 2020. We ended the first quarter of 2021 with approximately $121 million in cash and cash equivalents, net of $11 million in [bookings] related to the public IPO net proceeds. We also wanted to note that in our second quarter, we closed on the acquisition of Lodo Therapeutics, a New York-based company with technology that is complementary to our existing metagenomics platform. This acquisition increases our molecular and genomics libraries and accelerates our natural product discovery capabilities across our business. We believe this is going to be an exciting year for Zymergen, and we are really just getting started. As Josh mentioned, our business model is to sell products, and our strategy is to pursue continuous product launches. Key drivers of our success over the long term will be both the volume and frequency of product launches, as well as our ability to enter new markets. We currently have a pipeline of 11 products in our core verticals, including four in electronics, four in consumer care, and three in agriculture. We expect to launch a second commercial product in 2022 and two additional products in 2023. Over the long term, we will target at least three new product launches every year across markets. Our plan focuses on products that we estimate will generate average annual revenue of $100 million-$300 million, and once at scale, will generate combined long-term gross margins of approximately 50% and combined long-term EBITDA margins of approximately 20%. In 2021, we will continue to invest across all areas of our business, including production capacity and our commercial operations as we continue with the commercial rollout of Hyaline. With biofacturing, we are committed to transforming what is possible by partnering with nature to make better products in a better way. With that, I would like to turn the call back over to Josh for closing comments. Josh? Thank you, Ena. A new biological century demands we replace the way products and materials are made. Through biofacturing, Zymergen is leading the way to this inevitable future. With nature's molecular catalog at our fingertips, we are designing high-performance solutions that are beyond the reach of conventional manufacturing. We believe we can go from molecule to market in half the time and one-tenth the cost of traditional methods. Our platform is getting smarter and faster all the time. We founded Zymergen to create an economically vibrant, environmentally sustainable future through biology. The demand for material solutions to our big problems has never been greater. I'm so excited about what's ahead for Zymergen. I look forward to updating you on our progress. Operator, I think we're ready to take questions. As a reminder, to ask a question, you will need to press star one on your telephone. To withdraw your question, press the pound key. Please stand by while we compile the Q&A roster. Our first question comes from the line of Doug Schenkel from Cowen. Your line is now open. Good afternoon, and thank you for taking my questions. I want to ask about really two topics. First, non-fermented Hyaline, and then second, progress towards fermented Hyaline. Starting on the first topic, as you continue to advance through the qualification process with customers, how is your preparation for scaling production of non-fermented Hyaline progressing? Relatedly, we are looking for product revenue as a sign of progress with your qualification initiatives. Should we expect product revenue in the second quarter? On the second topic, fermented Hyaline. First, are you on track for a 2022 product launch? Second, what are the key milestones you are targeting or we should watch for over the course of this year? Third, is there any concern among existing and potential partners about your ability to maintain the specs of Hyaline as you move from a non-fermented to a fermented product? Thank you. Okay. A lot of questions there, Doug. Let me try and get through them. First, we are on track. We continue to manufacture non-fermentation based Hyaline in our supply chain in Japan, and are on track to qualify our U.S. supply chain in 2021, giving us sufficient capacity for all the film we expect. Number one. Number two, on fermentation based supply, we continue to be on track for a 2022 drop-in, as we've indicated, and we have continued to demonstrate equivalent performance and have heard no customer anxiety or concern about this plan. Did I get you on all the operations? Yeah. Nope. I think you got everything other than, it's probably an Ena question. Ena, do you want us to have product revenue in the Q2 model, or would you prefer that's not until the second half? I was going to get you. I'll let Ena take that. Ena, go. Doug, we're still expecting product revenue later in 2021. We're still going through our 6- 18 month process qualification with customers, not expecting any product revenue until later in 2021. Okay. All right. Thank you very much. Thank you. Our next question comes from the line of Tycho Peterson from JP Morgan. Your line is now open. Hi, Tycho. Tycho? Pardon me, Tycho. Please check your mute button. Sorry about that. Guys, a couple follow-ups on Hyaline. In the past, I think you'd given us an update on the number of customers evaluating. I think you talked about two customers in the approval stage and maybe nine or so in late-stage evaluation. Can you just maybe talk a little bit about where your customers are in the evaluation process? Any impact on the semiconductor shortage in terms of timelines to order? Then, in most cases, are they just evaluating Hyaline or, we did talk to some customers in the diligence process that were evaluating multiple films from you guys, how many of them are actually evaluating more than one film at this point? Yeah. What I would say is that, as Ena indicated, customers continue to work with us on the six to 18 month customer qualification process, and that process is progressing in line with expectations. We continue to build our pipeline of customers. While we're not talking about specific numbers, we continue to strengthen the pipeline. Number one. Number two, we do see that because of the breadth of different use cases, and it's important to understand in our films portfolio, these don't cannibalize each other. We certainly see excitement from the customers about multiple films in our portfolio. We are seeing folks who are trialing, especially ZYM0107 alongside Hyaline, given the expected launch next year. Lastly, we are not today seeing delays because of the semiconductor shortage, but we're sufficiently upstream that, I think we wouldn't. Right now it's not causing us to have concerns. Then a follow-up to Doug's question on the fermentation, because that came up a lot during the IPO discussions. How did you get customers comfortable with your ability to transition over to a fermentation molecule and ultimately scale that up? Yeah. It's a great question. Look, as we've talked about, we started our company with R&D service contracts. As part of those R&D service contracts, I think we talked about now we've done 25 of them. We did a number of contracts on late-stage development and scale-up and have a very successful record of scaling strains. Microbes that we've engineered have gone into production and have sold for our partners over $1.3 billion of product. From a technical risk, our customers were in no way concerned that we were going to be unable to deliver against that, and the customers love the fact that we have a dual source of raw material for their product. Right? For them, they're very, very comfortable about it, and they had lots of confidence based on our track record that we were going to be able to do so. Okay. It's also important to understand, sorry. Go ahead. No, go ahead. It's also important to understand we've made the film with the fermentation-based monomer. We've qualified the fermentation-based process and monomer into our production process. We've validated the film. In a sense, there's no risk, if that makes sense. Yeah. No, that's helpful. Maybe shifting over to consumer, ZYM0201, I know that's not until 2023, Are there things we should be paying attention to in the back half of this year or next year as you do the evaluation and development? I don't think there's anything in the back half of this year. I think you might ask that question again six months from now, and I might have a different answer, but right now, there's nothing I'd suggest you should be paying attention to. Okay. Last one. Obviously, a lot of capital coming into the space, obviously some big SPACs, not just Ginkgo, but Benson Hill did one as well. I am just curious, has any of this changed your view on competitive dynamics, given how much capital is coming into the same battle space right now? We continue to pay attention to what's happening in the market. Look, we have a simple business model, right? We sell products that compete and win on the unique performance that's available because we're able to access a large and proprietary library of biomolecules. This is a vertically integrated market that has required us to build and operate and demonstrate capabilities from product design, scale-up, and commercialization. That allows us to reliably target what we've estimated a $1.2 trillion market opportunity. That's plenty large enough for us to build an enormous business. It's obviously the case that in a market this big, there are going to be other companies with other business models. I think that the market opportunity is certainly large enough to allow others to be successful as well as us. What I would say is, for us, our success is going to be the ability for us to continue to meet customer demands, and there's a lot of customer demand, and be able to rapidly get products from customer dreams to shipping and receiving at the customer. Right? That's what's going to determine success for us, and our ability to do that is, I think we feel great about. Ena, anything? The only thing I'd highlight a little there is our success in the long term, as we said this a few times before, is driven by both the volume and frequency of product launches, as well as our ability to continue to prosecute against that broader market opportunity as we enter new industries in the future. Okay, thanks. I appreciate it. Thank you. Our next question comes in the line of Matt Sykes from Goldman Sachs. Great. Hi, Matt. Thanks for taking my question. Hey, guys. How are you? Good. How are you? Good. Just along the lines of the competitive landscape, as Tycho mentioned, we talked to a lot of your customers who are in the evaluation phase for Hyaline and some of your film products, and at that time, they had mentioned the clear advantages in terms of cost and also performance of your products versus the incumbents. Just given there's probably a greater awareness of Zymergen in general, has there been any feedback from those customers as you're speaking to them that some of the incumbent competitors have actually responded on price? It's probably way too early, I understand, I'm just wondering if there's been any kind of awareness or response from those incumbent competitors. We have not heard from customers anything similar. Right? Partly, we think it's probably maybe too early. It's also important to understand that the core value proposition that we offer to our customers, and which they're evaluating on, is differentiated performance. Right? Our conviction that our product offers differentiated performance remains very strong. Right? The price, because this is a non-commodity market, this is a feature-driven market where our ability to provide performance that our customers are going to need to delight their customers, our conviction there remains very, very strong. Got it. Thanks for that. Just, again, I know the consumer care market is still in development, but as you guys ramp up the spend for that, whether it's marketing, sales, and just in preparation for the commercial launch over the next couple of years, should we expect a similar cost trend for the consumer care market? Or given that it's largely consumer-facing and slightly different than films, will there be, you think, a higher cost in terms of whether it's marketing or sales or other aspects to launching in the consumer care market? Matt, I think we're not providing any guidance on a product-by-product basis as yet. What I will say is we do expect that our sales and marketing expenses will continue to increase in absolute dollar terms as we invest in activities to commercialize future products, whether they're future foam products, adhesive products in consumer care. We would expect our sales and marketing expenses to increase going forward in order to support those. Okay. Just one last quick one. Yeah. Just on- Oh, sorry. Sorry, go ahead. The only other thing I'd add is that our long-term blended margin is the same as we have guided to before. Approximately 50% long-term combined gross margin and approximately 20% long-term combined EBITDA margin. Perfect. Thank you for that. Just lastly, on Lodo Therapeutics, can you just talk about the increase that, in terms of that adding that genomic database did to your current kind of Radiant assets in terms of number of genomes, et cetera, or however you want to quantify it? It's a great question. The answer is a lot. It offers us, they had a slightly different way of sequencing and collecting the sequences, an apples-to-apples comparison is a little bit difficult. We do think that it increases by multiples our dataset and really radically accelerates our natural product discovery capability. I'd be happy to figure out some way within the limits of the Reg FD and safe harbor to get you some details there. We just closed on the deal last week. Right? Got it. We'll have a lot more detail about that in Q2, I suspect. Great. Thanks. Perfect. Thanks. Thank you. Our next question comes from the line of Derik De Bruin from Bank of America. Your line is now open. Hi, this is Wolf on for Derik. Thanks for the questions and congrats on the offering. Building right off of that conversation, would you give us some color on how you're thinking about your M&A strategy going forward? Are there any particular areas you're looking to strengthen? Just a few follow-ups. Yeah. The M&A strategy is pretty straightforward. We are actively looking for small to mid-size transactions that would do primarily one thing, which is to bolster our platform, and help us use inorganic means to increase the speed with which we get product to market or reduce the cost of getting product to market. Right? If you look at our acquisitions to date, they've all been as part of that. We're in a field where the cutting edge is changing every day. While we're super proud of the platform and the people we've built here, we certainly know that the world outside is far larger and far smarter and has access to far more stuff than we could ever dream of. We want to make sure we're using M&A in an appropriate, targeted way to help increase the speed of our platform. We are also open to acquisitions, again, similar size for pipeline products where they would be products that would fit in our pipeline, where the company that we're buying them from would have trouble commercializing them because they can't take it to the next stage. They can't scale the product. They can't solve certain technical issues where we have confidence that our platform could. In all cases, we're looking for acquisitions that would be where we bring huge value to the company, the asset that we acquire. Did that answer your question? Yeah, totally. Kind of pivoting to some more model-based questions, is $3.7 million in R&D services revenue a good run rate to think about for the rest of the year, or should we be looking at it slightly differently? Would you also mind giving us share count for 2Q and fiscal 2021? In terms of our R&D service revenue, Derik, that revenue, just as a reminder, these are R&D service contracts that we signed with partners that we worked with as part of building out and validating and testing our platform. In some cases, those contracts, we had a few of them that ended last year. We have some that may end through the course of this year as well. Part of those revenues are milestone-based revenues, and there's also some bonus payments that may be associated with some of those contracts. As you think about the R&D service contracts, those revenues could be lumpy. Just thinking about a $3.7 run rate may not necessarily be the right way of thinking about it. We may have some more lumpiness in our R&D service revenue through the course of this year. Did that answer your question on the R&D service revenue? Yes, absolutely. Just if I could, on share count? Yeah. On share count, it's 12.9 million is our weighted average share count as of the end of the first quarter. Great. Thank you. For the ongoing one, I think I would ask you to take a look at our IPO prospectus, the S-1, to take into account the new shares that were issued and then the ESPP and the stock option plan as well. All of which is disclosed in there. Got it. Thanks very much for the time. Thanks, Derik. Thank you. Our next question comes from the line of Dan Brennan from UBS. Your line is now open. Great. Thanks for taking the questions. I wondered on the electronics market, obviously a very large TAM, and we've baked in pretty material revenue ramp over the next five years. When you think about from a high level, the opportunity for your products across both foldable and more traditional handsets and notebooks, how should we think about the ability for your products to penetrate those two broad categories? Yeah, look, as you know, the electronics market is large, and it's also ferociously demanding of new features. Consumers are constantly demanding that OEMs provide them new kinds of opportunities, and whether that's novel form factors like foldable displays, or whether it's brighter or better screens, or whether it's lower power consumption. Increasingly, they are demanding greater environmental and sustainability concerns, whether that's putting less greenhouse gas out into the atmosphere or having different end-of-life properties. E-waste is a big problem. When we look at the capability of our platform of biofacturing to meet these needs, we're super excited. We think that because we offer an entirely novel palette of molecules that allow us to create materials with never-before-seen performance and performance that traditional petrochemical companies simply can't provide, we're super excited about our ability to penetrate that over the three, five, 10-year period. Great. Thanks, Josh. Maybe as a follow-up, I know you sell to the subcomponent suppliers. You're not going directly to, for instance, the handset OEMs. Nonetheless, I don't believe the way we've thought about our model that necessarily dictates you need success penetrating Samsung or Apple. Nonetheless, maybe just to ask you, is that the correct implicit assumption? What would it take for you if you're not assuming successful penetration? What would it take for you actually to get your products into some of the leading handset providers? Yeah. As much as it breaks my heart, given how excited I am about our pipeline, we're not going to comment, can't comment on specific names in the pipeline. What I can say is that we have a go-to-market strategy, in all our verticals and in electronics as well, that means that we're talking to multiple companies at multiple parts of the value chain, including those who might not be a direct customer of ours, but who are setting the terms of trade for our customers. We're excited about the range of conversations we're having in electronics. We're excited about the excitement that companies at multiple parts of the value chain, including OEMs and Tier 1 suppliers, and et cetera, have about our performance. We're excited about seeing how that's going to roll out into revenue over a three- and five-year period. Great. Thanks, Josh. I know you talked about commercial scale-up, which I think you guys feel very comfortable in your ability to do that in Doug's questions and Tycho's questions from a traditional to a ferment-based approach. What would you say if we looked at 12 months from now, 24 months from now? What are the biggest hurdles to that out-of-the-gate success that Zymergen is expecting to have? Could be commercial scale-up, could be other factors. Wondering how you would characterize the biggest hurdles to your success. Look, it's important to measure that over a 12 to 24-month period, our success is all about volume, frequency, and quality of our product launches. If I looked out 24 months, let's call it, what I want to make sure we're doing is that we're launching the products we've told you, and that we're starting to see the trajectory of adoption that we would expect. We want to make sure that Hyaline, I got confused on the naming nomenclature, that Hyaline at that point is really starting to take off and get bedded down. That we're starting to see exciting early success in our customer pipeline for ZYM0107. That we're feeling great 24 months from now that the ZYM0201 has had an effective and successful launch. This is very important, and that we've managed to enter some new markets in a way that creates market opportunity that's at least as large as the three verticals we've disclosed today. That's a good answer. That basically was going to be my follow-up parameters by which we could evaluate you. Great. Well, with that, I think I'll conclude. Thanks, Josh. No, you're welcome. I'm going to come back to that. It's really important. 24 months, that'll be long enough for us to really evaluate the success of our early product launches. That'll be able to evaluate the success of whether we're able to launch additional products on the schedule we've described and continue to grow our pipeline. That'll be long enough to reasonably judge our ability to enter new markets. That's really the key to success, is the products we're launching, are they, again, over a 12, 24-month period, are they performing the way we expect? Are we able to launch new products? Are we able to call our shot and launch them in the timescale we say? Are we able to continue to build out our pipeline? Are we able to enter new markets? It's simple. Great, thanks. Thank you. At this time, I am showing no further questions. I would like to turn the call back over to CEO, Josh Hoffman, for closing remarks. Thank you. I wanted to thank everybody for dialing in today. We're excited about the business we're building. We look forward to talking to you guys again in a quarter. Thanks, everybody. This concludes today's conference call. Thanks for participating.