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Z zymergen Zymergen Reports Preliminary Third Quarter 2021 Financial Results and Provides Business Update November 3 , 2021 EMERYVILLE , Calif . , Nov. 03 , 2021 ( GLOBE NEWSWIRE ) -- Zymergen Inc. ( " Zymergen " or the " Company " ) , a leading biofacturing company , today reported preliminary financial results for the third quarter ended September 30 , 2021 . Since the previous business update in August , the Company has reviewed potential market opportunities and its related portfolio , using a rigorous evaluation process applied to current and potential market segments . As a result of this review , the Company will focus on a smaller number of programs that it believes capitalize on its capabilities and provide clear commercial opportunities . Accordingly , several programs will be discontinued , including : • The electronics film programs , with the exception of ZYM0101 , which is being developed in partnership with Sumitomo Chemical . Emerging data on the market segment being targeted with Hyaline and other electronics films indicates a smaller near - term opportunity than previously expected • The consumer care programs , including insect repellent , ZYM0201 . Based on the portfolio review , the costs of customer acquisition with a direct - to - consumer model were prohibitive and , in the case of ZYM0201 , it could not be produced and distributed at a price point competitive with incumbent products . As a result of these changes , the Company eliminated approximately 220 positions across a variety of levels and functions . These decisions , along with a reduction in related overhead spending , are expected to slow the Company's cash burn rate sufficiently to operate to the middle of 2023 with cash on hand . As part of the portfolio review , two programs in the healthcare market have been promoted : one for development of key enzymes used in vaccine production , and a second in drug discovery , both of which build on previously existing programs and leverage core company capabilities . The Company has also continued to see success with its work in agriculture , particularly with a flagship program on nitrogen fixation where it is working with a partner , and is still evaluating other programs that are in early concept stages . " We have made significant progress on a number of the objectives we laid out in our August update , including a review and focusing of our portfolio , strengthening our Commercial organization , our product development and launch process , and extending our cash runway , " said acting Zymergen CEO , Jay Flatley . " We are pleased with our progress and remain focused on our strategy of pursuing continuous launches of breakthrough products . " Preliminary Third Quarter 2021 Financial Results Total revenue for the third quarter of 2021 was $ 4.1 million , all relating to R & D service agreements and collaboration revenue . Total operating expenses for the third quarter of 2021 were $ 99.3 million , including total restructuring charges of $ 21.2 million and a reversal of accrued performance bonuses of approximately $ 9.4 million . Net loss in the third quarter of 2021 was $ 98.2 million . Cash and cash equivalents were $ 496.2 million as of September 30 , 2021 , excluding restricted cash of $ 10.8 million . The financial results presented in this press release are preliminary , estimated and unaudited . They are subject to the completion and finalization of Zymergen's financial and accounting closing procedures . They reflect management's estimates based solely upon information available to management as of the date of this press release . Further information learned during that completion and finalization may alter the final results . In addition , the preliminary estimates should not be viewed as a substitute for full quarter financial statements prepared in accordance with GAAP . There is a possibility that Zymergen's third quarter financial results could vary materially from these preliminary estimates . Accordingly , you should not place undue reliance upon this preliminary information . Additional information regarding the Company's third quarter 2021 financial results will be available in the Company's Form 10 - Q , which will be filed with the U.S. Securities and Exchange Commission ( the " SEC " ) . Webcast Information Zymergen will host a conference call to discuss the preliminary third quarter 2021 financial results after market close on Wednesday , November 3 , 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/ 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 can 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 . In some cases , you can identify these statements by forward - looking words such as " may , " " will , " " continue , " " anticipate , " " intend , " " could , " " project , " " expect " or the negative or plural of these words or similar expressions . Forward - looking statements in this press release , include but are not limited to statements regarding the Company's preliminary financial results , focusing of the Company's portfolio , strengthening of the Company's Commercial organization and launch process , reducing the Company's costs sufficiently to support its operations to the middle of 2023 with cash on hand , the Company's ability to capitalize on its core capabilities and the alignment of its product portfolio to such capabilities , the commercial opportunities on which the Company is focused and the Company's ability to execute on such opportunities , including opportunities in the