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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
______________________________________________
FORM 10-Q
______________________________________________
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________________ to _________________
Commission File Number: 001-40097
______________________________________________
GINKGO BIOWORKS HOLDINGS, INC.
(Exact Name of Registrant as Specified in its Charter)
______________________________________________
Delaware87-2652913
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
27 Drydock Avenue
8th Floor
Boston, MA
02210
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (877) 422-5362
______________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Class A common stock, par value $0.0001 per share
DNA
NYSE
Warrants to purchase one share of Class A common stock, each at an exercise price of $11.50 per share
DNA.WS
NYSE
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes x   No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes x    No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filero
Non-accelerated fileroSmaller reporting companyo
 oEmerging growth companyo
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes o    No x
As of October 31, 2023, the registrant had 1,619,442,071 shares of Class A common stock, 378,994,485 shares of Class B common stock and 120,000,000 shares of non-voting Class C common stock outstanding.


Cautionary Note Regarding Forward Looking Statements
This report includes forward-looking statements regarding, among other things, the plans, strategies and prospects, both business and financial, of Ginkgo Bioworks Holdings, Inc. (“Ginkgo”). These statements are based on the beliefs and assumptions of the management of Ginkgo. Although Ginkgo believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, Ginkgo cannot assure you that it will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes”, “estimates”, “expects”, “projects”, “forecasts”, “may”, “will”, “should”, “seeks”, “plans”, “scheduled”, “anticipates” or “intends” or similar expressions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:
Ginkgo’s ability to raise financing in the future and to comply with restrictive covenants related to long-term indebtedness;
Ginkgo’s ability to retain or recruit, or adapt to changes required in, its founders, senior executives, key personnel or directors;
The bankruptcy filing of Zymergen Inc. (“Zymergen”), our wholly owned subsidiary, on October 3, 2023 (the “Zymergen Bankruptcy”), including its expected impact on Ginkgo’s non-exclusive license with Zymergen and its anticipated impacts on Ginkgo’s future financial statements;
the business, operations and financial performance of Ginkgo, including:
Ginkgo’s ability to effectively manage its growth;
Ginkgo’s exposure to the volatility and liquidity risks inherent in holding equity interests in certain of its customers;
rapidly changing technology and extensive competition in the synthetic biology industry that could make the products and processes Ginkgo is developing obsolete or non-competitive unless it continues to collaborate on the development of new and improved products and processes and pursue new market opportunities;
Ginkgo’s reliance on its customers to develop, produce and manufacture products using the engineered cells and/or biomanufacturing processes that Ginkgo develops;
the anticipated growth of Ginkgo’s biomonitoring and bioinformatic support services, including the relative value of the services on Ginkgo’s future Biosecurity revenue;
Ginkgo’s development of and investment in artificial intelligence (“AI”) tools and achievement of certain milestones under its agreement with Google LLC (“Google Cloud”);
Ginkgo’s ability to comply with laws and regulations applicable to its business; and
market conditions and global and economic factors beyond Ginkgo’s control.
Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Applicable risks and uncertainties include, among others:
intense competition and competitive pressures from other companies worldwide in the industries in which Ginkgo operates;
litigation, including securities or shareholder litigation, and the ability to adequately protect Ginkgo’s intellectual property rights;
i

the success of Ginkgo’s programs, the growth of Ginkgo’s biomonitoring and bioinformatic support services, the growing efficiency and cost advantage of Cell Engineering services, and their potential to contribute revenue, and the relative contribution of Ginkgo’s programs to its future revenue, including the potential for future revenue related to downstream value to be in the form of potential future milestone payments, royalties, and/or equity consideration; and
other factors detailed under the section entitled “Risk Factors.”
These and other factors that could cause actual results to differ from those implied by the forward-looking statements in this Quarterly Report on Form 10-Q are more fully described under the heading “Risk Factors” and elsewhere in this report. The risks described under the heading “Risk Factors” are not exhaustive. Other sections of this Quarterly Report on Form 10-Q describe additional factors that could adversely affect the business, financial condition or results of Ginkgo. New risk factors emerge from time to time and it is not possible to predict all such risk factors, nor can Ginkgo assess the impact of all such risk factors on the business of Ginkgo, or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements, which speak only as of the date hereof. All forward-looking statements attributable to Ginkgo or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. Ginkgo undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Risk Factors Summary
Investing in our securities involves risks. You should carefully consider the risks described under the heading “Risk Factors” before making a decision to invest in our Class A common stock. If any of these risks actually occur, our business, financial condition and results of operations would likely be materially adversely affected. Some of the risks related to Ginkgo’s business and industry are summarized below. References in the summary below to “we,” “us,” “our” and “the Company” generally refer to Ginkgo.
We have a history of net losses. We expect to continue to incur losses for the foreseeable future, and we may never achieve or maintain profitability.
Only our employees and directors are entitled to hold shares of Class B common stock (including shares of Class B common stock issued in the future), which have ten votes per share. This limits or precludes other stockholders’ ability to influence the outcome of matters submitted to stockholders for approval, including the election of directors, the approval of certain employee compensation plans, the adoption of certain amendments to our organizational documents and the approval of any merger, consolidation, sale of all or substantially all of our assets, or other major corporate transactions requiring stockholder approval.
We may need substantial additional capital in the future in order to fund our business.
We have experienced rapid growth and expect our growth to continue, and if we fail to effectively manage our growth, then our business, results of operations, and financial condition could be adversely affected.
Our limited operating history makes it difficult to evaluate our current business and future prospects.
We currently own and may in the future own equity interests in other operating companies, including certain of our customers, and we may receive non-cash consideration which involves estimations of fair market value. The initial fair market value of the non-cash consideration may decrease after contract inception and the amount of cash proceeds eventually realized may be less than the revenue recognized. Consequently, we have exposure to the volatility and liquidity risks inherent in holding their equity and overall operational and financial performance of these businesses.
We have in the past, and in the future may continue to pursue strategic acquisitions and investments that are dilutive to our stockholders and that could have an adverse impact on our business if they are unsuccessful.
ii

We must continue to secure and maintain sufficient and stable supplies of laboratory reagents, consumables, equipment, and laboratory services. We depend on a limited number of suppliers, some of which are single-source suppliers, and contract manufacturers for critical supplies, equipment, and services for research, development, and manufacturing of our products and processes. Our reliance on these third parties exposes us to risks relating to costs, contractual terms, supply, and logistics, and the loss of any one or more of these suppliers or contract manufacturers or their failure to supply us with the necessary supplies, equipment, or services on a timely basis, could cause delays in our research, development, or production capacity and adversely affect our business.
We use biological, hazardous, flammable and/or regulated materials that require considerable training, expertise and expense for handling, storage and disposal and may result in claims against us.
Third parties may use our engineered cells, materials, and organisms and accompanying production processes in ways that could damage our reputation.
If our customers discontinue their development, production and manufacturing efforts using our engineered cells and/or biomanufacturing processes, our future financial position may be adversely impacted.
Further, because our revenue is concentrated in a limited number of customers, some of which are related parties, and our revenue, results of operations, cash flows and reputation in the marketplace may suffer upon the loss of a significant customer.
We are or could become involved in securities or shareholder litigation and other related matters, which could be expensive and time-consuming. Such litigation and related matters could harm our business.
We are subject to risks related to the Zymergen Bankruptcy.
In certain cases, our business partners may have discretion in determining when and whether to make announcements about the status of our collaborations, including about developments and timelines for advancing programs, and the price of our common stock may decline as a result of announcements of unexpected results or developments.
Uncertainty regarding the demand for passive monitoring programs and biosecurity services could materially adversely affect our business.
Rapidly changing technology and emerging competition in the synthetic biology industry could make the platform, programs, and products we and our customers are developing obsolete or non-competitive unless we continue to develop our platform and pursue new market opportunities.
Our investments in and use of AI may result in reputational harm, liability, or other adverse consequences to our business operations.
Ethical, legal and social concerns about genetically modified organisms (“GMOs”) and genetically modified plant or animal cells and genetically modified proteins and biomaterials (collectively, “Genetically Modified Materials”) and their resulting products could limit or prevent the use of products or processes using our technologies, limit public acceptance of such products or processes and limit our revenues.
If we are unable to obtain, maintain and defend patents protecting our intellectual property, our competitive position will be harmed. If we are unable to protect the confidentiality of our trade secrets, our business and competitive position will be harmed. We may become involved in lawsuits or other enforcement proceedings to protect or enforce our patents or other intellectual property, which could be expensive, time consuming and potentially unsuccessful.
We rely on our customers, joint venturers, equity investees and other third parties to deliver timely and accurate information in order to accurately report our financial results in the time frame and manner required by law.
iii

We identified material weaknesses in our internal controls over financial reporting and may identify additional material weaknesses in the future. A failure to maintain an effective system of internal control over financial reporting may result in a failure to accurately report our financial results or prevent fraud, which could harm our business and the trading price of our common stock.
Failure to comply with federal, state, local and international laws and regulations could expose us to significant liabilities or penalties and adversely affect our business, our financial condition and results of operations and we may incur significant costs complying with such laws and regulations.
We and our laboratory partners are subject to a variety of laboratory testing standards, compliance with which is an expensive and time-consuming process, and any failure to comply could result in substantial penalties and disruptions to our business.
Significant disruptions to our and our service providers’ information technology systems or data security incidents could result in significant financial, legal, regulatory, business and reputational harm to us.
iv

Table of Contents
  Page
   
   
 
 
 
 
 
   
   
Item 1A.


PART I—FINANCIAL INFORMATION
Item 1. Financial Statements.
Ginkgo Bioworks Holdings, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands, except per share data)
 As of September 30,As of December 31,
 20232022
Assets
Current assets:
Cash and cash equivalents$1,049,244 $1,315,792 
Accounts receivable, net61,897 80,907 
Accounts receivable - related parties1,246 1,558 
Inventory, net70 4,364 
Prepaid expenses and other current assets29,389 47,458 
Total current assets1,141,846 1,450,079 
Property, plant, and equipment, net201,595 314,773 
Operating lease right-of-use assets341,614 400,762 
Investments84,970 112,188 
Equity method investments1,120 1,543 
Intangible assets, net100,168 111,041 
Goodwill58,057 60,210 
Other non-current assets97,022 88,725 
Total assets$2,026,392 $2,539,321 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$10,753 $10,451 
Deferred revenue (includes $1,394 and $10,309 from related parties)
42,762 47,817 
Accrued expenses and other current liabilities114,947 114,694 
Total current liabilities168,462 172,962 
Non-current liabilities:
Deferred revenue, net of current portion (includes $124,621 and $131,188 from related parties)
170,011 174,767 
Operating lease liabilities, non-current403,662 413,256 
Warrant liabilities12,255 10,868 
Other non-current liabilities19,319 31,191 
Total liabilities773,709 803,044 
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 200,000 shares authorized; none issued
  
Common stock, $0.0001 par value (Note 6)
198 190 
Additional paid-in capital6,334,218 6,136,378 
Accumulated deficit(5,078,834)(4,397,659)
Accumulated other comprehensive loss(2,899)(2,632)
Total stockholders’ equity1,252,683 1,736,277 
Total liabilities and stockholders’ equity$2,026,392 $2,539,321 
The accompanying notes are an integral part of these condensed consolidated financial statements.
1

Ginkgo Bioworks Holdings, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(unaudited)
(in thousands, except per share data)
 Three Months Ended September 30,Nine Months Ended September 30,
 20232022 (as adjusted)*20232022 (as adjusted)*
Cell Engineering revenue (1)
$37,176 $24,679 $116,555 $90,409 
Biosecurity revenue:
Product6,495 5,190 28,949 23,024 
Service11,759 36,529 71,196 265,988 
Total revenue55,430 66,398 216,700 379,421 
Costs and operating expenses:
Cost of Biosecurity product revenue906 2,660 7,481 13,199 
Cost of Biosecurity service revenue6,017 21,995 39,913 160,799 
Research and development156,662 261,460 463,583 875,095 
General and administrative82,028 435,221 295,802 1,308,416 
Impairment of lease assets96,210  96,210  
Total operating expenses341,823 721,336 902,989 2,357,509 
Loss from operations(286,393)(654,938)(686,289)(1,978,088)
Other (expense) income:
Interest income, net15,020 6,380 43,914 8,821 
Loss on equity method investments (22,711)(1,516)(53,764)
Loss on investments(36,324)(1,758)(44,815)(39,981)
Change in fair value of warrant liabilities1,891 (12,445)(1,387)96,099 
Gain on deconsolidation of subsidiaries 15,989  31,889 
Other income (expense), net2,893 (676)9,045 1,473 
Total other (expense) income, net(16,520)(15,221)5,241 44,537 
Loss before income taxes(302,913)(670,159)(681,048)(1,933,551)
Income tax (benefit) provision(22)(28)127 (257)
Net loss(302,891)(670,131)(681,175)(1,933,294)
Loss attributable to non-controlling interest   (3,833)
Net loss attributable to Ginkgo Bioworks Holdings, Inc. stockholders$(302,891)$(670,131)$(681,175)$(1,929,461)
Net loss per share attributable to Ginkgo Bioworks Holdings, Inc. common stockholders, basic and diluted$(0.16)$(0.41)$(0.35)$(1.19)
Weighted average common shares outstanding, basic and diluted1,950,8141,630,9111,933,2021,619,790
Comprehensive loss:
Net loss$(302,891)$(670,131)$(681,175)$(1,933,294)
Other comprehensive loss:
Foreign currency translation adjustment(1,599)(2,414)(267)(6,195)
Total other comprehensive loss(1,599)(2,414)(267)(6,195)
Comprehensive loss$(304,490)$(672,545)$(681,442)$(1,939,489)
* As adjusted to reflect the impact of the adoption of Accounting Standards Codification Topic 842, Leases (“ASC 842”) as of January 1, 2022. See Note 1 for a summary of the adjustments.
(1)Includes related party revenue of $8,727 and $10,032 for the three months ended September 30, 2023 and 2022, respectively, and $19,912 and $31,557 for the nine months ended September 30, 2023 and 2022, respectively.
The accompanying notes are an integral part of these condensed consolidated financial statements.
2

Ginkgo Bioworks Holdings, Inc.
Condensed Consolidated Statements of Stockholders’ Equity
(unaudited)
(in thousands)
Three Months Ended September 30, 2023
Common Stock
Shares
Amount
Additional
Paid-In
Capital
Accumulated Deficit
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
Balance as of June 30, 20231,954,704$196 $6,280,632 $(4,775,943)$(1,300)$1,503,585 
Issuance of common stock upon exercise or vesting of equity awards17,5812 53 — — 55 
Settlement of contingent consideration440 — 960 — — 960 
Stock-based compensation expense— 52,573 — — 52,573 
Foreign currency translation— — — (1,599)(1,599)
Net loss— — (302,891)— (302,891)
Balance as of September 30, 20231,972,725$198 $6,334,218 $(5,078,834)$(2,899)$1,252,683 
Nine Months Ended September 30, 2023
Common Stock
Shares
Amount
Additional
Paid-In
Capital
Accumulated Deficit
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
Balance as of December 31, 20221,891,976$190 $6,136,378 $(4,397,659)$(2,632)$1,736,277 
Issuance of common stock upon exercise or vesting of equity awards75,4808 531 — — 539 
Tax withholdings related to net share settlement of equity awards(14)— (23)— — (23)
Settlement of contingent consideration440— 3,222 — — 3,222 
Issuance of common stock for asset acquisition2,820— 3,581 — — 3,581 
Issuance of common stock in exchange for services2,023— 2,500 — — 2,500 
Stock-based compensation expense and other— 188,029 — — 188,029 
Foreign currency translation— — — (267)(267)
Net loss— — (681,175)— (681,175)
Balance as of September 30, 20231,972,725$198 $6,334,218 $(5,078,834)$(2,899)$1,252,683 
The accompanying notes are an integral part of these condensed consolidated financial statements.
3

Three Months Ended September 30, 2022
Common Stock
Shares
Amount
Additional
Paid-In
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Non-
Controlling
Interest
Total
Stockholders’
Equity
Balance as of June 30, 20221,635,634$164 $5,098,018 $(3,552,060)$(5,496)$31,625 $1,572,251 
Issuance of common stock upon exercise or vesting of equity awards10,0411 44 — — — 45 
Issuance of common stock for acquisitions, net of forfeitures2,588— 7,592 — — — 7,592 
Deconsolidation of subsidiaries— — — — (26,625)(26,625)
Stock-based compensation expense— 563,137 — —  563,137 
Foreign currency translation— — — (2,414)— (2,414)
Net loss— — (670,131)— — (670,131)
Balance as of September 30, 2022 (as adjusted)*1,648,263$165 $5,668,791 $(4,222,191)$(7,910)$5,000 $1,443,855 
 Nine Months Ended September 30, 2022
Common Stock
Shares
Amount
Additional
Paid-In
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Non-
Controlling
Interest
Total
Stockholders’
Equity
Balance as of December 31, 20211,611,392$161 $3,804,844 $(2,297,925)$(1,715)$62,014 $1,567,379 
Adoption of ASC 842— — 5,195 — — 5,195 
Issuance of common stock upon exercise or vesting of equity awards29,0253 120 — — — 123 
Tax withholdings related to net share settlement of equity awards(296)— (981)— — — (981)
Issuance of common stock for acquisitions, net of forfeitures8,1421 27,719 — — — 27,720 
Deconsolidation of subsidiaries— — — — (55,408)(55,408)
Stock-based compensation expense— 1,837,089 — — 2,227 1,839,316 
Foreign currency translation— — — (6,195)— (6,195)
Net loss— — (1,929,461)— (3,833)(1,933,294)
Balance as of September 30, 2022 (as adjusted)*1,648,263$165 $5,668,791 $(4,222,191)$(7,910)$5,000 $1,443,855 
* As adjusted to reflect the impact of the adoption of ASC 842 as of January 1, 2022. See Note 1 for a summary of the adjustments.
The accompanying notes are an integral part of these condensed consolidated financial statements.
4

Ginkgo Bioworks Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
(in thousands)
 Nine Months Ended September 30,
 20232022 (as adjusted)*
Cash flows from operating activities:
Net loss$(681,175)$(1,933,294)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization57,670 26,885 
Stock-based compensation187,047 1,822,472 
Loss on investments and equity method investments46,331 93,745 
Change in fair value of warrant liabilities1,387 (96,099)
Change in fair value of contingent consideration liability10,217 58 
Gain on deconsolidation of subsidiaries (31,889)
Impairment of long-lived assets121,404  
Non-cash customer consideration(884)(18,139)
Non-cash lease expense24,635 11,877 
Non-cash in-process research and development3,981 1,162 
Other non-cash activity3,937 4,602 
Changes in operating assets and liabilities:
Accounts receivable ($312 and $4,598 from related parties)
21,168 20,521 
Prepaid expenses and other current assets13,557 5,230 
Operating lease right-of-use assets9,277  
Other non-current assets(2,733)144 
Accounts payable, accrued expenses and other current liabilities(4,822)(11,852)
Deferred revenue, current and non-current ($(15,482) and $(21,774) from related parties)
(29,382)(35,365)
Operating lease liabilities, current and non-current(18,310)(7,807)
Other non-current liabilities(974)82 
Net cash used in operating activities(237,669)(147,667)
Cash flows from investing activities:
Purchase of convertible note (related party) (10,000)
Purchases of property and equipment(37,355)(26,626)
Proceeds from sale of equipment3,000 110 
Purchase of investment in equity securities (3,691)
Deconsolidation of subsidiaries - cash (55,721)
Other336 (1,206)
Net cash used in investing activities(34,019)(97,134)
Cash flows from financing activities:
Principal payments on finance leases(977)(912)
Contingent consideration payment(1,082)(521)
Other(525)(993)
Net cash used in financing activities(2,584)(2,426)
Effect of foreign exchange rates on cash and cash equivalents(690)(191)
Net decrease in cash, cash equivalents and restricted cash(274,962)(247,418)
 
Cash and cash equivalents, beginning of period1,315,792 1,550,004 
Restricted cash, beginning of period53,789 42,924 
Cash, cash equivalents and restricted cash, beginning of period1,369,581 1,592,928 
 
Cash and cash equivalents, end of period1,049,244 1,302,603 
Restricted cash, end of period45,375 42,907 
Cash, cash equivalents and restricted cash, end of period$1,094,619 $1,345,510 
*As adjusted to reflect the impact of the adoption of ASC 842 as of January 1, 2022. See Note 1 for a summary of the adjustments.
The accompanying notes are an integral part of these condensed consolidated financial statements.
5

Ginkgo Bioworks Holdings, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)

1. Basis of Presentation and Summary of Significant Accounting Policies
Business
The mission of Ginkgo Bioworks Holdings, Inc. (“Ginkgo” or the “Company”) is to make biology easier to engineer. The Company designs custom cells for customers across multiple markets. Since inception, the Company has devoted its efforts to improving its platform for programming cells to enable customers to leverage biology to create impactful products across a range of industries. The Company’s platform comprises (i) equipment, robotic automation, software, data pipelines and tools, and standard operating procedures for high throughput genetic engineering, fermentation, and analytics (referred to collectively as the “Foundry”), (ii) a library of proprietary genetic assets and associated performance data (referred to collectively as “Codebase”), and (iii) the Company’s team of expert users, developers and operators of the Foundry and Codebase.
With a mission to make biology easier to engineer, the Company has recognized the need to invest in biosecurity as a key component of its platform. The Company’s biosecurity and public health unit, Concentric by Ginkgo, is building a global infrastructure for biosecurity to empower governments, communities, and public health leaders to prevent, detect and respond to a wide variety of biological threats.
Basis of Presentation
The accompanying condensed consolidated financial statements have been prepared in conformity with the rules and regulations of the Securities and Exchange Commission and generally accepted accounting principles in the United States (“GAAP”) for interim financial reporting. Accordingly, certain detailed disclosures which would normally be included with annual financial statements have been omitted. In the opinion of management, all normal recurring adjustments necessary for a fair presentation have been made. These condensed consolidated financial statements should be read in conjunction with the Company's 2022 Annual Report on Form 10-K. Interim results are not necessarily indicative of results for a full year.
Principles of Consolidation
The accompanying condensed consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, majority owned subsidiaries and variable interest entities if the Company is the primary beneficiary. All intercompany accounts and transactions have been eliminated.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent liabilities in the condensed consolidated financial statements. Estimates used in the preparation of these condensed consolidated financial statements include, among others, revenue recognition, stock-based compensation, the fair value of assets acquired and liabilities assumed in a business combination, the fair value of non-cash consideration received from customers, the fair value of certain notes receivable, the fair value of certain investments including equity method investments, the fair value of warrant liabilities, the allocation of equity method investment losses under the hypothetical liquidation at book value (“HLBV”) method, the incremental borrowing rate used in determining lease liabilities, impairment of long-lived assets, allowance for credit losses, accrued expenses and income taxes.
The Company bases its estimates on historical experience and other market-specific or relevant assumptions that it believes to be reasonable under the circumstances. Reported amounts and disclosures reflect the overall economic conditions that management believes are most likely to occur, and the anticipated measures management intends to take. Actual results could differ materially from those estimates. All revisions to accounting estimates are recognized in the period in which the estimates are revised.
6

Ginkgo Bioworks Holdings, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
Significant Accounting Policies
There have been no new or material changes to the Company’s significant accounting policies during the nine months ended September 30, 2023 as compared to the significant accounting policies described in Note 2 to the Company's 2022 consolidated financial statements included in the 2022 Annual Report on Form 10-K.
Retrospective Application of a Change in Accounting Principle
The Company adopted Accounting Standards Update No. 2016-02, Leases (“ASC 842”), which supersedes the guidance in Accounting Standards Codification Topic 840, Leases (“ASC 840”), effective January 1, 2022. As the Company elected the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the Jumpstart Our Business Startups Act of 2012, ASC 842 was adopted in connection with the preparation of the Company’s annual consolidated financial statements as of and for the year ended December 31, 2022. As such, the comparative information for the three and nine months ended September 30, 2022 has been adjusted herein to reflect the impact of the adoption of ASC 842 as of January 1, 2022.
Select line items from the condensed consolidated statement of operations and comprehensive loss reflecting the adoption of ASC 842 are as follows (in thousands):
 Three Months Ended September 30, 2022Nine Months Ended September 30, 2022
 As Previously Reported Adjustments As Adjusted As Previously Reported Adjustments As Adjusted
Costs and operating expenses:
Research and development$259,580 $1,880 $261,460 $871,488 $3,607 $875,095 
General and administrative435,184 37 435,221 1,308,379 37 1,308,416 
Total operating expenses719,419 1,917 721,336 2,353,865 3,644 2,357,509 
Loss from operations(653,021)(1,917)(654,938)(1,974,444)(3,644)(1,978,088)
Other (expense) income:
Interest income, net5,820 560 6,380 7,097 1,724 8,821 
Other income (expense), net(957)281 (676)629 844 1,473 
Total other (expense) income, net(16,062)841 (15,221)41,969 2,568 44,537 
Loss before income taxes(669,083)(1,076)(670,159)(1,932,475)(1,076)(1,933,551)
Net loss(669,055)(1,076)(670,131)(1,932,218)(1,076)(1,933,294)
Net loss attributable to Ginkgo Bioworks Holdings, Inc. stockholders(669,055)(1,076)(670,131)(1,928,385)(1,076)(1,929,461)
Select line items from the condensed consolidated statements of stockholders’ equity reflecting the adoption of ASC 842 are as follows (in thousands):
 As of September 30, 2022
 As Previously Reported AdjustmentsAs Adjusted
Accumulated deficit$(4,226,310)$4,119 $(4,222,191)
Total stockholders' equity1,439,736 4,119 1,443,855 
7

Ginkgo Bioworks Holdings, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
Select line items from the condensed consolidated statements of cash flows reflecting the adoption of ASC 842 are as follows (in thousands):
 Nine Months Ended September 30, 2022
 As Previously Reported Adjustments As Adjusted
Cash flows from operating activities:
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization$28,602 $(1,717)$26,885 
Amortization of finance lease right-of-use assets (1)— 1,535 1,535 
Non-cash lease expense— 11,877 11,877 
Changes in operating assets and liabilities:
Prepaid expenses and other current assets5,849 (619)5,230 
Accounts payable, accrued expenses and other current liabilities(11,744)(108)(11,852)
Operating lease liabilities, current and non-current— (7,807)(7,807)
Deferred rent, non-current2,255 (2,255)— 
Cash flows from financing activities:
Principal payments on finance leases— (912)(912)
Principal payments on capital leases and lease financing obligation(1,082)1,082 — 
(1) Presented in other non-cash activity
Recently Issued Accounting Pronouncements
There were no new recently issued accounting pronouncements that are of significance or potential significance to the Company from those disclosed herein and within Note 2 to the Company's 2022 consolidated financial statements included in the 2022 Annual Report on Form 10-K.
2. Business Combination
On April 1, 2022, the Company acquired all of the outstanding equity interests of FGen AG (“FGen”), a company organized under the laws of Switzerland that specializes in strain development and optimization and has developed an ultra-high-throughput screening platform. The Company accounted for the transaction as a business combination under ASC 805, Business Combinations. The consideration paid was comprised of common stock and contingent consideration as follows (in thousands):
Fair value of Class A common stock$17,015 
Fair value of contingent consideration - restricted stock3,842 
Fair value of contingent consideration - milestones8,464 
Total FGen consideration$29,321 
The Company issued 5.7 million shares of its Class A common stock on the acquisition date comprised of 4.0 million unrestricted shares valued at $17.0 million based on the closing market price of $4.20 per share and 1.7 million restricted shares classified as contingent consideration and subject to vesting conditions. Of the restricted shares, 0.6 million shares were subsequently forfeited during the quarter ended June 30, 2022 when the contingency related to the filing of a registration statement was resolved. The Company incurred $1.7 million of acquisition-related costs which were included in general and administrative expenses in the condensed consolidated statements of operations and comprehensive loss for the nine months ended September 30, 2022.
8

Ginkgo Bioworks Holdings, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
The following table presents the final allocation of the purchase price to the assets acquired and liabilities assumed as of the acquisition date (in thousands):
 
Final Allocation
Cash and cash equivalents$1,430 
Accounts receivable144 
Other non-current assets10 
Property and equipment34 
Intangible assets (1)
21,100 
Goodwill (2)
10,615 
Accounts payable and accrued expenses(29)
Deferred revenue(104)
Deferred tax liability(3,879)
Net assets acquired$29,321 
(1)Estimated useful life of 15 years.
(2)Non-deductible for tax purposes.

3. Fair Value Measurements
The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands):
As of September 30, 2023
ClassificationTotalLevel 1Level 2Level 3
Assets:     
Money market fundsCash and cash equivalents$1,019,232 $1,019,232 $ $ 
Synlogic, Inc. warrants (1)
Investments477  477  
Marketable equity securities (2)
Investments20,148 18,842 1,306  
Loan receivablePrepaid expenses and other current assets100   100 
Notes receivableOther non-current assets39,860  30,000 9,860 
Total assets $1,079,817 $1,038,074 $31,783 $9,960 
Liabilities:    
Public WarrantsWarrant liabilities$7,934 $7,934 $ $ 
Private Placement Warrants (3)
Warrant liabilities4,321  125 4,196 
Contingent considerationAccrued expenses and other current liabilities23,838   23,838 
Contingent considerationOther non-current liabilities7,488   7,488 
Total liabilities $43,581 $7,934 $125 $35,522 
9

Ginkgo Bioworks Holdings, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
  As of December 31, 2022
ClassificationTotalLevel 1Level 2Level 3
Assets:     
Money market fundsCash and cash equivalents$1,089,026 $1,089,026 $ $ 
Synlogic, Inc. warrants (1)
Investments1,937  1,937  
Marketable equity securities (2)
Investments25,714 21,312 4,402  
Notes receivableOther non-current assets37,660  30,000 7,660 
Total assets $1,154,337 $1,110,338 $36,339 $7,660 
Liabilities:    
Public WarrantsWarrant liabilities$6,900 $6,900 $ $ 
Private Placement Warrants (3)
Warrant liabilities3,968  108 3,860 
Contingent considerationAccrued expenses and other current liabilities6,378   6,378 
Contingent considerationOther non-current liabilities18,095   18,095 
Total liabilities $35,341 $6,900 $108 $28,333 
(1)The fair value of Synlogic, Inc. warrants is calculated as the quoted price of the underlying common stock, less the unpaid exercise price of the warrants.
(2)Marketable equity securities classified as Level 2 reflect a discount for lack of marketability due to regulatory sales restrictions.
(3)The fair value of Private Placement Warrants classified as Level 2 is equivalent to that of Public Warrants as the transfer of Private Placement Warrants to anyone other than the initial purchasers or any of their permitted transferees results in the Private Placement Warrants having substantially the same terms as the Public Warrants.
Transfers to/from Levels 1, 2 and 3 are recognized at the end of the reporting period in which a change in valuation technique or methodology occurs. Transfers from Level 2 to Level 1 during the nine months ended September 30, 2022 were due to a lapse on regulatory sales restrictions on marketable equity securities. There were no other transfers to/from Levels 1, 2, or 3 during the nine months ended September 30, 2023 and 2022.
Notes Receivable
The Company has elected the fair value option under ASC 825, Financial Instruments, to account for its notes receivable. Notes receivable accounted for under the fair value option are marked to market as of each balance sheet date with changes in fair value recorded in other income (expense), net in the condensed consolidated statements of operations and comprehensive loss.
As of September 30, 2023 and December 31, 2022, notes receivable measured at fair value on a recurring basis primarily consisted of a $30.0 million senior secured note (“Senior Secured Note”) purchased from Bolt Threads, Inc. and a series of convertible promissory notes issued by customers as payment for Cell Engineering services.
The Company used the yield method to value the Senior Secured Note. Under this method, the estimated future cash flows, consisting of principal and interest payments, are discounted to present value using an applicable market yield or discount rate. Increases or decreases in the market yield or discount rate would result in a decrease or increase, respectively, in the fair value measurement. The market yield is determined using a corporate bond yield curve corresponding to the credit rating category of the issuer. The fair value of the Senior Secured Note is based on observable market inputs, which represents a Level 2 measurement within the fair value hierarchy.
The Company used a scenario-based method to value the series of convertible promissory notes from customers. Under the scenario-based method, future cash flows are evaluated under qualified financing, maturity and dissolution scenarios, probability-weighted, and discounted to present value. The significant unobservable (Level 3) inputs used in the fair value measurement as of September 30, 2023 were scenario probabilities of 15% to 55%, a discount rate of 17% and estimated time to event date of one to three years. The significant unobservable (Level 3) inputs used in the fair value measurement
10

Ginkgo Bioworks Holdings, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
as of December 31, 2022 were scenario probabilities of 15% to 55%, a discount rate of 12.5% and estimated time to event date of one to three years. Significant changes in these inputs could have resulted in a significantly lower or higher fair value measurement. As of September 30, 2023, the convertible promissory notes had an unpaid principal balance of $12.7 million and a fair value of $10.0 million. As of December 31, 2022, the convertible promissory notes had an unpaid principal balance of $7.5 million and a fair value of $7.7 million.
The following table provides a reconciliation of notes and loans receivable measured at fair value using Level 3 significant unobservable inputs for the nine months ended September 30 (in thousands):
 20232022
Balance at January 1,$7,660 $11,559 
Additions4,106  
Change in fair value(1,806)269 
Balance at September 30,$9,960 $11,828 
Warrant Liabilities
In connection with the Company's merger with Soaring Eagle Acquisition Corp. (“SRNG”) on September 16, 2021, the Company assumed 34.5 million publicly-traded warrants (“Public Warrants”) and 17.3 million private placement warrants (the “Private Placement Warrants”) previously issued in connection with SRNG’s initial public offering. The fair value of the Public Warrants is based on the observable quoted price of such warrants on the New York Stock Exchange. The fair value of the Private Placement Warrants is estimated using the Black-Scholes option pricing model, which is considered to be a Level 3 fair value measurement. The primary unobservable input used in the valuation of the Private Placement Warrants is expected stock-price volatility. The Company estimated the volatility of its Private Placement Warrants using a Monte-Carlo simulation of the redeemable Public Warrants that assumes optimal exercise of the Company's redemption option at the earliest possible date. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend yield is based on the historical rate, which the Company anticipates remaining at zero.
The following table provides quantitative information regarding Level 3 inputs used in the recurring valuation of the Private Placement Warrants as of their measurement dates:
 September 30, 2023December 31, 2022
Exercise price$11.50 $11.50 
Stock price$1.81 $1.69 
Volatility79.0 %71.5 %
Term (in years)2.963.71
Risk-free interest rate4.83 %4.11 %
The following table provides a reconciliation of the Private Placement Warrants measured at fair value using Level 3 significant unobservable inputs for the nine months ended September 30 (in thousands):
 20232022
Balance at January 1,$3,860 $58,558 
Change in fair value336 (43,658)
Balance at September 30,$4,196 $14,900 
11

Ginkgo Bioworks Holdings, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
Contingent Consideration
In connection with the acquisition of FGen in April 2022, the Company is required to make contingent earnout payments up to $20.0 million primarily related to the successful integration and deployment of the FGen technology across the Company's programs.
In connection with the acquisition of Dutch DNA Biotech B.V. (“Dutch DNA”) in July 2021, the Company is required to make contingent earnout payments up to a maximum of $20.0 million payable upon the achievement of certain technical and commercial milestones by Dutch DNA pursuant to a Technical Development Agreement executed between the Company and Dutch DNA prior to the close of the acquisition.
In connection with the acquisition of Circularis Biotechnologies, Inc., (“Circularis”) in October 2022, the Company is required to make contingent earnout payments up to a maximum of $37.5 million payable primarily upon the achievement of certain clinical trial milestones over a five-year period, $2.5 million of which was achieved in October 2023.
In connection with the acquisition of Altar SAS (“Altar”) in October 2022, the Company is required to make contingent earnout payments up to $2.5 million upon the successful transfer of the Altar technology to Ginkgo's sites in the U.S.
The Company also issued restricted stock related to acquisitions that is subject to vesting conditions and is classified as contingent consideration liability. The fair value of contingent consideration related to restricted stock was estimated using the quoted price of Ginkgo's Class A common stock, an estimate of the number of shares expected to vest, probability of vesting, and a discount rate. The fair value of contingent consideration related to earnout payments from acquisitions was estimated using unobservable (Level 3) inputs as illustrated in the table below. Material increases or decreases in these inputs could result in a higher or lower fair value measurement. Changes in the fair value of contingent consideration are recorded in general and administrative expense in the condensed consolidated statements of operations and comprehensive loss.
The Company can settle all contingent consideration liabilities, other than those related to the Dutch DNA acquisition, in cash or shares of Class A common stock at the Company’s election. During the nine months ended September 30, 2023, the Company settled $4.8 million in contingent consideration liabilities through payment of $1.5 million in cash and vesting of 1.6 million shares of restricted stock valued at $3.2 million. Of that amount, $1.4 million related to the Circularis asset acquisition was recorded as an increase to the acquired intangible asset with an offset to additional paid-in-capital as the contingent consideration liability was deemed not probable until the filing of a registration statement.
The following table provides quantitative information regarding Level 3 inputs used in the fair value measurements of contingent consideration liabilities as of the periods presented:
   September 30, 2023December 31, 2022
Contingent Consideration LiabilityValuation TechniqueUnobservable InputRange Range
Earnout payments (FGen, Dutch DNA, Circularis and Altar acquisitions)Probability-weighted present valueProbability of payment
10% - 100%
2% - 100%
  Discount rate
14.5% - 15.3%
12.2% - 13.1%
Earnout payments (Dutch DNA acquisition)Discounted cash flowProjected years of payments
2025 - 2028
2025 - 2028
  Discount rate11.5 %12.0 %
12

Ginkgo Bioworks Holdings, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
The following table provides a reconciliation of the contingent consideration measured at fair value using Level 3 significant unobservable inputs for the nine months ended September 30 (in thousands):
 20232022
Balance at January 1,$24,473 $8,467 
Additions1,397 13,150 
Change in fair value10,217 58 
Settlements and payments(4,761)(2,644)
Balance at September 30,$31,326 $19,031 
Nonrecurring Fair Value Measurements
The Company measures the fair value of certain assets, including investments in privately held companies without readily determinable fair values, on a nonrecurring basis when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable and when there are observable price changes for the identical or similar security of the same issuer. The fair value of non-marketable equity securities is classified within Level 3 in the fair value hierarchy when the Company estimates fair value using unobservable inputs to measure the amount of the impairment loss. The fair value of non-marketable equity securities is classified within Level 2 in the fair value hierarchy when the Company estimates fair value using the observable transaction price paid by third party investors for the identical or similar security of the same issuer.
During the three and nine months ended September 30, 2023, the Company recorded a $33.0 million impairment loss related to its investment in Genomatica preferred stock. The fair value measurement was determined using the guideline public company method under the market approach. The significant unobservable inputs used in the valuation included the selection and analysis of guideline public companies, revenue multiple and other unobservable assumptions. Additionally, during the three and nine months ended September 30, 2023, the Company recorded a $1.6 million downward adjustment from an observable price change related to one of its investments in non-marketable equity securities.
During the nine months ended September 30, 2023, the Company received $11.0 million in Simple Agreement for Future Equity arrangements (“SAFEs”) from customers as prepayment for Cell Engineering services. The Company used a scenario-based method to value the SAFEs at contract inception, which resulted in a total fair value of $4.5 million. Under the scenario-based method, future cash flows were evaluated under qualified financing and dissolution scenarios with partial recovery and no recovery in dissolution. The cash flows under each scenario were probability-weighted and discounted to present value. The significant unobservable inputs used in the fair value measurement were scenario probabilities of 20% to 60%, a discount rate of 14% and estimated time to event date of one to two years.
During the nine months ended September 30, 2023, the Company recorded a $1.8 million impairment loss related to a SAFE to write-down its carrying amount to its estimated fair value. The fair value measurement of the impairment loss was determined using the scenario-based method, whereby dissolution scenarios with partial recovery and no recovery were probability weighted 15% and 85%, respectively, and discounted to present value using a discount rate of 14%.
Additionally, the Company recorded impairments of lab equipment and assets related to an operating lease. Refer to Note 6 for additional detail.
4. Investments and Equity Method Investments
The Company partners with other investors to form business ventures, including Motif FoodWorks, Inc. (“Motif”), Allonnia, LLC (“Allonnia”), Arcaea, LLC (“Arcaea”), Verb Biotics, LLC (“Verb”), BiomEdit, LLC (“BiomEdit”) and Ayana Bio, LLC (“Ayana”) (collectively “Platform Ventures”). The Company also partners with existing entities, including Genomatica, Inc. (“Genomatica”) and Synlogic, Inc. (“Synlogic”) (collectively, “Legacy Structured Partnerships”) with complementary assets for high potential synthetic biology applications. The Company holds equity interests in these Platform Ventures and Structured Partnerships. The Company also holds equity interests in other public and private companies as a result of entering into collaboration and license revenue arrangements with these entities.
13

Ginkgo Bioworks Holdings, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
The Company accounts for its investments in Platform Ventures under the equity method. The Company's marketable equity securities consist of Synlogic common stock, Synlogic warrants and the shares of common stock of other publicly traded companies. Marketable equity securities are measured at fair value with changes in fair value recorded in other (expense) income in the condensed consolidated statements of operations and comprehensive loss. The Company’s non-marketable equity securities consist of preferred stock of Genomatica and preferred and common stock of other privately held companies without readily determinable fair values. Non-marketable equity securities are initially recorded using the measurement alternative at cost and subsequently adjusted for any impairment and observable price changes in orderly transactions for the identical or a similar security of the same issuer. The Company recorded a $33.0 million impairment loss related to its investment in Genomatica for the three and nine months ended September 30, 2023, and a $10.1 million impairment loss related to its investment in Genomatica for the nine months ended September 30, 2022. During the three and nine months ended September 30, 2023, the Company recorded a $1.6 million downward adjustment from an observable price change related to its investments in non-marketable equity securities. There were no adjustments from observable price changes during the three and nine months ended September 30, 2022. Impairment losses and adjustments from observable price changes are recorded in loss on investments in the condensed consolidated statements of operations and comprehensive loss.
The Company also holds investments in early-stage synthetic biology product companies via SAFEs. The Company enters into SAFE agreements in conjunction with a revenue contract with a customer under which the Company grants the customer a prepaid Cell Engineering services credit equal to the principal amount of the SAFE (the “Purchase Amount”), which may be used and drawn down as payment for the Company’s research and development services. The SAFEs will automatically convert into shares of preferred stock equal to the Purchase Amount divided by the discount price, which is calculated as the price per share sold in a qualified equity financing multiplied by a discount rate. The SAFEs also provide the Company with the right to future equity of the entity in a liquidation scenario or the cash-out amount in liquidation and dissolution scenarios or at the election of the SAFE issuer prior to an agreed outside date. The Company initially records SAFEs at fair value (see Note 3) and adjusts the carrying amount of the instrument at each reporting period for any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar instrument of the same issuer. During the nine months ended September 30, 2023, the Company recorded a $1.8 million impairment charge related to SAFEs, included as a component of loss on investments in the condensed consolidated statements of operations and comprehensive loss. There was no impairment recorded during the three or nine months ended September 30, 2022 and no adjustments from observable price changes during any of the periods presented.
Investments and equity method investments consisted of the following (in thousands):
 As of September 30,As of December 31,
 20232022
Investments:  
Genomatica, Inc. preferred stock$11,885 $44,885 
Synlogic, Inc. common stock1,188 4,819 
Synlogic, Inc. warrants477 1,937 
Marketable equity securities18,960 20,895 
Non-marketable equity securities27,631 17,544 
SAFEs24,829 22,108 
Total$84,970 $112,188 
Equity method investments (1):
  
BiomEdit, LLC$ $369 
Other1,120 1,174 
Total$1,120 $1,543 
(1)Equity method investments in Platform Ventures with a carrying value of zero as of September 30, 2023 and December 31, 2022 were excluded from the table.
14

Ginkgo Bioworks Holdings, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
(Losses) gains on investments and equity method investments consisted of the following (in thousands):
 Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
(Loss) gain on investments:
Synlogic, Inc. common stock$(1,538)$(1,268)$(3,631)$(9,321)
Synlogic, Inc. warrants(618)(510)(1,459)(3,746)
Genomatica, Inc.(33,000) (33,000)(10,115)
Marketable equity securities460 215 (3,286)(16,604)
Non-marketable equity securities(1,628)(195)(1,628)(195)
SAFEs  (1,811) 
Total$(36,324)$(1,758)$(44,815)$(39,981)
Loss on equity method investments:
Joyn Bio, LLC$ $(5,226)$ $(15,637)
Verb Biotics, LLC   (15,900)
BiomEdit, LLC (1,308)