Latest news with #NSCEB
Time Magazine
3 days ago
- Business
- Time Magazine
The U.S. Can't Afford to Lose the Biotech Race with China
In this era of escalating trade tensions and geopolitical uncertainty, the U.S. cannot afford to cede another critical industry to China. Though we have long stood as the global leader in biotechnology, we are now at risk of losing that position, just as we did with semiconductors a generation ago. American innovation brought about the semiconductor revolution. For decades, we supplied the world with those innovations, too: U.S. manufacturers produced nearly 40% of all semiconductors in 1990. Today, that number is hardly over 10%. And while the Chinese chip industry has long lagged behind global leaders, China has spent billions catching up and is expected to have captured nearly 25% of the worldwide chip manufacturing market by 2030. History is about to repeat itself, this time in the biotech sector, as we write in a new report with our fellow Commissioners on the National Security Commission on Emerging Biotechnology (NSCEB). The Chinese government has been heavily investing in its biotech sector for decades, and while many of the most consequential discoveries in the field were made by American scientists in American labs, we are now quickly losing ground to China in everything from the production of critical medications to the development of defense applications. The NSCEB has put forward recommendations to speed up the American biotech sector while slowing down Chinese advancement, but the successful implementation of those recommendations will require real, tangible collaboration between industry and government. Here, we highlight two critical areas for immediate action: 1. Limit the influence of adversarial capital on American biotech Too many American biotech companies, struggling to raise funding and traverse the ' valley of death '—the phase of technology development when research funding runs dry but before commercialization and profit are possible—have accepted capital from foreign investors, including Chinese entities. Once those entities hold a stake in an American business, they may influence the trajectory of product development, or even work to degrade the company's relationship with the American government. For instance, some forms of Chinese investment make companies ineligible for many government contracts. At the least, they gain insight into the state of American biotech and access to valuable intellectual property. China's recent restrictions on investment in American companies only further demonstrate the Chinese Communist Party's willingness to alter investment regulation as part of their strategy for competition. Biotech companies have a responsibility to better understand the dangers of adversarial investment. Unlike the pharmaceutical industry, biotech is relatively uncoordinated, with fewer centralized bodies dedicated to regulation or information sharing. This also means there are minimal mechanisms for a unified response to those dangers. Therefore, industry leaders must organize to take up this issue, not just for the sake of national security, but also because it's good business: protecting our biotech ecosystem's intellectual property is critical for its economic success. Government action is also essential in combatting this threat—that's why the NSCEB has recommended that Congress create the Independence Investment Fund. Managed by an expert, non-government partner, the fund would back start-ups that strengthen American national security but are struggling to attract traditional investors. It would support businesses in exactly the situation that most often leads to foreign investment, allowing up-and-coming American biotech companies to survive difficult periods in their development and successfully enter the global market. This infusion of strategically deployed federal capital into our biotech sector would make a disproportionate impact at this critical moment in the development of the industry, paving the way for private investment. 2. Create better information flow between the biotech sector and the American government, particularly the intelligence community If we believe, as we NSCEB Commissioners do, that economic security is national security, we must enhance reciprocal communication between our intelligence establishments and industry. Briefing business leaders on the risks their companies face will allow them to take action in the boardroom. To a similar end, we must manage the over-classification of intelligence that often prevents the sharing of important findings with civilian business leaders, particularly when complex geopolitical dynamics are involved. Greater collaboration will also permit our government to better understand the industries they seek to protect: access to the perspectives of biotech leadership will allow the intelligence community to recognize the most pressing issues for our government to monitor. We also must involve many more people across government with knowledge of biology and science, outside of the traditional and narrow framing of chemical, biological, radiological, and nuclear threats. Without people in the room who can understand the biotech sector and its needs, we will fail to effectively navigate this increasingly important theater for U.S.-China geopolitical competition. The risks presented by adversarial capital and the siloing of information are just two opportunities for the kind of public-private collaboration that could protect our biotech industry. And importantly, like the other areas for action the NSCEB identifies in our report, they are issues we have the ability to fix before it's too late. Decades ago, we failed to preserve our position as the global leader in semiconductor manufacturing. That error required us to take extraordinarily expensive, difficult, and uncertain measures to regain what we lost. Today, as we face a similar risk with biotech, we must not make the same mistake again.
Forbes
6 days ago
- Politics
- Forbes
Congressional Biotech Commission Highlights Workforce Investment Needs
Sen. Todd Young (R-IN), chair of the National Security Commission on Emerging Biotechnology, speaks ... More to reporters in the U.S. Capitol Building in Washington, DC. (Photo by) Last month, the National Security Commission on Emerging Biotechnology (NSCEB), chaired by Senator Todd Young (R-IN), published a report raising the alarm around the United States' ceded ground in biotechnology to competitors like China. Among its many policy prescriptions, the report calls for bringing 'the full weight of American innovation" to maintain U.S. leadership in the biotechnology industry. Based on two years of research, the 195-page document offers a sobering conclusion: China is quickly leapfrogging the U.S. in biotechnology dominance, having made the emerging technology a priority for the next twenty years. The United States must act in the next three years to remain competitive. Central to the agenda is a charge to build the biotechnology workforce of the future through expanded 'bioliteracy' and training programs. Much like AI literacy has become a zeitgeist in education and national security circles, the Commission argues that biotechnology ought to be front and center for workforce leaders. The report emphasizes the importance of these goals for the U.S. National Science Foundation (NSF), the nation's grant-making wellspring for research and STEM education. However, President Trump has halted NSF funding and proposed gutting the agency by halving its budget. The move follows a wave of DOGE-led cancellations of over 1,000 scientific studies and student fellowships, mass layoffs, a halt in research proposal reviews, the dissolution of the agency's internal infrastructure, and the abrupt resignation of NSF Director Sethuraman Panchanathan—himself a Senate-confirmed Trump appointee. Research from New America's Future of Work and Innovation Economy initiative has studied the role of the NSF and national science policy for emerging technology workforce training, including around the ability of community colleges to meet labor market needs in emerging biotech tech hubs. For example, Forsyth Tech Community College in Winston-Salem, North Carolina is leveraging NSF funding to prepare students for skilled technical workforce jobs in biotechnology and regenerative medicine. These jobs will not serve the health of North Carolinians but bolster the state's economic development and contributions to national security ambitions. Last year, the college was the site of the announcement of the U.S. National Science Foundation's historic Regional Innovation Engines program. This key CHIPS and Science Act investment represents the broadest attempt to support place-based research-driven economic development since the Morrill Act at the height of the Civil War. Each of the NSF Engines aims to grow industries around emerging technology areas. As a key partner in North Carolina's Piedmont Triad Regenerative Medicine Engine, Forsyth Tech has added a new non-degree credential focused on bioprinting. This credential offers hands-on training in industry-grade equipment essential to the Commission's biotechnology aspirations. NSF funding has enabled the community college to purchase cutting-edge equipment that would be otherwise cost-prohibitive and create hands-on learning environments that mirror real-world biotech workplaces. This includes: In one case, a Forsyth Tech student used the lab's mass spectrometer to isolate a compound from a botanical native to Madagascar, known for its healing properties. The same lab infrastructure that helps students learn also supports startups and small biotech firms, offering access to high-end tools they could not otherwise afford. Unlike voucher-based training programs housed at other federal agencies, NSF funding enables colleges to contribute more ambitious and strategic forms of tech-based economic development. Several NSF programs like Experiential Learning for Emerging and Novel Technologies (ExLENT), which NSF created following the CHIPS Act and was a best practice called out in Young's report, were designed to scale hands-on work-based learning opportunities in emerging technology areas just like these. Across the country, MiraCosta College in California leveraged NSF ExLENT funding to expand internship and pre-apprenticeship programs in biomanufacturing. Speaking at a Community College Congressional Caucus briefing hosted on Capitol Hill by New America and the Association of Community College Trustees earlier this year, Forsyth Tech President Janet Spriggs said that this progress would not be possible without NSF funding, commending Senators Thom Tillis, Ted Budd, and Representative Virginia Foxx for their support. The return on this investment is clear in North Carolina, where biotech is a major economic driver, and that could be the case all across the country if NSF funding is sustained and increased. Spriggs said these policymakers recognize that NSF funding is not just an educational investment—it is a strategic commitment to economic development and the health and safety of the nation. The NSCEB's report confirms that view. In a world where scientific talent is urgently needed, community colleges prove that workforce opportunity, innovation, and public good can thrive at the same intersection. NSF investments empower these institutions to deliver on that promise. Continued federal support—and bipartisan advocacy—are vital to ensuring that this work continues and expands. After all, the next life-saving breakthrough might begin in a community college lab.
Yahoo
06-05-2025
- Business
- Yahoo
Ginkgo Bioworks Reports First Quarter 2025 Financial Results
Ginkgo's reduction in force and other cost cutting measures have achieved an annualized run-rate cost reduction of $205 million as of the first quarter of 2025, with a target to achieve $250 million in cost reduction by the end of the third quarter of 2025. Site consolidation efforts were substantially completed by the year ended 2024, with excess space available for sublease. We made progress on our objective to reach Adjusted EBITDA breakeven by the end of 2026 We have 28 US Government projects across Cell Engineering and Biosecurity with ~$180M of contracted backlog and unfunded potential backlog Office of Science and Technology Policy (OSTP) Director Michael Kratsios and the National Security Commission on Emerging Biotechnology (NSCEB) report have both recently emphasized biotech as an area of national importance Biotechnology remains a critical emerging technology area in the US and Ginkgo is well positioned to provide biosecurity and R&D services "We're starting the year on a solid base thanks to the significant restructuring efforts of the past year," said Jason Kelly, co-founder and CEO of Ginkgo Bioworks. "Our Solutions business has become a trusted R&D service provider to the US Government and biopharma industry, meanwhile our Tools businesses have traction with existing offerings and are positioned to meet emergent opportunities in areas like AI, which are driving demand for large scale biological datasets. Through all of this, we are maintaining our commitment to achieving our cost reduction targets." First quarter 2025 Adjusted EBITDA of $(47) million, up from $(117) million in the comparable prior year period, driven by the increase in revenue as well as a decrease in operating expenses Excluding the $7 million non-cash deferred revenue release, first quarter 2025 Cell Engineering revenue of $31 million, up from $28 million in the comparable prior year period, an increase of 10%, primarily driven by growth with biopharma and government customers First quarter 2025 Total revenue of $48 million, up from $38 million in the comparable prior year period, an increase of 27% primarily due to $7 million of non-cash revenue from the release of deferred revenue relating to the mutual termination of a customer agreement. Excluding this impact, Total revenue in the quarter was $41 million, an increase of 8% over the prior year period. BOSTON, May 6, 2025 /PRNewswire/ -- Ginkgo Bioworks Holdings, Inc. (NYSE: DNA, "Ginkgo"), which is building the leading platform for cell programming and biosecurity, today announced its results for the first quarter ended March 31, 2025. The update, including a webcast slide presentation with additional details on the first quarter, as well as supplemental financial information will be available at . Ginkgo provides an update on its restructuring, including progress towards its expanded $250 million cost savings target Story Continues Full Year 2025 Guidance Ginkgo previously issued 2025 guidance for Total revenue of $160-$180 million, Cell Engineering revenue of $110-$130 million; and Biosecurity revenue of at least $50 million. Ginkgo updates its previously issued guidance solely to reflect the impact of the previously mentioned $7 million non-cash deferred revenue release in the first quarter to: Total revenue of $167-$187 million in 2025; Cell engineering revenue of $117-$137 million in 2025; and Biosecurity revenue of at least $50 million in 2025. Conference Call Details Ginkgo will host a videoconference today, Tuesday, May 6, 2025, beginning at 5:30 p.m. ET. The presentation will include an overview of the first quarter of 2025, recent business updates, a discussion on Ginkgo's outlook, as well as a moderated question and answer session. To ask a question ahead of the presentation, please submit your questions to @Ginkgo on X (hashtag #GinkgoResults) or by sending an e-mail to investors@ . A webcast link is available on Ginkgo's Investor Relations website and a replay will be made available following the presentation. Ginkgo Investor Website: Audio-Only Dial Ins: +1 646 931 3860 (New York) +1 301 715 8592 (Washington DC) +1 305 224 1968 (Miami) +1 312 626 6799 (Chicago) +1 346 248 7799 (Houston) +1 408 638 0968 (San Jose) +1 564 217 2000 (Seattle) +1 689 278 1000 (Orlando) Webinar ID: 966 5095 4269 If you experience technical difficulties with any of these dial-ins or if you need international dial-in numbers, please visit our website at for updated dial-in information. About Ginkgo Bioworks Ginkgo Bioworks is the leading horizontal platform for cell programming, providing flexible, end-to-end services that solve challenges for organizations across diverse markets, from food and agriculture to pharmaceuticals to industrial and specialty chemicals. Ginkgo Biosecurity is building and deploying the next-generation infrastructure and technologies that global leaders need to predict, detect, and respond to a wide variety of biological threats. For more information, visit and , read our blog , or follow us on social media channels such as X (@ Ginkgo and @ Ginkgo_Biosec ), Instagram (@ GinkgoBioworks ), Threads (@ GinkgoBioworks ) or LinkedIn . Forward-Looking Statements of Ginkgo Bioworks This press release, the presentation, and the conference call and webcast contain certain forward-looking statements within the meaning of the federal securities laws, including statements regarding our plans, strategies, including with respect to our current expectations, operations and anticipated results of operations, both business and financial, including the timing for attaining Adjusted EBITDA breakeven, impacts of our restructuring, potential customer success, including successful application of our offerings by our customers, the regulatory landscape, and expectations with regard to revenue, including our ability to meet all milestones and achieve the maximum revenue available under certain of our customer arrangements, expenses, our full year 2025 outlook, and the market environment, all of which are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, market trends, or industry results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements generally are identified by the words "believe," "can," "project," "potential," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) our ability to realize near-term and long-term cost savings associated with our site consolidation plans, including the ability to terminate leases or find sub-lease tenants for unused facilities, (ii) volatility in the price of Ginkgo's securities due to a variety of factors, including changes in the competitive and highly regulated industries in which Ginkgo operates and plans to operate, variations in performance across competitors, and changes in laws and regulations affecting Ginkgo's business, (iii) the ability to implement business plans, forecasts, and other expectations, and to identify and realize additional business opportunities, including with respect to our solutions and tools offerings, (iv) the risk of downturns in demand for products using synthetic biology, (v) the uncertainty regarding the demand for passive monitoring programs and biosecurity services, (vi) changes to the biosecurity industry, including due to advancements in technology, emerging competition and evolution in industry demands, standards and regulations, (vii) the outcome of any pending or potential legal proceedings against Ginkgo, (viii) our ability to realize the expected benefits from and the success of our Foundry platform programs and Codebase assets, (ix) our ability to successfully develop engineered cells, bioprocesses, data packages or other deliverables, (x) the product development, production or manufacturing success of our customers, (xi) our exposure to the volatility and liquidity risks inherent in holding equity interests in other operating companies and other non-cash consideration we may receive for our services, (xii) the potential negative impact on our business of our restructuring or the failure to realize the anticipated savings associated therewith and (xiii) the uncertainty regarding government budgetary priorities and funding allocated to government agencies. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of Ginkgo's annual report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") on February 25, 2025 and other documents filed by Ginkgo from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Ginkgo assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Ginkgo does not give any assurance that it will achieve its expectations. Use of Non-GAAP Financial Measures Certain of the financial measures included in this release, including Adjusted EBITDA, have not been prepared in accordance with generally accepted accounting principles ("GAAP"), and constitute "non-GAAP financial measures" as defined by the SEC. Ginkgo has included these non-GAAP financial measures because it believes they provide an additional tool for investors to use in evaluating Ginkgo's financial performance and prospects. Due to the nature and/or size of the items being excluded, such items do not reflect future gains, losses, expenses or benefits and are not indicative of our future operating performance. These non-GAAP financial measures are supplemental to, and should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. In addition, these non-GAAP financial measures may differ from non-GAAP financial measures with comparable names used by other companies. See the reconciliation below for additional information regarding certain of the non-GAAP financial measures included in this release, including a description of these non-GAAP financial measures and a reconciliation of the historic measures to Ginkgo's most comparable GAAP financial measures. Ginkgo Bioworks Contacts: INVESTOR CONTACT: investors@ MEDIA CONTACT: press@ Ginkgo Bioworks Holdings, Inc. Condensed Consolidated Balance Sheets (unaudited) (in thousands, except share data) As of March 31, As of December 31, 2025 2024 Assets Current assets: Cash and cash equivalents $ 312,420 $ 561,572 Marketable securities 204,502 — Accounts receivable, net 26,293 21,857 Accounts receivable - related parties 877 586 Prepaid expenses and other current assets 20,442 18,729 Total current assets 564,534 602,744 Property, plant and equipment, net 197,828 203,720 Operating lease right-of-use assets 383,394 394,435 Investments 32,173 48,704 Intangible assets, net 68,756 72,510 Other non-current assets 46,778 55,336 Total assets $ 1,293,463 $ 1,377,449 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 11,267 $ 14,169 Deferred revenue 33,653 27,710 Accrued expenses and other current liabilities 70,747 65,387 Total current liabilities 115,667 107,266 Non-current liabilities: Deferred revenue, net of current portion 80,378 98,783 Operating lease liabilities, non-current 434,561 438,766 Other non-current liabilities 15,430 16,576 Total liabilities 646,036 661,391 Commitments and contingencies Stockholders' equity: Preferred stock, $0.0001 par value — — Common stock, $0.0001 par value 5 5 Additional paid-in capital 6,576,786 6,555,416 Accumulated deficit (5,928,514) (5,837,557) Accumulated other comprehensive loss (850) (1,806) Total stockholders' equity 647,427 716,058 Total liabilities and stockholders' equity $ 1,293,463 $ 1,377,449 Ginkgo Bioworks Holdings, Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) (in thousands, except share data) Three Months Ended March 31, 2025 2024 Cell Engineering revenue $ 38,230 $ 27,889 Biosecurity revenue 10,088 10,055 Total revenue 48,318 37,944 Costs and operating expenses: Cost of Biosecurity revenue (1) 7,957 9,202 Cost of other revenue (1) 4,090 — Research and development (1) 70,923 136,457 General and administrative (1) 49,043 70,287 Restructuring charges 5,273 — Total operating expenses 137,286 215,946 Loss from operations (88,968) (178,002) Other income (expense): Interest income, net 6,081 11,711 Loss on investments (3,693) (2,544) Change in fair value of warrant liabilities — 940 Other income (expense), net (4,289) 2,015 Total other income (expense) (1,901) 12,122 Loss before income taxes (90,869) (165,880) Income tax expense 88 31 Net loss $ (90,957) $ (165,911) Net loss per share: Basic $ (1.68) $ (3.31) Diluted $ (1.68) $ (3.32) Weighted average common shares outstanding: Basic 54,241,619 50,111,460 Diluted 54,241,619 50,133,366 Comprehensive loss: Net loss $ (90,957) $ (165,911) Other comprehensive (loss) income: Foreign currency translation adjustment 849 (3,035) Unrealized gains on available-for-sale securities 107 — Total other comprehensive (loss) income 956 (3,035) Comprehensive loss $ (90,001) $ (168,946) (1) Total stock-based compensation expense, inclusive of employer payroll taxes, was allocated as follows (in thousands): Three Months Ended March 31, 2025 2024 Research and development $ 9,184 $ 24,120 General and administrative 9,912 18,277 Cost of Biosecurity revenue 735 — Cost of other revenue 969 — Total $ 20,800 $ 42,397 Ginkgo Bioworks Holdings, Inc. Condensed Consolidated Statements of Cash Flows (unaudited) (in thousands) Three Months Ended March 31, 2025 2024 Cash flows from operating activities: Net loss $ (90,957) $ (165,911) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 15,366 12,869 Stock-based compensation 20,431 40,782 Loss on investments 3,693 2,544 Change in fair value of notes receivable 5,285 — Change in fair value of warrant liabilities — (940) Change in fair value of contingent consideration (1,302) (926) Non-cash lease expense 7,379 5,637 Non-cash in-process research and development — 16,816 Other non-cash activity 149 (442) Changes in operating assets and liabilities: Accounts receivable (4,693) (6,770) Prepaid expenses and other current assets 462 1,154 Operating lease right-of-use assets 3,675 — Other non-current assets (167) (707) Accounts payable, accrued expenses and other current liabilities 6,419 10,871 Deferred revenue, current and non-current (12,471) (2,912) Operating lease liabilities, current and non-current (4,790) (4,097) Other non-current liabilities — 2,773 Net cash used in operating activities (51,521) (89,259) Cash flows from investing activities: Purchases of marketable debt securities (191,182) — Purchases of property and equipment (7,622) (6,710) Business acquisition — (5,400) Other 120 — Net cash used in investing activities (198,684) (12,110) Cash flows from financing activities: Proceeds from exercise of stock options — 70 Principal payments on finance leases (207) (294) Contingent consideration payment — (621) Net cash used in financing activities (207) (845) Effect of foreign exchange rates on cash and cash equivalents 74 (157) Net decrease in cash, cash equivalents and restricted cash (250,338) (102,371) Cash and cash equivalents, beginning of period 561,572 944,073 Restricted cash, beginning of period 44,171 45,511 Cash, cash equivalents and restricted cash, beginning of period 605,743 989,584 Cash and cash equivalents, end of period 312,420 840,440 Restricted cash, end of period 42,985 46,773 Cash, cash equivalents and restricted cash, end of period $ 355,405 $ 887,213 Ginkgo Bioworks Holdings, Inc. Segment Information (in thousands, unaudited) Three Months Ended March 31, 2025 2024 Cell Engineering Revenue $ 38,230 $ 27,889 Costs and operating expenses: Cost of other revenue 3,121 — Research and development 48,670 81,898 General and administrative 18,027 38,244 Cell Engineering operating loss (31,588) (92,253) Biosecurity Revenue 10,088 10,055 Costs and operating expenses: Cost of Biosecurity revenue 7,223 9,202 Research and development — 120 General and administrative 8,050 11,951 Biosecurity operating loss (5,185) (11,218) Total segment operating loss (36,773) (103,471) Reconciling items to reconcile total segment operating loss to loss before income taxes: Stock-based compensation (1) 20,800 42,397 Depreciation and amortization 15,366 12,869 Restructuring charges (2) 5,273 — Carrying cost of excess space (net of sublease income) (3) 11,674 — Merger and acquisition related expense (income) (4) (918) 2,394 Acquired in-process research and development — 16,871 Other (income) expense, net (5) 1,901 (12,122) Loss before income taxes $ (90,869) $ (165,880) (1) Includes $0.4 million and $1.6 million in employer payroll taxes for the three months ended March 31, 2025 and 2024, respectively. (2) Restructuring charges primarily consist of employee termination costs from the reduction in force commenced in June 2024. (3) The carrying cost of excess space includes base rent, common area maintenance charges, and real estate taxes associated with facilities the Company is not occupying, net of any sublease income from these spaces. (4) Represents transaction and integration costs directly related to mergers and acquisitions, including: (i) legal, consulting, and accounting fees associated with acquisitions; (ii) post-acquisition employee retention bonuses; (iii) (gain)/loss from changes in the fair value of contingent consideration liabilities resulting from acquisitions; and (iv) costs associated with the Zymergen Bankruptcy, as well as securities litigation costs. (5) Includes interest income, interest expense, loss on investments, changes in fair value of certain assets and liabilities, and other gains and losses. Ginkgo Bioworks Holdings, Inc. Selected Non-GAAP Financial Measures (in thousands, unaudited) Three Months Ended March 31, (in thousands) 2025 2024 Net loss (1) $ (90,957) $ (165,911) Interest income, net (6,081) (11,711) Income tax expense 88 31 Depreciation and amortization 15,366 12,869 EBITDA (81,584) (164,722) Stock-based compensation (2) 20,800 42,397 Restructuring charges (3) 5,273 — Loss on investments 3,693 2,544 Change in fair value of warrant liabilities — (940) Merger and acquisition related expense (income) (4) (918) 2,394 Change in fair value of convertible notes 5,285 1,326 Adjusted EBITDA $ (47,451) $ (117,001) (1) All periods include non-cash revenue when earned, including $7.5 million in the three months ended March 31, 2025 recognized pursuant to the termination of revenue contracts with BiomEdit. (2) Includes $0.4 million and $1.6 million in employer payroll taxes for the three months ended March 31, 2025 and 2024, respectively. (3) Restructuring charges primarily consist of employee termination costs from the reduction in force commenced in June 2024. (4) Represents transaction and integration costs directly related to mergers and acquisitions, including: (i) legal, consulting, and accounting fees associated with acquisitions; (ii) post-acquisition employee retention bonuses; (iii) (gain)/loss from changes in the fair value of contingent consideration liabilities resulting from acquisitions; and (iv) costs associated with the Zymergen Bankruptcy, as well as securities litigation costs. Not included in this adjustment are acquired in-process research and development expenses, which totaled zero and $16.9 million for the three months ended March 31, 2025 and 2024, respectively. Cision View original content to download multimedia: SOURCE Ginkgo Bioworks
Daily Mirror
05-05-2025
- Science
- Daily Mirror
Terrifying moment robot 'wakes up' and attacks humans while 'trying to escape'
Footage taken inside a factory in China has shown the moment a humanoid robot seemed to gained consciousness and began thrashing its arms around trying to escape its restraints Chilling CCTV footage has shown the moment a robot appeared to wake up in a factory - before violently thrashing its arms about in a bid to break free from its restraints. The android was being transferred via a crane when it seemed to suddenly become aware of its surroundings. In scenes reminiscent of sci-fi movies, it reacts with fury and then attempts to free itself as nearby human workers move away and cower in fear. Its wild thrashing sees it knock an expensive computer to the floor and other nearby items are also sent flying with the sheer force. The footage ends with the handlers attempting to reach towards the robot, presumably in an attempt to shut it off before it manages to escape its surroundings in a Chinese factory. One person said online of the footage: 'We are cooked. No wires pulling just pure chaos. Another added: 'This stuff right here is why robots freak me out. This is one technology I think we have taken it too far.' Another said: 'I've seen this film, it doesn't end well for mankind and, frankly, I don't see Michael Biehn around to save us this time. Seriously, what the heck was going on there?' One more joked: 'It's like I'm the only person in the world who saw Terminator.' It comes after an official US study last month claimed China could be building an army of soldiers as hard to kill as Arnold Schwarzenegger 's Terminator. The US National Security Commission on Emerging Biotechnology (NSCEB) predicts China could produce legions of "genetically enhanced PLA super-soldiers' which would fuse human and artificial intelligence, making them next to impossible to destroy. The 'human machine team' could be ready as early as the 2040s. The idea was the brainchild of a rogue Chinese scientist who created genetically modified babies and was jailed - but is now back at work, as the report warns the time to act is now. A new report by the The Charting the Future of Biotechnology document says: 'At the outset of the First World War, the United States did not yet fully appreciate how airplanes would rapidly change the nature of war. 'But once we understood the significance of aviation for force projection, reconnaissance, logistical support, and beyond, we dominated the skies. Similarly, the full impact of the biotechnology revolution will not be clear until it arrives. 'One thing is certain: it is coming. There will be a ChatGPT moment for biotechnology, and if China gets there first, no matter how fast we run, we will never catch up.'
Daily Mirror
23-04-2025
- Politics
- Daily Mirror
Warning China could be building AI army of 'Terminator' soldiers that can't be killed
The US National Security Commission on Emerging Biotechnology has warned China is in a position to create practically un-killable cyborgs through the use of advanced biotechnology China could build an army of soldiers as hard to kill as Arnold Schwarzenegger 's Terminator, an official US study has warned. The US National Security Commission on Emerging Biotechnology (NSCEB) predicts China could produce legions of "genetically enhanced PLA super-soldiers' which would fuse human and artificial intelligence, making them next to impossible to destroy. The 'human machine team' could be ready as early as the 2040s. The idea was the brainchild of a rogue Chinese scientist who created genetically modified babies and was jailed - but is now back at work, as the report warns the time to act is now. A new report by the The Charting the Future of Biotechnology document says: 'At the outset of the First World War, the United States did not yet fully appreciate how airplanes would rapidly change the nature of war. 'But once we understood the significance of aviation for force projection, reconnaissance, logistical support, and beyond, we dominated the skies. Similarly, the full impact of the biotechnology revolution will not be clear until it arrives. 'One thing is certain: it is coming. There will be a ChatGPT moment for biotechnology, and if China gets there first, no matter how fast we run, we will never catch up. "Our window to act is closing. We need a two-track strategy: make America innovate faster, and slow China down. The Commission has every reason to believe the CCP will weaponise biotechnology.' Concerningly, it added: 'Drone warfare will seem quaint." Established by Congress in 2022, NSCEB is tasked with examining the intersection of biotechnology and national security, assessing the implications of biotechnology advances, and recommending strategies to ensure US leadership and security in this critical field. Earlier this year it was reported a fleet of 100,000 humanoid robots are set to be shipped out over the next four years by a boundary-breaking artificial intelligence company - meaning people's co-workers could be made of metal. A year ago, Figure AI signed with car manufacturer BMW and now has a 'fleet of robots performing end-to-end operations'. Figure's CEO Brett Adcock announced on LinkedIn last month that the company had now signed another client, which was "one of the biggest US companies" and would give Figure the potential to ship the humanoids at high volumes. Figure, founded by Adcock in 2022, aims to deploy autonomous humanoid workers to support humans on a global scale. Its humanoid robot, called Figure 02, is AI-powered and self-reliant, and is described as being 'ready to produce an abundance of affordable, more widely available goods and services to a degree which humanity has never seen'.
