Amyris Files First-Half 2019 Reports: What Investors Need to Know
Better late than never. Synthetic biology pioneer Amyris (NASDAQ: AMRS) avoided having its stock delisted from the Nasdaq exchange by filing its annual report for 2018 and quarterly reports for the first two quarters of 2019 with the Securities and Exchange Commission (SEC). It was the seventh consecutive year that the business missed the filing deadline for its annual report, but this time was different.
Amyris had to restate financial statements dating back to 2017 after miscalculating royalty and collaboration revenue from at least two customers, fix errors in at least 13 financial categories and calculations, juggle accounting firms and executive positions, and scrape up cash to keep the lights on with several high-interest debt agreements (it still defaulted on a $63.6 million debt payment in September 2019). As if investors didn't have enough red flags to consider, the financial reports paint a worrisome picture of the current state of operations.
Here's what investors need to know about the first-half 2019 operating results and what's ahead for the synthetic biology stock.
Source Fool.com
