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Ginkgo Bioworks Reports Fourth Quarter and Full Year 2022 Financial Results

March 1, 2023

$478 million of total revenue in 2022, representing an increase of 52% over 2021 and toward the high end of guidance

59 new Cell Programs added in 2022, representing 90% growth over 2021 and toward the high end of guidance

Year end cash balance of over $1.3 billion provides meaningful multi-year runway as we drive towards profitability

BOSTON, March 1, 2023 /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 fourth quarter and year ended December 31, 2022. The update, including a webcast slide presentation with additional details on the fourth quarter and supplemental financial information, will be available at investors.ginkgobioworks.com.

"We added 59 new programs to the cell programming platform in 2022 as our team delivered toward the high end of our program guidance," said Jason Kelly, co-founder and CEO of Ginkgo. "This outstanding performance illustrates strong growth in customer demand as our capabilities progress. Each new program is valuable to Ginkgo, expanding and scaling our platform capabilities and driving financial value. Importantly, we continue to see great sales momentum with biopharma customers, who represent both the most sophisticated and largest end market opportunity for us today. Our long-term Biosecurity strategy is also developing nicely as we build a strong base of more recurring biosecurity revenue through our biosurveillance and international partnerships on top of any potential continued COVID-19 testing. I'm very excited about Ginkgo's ability to drive growth and platform improvements in 2023, and our cash balance of over $1.3 billion provides us significant flexibility in an uncertain macroeconomic environment."

Recent Business Highlights & Strategic Positioning

  • Added 20 new Cell Programs to the Foundry platform in the fourth quarter of 2022, for a total of 59 new programs in the full year, representing 90% growth over 2021
  • Generated Foundry revenue of $144 million in 2022, representing growth of 27% over 2021
    • As previously announced, a subset of targeted milestones that were expected to contribute to 2022 Foundry revenue remained unearned in the fourth quarter, though Ginkgo continues to work toward the achievement of these milestones
  • Concentric by Ginkgo, Ginkgo's biosecurity and public health offering, generated $334 million in Biosecurity revenue in 2022, representing growth of 66% over 2021 and more than doubling the original guidance provided in March 2022
    • Concentric continued to expand the Traveler-Based Genomic Surveillance program with Centers for Disease Control and Prevention (CDC) and XpresCheck, adding three new participating airports (for a total of seven) and completing a recent pilot initiative to detect influenza variants in addition to SARS-CoV-2
    • Concentric continues to establish international partnerships, including in Australia, Botswana, Qatar, Rwanda, Saudi Arabia, the United Kingdom, and Ukraine, as well as multilateral partnerships with Africa CDC and African Risk Capacity
  • Downstream value – which consists of potential value to Ginkgo from its Cell Engineering customers and includes potential royalties, milestone payments, and equity interests – is an important component of the financial potential of most programs, and Ginkgo added over $2.0 billion in aggregate revenue potential from downstream milestone payments in connection with new Cell Programs in 2022. This is in addition to the financial potential from royalties and equity consideration obtained in connection with those Cell Programs
  • Ginkgo launched Ginkgo Enzyme Services, which aims to solve challenges for R&D teams developing enzymes, from discovery of novel enzyme activity through optimization of enzyme function and large scale manufacturing
  • Ginkgo opened Bioworks7, which adds 6,600 square feet of Biosafety Level 2 (BSL-2) lab space at Ginkgo's headquarters in Boston's Seaport District, expanding its mammalian foundry platform to provide significant runway to support new program additions in the pharma & biotech vertical

Fourth Quarter 2022 Financial Highlights

  • Fourth quarter 2022 Total revenue of $98 million, down from $148 million in the comparable prior year period, a decrease of 34%, due to the expected reduction in K-12 COVID-19 testing services
    • Fourth quarter 2022 Foundry revenue of $53 million, up from $34 million in the comparable prior year period, an increase of 56%
    • Fourth quarter 2022 Biosecurity revenue of $45 million, down from $114 million in the comparable prior year period, a decrease of 61%, with fourth quarter 2022 Biosecurity gross profit margin of 33%
  • Fourth quarter 2022 Loss from operations of $(235) million (inclusive of stock-based compensation expense of $111 million), compared to Loss from operations of $(1,685) million (inclusive of stock-based compensation expense of $1,673 million) in the comparable prior year period. The stock-based compensation expense primarily relates to the continued GAAP accounting for the modification of restricted stock units issued prior to becoming a public company, as disclosed in our annual report on Form 10-K filed with the SEC on March 29, 2022
  • Fourth quarter 2022 Adjusted EBITDA of $(80) million, down from $1 million in the comparable prior year period
  • Cash and cash equivalents balance as of the end of the fourth quarter of over $1.3 billion puts Ginkgo in a strong financial position to pursue its strategic objectives

Full Year 2022 Financial Highlights

  • Full year 2022 Total revenue of $478 million, up from $314 million in the prior year, an increase of 52%
    • Full year 2022 Foundry revenue of $144 million, up from $113 million in the prior year, an increase of 27%
    • Full year 2022 Biosecurity revenue of $334 million, up from $201 million in the prior year, an increase of 66%, with full year 2022 Biosecurity gross profit margin of 39%
  • Full year 2022 Loss from operations of $(2.2) billion (inclusive of stock-based compensation expense of $1.9 billion), compared to $(1.8) billion (inclusive of stock-based compensation expense of $1.7 billion) in the prior year
  • Full year 2022 Adjusted EBITDA of $(173) million, down from $(106) million in the prior year

Full Year 2023 Guidance

  • Ginkgo expects to add 100 new Cell Programs to the Foundry platform in 2023
  • Ginkgo expects Total revenue of at least $275 million in 2023
    • Ginkgo expects Foundry revenue of at least $175 million in 2023. This guidance excludes the impact of any downstream value share revenue, although Ginkgo is still working toward the achievement of downstream value share in 2023
    • While Biosecurity remains an uncertain business, Ginkgo expects Biosecurity revenue in 2023 of at least $100 million, with nearly half of this revenue expected to come from emerging product lines that are more recurring in nature, such as federal and international partnerships supporting pathogen monitoring and biosecurity infrastructure development

Timing of Filing Annual Report on Form 10-K

Ginkgo became a large accelerated filer as of December 31, 2022, which resulted in a filing deadline 30 days ahead of our deadline last year. While we believe our financial statements are final, additional time is necessary to finalize materials required to complete the audit of our annual financial statements, including accompanying footnote disclosures.

As such, we will be filing a Form 12b-25 for an automatic extension to our Form 10-K filing deadline. We are working diligently to file our Annual Report as soon as practicable and within the automatic extension period of fifteen calendar days from the prescribed due date.

Conference Call Details
Ginkgo will host a videoconference today, Wednesday, March 1, 2023, beginning at 4:30 p.m. ET. The presentation will include an overview of the fourth quarter and full year financial performance, 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 Twitter (hashtag #GinkgoResults) or by sending an e-mail to investors@ginkgobioworks.com.

A webcast link is available on Ginkgo's Investor Relations website and a replay will be made available following the presentation.

Ginkgo Investor Website: https://investors.ginkgobioworks.com/events/

Audio-Only Dial Ins:
+1 646 876 9923 (New York)
+1 301 715 8592 (Washington DC)
+1 312 626 6799 (Chicago)
+1 669 900 6833 (San Jose)
+1 253 215 8782 (Tacoma)
+1 346 248 7799 (Houston)
+1 408 638 0968 (San Jose)

Webinar ID: 999 3790 5942

If you experience technical difficulties with any of these dial-ins or if you need international dial-in numbers, please visit our web site at https://investors.ginkgobioworks.com/events/ 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's biosecurity and public health unit, Concentric by Ginkgo, is building global infrastructure for biosecurity to empower governments, communities, and public health leaders to prevent, detect and respond to a wide variety of biological threats. For more information, visit ginkgobioworks.com and concentricbyginkgo.com, read our blog, or follow us on social media channels such as Twitter (@Ginkgo and @ConcentricByGBW), Instagram (@GinkgoBioworks and @ConcentricByGinkgo), 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, current expectations, operations and anticipated results of operations, both business and financial, including the potential for future revenue related to downstream value in the form of potential future milestone payments and royalties and/or equity consideration, 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) 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, (ii) the ability to implement business plans, forecasts, and other expectations, and to identify and realize additional business opportunities, (iii) the risk of downturns in demand for products using synthetic biology, (iv) the unpredictability of the duration of the COVID-19 pandemic and the demand for COVID-19 testing and the commercial viability of our COVID-19 testing business, (v) changes to the biosecurity industry, including due to advancements in technology, emerging competition and evolution in industry demands, standards and regulations, (vi) our ability to realize the expected benefits of merger and acquisition transactions, (vii) the outcome of any legal proceedings against Ginkgo, including as a result of recent acquisitions, (viii) our ability to realize the expected benefits from and the success of our Foundry platform programs, (ix) our ability to successfully develop engineered cells, bioprocesses, data packages or other deliverables, and (x) the product development or commercialization success of our customers. 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 most recent quarterly report on Form 10-Q filed with the U.S. Securities and Exchange Commission (the "SEC"), 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 and does not intend 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, 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@ginkgobioworks.com  

MEDIA CONTACT:
press@ginkgobioworks.com  

 

Ginkgo Bioworks Holdings, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except per share data, unaudited)








As of December 31,


As of December 31,



2022


2021

Assets





Current assets:





Cash and cash equivalents


$  1,315,792


$  1,550,004

Accounts receivable, net


80,907


131,544

Accounts receivable - related parties


1,558


4,598

Inventory, net


4,364


3,362

Prepaid expenses and other current assets


47,458


33,537

Total current assets


1,450,079


1,723,045

Property and equipment, net


314,773


145,770

Operating lease right-of-use assets


400,762


Investments


112,188


102,037

Equity method investments


1,543


13,194

Intangible assets, net


111,041


21,642

Goodwill


60,210


21,312

Other non-current assets


88,725


43,990

Total assets


$ 2,539,321


$  2,070,990

Liabilities and Stockholders' Equity





Current liabilities:





Accounts payable


$ 10,451


$ 8,189

Deferred revenue


47,817


33,240

Accrued expenses and other current liabilities


114,694


93,332

Total current liabilities


172,962


134,761

Non-current liabilities:





Deferred rent, net of current portion



18,746

Deferred revenue, net of current portion


174,767


155,991

Operating lease liabilities, non-current


413,256


Lease financing obligation



22,283

Warrant liabilities


10,868


135,838

Other non-current liabilities


31,191


35,992

Total liabilities


803,044


503,611

Commitments and contingencies





Stockholders' equity:





Preferred stock, $0.0001 par value



Common stock, $0.0001 par value


190


161

Additional paid-in capital


6,136,378


3,804,844

Accumulated deficit


(4,397,659)


(2,297,925)

Accumulated other comprehensive loss


(2,632)


(1,715)

Total Ginkgo Bioworks Holdings, Inc. stockholders' equity


1,736,277


1,505,365

Non-controlling interest



62,014

Total stockholders' equity


1,736,277


1,567,379

Total liabilities and stockholders' equity


$ 2,539,321


$  2,070,990

 

Ginkgo Bioworks Holdings, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(in thousands, except share and per share data, unaudited)














Three Months Ended December 31,


Year Ended December 31,




2022


2021


2022


2021


Foundry revenue


$ 53,257


$ 34,156


$ 143,666


$ 112,989


Biosecurity revenue:










Product


12,431


8,418


35,455


23,040


Service


32,597


105,920


298,585


177,808


Total revenue


98,285


148,494


477,706


313,837


Costs and operating expenses:










Cost of Biosecurity product revenue


7,447


4,832


20,646


20,017


Cost of Biosecurity service revenue


22,771


61,746


183,570


109,673


Research and development (1)


181,155


985,025


1,052,643


1,149,662


General and administrative (1)


121,420


781,626


1,429,799


862,952


Total operating expenses


332,793


1,833,229


2,686,658


2,142,304


Loss from operations


(234,508)


(1,684,735)


(2,208,952)


(1,828,467)


Other income (expense):










Interest income


11,412


496


20,262


837


Interest expense


1,647


(551)


(106)


(2,373)


Gain (loss) on equity method investments


10,003


(4,663)


(43,761)


(77,284)


Loss on investments


(13,354)


(14,552)


(53,335)


(11,543)


Change in fair value of warrant liabilities


28,871


77,097


124,970


58,615


Gain on settlement of partnership agreement



23,826



23,826


Gain on deconsolidation of subsidiaries




31,889



Other income (expense), net


7,005


(2,596)


7,634


(1,733)


Total other income (expense), net


45,584


79,057


87,553


(9,655)


Loss before income taxes


(188,924)


(1,605,678)


(2,121,399)


(1,838,122)


Income tax benefit


(14,770)


(683)


(15,027)


(1,480)


Net loss


(174,154)


(1,604,995)


(2,106,372)


(1,836,642)


Net loss attributable to non-controlling interest


2,390


(4,339)


(1,443)


(6,595)


Net loss attributable to Ginkgo Bioworks
Holdings, Inc. stockholders


$ (176,544)


$ (1,600,656)


$ (2,104,929)


$ (1,830,047)


Net loss per share attributable to Ginkgo Bioworks
Holdings, Inc. common stockholders:










Basic


$ (0.09)


$ (1.05)


$ (1.25)


$ (1.35)


Diluted


$ (0.10)


$ (1.10)


$ (1.25)


$ (1.39)


Weighted average common shares outstanding:










Basic


1,854,951,611


1,531,138,824


1,679,061,465


1,359,848,803


Diluted


1,856,609,515


1,531,551,830


1,679,838,849


1,360,373,343


Comprehensive loss:










Net loss


$ (174,154)


$ (1,604,995)


$ (2,106,372)


$ (1,836,642)


Other comprehensive loss:










Foreign currency translation adjustment


5,278


(838)


(917)


(1,715)


Total other comprehensive loss


5,278


(838)


(917)


(1,715)


Comprehensive loss


$ (168,876)


$ (1,605,833)


$ (2,107,289)


$ (1,838,357)



(1)

R&D and G&A expenses included a significant charge for stock-based compensation expense as a result of the modification
of the vesting terms of RSUs and all related earnout shares. Total stock-based compensation expense inclusive of employer
payroll taxes was allocated as follows (in thousands):






Three Months Ended December 31,


Year Ended December 31,


(in thousands)


2022


2021


2022


2021


Research and development


$ 68,171


$ 930,300


$ 738,821


$ 930,360


General and administrative


43,059


742,543


1,202,099


757,247


Total


$ 111,230


$ 1,672,843


$ 1,940,920


$ 1,687,607

   

Ginkgo Bioworks Holdings, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands, unaudited)








Year Ended December 31,



2022


2021

Cash flows from operating activities:





Net loss


$ (2,106,372)


$ (1,836,642)

Adjustments to reconcile net loss to net cash used in operating activities:





Depreciation and amortization


42,552


29,076

Stock-based compensation


1,930,641


1,606,020

Non-cash customer consideration


(34,263)


(24,185)

Loss on equity method investments


43,761


77,284

Loss on investments


53,335


11,543

Change in fair value of notes receivable


(3,757)


3,508

Change in fair value of warrant liabilities


(124,970)


(58,615)

Gain on deconsolidation of subsidiaries


(31,889)


Deferred income tax benefit


(14,609)


Loss on disposal of equipment


3,091


Non-cash lease expense


19,082


Amortization of finance lease right-of-use assets


1,871


Non-cash severance and retention bonus expense associated with an
acquisition


6,152


Other non-cash activity


183


(270)

Changes in operating assets and liabilities:





Accounts receivable


55,024


(114,094)

Prepaid expenses and other current assets


(8,687)


(2,981)

Inventory


164


(626)

Operating lease right-of-use assets


13,233


Other non-current assets


921


(539)

Accounts payable


(10,844)


(2,247)

Accrued expenses and other current liabilities


(39,639)


44,796

Deferred revenue, current and non-current


(36,417)


(10,498)

Operating lease liabilities, current and non-current


(10,792)


Deferred rent, non-current



6,032

Other non-current liabilities


31


18,620

Net cash used in operating activities


(252,198)


(253,818)

Cash flows from investing activities:





Purchases of property and equipment


(52,271)


(56,521)

Deconsolidation of subsidiaries - cash


(55,721)


Business acquisitions, net of cash acquired


82,367


(12,040)

Asset acquisitions, net of cash acquired


(7,639)


Purchases of notes receivable


(40,000)


Proceeds from notes receivable


10,000


304

Purchase of investment in equity securities


(3,691)


(5,000)

Other


(439)


Net cash used in investing activities


(67,394)


(73,257)

Cash flows from financing activities:





Proceeds from reverse recapitalization, net of redemptions of $867,253
and offering costs of $108,118



1,509,629

Proceeds from exercise of stock options


240


167

Repurchases of common stock



(24,998)

Taxes paid related to net share settlement of equity awards


(981)


(9,463)

Principal payments on finance/capital leases and lease financing
obligation


(1,237)


(1,123)

Contributions from non-controlling interests



59,933

Proceeds from public offering, net of issuance costs


99,303


Proceeds from issuance of Series E convertible preferred stock, net of
issuance costs



Contingent consideration payment


(521)


Payment of equity issuance costs


(1,467)


Net cash provided by financing activities


95,337


1,534,145

Effect of foreign exchange rates on cash and cash equivalents


908


(19)

Net (decrease) increase in cash, cash equivalents and restricted cash


(223,347)


1,207,051






Cash and cash equivalents, beginning of period


1,550,004


380,801

Restricted cash, beginning of period


42,924


5,076

Cash, cash equivalents and restricted cash, beginning of period


1,592,928


385,877






Cash and cash equivalents, end of period


1,315,792


1,550,004

Restricted cash, end of period


53,789


42,924

Cash, cash equivalents and restricted cash, end of period


$  1,369,581


$  1,592,928






 

Ginkgo Bioworks Holdings, Inc.

Selected Non-GAAP Financial Measures

(in thousands, unaudited)












Three Months Ended December 31,


Year Ended December 31,



2022


2021


2022


2021

Net loss attributable to Ginkgo Bioworks
Holdings, Inc. stockholders


$ (176,544)


$ (1,600,656)


$ (2,104,929)


$ (1,830,047)

Interest income


(11,412)


(496)


(20,262)


(837)

Interest expense


(1,647)


551


106


2,373

Income tax benefit


(14,770)


(683)


(15,027)


(1,480)

Depreciation and amortization


13,950


8,003


42,552


29,076

EBITDA


(190,423)


(1,593,281)


(2,097,560)


(1,800,915)

Stock-based compensation (1)


111,230


1,672,843


1,940,920


1,687,607

(Gain) loss on equity method investments (2)


(7,612)


4,080


45,315


74,445

Loss on investments


13,354


14,552


53,335


11,543

Change in fair value of warrant liabilities


(28,871)


(77,097)


(124,970)


(58,615)

Gain on settlement of partnership agreement



(23,826)



(23,826)

Gain on deconsolidation of subsidiaries




(31,889)


Merger and acquisition related expenses (3)


26,045



46,229


Other (4)


(3,924)


3,291


(4,153)


3,712

Adjusted EBITDA


$ (80,201)


$ 562


$ (172,773)


$ (106,049)




(1)

For the years ended December 31, 2022 and 2021, includes $10.3 million and $5.0 million, respectively, in employer payroll taxes.

(2)

Represents losses on equity method investments under the hypothetical liquidation at book value method, net of losses attributable
to non-controlling interests.

(3)

Represents transaction and integration costs directly related to mergers and acquisitions including (i) due diligence, legal,
consulting and accounting fees associated with acquisitions, (ii) post-acquisition employee retention bonuses and severance
payments, (iii) the fair value adjustments to contingent consideration liabilities resulting from acquisitions, and (iv) acquired
intangible assets expensed to research and development associated with an asset acquisition.

(4)

For the year ended December 31, 2022, includes $1.2 million in mark-to-market loss on the Access Bio Convertible Notes and
Glycosyn Promissory Note and a $5.3 million fair market value remeasurement gain on the convertible promissory notes from
Joyn. For the year ended December 31, 2021, includes $3.7 million in mark-to-market adjustments on the Access Bio Convertible
Notes and Glycosyn Promissory Note.

 

Ginkgo Bioworks Holdings, Inc.

Segment Information

(in thousands, unaudited)










Three Months Ended December 31,


Year Ended December 31,


2022


2021


2022


2021

Revenue:








Foundry

$ 53,257


$ 34,156


$ 143,666


$ 112,989

Biosecurity

45,028


114,338


334,040


200,848

Total revenue

98,285


148,494


477,706


313,837

Segment cost of revenue:








Biosecurity

30,218


66,578


204,216


129,690

Segment research and development expense:








Foundry

99,886


46,015


273,356


160,634

Biosecurity

590


1,165


1,937


31,035

Total segment research and development expense

100,476


47,180


275,293


191,669

Segment general and administrative expense:








Foundry

63,723


29,504


168,586


74,407

Biosecurity

13,670


9,731


56,353


31,039

Total segment general and administrative expense

77,393


39,235


224,939


105,446

Segment operating income (loss):








Foundry

(110,352)


(41,363)


(298,276)


(122,052)

Biosecurity

550


36,864


71,534


9,084

Total segment operating loss

(109,802)


(4,499)


(226,742)


(112,968)

Operating expenses not allocated to segments:








Stock-based compensation (1)

111,230


1,672,843


1,940,920


1,687,607

Depreciation and amortization

14,796


7,686


42,552


28,185

Change in fair value of contingent
consideration liability

(1,320)


(293)


(1,262)


(293)

Loss from operations

$ (234,508)


$ (1,684,735)


$ (2,208,952)


$ (1,828,467)



(1)

Includes $10.3 million and $5.0 million in employer payroll taxes for the years ended December 31, 2022 and 2021. Employer
payroll taxes for the year ended December 31, 2020 were not material. 

 

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