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Biotech Industry Bankruptcy Case Update: 'Zymergen' and 'Humanigen'
'Zymergen'
On Oct. 3, 2023, Zymergen Inc. and three affiliates filed petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.
In 2021, Zymergen raised approximately $530 million from its initial public offering (IPO) to fund their product, Hyaline, the polyimide film for flexible touch-screen devices. Soon after the IPO, the company struggled to generate revenue as customers faced technical problems with the product, causing the company's stock to drop about 70%. This spurred litigation against the company and directors by investors.
Subsequently, Gingko Bioworks purchased Zymergen for $300 million. As a wholly-owned subsidiary of Gingko, Zymergen shifted to a services-based business utilizing its synthetic biology technology but continued to operate on a cash negative basis.
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