DNA Filings — Ginkgo Bioworks Holdings, Inc. - FilingSpy
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Ginkgo Bioworks Holdings, Inc.
A maker of cell-engineering tools, Ginkgo Bioworks designs custom organisms and cells for pharmaceutical, agricultural, and industrial clients, using lab automation and AI models. Its Canopy and Horizon biosecurity platforms monitor wastewater and other samples for government customers to spot emerging biological threats. Founded in 2008 by five MIT scientists who wanted to make biology easier to engineer, the company took its name from the ginkgo tree, an ancient "living fossil" unchanged for tens of millions of years.
Revenue fell 48.5% to $20.2M as a prior-year non-cash item did not repeat, while cash and equivalents dropped to $84.5M.
halved from a year ago, but the decline was driven by a non-cash item that flattered the prior-year quarter rather than a new deterioration in the business. Revenue was $20.2 million, down 48.5% , as the prior-year quarter included a $7.5 million non-cash release of from a terminated contract that did not repeat, while cash and equivalents fell to $84.5 million from $203.6 million a year ago. The company's cash runway is now measured in months, not years.
Key takeaways
Total fell 48.5% to $20.2 million, primarily because the prior-year quarter included a $7.5 million non-cash release of from a terminated BiomEdit contract that did not repeat, alongside reduced scope from a large agriculture customer and fewer pharma/biotech programs.
Cash and equivalents dropped to $84.5 million, a 58.5% decline from $203.6 million a year ago and a 41.2% decline from $143.9 million at the end of the first quarter, as was negative $46.9 million.
Section summaries
Management's Discussion and Analysis
Revenue halved to $39.6M in H1 2026 as R&D and G&A costs fell from restructuring, while Biosecurity was divested.
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Total fell 49% to $39.6M in H1 2026, driven by reduced scope from a large agriculture customer and fewer pharma/biotech programs, plus a $7.5M non-cash benefit in H1 2025 from a terminated contract.
R&D expenses dropped 23% to $96.1M in H1 2026, mainly from lower personnel costs, , and , partially offset by higher allocated overhead.
The operating loss narrowed to $58.5 million from $222.9 million a year ago, as R&D expenses fell 42% to $46.2 million and G&A expenses fell 35% to $25.3 million, both reflecting the full effect of the 2024 restructuring plan.
The net loss narrowed to $46.7 million from $217.2 million a year ago, driven by the same expense reductions that lowered the operating loss.
Restructuring charges were zero in the quarter, compared to $4.5 million in the prior-year quarter, as the 2024 plan was substantially completed in the fourth quarter of 2025.
The company did not disclose new program additions in Cell Engineering for a sixth consecutive quarter, leaving the commercial pipeline's trajectory unclear.
What changed
The Q1 FY2026 summary flagged that Q2 FY2026 would be the first quarter in over a year with a clean comparison free of large non-cash releases. That clean comparison arrived: fell 48.5% to $20.2 million, confirming that the underlying business is still contracting.
The Q1 FY2026 summary flagged quarterly against the $143.9 million cash balance. Free cash flow was negative $46.9 million, and the cash balance fell to $84.5 million, meaning the runway has shortened further and the company is now burning through its remaining cash at a pace that raises questions about the 12-month sufficiency statement made in earlier filings.
The Q1 FY2026 summary flagged any disclosure of new program additions in Cell Engineering. The company did not disclose this metric for a sixth consecutive quarter, so the commercial pipeline's trajectory remains unknown.
The Q1 FY2026 summary flagged whether the company would regain NYSE compliance. This filing contains no update on the delisting notice received in May 2024, leaving the status unresolved.
What to watch
Quarterly against the $84.5 million cash balance, to see whether the full run-rate of restructuring savings can reduce the cash burn to a level that extends the runway meaningfully beyond the next few quarters.
Cell Engineering in Q3 FY2026, which will be the second consecutive quarter with a clean comparison free of large non-cash releases, to confirm whether the underlying platform is still declining or has stabilized.
Any disclosure of new program additions in Cell Engineering, to gauge whether the commercial pipeline is contracting further or stabilizing.
Whether the company regains NYSE compliance or faces delisting, given the absence of any update in this filing.
G&A expenses declined 8% to $68.6M in H1 2026 due to reduced headcount and , though and rent costs partially offset the savings.
Restructuring charges fell to zero in H1 2026 from $8.0M in H1 2025 as the 2024 plan was substantially completed, with subleasing of excess facilities expected through 2026.
Cash and equivalents stood at $302.2M as of June 30, 2026, with $47.0M restricted for a surety bond; the company expects expenditures to exceed for at least the next 12 months.
Quantitative and Qualitative Disclosures About Market Risk
Interest rate, FX, and inflation risks are deemed immaterial; no hedging instruments are used.
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Cash equivalents and marketable debt securities totaled $303.7M at June 30, 2026, invested in money market funds, U.S. Treasuries, corporate bonds, and commercial paper.
A hypothetical 100-basis-point change in market interest rates would not materially impact the consolidated financial statements.
Foreign currency translation gain (loss) was de minimis in Q2 FY2026 versus a $2.6M gain in Q2 FY2025, and a $(0.6)M loss in H1 FY2026 versus a $3.4M gain in H1 FY2025.
A hypothetical 10% move in the U.S. dollar against other currencies would not materially affect operating results or financial condition.
Inflation-driven cost increases in labor, supplies, consumables, and equipment did not materially affect the business in the first half of FY2026.
From time to time, the Company may in the ordinary course of business be named as a defendant in lawsuits, indemnity claims and other legal proceedings. The Company does not believe any pending litigation to be material, or that the outcome of any such pending litigation, in man…
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From time to time, the Company may in the ordinary course of business be named as a defendant in lawsuits, indemnity claims and other legal proceedings. The Company does not believe any pending litigation to be material, or that the outcome of any such pending litigation, in management’s judgment based on information currently available, would have a material adverse effect on the Company’s results of operations, cash flows or financial condition.
See Note 10, Commitments and Contingencies, to the unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
An investment in our securities involves a high degree of risk. You should carefully consider the risk factors that appear in Part I, Item 1A. “Risk Factors” of our 2025 Annual Report, before making an investment decision. Our business, prospects, financial condition or operatin…
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An investment in our securities involves a high degree of risk. You should carefully consider the risk factors that appear in Part I, Item 1A. “Risk Factors” of our 2025 Annual Report, before making an investment decision. Our business, prospects, financial condition or operating results could decline due to any of these risks and, as a result, you may lose all or part of your investment. There have been no material changes to the risk factors that appear in our 2025 Annual Report.