BOSTON—Steven P. Coen, Chief Accounting Officer at Ginkgo Bioworks Holdings Inc. (NYSE:DNA), recently executed a stock transaction involving the company's Class A Common Stock. On January 6, Coen sold 324 shares at a price of $11.718 per share, generating proceeds totaling $3,796. The transaction comes as DNA shares have shown strong momentum, posting a 14% gain over the past week, according to InvestingPro data.
The sale was conducted to cover tax withholding obligations related to the vesting of restricted stock units, as noted in the filing. These transactions are not discretionary trades but are part of the company's equity incentive plans. InvestingPro analysis shows DNA maintains a healthy balance sheet with more cash than debt and a strong current ratio of 5.79x.
Following this transaction, Coen's direct ownership of Ginkgo Bioworks shares stands at 7,288. For deeper insights into DNA's financial health and valuation metrics, including 12 additional ProTips, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Ginkgo Bioworks has been making significant strides in both its financial and research sectors. The company recently reported a strong cash position of $616 million and no bank debt, despite a 20% decrease in cell engineering revenue. Ginkgo achieved a $9 million milestone with Merck (NS:PROR) and reported growth in active programs and customers. The company also revealed substantial improvements in adjusted EBITDA and updated its full-year revenue guidance.
In addition to its financial developments, Ginkgo Bioworks has announced a collaboration with Carnegie Mellon University. This partnership aims to develop bioelectronic devices for diagnosing and treating hormone disorders, funded by a subcontract of up to $9.4 million from the Advanced Research Projects Agency for Health's (ARPA-H) Resilient Extended Automatic Cell Therapies (REACT) program. The initiative, dubbed the Biointegrated Implantable Systems for Cell-based Sensing and Therapy (BIO-INSYNC), focuses on creating implantable devices that use engineered cells to produce therapeutic molecules on demand or measure disease biomarkers in real time.
Lastly, as part of its restructuring strategy, Ginkgo Bioworks reduced its workforce by 35% and consolidated sites, aiming for an annualized cost reduction of over $200 million by mid-2024. The company anticipates reaching adjusted EBITDA breakeven by mid-2026 and expects one-time restructuring costs between $18 million and $22 million. These recent developments underscore Ginkgo Bioworks' commitment to cost management and efficiency improvements while expanding its product offerings.
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