BioAmber Inc.

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2017 10-K, filed Mar 30, 2018. Its latest SEC filing is a SC 13G/A from Aug 9, 2019.

The sections below describe the company as of the FY2017 annual report.

What Did They Do?

Sells bio-succinic acid to chemical-market customers for use in products such as plastics, resins, food additives and personal care products.

How Did They Make Money?

Chemical customers pay for bio-succinic acid products, with payment tied to delivery: the company’s product sales are counted when the products are delivered and title transfers.

FY2017 revenue

Who Were Their Customers?

The company sells bio-succinic acid to customers in chemical markets and has multi-year supply agreements with PTT MCC Biochem and Vinmar.

Customers above 10% of revenue, FY2017

of revenue from one customer

FY2016: 71% from one customer

Did Revenues Turn Into Profits?

No. It lost $98.2M in FY2017.

Operating income, FY2017

−736% of revenue

▲ +271% (Loss) vs FY2016 (−$29.6M, −358%)

Net income, FY2017

−657% of revenue

▲ +337% (Loss) vs FY2016 (−$22.5M, −272%)

How Were They Changing?

Since the FY2017 annual report

Oct 26, 2018 BioAmber completed the sale of most of its assets The sale to LCY Biotechnology excluded cash, accounts receivable, inventory and certain U.S. office equipment; the liquidation left no residual value for equity investors.
Sep 4, 2018 The CEO, CFO and other officers resigned All directors and officers resigned as the court-supervised liquidation process proceeded.
Aug 14, 2018 BioAmber began a liquidation process The company solicited offers to liquidate its assets or pursue a recapitalization transaction.
May 8, 2018 BioAmber filed for bankruptcy protection The company filed for Chapter 11, and two Canadian subsidiaries filed notices to make proposals to creditors.

Grew. Revenue grew 5.6x in 4 years, from $2.7M in FY2013 to $14.9M in FY2017, about 54% a year.

From planned expansion to operating a plant The older report described the Sarnia facility as under construction and planned another facility; the latest report says commercial production began at Sarnia and focuses on building and operating production facilities.

Added THF to its product plans The older report highlighted bio-succinic acid and BDO, while the latest report also describes developing THF from bio-succinic acid.

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