8-K: Ginkgo Bioworks Announces CFO Transition: Mark Dmytruk Resigns, Steven Coen Appointed

Ginkgo Bioworks announced that CFO Mark Dmytruk will resign on May 30, 2025, and Chief Accounting Officer Steven Coen will assume the role, effective upon Dmytruk's departure.

Summary

• Ginkgo Bioworks announced the resignation of Chief Financial Officer Mark Dmytruk, effective May 30, 2025.
• Steven Coen, the current Chief Accounting Officer, will become the new CFO on the same date.
• Mr. Coen joined Ginkgo on May 1, 2023, and has over 30 years of experience in public accounting and corporate finance.
• Prior to Ginkgo, Mr. Coen was Corporate Vice President & Corporate Controller at Charles River Laboratories, which has approximately 20,000 employees across 150 locations in over 20 countries and annual revenues of approximately $4.0 billion.
• Mr. Coen's annual base salary will be $460,000.
• He will also receive a performance-based restricted stock unit (PSU) award of 67,991 shares, vesting based on the company's achievement of 2025 cash flow objectives.
• Mr. Dmytruk is leaving to accept a position at another organization.
• Ginkgo is aiming to reach Adjusted EBITDA breakeven by the end of 2026.

Sentiment

Score: 7

Explanation: The announcement is neutral to slightly positive. While a CFO departure can create uncertainty, the appointment of a qualified internal candidate and the reaffirmation of financial goals provide stability.

Positives

• Steven Coen's appointment ensures continuity in the finance and accounting functions.
• Mr. Coen brings over 30 years of relevant experience to the CFO role.
• Ginkgo is maintaining its target of achieving Adjusted EBITDA breakeven by the end of 2026.

Negatives

• The resignation of Mark Dmytruk creates a transition period for the finance team.
• The company faces challenges and uncertainties related to management transitions.

Risks

• The company's ability to achieve its financial targets, including Adjusted EBITDA breakeven by the end of 2026, is subject to various risks and uncertainties.
• Volatility in the price of Ginkgo's securities could be influenced by changes in the competitive and highly regulated industries in which Ginkgo operates.
• The company's ability to implement business plans, forecasts, and other expectations, and to identify and realize additional business opportunities is subject to risk.
• There is uncertainty regarding government budgetary priorities and funding allocated to government agencies.

Future Outlook

Ginkgo is focused on driving towards cost reduction targets and achieving Adjusted EBITDA breakeven by the end of 2026.

Management Comments

• Jason Kelly, co-founder and CEO of Ginkgo Bioworks, thanked Mark Dmytruk for his service and expressed excitement about elevating Steve Coen to the CFO role.
• Mark Dmytruk expressed gratitude for the opportunity to contribute to Ginkgo's mission and confidence in Steve Coen and the finance team.
• Steven Coen stated that Mark Dmytruk built a high-performing finance organization and laid the groundwork for Ginkgo to continue driving toward cost reduction targets and the goal of reaching Adjusted EBITDA breakeven by the end of 2026.

Industry Context

The appointment of Steven Coen, with his experience at Charles River Laboratories, a global contract research organization, suggests Ginkgo's continued focus on serving the pharmaceutical and biotechnology industries.

Comparison to Industry Standards

• Charles River Laboratories, where Steven Coen previously worked, is a major player in the contract research organization (CRO) industry, with approximately 20,000 employees across 150 locations in over 20 countries and annual revenues of approximately $4.0 billion.
• Ginkgo Bioworks operates in the synthetic biology space, which is characterized by rapid innovation and competition.
• Achieving Adjusted EBITDA breakeven by the end of 2026 would be a significant milestone for Ginkgo, demonstrating progress towards financial sustainability.

Management Changes

Stakeholder Impact

• Shareholders may experience short-term uncertainty due to the CFO transition.
• Employees in the finance department will be impacted by the change in leadership.
• The transition is not expected to have a significant impact on customers or suppliers.

Key Dates

Keywords

Chief Financial Officer, CFO, Ginkgo Bioworks, Steven Coen, Mark Dmytruk, Resignation, Appointment, Finance, Accounting, EBITDA, Biosecurity, Cell Programming