BioAmber Announces Year End Operational and Financial Results for 2016

Cost of goods sold increased from $2.6 million for the year ended December 31, 2015 to $13.7 million for the year ended December 31, 2016, primarily explained by an increase in volume sold, as well as Sarnia facility ramp-up costs, including fixed costs and reprocessing costs for off-specification product that were allocated to the cost of goods sold.

General and administrative expenses were $9.5 million for the year ended December 31, 2016, down from $10.6 million incurred in the same period last year. This was driven by a decrease in incentive employee remuneration and in stock-based compensation expense, partially offset by an increase in salary and benefits expenses associated with the Sarnia facility transition from construction to production stage.

Research and development expenses were $7.2 million for the year ended December 31, 2016, down from $20.3 million for the same period last year. This significant decrease is explained by certain non-recurring Sarnia commissioning and start-up costs incurred in 2015 that were recorded as research and development expenses as well as by reduced expenses related to molecular engineering of the yeast, intellectual property and stock-based compensation.

Sales and marketing expenses were $2.9 million for the year ended December 31, 2016, down from $4.0 million for the same period last year. This was due to the expanded commercial role that Mitsui assumed in 2016, particularly in Asia, which allowed the Company to reduce the size of its global commercial team, resulting in a decrease in sales and marketing salaries, benefits and associated costs, including stock-based compensation and travel expenses.

Depreciation of property and equipment and amortization of intangible assets expense increased by $3.8 million to $4.8 million for the year ended December 31, 2016 as compared to $1.1 million for the year ended December 31, 2015.This increase is due to the depreciation of the Sarnia facility assets associated with the beginning of the Sarnia production in the fourth quarter of 2015.

The net financial charge for the year ended December 31, 2016 was income of $750,000 as compared to a net expense of $1.6 million for the year ended December 31, 2015. This expense decrease was mainly due to the mark-to-market adjustment change of $3.6 million on our IPO Warrants, 2011 Warrants and 2009 Warrants, partially offset by an increase in the interest expense, financing charges from the warrant issued in December 2016, and other financing charges in connection with the prepayment of our loan from Tennenbaum Capital Partners LLC.

The Company recorded a net loss attributable to BioAmber Inc. shareholders of $22.5 million, or a loss of $0.78 per share for the year ended December 31, 2016, compared to a net loss of $37.2 million, or a loss of $1.52 per share for the preceding year.

The Adjusted Net Loss Attributable to BioAmber Inc. Shareholders for the year ended December 31, 2016 was $30.8 million, or a loss of $1.07 per share, compared to an Adjusted Net Loss Attributable to BioAmber Inc. Shareholders of $38.0 million, or a loss of $1.55 per share for the year ended December 31, 2015.  Adjusted Net Loss Attributable to BioAmber Inc. Shareholders is a non-GAAP financial metric that excludes (i) the impact of the change in fair value of the IPO and Legacy Warrants and (ii) the grant income from Sustainable Development Technology Canada (SDTC). 

Please refer to Annex A: "Non-GAAP Financial Information—Adjusted Net Loss Attributable to BioAmber Inc. Shareholders" for more information regarding this non-GAAP financial metric.

Webcast and Conference Call Information

BioAmber will discuss these results on a live audio webcast, which will be available on the Internet to investors, members of the news media and the general public at 4:30 p.m. Eastern Time on March 16, 2017. To access the webcast of the conference call, go to the company's website, www.bio-amber.com. Audio of the teleconference is also available by dialing: 

North American callers:  +1 (888) 390-0546     International callers:  +1 (416) 764-8688

Teleconference replays will be available through March 21, 2017: Domestic: +1-888-390-0541

International: +1 416-764-8677   Passcode:  087450#.  A replay of the webcast will also be available approximately two hours after the conclusion of the live webcast on BioAmber's website, for a period of 30 days.

About BioAmber

BioAmber (NYSE: BIOA) is a renewable materials company. Its innovative technology platform combines biotechnology and catalysis to convert renewable feedstock into building block materials that are used in a wide variety of everyday products including plastics, paints, textiles, food additives and personal care products.  For more information visit www.bio-amber.com

Forward-Looking Statements

This press release contains forward-looking statements, which are subject to substantial risks, uncertainties and assumptions, including, without limitation, statements related to (i) our production capacity and the ramping-up of our sales for our Sarnia Bio-SA facility, (ii) the timing of the construction of our next plants, as well as the financing of such plants, and (iii) our potential joint venture with CJCJ which remains subject to several conditions, including due diligence, the negotiation of key considerations and definitive agreements.   All statements other than statements of historical fact contained in this press release are forward-looking statements. These statements often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "seek," "will," "may" or similar expressions.  Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond BioAmber's control.  BioAmber's actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors. 

Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee that the events and circumstances reflected in the forward-looking statements will be achieved or occur and the timing of events and circumstances and actual results could differ materially from those projected in the forward-looking statements. Accordingly, you should not place undue reliance on these forward-looking statements. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.  For additional disclosure regarding these and other risks faced by BioAmber, see disclosures contained in BioAmber's public filings with the SEC including, the "Risk Factors" section of BioAmber's most recent Annual Report on Form 10-K and the recent quarterly reports on Form 10-Q.

BioAmber Inc.
Consolidated Statement of Operations
(unaudited, in thousands)
			Year Ended December 31,
			2016			2015
			$			$
			(in thousands)
Product sales			$	8,272		$	2,172
Cost of goods sold			13,667			2,613
Operating expenses
	General and administrative		9,458			10,594
	Research and development, net		7,195			20,286
	Sales and marketing		2,915			4,002
	Depreciation of property and equipment and amortization of intangible assets		4,843			1,080
	Write-off of intangible assets		-			1,141
	Foreign exchange (gain) loss		(176)			984
Operating expenses			24,235			38,087
Operating loss			(29,630)			(38,528)
Amortization of deferred financing costs and debt discounts			3,312			1,079
Financial charges (income), net			(750)			1,589
Grant income			(4,047)			-
Equity participation in losses of equity method investments			-			1
Other expense (income), net			200			(22)
Loss before income taxes			(28,345)			(41,175)
Income (recovery) taxes			26			(4)
Net loss			(28,371)			(41,171)
Net loss attributable to:
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