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Well Maybe Spacs and Robinhood Aren’t THAT Much Worse: Zymergen

Zymergen–ZY-NYSE – went public in early May 2021 via IPO led by Goldman Sachs and JP Morgan at $30 per share. It dutifully rose to $48 on such esteemed backing.

  • Zero revenues? Check.
  • Huge TAM? (bio-manufacturing platform) Check.
  • Bleeding cash? Check. 10x 2023 revenue estimates? Check.
  • “Cheap” to high growth peers? Check.
  • Glowing sell-side reports by the underwriters? Check

In what might truly be a record in my brain, it took 4 months for the comeuppance: delays, no revenue in 2021, CEO resignation.

To paraphrase without a celebrity or lizard, “So what’s in your portfolio?”

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