$Zymergen(ZY)$ 合成生物学科技先锋Zymergen的管线,分成3大块,第一块是电子产品,第二块是个护,第三块是农业。电子产品板块上,HYALINE,ZYM0107,ZYM0101这三个产品是应用在电子产品中的新型光学膜,ZYM0103是生物基环氧树脂;个护板块上,最接近量产的是防蚊物质(ZYM0201),接下来还有防紫外线的(ZYM0205),后面还有生物基可降解薄膜(ZYM0206)这个是不是有点像聚乳酸薄膜?再后面的ZYM0207为披露;农业板块方面,最接近产品化的是一种更加环保和低碳的氮肥ZYM0301,后面还有生物除虫剂ZYM0302,以及一种帮助土豆和西红柿农户的除草剂ZYM0303. ***感觉 $凯赛生物(SH688065)$ 还是应该开多几条管线啊。[想一下] 凯赛目前只有二元酸和聚酰胺,算是生物化工板块,后面还有秸秆提取糖,算是农业板块。


*Electronics*『电子产品』

Our electronics portfolio consists of four products, including, Hyaline, which we launched in December 2020, beginning the expected 6-18 month product qualification process with customers. ZYM0107 and ZYM0101 are also high-performance optical films and are targeted to launch in 2022 and 2023, respectively. ZYM0103 is expected to provide our first adhesive product.

On-market Optical Films: Hyaline(首款推出的光学膜)

Hyaline is a high value optical film that enables OEMs to meet the needs of their customers as they design the current and future generations of smartphones, tablets and laptops. Chemically, Hyaline is a novel optical film with a combination of strong optical properties, including transparency, low birefringence and haze and mechanical properties conferring folding endurance and tensile strength. It has distinct performance advantages over incumbent materials like cyclic olefin polymers (COP), cyclic olefin copolymers (COC) and Polyester (PET) films commonly used for display applications in smartphones, tablets and notebooks. Hyaline is a powerful example of the power of our biofacturing platform. We are in the process of converting to a fermentation-produced molecule for Hyaline by using a microbe that has a demonstrated ability to produce the molecule through fermentation. We are currently developing commercial scale processes so we can produce the molecule through fermentation at sufficient volumes and costs to support commercial manufacturing. We expect this process to be complete in 2022.

Hyaline has extraordinary performance, making it fit for multiple potential applications, including:

•Display: Touch sensors, fingerprint on display sensors, foldable display cover window for notebooks and tablets and foldable protective film

•Printed electronics: Printed circuitry including for transparent heaters, sensors and flexible PCBs

•Substrate: OLED lightning, ITO carrier film

We estimate the display market alone for Hyaline was over $1 billion in 2020 and this product has additional use cases in printed electronics and flexible heaters. We launched our first product Hyaline in December 2020, beginning the expected 6-18 month product qualification process with customers. We have not yet generated revenue from product sales (except for nominal revenue related to the sale of samples of Hyaline). We are currently in the qualification process on Hyaline with multiple customers, including sampling and discussions on commercial terms with some of them. Given the importance of this qualification process in our current target markets, we anticipate that, even after we have launched a product, we will only generate revenue after customers have completed all aspects of the qualification process for that product and decided to place an order for our product.

Flexible optical film with high temperature tolerance: ZYM0107(耐高温光学膜)

ZYM0107 is the next product in our films franchise, which we are planning to launch in 2022. Like Hyaline, it is based on novel optical film chemistry that is not available in the market today.

ZYM0107 is better suited than Hyaline for certain applications, including:

•Display: MicroLED and miniLED substrates

•Printed circuits: Very high temperature transparent heaters and sensors

•Substrates: ITO substrate for tablets, notebooks and wearables, carrier film for semiconductors fabrication

MicroLED and miniLED represent major trends in the consumer electronics industry, and we believe ZYM0107 is well positioned to capitalize on the demand.

Flexible optical film with high modulus: ZYM0101(高柔性光学膜)

ZYM0101 is planned for launch in 2023. The distinctive features of ZYM0101 are very high tensile strength film (measured by the Young’s modulus), high surface hardness, high elongation-at-break, along with strong optical properties in terms of transparency and haze. ZYM0101 is particularly well suited for the following applications:

•Display cover window applications in foldable smartphones

•Tablets and notebooks

•Rollable displays (e.g. rollable TV or rollable tablets)

True foldable devices are expected to be a key driver of growth in the consumer electronics industry and we believe ZYM0101 is well positioned to capitalize on this.

Adhesives pipeline: ZYM0103(生物基环氧树脂)

Beyond films, we have a bio-based epoxy adhesive in our pipeline that will have distinctive features for components assembly in smartphones.

*Consumer Care*『个护』

Our consumer care pipeline consists of four programs. Our most advanced program is ZYM0201, a naturally derived insect repellent that we are targeting for launch in 2023. In addition, we have earlier stage programs to develop a naturally derived UV protectant (ZYM0205), a bio-based sustainable film former (ZYM0206) and another undisclosed program (ZYM0207).

Naturally derived insect repellent: ZYM0201(防蚊虫)

Our first product in the consumer end market will be insect repellent, ZYM0201. We are targeting an initial launch in 2023. We believe there is an unmet need for a safe, naturally-derived, and effective insect repellent. Our active ingredient works for more than seven hours and has lower toxicity levels for both dermal application and oral consumption than DEET.

The chemical active for ZYM0201 is derived from a naturally occurring molecule found in plants with long-recognized insect repellent qualities. ZYM0201 can be formulated as a traditional spray or cream. We are also exploring gels, sticks, fabrics, pet products and high-end skin-care products. The market for insect repellents today is dominated by DEET, which is effective, but suffers from negative consumer perception regarding its safety profile. Other disadvantages of DEET include: it is a solvent that feels bad on skin; it damages clothing and plastics; and it does not formulate well into creams, lotions or other preferred formats. Naturally derived products on the market today such as various essential oils are generally not seen as effective. Taken together, we believe the disadvantages of DEET and the lack of effectiveness of naturally derived products create a significant opportunity for ZYM0201.

According to Transparency Market Research, the global market for insect repellents is over $1.5 billion across sprays and other traditional formats. In addition, our consumer survey, which asked 2,750 adults between 18 and 65 years of age in the United States and an additional 6,000 consumers in five global markets as a follow up about their concerns about insects, their current behavior with insect protection and their interest in better insect repellent products, found that consumer need to repel insects is global, big and likely to get bigger with current solutions being unsatisfactory, suggesting that there is a large latent demand for better products and therefore we believe that we can turn our active ingredient into crossover products and expand the opportunity even further.

Naturally derived UV protectant (ZYM0205) (防紫外线)

Like insect repellents, we believe there is an unmet customer need for naturally derived UV protection to address consumer concerns about currently available products including the impact of oxybenzones on human health and coral reefs. UV protection is an important part of many consumers' daily care routine and it is used by a very large percentage of the population. Based on data from Euromonitor, the 2019 global market for sun care was $11.7 billion and in the United States alone it was $2.2 billion, with forecasted global market 2019-2024 CAGR of 3.4%. We have identified several molecules that occur naturally that potentially meet these criteria and we are currently leveraging our biofacturing platform to select and develop one of these agents.

Other pipeline programs

We are also exploring other consumer care opportunities including film formers which are used in many consumer products to provide the desired sensory profile. We intend to expand our pipeline of performance advantaged consumer care products over time.

*Agriculture*『农业』

In agriculture, the rate of yield growth has been slowing, while climate, environmental pressures and consumer demand for more nutritious, healthy food have continued to increase the need for better products. We believe we are well positioned to transform the discovery of novel microbes and products, including proteins and natural products.

Nitrogen fixation partnership: ZYM0301(环保和低碳的氮肥?)

Our most advanced agricultural product is focused on improving crop nutrient uptake for significant markets, including corn and wheat. We are helping to reduce dependence on synthetic nitrogen fertilizer. According to the EPA, around 50% of crops globally are reliant on synthetic nitrogen today, but its high-energy production comes with serious environmental impacts, ranging from dead zones at sea to decomposition into nitrous oxide, a greenhouse gas nearly 300 times more potent than carbon dioxide, responsible for approximately 5% of human-caused greenhouse gas emissions. We expect the amount of nitrogen accessible to the plant will improve environmental outcomes and lead to favorable economics across the value chain.

Other Agriculture pipeline: ZYM0302 and ZYM0303(除虫剂和除草剂)

We are also exploring various crop protection opportunities in areas such as pesticides and herbicides. Consistent with our mission of partnering with Nature, we are exploring naturally derived compounds to achieve this performance. Some of these programs are being undertaken in partnership with mature companies who may assist with commercialization.

For ZYM0302, we are working with a partner on a range of new natural products that will target a number of pests and pest classes. We are using our metagenomics database to help identify these products, which have the potential to meaningfully improve farmer economics through increased yields and lower costs through better efficacy and more targeted and efficient application.

ZYM0303 is targeted at helping potato and tomato growers more effectively manage the weeds that decrease yield and are very expensive to hand spray and manually remove. The top product that historically helped address this issue, methyl bromide, is now banned. ZYM0302 is meant to be applied pre and post-emergence of the crop in the field, helping throughout the lifecycle of the crop, and aimed at providing a substantial uplift to farmer economics.

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在下邢道荣2021-04-25 15:32

凯赛的做法最稳妥,开那么多管线,那是人家有金主给钱烧,每个线都吃不透,好看不好用。凯赛开一口深井,全产业链整合,保证最终产品的竞争优势,然后扩大规模,进一步做大优势。稳如老狗,就是没有想象力。

当其无有器之用2021-04-24 16:46

凯赛是提供原料,下游公司可进一步生产相关产品。要发展个性化终端产品,其产业模式将完全不同。恐怕不是那么容易。要是能够做出差异化和个性化的产品,直接到C端,那估值也可以提高吧