Zymergen warns on the market for key product

Citing customers’ technical difficulties in implementing its Hyaline polymer film in manufacturing processes, Zymergen, an Emeryville, California–based synthetic biotechnology and manufacturing firm, says that it no longer expects product revenue in 2021 and that it projects product revenue in 2022 will be so low as to be immaterial. The company acknowledges slower-than-expected market growth for foldable display applications for Hyaline, a polymer film for electronic displays that it developed with Sumitomo Chemical. Zymergen—which in May raised $500 million in an initial public offering on the NASDAQ exchange that valued the firm at over $3 billion—also announced the departure of CEO Josh Hoffman.