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#Synbio darling Ginkgo Bioworks $DNA released their 2022 results along with a 10-K filing. We perused all their year-end collateral for insights, starting with a strong increase in Foundry revenues from third parties and falling related party revenues. That's the good news. The bad news is that downstream value isn't looking so hot. Royalties declined year over year, while legacy pass-through contract manufacturing increased (why? who knows). As for milestone revenues, the majority in 2021 and 2022 for Ginkgo Bioworks came from a cannabis firm developing a CBD gummy. And get this. They actually had an impairment charge because the value from those payments didn't match what they received in return. So far, the big win for DNA stock seems to be a CBD gummy. As for the Zymergen acquisition, we look at that too along with the Bayer deal which doesn't look as hot as advertised. Again, we're avoiding Ginkgo Bioworks stock until the company proves that useful products are being developed on their platform, something that's reflected in royalties. Oh, one more thing. We'd like to see cash brought in by Foundry, er, Cell Engineering, increasing over time, not decreasing. The last few slides of this Ginkgo Biworks analysis are shocking. That's right. Just like pissing on an electric fence. So what are you waiting for? Watch this DNA stock analysis now, like your portfolio returns depend on it.

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