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BOSTON - Ginkgo Bioworks (NYSE: DNA), a company focused on cell programming and biosecurity, has announced a forthcoming change in its executive team. Current Chief Financial Officer Mark Dmytruk is set to resign on May 30, 2025, to join another organization. Steven Coen, the company’s Chief Accounting Officer, will be promoted to CFO following Dmytruk’s departure. According to InvestingPro data, Ginkgo maintains a strong liquidity position with a current ratio of 4.88, though the company faces challenges with rapid cash burn and negative EBITDA of $325.2 million in the last twelve months.
Steven Coen, a Certified Public Accountant, brings over three decades of experience in public accounting and corporate finance leadership to his new role as CFO. He joined Ginkgo Bioworks on May 1, 2023, and previously held the position of Corporate Vice President and Corporate Controller at Charles River Laboratories. His background also includes significant roles in the technology and medical device industries, as well as over 17 years with Deloitte & Touche LLP.
Jason Kelly, co-founder and CEO of Ginkgo Bioworks, expressed gratitude to Mark Dmytruk for his contributions and leadership, particularly during transformative phases for the company. Kelly also welcomed Coen’s elevation to CFO, citing the value of his experience and the continuity he brings to the finance team.
Mark Dmytruk reflected on his tenure positively, noting his confidence in Coen and the finance team to continue advancing the company’s financial goals. Coen acknowledged the foundation laid by Dmytruk and expressed readiness to further the financial strategies in place, aiming to achieve cost reduction targets and reach Adjusted EBITDA breakeven by the end of 2026.
Ginkgo Bioworks operates as a leading platform in the field of cell programming, offering services to a wide range of markets including food, agriculture, pharmaceuticals, and industrial chemicals. The company’s biosecurity branch focuses on developing infrastructure and technologies to address biological threats globally. Based on InvestingPro’s Fair Value analysis, the stock appears undervalued despite significant price declines over the past year. Investors seeking detailed insights can access comprehensive analysis and 12 additional ProTips through InvestingPro’s detailed research report, part of its coverage of over 1,400 US stocks.
This announcement of executive transition comes from a press release statement issued by Ginkgo Bioworks, and it is based on information that can be verified independently. The company’s forward-looking statements regarding its financial targets and the timing of the CFO transition are subject to risks and uncertainties that could affect actual outcomes.
In other recent news, Ginkgo Bioworks reported a significant 37% increase in revenue for the first quarter of 2025, reaching $38 million, largely driven by its cell engineering sector. The company is focused on achieving adjusted EBITDA breakeven by the end of 2026 and has launched new products and secured government contracts to support future growth. Additionally, Ginkgo Bioworks has renewed its collaboration with Twist Bioscience through a three-year, $15 million agreement, which allows Ginkgo to continue purchasing DNA products from Twist without minimum purchase requirements. This updated deal also grants Twist preferential pricing and licenses for certain long DNA technology, enhancing its DNA synthesis portfolio. The company has also been involved in government projects, with a $29 million contract under ARPA-H to be recognized over two years, which significantly de-risks Ginkgo’s revenue guidance for the year. Ginkgo Bioworks’ strategic expansion includes new offerings in pharmaceutical manufacturing and biosecurity, with the firm maintaining a positive outlook despite broader biotech sector challenges. Analyst firms like Bank of America have shown interest in the company’s government contract details and the stability of its funding sources.
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