The synthetic biology pioneer has been chronically mismanaged in the decade since pivoting away from biofuels. Despite severely overpromising and underdelivering, the management team has faced almost no consequences.

A 2016 partnership between Ginkgo Bioworks and Amyris pooled together over 70 development-stage ingredients across flavor and fragrance verticals. By the end of 2022, only eight had been commercialized. What happened?