Zymergen (ZY) plunges 68% on forecast for ‘immaterial’ revenue in 2022

A little more than three months after pricing its IPO at the top of its expected range and soaring out of the gate, Zymergen is warning investors that revenue from its experimental products won’t be coming anytime soon.

Zymergen, which describes itself as a “biofacturing company using biology to reimagine the world,” plunged 68% in extended trading on Tuesday to $11.07, down from its IPO price of $31. The company said in a press release that it no longer expects to generate product revenue in 2021 and that revenue next year will be “immaterial.”

The company also said that Josh Hoffman, who co-founded Zymergen in 2013, is stepping down…