We have incurred net losses since inception. Directly from this S1 Filing.
We have a history of operating losses and have incurred significant net losses in each fiscal quarter since our inception. For the nine months ended September 30, 2012 and 2011, we had net revenues of $0.8 million and $20.2 million and incurred net losses of $16.3 million and $7.7 million, respectively. For the years ended December 31, 2011 and 2010, we had net revenues of $20.3 million and $6.3 million, respectively and incurred net losses of $14.0 million and $7.5 million, respectively.
We will need to generate significant additional revenue to achieve profitability. While management believes that we may achieve profitability in the second part of 2013, there can be no assurance that we will do so. Our ability to generate and sustain significant additional revenues or achieve profitability will depend upon numerous factors outside of our control, including the market acceptance of our bio-based resins, future cost trends for our key raw materials and competitive products and general economic conditions.