On the surface, it appears that synthetic biology pioneer Amyris (NASDAQ: AMRS) has finally turned a corner. Shares have gained 200% in the last year and are up more than 75% in 2018 on the heels of strong revenue growth in each of the last several quarters. The company sold its high-cost manufacturing facility to the world's leading industrial biotech powerhouse DSM and is now reaping the rewards of a business model built on royalty revenue from the deep-pocketed partner.