Ginkgo Bioworks (DNA 10.60%) went public a few years ago. With sky-high expectations for growth spanning multiple industries, it may have been tempting for investors to take a chance on the up-and-coming cell programming business. Investing $1,000 may have been enough to benefit from the possible upside while avoiding too much risk. Here's a look at how much that investment would be worth today and whether Ginkgo's stock is still worth hanging on to.

The stock went public through a SPAC on Sept. 17, 2021

Special purpose acquisition companies (SPACs) were popular in 2021 while investors were buying up meme stocks and other risky investments. Many SPACs haven't lived up to their initial hype; unfortunately, Ginkgo hasn't been an exception.

When its shares first began trading on the NYSE on Sept. 17, 2021, it opened at a price of $11.15. Back then, buying $1,000 worth of shares in the company would have allowed you to buy approximately 90 shares of the cell programming business. It's not a huge buy-in, but given the upside, it may have been a justifiable amount given the high-risk, high-reward nature of the stock.

Ginkgo's stock has been a disaster since then

Unfortunately for Ginkgo investors, the company went public right around the time when the markets were slowing down. The stock began declining before the end of 2021, and Ginkgo would be down 32% even before the new year.

But its shares would crater even further after that. With deep losses and revenue that has nosedived due to a decline in COVID-19-related testing demand, the company has been hurting on multiple fronts. Today, the healthcare stock trades around $1.40 per share, representing a mammoth 87% decline in value since its first day of trading. At that price tag, 90 shares of the business would be worth just $126.

Can the stock turn things around?

This year hasn't been great for Ginkgo, as the stock is down another 18%. In the very long run, there is hope that Ginkgo could make a big dent in the $4 trillion addressable market in which the company believes it can be a player. From healthcare to agriculture to consumer goods and other industries, there's a wide range of ways it can help companies make bioengineered products, which can help their operations. The one big caveat, however, is that it may not be until 2040 that the company's addressable market is worth that much.

It could take years for Ginkgo to prove it can capitalize on those opportunities and that there is a realistic path to profitability. The company's business is nowhere near breakeven, and Ginkgo has also burned through $342 million in cash just from its day-to-day operating activities over the trailing 12 months.

The saving grace is that Ginkgo has over $1 billion in cash on its books, which means it won't run out of money anytime soon. But that isn't enough of a reason for the stock to turn things around, as Ginkgo will need strong results. Unfortunately, revenue has been declining. In its most recent quarter, which ended on Sept. 30, it incurred a loss of $303 million.

Should you buy Ginkgo Bioworks stock?

Ginkgo Bioworks hasn't been a good buy, and there is little reason to expect a turnaround anytime soon. Investors are better off taking a wait-and-see approach with the stock as Ginkgo's financials have been taking a beating, its cash balance has been diminishing, and things could still get worse for this risky stock.