Core of the innovation is around the engineering of the microorganism. One way to think of it is that it is similar to chip designs. In the 80s (I think) ARM designed chips that had super low power consumption. They patented that design and those chip designs are why we enjoy better battery life on our devices today. We have a similar approach in terms of where our IP resides.

In terms of chemical reactions, we can in theory produce almost any chemical compound found in nature directly, and all chemicals in multiple steps. Our process is anaerobic so we can't do reactions (yet) that require an oxidation step. For context, there are more than 200,000 organic compounds found in the biosphere.