Key Takeaways:
- Yield10 Bioscience’s glufosinate tolerant Camelina sativa receives regulatory clearance from USDA-APHIS.
- This approval marks a significant commercial milestone for Yield10, enabling the cultivation and breeding of this modified Camelina in the U.S.
- The company is preparing for a commercial launch as early as 2025, targeting the biofuel market and weed management solutions.
- Yield10 is also developing Camelina varieties with stacked traits for robust weed control and production of omega-3 oils.
- The SECURE Rule framework has facilitated the regulatory process, aligning with Yield10’s commercial strategy.
USDA-APHIS Clears Path for Innovative Camelina Cultivation
Yield10 Bioscience, an agricultural bioscience company, announced a significant advancement with the USDA-APHIS’s Biotechnology Regulatory Services (BRS) determining that its glufosinate tolerant Camelina sativa (“Camelina”) may be grown and bred in the United States. Under the SECURE Rule, this decision indicates that the modified Camelina does not pose an increased plant pest risk and is not subject to stringent regulations.
Preparing for Commercial Launch
Kristi Snell, Ph.D., Chief Scientific Officer of Yield10 Bioscience, emphasized the commercial significance of this clearance. The company is building seed inventory for its spring glufosinate tolerant Camelina, aiming for a commercial launch by 2025. This initiative is expected to support grower contracts for producing low-carbon feedstock oil for the biofuel market while providing new options for weed management.
Advanced Genetic Tools in Agriculture
Oliver Peoples, Ph.D., CEO of Yield10 Bioscience, highlighted the use of advanced genetic tools, including gene editing and traditional genetic engineering methods, to improve crop productivity. The company’s E3902 HT Camelina variety exemplifies this approach, combining eight gene edits with herbicide tolerance. Yield10 is also developing Camelina varieties with stacked herbicide tolerance traits, offering robust weed control solutions for growers.
Yield10 Bioscience Latest News
Yield10 Bioscience Q3 2023: Net Loss Increases As Company Seeks Funding (2023/11/15)
Yield10 Bioscience made progress in Q3 2023 with its “Camelina Seed Genetics to Biofuel” platform and its herbicide-tolerant Camelina varieties. The company also signed a letter of intent with BioMar Group to produce omega-3 fatty acids in Camelina. Yield10 ended Q3 with $2.8 million in cash, but there is substantial doubt about the company’s ability to continue beyond early December 2023. For Q3, the company reported a net loss of $3.7 million and estimated total net cash usage for the year to be $12.5-$13.0 million.
Secures Exclusive Global License for Advanced Omega-3 Camelina Technology from Rothamsted Research (2023/10/19)
Yield10 Bioscience exercised its option to finalize an exclusive global commercial license for advanced omega-3 production technology from Rothamsted Research Limited. The technology focuses on the sustainable, plant-based production of omega-3 oils using Camelina sativa as the platform crop. Yield10 plans to improve the varieties by deploying herbicide tolerance and performance traits. The technology developed by Rothamsted and Yield10 could offer a sustainable and predictable supply of high-quality omega-3 oils.
Yield10’s Breakthrough in Weed Control for Biofuels (2023/10/12)
Yield10 Bioscience is working to establish effective weed control for Camelina cultivation, supporting its adoption for biofuel production. They’re developing herbicide-tolerant Camelina to ensure broad acceptance by growers, and their elite HT Camelina has demonstrated tolerance in three field test cycles against a commonly used broadleaf herbicide. Yield10 is gearing up for a potential commercial launch by 2025. The company has submitted regulatory requests to meet standards. Their advancements highlight their commitment to sustainable farming practices and green energy solutions.
Yield10 Bioscience Completes Harvest of Camelina Grain (2023/10/04)
Yield10 Bioscience completed its winter and spring Camelina grain harvest for the 2022/2023 season. The harvested grain was crushed and refined into biofuel, marking the beginning of a new revenue stream for the company. Yield10 is now working on building the technology foundation to accelerate the adoption of Camelina for the biofuels market. Feedback from growers has been positive, especially in areas where drought conditions persisted over the season. Yield10 is aiming to position Camelina as a significant source of low-carbon index feedstock oil for the biofuel industry.
Closes Public Offering (2023/08/16)
Yield10 Bioscience, Inc., an agricultural bioscience firm, has successfully closed its public offering, releasing 5,750,000 units at $0.65 each. Every unit comprises a share of common stock and a warrant to buy another share at the same price. These warrants, valid for five years from their issue date, can be exercised immediately. While the stock shares and warrants were sold together, they were issued separately and can be instantly separated after issuance. The offering generated around $3.7 million in gross proceeds before accounting for fees and expenses.
Yield10 Bioscience: Reports Q2 2023 & H1 Progress (2023/08/15)
Yield10 Bioscience announced its financial results for H1 2023. The company has made significant strides in commercializing Camelina as a primary crop for producing low-carbon intensity feedstock oil aimed at the biofuel market. Yield10 is engaging with potential stakeholders in the biofuel sector to finalize investment and offtake agreements for Camelina oil. The company has completed the first delivery of Camelina grain to a biofuel customer. Yield10 ended Q2 2023 with $2.3 million in unrestricted cash and cash equivalents, marking a net increase from the previous quarter. The company’s current capital resources are expected to fund its operations into Q4 2023.
Yield10 Announces Public Offering Pricing (2023/08/12)
Yield10 Bioscience, Inc., an agricultural bioscience firm, has set the price for its public offering of 5,750,000 units at $0.65 each. These units comprise a share of common stock and a warrant to buy another share at the same price, valid for five years. While the stock and warrants are bundled in the purchase, they will be issued separately. The company anticipates gross proceeds of around $3.7 million from this offering, which is slated to conclude by August 15, 2023, pending standard closing conditions.
Yield10 Bioscience: Advancing Herbicide Tolerance in Camelina (2023/08/03)
Agricultural bioscience company Yield10 Bioscience has made significant progress in developing stacked herbicide tolerance (HT) traits in Camelina, a promising crop for biofuel production. In field tests, the company’s proprietary stacked HT Camelina varieties demonstrated remarkable tolerance to over-the-top herbicide application and Group 2 herbicide soil residues. These results are expected to drive grower adoption of stacked HT Camelina and open up access to acreage previously treated with Group 2 herbicides. Yield10 aims to launch its first commercial HT Camelina varieties in 2025, followed by the introduction of stacked HT Camelina varieties shortly after.
Revolutionizing The Omega-3 Oil Market (2023/07/27)
Yield10 Bioscience, a major agricultural bioscience company, recently made an exciting announcement regarding their efforts to develop sustainable, land-based production of omega-3 oils through proprietary elite Camelina varieties. The company filed a request for a Regulatory Status Review (RSR) with the USDA-APHIS Biotechnology Regulatory Services (BRS) under the SECURE Rule, marking a significant milestone in its mission to revolutionize the omega-3 oil market.
Miss On Both EPS & Revenue Estimates Despite Operational Progress (2023/05/11)
Yield10 Bioscience, Inc. (Nasdaq: YTEN) released its Q1 2023 financial results, achieving its internal target for contracted spring Camelina acres. The company is advancing Camelina lines to produce the EPA component of omega-3 and identifying growers for 2023/2024 winter Camelina contracts. Yield10 also signed a non-binding LOI with MPC for potential investment and an offtake agreement for low-carbon intensity Camelina feedstock oil for renewable fuel production. The company reduced its total net cash usage guidance for the year ending December 31, 2023, to $12.5 – $13.0 million.
Yield10 Bioscience Signs LOI with Marathon Petroleum (2023/05/02)
Yield10 Bioscience is advancing its plan to provide low-carbon intensity Camelina feedstock oil to the North American biofuel market through partnerships in the supply chain. The company has sold a senior unsecured convertible promissory note worth $1.0 million to an affiliate of Marathon and plans to use the net proceeds for working capital and general corporate purposes. This move aligns with global efforts to reduce carbon emissions and promote renewable energy sources.
