Yield10 Bioscience, Inc. Reports Q2 2024 Financial Results

Key Takeaways:

• Strategic Partnership: Yield10 is progressing with the finalization of an asset purchase agreement with Nufarm, including a potential $5 million in payments related to Omega-3 Camelina intellectual property.
• Reduced Net Loss: The company reported a net loss of $3.2 million in Q2 2024, an improvement from the $3.7 million loss in the same period last year.
• Shareholder Vote Pending: The asset sale to Nufarm will require shareholder approval, with a special meeting to be convened to seek this vote.
• Financial Position: The initial $3 million payment from Nufarm provides Yield10 with a cash runway to manage its ongoing obligations and regulatory requirements.

Yield10 Bioscience, Inc. (Nasdaq: YTEN), an agricultural bioscience company focused on innovation in crop technologies, announced its financial results for the second quarter ended June 30, 2024. The company reported a reduced net loss and provided updates on its strategic partnership with Nufarm, which is expected to shape the company’s future direction.

Strategic Partnership with Nufarm

In July 2024, Yield10 announced the signing of a Memorandum of Understanding and License Agreement with Nuseed Nutritional US Inc., the seed technologies platform of Nufarm Limited. This agreement grants Nufarm a commercial license to certain intellectual property assets related to Omega-3 oil production in Camelina, a promising bioengineered crop. Under the terms of the agreement, Nufarm will pay Yield10 up to $5 million, including an initial payment of $3 million, which has already been received, and an additional $2 million contingent upon meeting specific milestones.

Yield10 is also in the process of negotiating an exclusive agreement for the sale of substantially all its remaining assets to Nufarm. This asset sale is subject to shareholder approval, and a special meeting will be convened to secure the necessary votes. Oliver Peoples, Ph.D., President and CEO of Yield10, emphasized that this transition is seen as beneficial for shareholders, business partners, and employees alike. The funds received are expected to provide Yield10 with the financial runway needed to manage key biological assets and meet regulatory requirements as the company prepares for the shareholder vote.

Financial Performance

For the second quarter of 2024, Yield10 reported a net loss of $3.2 million, or $5.04 per share. This represents an improvement over the net loss of $3.7 million, or $15.42 per share, reported for the same period in 2023. The reduction in net loss is indicative of the company’s efforts to manage costs and streamline operations amidst its strategic transition.

While the company’s overall financial position remains challenging, the recent influx of funds from Nufarm offers some relief and supports ongoing operations as Yield10 moves towards potentially concluding the asset sale.

Future Outlook and Shareholder Vote

The upcoming special meeting of shareholders will be a critical juncture for Yield10 as it seeks approval for the sale of its remaining assets to Nufarm. The outcome of this vote will likely determine the future course of the company, with the potential asset sale offering a strategic exit that could return value to shareholders.

Oliver Peoples highlighted the importance of this transition, stating, “We believe that the transition of our Omega-3 Camelina program to Nufarm is in the best interest of our shareholders, business partners, and employees. Receipt of the initial $3 million payment and progress toward earning an additional $2 million milestone payment is enabling us to manage key biological assets and regulatory requirements, while providing us with the cash runway to secure the vote from shareholders on the asset sale.”

Read the complete results here.

Yield10 Bioscience Latest News

Secures Exclusive License for Sustainable Omega-3 Production in Camelina (2024/06/18)

Yield10 Bioscience, Inc. (OTC: YTEN) announced that it has obtained an exclusive global license from U.K.-based Rothamsted Research Limited for advanced technology to produce sustainable omega-3 products in Camelina sativa. This initiative aims to produce omega-3 oil and meal products targeting the aquafeed, pet food, and nutritional markets, offering a sustainable alternative to traditional marine sources. In exchange for the license, Yield10 will pay Rothamsted license fees, milestone payments, and royalties based on commercialization. Oliver Peoples, President and CEO of Yield10, stated that they are on a promising path to commercializing omega-3 producing varieties of Camelina and plan to submit key regulatory filings for an initial commercial launch in 2024. Yield10 has achieved significant milestones, including field testing and regulatory approvals for elite Camelina varieties, as well as signing a Letter of Intent with BioMar Group for commercializing omega-3 oil in aquafeed.

Yield10 Bioscience Announces EPA Approval for Use of INTERLINE® Herbicide on Camelina (2024/05/24)

Yield10 Bioscience, Inc. (OTC:YTEN) announced that UPL Ltd. (UPL) has received U.S. Environmental Protection Agency (EPA) approval to amend the label language of INTERLINE® Herbicide to include the oilseed Camelina sativa (Camelina). This approval allows Yield10’s glufosinate-tolerant Camelina to be sprayed with INTERLINE®, a glufosinate-containing herbicide, which helps farmers control broad-leaf weeds during Camelina field production. Camelina is becoming popular in North America as a potential source of feedstock oil for the biofuel industry. Additionally, Yield10 is developing Camelina as a platform crop for producing new seed products, including engineered omega-3 oils for nutrition and animal feed. EPA approval for the use of INTERLINE® Herbicide on Camelina is a significant milestone for sustainable agriculture and the broader agricultural sector.

Reports First Quarter 2024 Financial Results (2024/05/16)

Yield10 Bioscience, Inc. (Nasdaq: YTEN) reported its financial results for the first quarter ended March 31, 2024. The company is focusing on commercializing Camelina products for the aquafeed and nutritional markets for omega-3 fatty acids. They earned milestone payments from Vision Bioenergy Oilseeds and received regulatory clearances for herbicide-tolerant Camelina. The company also underwent a reverse stock split and reported a net loss of $2.5 million for the quarter. Recent accomplishments include additional milestone payments from Vision Bioenergy Oilseeds and approval for spraying glufosinate-tolerant Camelina with INTERLINE® Herbicide. Additionally, Yield10 received patents related to its engineered plants and traits.

Announces 1-for-24 Reverse Stock Split Effective May 2024 (2024/05/02)

Yield10 Bioscience, Inc. (Nasdaq: YTEN) has announced a 1-for-24 reverse stock split of its common stock, scheduled to take effect at the close of trading on May 2, 2024. This move aims to consolidate shares and potentially stabilize the stock price. The total number of outstanding common stock will decrease from 15,420,951 shares to 642,539 shares.

Announces 2023 Financial Results and Strategic Advances (2024/04/02)

Yield10 Bioscience, Inc., a sustainable agricultural bioscience innovator, reported its Q4 and full year 2023 financial results. The company’s strategic shift towards commercializing Camelina products targeting the aquafeed and nutritional markets for omega-3 fatty acids has enabled regulatory achievements, including a US commercial ramp-up of engineered Camelina varieties. Yield10’s commitment to empowering farmers and supporting the biofuels market is highlighted by a recent partnership with Vision Bioenergy Oilseeds. Despite a net loss of $14.5 million, Yield10’s strategic initiatives and regulatory advancements have set a strong foundation for future growth.

E3902 Camelina Receives Regulatory Clearance in Canada (2024/03/27)

Yield10 Bioscience’s Camelina sativa has received positive regulatory feedback from several countries, including Canada, the US, Argentina, and Chile. The Canadian Food Inspection Agency’s Plant Biosafety Office has confirmed that the genome-edited Camelina does not constitute a Plant with Novel Trait, while other countries have exempted it from specific biotechnology regulations. Yield10 Bioscience plans to continue its development and regulatory programs to provide access to new and improved Camelina varieties to growers.

Shares Promising Outcomes From Trials (2024/03/22)

Yield10 Bioscience has received regulatory approval from the USDA-APHIS BRS for its genetically engineered Camelina sativa varieties for omega-3 fatty acid production. It allows the company to advance commercial-scale planting in the United States for aquafeed, pet feed, baby formula, nutraceuticals, and pharmaceuticals. Strategic collaborations with Rothamsted Research and BioMar Group have supported Yield10’s omega-3 Camelina program. The company plans to continue its development program, focusing on building seed inventory and progressing toward the commercial sale of omega-3 oil and meal in 2024.

Shares Promising Outcomes From Trials (2024/03/01)

Yield10 Bioscience, Inc. (Nasdaq: YTEN) has conducted field tests in the US, engineering Camelina varieties with herbicide tolerance (HT) and stacked herbicide tolerance (Stacked HT) traits to produce valuable feedstocks for the biofuel and omega-3 oil markets. Results have been promising, with genetically modified Camelina showing resilience to chemical applications, offering a sustainable alternative for growers. The regulatory approval by USDA-APHIS of Yield10’s herbicide-tolerant Camelina varieties in November 2023 is a testament to the company’s leadership in agricultural biotechnology.

Partners With VISION to Boost Biofuel Feedstock (2024/02/12)

Yield10 Bioscience and VISION Bioenergy Oilseeds have partnered to catalyze the commercial production of Camelina on a large scale for biofuel feedstock oil, contributing to global decarbonization efforts. VISION receives an array of Camelina varieties from Yield10. Yield10 aims to enhance the value chain of Camelina by sublicensing its traits. The collaboration marks a milestone in sustainable biofuel production, leveraging genetic advancements in Camelina sativa to meet growing demand for biofuels.

Advances Omega-3 Camelina Program Towards Commercialization (2024/02/08)

Yield10 Bioscience, Inc. is emphasizing its Omega-3 Camelina program in 2024, focusing on the commercialization of EPA8 Camelina for the aquafeed and human nutrition markets following successful production in Chile and regulatory advancements with USDA-APHIS in the U.S. This strategic initiative includes collaborations with BioMar and Rothamsted Research to establish a sustainable omega-3 oil source, aiming to introduce a commercial product to the aquafeed industry, pending financial viability. Additionally, Yield10 is working on regulatory approvals to enhance agronomic performance and has updated stakeholders on its efforts to maintain its Nasdaq listing status, awaiting a decision on a potential extension.

Filed A Regulatory Status Review (2024/01/09)

Yield10 Bioscience has developed Camelina sativa, a sustainable source of omega-3 fatty acids. The Rothamsted Institute collaboration aims to make Camelina a land-based source of these essential fatty acids. Yield10’s omega-3 Camelina DHA1 line produces oil similar to fish oil, with approximately 10% EPA and 10% DHA. The SECURE Rule enables more precise regulations and reduces regulatory burdens, facilitating the advancement of Yield10’s omega-3 Camelina program.

USDA-APHIS Approves Yield10 Bioscience’s Glufosinate-Tolerant Camelina (2023/11/16)

Yield10 Bioscience has achieved a significant milestone with USDA-APHIS’s approval of its glufosinate-tolerant Camelina sativa for cultivation in the U.S., under the SECURE Rule framework. This clearance paves the way for the company’s commercial launch targeted for 2025, focusing on the biofuel market and innovative weed management solutions. Yield10 is also advancing the development of Camelina varieties with combined traits for enhanced weed control and omega-3 oil production, leveraging advanced genetic tools like gene editing. This development aligns with their strategy of producing low-carbon feedstock oil and offering new agricultural solutions.

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 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.

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