Yield10 Bioscience Announces Second Quarter 2024 Financial Results
August 14 2024 - 4:37PM
Yield10 Bioscience, Inc. (Nasdaq:YTEN) ("Yield10" or the
"Company"), an agricultural bioscience company, today reported
financial results for the second quarter ended June 30, 2024.
"We continue to work closely with the Nufarm team to finalize
the asset purchase agreement announced in July,” said Oliver
Peoples, Ph.D., President and Chief Executive Officer of Yield10.
“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.”
On July 17, 2024, Yield10 announced that the Company had signed
a Memorandum of Understanding and License Agreement with Nuseed
Nutritional US Inc. (the seed technologies platform of Nufarm
Limited), granting Nufarm a commercial license to certain Omega-3
intellectual property assets, materials and know-how for producing
oil in Camelina. Under the License Agreement, Nufarm will pay
Yield10 up to USD $5 million. Nufarm and Yield10 have additionally
agreed to immediately negotiate exclusively with each other for the
sale of substantially all of Yield10’s remaining assets to Nufarm.
The asset sale will require an affirmative vote from the
shareholders of Yield10, as to which no assurance can be given, and
a special meeting of shareholders will be convened to seek that
vote following execution of the asset purchase agreement.
Yield10 reported a net loss of $3.2 million for the three months
ended June 30, 2024, or $5.04 per share, as compared to a net loss
of $3.7 million, or $15.42 per share, for the three months ended
June 30, 2023.
Please review Yield10’s second quarter 10-Q filed on August
14, 2024 with the Securities and Exchange Commission for further
financial information and disclosures.
About Yield10 BioscienceYield10 Bioscience,
Inc. ("Yield10" or the "Company") is an agricultural bioscience
company that is leveraging advanced genetics to develop the oilseed
Camelina sativa ("Camelina") as a platform crop for large-scale
production of sustainable seed products. These seed products
include feedstock oils for renewable diesel and sustainable
aviation biofuels and omega-3 (EPA and DHA+EPA) oils for
pharmaceutical, nutraceutical and aquafeed applications. Yield10 is
headquartered in Woburn, MA and has a Canadian subsidiary, Yield10
Oilseeds Inc., located in Saskatoon, Canada.
For more information about the Company, please
visit www.yield10bio.com, or follow the Company on X (formerly
Twitter), Facebook and LinkedIn.
(YTEN-E)
Safe Harbor for Forward-Looking StatementsThis
press release contains forward-looking statements which are made
pursuant to the safe harbor provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The forward-looking
statements in this release do not constitute guarantees of future
performance. Investors are cautioned that statements in this press
release which are not strictly historical statements, including,
without limitation, expectations regarding Yield10’s cash position,
cash forecasts and runway, expectations related to the successful
completion of the asset purchase agreement by Yield10 and Nufarm,
including an affirmative vote by the Nufarm board of directors and
Yield10 shareholders, the potential future commercialization,
potential market opportunity, economic viability and further
development of the omega-3 varieties of Camelina and the omega-3
oils produced therefrom, and value creation as well as the overall
progress of Yield10, constitute forward-looking statements. Such
forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results to differ materially
from those anticipated, including, but not limited to, the
Company’s ability to secure adequate funding in the near term to
continue operations, as to which no assurance can be given, as well
as the risks and uncertainties detailed in Yield10 Bioscience's
filings with the Securities and Exchange Commission. Yield10
assumes no obligation to update any forward-looking information
contained in this press release or with respect to the matters
described herein.
SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT AND
OTHER DOCUMENTS RELATED TO THE SOLICITATION OF PROXIES BY YIELD10
BIOSCIENCE FOR USE AT ITS SPECIAL MEETING WHEN AND IF THEY BECOME
AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION,
INCLUDING INFORMATION RELATING TO THE PARTICIPANTS IN ANY SUCH
PROXY SOLICITATION. WHEN AND IF COMPLETED, A DEFINITIVE PROXY
STATEMENT AND A FORM OF PROXY WILL BE MAILED TO STOCKHOLDERS OF
YIELD10 BIOSCIENCE AND WILL BE AVAILABLE AT NO CHARGE AT THE
SECURITIES AND EXCHANGE COMMISSION’S WEBSITE AT HTTP://WWW.SEC.GOV.
INFORMATION RELATING TO THE PARTICIPANTS IN THE PROXY SOLICITATION
WILL BE CONTAINED THEREIN.
Contact:
Yield10 Bioscience:Lynne H. Brum, (617) 682-4693,
LBrum@yield10bio.com
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