Yield10 Bioscience reports Q1 EPS ($4.77) vs. $18.16) last year

Yield10 ended the first quarter of 2024 with $1.6 M in unrestricted cash and cash equivalents; a net increase of $0.5 M from unrestricted cash, cash equivalents and investments of $1.1M reported as of December 31 ..The Company used $0.9M in cash for its operating activities during the three months ended March 31 in comparison to $2.7M used for operating activities during the first three months of 2023. The net decrease in cash usage reflects the company’s continuing efforts to conserve cash resources by reducing expenses and delaying payments to vendors and the receipt of the initial $2M paid by VISION upon execution of the commercial license agreement.”In the first quarter of 2024, we made the strategic decision to focus our resources on the commercialization of Camelina products targeting the aquafeed and nutritional markets for omega-3 fatty acids,” said Oliver Peoples, Ph.D., President and Chief Executive Officer of Yield10. “We are building seed inventory in anticipation of commercial scale planting, planning to obtain regulatory approval to sell omega-3 oil for aquafeed in Chile, and engaging with potential commercial partners to enable future commercial sale of omega-3 oil and meal in target markets. “We recently completed deliverables earning $1 million in milestone payments from Vision Bioenergy Oilseeds. Earlier this year, we granted a license to VISION related to our herbicide tolerance technology for Camelina. In recent months we have obtained clearances from both USDA-APHIS and the U.S. EPA allowing commercial planting of HT Camelina together with the use of glufosinate herbicide for the management of broad leaf weeds, representing a key milestone in the commercial development of Camelina. “Yield10 is a leader in the development of Camelina as a commercial crop and in engineering novel traits into the crop. In April of 2024, Yield10 was granted a U.S. patent covering oilseed plants engineered with a complex, novel carbon fixation pathway and in May of 2024, the Company was granted a Notice of Allowance on C3004, a trait that increases photosynthesis driving increased branching and seed yield in Camelina. We expect this patent to issue in the second half of 2024. “In the coming months, we plan to continue to execute on our commercial and regulatory plan to produce omega-3 oil and meal products in Camelina, to combine our herbicide tolerant and omega-3 traits to produce new Camelina varieties, and to continue to support grower adoption of Camelina,” said Dr. Peoples.