Yield10 Bioscience Announces First Quarter 2019 Financial Results
"2019 is off to a strong start for Yield10 and holds the potential to be a pivotal year for the Company,” said
“During the first quarter we completed the steps required to initiate planting for our 2019 Field Tests of C3003 and C3004, which we anticipate occurring in second quarter, pending suitable weather conditions. We also continued to make important progress deploying our novel yield traits for evaluation in canola, soybean, corn, wheat and rice, where in many cases we are leveraging third party capabilities and resources. We expect that many of these programs will produce agronomic and/or yield data during 2019, which should position Yield10 for future commercial opportunities,” Dr. Peoples concluded.
Recent Accomplishments
Completed Start-up Activities for 2019 Field Tests. Yield10 completed seed bulk up, permitting and contracting associated with the Company's 2019 Field Tests planned for the evaluation of seed yield traits in oilseed crops. Key studies include the evaluation of second generation C3003 in canola and the evaluation of C3004 in first-time field tests in Camelina.
Advanced deployment of two key traits in canola. Yield10 progressed the characterization of C3007 deployed in canola lines using CRISPR genome-editing as a key step toward enabling the submission of an "Am I Regulated?" letter in advance of U.S. field tests. Yield10 also produced its first canola lines containing the C3004 seed yield trait, one that is based on inserting a gene from Camelina to improve seed yield.
Initiated an early development program in corn to evaluate novel seed yield and drought tolerance traits. Corn is the highest value commercial row crop grown in
Broadened its intellectual property portfolio. Yield10 recently received a Notice of Allowance from the US PTO for claims relating to C3003. The patent is expected to issue in 2019. In addition, Yield10 signed an exclusive global license with the
FIRST QUARTER 2019 FINANCIAL OVERVIEW
The Company ended the first quarter of 2019 with
The Company's present capital resources, including funds received from its
Operations
The Company’s net cash used by operating activities during the first quarter of 2019 was
For the first quarter ending
Total research grant revenue for the first quarter 2019 was
The Company's 2018 condensed consolidated financial statements included in this press release have been adjusted to reflect the Company's adoption of Accounting Standards Update No. 2016-02 ("Topic 842"), Leases, on
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About
For more information visit www.yield10bio.com (
Safe Harbor for Forward-Looking Statements
This 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, ability to obtain sufficient financing to continue operating, expectations related to research and development activities, collaborations, intellectual property, the expected regulatory path for traits, reproducibility of data from field tests, the timing of completion of additional greenhouse and field test studies, the signing of research licenses and collaborations, and value creation as well as the overall progress of
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(FINANCIAL TABLES FOLLOW)
YIELD10 BIOSCIENCE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
UNAUDITED
(In thousands, except share and per share amounts)
| Three Months Ended March 31, |
|||||||||||||||
| 2019 |
2018 |
||||||||||||||
| Revenue: | |||||||||||||||
| Grant revenue | $ | 124 | $ | 60 | |||||||||||
| Total revenue | 124 | 60 | |||||||||||||
| Expenses: | |||||||||||||||
| Research and development | 1,223 | 1,101 | |||||||||||||
| General and administrative | 1,186 | 1,276 | |||||||||||||
| Total expenses | 2,409 | 2,377 | |||||||||||||
| Loss from operations | (2,285 | ) | (2,317 | ) | |||||||||||
| Other income (expense), net | 25 | 25 | |||||||||||||
| Net loss | $ | (2,260 | ) | $ | (2,292 | ) | |||||||||
| Basic and diluted net loss per share | $ | (0.22 | ) | $ | (0.24 | ) | |||||||||
| Number of shares used in per share calculations: | |||||||||||||||
| Basic & Diluted | 10,503,291 | 9,698,726 | |||||||||||||
YIELD10 BIOSCIENCE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
UNAUDITED
(In thousands, except share and per share amounts)
| March 31, 2019 |
December 31, 2018 |
||||||||||
| Assets | |||||||||||
| Current Assets: | |||||||||||
| Cash and cash equivalents | $ | 6,065 | $ | 3,023 | |||||||
| Short-term investments | — | 2,746 | |||||||||
| Accounts receivable | 45 | 94 | |||||||||
| Unbilled receivables | 79 | 66 | |||||||||
| Prepaid expenses and other current assets | 549 | 448 | |||||||||
| Total current assets | 6,738 | 6,377 | |||||||||
| Restricted cash | 332 | 332 | |||||||||
| Property and equipment, net | 1,335 | 1,385 | |||||||||
| Right-of-use assets | 4,619 | 4,766 | |||||||||
| Other assets | 71 | 100 | |||||||||
| Total assets | $ | 13,095 | $ | 12,960 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current Liabilities: | |||||||||||
| Accounts payable | $ | 12 | $ | 117 | |||||||
| Accrued expenses | 621 | 680 | |||||||||
| Lease liabilities | 869 | 844 | |||||||||
| Total current liabilities | 1,502 | 1,641 | |||||||||
| Lease liabilities, net of current portion | 5,398 | 5,621 | |||||||||
| Total liabilities | 6,900 | 7,262 | |||||||||
| Commitments and contingencies | |||||||||||
| Stockholders’ Equity: | |||||||||||
| Preferred Stock ($0.01 par value per share); 5,000,000 shares authorized; no shares issued or outstanding | — | — | |||||||||
| Common stock ($0.01 par value per share); 60,000,000 shares authorized at March 31, 2019 and December 31, 2018; 12,468,219 and 10,025,811 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively | 125 | 100 | |||||||||
| Additional paid-in capital | 360,383 | 357,646 | |||||||||
| Accumulated other comprehensive loss | (115 | ) | (110 | ) | |||||||
| Accumulated deficit | (354,198 | ) | (351,938 | ) | |||||||
| Total stockholders’ equity | 6,195 | 5,698 | |||||||||
| Total liabilities and stockholders’ equity | $ | 13,095 | $ | 12,960 | |||||||
YIELD10 BIOSCIENCE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
UNAUDITED
(In thousands)
| Three Months Ended March 31, |
|||||||||||||||
| 2019 | 2018 | ||||||||||||||
| Cash flows from operating activities | |||||||||||||||
| Net loss | $ | (2,260 | ) | $ | (2,292 | ) | |||||||||
| Adjustments to reconcile net loss to cash used in operating activities: | |||||||||||||||
| Depreciation | 50 | 47 | |||||||||||||
| Charge for 401(k) company common stock match | 24 | 46 | |||||||||||||
| Stock-based compensation | 162 | 281 | |||||||||||||
| Noncash lease expense | 147 | 60 | |||||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||
| Accounts receivables | 49 | 12 | |||||||||||||
| Unbilled receivables | (13 | ) | 29 | ||||||||||||
| Prepaid expenses and other assets | (60 | ) | (125 | ) | |||||||||||
| Accounts payable | (105 | ) | (27 | ) | |||||||||||
| Accrued expenses | (92 | ) | (993 | ) | |||||||||||
| Lease liabilities | (198 | ) | (68 | ) | |||||||||||
| Net cash used for operating activities | (2,296 | ) | (3,030 | ) | |||||||||||
| Cash flows from investing activities | |||||||||||||||
| Purchase of property and equipment | — | (3 | ) | ||||||||||||
| Purchase of short-term investments | — | (4,002 | ) | ||||||||||||
| Proceeds from the sale and maturity of short-term investments | 2,746 | 11 | |||||||||||||
| Net cash provided by (used for) investing activities | 2,746 | (3,994 | ) | ||||||||||||
| Cash flows from financing activities | |||||||||||||||
| Proceeds from warrants exercised | — | 124 | |||||||||||||
| Proceeds from registered direct offering, net of issuance costs | 2,597 | — | |||||||||||||
| Net cash provided by financing activities | 2,597 | 124 | |||||||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (5 | ) | (4 | ) | |||||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 3,042 | (6,904 | ) | ||||||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 3,355 | 14,804 | |||||||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 6,397 | $ | 7,900 | |||||||||||
| Supplemental disclosure of non-cash information: | |||||||||||||||
| Purchase of property and equipment included in accounts payable and accrued expenses | $ | 12 | $ | 31 | |||||||||||
| Offering costs remaining in accrued expenses | $ | 14 | $ | — | |||||||||||
Source: Yield10 Bioscience, Inc.
