Yield10 Bioscience Announces Fourth Quarter and Full Year 2018 Financial Results
"During the fourth quarter we accomplished each of our key objectives outlined for 2018 as we completed our field testing and analysis of C3003 to improve seed yield in canola and we began our early development program for several promising traits in corn,” said
“We made a key transition in 2018 to enable the evaluation of our novel yield traits broadly in the major commercial food and feed crops: canola, soybean, corn, wheat and rice. In 2019, Yield10 will focus on generating key proof points from field tests of C3003 in canola and, building on encouraging findings reported in 2018, conduct our first field test of C3004 in Camelina, a model oil seed crop. This year, we also plan to evaluate CRISPR-Cas9 genome-edited versions of C3007 in canola and C4004 in wheat and rice for the first time. Concurrently, we will continue to support Bayer Crop Science (formerly Monsanto) and Forage Genetics as they undertake the testing of our traits in soybean and forage sorghum, respectively. We plan to leverage the data generated across our studies to identify opportunities for revenue generating collaborations with leading players in the agricultural industry,” Dr. Peoples concluded.
Recent Accomplishments
Announced encouraging results from the 2018 Field Tests of C3003 in canola. The C3003 yield trait produced seed yield increases of up to 11% in the best lines of canola tested. Based on these results, Yield10 plans to progress C3003 in canola into the commercial development phase in 2019 including field testing in
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
Appointed
FULL YEAR AND FOURTH QUARTER 2018 FINANCIAL OVERVIEW
The Company ended 2018 with
The Company's present capital resources, including funds received from its
Operations
The Company’s net cash used by operating activities during 2018 was
For the year ending
Total research grant revenue for the full year 2018 was
The Company reported a net operating loss of
Total research grant revenues in the fourth quarter of 2018 and fourth quarter of 2017 were consistent at
In the fourth quarter of 2018, research and development expenses were
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About
For more information visit www.yield10bio.com
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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 December 31, |
Twelve Months Ended December 31, |
||||||||||||||||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||||||||||
| Grant revenue | $ | 135 | $ | 104 | $ | 556 | $ | 944 | |||||||||||||||||||||||
| Total revenue | 135 | 104 | 556 | 944 | |||||||||||||||||||||||||||
| Expenses: | |||||||||||||||||||||||||||||||
| Research and development | 1,082 | 1,218 | 4,759 | 4,597 | |||||||||||||||||||||||||||
| General and administrative | 939 | 1,415 | 5,071 | 5,630 | |||||||||||||||||||||||||||
| Total expenses | 2,021 | 2,633 | 9,830 | 10,227 | |||||||||||||||||||||||||||
| Loss from operations | (1,886 | ) | (2,529 | ) | (9,274 | ) | (9,283 | ) | |||||||||||||||||||||||
| Other income (expense), net | 26 | (23 | ) | 104 | (113 | ) | |||||||||||||||||||||||||
| Net loss | $ | (1,860 | ) | $ | (2,552 | ) | $ | (9,170 | ) | $ | (9,396 | ) | |||||||||||||||||||
| Loss attributable to common shareholders and loss per common share: | |||||||||||||||||||||||||||||||
| Net loss | $ | (1,860 | ) | $ | (2,552 | ) | $ | (9,170 | ) | $ | (9,396 | ) | |||||||||||||||||||
| Deemed dividend on Series A Convertible Preferred Stock issuance | — | (1,427 | ) | — | (1,427 | ) | |||||||||||||||||||||||||
| Net loss applicable to common shareholders | $ | (1,860 | ) | $ | (3,979 | ) | $ | (9,170 | ) | $ | (10,823 | ) | |||||||||||||||||||
| Basic and Diluted net loss per share | $ | (0.19 | ) | $ | (0.99 | ) | $ | (0.92 | ) | $ | (3.29 | ) | |||||||||||||||||||
| Number of shares used in per share calculations: | |||||||||||||||||||||||||||||||
| Basic & Diluted | 10,024,557 | 4,040,156 | 9,932,487 | 3,288,618 | |||||||||||||||||||||||||||
YIELD10 BIOSCIENCE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
UNAUDITED
(In thousands, except share and per share amounts)
| December 31, 2018 |
December 31, 2017 |
||||||||||
| Assets | |||||||||||
| Current Assets: | |||||||||||
| Cash and cash equivalents | $ | 3,023 | $ | 14,487 | |||||||
| Short-term investments | 2,746 | — | |||||||||
| Accounts receivable | 94 | 54 | |||||||||
| Unbilled receivables | 66 | 65 | |||||||||
| Prepaid expenses and other current assets | 448 | 311 | |||||||||
| Total current assets | 6,377 | 14,917 | |||||||||
| Restricted cash | 332 | 317 | |||||||||
| Property and equipment, net | 1,385 | 1,539 | |||||||||
| Other assets | 100 | 109 | |||||||||
| Total assets | $ | 8,194 | $ | 16,882 | |||||||
| Liabilities and Stockholders' Equity | |||||||||||
| Current Liabilities: | |||||||||||
| Accounts payable | $ | 117 | $ | 76 | |||||||
| Accrued expenses | 1,429 | 2,299 | |||||||||
| Total current liabilities | 1,546 | 2,375 | |||||||||
| Other liabilities, net of current portion | 935 | 1,005 | |||||||||
| Total liabilities | 2,481 | 3,380 | |||||||||
| Commitments and contingencies | |||||||||||
| Stockholders' Equity: | |||||||||||
| Series A Convertible Preferred Stock ($0.01 par value per share); 5,000,000 authorized at December 31, 2018 and 2017, respectively; 0 and 1,826 shares issued and outstanding at December 31, 2018 and 2017, respectively | — | 818 | |||||||||
| Common stock ($0.01 par value per share); 60,000,000 shares and 40,000,000 shares authorized at December 31, 2018 and 2017, respectively; 10,025,811 and 9,089,159 shares issued and outstanding at December 31, 2018 and 2017, respectively | 100 | 91 | |||||||||
| Additional paid-in capital | 357,646 | 355,431 | |||||||||
| Accumulated other comprehensive loss | (110 | ) | (85 | ) | |||||||
| Accumulated deficit | (351,923 | ) | (342,753 | ) | |||||||
| Total stockholders' equity | 5,713 | 13,502 | |||||||||
| Total liabilities and stockholders' equity | $ | 8,194 | $ | 16,882 | |||||||
YIELD10 BIOSCIENCE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
UNAUDITED
(In thousands)
| Years Ended December 31, |
|||||||||||||||
2018 |
2017 |
||||||||||||||
| Cash flows from operating activities | |||||||||||||||
| Net loss | $ | (9,170 | ) | $ | (9,396 | ) | |||||||||
| Adjustments to reconcile net loss to cash used in operating activities: | |||||||||||||||
| Depreciation | 196 | 206 | |||||||||||||
| Expense for 401(k) company common stock match | 102 | 85 | |||||||||||||
| Stock-based compensation | 1,181 | 1,395 | |||||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||
| Accounts receivable | (40 | ) | 12 | ||||||||||||
| Due from related parties | — | 1 | |||||||||||||
| Unbilled receivables | (1 | ) | 56 | ||||||||||||
| Prepaid expenses and other assets | (128 | ) | 660 | ||||||||||||
| Accounts payable | 41 | 17 | |||||||||||||
| Accrued expenses | (865 | ) | (622 | ) | |||||||||||
| Other long-term liabilities | (70 | ) | (616 | ) | |||||||||||
| Net cash used in operating activities | (8,754 | ) | (8,202 | ) | |||||||||||
| Cash flows from investing activities | |||||||||||||||
| Purchase of property and equipment | (42 | ) | (6 | ) | |||||||||||
| Purchase of investments | (11,496 | ) | — | ||||||||||||
| Proceeds from sale and maturity of short-term investments | 8,750 | — | |||||||||||||
| Net cash used by investing activities | (2,788 | ) | (6 | ) | |||||||||||
| Cash flows from financing activities | |||||||||||||||
| Proceeds from warrants exercised | 124 | — | |||||||||||||
| Proceeds from private placement offering, net of issuance costs | — | 1,966 | |||||||||||||
| Proceeds from public stock offerings, net of issuance costs | — | 13,318 | |||||||||||||
| Taxes paid on employees' behalf related to vesting of stock awards | (6 | ) | (12 | ) | |||||||||||
| Net cash provided by financing activities | 118 | 15,272 | |||||||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (25 | ) | (1 | ) | |||||||||||
| Net (decrease) increase in cash, cash equivalents and restricted cash | (11,449 | ) | 7,063 | ||||||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 14,804 | 7,741 | |||||||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 3,355 | $ | 14,804 | |||||||||||
| Supplemental Cash Flow Disclosure: | |||||||||||||||
| Interest paid | $ | 50 | $ | 116 | |||||||||||
| Supplemental Disclosure of Non-cash Information: | |||||||||||||||
| Stock offering costs remaining in accounts payable and accrued expenses | — | $ | 221 | ||||||||||||
| Deemed dividend related to Series A Convertible Preferred Stock beneficial conversion feature | — | $ | 1,427 | ||||||||||||
Source: Yield10 Bioscience, Inc.
