Yield10 Bioscience Announces Fourth Quarter and Full Year 2016 Financial Results
"In 2016, we launched the business around the mission of
"During the year, we conducted our first Fast
"Together, these accomplishments were significant for building our business and provide us with a solid foundation for making important progress generating additional proof points in key crops in 2017. Our research and development plan for 2017 is aimed at generating a range of proof points in Camelina, canola, soybean, rice and corn. We also anticipate reaching additional milestones in 2017 including forming collaborations, capturing new sources of grant funding and filing for additional intellectual property around our crop science
discoveries," concluded
FULL YEAR AND FOURTH QUARTER 2016 FINANCIAL OVERVIEW
The Company anticipates that it will need approximately
Continuing Operations
For the year ending
Total research grant revenue from continuing operations for the full year 2016 was
The Company reported a net loss from continuing operations of
Total research grant revenue in the fourth quarter of 2016 was
In the fourth quarter of 2016, research and development expenses were
Discontinued Operations
In
Conference Call Information
To listen to a telephonic replay of the conference call, dial toll-free 877-660-6853 or 201-612-7415 (international) and enter pass code 13654728. The replay will be available for 14 days. In addition, the webcast will be archived on the Company's website in the investor relations section.
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 research and development, collaborations, intellectual property and value creation as well as the Company's restructuring costs, cash position, cash forecasts, ability to obtain sufficient financing to continue operating, headcount forecasts, the reproducibility of data from field tests, the translation of yield improvements from Camelina to other crops, the potential to produce improvements in seed yield, the timing of completion of additional greenhouse and field test studies, and progress of
(FINANCIAL TABLES FOLLOW)
YIELD10 BIOSCIENCE, INC. | ||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
UNAUDITED | ||||||||||||||||
(In thousands, except share and per share amounts) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Revenue: | ||||||||||||||||
Grant revenue | $ | 341 | $ | 101 | $ | 1,159 | $ | 1,350 | ||||||||
Total revenue | 341 | 101 | 1,159 | 1,350 | ||||||||||||
Expenses: | ||||||||||||||||
Research and development | 1,148 | 1,568 | 5,670 | 6,602 | ||||||||||||
General and administrative | 786 | 1,635 | 5,737 | 7,217 | ||||||||||||
Total expenses | 1,934 | 3,203 | 11,407 | 13,819 | ||||||||||||
Loss from continuing operations | (1,593 | ) | (3,102 | ) | (10,248 | ) | (12,469 | ) | ||||||||
Other (expense) income, net | (34 | ) | (15 | ) | (38 | ) | 29 | |||||||||
Net loss from continuing operations before income tax benefit | (1,627 | ) | (3,117 | ) | (10,286 | ) | (12,440 | ) | ||||||||
Income tax benefit | 55 | — | 1,097 | — | ||||||||||||
Net loss from continuing operations | (1,572 | ) | (3,117 | ) | (9,189 | ) | (12,440 | ) | ||||||||
Discontinued operations | ||||||||||||||||
Income (loss) from discontinued operations | (522 | ) | (2,800 | ) | 2,682 | (11,241 | ) | |||||||||
Income tax benefit (provision) | 162 | — | (1,097 | ) | — | |||||||||||
Total net income (loss) from discontinued operations | (360 | ) | (2,800 | ) | 1,585 | (11,241 | ) | |||||||||
Net loss | $ | (1,932 | ) | $ | (5,917 | ) | $ | (7,604 | ) | $ | (23,681 | ) | ||||
Basic and Diluted net loss per share: | ||||||||||||||||
Net loss from continuing operations | $ | (0.06 | ) | $ | (0.11 | ) | $ | (0.33 | ) | $ | (0.50 | ) | ||||
Net income (loss) from discontinued operations | (0.01 | ) | (0.11 | ) | 0.06 | (0.45 | ) | |||||||||
Net loss per share | $ | (0.07 | ) | $ | (0.22 | ) | $ | (0.27 | ) | $ | (0.95 | ) | ||||
Number of shares used in per share calculations: | ||||||||||||||||
Basic & Diluted | 28,288,078 | 27,302,058 | 27,811,956 | 25,007,351 |
YIELD10 BIOSCIENCE, INC. | |||||||
CONSOLIDATED BALANCE SHEETS | |||||||
UNAUDITED | |||||||
(In thousands, except share and per share amounts) | |||||||
2016 | 2015 | ||||||
Assets | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 7,309 | $ | 12,269 | |||
Accounts receivable | 66 | 238 | |||||
Due from related parties | 1 | 146 | |||||
Unbilled receivables | 121 | 150 | |||||
Inventory | — | 51 | |||||
Prepaid expenses and other current assets | 363 | 1,668 | |||||
Assets of disposal group classified as held for sale | — | 328 | |||||
Total current assets | 7,860 | 14,850 | |||||
Restricted cash | 432 | 619 | |||||
Property and equipment, net | 1,739 | 105 | |||||
Deferred equity financing costs | 622 | 619 | |||||
Other assets | 95 | 95 | |||||
Other assets of disposal group classified as held for sale | — | 800 | |||||
Total assets | $ | 10,748 | $ | 17,088 | |||
Liabilities and Stockholders' Equity | |||||||
Current Liabilities: | |||||||
Accounts payable | $ | 56 | $ | 120 | |||
Accrued expenses | 2,702 | 3,513 | |||||
Deferred revenue | — | 277 | |||||
Total current liabilities | 2,758 | 3,910 | |||||
Lease incentive obligation, net of current portion | 1,132 | — | |||||
Contract termination obligation, net of current portion | 489 | — | |||||
Other long-term liabilities | — | 150 | |||||
Total liabilities | 4,379 | 4,060 | |||||
Commitments and contingencies | |||||||
Stockholders' Equity: | |||||||
Preferred stock ( | — | — | |||||
Common stock
( | 283 | 273 | |||||
Additional paid-in capital | 339,527 | 338,580 | |||||
Accumulated other comprehensive loss | (84 | ) | (72 | ) | |||
Accumulated deficit | (333,357 | ) | (325,753 | ) | |||
Total stockholders' equity | 6,369 | 13,028 | |||||
Total liabilities and stockholders' equity | $ | 10,748 | $ | 17,088 |
YIELD10 BIOSCIENCE, INC. | |||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
UNAUDITED | |||||||
(In thousands) | |||||||
Years Ended | |||||||
2016 | 2015 | ||||||
Cash flows from operating activities | |||||||
Net loss | $ | (7,604 | ) | $ | (23,681 | ) | |
Adjustments to reconcile net loss to cash used in operating activities: | |||||||
Depreciation | 515 | 265 | |||||
Charge for 401(k) company common stock match | 281 | 323 | |||||
Stock-based compensation | 848 | 2,128 | |||||
Inventory impairment | 199 | 209 | |||||
Gain on sale of discontinued operation and property and equipment | (9,833 | ) | (33 | ) | |||
Non-cash restructuring expense paid through stock and equipment | 196 | — | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | 172 | (193 | ) | ||||
Due from related parties | 145 | (34 | ) | ||||
Unbilled receivables | 29 | 270 | |||||
Inventory | 180 | (2 | ) | ||||
Prepaid expenses and other assets | 1,302 | (1,081 | ) | ||||
Accounts payable | (51 | ) | (226 | ) | |||
Accrued expenses | (845 | ) | 62 | ||||
Contract termination obligation and other long-term liabilities | 339 | — | |||||
Deferred revenue | (277 | ) | 130 | ||||
Taxes paid on employees' behalf related to vesting stock awards | (296 | ) | — | ||||
Net cash used in operating activities | (14,700 | ) | (21,863 | ) | |||
Cash flows from investing activities | |||||||
Purchase of property and equipment | (752 | ) | (654 | ) | |||
Proceeds from sale of discontinued operation and property and equipment | 10,317 | 40 | |||||
Change in restricted cash | 187 | — | |||||
Net cash provided (used) by investing activities | 9,752 | (614 | ) | ||||
Cash flows from financing activities | |||||||
Proceeds from private placement offering, net of issuance costs | — | 14,703 | |||||
Net cash provided by financing activities | — | 14,703 | |||||
Effect of exchange rate changes on cash and cash equivalents | (12 | ) | (3 | ) | |||
Net decrease in cash and cash equivalents | (4,960 | ) | (7,777 | ) | |||
Cash and cash equivalents at beginning of period | 12,269 | 20,046 | |||||
Cash and cash equivalents at end of period | $ | 7,309 | $ | 12,269 | |||
Supplemental disclosure of non-cash information: | |||||||
Purchase of property and equipment included in accounts payable and accrued expenses | $ | — | $ | 68 | |||
Lease incentive paid by lessor | $ | 1,332 | $ | — | |||
Transfer of equipment to settle contractual liability | $ | 111 | $ | — | |||
Issuance of common stock to settle contractual liability | $ | 85 | $ | — | |||
Issuance of stock in connection with Aspire agreement | $ | — | $ | 450 | |||
Restricted stock units issued to settle incentive compensation obligation | $ | — | $ | 305 |
Yield10 Inquiries:Source:Lynne H. Brum , (617) 682-4693, LBrum@yield10bio.com Investor Relations Contact:Amato and Partners, LLC 90 Park Avenue , 17th FloorNew York, NY 10016 admin@amatoandpartners.com
News Provided by Acquire Media