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Yield10 Bioscience (Nasdaq:YTEN) reported its financial results for Q4 and full-year 2022, highlighting strategic advancements in Camelina products aimed at biofuels, omega-3 oil, and bioplastics. The company ended 2022 with $4.3 million in unrestricted cash, down from $16 million in 2021, reflecting increased cash usage for operations, projected at $13-$14 million for 2023. Yield10 secured partnerships for Camelina feedstock oil and advanced herbicide-tolerant varieties, anticipating significant grower adoption. Despite these developments, the company faced a net loss of $13.6 million for the year, or $2.76 per share, compared to a loss of $11 million in 2021.
Yield10 Bioscience (Nasdaq: YTEN) announced they will report their fourth quarter and full year 2022 financial results on March 14, 2023. The management will host a conference call at 4:30 p.m. ET to discuss the results and provide a corporate update. Interested parties can call 1-877-709-8150 in the U.S. or +1-201-689-8354 internationally. A live webcast will also be available on their website. The replay of the call will be accessible three hours post-call until March 28, 2023. Yield10 focuses on developing improved Camelina varieties and has a goal to establish a high-value seed products business for the agriculture and food industry.
Yield10 Bioscience, Inc. (NASDAQ: YTEN) has signed a Memorandum of Understanding with American Airlines (NASDAQ: AAL) to develop Camelina as a low-carbon feedstock for sustainable aviation fuel (SAF). This collaboration aims to create a supply chain for Camelina oil-based SAF, potentially securing offtake agreements for its commercial use. The partnership also seeks government grants to support the necessary infrastructure. Camelina is viewed as a vital crop for reducing carbon emissions due to its environmental benefits, such as erosion control and soil moisture maintenance.
Yield10 Bioscience (Nasdaq:YTEN) announced significant advancements in developing herbicide tolerant Camelina crops. Field trials in the Southern U.S. confirmed that their E3902 HT spring Camelina lines are tolerant to commonly used broadleaf herbicides and grassy weed control products. The company aims to increase grower adoption of Camelina for biofuel feedstock. Yield10 plans further seed scale-up, field tests, and regulatory advancements in 2023. A request for Regulatory Status Review under the SECURE Rule was submitted to USDA-APHIS, with an expected agency response pending. The success of these developments is crucial for establishing Camelina in the North American agricultural market.