Yield10 Bioscience Announces Fourth Quarter and Full Year 2016 Financial Results
WOBURN, Mass. - March 22, 2017 - Yield10 Bioscience, Inc. (NASDAQ:YTEN) today reported financial results for the three months and full year ended December 31, 2016.
"In 2016, we launched the business around the mission of Yield10 Bioscience to develop new technologies to produce step-change increases in crop yield,” commented Oliver Peoples, Ph.D. president and chief executive officer. “We streamlined our organizational footprint and expense structure while keeping the talent and capabilities in place to take the business forward successfully as an agricultural science company. Recently, we also made selective additions to our senior R&D staff and board of directors with individuals possessing relevant agricultural industry experience."
"During the year, we conducted our first Fast Field Test of our lead novel yield trait gene C3003 in Camelina, a model oilseed crop. We reported encouraging results from this study in early 2017, when we reported seeing up to a 23 percent increase in seed yield in our best performing Camelina lines. We also added to our intellectual property portfolio through signing a global, exclusive licensing agreement for novel technology to improve oil seed yield, and taking an option to license promising gene editing targets for oilseed crops."
"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 Dr. Peoples.
FULL YEAR AND FOURTH QUARTER 2016 FINANCIAL OVERVIEW
Yield10 Bioscience is managed with an emphasis on cash flow and deploys its financial resources in a disciplined manner to achieve its key strategic objectives. The Company ended 2016 with $7.3 million in unrestricted cash and cash equivalents. The Company’s net cash used in operating activities during 2016 was $14.7 million, which was a decrease of $7.2 million from the $21.9 million used for operating activities during 2015. The decrease is primarily the result of the Company’s restructuring completed during its third fiscal quarter of 2016, including the discontinuation of its biopolymer operations and reduction in its full-time workforce from 68 employees as of December 31, 2015, to 20 full-time employees as of December 31, 2016.
The Company anticipates that it will need approximately $7.5 to $8.0 million of cash during 2017, including anticipated payments for remaining restructuring costs. The Company’s present
The following information was filed by Yield10 Bioscience, Inc. (YTEN) on Wednesday, March 22, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.