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CURRENT REPORT
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Item 8.01 Other Events.
Attached hereto as Exhibit 99.1 and incorporated herein by reference is an updated corporate presentation of Yield10 Bioscience, Inc.
Item 9.01. Financial Statements and Exhibits
(d)
Exhibits
| Exhibit No. | Description | |
| 99.1 | Investor Presentation | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| YIELD10 BIOSCIENCE, INC. | ||
| Date: August 2, 2023 | By: | /s/ Oliver P. Peoples |
| Oliver P. Peoples | ||
| President & Chief Executive Officer | ||
Exhibit 99.1
Today NasdaqCM : YTEN Yield10 Bioscience, Inc. August 2023 Investor Presentation Sustainable Growth Starts with a Seed
Today Safe Harbor Statement 2 The statements made by Yield10 Bioscience, Inc. (the “Company,” “we,” “our” or “us”) herein regarding the Company and its bus ine ss may be forward - looking in nature and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward - looking statements describe the Company’s future plans, projections, strategies and expectations, including statements regard ing future results of operations and financial position, business strategy, prospective products and technologies, expectations related to resea rch and development activities, timing for receiving and reporting results of field tests and likelihood of success, and objectives o f t he Company for the future, and are based on certain assumptions and involve a number of risks and uncertainties, many of which are beyond the co ntr ol of the Company, including, but not limited to, the risks detailed in the Company’s Annual Report on Form 10 - K for the year ended Decemb er 31, 2022 and other reports filed by the Company with the Securities and Exchange Commission (the “SEC”). Forward - looking statements inclu de all statements which are not historical facts and can generally be identified by terms such as anticipates, believes, could, esti mat es, intends, may, plans, projects, should, will, would, or the negative of those terms and similar expressions. Because forward - looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quant ified and may be beyond the Company’s control, you should not rely on these statements as predictions of future events. Actual results could d iffer materially from those projected due to our history of losses, lack of market acceptance of our products and technologies, the complexity of technology development and relevant regulatory processes, market competition, changes in the local and national economies, and various o the r factors. All forward - looking statements contained herein speak only as of the date hereof, and the Company undertakes no obligat ion to update any forward - looking statements, whether to reflect new information, events or circumstances after the date hereof or otherwise, except as may be required by law. We have filed a registration statement on Form S - 1 (File No. 333 - 273240), including a preliminary prospectus, dated August 1, 20 23, with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. The registration statement h as not yet become effective. Before you invest, you should read the registration statement, the preliminary prospectus and the final pro spe ctus (when available) for more complete information about us and this offering. You may also retrieve copies of these documents for free on the SEC's website at https://www.sec.gov. Alternatively, copies of the preliminary prospectus and the final prospectus, when available, ma y be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, New York 10022, Attention: Syndicate Department, or via email at syndicate@maximgrp.com or telephone at (212) 895 - 3745, or from Lake Street Capital Markets, LLC, Attention: Syndicate Department , 920 Second Avenue South, Suite 700, Minneapolis, Minnesota 55402, or by emailing syndicate@lakestreetcm.com or by calling (612) 3 26 - 1305.
Today Company Overview 3 1. As of the close on August 1 st , 2023 2. Based on 5,078,557 shares outstanding as of March 31, 2023 and includes the following: (i) 1,160,114 shares of common stock i ssu able upon exercise of the company’s options outstanding as of March 31, 2023 at a weighted average exercise price of $12.29 per share; (ii) 14,270 shares of common stock issuable upon exe rcise of warrants outstanding as of March 31, 2023 at an exercise price of $201.60 per share; (iii) 1,114,278 shares of common stock issuable upon exercise of Series B Warrants at an ex ercise price of $8.00 per share; and (iv) 750 shares of common stock issuable upon exercise of immediately vested warrants outstanding at an exercise price of $116.00 per share. 3. Calculated using balance sheet data as of March 31, 2023, stock price as of the close on August 1st, 2023, and based on 5,078 ,55 7 shares outstanding as of March 31, 2023 4. As of June 30, 2023, we had cash and cash equivalents of approximately $2.3 million. Cash and cash equivalents as of June 30, 20 23 is preliminary, unaudited and subject to completion and may differ from what will be reflected in our unaudited interim financial statements as of and for the three and six months e nde d June 30, 2023. Our unaudited interim condensed financial statements as of and for the three and six months ended June 30, 2023 will not be available to you prior to investing in the sec urities offered by the prospectus. Yield10 at a Glance Ticker: YTEN Exchange: NasdaqCM Stock Price (1) : $2.27 Fully Diluted (“FD”) Shares Outstanding (2) : 7.4M FD Market Capitalization (1,2) : $16.7M Enterprise Value (3) : $12.2M Q1 2023 / FY 2022 Revenue : $60k / $450k Cash as of June 30, 2023 (4) : $2.3M ▪ Yield 10 Bioscience, Inc . , an agricultural bioscience company, engages in developing technologies designed to enable step - change increases in crop yield in the United States and Canada ▪ The Company is developing superior Camelina varieties to produce PHA bioplastics, low - carbon index feedstocks for renewable diesel biofuel, and land - based Omega - 3 DHA and EPA oils ▪ Yield 10 uses its Trait Factory platform to increase photosynthesis in crops and extract more carbon (CO 2 ) from the air About Yield10
Today Yield10 Investment Highlights 4 EXECUTION FOCUS • Grower contracts • Grain/oil Offtake Agreements • Technology and regulatory approvals COMMERCIAL VISION Plans to Scale Camelina to 30 million acres • Camelina grain contracting • Revenue from seed product offtake agreements TECHNOLOGY FOCUS Goals to Increase revenue and margins • Increase production acres • Increased harvest value • Next - higher value omega - 3 oil MARKET FOCUS • BIOFUEL FEEDSTOCK OIL • Next – Omega - 3 oils • Future – PHA Bioplastics LEADERSHIP • Strong leadership and R&D team (Boston, USA and Saskatoon, Canada) • Experienced Board of Directors An Agricultural Bioscience Company Focused on the Oilseed Camelina
Today Recent Yield10 Business Accomplishments Building Commercial Momentum 5 • Establishing the supply chain ⎼ First value chain partnership in place (private Crusher/ Biorefiner ) ⎼ First commercial winter production harvested and delivered to partner ⎼ Spring grower contracting completed under grain offtake agreements ⎼ Grower outreach is underway for winter Camelina contracting in fall of 2023 ⎼ Expecting first product revenue in second half of 2023 • Progressing additional value chain prospects ⎼ Marathon Petroleum Corporation : non - binding Letter of Intent (“LOI”) for investment and partnership for Camelina in biofuel (regional exclusivity until August 25 th ) ⎼ Mitsubishi Corporation : Memorandum of Understanding (“MOU”) for SAF ⎼ American : MOU for collaboration to develop value chain for Camelina in SAF Camelina Grain Harvest - Alberta, July 2023 Value Chain Seed Production Grower Contracts Grain/Oil Offtake Crush/refining Status underway Camelina Grain Delivered - Alberta, July 2023
Today Yield10 - Biofuel Feedstock Oil Opportunity 6 1. 10 new biofuels facilities in US/Canada announced in last ~9 months. RD capacity image credit - FastMarkets . 2. Image credit: Montana Renewables Investor Presentation. 3. : https://apple.news/Ab2GQvFtOTISS4Zf2 - DN_rQ 4. https:// www.argusmedia.com / en //news/2453500 - japan - to - implement - policies - to - raise - saf - use - supply Map of Biofuels Facilities 1 Sustainable Aviation Fuel (SAF) • There are still major long - term risks for biofuels producers • Secure feedstock oil supply • Food vs Fuel – Loss of biofuel incentives for food oils? Region 2030 SAF Target (gal/ yr ) US 3 billion EU 462,000,000 Japan 453,000,000 Estimated opportunity for ~44 million acres of oilseed cover crops in the US and Canada >$12 billion feedstock oil (@ 1400lb/acre, 40% oil and $0.50/ lb oil ) • 6 billion gallons of new capacity for funded RD projects in the US 1
Today 7 Yield10 Platform Crop - Camelina 1. https://biodieselmagazine.com/articles/2518791/usda - expands - crop - insurance - for - camelina • Promising oilseed crop ⎼ Uses same farming, storage and processing assets as other oilseed e.g. canola ⎼ Seed oil levels ~ 40% of seed weight, protein meal ~55% of seed weight • Both spring and winter varieties ⎼ Winter varieties, potential use as cover crop for corn and soybean acres ⎼ We believe Yield10 leads in input and performance traits • Promising platform crop for novel high value seed products Camelina field plots at flowering Greenhouse grown Camelina Commercial scale winter Camelina growth Yield10 Vision: Transition Camelina from a niche crop to > 30 million acres June 2023, Camelina Crop Insurance 1
Today 8 1. CI reduction is based on Yield10’s internal estimates of carbon savings versus the production of either petroleum plastics or bi oplastics from bio - fermentation See Yield10’s white paper “ Biofuels and Bioplastics Commercial Development Plan ” for additional details. • Establish production AND the value chain • Advanced varieties – cold tolerant, early maturing • Partnering with growers • Offtake Agreements for grain/oil • Minimize working capital for grain inventory • Increase revenue and margins - technology • Accelerate grower adoption • Herbicide package to fit crop rotations • Weed control + tolerance to soil herbicide residues • Winter cover crop • New crop rotation options, additional grower revenue, soil health/carbon, reduced nutrient runoff • Increase harvest value • Lower CI (carbon intensity) oil from winter cropping – higher value feedstock oil • Seed yield and seed oil content, future higher value seed products (omega - 3 oil) • Improved protein meal value - Food and fuel Plans to transition Camelina from a niche crop to major crop on > 30 million acres Establishing Commercial Production
Today Establishing Production - Early Camelina Varieties Value - advantaged spring and winter Camelina available under grower contract 9 E3902 (Spring Gene - Edited) WDH2 (Winter Cold Tolerant) WDH3 (Winter Short Cycle) E3902 is a triple gene - edited spring Camelina WDH3 Control Cold hardy winter Camelina variety Early maturing winter Camelina variety WDH2
Today • Winter Camelina planted in the Fall of 2022 • Established the value chain by partnering with private crusher/ biorefiner • Spring 2023 grower contracting completed Q2 • Winter 2023/2024 grower contracts to be completed Q3 10 Establishing Production – Grain Production and Offtake Winter Camelina Grain Harvest – July 2023 Winter Camelina June 2023 Camelina Grain Delivered to Biofuel Facility July 2023
Today Yield10 Technology Vision for Camelina 11 1. CI reduction is based on Yield10’s internal estimates of carbon savings versus the production of either petroleum plastics or bi oplastics from bio - fermentation See Yield10’s white paper “ Biofuels and Bioplastics Commercial Development Plan ” for additional details. • Establish production • Advanced varieties – cold tolerant, early maturing • Partnering with growers • Increasing revenue and margins - Technology • Accelerate grower adoption – increase production acres • Herbicide package to fit crop rotations • Weed control + tolerance to soil herbicide residues • Winter cover crop • New crop rotation options, increase grower revenue, soil health/carbon, reduced nutrient runoff • Increase harvest value • Lower CI (carbon intensity) oil from winter cropping – higher value feedstock oil • Seed yield and seed oil content – future higher value seed products (omega - 3 oil) • Improved protein meal value - Food and fuel • Own or Control 21 Patent Applications pending (HT, seed yield, seed oil etc.) Plans to transition Camelina from a niche crop to major crop on > 30 million acres History of HT Canola Adoption HT Camelina May Accelerate Grower Adoption ?
Today 12 Progress on Herbicide Trait for Robust Weed Control Anticipated Timeline and Milestones for HT Camelina Development Plans to increase revenue and margins • Provide state of the art broadleaf weed control for growers • Increase yield by reducing weed pressure • Enable growers to leverage HT Camelina to manage their entire crop rotations
Today Goal: Stacked Herbicide Trait for Robust Weed Control 13 Plans to increase revenue and margins 2022 2023 2023 Spring Season Field Work Results demonstrate target herbicide profile Next steps: • Select lead and back - up stacked HT Camelina for commercialization • Repeat field tests • Conduct seed scale - up Filed USDA - APHIS Regulatory Status Review (RSR) Note: Development path for spring E3902 Camelina germplasm with stacked HT trait • Combine over - the - top broadleaf herbicide tolerance with soil residual tolerance (“Stacked HT”) • Enable growers to use land previously treated with Group 2 herbicides • Expand acreage available for growing Camelina • Increase ease of use and profitability for growers • Increase revenue by increasing production acres and yield 2022 Greenhouse Work • Isolated stacked HT Camelina events and conducted greenhouse herbicide tests • Identified stacked HT events suitable for regulatory approval • Scaled - up seed for first field tests
Today Biofuels Competitive Landscape 14 Company Ownership Oilseed Crush Partner Refinery Partner Offtake NuSEED Subsidiary of NuFarm (Australia) Carinata British Petroleum British Petroleum CoverCress Majority owned by Bayer Pennycress BUNGE REG/Chevron REG/Chevron Sustainable Oils Owned by GCEH Camelina (Spring) JG Boswell Global Clean Energy Global Clean Energy Vision BioEnergy S&W Seed (minority) Shell (majority) Camelina SHELL SHELL Corteva Public Co. Canola BUNGE REG/CHEVRON REG/CHEVRON Public Co. Camelina (Spring/ Winter) Confidential Negotiating offtake agreements Note 1, The acquisition of REG by Chevron is ongoing. 1 • Partnerships are being formed across the value chain • Majority of new oilseed innovators are now controlled by Ag or oil majors Yield10 plans to retain control of its future while partnering for biofuels
Today 15 ESG Metrics Fish Oil Supply June, 2023 Improving Regulatory Environment Market Demand Peru Produces Around 20% of Global Fish Oil Yield10 - Omega - 3 Oil Opportunity Tailwinds for sustainable, scalable sources of omega - 3 oils 1. tps://www.intrafish.com/fisheries/peru - cancels - all - important - first - anchovy - fishing - season/2 - 1 - 1464552 2. https://www.seafoodsource.com/news/supply - trade/global - fishmeal - production - up - 30 - percent - in - 2023 - iffo - finds#:~:text=%E2%80%9CThis%20announcement%20is%20of%20strategic,fishmeal%20and%20fish%20oil%20production.%E2%80%9D 3. https://www.seafoodsource.com/news/aquaculture/aquaterra - s - omega - 3 - oil - gets - norwegian - approval - for - use - in - aquafeed 4. How Sustainable Farming On Land And Sea Can Work Together To Meet Our Growing Need For Protein 1 2 3 5 4 June, 2023 July, 2023 Forbes > Business > Food & Drink, July 2023
Today Yield10 - Omega - 3 Oil Opportunity - Status 16 >>>> 2016 - 2021 UK, Canada, US 2017 - 2020 Published Studies Q4, 2020 - 2022 2023 - >>>>>> Multi year, multi acre field tests Product validation in aquafeed & human trials “Camelina DHA 1 oil effectively replaces fish oil • Yield10 secures commercial rights • Funds RRES R&D program • Assists with patent prosecution • July 2023, Yield10 files RSR for regulatory approval of EPA 8 line with USDA - APHIS • EPA8 line planted at acre - scale to produce planting seed and oil samples • RSR for DHA 1 Camelina line in preparation • Planning scale up of EPA8 and DHA1 Camelina lines • Developing detailed business plan to enable commercial launch • Timeline for anticipated commercial launch in development 1. https://academic.oup.com/ajcn/article/114/4/1447/6301120 EPA and DHA Omega - 3 oils are essential for human health and wellness • Fish oil is the primary source of EPA and DHA Omega - 3s in the human diet • Minimum levels of EPA and DHA are required in salmon diets for health and productivity • EPA8 Camelina line – up to 29% EPA in oil, target pharma/nutraceutical markets • DHA1 Camelina line - ~ 10%EPA + 10% DHA, drop in fish oil replacement • Yield10 believes it can leverage the operating foundation established for biofuels
Today Yield10 Q1 2023 Summary Financial Results 1 Investment ongoing to achieve key strategic objectives 17 1 Current as of date of conference call on May 10, 2023. 2 As of June 30, 2023, we had cash and cash equivalents of approximately $2.3 million. Cash and cash equivalents as of June 30, 20 23 is preliminary, unaudited and subject to completion and may differ from what will be reflected in our unaudited interim financial statements as of and for the three and six months ended June 30, 2023. Our unaudited interim condensed financial statements as of and for the three and six months ended June 30, 2023 will no t b e available to you prior to investing in the securities offered by the prospectus. Operating Results Q1 2023 Q1 2022 Revenue $0.1 million $ 0.1 million R&D Expense $ 2.2 million $ 1.8 million G&A Expense $ 1.7 million $ 1.7 million Net Loss $ 3.8 million $ 3.3 million Balance Sheet • $2.3 M in cash and cash equivalents at the end of second quarter 2 • $1.8 M in cash and cash equivalents at the end of first quarter • $1.0 M Convertible Note associated with LOI with Marathon Petroleum signed on April 28 • $2.7 M net proceeds in a Registered Direct offering completed on May 5 • Net operating cash usage of $2.7 M for the first quarter of 2023 • Expect to book product revenue from harvest of Camelina grain in Q4 - 2023
Today On Track to Achieve Key Milestones in 2023 and Beyond 18 Corporate, Commercial and R&D Milestones Period Expand commercial activities targeting the Biofuel market - Generate first product revenue in 2023 from fall 2022/spring 2023 grower contracts - Advance partnership discussions with Mitsubishi and Marathon Petroleum - Obtain regulatory clearance for herbicide tolerant Camelina - Form additional partnerships and/or sign offtake agreement(s) across the biofuel value chain 2023 Ongoing Ongoing Ongoing Ongoing Execute on grower engagement program ensuring rapid offtake of Camelina grain; engage growers in 2023 production contract program, hold field events and build visibility for the benefits of growing Camelina - Expand grower contracts for winter Camelina and offtake of grain to crushers/refiner - Build seed inventory to ramp up contracted acres of spring and winter Camelina 2023 Ongoing Ongoing Continue to build industry leading, differentiated Camelina varieties - Generate data and seed inventory to support launch of HT and stacked HT Camelina - Plant spring Camelina field trials, including HT, yield, and omega - 3 traits - Demonstrate stacked HT tolerant Camelina in field trials 2023 Ongoing Completed in Q2 Completed in Q3 Progress technology and commercial development activities, to address other key market opportunities - File RSR for trait regulatory approval and complete business plan for launch of Omega - 3 oils - Progress PHA bioplastic trait optimization 2023 Ongoing Ongoing Expand intellectual property portfolio 2023+
Today Yield10 Investment Highlights 19 EXECUTION FOCUS • Grower contracts • Grain/oil Offtake Agreements • Technology and regulatory approvals COMMERCIAL VISION Plans to Scale Camelina to 30 million acres • Camelina grain contracting • Revenue from seed product offtake agreements TECHNOLOGY FOCUS Goals to Increase revenue and margins • Increase production acres • Increased harvest value • Next - higher value omega - 3 oil MARKET FOCUS • BIOFUEL FEEDSTOCK OIL • Next – Omega - 3 oils • Future – PHA Bioplastics LEADERSHIP • Strong leadership and R&D team (Boston, USA and Saskatoon, Canada) • Experienced Board of Directors An Agricultural Bioscience Company Focused on the Oilseed Camelina
Today Innovation & Technology - Driven Leadership 20 Leadership Team Oliver Peoples President & CEO • Co - founded Metabolix /Yield10 • 30+ years of technology innovation/commercial development • PhD Molecular Biology, University of Aberdeen & research scientist in Department of Biology, MIT Kristi Snell VP Research & CSO • Led plant science research at Metabolix , co - founded Yield10 • PhD Organic Chemistry, Purdue University & Postdoc in Biochemistry and Metabolic Engineering, MIT Lynne Brum VP Planning & Communications • 25+ years experience in corporate communications and planning; former EVP Porter Novelli Life Sciences, VP Vertex Pharmaceuticals • MBA, Simmons’ School of Management Charles Haaser VP Finance & CAO • 30+ years experience in finance and accounting; Principal Accounting Officer and acting CFO at ABIOMED, Corporate Controller at Indevus Pharmaceuticals • MBA, Northeastern & MS in Taxation, Bentley University Darren Greenfield Senior Director, Seed Operations • 25+ years experience in Canola seed operations • Experience managing the development and commercial production of proprietary Canola plant varieties • Experience with identity preserved supply chains for specialty products
Today Board of Directors 21 Board of Directors Oliver Peoples, PhD President, Director & CEO • Co - founded Metabolix /Yield10 • 30+ years of technology innovation/commercial development • PhD Molecular Biology, University of Aberdeen & research scientist in Department of Biology, MIT Anthony J. Sinskey, ScD Director • Co - founded Metabolix /Yield10 • Professor of Biology at MIT • Scientific co - founder of several other companies including Genzyme, Merrimack Pharmaceuticals and Tepha Sherri M. Brown, PhD Director • Director since 2020 • 28 years at Monsanto serving in leadership positions involving global commercialization of new products, including biotech traits for soybean, canola and corn • PhD in Genetics, Molecular and Cellular Biology at Indiana University Robert L. Van Nostrand Director & Chairman • Chairman since 2013 and a Director since 2006 • 30+ years in life sciences and finance • 20 years at OSI Pharmaceuticals, most recently as SVP and CFO Richard W. Hamilton, PhD Director • Director since 2017 • 30+ years in crop development • 18 years at Ceres, Inc. serving in leadership positions including CEO, CFO and board member • PhD in Molecular Biology at Vanderbilt University Willie Loh, Director • Advisor to the board since June 2022 • 15 years at Cargill in VP/AVP roles including Market Development, Marketing, Oils, Sales • Expertise in crushing and in contract growing of specialty oils through Cargill Canola
Today Portfolio of Camelina Traits in Development Trait Camelina Phenotype Trait Source Comments HT 1 Tolerance to over - the - top herbicide Known gene YTEN patent pending on HT Camelina HT 1 plus Group 2 HT Tolerance to over - the - top herbicide plus Group 2 herbicide soil residues Known gene YTEN patent pending on HT Camelina HT 1 plus HPPD HT Tolerance to over - the - top and HPPD soil residues Proprietary HPPD 1 trait Recently added to portfolio Enable rotation in corn/soy E3902 Increased seed oil (5%) Yield10 PCT/US2020/043063 C3004 Increased vigor and seed yield Yield10 PCT/US19/49281 C3007 Increased seed oil Increased seed yield U. Missouri 2 Yield10 Issued US 10,883,113 PCT/US2021/045717 C3020 Increased seed oil Yield10 PCT/US2020/032696 C3019, C3021, C3022 TBD - in testing Yield10 PCT/US2020/032696 C3006 Increased seed yield and oil Yield10 PCT/US2016/026767 C3026 TBD - in testing Yield10 PCT/US2021/018743 Yield trait stack Increased seed yield and oil Yield10 Patent in preparation 22 1 Exclusive option to novel HPPD trait 2 Exclusive License from U. Missouri for use in increasing oil content in crops
Today NasdaqCM : YTEN Yield10 Bioscience, Inc. August 2023 Investor Presentation Sustainable Growth Starts with a Seed