Yield10 Bioscience, Inc. (NASDAQ:YTEN) Q4 2023 Earnings Call Transcript April 1, 2024

Yield10 Bioscience, Inc. misses on earnings expectations. Reported EPS is $-0.27 EPS, expectations were $-0.11. Yield10 Bioscience, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Welcome to the Fourth Quarter and Full Year 2023 Financial Results and Business Update Conference Call for Yield10 Bioscience. During this call, participants will be in a listen-only-mode. The presenters will address questions from analysts today. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the conference call over to your host, Yield10, Vice President of Planning and Corporate Communications, Lynne Brum.

Lynne Brum: Thank you, Alicia. Good afternoon, everyone. Welcome to the conference call. Joining me on the call today are President and CEO, Dr. Oli Peoples, Vice President of Research and Chief Science Officer, Dr, Kristi Snell and Chief Accounting Officer, Chuck Haaser. Earlier this afternoon, Yield10 issued our fourth quarter and full year 2023 financial results, as well as our 10-K. The press release as well as slides that accompany today's presentation are available on the Investor Relations events section of our website at yield10bio.com. Let's turn to slide 2. Please note, as part of our discussion today, management will be making forward-looking statements. These statements are not guarantees of future performance and therefore you should not produce undue reliance on them.

Investors are also cautioned that statements are not strictly historical, constitute forward-looking statements, and such forward-looking statements are subject to a number of risks and uncertainties that could cause the actual results to differ materially from those anticipated. These risks include risks and uncertainties detailed in Yield10's filings with the SEC. The Company undertakes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this conference call. I'll turn the call over to Oli.

Oliver Peoples: Thanks, Lynne. Good afternoon everyone, and thanks for joining our call. Let's turn to slide 3. We continue to make progress in our plans to commercialize sustainable products using the oilseed Camelina as a platform crop. We're pursuing Camelina seed oil products for two market opportunities and value chains. Each product has its own scale requirements, timeline and value proposition. The first product is seed oil with high levels of the omega-3 fatty acids, EPA and DHA, and the market driver is the growing supply deficit. I'm going to refer to these as our omega-3 products for the rest of this presentation. The second product is Camelina seed oil, produces a low carbon intensity feedstock oil for biofuels. This market is driven by government policies, has a potential to be very large, and will require the production of tens of millions of acres of non-food oilseed cover crops like Camelina.

In early 2024, we revised our strategy for biofuels to focus on providing R&D services to third parties with the goal of generating service and licensing revenues from our advanced Camelina technologies. Today, we will provide an update on recent accomplishments, more detail on the development of omega-3 products, present fourth quarter and year end financials, and summarize key milestones. We will then open the call to questions. Let's turn to slide 4 for progress on key '24 business milestones. We achieved numerous milestones in 2023. We demonstrated a closed loop value chain from seed genetics to oil for sale. We progressed herbicide tolerance traits that included obtaining regulatory approval for growing HT Camelina from USDA-APHIS. We also stepped up our commercial and development efforts on our omega-3 products, which Kristi will review later on in this call.

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