Yield10 Bioscience, Inc. (YTEN) Misses Q2 EPS by 10c

Yield10 Bioscience, Inc. (NASDAQ: YTEN) reported Q2 EPS of ($0.64), $0.10 worse than the analyst estimate of ($0.54).

Yield10 ended the second quarter of 2021 with $20.6 million in unrestricted cash and investments; a net decrease of $2.1 million from unrestricted cash and investments of $22.7 million versus the previous quarter ended March 31, 2021. Net cash used by operating activities during the second quarter of 2021 was $2.1 million compared to $2.3 million used in the second quarter of 2020. The Company continues to estimate net cash usage during the full year 2021 within a range of $10.0 - $11.0 million.

"We are focused on executing against our core business strategy of utilizing Camelina as a platform crop to produce food, fuel, and PHA bioplastic," said Oliver Peoples, Ph.D., President and Chief Executive Officer of Yield10. "Our important early commercialization activities continue, highlighted by our recent new hires to support the regulatory, supply chain and commercial paths for our traits, as well as by contracting with third parties to scale up and crush seed to produce samples of Camelina oil for business development efforts. We are field testing Camelina in Argentina, for the first time, with the goal of forming strategic partnerships to enable our market entry strategy for commercializing omega-3 oils in the farmed salmon feed market.

"Our team is making excellent progress across our R&D priorities for 2021. We remain on track scaling up certain Camelina lines to enable planting at larger scale as we are also field testing Camelina elite germplasm, as well as lines designed to produce increased seed yield, oil content, and PHA in a field program spanning more than 12 sites across the U.S., Canada and Argentina. We are also supporting the Rothamsted team as they field test and scale up omega-3 (DHA+EPA) Camelina lines. We believe our innovations will enable the delivery of sustainable product options well matched to market demands.

"Our GRAIN platform addresses the main challenge in agricultural biotechnology that being the consistent identification of novel targets that produce meaningful improvements in crop performance. Our team has discovered four new oil content targets, including C3020, and three additional traits accessible by CRISPR, a timely development given the increasing demand for vegetable oil for the food and fuel markets.

"In the second half of 2021, we look forward to continuing to advance our business plans for Camelina, reporting proof points from our R&D activities, and achieving key milestones supporting the growth of our business," said Dr. Peoples.

For earnings history and earnings-related data on Yield10 Bioscience, Inc. (YTEN) click here.

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