{"id":739978,"date":"2023-03-14T16:05:55","date_gmt":"2023-03-14T20:05:55","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/yield10-bioscience-announces-fourth-quarter-and-full-year-2022-financial-results\/"},"modified":"2023-03-14T16:05:55","modified_gmt":"2023-03-14T20:05:55","slug":"yield10-bioscience-announces-fourth-quarter-and-full-year-2022-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/yield10-bioscience-announces-fourth-quarter-and-full-year-2022-financial-results\/","title":{"rendered":"Yield10 Bioscience Announces Fourth Quarter and Full Year 2022 Financial Results"},"content":{"rendered":"
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\n -Executing strategy to build supply chain alliances for the production of low-carbon
<\/em>
\n intensity Camelina feedstock oil for the biofuels market
<\/em>
\n -Advancing development of herbicide tolerant Camelina varieties
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\n -Accelerating development of omega-3 Camelina<\/em>\n <\/p>\n

\n -Management will host a conference call today at 4:30 p.m. (ET) to review <\/em>
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\n financial results and provide a corporate update<\/em>\n <\/p>\n

WOBURN, Mass., March 14, 2023 (GLOBE NEWSWIRE) — Yield10 Bioscience, Inc. (Nasdaq:YTEN) (“Yield10” or the “Company”), an agricultural bioscience company, today reported financial results for the fourth quarter and full year ended December\u00a031, 2022.<\/p>\n

\u201cYield10 is building a diverse Camelina products business based on our differentiated technology capabilities in this promising crop,\u201d said Oliver Peoples, Ph.D., President and Chief Executive Officer of Yield10 Bioscience. \u201cWe made significant progress in 2022 to position Yield10 to accomplish our objectives of commercializing elite Camelina as a platform crop to produce low-carbon intensity feedstock oil for biofuels, omega-3 oil for the food and feed markets, and to produce biodegradable PHA bioplastics in the longer term.<\/p>\n

\u201cOur commercialization plans this year include an emphasis on the biofuels market to address the growing global demand for new sources of low-carbon intensity feedstock oil. We are developing relationships with oilseed crushers, biofuel refiners, and biofuel end-users, where our goal is to develop a network of alliances to drive the commercialization of Camelina while supporting our capital-light business model. Recent MOUs with Mitsubishi Corporation and American Airlines, as well as the signing of a regional agreement for Camelina grain offtake with a third party crusher\/refiner customer, illustrate the direction we are taking to bring this alternative oil feedstock to the biofuel market.<\/p>\n

\u201cEven as we build seed inventory to increase seed supply for grower contracts for our current spring and winter Camelina varieties for grain production, we are rapidly advancing the next generation of these Camelina varieties engineered for herbicide tolerance to provide farmers with effective weed control for this crop for the first time. We are on track developing spring and winter herbicide tolerant elite Camelina varieties well-suited for cover cropping and integration into the crop rotations in our launch geography.\u00a0\u00a0 In 2023, we will continue to develop our lead herbicide tolerant Camelina varieties and begin producing seed inventory to support grower contracts and the expansion of planted acreage in future growing seasons. Feedback from growers has indicated that these new products have the potential to accelerate adoption of our Camelina varieties on their farms leading to adoption on large scale acreage.<\/p>\n

\u201cIn 2022, we extended our collaboration with Rothamsted Research with a priority of completing the development of an elite Camelina variety that produces the EPA fatty acid component of omega-3 and will be co-deployed with our advanced technology for herbicide tolerance. In 2023 we plan to accelerate the development of advanced EPA omega-3 Camelina. We are also continuing to advance our research program aimed at optimizing PHA yield in Camelina seed to supply the growing demand for biodegradable zero waste plastic packaging.\u201d<\/p>\n

\u201cWe look forward to the opportunity to achieve our goals and build value in our Camelina products business in 2023,\u201d said Dr. Peoples.<\/p>\n

\n Recent Accomplishments<\/strong>
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Recent progress by Yield10 is underscored by the key milestones achieved during 2022 and is setting the direction for the Company\u2019s business strategy in 2023, including:\u00a0\u00a0\u00a0\u00a0<\/p>\n