Yield10 Bioscience(YTEN) - 2024 Q1 - Quarterly Results

Financial Performance - Yield10 reported a net loss of $2.5 million for Q1 2024, or $4.77 per share, compared to a net loss of $3.8 million, or $18.16 per share, for Q1 2023[16] - Net loss for the three months ended March 31, 2024, was $2,472 million, an improvement from a net loss of $3,782 million in the same period of 2023[26] - Net cash used in operating activities decreased to $903 million from $2,667 million year-over-year[26] - Stock-based compensation expenses were $403 million, slightly down from $436 million in the prior year[26] Revenue and Cash Flow - Yield10 recognized $0.3 million in license revenue from the agreement with Vision Bioenergy Oilseeds during Q1 2024, with total revenue of $0.3 million compared to $0.06 million in Q1 2023[13][22] - Yield10 received $1 million in milestone payments from Vision Bioenergy Oilseeds in Q1 2024, contributing to its cash position[3][8] - The company anticipates total cash payments from Vision Bioenergy Oilseeds to reach $3 million, with $2 million received as of March 31, 2024[12] - Net cash provided by financing activities was $1,211 million, compared to $141 million in the previous year[26] Expenses and Liabilities - Research and development expenses decreased to $1.4 million in Q1 2024 from $2.2 million in Q1 2023, reflecting the company's efforts to align expenses with cash resources[15] - Total current liabilities increased to $6.21 million as of March 31, 2024, compared to $4.87 million as of December 31, 2023[24] - Deferred revenue increased significantly to $1,700 million, compared to no deferred revenue in the same period last year[26] - Accounts payable increased to $444 million from $307 million year-over-year[26] - The company reported a non-cash lease expense of $124 million, up from $104 million in the same period last year[26] Cash Position - The company ended Q1 2024 with $1.6 million in unrestricted cash, a net increase of $0.5 million from $1.1 million reported as of December 31, 2023[11] - Cash, cash equivalents, and restricted cash at the end of the period totaled $1,644 million, down from $2,073 million at the end of the same period in 2023[26] Regulatory and Development Updates - The U.S. EPA approved an amendment to the label language of INTERLINE Herbicide to include oilseed Camelina, allowing for better weed management during production[8] - Yield10 was granted a U.S. patent for oilseed plants engineered with a novel carbon fixation pathway in April 2024, expected to issue in the second half of 2024[4] - The company plans to plant its omega-3 DHA Camelina variety in fall 2024 as part of its seed scale-up program[8] Exchange Rate Impact - The effect of exchange rate changes on cash resulted in a positive impact of $4 million, compared to a negative impact of $3 million in the previous year[26] Capital Expenditures - The company had no purchases of property and equipment during the current period, compared to $9 million in the same period last year[26]