Yield10 Bioscience Announces Second Quarter 2024 Financial Results

Core Insights - Yield10 Bioscience, Inc. reported a net loss of $3.2 million for Q2 2024, an improvement from a net loss of $3.7 million in Q2 2023, indicating a reduction in losses per share from $15.42 to $5.04 [3] - The company is in the process of finalizing an asset purchase agreement with Nufarm, which includes an initial payment of $3 million and potential additional payments totaling $5 million for Omega-3 intellectual property [2][3] - Yield10 is leveraging advanced genetics to develop Camelina sativa as a platform crop for sustainable seed products, including oils for renewable diesel and omega-3 oils for various applications [4] Financial Performance - Yield10 reported a net loss of $3.2 million for the three months ended June 30, 2024, compared to a net loss of $3.7 million for the same period in 2023 [3] - Loss per share improved from $15.42 in Q2 2023 to $5.04 in Q2 2024, reflecting better financial management [3] Strategic Developments - The company is working closely with Nufarm to finalize an asset purchase agreement, which is expected to benefit shareholders and provide necessary cash flow [2] - A Memorandum of Understanding and License Agreement was signed with Nuseed Nutritional US Inc., granting Nufarm a commercial license for Omega-3 production, with potential payments of up to $5 million [2] - Yield10 and Nufarm have agreed to negotiate exclusively for the sale of substantially all of Yield10's remaining assets, pending shareholder approval [2] Company Overview - Yield10 Bioscience focuses on agricultural bioscience, utilizing advanced genetics to develop Camelina sativa for sustainable oil production [4] - The company is headquartered in Woburn, Massachusetts, with a subsidiary in Saskatoon, Canada [4]