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| Statement |
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| So, that’s another very encouraging thing |
| science-driven regulatory process is favorable for Camelina with stacked trait as evidenced by our recent positive decision from USDA-APHIS stating that our HT stack is not considered regulated by the agency |
| We secured the rights to the omega-3 Camelina technology from Rothamsted in 2020 because we believe that the omega-3 oils containing EPA and DHA fatty assets represent a very significant differentiated and growing market opportunity |
| These positive regulatory outcomes bode well not only for the pending review of our EPA Camelina RSR, but also for the DHA1 RSR we are preparing and for the performance traits in our pipeline |
| We’re making solid progress in our technology and business plans to launch Camelina as a platform crop with a focus on the biofuel feedstock market and the high-value market for omega-3 oils |
| We are utilizing molecular stacking to deploy new traits in Camelina with the aim to deliver ongoing enhancements to crop performance, which, if achieved, would bring enhanced revenue and margin to the crop |
| We believe the stacked herbicide tolerance lines will be a win-win for growers and Yield10, as the trait will allow robust wheat control for farmers, potentially increasing yield and revenue and providing tolerance to soil residues of previously applied Group 2 herbicides |
| And so I think the number one thing was actually compared to the other crops that I am growing in my farm, this thing looks really very good |
| This past summer, we reported encouraging data from our spring field trials, demonstrating robust stacked herbicide tolerance in multiple events |
| We are very pleased with the level of grower engagement we had |
| In particular, the growers had strong positive feedback on the effects of herbicide tolerant varieties Yield10 is developing and how those could significantly expand the opportunity and add value for them |
| We were also very pleased with the performance of our current Camelina varieties |
| Congratulations to the entire Yield10 technology team who, under Kristi’s leadership, have demonstrated compelling capabilities in the development and regulatory approval of advanced Camelina varieties developed using genetic engineering |
| Using the RSR process for regulatory approval by USDA-APHIS under the secure role, we see a promising path to production of omega-3 in the U.S |
| Over the course of 2023, we made good progress with the development of stacked herbicide tolerance in spring and winter Camelina |
| We are also seeing positive developments on the regulatory front with Norway, the largest producer of farm salmon, regionally approving the use of a GMO omega-3 oil from Nuseed, it produces a DHA-containing oil in canola |
| The growers are also, as I have said, very excited about the prospects for the glufosinate tolerant Camelina and then the stacked Camelina because if they are using these group 2s and a significant share of their acreage, those acreages are just not available for planting Camelina immediately after |
| Growers have provided us with positive feedback on the potential of using glufosinate-tolerant Camelina in their rotations |
| We know the grower interest is very, very strong |
| So, I think we are making phenomenal progress for a small company |
| Our strategy is to create a pipeline of highly engineered elite Camelina varieties to deliver ongoing performance improvements in agronomics, yield, oil content, meal profile and other desirable attributes |
| We’ve made good progress with our omega-3 Camelina platform in 2023, including developing project time lines and a launch plan for the first product, EPA omega-3 oil |
| So no, we don’t – we can’t really provide color on individual ones, but I would say overall, the interest remains very strong |
| And I think we have a great project coming up |
| They have strong opinions and very smart people because, of course, being a farmer is not easy |
| We hope that we would receive responses from the agencies before year-end, and I’m delighted this afternoon that we heard we received a positive response from USDA-APHIS stating that our glufosinate-tolerant line is not considered regulated by the agency |
| Today, there is a significant opportunity in the biofuels market where vegetable oil is processed into sustainable aviation fuel and renewable diesel |
| Both our winter and spring varieties require some moisture to germinate, but then demonstrate excellent drought tolerance over the growing season |
| Is there any kind of broad characterization that you can help make to give us confidence that these are going to be reaching a successful completion here soon? Oliver Peoples No, I think we remain very optimistic that we will achieve a successful partnership |
| They were great |
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| As we’ve highlighted before, there continues to be major global supply constraints and disruptions in oil produced from ocean harvested fish |
| I think in general, obviously, it was a pretty bad drought in that area of the North America this year |
| And while the second anchovy harvest is going forward, the authorized catch is about 25% below 2022 levels, which is expected to extend the supply constraint on the industry |
| Not to be negative in anybody, but one of them did tell me that if we were doing lipase that they are throwing us off the farm because of some of the weed issues they have seen |
| And so we kind of have to show them we can do this because, of course, there is definitely an issue there |
| For the third quarter of 2023, Yield10 reported a net loss of $3.7 million or $0.41 a share as compared to a net loss of $3.5 million or $0.71 per share for the third quarter of the previous year |
| For the 9 months ended September 30, 2023, the company reported a net loss of $11.2 million or $1.70 per share compared to a net loss of $10.3 million or $2.09 per share during the first 9 months of the previous year |
| Of course, then you get into the challenges around very large or, obviously, bureaucratic organizations with really smart people, I mean very, very smart people |
| As a result of continuing supply constraints as well as evidence of a more receptive regulatory environment, we are seeing increased third-party interest in alternative sources like the Camelina omega-3 platform |
| We have to solve the problem |
| It’s been reported recently that the cancellation of the first Peruvian anchovy harvest earlier this year cost the industry $1 billion |
| But I think when I look at the whole space, I would say, the entire sector knows this is going to be a crunch |
| Now, at the back end of 2023, of course, you have had a drought for many months |
| Sorry, there is a problem with my phone options |
| These risks include risks and uncertainties detailed in Yield10’s filings with the SEC |
| A year ago, we signed a 1-year extension of our research and option agreement with Rothamsted to complete the omega-3 Camelina program, which has been delayed due to COVID restrictions in the UK |
| So, in terms of that, I mean, really, the issue is at some point, it will be a question of working capital associated with our planting seed inventory |
| Based on our partner discussions, we believe biofuel sector recognizes that there is going to be a divergence of supply and demand at some point |
| That disconnect between supply and demand has happened to that industry in a massive way |
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