001-33133
|
|
04-3158289
|
(Commission File Number)
|
|
(IRS Employer Identification No.)
|
19 Presidential Way, Woburn, Massachusetts
|
|
01801
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock
|
YTEN
|
The Nasdaq Capital Market
|
Exhibit
|
|
|
No.
|
|
Description
|
|
Press Release dated August 11, 2020 announcing financial results for the three months ended June 30, 2020
|
|
|
YIELD10 BIOSCIENCE, INC.
|
|
|
|
August 11, 2020
|
By:
|
/s/ Oliver P. Peoples
|
|
|
Oliver P. Peoples
|
|
|
President & Chief Executive Officer
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||
Grant revenue
|
$
|
221
|
|
|
$
|
318
|
|
|
$
|
400
|
|
|
$
|
442
|
|
Total revenue
|
221
|
|
|
318
|
|
|
400
|
|
|
442
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Expenses:
|
|
|
|
|
|
|
|
||||||||
Research and development
|
1,179
|
|
|
1,191
|
|
|
2,639
|
|
|
2,414
|
|
||||
General and administrative
|
1,179
|
|
|
1,025
|
|
|
2,566
|
|
|
2,211
|
|
||||
Total expenses
|
2,358
|
|
|
2,216
|
|
|
5,205
|
|
|
4,625
|
|
||||
Loss from operations
|
(2,137
|
)
|
|
(1,898
|
)
|
|
(4,805
|
)
|
|
(4,183
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Other income (expense):
|
|
|
|
|
|
|
|
||||||||
Change in fair value of warrants
|
—
|
|
|
—
|
|
|
(957
|
)
|
|
—
|
|
||||
Loan forgiveness income
|
333
|
|
|
—
|
|
|
333
|
|
|
—
|
|
||||
Other income (expense), net
|
15
|
|
|
27
|
|
|
48
|
|
|
52
|
|
||||
Total other income (expense)
|
348
|
|
|
27
|
|
|
(576
|
)
|
|
52
|
|
||||
Net loss from operations before income tax expense
|
(1,789
|
)
|
|
(1,871
|
)
|
|
(5,381
|
)
|
|
(4,131
|
)
|
||||
Income tax expense
|
(7
|
)
|
|
—
|
|
|
(15
|
)
|
|
—
|
|
||||
Net loss
|
$
|
(1,796
|
)
|
|
$
|
(1,871
|
)
|
|
$
|
(5,396
|
)
|
|
$
|
(4,131
|
)
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted net loss per share
|
$
|
(0.92
|
)
|
|
$
|
(5.99
|
)
|
|
$
|
(2.95
|
)
|
|
$
|
(14.36
|
)
|
|
|
|
|
|
|
|
|
||||||||
Number of shares used in per share calculations:
|
|
|
|
|
|
|
|
||||||||
Basic and diluted
|
1,957,927
|
|
|
312,342
|
|
|
1,827,526
|
|
|
287,592
|
|
|
June 30,
2020 |
|
December 31,
2019 |
||||
Assets
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
3,290
|
|
|
$
|
5,417
|
|
Short-term investments
|
5,211
|
|
|
5,700
|
|
||
Accounts receivable
|
13
|
|
|
72
|
|
||
Unbilled receivables
|
59
|
|
|
20
|
|
||
Prepaid expenses and other current assets
|
417
|
|
|
475
|
|
||
Total current assets
|
8,990
|
|
|
11,684
|
|
||
Restricted cash
|
254
|
|
|
332
|
|
||
Property and equipment, net
|
978
|
|
|
1,243
|
|
||
Right-of-use assets
|
2,879
|
|
|
3,141
|
|
||
Other assets
|
265
|
|
|
318
|
|
||
Total assets
|
$
|
13,366
|
|
|
$
|
16,718
|
|
|
|
|
|
||||
Liabilities, Convertible Preferred Stock and Stockholders’ (Deficit) Equity
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
150
|
|
|
$
|
279
|
|
Accrued expenses
|
882
|
|
|
1,326
|
|
||
Lease liabilities
|
430
|
|
|
602
|
|
||
Total current liabilities
|
1,462
|
|
|
2,207
|
|
||
Lease liabilities, net of current portion
|
3,400
|
|
|
3,619
|
|
||
Warrant liability
|
—
|
|
|
14,977
|
|
||
Other long-term liabilities
|
17
|
|
|
—
|
|
||
Total liabilities
|
4,879
|
|
|
20,803
|
|
||
Commitments and contingencies
|
|
|
|
||||
Series B Convertible Preferred Stock ($0.01 par value per share): 0 shares and 5,750 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively
|
—
|
|
|
—
|
|
||
Stockholders’ Equity (Deficit):
|
|
|
|
||||
Series A Convertible Preferred Stock ($0.01 par value per share); 0 shares and 796 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively
|
—
|
|
|
—
|
|
||
Common stock ($0.01 par value per share); 60,000,000 shares authorized at June 30, 2020 and December 31, 2019; 1,972,798 and 933,423 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively
|
20
|
|
|
9
|
|
||
Additional paid-in capital
|
378,924
|
|
|
360,926
|
|
||
Accumulated other comprehensive loss
|
(167
|
)
|
|
(126
|
)
|
||
Accumulated deficit
|
(370,290
|
)
|
|
(364,894
|
)
|
||
Total stockholders’ equity (deficit)
|
8,487
|
|
|
(4,085
|
)
|
||
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)
|
$
|
13,366
|
|
|
$
|
16,718
|
|
|
Six Months Ended June 30,
|
||||||
|
2020
|
|
2019
|
||||
Cash flows from operating activities
|
|
|
|
||||
Net loss
|
$
|
(5,396
|
)
|
|
$
|
(4,131
|
)
|
Adjustments to reconcile net loss to cash used in operating activities:
|
|
|
|
||||
Depreciation
|
91
|
|
|
100
|
|
||
Change in fair value of warrants
|
957
|
|
|
—
|
|
||
Loss on disposal of fixed assets
|
206
|
|
|
—
|
|
||
Charge for 401(k) company common stock match
|
66
|
|
|
49
|
|
||
Stock-based compensation
|
297
|
|
|
275
|
|
||
Non-cash lease expense
|
262
|
|
|
299
|
|
||
Deferred tax provision
|
27
|
|
|
—
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivables
|
59
|
|
|
(54
|
)
|
||
Unbilled receivables
|
(39
|
)
|
|
(37
|
)
|
||
Prepaid expenses and other assets
|
84
|
|
|
(10
|
)
|
||
Accounts payable
|
(129
|
)
|
|
(62
|
)
|
||
Accrued expenses
|
(390
|
)
|
|
(102
|
)
|
||
Lease liabilities
|
(391
|
)
|
|
(404
|
)
|
||
Other liabilities
|
17
|
|
|
—
|
|
||
Net cash used for operating activities
|
(4,279
|
)
|
|
(4,077
|
)
|
||
|
|
|
|
||||
Cash flows from investing activities
|
|
|
|
||||
Purchase of property and equipment
|
(42
|
)
|
|
(13
|
)
|
||
Proceeds from sale of property and equipment
|
10
|
|
|
—
|
|
||
Purchase of short-term investments
|
(503
|
)
|
|
(998
|
)
|
||
Proceeds from the sale and maturity of short-term investments
|
999
|
|
|
2,746
|
|
||
Net cash provided by investing activities
|
464
|
|
|
1,735
|
|
||
|
|
|
|
||||
Cash flows from financing activities
|
|
|
|
||||
Proceeds from warrants exercised
|
1,658
|
|
|
—
|
|
||
Proceeds from registered direct offering, net of issuance costs
|
—
|
|
|
2,583
|
|
||
Taxes paid on employees' behalf related to vesting of stock awards
|
—
|
|
|
(4
|
)
|
||
Net cash provided by financing activities
|
1,658
|
|
|
2,579
|
|
||
|
|
|
|
||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
(48
|
)
|
|
(8
|
)
|
||
|
|
|
|
||||
Net (decrease) increase in cash, cash equivalents and restricted cash
|
(2,205
|
)
|
|
229
|
|
||
Cash, cash equivalents and restricted cash at beginning of period
|
5,749
|
|
|
3,355
|
|
||
Cash, cash equivalents and restricted cash at end of period
|
$
|
3,544
|
|
|
$
|
3,584
|
|