Yield10 Bioscience, Inc.

Welcome to the first quarter 2022 Financial Results and Business Update conference call for YIELD 10 Bioscience. During the call, participants will be in listen-only mode. The presenters will address questions from analysts today. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference call is being recorded. I would now like to turn the conference call over to your host, YILTEN Vice President of Planning and Corporate Communications, Lynn Brum.

Thank you, Stacey, and good afternoon, everyone. Welcome to YILTEN Bioscience First Quarter 2022 Conference Call. Joining me on the call today are President and CEO Dr. Ollie Peoples, Vice President of Research and Chief Science Officer Dr. Christy Snell, and Chief Accounting Officer Chuck Hazzor. Earlier this afternoon, Yield 10 issued our first quarter 2022 financial results. This press release, as well as slides that accompany today's presentation, are available on the investor relations events section of our website at yield10bio.com. Let's turn to slide two. Please note that as part of our discussion today, management will be making forward-looking statements. These statements are not guarantees of future performance, and therefore, you should not place undue reliance on them. Investors are also cautioned that these statements are not that statements that are not strictly historical constitute forward-looking statements. And such forward-looking statements are subject to a number of risks and uncertainties that could cause the actual results to differ materially from those anticipated. These risks include risks and uncertainties detailed in yield tense filings with the SEC. The company undertakes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this conference call. I'll turn the call over to Oli.

Thanks, Lynn. Good afternoon, everyone, and thanks for joining our call. With near-term commercial focus on the renewable diesel biofuel market and a robust R&D pipeline, Camelina R&D pipeline, we have significant momentum as we progress in 2022. Today, we'll provide an update on the recent accomplishments, including the kickoff of our 2022 Spring Fuel Program, review our target markets with an emphasis on biofuel-free stock oil, present the first quarter financials, and summarize key milestones. We will then open the call to questions. Now let's turn to slide three, our crop innovation platform. Our innovation platform, the Trades Factory, is centered around the oilseed camelina, the crop we plan to establish as a platform crop to produce low-carbon petroleum replacements and food products. Let's turn to slide four. Our business model is to provide farmers with a new growing opportunity by building elite camelina varieties to produce seed products for new markets. Essentially, we'll use our elite camelina seed varieties to contract production of camelina grain with farmers under offtake agreements to supply customers in the renewables and food space. Depending on the product and the customer, we will also contract seed processing to produce these products. With our current elite varieties progressing towards commercialization, and two proprietary value-added Camelina seed products in development, we are positioned to establish and grow a large seed products business. Lead product in the near term is low-carbon feedstock oil to meet increased demand for the biofuel sector. Here we are at the early commercial stage and working on partner outreach to secure offtake agreements. We believe this will be followed by the launch of Omega-3 Camelina to produce Omega-3 oils for the nutrition and aqua feed markets, And then the PHA bioplastic camelina currently in development to supply the growing demand for biodegradable zero waste plastic packaging. Combined, these products represent a very large revenue opportunity. Let's now turn to slide five, advancing the business. With significant momentum entering 2022, we are operationalizing the commercial plan to launch our camelina seed products business. Our commercial team is engaging with potential supply chain partners to form alliances that will support our Capital Light business model. We welcomed Darren Greenfield to our team to lead seed operations in January. Darren has more than 25 years' experience in canola with companies including BSF, AgScience, and CBIS. He is leading efforts by our commercial team to reach out to growers for contract planting as we work on securing supply chain partners. In support of this plan, we are using our lead spring and winter chameleon varieties for initial commercialization in the North American biofuels market. In April, we named Willie Lowe as a special commercial and technical advisor. Willie previously served as VP Market Development, Global Edible Oils Division at Cargill. He has extensive knowledge of the commercial landscape for commodity and specialty oils, including omega-3 oils, and we welcome Willie to our team. As we build our business around camelina, a research team has done an outstanding job developing elite camelina lines to launch the business and a pipeline of novel gene traits. In March, we reported supportive and encouraging data generated in our 2021 spring field program. Our winter field program is progressing on track and is expected to provide us with important data on winter and spring varieties grown in a variety of geographies. Christy will provide an update on our winter and spring programs. As we continue to build our patent portfolio, I am pleased to report that in early 2022, two new patents have issued. A patent was granted in Australia for C-3007, a promising oil content boosting trait, and a patent was granted in Canada on advanced technology for producing omega-3 oils in camelion. I will now pass the call over to Christy.