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spk02: Welcome to the fourth quarter and full year 2023 Financial Results and Business Update conference call for Yield 10's Bioscience. During this call, participants will be in a 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, Yield 10 Vice President of Planning and Corporate Communications, Lynn Broom.
spk00: Thank you, Alicia. Good afternoon, everyone. Welcome to the 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 Hazzard. Earlier this afternoon, Yield10 issued our fourth quarter and full year 2023 financial results as well as our 10K. The press release as well as slides that accompany today's presentation are available in 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 do not guarantee the future performance and therefore you should not produce undue reliance on them. Investors are also cautioned 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 10's 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 day of this conference call. I'll turn the call over to Ali.
spk07: Thanks, Lynn. Good afternoon, everyone, and thanks for joining our call. Let's turn to slide three. We continue to make progress in our plans to commercialize sustainable products using the oilseed camelina as a platform crop. We're pursuing camelina seed oil products for two market opportunities and value chains. Each product has its own scale requirements, timeline, and value proposition. The first product is seed oil with high levels of the omega-3 fatty acids EPA and DHA, and the market driver is the growing supply deficits. I'm going to refer to these as our omega-3 products for the rest of this presentation. The second product is camelina seed oil, which produces a low carbon intensity feedstock oil for biofuels. This market is driven by government policies, has a potential to be very large, and will require the production of tens of millions of acres of non-food oilseed cover crops like camelina. In early 2024, we revised our strategy for biofuels. to focus on providing R&D services to third parties with the goal of generating service and licensing revenues from our advanced Camelina technologies. Today, we'll provide an update on recent accomplishments, more detail on the development of Omega-3 products, present fourth quarter and year-end financials, and summarize key milestones. We will then open the call to questions. Let's turn to slide four for progress on key 24 business milestones. We achieved numerous milestones in 2023. We demonstrated a closed-loop value chain from C. genitis to oil for sale. We progressed herbicide tolerance traits that included obtaining regulatory approval for growing HD camelina from USD APHIS. We also stepped up our commercial and development efforts on our omega-3 products, which Christy will review later on in this call. We were delighted with the recent USD APHIS approval for the growth of both omega-3 camelina traits, a year ahead of internal expectations, So kudos to our regulatory and technology team. Our commercial goals for omega-3 in 2024 include delivering samples of our omega-3 products, obtaining regulatory approval to use the oil and aqua feed in Chile, executing the commercial license with Rothmansett, and progressing partnership and update discussions. In biofuels, our goal is to execute R&D partnerships and license option agreements. In February this year, we signed our first license agreement with the Division of Bioenergy Oil Seeds, Vision is majority owned by a division of Shell Oil, and we look forward to supporting Vision as they scale up HT camelina production. On a technology front, we reported positive data from the ongoing herbicide pollens trials, and we expect to announce that the US EPA has approved adding camelina to a commercial herbicide label soon. This will complete the US regulatory requirements for large scale planting and herbicide use on our elite herbicide tolerant camelina. Let's start the slide five for an overview of target markets and business models. The end markets for omega-3 products include aqua feed, pet and animal feed, human nutrition, and pharmaceuticals, based on which we anticipate being able to build an omega-3 products business with over a billion in annual revenue over time. Near-term, our business model is to produce the omega-3 oils and sell them into aqua feed. For that market, we believe we can scale to around 150,000 to 300,000 acres. over the next five years, generating $150 to $300 million of revenue with good margins. This assumes we begin commercial production sometime in 2025-2026. We expect omega-3 oil margins to be a multiple of those achievable in biofuel markets. Our R&D services and licensing strategy for file shows is designed to enable better resource third parties to invest in accelerating grower adoption of Camelida and establishing large-scale value chains. With over 44 million acres of Camelina potential, we believe there's an opportunity to generate significant licensing revenue from our technologies. Let's now turn to slide six, establishing the Camelina oil value chain. An important commercial accomplishment in 23 was demonstrating closed-loop production of Camelina oil, validating the value chain from Camelina seed genetics all the way to oil products available for sale. As a result of this investment and establishing this core operating capability, we also gain necessary experience, which will benefit our omega-3 products business. In addition to the over 1,200 acres of winter camelina contracted in Q4, our seed ops team is already engaged in outreach to growers to generate interest in planting spring camelina. Based on our revised biofuel strategy, we are using a seed sales model and providing agronomy support to growers. This will expand our camelina grower network, the foundation for our omega-3 products business. Let's turn to slide seven, omega-3. The omega-3 fatty acids ALA, EPA, and DHA are essential for human health and wellness. ALA is abundantly available from vegetable oils including canola, soybean, flaxseed, and camelina. EPA and DHA, on the other hand, are only available from fish oil extracted from ocean harvested fish or krill. Markets for fish oil are driven by their EPA and DHE omega-3 content. Aquafeed, the largest market by volume, consumes around 75% of total fish oil production, mainly for salmon, is growing at 3% per year. The market for products for human nutrition, which includes everything from omega-3 capsules to omega-3 beverages, is growing at around 7% per year. Pet food and animal feed are also significant omega-3 markets, and there are attractive small-volume, high-value markets for fish oil derivatives used in pharmaceuticals. Since announcing the execution of our exclusive option to the omega-3 camelina technology in October last year, we have received inbound inquiries from industry leaders in each of these markets, many of whom have been following the Rothamstein technology development for some time. We are currently in active discussions with a number of them. Omega-3s are important in aqua feed to protect the health of the fish during production and the value of the final product as a healthy protein and source of dietary omega-3. And we believe there is considerable scope for increasing levels of omega-3s in aqua feed diets. Bottom line, increasing the use of omega-3s for these markets requires new sources of supply. Let's turn to slide eight, the omega-3 deficit. Across the aquaculture industry, there's an increased emphasis on sourcing sustainable aqua feed ingredients and transitioning from processing ocean harvested fish to produce fish meal and fish oil to land-based sources of protein and omega-3s. The fish oil supply and demand chart on the left was taken from a recent UBS analyst report, and the general reflects the following feedback we have heard in our discussions with industry players. Demand will continue to grow for the foreseeable future. Supply for fish oil will remain flat, The expectations are for higher prices and price volatility. An omega-3 supply deficit of around 500,000 tons per year is projected by 2030, and they believe that yield 10s omega-3 camelina can play a major role in sustainably addressing this deficit. Let's turn to slide nine. Camelina, sustainable omega-3 growth platform. The left side of the chart shows the levels of EPA and DHE omega-3s in fish oil from different sources. including anchovy oil, industry gold standard, and northern hemisphere fish oil, which is mainly used in aqua feed. We believe algal sources of omega-3s will remain high cost and limited in scale. Engineered oil seeds represent a sustainable, scalable, and cost-effective way to provide new sources of omega-3, and we believe our omega-3 technology has the potential to capture a significant share of the growth in this market. New Seed, which is part of the Australian ag company New Farm, has been a pioneer in this field, producing an omega-3 oil product using engineered canola, with around 10% DHA. Analysts project that as their production apers ramp up, with an oil selling price of around $2,400 per tonne, NuSEED could generate around $260 million in annual omega-3 product revenue by 2027-2028. In June last year, NuSEED obtained regulatory approval to use their DHA omega-3 canola oil in aquafeed in Norway. Norway produces around 60% of farmed salmon, and this was the first approval of a GMO ingredient for aqua feed in that country. Hopefully, new seeds' accomplishment in overcoming a major regulatory hurdle will broaden adoption of plant-based omega-3s, paving the way for our Camelina products. Congrats to them on a job well done. Yiltan's EPA DHA omega-3 product is very similar to non-aluminum emissary fish oil and has higher potential as a drop-in replacement in aqua feed, which will be our near-term market focus. The EPA product has between 20% and 30% EPA content and may be blended with non-fish sources of DHA and aqua feed in the near term, but will likely be used to produce higher-value EPA esters over time. Let's turn to slide 10 for an overview of our Omega-3 product development status. In the fourth quarter of last year, we announced that we had executed an exclusive option for an exclusive global license and are currently working closely with Rothamsted to finalize the license for the Omega-3 Tamdina technology. Prior work by Rothamsted demonstrated that the EPA DHA omega-3 product could be an effective replacement for fish oil and aqua feed trials for salmon. Human clinical studies carried out with this product also demonstrated it was effective in human diets, delivering the same target levels of EPA and DHA as fish oil. It also doesn't smell or taste like fish. Reading over the HD traits of the omega-3 camelina is fairly advanced, and this will be followed by seed scale-up of HD omega-3 camelina lines for large-scale planting. With regulatory approvals in hand and the close-up production capabilities established last year, we believe that the products in production have been de-risked. Our vision is to build a high-growth business producing clean omega-3 ingredients for aquaculture and then expand it to additional market opportunities. I will now turn the call over to Christy for an update on our technology progress.
spk01: Thanks, Olly, and good afternoon, everyone. Let's turn to slide 11. In early 2023, the technology to produce omega-3 oils containing EPA for both EPA and DHA was transferred from Rothamsted to Yield 10. Since this time, we have focused on seed scale-up, producing omega-3 oil samples, and adding herbicide tolerance to the omega-3 lines. In the fall of 2023, we planted approximately 50 acres of the Camelina line producing EPA in its seed oil with the seed production partner located in Chile. This slide shows photos from the harvest in late January of 2024. The next step with this seed is to extract omega-3 oil from the grain to supply samples to partner prospects. In 2024, we plan to execute on our scale-up of both the EPA and EPA plus DHA-producing camelina with the goal of being ready for an initial commercial launch in the 2025-2026 timeframe. Let's now turn to slide 12. I am pleased to report that we have cleared all of the key regulatory hurdles to grow our genetically engineered camelina with traits for either herbicide tolerance or for producing EPA or EPA plus DHA and omega-3 oils in the US. This was achieved by submitting multiple regulatory status review for RSR documents for the different traits. We received feedback in late 2023 and early 2024 that USDA does not consider these traits to be regulated. Details are summarized in the slide. We expect to announce shortly the U.S. Environmental Protection Agency approval to add camelina to the label of a glufosinate product produced by another company. The significance of these multiple regulatory approvals is that we can mix and match these traits through simple breeding procedures, and the resulting lines will also not be considered to be regulated by USDA if it's in the U.S. In addition to having clearance to plant Omega-3 Camelina, we need regulatory approvals to sell the oil for use in Aquaseed. Chile is a major market for Omega-3 oils, and we plan to seek regulatory approval for our EPA oil with a filing plan for 2024. In the initial phase of production in 2025 into 2026, when we will still be at relatively small scale, We plan to use a residual protein meal for markets that do not require feed approval. As a result of our 2023 production of oil for biofuels, we identified a number of markets for camelina meal where we can recover some of the costs by selling the meal at a discount to feed use. We also identified and established relationships with small-scale oil seed crushers, which we can also use for early omega-3 camelina oil production. As production acres ramp up, it will be important to have higher-value commercial markets for the high-protein camelina seed meal that remains after removal of the oil. Here, the regulatory path includes field trials and seed compositional analysis to produce the data package to demonstrate that the seed composition of our engineered lines is within the range of conventional camelina. In time, YIELD 10 plans both a self-assessment of this data package and a submission to FDA for review. Let's now turn to slide 13. In 2021, we prioritized the engineering at Camelina with herbicide tolerance based on our belief, as well as grower feedback, that herbicide tolerance would be necessary for weed control to enable large-scale commercial production at Camelina. I thought it would be useful today to recap our journey from field testing to commercial seed production for our glufosinate-tolerant spring camelina because it highlights our capabilities in camelina development. In 2022, we conducted our first field trial of spring camelina engineered for glufosinate tolerance, where we planted multiple events and determined which events had the best performance. In the summer of 2022, we announced the plants were sprayed with glufosinate and did not sustain any meaningful injury. Little to no growth was observed in control plots marked with red dots in the photo on the slide as expected. This was a significant milestone in our program. We selected the top commercial quality camelina line, as well as backups, and continued field testing and seed scale up over the next several growth seasons. In the fall of 2023, We were in position to plant 74 acres of herbicide-tolerant camelina during the contra season in Chile to scale up seed. In January of 2024, the crop was harvested, cleaned, and bagged and shipped back to the U.S. In summary, we went from initial field testing of the glufosinate trait to having planting seed packaged in 1,000-pound totes in approximately two years. This progress enabled licensing of our herbicide tolerance traits to vision bioenergy oil seeds in early 2024. Going through this process has provided our team with the experience and insights to develop and scale up new varieties of camelina, and we believe this will serve us well going forward in our development of the omega-3 trait. Let's now turn to slide 14. In 2023, we planted our first field trial of winter camelina engineered with glufosinate tolerance for weed control. The winter camelina were planted in the fall of 2023 and the field plots were sprayed with glufosinate. Photos on the slide show the result of these fall glufosinate sprays. Our winter camelina engineered with herbicide tolerance remained healthy while our plots of camelina without the herbicide tolerance trait did not survive the spray. In the spring, we plan to spray the field plots again with glufosinate for broadleaf weed control, mimicking the weed management protocol we believe growers reuse. In the fall of 2023, we also confirmed that our stacked herbicide-tolerant winter camelina with both glufosinate and Group 2 soil residue tolerance performed well when grown on field plots pretreated with Group 2 soiled herbicides. These field tests simulate the planting of camelina on land containing Group 2 herbicide residues from use on a previous crop. We plan to spray our test plots with lufacinate for weed control in the spring to demonstrate the efficacy of both stacked traits. We plan to harvest all of our winter camelina field test plots in early summer, and we will evaluate seed yield, soil content, herbicide tolerance, and overall agronomy. I'd like to thank our team for their outstanding contributions in 2023, which are accelerating our path forward in 2024. Chuck, I'll hand the call over to you.
spk06: Thanks, Christine. Good afternoon, everyone. Let's turn to slide 15 for our fourth quarter and full year 2023 financial results. We ended the fourth quarter of 2023 with $1.1 million in cash and cash equivalents. In connection with the commercial license and completion of certain deliverables, Vision will make payments totaling $3.0 million to us. In March, we raised an additional $1.2 million net based on a warrant inducement transaction. We expect that our cash on hand, including proceeds from the offering, will support our operations into the second quarter of 2024. We are engaged in a dedicated and ongoing effort to secure additional funds in the very near term in order to continue our operations. Our net Operating cash used for operating activities was 1.7 million for the fourth quarter of 2023 and 10.1 million for the full year. Now let's review the fourth quarter and full year 2023 operating results. For the fourth quarter of 2023, the company reported a net loss of 3.3 million or 27 cents per share as compared to a net loss of 3.3 million or 67 cents a share for the fourth quarter of the previous year. As expected, due to the completion of our Department of Energy grant during our first quarter of 2023, we did not report grant revenues during the fourth quarter of 2023. We reported $0.1 million in grant revenue in the fourth quarter of 2022. R&D expenses were $2 million during the fourth quarter of 2023, and during the fourth quarter of 2023, we recorded $110,000 in payments received or due to us from shipments of seed and harvested grain to growers. and Optic Partners as an offset to our R&D expenses. R&D expenses in the fourth quarter of 2022 were $1.9 million. G&A expenses were $1.4 million for the fourth quarter of 2023, as compared to $1.4 million in the fourth quarter of 2022. Now, for the full year, ended December 31st, 2023, the company reported a net loss of $14.5 million for that $1.82 per share compared to a net loss of $13.6 million or $2.76 per share during the 12 months ended December 31st, 2022. Grant revenue from the completed DOE grant was $0.1 million and $0.5 million for 2023 and 2022, respectively. And research and development expenses were $8.3 million and $7.8 million for the 2023 and 2022 years, respectively. and G&A expenses were consistent at 6.2 million during both years. For more details on our financial results, please refer to our earnings release. Ali, back to you.
spk07: Thanks, Chuck. Let's now turn to slide 16 for a review of upcoming milestones. Our immediate focus is on commercializing our omega-3 products. These essential fatty acids are supply-constrained, even as demand continues to grow, producing aquaculture feed, pet food, nutraceuticals, and pharmaceuticals. In 24, we plan to deliver our first omega-3 product samples and file for regulatory approval of oil in Chile to support its use in aqua feed. Further scale-up of our omega-3 camomile will also get underway, even as the technical work continues to breed herbicide-coloured omega-3 lines for large-scale production. We look forward to completing the commercial licence with Rothmansted and working with companies like Biomart and others to form partnerships and secure off-take agreements for our omega-3 oil for use in aqua feed, pet food and other markets. For the biofuel market, we hold a leadership position in engineered camelina and look forward to continue to support vision and progressing business development opportunities to secure revenue from R&D services and our license option agreements for our technologies. In 23, our team did an outstanding job supporting the regulatory approval of advanced camelina varieties developed using genetic engineering. With that in hand, for the first time, growers will have access to HT camelina with elite weed control. In 24, we plan to generate data for the self-determination of the safety of HD camelina meal and animal feed. This activity will support higher market value for the meal as the production scale grows. With multiple milestones met in 23 and several milestones already achieved in 24, this is an exciting time for Yield 10. With the experience we now have with the new regulatory process for engineered crops in the U.S., we see tremendous potential to blow our advanced gene traits and edits to continually improve the value of camelina for growers, expand the acreage, and increase margins for omega-3 products. With that, I'd like to turn the call back over to Lynn for questions.
spk00: Thanks, Ollie. Alicia, we're now ready for questions.
spk02: Great. Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions. Thank you. Our first question comes from the line of Anthony Vendetti with Maxim Group. Please proceed with your questions.
spk05: Hi, this is actually Jeremy on the line for Anthony. Just two quick questions. One is, if you're focused now, you're shifting towards the Omega-3 from the actual Camelima as opposed to the biofuels. Can we assume that the talks that you mentioned, the LOIs and MOUs with Marathon, Petroleum, and Mitsubishi, are you still in talks with those? Or does that sort of peter down and the focus, you think there's a better opportunity in Omega-3s?
spk07: Oh, hi, Jeremy. Thanks for sticking, asking the question. So, you know, fundamentally, ever since we sort of started focusing Camelino, which I believe was up here for the first time in 2019, 2020, we clearly proposed that we saw the biofuel market as a way to build an operating business and transition over to the higher value products, recognizing that for biofuels, ultimately that's going to be a large scale business requiring a tremendous amount of operating capital. And so what we mentioned as a product is obviously omega-3s and the future of PHA bioplastics. What really has happened is I think the opportunity arose to enter the omega-3 business faster. We are still in discussions with multiple players in the biofuel space. There are still strong interests. But right now, the industry is basically seeing some uncertainty in the regulations at LCFS in California, number one. And number two, there's a surplus of soybean oil at the moment, which won't be sort of used up until additional biofuel capacity comes online going forward. So there's sort of a, I wouldn't say it's not quite, it's just things are in kind of a whole pattern right at this time. And I think we see tremendous potential for biofuels in the future. But really, the best way for us to facilitate the scale-up of this is to do exactly what we did with Vision. They are better funded based on their ownership of being Shell Oil, and they're clearly highly motivated to develop alternative oilseeds as a source of biofuels. As we expand acreages, we expect to continue the discussions with others, and hopefully we'll enter into additional agreements, including R&D service agreements for those markets, while we focus on building an operating business to produce and sell omega-3 oils.
spk05: I'm just saying that's really helpful. You're basically going to apply your resources to where you think the nearest term opportunity is. That makes a lot of sense. And then actually, so just switching to that, you know, the production of omega-3s, you know, you mentioned on the call, I see in the slide deck there's four possible uses from the oil, the aqua feed, pet food, nutraceutical, and pharmaceuticals. Are you agnostic to what, you know, how you would end up using them? Obviously, it seems like aqua feed seems to be the biggest mark that might be the overall the most potential revenue, but you know, if you would get a deal with one of the other potential outputs, would you, you know, would you take that as well?
spk07: Yeah, so, you know, I think you're raising a very fair point, and that is, you know, obviously, aquafeed is the largest market for those things, but that market is fairly tightly linked to fish oil pricing. There are other higher value markets which require, you know, additional work to be done on the oil before you get into those markets. Things like concentrating into, you know, all these omega-3 concentrates or making derivative derivatives for pharma. But the big markets are basically aqua feed, pet food is very large and also growing. And that's also the simplest market from the perspective of, you know, basically the oil that's produced in Camelina today is actually a very good drop in replacement for fish oil. So there's not a lot of additional development work to be done on the product. The production, we have to scale up, but the product itself we know works. And so, you know, we see this as a, I guess the way I look at this over the long term is, by working initially in Aquafeed and building a very solid operating foundation with good revenues and margins, we'll be able over time to deliver the lowest cost, to have the lowest cost of production, and ultimately the business can decide what other markets it wants to enter into. Having said all of that, we have been and continue to be in discussions with players in all of those markets I mentioned. We have had a lot of inbound inquiries since we announced the option was being exercised. with players interested in accessing new sources of omega-3s. That includes aqua feed, pet food, human nutrition, and pharmaceuticals. We've had inbound inquiries from major players in those sectors across the board.
spk05: Okay, understood. Great. Thank you so much for that extra information, and I'll hop back in the queue.
spk02: Thank you, Jeremy. Thank you. Our next question comes from the line of Ben Cleave. with Lake Street Capital Market. Please proceed with your question.
spk04: All right, thanks for taking my questions. First, I have a couple questions on the relationship with Vision Bio. First of all, I'm hoping you can clarify for me the expected timing of the $3 million payment. It's a little unclear to me. Is this an upfront payment that you guys expect, you know, in the immediate term, or is this something that's going to be delivered in installments here over the three-year period of the agreement?
spk07: No, the majority of that money already came in, and then there's a couple of milestone, you know, very near-term milestones for the rest of it. So, no, it should all be in shortly. The majority have already came in.
spk04: Okay, very good. Thank you. And then kind of a bigger picture question around your expectations for royalty income here, you know, beyond that initial $3 million. Can you give any kind of general goalposts for your expectations here as Vision ramps production over the next two and a half years here?
spk07: You know, I think in reality, Vision's got, like us, there's quite a bit of work to do to wrap this up from where it is today. Basically, right now, we can't disclose what Vision's doing, but obviously, they're going to go about this in a very systematic and sensible way. And so, you know, it's very difficult to give projections You know, the reality of it is, if this was Roundup Ready soybean we developed back in 1996, where there was 75 million acres of commercial production, it would be relatively easy. But the challenge here, of course, is that there isn't 75 million acres of Camelina today. That acreage has to be established. And so that's really part of the reason we shifted the focus to licensing other parties who are really, you know, have the depth and the wherewithal to really scale this. And that's something we're going to continue to do beyond the original agreement with Vision. So that's where we are.
spk04: Okay. Very good. And then one more from me and I'll get back in queue around the potential partnerships in Omega 3. At this point, are you open in negotiating with potential partners where upfront payments are not realized or is an upfront payment or some kind of direct investment from a potential partner? something that's mandatory at this point for you guys?
spk07: No, I think in reality, I mean, I think it really depends on the partner and what does the partner bring to the table. You know, we're looking at these relationships and clearly, you know, we share a common goal with these partner prospects and actually seeing this technology scaled and enabling a large scale new source of only a fee for these markets. So we have a common common goal in mind. Obviously, we're at different ends of the value chain. But yeah, no, I think we're pretty open-minded about how this is done. I think ultimately it comes down to finding partners who are committed to assisting us to produce and use this over the long term. We haven't specified nor are we going to provide any guidance on the specific terms of any agreement. We're just not able to do that due to confidentiality. But basically, we are pretty open-minded about the right way to find the right partners and work with them in a way that works for them and works for us.
spk04: Got it. Okay, very good. Thanks for taking my questions.
spk02: I'll get back to you. Thank you.
spk07: So just one final point on that, Ben, and that is, you know, obviously, our preference in all of these partnerships is for, you know, to see these partners as a source of non-diluted funding. But fundamentally, some of these partners bring a lot more to the table in terms of validation of this product, and that's also important to us as well.
spk02: Thank you. There are no further questions at this time. I'd like to turn the floor back over to Lynn Brum for closing comments.
spk00: Thank you, Alicia, and I'll hand the call back to Ollie.
spk07: Oh, thanks, Lynn. I'd like to thank everyone personally for joining us on the call tonight, and especially our shareholders for your continued support. I'd also really like to thank the entire team at Yieldtan. It's obviously been a pretty challenging situation here over the last few months. The technology team has done an absolutely phenomenal job, not only developing, but also getting these technologies deregulated. You know, Chuck and our finance team have done a phenomenal job also getting our 10K file today under somewhat challenging circumstances given that their audit firm left us back in February. So overall, I'm very fortunate to be supported by a terrific team of people.
spk03: I couldn't be prouder of what they've accomplished. So thank you. Have a nice evening. Thanks, Lucia.
spk02: Thank you. This concludes today's call. You may disconnect your lines at this time. Thank you for your participation.
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