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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Yield10 Bioscience Inc | NASDAQ:YTEN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.017 | -7.11% | 0.222 | 0.222 | 0.42 | 0.249 | 0.216 | 0.249 | 331,776 | 05:00:11 |
|
Delaware
|
|
04-3158289
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
19 Presidential Way
Woburn, MA
|
|
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
|
Large accelerated filer
|
o
|
Accelerated filer
|
o
|
Non-accelerated filer
|
ý
|
Smaller reporting company
|
ý
|
Emerging growth company
|
o
|
|
|
|
|
|
Page
|
|
|
|
Item
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
|
|
|
Item
|
|
|
|
|
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
Assets
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
3,252
|
|
|
$
|
3,023
|
|
Short-term investments
|
998
|
|
|
2,746
|
|
||
Accounts receivable
|
148
|
|
|
94
|
|
||
Unbilled receivables
|
103
|
|
|
66
|
|
||
Prepaid expenses and other current assets
|
516
|
|
|
448
|
|
||
Total current assets
|
5,017
|
|
|
6,377
|
|
||
Restricted cash
|
332
|
|
|
332
|
|
||
Property and equipment, net
|
1,298
|
|
|
1,385
|
|
||
Right-of-use assets
|
4,467
|
|
|
4,766
|
|
||
Other assets
|
42
|
|
|
100
|
|
||
Total assets
|
$
|
11,156
|
|
|
$
|
12,960
|
|
|
|
|
|
||||
Liabilities and Stockholders’ Equity
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
55
|
|
|
$
|
117
|
|
Accrued expenses
|
586
|
|
|
680
|
|
||
Lease liabilities
|
865
|
|
|
844
|
|
||
Total current liabilities
|
1,506
|
|
|
1,641
|
|
||
Lease liabilities, net of current portion
|
5,196
|
|
|
5,621
|
|
||
Total liabilities
|
6,702
|
|
|
7,262
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 9)
|
|
|
|
||||
|
|
|
|
||||
Stockholders’ Equity:
|
|
|
|
||||
Preferred Stock ($0.01 par value per share); 5,000,000 shares authorized; no shares issued or outstanding
|
—
|
|
|
—
|
|
||
Common stock ($0.01 par value per share); 60,000,000 shares authorized at June 30, 2019 and December 31, 2018; 12,494,731 and 10,025,811 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively
|
125
|
|
|
100
|
|
||
Additional paid-in capital
|
360,516
|
|
|
357,646
|
|
||
Accumulated other comprehensive loss
|
(118
|
)
|
|
(110
|
)
|
||
Accumulated deficit
|
(356,069
|
)
|
|
(351,938
|
)
|
||
Total stockholders’ equity
|
4,454
|
|
|
5,698
|
|
||
Total liabilities and stockholders’ equity
|
$
|
11,156
|
|
|
$
|
12,960
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||
Grant revenue
|
$
|
318
|
|
|
$
|
285
|
|
|
$
|
442
|
|
|
$
|
345
|
|
Total revenue
|
318
|
|
|
285
|
|
|
442
|
|
|
345
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Expenses:
|
|
|
|
|
|
|
|
||||||||
Research and development
|
1,191
|
|
|
1,260
|
|
|
2,414
|
|
|
2,361
|
|
||||
General and administrative
|
1,025
|
|
|
1,456
|
|
|
2,211
|
|
|
2,732
|
|
||||
Total expenses
|
2,216
|
|
|
2,716
|
|
|
4,625
|
|
|
5,093
|
|
||||
Loss from operations
|
(1,898
|
)
|
|
(2,431
|
)
|
|
(4,183
|
)
|
|
(4,748
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Other income (expense), net
|
27
|
|
|
38
|
|
|
52
|
|
|
63
|
|
||||
Net loss
|
$
|
(1,871
|
)
|
|
$
|
(2,393
|
)
|
|
$
|
(4,131
|
)
|
|
$
|
(4,685
|
)
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted net loss per share
|
$
|
(0.15
|
)
|
|
$
|
(0.24
|
)
|
|
$
|
(0.36
|
)
|
|
$
|
(0.48
|
)
|
|
|
|
|
|
|
|
|
||||||||
Number of shares used in per share calculations:
|
|
|
|
|
|
|
|
||||||||
Basic and diluted
|
12,494,337
|
|
|
9,991,460
|
|
|
11,504,314
|
|
|
9,845,902
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net loss:
|
$
|
(1,871
|
)
|
|
$
|
(2,393
|
)
|
|
$
|
(4,131
|
)
|
|
$
|
(4,685
|
)
|
Other comprehensive loss
|
|
|
|
|
|
|
|
||||||||
Change in unrealized gain (loss) on investments
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Change in foreign currency translation adjustment
|
(3
|
)
|
|
(9
|
)
|
|
(8
|
)
|
|
(14
|
)
|
||||
Total other comprehensive loss
|
(3
|
)
|
|
(10
|
)
|
|
(8
|
)
|
|
(14
|
)
|
||||
Comprehensive loss
|
$
|
(1,874
|
)
|
|
$
|
(2,403
|
)
|
|
$
|
(4,139
|
)
|
|
$
|
(4,699
|
)
|
|
Six Months Ended
June 30, |
||||||
|
2019
|
|
2018
|
||||
Cash flows from operating activities
|
|
|
|
||||
Net loss
|
$
|
(4,131
|
)
|
|
$
|
(4,685
|
)
|
Adjustments to reconcile net loss to cash used in operating activities:
|
|
|
|
||||
Depreciation
|
100
|
|
|
96
|
|
||
Charge for 401(k) company common stock match
|
49
|
|
|
70
|
|
||
Stock-based compensation
|
275
|
|
|
596
|
|
||
Non-cash lease expense
|
299
|
|
|
145
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivables
|
(54
|
)
|
|
54
|
|
||
Unbilled receivables
|
(37
|
)
|
|
22
|
|
||
Prepaid expenses and other assets
|
(10
|
)
|
|
(56
|
)
|
||
Accounts payable
|
(62
|
)
|
|
(42
|
)
|
||
Accrued expenses
|
(102
|
)
|
|
(926
|
)
|
||
Lease liabilities
|
(404
|
)
|
|
(162
|
)
|
||
Net cash used for operating activities
|
(4,077
|
)
|
|
(4,888
|
)
|
||
|
|
|
|
||||
Cash flows from investing activities
|
|
|
|
||||
Purchase of property and equipment
|
(13
|
)
|
|
(34
|
)
|
||
Purchase of short-term investments
|
(998
|
)
|
|
(7,986
|
)
|
||
Proceeds from the sale and maturity of short-term investments
|
2,746
|
|
|
1,500
|
|
||
Net cash provided by (used for) investing activities
|
1,735
|
|
|
(6,520
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities
|
|
|
|
||||
Proceeds from warrants exercised
|
—
|
|
|
124
|
|
||
Taxes paid on employees' behalf related to vesting of stock awards
|
(4
|
)
|
|
(6
|
)
|
||
Proceeds from registered direct offering, net of issuance costs
|
2,583
|
|
|
—
|
|
||
Net cash provided by financing activities
|
2,579
|
|
|
118
|
|
||
|
|
|
|
||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
(8
|
)
|
|
(14
|
)
|
||
|
|
|
|
||||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
229
|
|
|
(11,304
|
)
|
||
Cash, cash equivalents and restricted cash at beginning of period
|
3,355
|
|
|
14,804
|
|
||
Cash, cash equivalents and restricted cash at end of period
|
$
|
3,584
|
|
|
$
|
3,500
|
|
|
|
|
|
||||
Supplemental disclosure of non-cash information:
|
|
|
|
||||
Right-of-use assets acquired in exchange for lease liabilities
|
$
|
—
|
|
|
$
|
74
|
|
|
Three Months Ended June 30, 2019
|
||||||||||||||||||||||||||||
|
Series A Convertible
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Preferred Stock
|
|
Common Stock
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Shares
|
|
Par Value
|
|
Shares
|
|
Par Value
|
|
Additional Paid-In Capital
|
|
Accumulated other Comprehensive Loss
|
|
Accumulated Deficit
|
|
Total Stockholders' Equity
|
||||||||||||||
Balance, March 31, 2019
|
—
|
|
|
$
|
—
|
|
|
12,468,219
|
|
|
$
|
125
|
|
|
$
|
360,383
|
|
|
$
|
(115
|
)
|
|
$
|
(354,198
|
)
|
|
$
|
6,195
|
|
Non-cash stock-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
113
|
|
|
—
|
|
|
—
|
|
|
113
|
|
||||||
Issuance of common stock for 401k match
|
—
|
|
|
—
|
|
|
21,860
|
|
|
—
|
|
|
24
|
|
|
—
|
|
|
—
|
|
|
24
|
|
||||||
Issuance of stock for restricted stock unit vesting, net of 2,449 shares withheld for employee taxes
|
—
|
|
|
—
|
|
|
4,652
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
||||||
Effect of foreign currency translation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,871
|
)
|
|
(1,871
|
)
|
||||||
Balance, June 30, 2019
|
—
|
|
|
$
|
—
|
|
|
12,494,731
|
|
|
$
|
125
|
|
|
$
|
360,516
|
|
|
$
|
(118
|
)
|
|
$
|
(356,069
|
)
|
|
$
|
4,454
|
|
|
Three Months Ended June 30, 2018
|
||||||||||||||||||||||||||||
|
Series A Convertible
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Preferred Stock
|
|
Common Stock
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Shares
|
|
Par Value
|
|
Shares
|
|
Par Value
|
|
Additional Paid-In Capital
|
|
Accumulated other Comprehensive Loss
|
|
Accumulated Deficit
|
|
Total Stockholders' Equity
|
||||||||||||||
Balance, March 31, 2018
|
—
|
|
|
$
|
—
|
|
|
9,968,455
|
|
|
$
|
100
|
|
|
$
|
356,667
|
|
|
$
|
(89
|
)
|
|
$
|
(345,045
|
)
|
|
$
|
11,633
|
|
Non-cash stock-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
315
|
|
|
—
|
|
|
—
|
|
|
315
|
|
||||||
Issuance of common stock for 401k match
|
—
|
|
|
—
|
|
|
19,121
|
|
|
—
|
|
|
37
|
|
|
—
|
|
|
—
|
|
|
37
|
|
||||||
Issuance of stock for restricted stock unit vesting, net of 2,703 shares withheld for employee taxes
|
—
|
|
|
—
|
|
|
4,401
|
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
||||||
Effect of foreign currency translation and unrealized gain on investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
(10
|
)
|
||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,393
|
)
|
|
(2,393
|
)
|
||||||
Balance, June 30, 2018
|
—
|
|
|
$
|
—
|
|
|
9,991,977
|
|
|
$
|
100
|
|
|
$
|
357,013
|
|
|
$
|
(99
|
)
|
|
$
|
(347,438
|
)
|
|
$
|
9,576
|
|
|
Six Months Ended June 30, 2019
|
||||||||||||||||||||||||||||
|
Series A Convertible
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Preferred Stock
|
|
Common Stock
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Shares
|
|
Par Value
|
|
Shares
|
|
Par Value
|
|
Additional Paid-In Capital
|
|
Accumulated other Comprehensive Loss
|
|
Accumulated Deficit
|
|
Total Stockholders' Equity
|
||||||||||||||
Balance, December 31, 2018
|
—
|
|
|
$
|
—
|
|
|
10,025,811
|
|
|
$
|
100
|
|
|
$
|
357,646
|
|
|
$
|
(110
|
)
|
|
$
|
(351,938
|
)
|
|
$
|
5,698
|
|
Non-cash stock-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
275
|
|
|
—
|
|
|
—
|
|
|
275
|
|
||||||
Issuance of common stock for 401k match
|
—
|
|
|
—
|
|
|
42,606
|
|
|
—
|
|
|
41
|
|
|
—
|
|
|
—
|
|
|
41
|
|
||||||
Issuance of stock for restricted stock unit vesting, net of 2,449 shares withheld for employee taxes
|
—
|
|
|
—
|
|
|
4,652
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
||||||
Issuance of common stock for registered direct offering, net of $349 offering costs
|
—
|
|
|
—
|
|
|
2,421,662
|
|
|
25
|
|
|
2,558
|
|
|
—
|
|
|
—
|
|
|
2,583
|
|
||||||
Effect of foreign currency translation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
(8
|
)
|
||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,131
|
)
|
|
(4,131
|
)
|
||||||
Balance, June 30, 2019
|
—
|
|
|
$
|
—
|
|
|
12,494,731
|
|
|
$
|
125
|
|
|
$
|
360,516
|
|
|
$
|
(118
|
)
|
|
$
|
(356,069
|
)
|
|
$
|
4,454
|
|
|
Six Months Ended June 30, 2018
|
||||||||||||||||||||||||||||
|
Series A Convertible
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Preferred Stock
|
|
Common Stock
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Shares
|
|
Par Value
|
|
Shares
|
|
Par Value
|
|
Additional Paid-In Capital
|
|
Accumulated other Comprehensive Loss
|
|
Accumulated Deficit
|
|
Total Stockholders' Equity
|
||||||||||||||
Balance, December 31, 2017
|
1,826
|
|
|
$
|
818
|
|
|
9,089,159
|
|
|
$
|
91
|
|
|
$
|
355,431
|
|
|
$
|
(85
|
)
|
|
$
|
(342,753
|
)
|
|
$
|
13,502
|
|
Non-cash stock-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
596
|
|
|
—
|
|
|
—
|
|
|
596
|
|
||||||
Issuance of common stock for 401k match
|
—
|
|
|
—
|
|
|
31,760
|
|
|
—
|
|
|
59
|
|
|
—
|
|
|
—
|
|
|
59
|
|
||||||
Issuance of stock for restricted stock unit vesting, net of 2,703 shares withheld for employee taxes
|
—
|
|
|
—
|
|
|
4,401
|
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
||||||
Issuance of common stock upon conversion of Series A Convertible Preferred Stock
|
(1,826
|
)
|
|
(818
|
)
|
|
811,557
|
|
|
8
|
|
|
810
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Issuance of common stock upon exercise of Class B warrants
|
—
|
|
|
—
|
|
|
55,100
|
|
|
1
|
|
|
123
|
|
|
—
|
|
|
—
|
|
|
124
|
|
||||||
Effect of foreign currency translation and unrealized gain on investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14
|
)
|
|
—
|
|
|
(14
|
)
|
||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,685
|
)
|
|
(4,685
|
)
|
||||||
Balance, June 30, 2018
|
—
|
|
|
$
|
—
|
|
|
9,991,977
|
|
|
$
|
100
|
|
|
$
|
357,013
|
|
|
$
|
(99
|
)
|
|
$
|
(347,438
|
)
|
|
$
|
9,576
|
|
•
|
Clarifies that certain transactions between collaborative arrangement participants should be accounted for as revenue under ASC 606,
Revenue from Contracts with Customers
, when the collaborative arrangement participant is a customer in the context of a unit of account. In those situations, the guidance in ASC 606 should be applied, including recognition, measurement, presentation and disclosure requirements;
|
•
|
Adds unit-of-account guidance to ASC 808,
Collaborative Arrangements
, to align with the guidance in ASC 606 (that is, a distinct good or service) when an entity is assessing whether the collaborative arrangement or a part of the arrangement is within the scope of ASC 606; and
|
•
|
Precludes a company from presenting transactions with collaborative arrangement participants that are not directly related to sales to third parties with revenue recognized under ASC 606 if the collaborative arrangement participant is not a customer.
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
Cash and cash equivalents
|
$
|
3,252
|
|
|
$
|
3,023
|
|
Restricted cash
|
332
|
|
|
332
|
|
||
Total cash, cash equivalents and restricted cash
|
$
|
3,584
|
|
|
$
|
3,355
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Options
|
2,027,870
|
|
|
1,117,827
|
|
|
1,874,968
|
|
|
910,427
|
|
Restricted stock units
|
—
|
|
|
7,101
|
|
|
3,531
|
|
|
10,660
|
|
Warrants
|
7,368,254
|
|
|
10,597,486
|
|
|
7,400,490
|
|
|
10,597,486
|
|
Total
|
9,396,124
|
|
|
11,722,414
|
|
|
9,278,989
|
|
|
11,518,573
|
|
|
Accumulated Cost
|
|
Unrealized
|
|
Market Value
|
||||||||||
June 30, 2019
|
|
Gain
|
|
(Loss)
|
|
||||||||||
Short-term investments
|
|
|
|
|
|
|
|
||||||||
Government securities
|
$
|
998
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
998
|
|
Total
|
$
|
998
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
998
|
|
|
Accumulated Cost
|
|
Unrealized
|
|
Market Value
|
||||||||||
December 31, 2018
|
|
Gain
|
|
(Loss)
|
|
||||||||||
Short-term investments
|
|
|
|
|
|
|
|
||||||||
Government securities
|
$
|
2,746
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,746
|
|
Total
|
$
|
2,746
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,746
|
|
|
Fair value measurements at reporting date using
|
|
|
||||||||||||
|
Quoted prices in active markets for identical
assets
|
|
Significant other
observable inputs
|
|
Significant
unobservable inputs
|
|
Balance as of
|
||||||||
Description
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
June 30, 2019
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
2,371
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,371
|
|
Short-term investments:
|
|
|
|
|
|
|
|
||||||||
U.S. government and agency securities
|
—
|
|
|
998
|
|
|
—
|
|
|
998
|
|
||||
Total
|
$
|
2,371
|
|
|
$
|
998
|
|
|
$
|
—
|
|
|
$
|
3,369
|
|
|
Fair value measurements at reporting date using
|
|
|
||||||||||||
|
Quoted prices in active markets for identical
assets
|
|
Significant other
observable inputs
|
|
Significant
unobservable inputs
|
|
Balance as of
|
||||||||
Description
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
December 31, 2018
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
2,663
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,663
|
|
Short-term investments:
|
|
|
|
|
|
|
|
||||||||
U.S. government agency securities
|
—
|
|
|
2,746
|
|
|
—
|
|
|
2,746
|
|
||||
Total
|
$
|
2,663
|
|
|
$
|
2,746
|
|
|
$
|
—
|
|
|
$
|
5,409
|
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
Employee compensation and benefits
|
$
|
217
|
|
|
$
|
98
|
|
Leased facilities
|
36
|
|
|
50
|
|
||
Professional services
|
169
|
|
|
234
|
|
||
Other
|
164
|
|
|
298
|
|
||
Total accrued expenses
|
$
|
586
|
|
|
$
|
680
|
|
|
Number of
Shares
|
|
Weighted Average
Exercise Price
|
|||
Outstanding at December 31, 2018
|
1,745,037
|
|
|
$
|
6.38
|
|
Granted
|
710,275
|
|
|
$
|
0.91
|
|
Exercised
|
—
|
|
|
—
|
|
|
Forfeited
|
(7,500
|
)
|
|
$
|
1.43
|
|
Expired
|
(1,730
|
)
|
|
$
|
287.80
|
|
Outstanding at June 30, 2019
|
2,446,082
|
|
|
$
|
4.61
|
|
|
|
|
|
|||
Options vested and expected to vest at June 30, 2019
|
2,446,082
|
|
|
$
|
4.61
|
|
Options exercisable at June 30, 2019
|
1,037,393
|
|
|
$
|
9.12
|
|
|
Number of RSUs
|
Weighted Average Remaining Contractual Life (years)
|
|
Outstanding at December 31, 2018
|
7,101
|
|
|
Awarded
|
—
|
|
|
Common stock issued upon vesting
|
(7,101
|
)
|
|
Forfeited
|
—
|
|
|
Outstanding at June 30, 2019
|
—
|
|
—
|
•
|
Short-term lease exception.
Active leases as of January 1, 2018, and new leases entered into thereafter with terms of twelve months or less were and will be excluded from accounting under Topic 842.
|
•
|
Package of practical expedients.
These expedients, which must be elected in their entirety, permit a company to continue its historical accounting during the transition period for contractual arrangements containing embedded leases in lieu of performing a re-evaluation of the agreements in order to separate lease and non-lease components. The package of expedients also permit a company to maintain its previous accounting classification for transitional leases as either operating or finance leases without reassessment under the new guidance. Lastly, the package of practical expedients does not require reassessment and capitalization of initial direct costs incurred to establish a lease.
|
Year ended December 31,
|
Undiscounted Cash Flows
|
||
2019 (July to December)
|
$
|
637
|
|
2020
|
1,080
|
|
|
2021
|
939
|
|
|
2022
|
969
|
|
|
2023
|
998
|
|
|
Thereafter
|
3,082
|
|
|
Total undiscounted future lease payments
|
7,705
|
|
|
Discount
|
(1,644
|
)
|
|
Total lease liabilities
|
$
|
6,061
|
|
Short-term lease liabilities
|
$
|
865
|
|
Long-term lease liabilities
|
$
|
5,196
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Lease cost:
|
|
|
|
|
|
|
|
||||||||
Operating lease cost
|
$
|
257
|
|
|
$
|
272
|
|
|
$
|
516
|
|
|
$
|
538
|
|
Short-term lease cost
|
108
|
|
|
139
|
|
|
254
|
|
|
257
|
|
||||
Sublease income
|
(134
|
)
|
|
(113
|
)
|
|
(258
|
)
|
|
(232
|
)
|
||||
Total lease cost, net
|
$
|
231
|
|
|
$
|
298
|
|
|
$
|
512
|
|
|
$
|
563
|
|
|
|
|
|
|
|
|
|
||||||||
Other information as of:
|
|
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||
Weighted-average remaining lease term (years)
|
|
|
|
|
7.1
|
|
7.4
|
||||||||
Weighted-average discount rate
|
|
|
|
|
6.75%
|
|
6.75%
|
|
Three Months Ended June 30, 2018
|
||||||||||
|
As Reported
|
|
New Lease Standard Adjustment
|
|
As Adjusted
|
||||||
Condensed Consolidated Statements of Income:
|
|
|
|
|
|
||||||
Revenue
|
$
|
285
|
|
|
$
|
—
|
|
|
$
|
285
|
|
Expenses
|
2,705
|
|
|
11
|
|
|
2,716
|
|
|||
Other Income (expense)
|
30
|
|
|
8
|
|
|
38
|
|
|||
Net loss
|
(2,390
|
)
|
|
(3
|
)
|
|
(2,393
|
)
|
|||
Basic and diluted net loss per share
|
(0.24
|
)
|
|
—
|
|
|
(0.24
|
)
|
|
Six Months Ended June 30, 2018
|
||||||||||
|
As Reported
|
|
New Lease Standard Adjustment
|
|
As Adjusted
|
||||||
Condensed Consolidated Statements of Income:
|
|
|
|
|
|
||||||
Revenue
|
$
|
345
|
|
|
$
|
—
|
|
|
$
|
345
|
|
Expenses
|
5,072
|
|
|
21
|
|
|
5,093
|
|
|||
Other Income (expense)
|
47
|
|
|
16
|
|
|
63
|
|
|||
Net loss
|
(4,680
|
)
|
|
(5
|
)
|
|
(4,685
|
)
|
|||
Basic and diluted net loss per share
|
(0.48
|
)
|
|
—
|
|
|
(0.48
|
)
|
|
June 30, 2018
|
||||||||||
|
As Reported
|
|
New Lease Standard Adjustment
|
|
As Adjusted
|
||||||
Condensed Consolidated Balance Sheet:
|
|
|
|
|
|
||||||
Current assets
|
$
|
10,104
|
|
|
$
|
—
|
|
|
$
|
10,104
|
|
Restricted cash
|
332
|
|
|
—
|
|
|
332
|
|
|||
Property and equipment, net
|
1,477
|
|
|
—
|
|
|
1,477
|
|
|||
Right-of-use assets
|
—
|
|
|
5,209
|
|
|
5,209
|
|
|||
Other assets
|
98
|
|
|
—
|
|
|
98
|
|
|||
Total assets
|
$
|
12,011
|
|
|
$
|
5,209
|
|
|
$
|
17,220
|
|
|
|
|
|
|
|
||||||
Liabilities and Stockholders' Equity:
|
|
|
|
|
|
||||||
Accounts payable
|
$
|
34
|
|
|
$
|
—
|
|
|
$
|
34
|
|
Accrued expenses
|
1,455
|
|
|
(584
|
)
|
|
871
|
|
|||
Short-term lease liabilities
|
—
|
|
|
739
|
|
|
739
|
|
|||
Lease incentive obligation, net of current portion
|
941
|
|
|
(941
|
)
|
|
—
|
|
|||
Long-term lease liabilities
|
—
|
|
|
6,000
|
|
|
6,000
|
|
|||
Stockholders' equity
|
9,581
|
|
|
(5
|
)
|
|
9,576
|
|
|||
Total liabilities and stockholders' equity
|
$
|
12,011
|
|
|
$
|
5,209
|
|
|
$
|
17,220
|
|
|
December 31, 2018
|
||||||||||
|
As Reported
|
|
New Lease Standard Adjustment
|
|
As Adjusted
|
||||||
Condensed Consolidated Balance Sheet:
|
|
|
|
|
|
||||||
Current assets
|
$
|
6,377
|
|
|
$
|
—
|
|
|
$
|
6,377
|
|
Restricted cash
|
332
|
|
|
—
|
|
|
332
|
|
|||
Property and equipment, net
|
1,385
|
|
|
—
|
|
|
1,385
|
|
|||
Right-of-use assets
|
—
|
|
|
4,766
|
|
|
4,766
|
|
|||
Other assets
|
100
|
|
|
—
|
|
|
100
|
|
|||
Total assets
|
$
|
8,194
|
|
|
$
|
4,766
|
|
|
$
|
12,960
|
|
|
|
|
|
|
|
||||||
Liabilities and Stockholders' Equity:
|
|
|
|
|
|
||||||
Accounts payable
|
$
|
117
|
|
|
$
|
—
|
|
|
$
|
117
|
|
Accrued expenses
|
1,429
|
|
|
(749
|
)
|
|
680
|
|
|||
Short-term lease liabilities
|
—
|
|
|
844
|
|
|
844
|
|
|||
Lease incentive obligation, net of current portion
|
935
|
|
|
(935
|
)
|
|
—
|
|
|||
Long-term lease liabilities
|
—
|
|
|
5,621
|
|
|
5,621
|
|
|||
Stockholders' equity
|
5,713
|
|
|
(15
|
)
|
|
5,698
|
|
|||
Total liabilities and stockholders' equity
|
$
|
8,194
|
|
|
$
|
4,766
|
|
|
$
|
12,960
|
|
|
U.S.
|
|
Canada
|
|
Eliminations
|
|
Total
|
||||||||
Three Months Ended June 30, 2019:
|
|
|
|
|
|
|
|
||||||||
Grant revenue from external customers
|
$
|
318
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
318
|
|
Inter-geographic revenues
|
—
|
|
|
499
|
|
|
(499
|
)
|
|
—
|
|
||||
Revenues
|
$
|
318
|
|
|
$
|
499
|
|
|
$
|
(499
|
)
|
|
$
|
318
|
|
|
|
|
|
|
|
|
|
||||||||
Three Months Ended June 30, 2018:
|
|
|
|
|
|
|
|
||||||||
Grant revenue from external customers
|
$
|
285
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
285
|
|
Inter-geographic revenues
|
—
|
|
|
372
|
|
|
(372
|
)
|
|
—
|
|
||||
Revenues
|
$
|
285
|
|
|
$
|
372
|
|
|
$
|
(372
|
)
|
|
$
|
285
|
|
|
|
|
|
|
|
|
|
||||||||
Six Months Ended June 30, 2019:
|
|
|
|
|
|
|
|
||||||||
Net revenues from external customers
|
$
|
442
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
442
|
|
Inter-geographic revenues
|
—
|
|
|
836
|
|
|
(836
|
)
|
|
—
|
|
||||
Net revenues
|
$
|
442
|
|
|
$
|
836
|
|
|
$
|
(836
|
)
|
|
$
|
442
|
|
|
|
|
|
|
|
|
|
||||||||
Six Months Ended June 30, 2018:
|
|
|
|
|
|
|
|
||||||||
Net revenues from external customers
|
$
|
345
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
345
|
|
Inter-geographic revenues
|
—
|
|
|
640
|
|
|
(640
|
)
|
|
—
|
|
||||
Net revenues
|
$
|
345
|
|
|
$
|
640
|
|
|
$
|
(640
|
)
|
|
$
|
345
|
|
|
U.S.
|
|
Canada
|
|
Eliminations
|
|
Total
|
||||||||
June 30, 2019
|
$
|
1,276
|
|
|
$
|
22
|
|
|
$
|
—
|
|
|
$
|
1,298
|
|
December 31, 2018
|
$
|
1,372
|
|
|
$
|
13
|
|
|
$
|
—
|
|
|
$
|
1,385
|
|
Issuance
|
|
Number of Shares Issuable Upon Exercise of Outstanding Warrants
|
|
Exercise Price
|
|
Expiration Date
|
|||
July 2017 Registered Direct Offering
|
|
570,784
|
|
|
$
|
5.04
|
|
|
January 7, 2024
|
December 2017 Public Offering - Series A
|
|
6,439,000
|
|
|
$
|
2.25
|
|
|
December 21, 2022
|
Consultant
|
|
30,000
|
|
|
$
|
2.90
|
|
|
September 11, 2024
|
Total
|
|
7,039,784
|
|
|
|
|
|
|
June 30,
2019 |
|
December 31,
2018 |
||
Stock Options
|
2,446,082
|
|
|
1,745,037
|
|
RSUs
|
—
|
|
|
7,101
|
|
Warrants
|
7,039,784
|
|
|
7,433,084
|
|
Total number of common shares reserved for future issuance
|
9,485,866
|
|
|
9,185,222
|
|
Program Title
|
|
Funding
Agency
|
|
Total Government Funded Appropriations
|
|
Total revenue recognized through June 30, 2019
|
|
Remaining amount to be recognized as of June 30, 2019
|
|
Contract/Grant
Expiration
|
|||||||
Subcontract from Michigan State University project funded by DOE entitled "A Systems Approach to Increasing Carbon Flux to Seed Oil"
|
|
Department of Energy
|
|
$
|
1,212
|
|
|
$
|
861
|
|
|
$
|
351
|
|
|
September 2019
|
|
Three Months Ended
June 30, |
|
|
||||||||
|
2019
|
|
2018
|
|
Change
|
||||||
Grant revenue
|
$
|
318
|
|
|
$
|
285
|
|
|
$
|
33
|
|
|
Three Months Ended
June 30, |
|
|
||||||||
|
2019
|
|
2018
|
|
Change
|
||||||
Research and development expenses
|
$
|
1,191
|
|
|
$
|
1,260
|
|
|
$
|
(69
|
)
|
General and administrative expenses
|
1,025
|
|
|
1,456
|
|
|
(431
|
)
|
|||
Total expenses
|
$
|
2,216
|
|
|
$
|
2,716
|
|
|
$
|
(500
|
)
|
|
Three Months Ended
June 30, |
|
|
||||||||
|
2019
|
|
2018
|
|
Change
|
||||||
Total other income (expense), net
|
$
|
27
|
|
|
$
|
38
|
|
|
$
|
(11
|
)
|
|
Six Months Ended
June 30, |
|
|
||||||||
|
2019
|
|
2018
|
|
Change
|
||||||
Grant revenue
|
$
|
442
|
|
|
$
|
345
|
|
|
$
|
97
|
|
|
Six Months Ended
June 30, |
|
|
||||||||
|
2019
|
|
2018
|
|
Change
|
||||||
Research and development expenses
|
$
|
2,414
|
|
|
$
|
2,361
|
|
|
$
|
53
|
|
General and administrative expenses
|
2,211
|
|
|
2,732
|
|
|
(521
|
)
|
|||
Total expenses
|
$
|
4,625
|
|
|
$
|
5,093
|
|
|
$
|
(468
|
)
|
|
Six Months Ended
June 30, |
|
|
||||||||
|
2019
|
|
2018
|
|
Change
|
||||||
Total other income (expense), net
|
$
|
52
|
|
|
$
|
63
|
|
|
$
|
(11
|
)
|
|
Certification Pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934 of the Principal Executive Officer (filed herewith).
|
|
|
|
|
|
Certification Pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934 of the Principal Financial Officer (filed herewith).
|
|
|
|
|
|
Section 1350 Certification (furnished herewith).
|
|
|
|
|
101.1
|
|
The following financial information from the Yield10 Bioscience, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 formatted in XBRL: (i) Condensed Consolidated Balance Sheets, June 30, 2019 and December 31, 2018; (ii) Condensed Consolidated Statements of Operations, Three and Six Months Ended June 30, 2019 and 2018; (iii) Condensed Consolidated Statements of Comprehensive Loss, Three and Six Months Ended June 30, 2019 and 2018; (iv) Condensed Consolidated Statements of Cash Flows, Six Months Ended June 30, 2019 and 2018; (v) Condensed Consolidated Statements of Stockholders' Equity, Three and Six Months Ended June 30, 2019 and 2018; and (vi) Notes to Consolidated Financial Statements.
|
|
YIELD10 BIOSCIENCE, INC.
|
|
|
|
|
|
|
|
August 12, 2019
|
By:
|
/s/ OLIVER PEOPLES
|
|
|
Oliver Peoples
|
|
|
President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
August 12, 2019
|
By:
|
/s/ CHARLES B. HAASER
|
|
|
Charles B. Haaser
|
|
|
Chief Accounting Officer
|
|
|
(Principal Financial and Accounting Officer)
|
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