Yield10 Bioscience, an agricultural bioscience company, is closely working with Nufarm to to finalize the asset purchase agreement.

"We continue to work closely with the Nufarm team to finalize the asset purchase agreement announced in July,” said Oliver Peoples, Ph.D., President and Chief Executive Officer of Yield10.

“We believe that the transition of our Omega-3 Camelina program to Nufarm is in the best interest of our shareholders, business partners, and employees. Receipt of the initial $3 million payment and progress toward earning an additional $2 million milestone payment is enabling us to manage key biological assets and regulatory requirements, while providing us with the cash runway to secure the vote from shareholders on the asset sale.”

On July 17, 2024, Yield10 announced that the Company had signed a Memorandum of Understanding and License Agreement with Nuseed Nutritional US Inc. (the seed technologies platform of Nufarm Limited), granting Nufarm a commercial license to certain Omega-3 intellectual property assets, materials and know-how for producing oil in Camelina. Under the License Agreement, Nufarm will pay Yield10 up to US$ $5 million.

Nufarm and Yield10 have additionally agreed to immediately negotiate exclusively with each other for the sale of substantially all of Yield10’s remaining assets to Nufarm. The asset sale will require an affirmative vote from the shareholders of Yield10, as to which no assurance can be given, and a special meeting of shareholders will be convened to seek that vote following execution of the asset purchase agreement.

Yield10 reported a net loss of $3.2 million for the three months ended June 30, 2024, or $5.04 per share, as compared to a net loss of $3.7 million, or $15.42 per share, for the three months ended June 30, 2023.