Yield10 Bioscience Inc (YTEN) 2023 Q4 法說會逐字稿

Welcome to the fourth quarter and full year 2023 financial results and business update conference call for Yield10 Bioscience. (Operator Instructions) As a reminder, this conference call is being recorded.

歡迎參加 Yield10 Bioscience 2023 年第四季及全年財務業績及業務更新電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。

I would now like to turn the conference call over to your host, Yield10, Vice President of Planning and Corporate Communications, Lynne Brum.

現在，我想將電話會議交給主持人 Yield10 規劃和企業傳播副總裁 Lynne Brum。

Thank you, Alicia. Good afternoon, everyone. Welcome to the conference call. Joining me on the call today are President and CEO, Dr. Oli Peoples; Vice President of Research and Chief Science Officer, Dr. Kristi Snell; and Chief Accounting Officer, Chuck Haaser.

謝謝你，艾莉西亞。大家下午好。歡迎參加電話會議。今天參加電話會議的還有總裁兼執行長奧利·皮普爾斯博士、研究副總裁兼首席科學官克里斯蒂·斯內爾博士和首席會計官查克·哈瑟。

Earlier this afternoon, Yield10 issued our fourth quarter and full year 2023 financial results, as well as our 10-K. The 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.

今天下午早些時候，Yield10 發布了我們的第四季度和 2023 年全年財務業績以及我們的 10-K。新聞稿以及今天簡報的幻燈片可在我們網站 yield10bio.com 的投資者關係活動部分找到。

Let's turn to slide 2. Please note this 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 produce undue reliance on them.

讓我們翻到幻燈片 2。請注意我們今天討論的這一部分，管理層將做出前瞻性陳述。這些聲明並非對未來表現的保證，因此您不應過度依賴它們。

Investors are also cautioned that statements 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.

還需提醒投資者，這些陳述並非嚴格意義上的歷史事實，並不構成前瞻性陳述，且此類前瞻性陳述受多種風險和不確定性的影響，這些風險和不確定性可能導致實際結果與預期結果有重大差異。

These risks include risks and uncertainties detailed in Yield 10 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 this conference call. I turn the call over to Oli.

這些風險包括向美國證券交易委員會提交的 Yield 10 文件中詳述的風險和不確定性。本公司不承擔更新任何前瞻性陳述以反映本次電話會議召開後可能出現的事件或情況的義務。我把電話轉給了奧利。

Thanks, Lynne. Good afternoon, everyone, and thanks for joining our call. Let's turn to slide 3. Continues to make progress on our plans to commercialize sustainable products using the oilseed Camelina as a platform crop. You're pursuing Camelina seed oil products for two market opportunities and value chains.

謝謝，琳恩。大家下午好，感謝大家參加我們的電話會議。讓我們翻到幻燈片 3。我們利用油籽亞麻薺作為平台作物實現永續產品商業化的計畫繼續取得進展。您正在尋找亞麻薺籽油產品以獲得兩個市場機會和價值鏈。

Each product has its own scale requirements, time line and value proposition. The first product, the seed oil with high levels of the omega-3 fatty acids, EPA, DHA from the market drivers, the growing supply deficit. I would refer to these as our omega-3 products for the rest of this presentation.

每種產品都有自己的規模要求、時間表和價值主張。第一種產品，富含 omega-3 脂肪酸、EPA、DHA 的種子油，受到市場驅動，供應缺口不斷擴大。在本次示範的其餘部分，我將把它們稱為我們的 omega-3 產品。

The second product is Camelina seed oil produces a low carbonate density feedstock oil for biofuels. This market is driven by government policies, has the potential to be very large and will require the production of tens of millions of acres of non-food oilseed cover crops like Camelina.

第二種產品是亞麻薺籽油，可生產用於生物燃料的低碳酸鹽密度原料油。這個市場受政府政策驅動，潛力巨大，需要生產數千萬英畝的非食用油籽覆蓋作物，如亞麻薺。

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.

2024 年初，我們修改了生物燃料策略，專注於為第三方提供研發服務，目標是透過我們先進的亞麻薺技術創造服務和授權收入。

Today, I'll provide an update on recent accomplishments, more detail on the development of omega-3 products present Q4 and year-end financials and summarize key milestones. We will then open the call to questions.

今天，我將介紹最近的成就、有關 omega-3 產品開發的更多詳細資訊、第四季度和年終財務狀況並總結關鍵里程碑。然後我們將開始提問。

Let's turn to slide 4 for progress on key 24 business milestones. Achieved numerous milestones of 2023. We demonstrated a closed loop value chain from seed genetics oil for sale. We progressed herbicide tolerance traits that included obtaining regulatory approval for growing HD Camelina from USDA-APHIS.

讓我們翻到第 4 張投影片來了解 24 個關鍵業務里程碑的進展。實現了 2023 年的眾多里程碑。我們展示了從種子基因到油銷售的閉環價值鏈。我們改進了除草劑耐受性特性，包括獲得美國農業部動植物衛生檢驗局 (USDA-APHIS) 對種植高清亞麻薺的監管批准。

We also step up our commercial and development efforts on our omega-3 products, which Kristi will review later on this call. We were delighted with the recent USDA-APHIS approval for the growth of both omega-3 Camelina traits, a year ahead of internal expectations. So kudos, kudos to our regulatory and technology team.

我們也加強了 Omega-3 產品的商業和開發力度，Kristi 稍後將在電話會議上對此進行回顧。我們很高興看到美國農業部動植物衛生檢驗局最近批准種植兩種 omega-3 亞麻薺屬植物，這比內部預期提前了一年。因此，我們的監管和技術團隊值得稱讚。

Our commercial goals for Omega-3 in 2024 includes delivering samples of our omega-3 products, obtaining regulatory approval to use the feed oil and aqua feed in Chile, executing the commercial license with Rothamsted progressing partnership and offtake discussions.

我們在 2024 年的 Omega-3 商業目標包括提供我們的 Omega-3 產品樣品、獲得在智利使用飼料油和水產飼料的監管批准、與 Rothamsted 簽訂商業許可、推進合作和承購談判。

In biofuels, our goal is to execute R&D partnerships and license option agreements. In February this year, we signed our first license for your division at bioenergy oilseeds. Additionally, the majority's -- is majority owned by a division of Shell Oil and look forward to supporting vision as a scale-up HT Camelina production.

在生物燃料領域，我們的目標是建立研發合作夥伴關係和授權選擇協議。今年二月，我們為貴部門在生質能源油籽領域簽署了第一份許可證。此外，該公司的多數股權由殼牌石油公司旗下的一個部門所擁有，並期待支持擴大 HT 亞麻薺生產規模的願景。

On the technology front, we reported positive data from the ongoing herbicide tolerance trials and we expect to announce that the US EPA has approved adding Camelina to a commercial herbicide labeled soon. This will complete the US regulatory requirements for large-scale planting and herbicide use on our lead herbicide tolerant Camelina.

在技術方面，我們報告了正在進行的除草劑耐受性試驗的積極數據，並且我們預計將宣布美國環保署已批准將亞麻薺添加到即將上市的商業除草劑中。這將完成美國對我們主要的耐除草劑植物亞麻薺進行大規模種植和使用除草劑的監管要求。

Let's start to slide 5 for an overview of target markets and business models. The end markets for omega-3 products include aqua feed at animal feed, human nutrition and pharmaceuticals. Each in which we anticipate being able to build an omega-3 products business with over $1 billion in annual revenue over time.

讓我們從第 5 張投影片開始了解目標市場和商業模式的概述。Omega-3 產品的終端市場包括水產飼料、動物飼料、人類營養品和藥品。我們期望隨著時間的推移，能夠打造出年收入超過 10 億美元的 Omega-3 產品業務。

Near term, our business model is to produce omega-3 oils and settlement to aqua feed. With that market, we believe we can scale to around 150,000 to 300,000 acres over the next five years, generating $150 million to $300 million of revenue, with good margins.

短期內，我們的商業模式是生產 omega-3 油並將其供應給水產飼料。憑藉這一市場，我們相信未來五年內我們的種植面積可以擴大到約 15 萬至 30 萬英畝，創造 1.5 億至 3 億美元的收入，並獲得良好的利潤率。

As soon as begin commercial production sometime in '25, '26, we expect omega-3 oil margins to be a multiple of those achievable and biofuel markets. Around the services and licensing strategy for final tools is designed to enable better resource third parties to invest in accelerating grower adoption of Camelina 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.

一旦在 25、26 年開始商業化生產，我們預計 omega-3 油的利潤率將是可實現的生物燃料市場的數倍。圍繞最終工具的服務和許可策略旨在使更好的資源第三方能夠投資加速種植者採用亞麻薺並建立大規模價值鏈。由於亞麻薺種植面積超過 4,400 萬英畝，我們相信有機會透過我們的技術獲得可觀的許可收入。

Let's now turn to slide 6, establishing the Camelina oil value chain. An important commercial accomplishment in front of three was demonstrating closely production of Camelina oil, validating the value chain from Camelina seed genetics, all the way to oil product available for sale.

現在我們翻到投影片 6，建立亞麻薺油價值鏈。擺在三位面前的一項重要商業成就是密切展示亞麻薺油的生產，並驗證從亞麻薺種子基因到可供銷售的油產品的價值鏈。

As a result of this investment in establishing this core operating capability, we also gained 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 leveraged the [Gores] general interest in putting spring Camelina.

透過投資建立這項核心營運能力，我們也獲得了必要的經驗，這將有利於我們的 Omega-3 產品業務。除了第四季度簽約的 1,200 多英畝冬季亞麻薺種植面積外，我們的種子營運團隊還利用了 [Gores] 對種植春季亞麻薺的普遍興趣。

Based on our revised biofuel strategy, we are using a seed sales model and providing agronomy support the growers. This will expand our Camelina Grow Network, the foundation for our omega-3 products business.

根據我們修訂的生物燃料策略，我們正在採用種子銷售模式並為種植者提供農學支援。這將擴大我們的亞麻薺種植網絡，這是我們 omega-3 產品業務的基礎。

Let's turn to slide 7, omega-3. The omegafatty acids, [ALE], EPA and DHA are essential for human health and wellness. Ely is abundantly available for vegetable oils including canola, soybean, black seed and Camelina. EPA and DHA, on the other hand, they're only available for fish oil extracted from Ocean harvested fish accrual.

我們翻到投影片 7，omega-3。歐米伽脂肪酸 [ALE]、EPA 和 DHA 對人類健康和保健至關重要。伊利盛產植物油，包括芥花油、大豆油、黑籽油和亞麻薺油。另一方面，EPA 和 DHA 僅適用於從海洋捕撈魚類中提取的魚油。

Market sufficient oil are driven by the EPA and DHA omega-3 content. aquafeed the largest market by volume, it seems 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, omega-3 beverages, is growing at around 7% per year.

市面上充足的魚油是由 EPA 和 DHA 歐米伽-3 含量驅動的。水產飼料是按產量計算最大的市場，似乎佔魚油總產量的 75% 左右，主要用於鮭魚，並且每年以 3% 的速度成長。人類營養產品市場（包括 Omega-3 膠囊、Omega-3 飲料等）每年的成長率約為 7%。

At food and animal feed are also significant omega-3 markets, and there are factors 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've received inbound increase from industry leaders in each of these markets, many of whom have been following the Rothamsted technology developed for some time. We are currently in active discussions with a number of them.

食品和動物飼料也是 Omega-3 的重要市場，此外，用於醫藥的魚油衍生物也具有小批量、高價值的市場。自從去年 10 月宣布實施我們對 omega-3 亞麻薺技術的獨家選擇以來，我們已經從各個市場的行業領導者那裡獲得了入站增長，其中許多公司一直在關注 Rothamsted 開發的這項技術。我們目前正在與其中一些公司進行積極討論。

Omega-3s are important macrophage 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 the levels of omega-3 and aqua feed diets. Bottom line, increasing use of omega-3s for these markets requires new sources of supply.

Omega-3 是重要的巨噬細胞，可以在生產過程中保護魚類的健康和最終產品作為健康蛋白質和飲食 Omega-3 來源的價值。我們相信，提高 omega-3 和水產飼料的含量還有相當大的空間。歸根究底，要增加這些市場對 omega-3 的使用量，就需要新的供應來源。

Let's turn to slide 8, the omega-3 deficit. Across the agriculture industry, there's an increased emphasis on sourcing sustainable, acqua feeding ingredients and transitioning for all from processing Ocean harvested fish to produce fishmeal and fish oil for land-based sources of protein and omega-3s.

我們來看第 8 張投影片，即 Omega-3 缺乏症。在整個農業產業，人們越來越重視採購可持續的水產飼料原料，並從加工海洋捕撈的魚類轉變為生產魚粉和魚油，以獲取陸地上的蛋白質和歐米伽 3 脂肪酸來源。

The fish oil supply and demand chart in 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.

左側的魚油供需圖表取自最近的瑞銀分析師報告，總體反映了我們在與業內人士討論中聽到的以下反饋。

Demand will continue to grow for the foreseeable future. Supply for fish oil remain flat. Expectations of higher prices and price volatility. And omega-3 supply deficit of around 500,000 tons per year is projected by 2030. And we believe that yield tangible mix with Camelina can play a major role in sustainably addressing this deficit.

在可預見的未來，需求將持續成長。魚油供應保持穩定。對價格上漲和價格波動的預期。預計到 2030 年，omega-3 供應缺口將達到每年約 50 萬噸。我們相信，亞麻薺的產量有形組合可以在可持續解決這一缺陷方面發揮重要作用。

Let's turn to slide 9. Camelina sustainable omega-3 growth platform. The left side of the chart shows the levels of EPA and DHA omega-3s and fish oil from different sources, including actually the oil industry, gold standard and northern hemisphere fish oil, which is mainly used in acqua feed.

讓我們翻到第 9 張投影片。亞麻薺可持續的 omega-3 生長平台。圖表左側顯示了不同來源的 EPA 和 DHA 歐米伽 3 脂肪酸和魚油的含量，包括石油工業、黃金標準和北半球魚油，主要用於水產飼料。

We believe our other sources of omega-3 remain high cost and limited in scale. Engineer in oilseeds represent a sustainable, scalable and cost effective way to provide new sources omega-3 and we believe our omega-3 technology has the potential to capture significant share of the growth in this market.

我們認為，我們的其他 Omega-3 來源仍然成本高且規模有限。油籽工程代表了一種可持續、可擴展且經濟有效的提供新 Omega-3 來源的方法，我們相信我們的 Omega-3 技術有潛力佔據該市場成長的很大份額。

New seat, which is part of the Australian eye company Nufarm has been a pioneer in this field, producing an omega-3 oil product using engineered canola from around 10% DHA. Analysts project and their production needs as their production ramp up with an oil selling price around $2,400 per tonne. New seed could generate around $260 million annual omega-3 product revenue by '27, '28.

新西爾是澳洲眼科公司 Nufarm 旗下子公司，是該領域的先驅，利用含有約 10% DHA 的基因改造油菜籽生產出歐米伽 3 油產品。隨著石油銷售價格達到每噸 2,400 美元左右，分析師預測其產量將會增加，生產需求也將隨之增加。到 2027、2028 年，新種子每年可產生約 2.6 億美元的 omega-3 產品收入。

In June last year, [new seed] obtained regulatory approval to use the DHA omega-3 canola oil in aqua feed in Norway. Norway produces around 60% of farm seven, and this was the first approval of achievable ingredient cracker feed in that country.

去年 6 月，[new seed] 獲得挪威監管部門批准在水產飼料中使用 DHA 歐米伽 3 菜籽油。挪威生產了農場七號約 60% 的飼料，這是該國首次批准可實現成分餅乾飼料。

Hopefully new seeds accomplishment and overcoming a major regulatory hurdle for broaden adoption of plant-based Omega-3s, paving the way for our Camelina products and graft them on a job well done. Yield trends EPA, DHA omega-3 product is very similar to [Dollarama], Mr. official and has higher potential as a drop-in replacement and aqua feed, which will be our near-term market focus.

希望新種子能夠成功並克服擴大植物性 Omega-3 採用的主要監管障礙，為我們的亞麻薺產品鋪平道路，並將它們嫁接到出色完成的工作上。EPA、DHA 歐米伽-3 產品的產量趨勢與 [Dollarama] 非常相似，官員先生，並且作為直接替代品和水產飼料具有更高的潛力，這將是我們近期的市場重點。

The EPA product has been between [20%] and 30% EPA content and maybe blend it with non-fixed sources of DHA and aqua feed in the near term, but will likely be used to produce higher-valued EPA Esters over time.

EPA 產品的 EPA 含量在 [20%] 到 30% 之間，短期內可能會將其與非固定來源的 DHA 和水產飼料混合，但隨著時間的推移，可能會用於生產更高價值的 EPA 酯。

Let's turn to slide 10 for an overview of the 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 Rothman said Finally -- finalize the license for the omega-3 Camelina technology.

讓我們翻到第 10 張投影片來了解 omega-3 產品開發現況。去年第四季度，我們宣布已經執行了獨家全球授權的獨家選擇權，目前正與羅斯曼密切合作，最終敲定了 omega-3 亞麻薺技術的授權。

Prior work by Rothamsted demonstrated that the EPA, DHA omega-3 product to be an effective replacement for fish oil and aquifer trials for salmon. Human clinical studies candidate with this product also demonstrated it was effective in human diets, delivering the same target levels of EPA and DHA fish oil. It also doesn't smell or taste like fish. We think about HT trade since the omega-3 Camelina is fairly advanced and this will be followed by seed scale-up of HT omega-3 Camelina lines for large-scale planting.

Rothamsted 先前的研究證明 EPA、DHA 歐米伽 3 產品可以有效取代魚油，並且對鮭魚進行了含水層試驗。該產品候選物的人體臨床研究也證明它對人類飲食有效，可提供相同目標水平的 EPA 和 DHA 魚油。它的氣味和味道也不像魚。我們考慮 HT 貿易，因為 omega-3 亞麻薺相當先進，接下來將擴大 HT omega-3 亞麻薺品系的種子規模，以實現大規模種植。

With regulatory approvals in hand and the cost of production capabilities established last year. We believe that the products and production have been de-risked. Our vision is to build a high-growth business, producing clean omega-3 ingredients for agriculture and an expanded to additional market opportunities.

已獲得監管部門批准，且生產能力成本已於去年確定。我們相信產品和生產的風險已經降低。我們的願景是建立一個高成長的企業，為農業生產清潔的 Omega-3 成分並擴展到其他市場機會。

I will now turn the call over to Kristi for an update on our technology progress.

現在我將把電話轉給克里斯蒂，讓她介紹一下我們的技術進度。

Thanks, Oli, 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 Yield 10. Hence, this time, we have focused on seed scale-up, producing omega-3 oil samples and adding herbicide tolerance to the omega-3 lines.

謝謝，奧利，大家下午好。讓我們翻到第 11 張投影片。2023 年初，生產含有 EPA 和 DHA 的 omega-3 油的技術從 Rothamsted Yield 10 轉移。因此，這次，我們專注於種子擴大規模，生產 omega-3 油樣品，並為 omega-3 品系增加除草劑耐受性。

In the fall of 2023, we planted approximately 50 acres of the Camelina line producing EPA and its seed oil with the seed production partner located in Chile.

2023 年秋季，我們與位於智利的種子生產合作夥伴種植了約 50 英畝的亞麻薺品系，生產 EPA 及其種子油。

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 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.

這張幻燈片展示了 2024 年 1 月下旬收穫的照片。該種子的下一步是從穀物供應樣本中提取 omega-3 油，以供潛在合作夥伴使用。2024 年，我們計劃擴大 EPA 和 EPA 加 DHA 生產的亞麻薺規模，目標是在 2025 年、2026 年期間做好首次商業發布的準備。

Let's now turn to slide 12. I'm 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 omega-3 oils in the US.

現在我們翻到第 12 張投影片。我很高興地報告，我們已經清除了所有關鍵的監管障礙，可以在美國種植具有抗除草劑特性或生產 EPA 或 EPA 加 DHA 歐米伽 3 油特性的轉基因亞麻薺。

This was achieved by submitting multiple regulatory status review for our [SR] documents for the different traits. We received back in late 2023 in early 2024 that USDA does not consider these traits to be regulated.

這是透過針對不同性狀提交多個監管狀態審查的 [SR] 文件來實現的。我們在 2023 年底至 2024 年初收到回复，美國農業部不認為這些性狀需要受到監管。

Details are summarized in the slide. We expect to announce shortly the US Environmental Protection Agency approval at Camelina to the label of the 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 sets in the US. In addition to having clearance to plant and omega-3 Camelina, we need regulatory approvals to sell the oil for use in Aqua seed.

詳細資訊已在幻燈片中進行了總結。我們預計不久後將宣布美國環保署批准 Camelina 使用另一家公司生產的草銨膦產品的標籤。獲得這些多重監管批准的意義在於，我們可以透過簡單的育種程序混合和搭配這些性狀，而由此產生的品係也不會被視為受到美國農業部 (USDA) 的監管。除了獲得種植和生產富含 omega-3 的亞麻薺的許可外，我們還需要獲得監管部門的批准才能銷售用於 Aqua 種子的油。

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 and to 2026 when we will still be at relatively small scale, we plan to use the residual protein meal for markets that do not require feed approval.

智利是 Omega-3 油的主要市場，我們計劃在 2024 年提交申請，以尋求 EPA 油的監管部門批准。在 2025 年到 2026 年的生產初始階段，我們的規模仍然相對較小，我們計劃將殘留蛋白粉用於不需要飼料批准的市場。

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.

由於我們在 2023 年生產了用於生物燃料的油，我們確定了多個亞麻薺粉市場，在這些市場中，我們可以透過以折扣價出售亞麻薺粉來回收部分成本。

We also identified and established relationships with small-scale oilseed crushers, which we can also use for early omega-3 Camelina oil production. As production acres ramped 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.

我們也與小型油籽壓榨商建立了合作關係，以便我們能夠早期生產 omega-3 亞麻薺油。隨著生產面積的增加，為去除油脂後剩下的高蛋白亞麻薺籽粕開闢更高價值的商業市場將變得非常重要。

Here, the regulatory path includes field trials and seed compositional analysis to produce the data package to demonstrate that the feed composition of our engineered lines is within the range of conventional Camelina. In time, yield 10 plans both the self-assessment of this data package and a submission to FDA for review.

在這裡，監管路徑包括田間試驗和種子成分分析，以產生資料包，證明我們工程系的飼料成分在傳統亞麻薺的範圍內。隨著時間的推移，Yield 10 計劃對該資料包進行自我評估並提交給 FDA 進行審查。

Let's now turn to slide 13. In 2021, we prior prioritize the engineering, the 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 in Camelina.

現在我們翻到第 13 張投影片。2021 年，我們優先考慮對亞麻薺進行工程改造，使其具有抗除草劑性，這基於我們的信念以及種植者的反饋，即抗除草劑性對於雜草控制是必要的，這樣才能實現亞麻薺的大規模商業化生產。

I thought it would be useful today to recap our journey from field testing to commercial seed production for our goal of fostering a tolerance in Camelina because it highlights our capabilities and Camelina developments.

我認為今天回顧我們從田間試驗到商業種子生產的歷程是有用的，因為我們的目標是培養亞麻薺的耐受性，因為它突出了我們的能力和亞麻薺的發展。

In 2022, we conducted our first field trial of spring Camelina engineered for glufosinate tolerance where we planted multiple events and determine which events have the best performance. In the summer of 2022, we announced the plans for sprayed with glufosinate and did not sustain any meaningful injury.

2022 年，我們進行了首次針對耐草銨膦的春亞麻薺田間試驗，種植了多個品種，並確定了哪些品種性能最佳。2022 年夏天，我們宣布了噴灑草銨膦的計劃，並沒有受到任何重大損害。

Little to know, growth was observed and 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 season.

幾乎無需了解，正如預期的那樣，我們觀察到了生長情況，並且控製圖在幻燈片上的照片中用紅點標記。這是我們計劃中的一個重要里程碑。我們選擇了頂級商業品質的亞麻薺品係以及備用品系，並在接下來的幾個生長季節繼續進行田間試驗和種子擴大規模。

In the fall of 2023, we were in position to plant 74 acres of herbicide-tolerant Camelina during the contract season in Chile to scale up seed. In January of 2024, the crop was harvested clean and bag and shipped back to the US.

2023 年秋季，我們準備在智利的合約季節種植 74 英畝耐除草劑亞麻薺，以擴大種子種植規模。2024 年 1 月，作物被收割乾淨並裝袋運回美國。

In summary, we went from initial field testing of we've often a trait having planting seed package in a 1,000 pounds totes in approximately two years. This progress enabled licensing of our herbicide tolerance traits division, bio energy 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.

總而言之，我們從最初的田間試驗開始，大約花了兩年的時間，就將種子種植在了 1,000 磅的袋子中。這項進展使我們的除草劑耐受性狀部門和生物能源油種子部門能夠在 2024 年初獲得授權。這個過程為我們的團隊提供了開發和擴大亞麻薺新品種的經驗和見解，我們相信這將有助於我們在未來開發 omega-3 特性。

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.

現在我們翻到第 14 張投影片。2023 年，我們首次在田間試驗中種植了耐草銨膦的冬季亞麻薺，用於控制雜草。2023 年秋季種植冬季亞麻薺，並對田塊噴灑草銨膦。幻燈片上的照片展示了秋季噴灑草銨膦的效果。我們培育的耐除草劑冬季亞麻薺依然保持健康。

While our plots of Camelina, which helps the herbicide tolerance traits did not survive the spreading. In the spring, we plan to spray the field tops again with glufosinate for broadleaf weed control, mimicking the weed management protocol, we believe growers reuse.

而我們的亞麻薺地塊，雖然具有抗除草劑特性，卻未能倖免於蔓延。春季，我們計劃再次向田地頂部噴灑草銨膦來控制闊葉雜草，模仿雜草管理方案，我們相信種植者會重複使用。

In the fall of 2023, we also confirmed that our stacked herbicide tolerant winter Camelina with both glufosinate and group two soil residue tolerance performed well when grown on field plots pretreated with Group 2 soiled herbicides.

2023 年秋季，我們也證實，我們的耐草銨膦和耐第二組土壤殘留物的堆疊除草劑冬季亞麻薺在用第二組土壤除草劑預處理的田地上生長時表現良好。

These field tests emulate planting of Camelina and land containing Group 2 herbicide residues from use on a previous crop. We plan to spray our test plots with glufosinate for weed control in the spring to demonstrate the efficacy of both stack street.

這些田間試驗模擬了亞麻薺的種植情況以及含有先前作物使用過的第二類除草劑殘留的土地。我們計劃在春季用草銨膦噴灑我們的試驗田來控制雜草，以證明這兩種除草劑的功效。

We plan to harvest all of our winter Camelina field test plots in early summer, and we will evaluate seed yield, oil content, herbicide tolerance and overall agronomy.

我們計劃在初夏收穫所有冬季亞麻薺田間試驗地塊，並將評估種子產量、油含量、耐除草劑性和整體農藝性。

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.

我要感謝我們團隊在 2023 年做出的傑出貢獻，這將加速我們在 2024 年前進的道路。查克，我會把電話交給你。

Thanks, Kristi, and 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.

謝謝，克里斯蒂，大家下午好。讓我們翻到第 15 張投影片來查看我們 2023 年第四季和全年的財務表現。截至 2023 年第四季度，我們擁有 110 萬美元的現金和現金等價物。在商業許可和完成某些可交付成果方面，vision 將向我們支付總計 300 萬美元。

In March, we raised an additional $1.2 million that based on a warrant inducement transaction, can we expect that our cash on hand, including proceeds from the offering will support our operations into the second quarter of 2024.

3 月份，我們根據認股權證誘導交易額外籌集了 120 萬美元，我們預計包括發行所得在內的現金將支持我們到 2024 年第二季的營運。

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.

我們正致力於持續努力，以確保在短期內獲得額外資金，從而繼續開展業務。2023 年第四季度，我們用於經營活動的淨經營現金為 170 萬美元，全年為 1,010 萬美元。

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 $0.27 per share as compared to a net loss of $3.3 million or $0.67 a share for the fourth quarter of the previous year.

現在讓我們回顧一下2023年第四季和全年的經營業績。2023 年第四季度，該公司報告淨虧損 330 萬美元，即每股 0.27 美元，而去年同期第四季度淨虧損 330 萬美元，即每股 0.67 美元。

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. The reported $0.1 million in grant revenue in the fourth quarter of 2022.

正如預期的那樣，由於我們在 2023 年第一季完成了能源部的撥款，因此我們沒有報告 2023 年第四季的撥款收入。據報道，2022 年第四季的贈款收入為 10 萬美元。

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 are due to us from shipments of seed and harvested grain to growers and optic partners as an offset for our R&D expenses.

2023 年第四季的研發費用為 200 萬美元。在 2023 年第四季度，我們記錄了向種植者和光學合作夥伴運送種子和收穫的穀物所收到的 110,000 美元款項，以抵消我們的研發費用。

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 31, 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 31, 2022.

2022 年第四季的研發費用為 190 萬美元。一般及行政費用2023 年第四季的支出為 140 萬美元，而 2022 年第四季的支出為 140 萬美元。目前，截至 2023 年 12 月 31 日的全年，該公司報告淨虧損 1,450 萬美元，每股虧損 1.82 美元，而截至 2022 年 12 月 31 日的 12 個月期間淨虧損為 1,360 萬美元，即每股虧損 2.76 美元。

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 to $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. Oli, back to you.

已完成的 DOE 撥款收入分別為 2023 年和 2022 年的 10 萬美元和 50 萬美元。2023 年和 2022 年的研發費用分別為 830 萬美元至 780 萬美元。兩年間的 G&A 費用一直穩定在 620 萬美元。有關我們財務表現的更多詳情，請參閱我們的收益報告。奧利，回到你身邊。

Thanks, Chuck. Let's move on to slide 16 for a review of upcoming milestones. For immediate focuses on commercializing our omega-3 products, these essential fatty acids have supplied constrained even as demand continues to grow for use in aquaculture feed at food [security] and pharmaceuticals. In 24 we plan to deliver our first omega-3 product samples to file for regulatory approval of oil in Chile to support its use and aqua feed.

謝謝，查克。讓我們翻到第 16 張幻燈片來回顧即將到來的里程碑。我們目前主要關注的是 Omega-3 產品的商業化，儘管在水產養殖飼料、食品[安全] 和藥品方面的需求持續成長，但這些必需脂肪酸的供應卻受到限制。我們計劃在 24 年內交付首批 omega-3 產品樣品，以申請智利石油監管部門的批准，以支持其使用和水產飼料。

For the scale-up of our omega-3 Camelina also get underway even as the technical work continues to beat herbicide-tolerant Omega-3 lines for large-scale production. We look forward to completing the commercial license with Rothamsted and working with companies like BioMar and others to form partnerships and secure offtake agreements for omega-3 oil for use in aqua feed, pet food and other markets.

我們的 Omega-3 亞麻薺的擴大生產工作也已開始，同時技術工作仍在繼續，以攻克耐除草劑的 Omega-3 生產線，實現大規模生產。我們期待與 Rothamsted 完成商業許可，並與 BioMar 等公司合作，建立合作夥伴關係並達成用於水產飼料、寵物食品和其他市場的 omega-3 油的承購協議。

For the biofuel market, we hold the leadership position and engineered Camelina and look forward to continue to support vision and progressing business development opportunity, Trinity's to secured route revenue from R&D services and our license option agreements for our technologies.

對於生物燃料市場，我們佔據領導地位並設計了亞麻薺，並期待繼續支持願景和不斷進步的業務發展機會，Trinity 將從研發服務和我們的技術許可選擇協議中獲得固定的路線收入。

In '23, our team did an outstanding job supporting the regulatory approval of advanced Camelina varieties develop using genetic engineering. With that data in hand, for the first time, growers will have access to HT Camelina with a leak weed control.

2023 年，我們的團隊出色地支持了利用基因工程開發的先進亞麻薺品種的監管批准。有了這些數據，種植者將首次能夠使用 HT 亞麻薺進行漏草控制。

And '24, we plan to generate data for the self determination of the safety of HT Camelina and animal feed. This activity will support higher market value for the meals 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.

而‘24’年，我們計劃產生用於自行確定HT亞麻薺和動物飼料安全性的數據。隨著生產規模的擴大，這項活動將支持食品的市場價值更高。23 年我們達到了多個里程碑，24 年我們又取得了幾個里程碑，對於 Yield 10 來說，這是一個令人興奮的時刻。

With the experience we now have with the new regulatory process for engineered crops in the US, we see tremendous potential to deploy our advanced gene traits and added to continually improve the value of Camelina for growth, expand the acreage and increase margins for omega-3 products.

憑藉我們目前在美國基因改造作物新監管流程方面的經驗，我們看到了部署我們先進的基因特性的巨大潛力，並不斷提高亞麻薺的生長價值，擴大種植面積並增加 omega-3 產品的利潤。

With that I'd like to turn the call back over to Lynne for questions.

說完這些，我想把電話轉回給 Lynne 來回答問題。

Thanks, Oli. Alicia, we're now ready for questions.

謝謝，奧利。艾莉西亞，我們現在可以回答問題了。

(Operator Instructions)

（操作員指示）

Anthony Vendetti, Maxim Group.

安東尼·文德蒂（Anthony Vendetti），馬克西姆集團（Maxim Group）。

Hi this is actually Jeremy on the line for Anthony. I just two quick questions. One is if you're focus now you're shifting towards the Omega-3 from the actual Camelina as opposed to biofuels. Again, we assume that the talks that you mentioned the letter, the LOIs and MOUs with Marathon Petroleum and Mitsubishi. Are those still in are you still in talks or those are the sort of petered out and didn't know that because you think there's a better opportunity in omega-3?

大家好，我是傑瑞米，找安東尼。我只想問兩個簡單的問題。一是如果你現在將注意力轉向來自亞麻薺的 Omega-3，而不是生物燃料。再一次，我們假設您提到的與馬拉松石油公司和三菱公司的信函、意向書和諒解備忘錄的談判。這些還在進行中嗎？你們還在談判嗎？或者這些已經逐漸消失了，而且不知道，因為您認為 omega-3 有更好的機會？

Hi Jeremy. Thanks for sticking in asking the question. So fundamentally, ever since we sort of started focusing Camelina, which I believe was appeared for the first time in 10-k 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 volume products, recognizing that for biofuels, ultimately, that's going to be a large scale business requiring a tremendous amount of operating capital.

你好，傑里米。感謝您堅持提出這個問題。因此從根本上來說，自從我們開始關注亞麻薺以來，我相信它是在 2019 年、2020 年首次出現在 10-k 中。我們明確提出，我們將生物燃料市場視為建立營運業務並過渡到更高產量產品的一種方式，並認識到對於生物燃料而言，最終這將是一項需要大量營運資本的大規模業務。

And so what we mentioned as a product is obviously Omega-3 and the future of HT bioplastics. What really has happened is I think the opportunity arose to enter that omega-3 business faster. We are still in discussions with multiple players in the biofuel space.

因此，我們提到的產品顯然是 Omega-3 和 HT 生物塑膠的未來。我認為實際情況是，出現了更快進入 Omega-3 業務的機會。我們仍在與生物燃料領域的多家企業進行討論。

There's still strong interest. But right now the industry is basically seeing some uncertainty in the regulations that LCFS in California, number one. And number two, there's a surplus of soybean oil at the moment, which would be sort of used up until additional bi-fuel capacity comes online going forward.

人們仍然有濃厚的興趣。但目前業界基本上看到了加州低碳食品標準 (LCFS) 法規的一些不確定性。第二，目前大豆油過剩，在未來額外的雙燃料產能投入使用之前，這些過剩的大豆油將被用完。

So there's sort I wouldn't say it's nice. It's not client is just things are in the kind of a hold pattern right at this time. I don't think we see tremendous potential for run 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 provision. They are federal funding based on the ownership of being Shell oil.

所以我不會說它很好。這不是客戶端，只是此時事情處於一種等待模式。我認為，我們看不到未來生物燃料的巨大潛力。但實際上，對我們來說，促進這一規模擴大的最佳方法就是按照我們在提供方面所做的事情去做。它們是基於殼牌石油所有權的聯邦資助。

And you'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 will enter into additional agreements and with the R&D service agreements with those markets. While we focus on building an operating business to produce and sell omega-3s.

顯然，您非常積極地開發替代油籽作為生物燃料的來源。隨著種植面積的擴大，我們希望繼續與其他公司進行討論，並希望與這些市場達成更多協議和研發服務協議。我們專注於建立生產和銷售 omega-3 的營運業務。

Understand. That's very helpful. You're basically you're going to apply your resources to where you think the nearest-term opportunity that makes sense. And then actually just switching to that in the production of Omega-3, you mentioned on the call you and I see in the slide deck, there's four possible uses from the oil that aqua feed, pet food, nutraceutical and pharmaceuticals, are you agnostic to what, how you would end up using them? Obviously, it seems like aqua feed seems to be the biggest market might be the overall the most potential revenue. But if you were to get a deal with one of the other potential outputs, would you take that as well?

理解。這非常有幫助。基本上，您要將資源運用到您認為近期最有意義的機會上。然後實際上只是轉向生產 Omega-3，您在電話會議上提到，您和我在幻燈片中看到，油有四種可能的用途，即水產飼料、寵物食品、營養保健品和藥品，您是否不清楚您最終會如何使用它們？顯然，水產飼料似乎是最大的市場，也可能是整體上最具潛在收入的市場。但如果您要與其他潛在產出達成協議，您也會接受嗎？

Yeah, so I think you're raising a very fair point, and that is obviously aqua feed is the largest market for those things. But is that markets really tightly linked the fish oil pricing. There are other higher-value markets which require no additional work to be done on the oil before you get into those markets, things like concentrating into -- all these omega-3 concentrates or making derivative dividends for pharma. For the big markets are basically aquafeed outfit is very large and also growing.

是的，所以我認為你提出的觀點非常合理，那就是水產飼料顯然是這類產品的最大市場。但市場確實與魚油定價緊密相關。還有其他更高價值的市場，在進入這些市場之前不需要對石油進行任何額外的工作，例如濃縮成所有這些 omega-3 濃縮物或為製藥公司賺取衍生股息。對於大市場來說，水產飼料設備基本上非常龐大，而且還在持續成長中。

And that's also the simplest market from the perspective of 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 and production we have to scale up by the product itself we know works.

從根本上講，這也是最簡單的市場，因為如今亞麻薺生產的油實際上是魚油的非常好的替代品。因此，我們不需要對產品進行太多額外的開發工作，只需透過我們已知有效的產品本身來擴大生產即可。

And so 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 will be able over time to deliver the lowest cost to have the lowest cost of production. And ultimately, the business can decide all the markets that wants to enter into.

因此，我認為，從長遠來看，我們最初從事水產飼料工作，建立非常穩固的營運基礎，獲得良好的收入和利潤，隨著時間的推移，我們將能夠以最低的成本實現最低的生產成本。最終，企業可以決定想要進入的所有市場。

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 includes aquafeed, pet food, human nutrition and pharmaceuticals. We've had inbound inquiries from major players in those sectors across the board.

話雖如此，我們一直在與所有這些市場的參與者進行討論，我提到過。自從我們宣布行使選擇權以來，我們收到了大量諮詢，其中有許多參與者對獲取新的 Omega-3 來源感興趣，包括水產飼料、寵物食品、人類營養和藥品。我們已收到來自這些領域各大企業的主要詢問。

I understand, great. Thank you so much for that extra information, and I'll hop back in the queue.

我明白了，太好了。非常感謝您提供的額外信息，我會重新加入隊列。

Thank you, Jeremy.

謝謝你，傑瑞米。

Ben Klieve, Lake Street Capital Markets.

Ben Klieve，Lake Street Capital Markets。

All right. Thanks for taking my questions. First, I have a couple of 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 little unclear to me if that's an upfront payment that you guys expect, in the immediate term or is this something that can be delivered and installed material over the three-year period of the agreement?

好的。感謝您回答我的問題。首先，我有幾個關於與 Vision Bio 的關係的問題。首先，我希望您能為我澄清一下這 300 萬美元的預計付款時間。我不太清楚這是你們期望的預付款，還是在短期內可以交付和安裝的材料？

Well, there's no the majority of that money already came in. And then there's a couple of milestone -- very near term milestones for the rest of it. So long issued all of the shortly for the majority of already.

嗯，大部分錢已經到帳了。然後還有幾個里程碑——其餘部分的近期里程碑。這麼長一段時間內發布的所有文章已經大部分了。

Okay, very good. Thank you. And then kind of a bigger picture question around your expectations for royalty income here beyond that initial $3 million, can you give any kind of general goalposts on for your expectations here as vision ramps production over the next 2.5 years here.

好的，非常好。謝謝。然後，關於您對特許權使用費收入（超出最初的 300 萬美元）的預期這一更大的問題，隨著未來 2.5 年內產量的提升，您能否對您的預期給出任何一般性的目標。

I think given reality business like ours there's quite a bit of work to do to wrap this up from where this debate basically right now, we can't disclose what visions doing, but obviously, they're going to go about this in a very systematic and sensible way.

我認為，考慮到我們這樣的現實業務，還有很多工作要做，才能從目前的辯論中得出結論，我們無法透露願景是什麼，但顯然，他們會以非常系統化和合理的方式處理這個問題。

And so, it's very difficult to give projections. The reality of it is if this was on roundup ready soybean we developed back in 1996, there were 75 million acres of commercial production to be relatively easy. But the challenge here, of course, is that there isn't somebody 5 million acres of Camelina today, that acres has to be established.

因此，做出預測非常困難。實際情況是，如果我們採用 1996 年開發的抗農達大豆，那麼 7,500 萬英畝的商業化生產將相對容易。但這裡的挑戰當然是，今天沒有人擁有 500 萬英畝的亞麻薺種植園，這些土地必須另闢蹊徑。

And so that's really part of the reason we shifted the focus to licensing other parties who are really they 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.

所以，這實際上是我們將重點轉移到授權其他方的原因之一，這些方確實擁有深度和必要資金來真正擴大規模。我們將在最初的願景協議之外繼續這樣做。這就是我們現在的狀況。

Got it. 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 to negotiating with potential partners where we're upfront payments are not realized or as an upfront payment or some kind of direct investment from a potential partner, something that's mandatory at this point for you guys?

知道了。非常好。然後我再說一句，然後我會重新討論 Omega-3 的潛在合作關係。目前，您是否願意與潛在合作夥伴進行談判，我們尚未實現預付款，或者作為預付款或來自潛在合作夥伴的某種直接投資，這對您來說是目前強制性的？

No, I think in reality, I mean, I think it really depends on the partner and what does the partner bring to the table. We're looking at these relationships and clearly, we share a common goal with this partner prospects and actually seeing this technology skills and enabling a large-scale new source of omega-3 for these markets.

不，我認為實際上，我的意思是，我認為這真的取決於合作夥伴以及合作夥伴能帶來什麼。我們正在審視這些關係，顯然，我們與這些合作夥伴有著共同的目標，並且真正看到了這些技術技能，並為這些市場提供了大規模的新的 omega-3 來源。

So we have a common goal in mind. Obviously, very different ends of the value chain. But yeah, no, I think the we are 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.

所以我們有一個共同的目標。顯然，價值鏈的兩端非常不同。但是，是的，不，我認為我們對如何做到這一點持非常開放的態度。我認為最終還是要找到致力於長期協助我們生產和使用該產品的合作夥伴。

We haven't specified nor we're going to provide any guidance on the specific terms of any agreement, I would 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 and works for us.

我們沒有具體說明，也不會對任何協議的具體條款提供任何指導，由於保密原因我無法這樣做。但基本上，我們對找到合適的合作夥伴並以對我們有利的方式與他們合作的正確方法持非常開放的態度。

Got it. Okay. Very good. Thanks for taking my questions. I'll get back in queue.

知道了。好的。非常好。感謝您回答我的問題。我會回到隊列中。

Thank you.

謝謝。

Just one final point on that, Ben and others, obviously, our preference and all of these partnerships is for us to see these products as a source of non-dilutive 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 for those as well.

關於這一點，本和其他人，還有最後一點，顯然，我們的偏好和所有這些合作夥伴關係是為了讓我們將這些產品視為非稀釋性資金的來源。但從根本上來說，其中一些合作夥伴在該產品的驗證方面帶來了更多好處，這對他們來說也是如此。

Thank you. There are no further questions at this time, I'd like to turn the floor back over to Lynne Brum for closing comments.

謝謝。目前沒有其他問題，我想將發言權交還給 Lynne Brum 進行最後評論。

Thank you, Alicia, and I'll hand the call back to Oli.

謝謝你，艾莉西亞，我會把電話轉回奧利。

Thanks, Lynne. At least I 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 of Yield 10. It's obviously been a pretty challenging situation here over the last few months by the technology team has done an absolutely phenomenal job, not only developing, but also getting these technologies, the deregulated.

謝謝，琳恩。至少我個人感謝今晚參加電話會議的所有人，特別是感謝我們的股東一直以來的支持。我還要衷心感謝 Yield 10 的整個團隊。顯然，過去幾個月的情況相當具有挑戰性，但技術團隊做了非常出色的工作，不僅開發了這些技術，還使其不再受管制。

Chuck and our finance team have done a phenomenal job, also getting our 10-K filed today, under somewhat challenging circumstances. Given that our audit firm left us packet fabric. So overall, I'm very fortunate to be supported by a terrific team of people couldn't be prouder of what they've accomplished. So thank you.

查克和我們的財務團隊做了出色的工作，今天在頗具挑戰性的情況下也提交了我們的 10-K 報表。鑑於我們的審計公司給我們留下了包裹布料。總的來說，我很幸運能得到一支出色的團隊的支持，我為他們所取得的成就感到無比自豪。所以謝謝你。

Have a nice evening.

祝你今晚愉快。

Thanks, Alicia.

謝謝，艾莉西亞。

Thank you. This concludes today's call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。