Q3 2022 Calyxt Inc Earnings Call

Excluding ginkgo bio works in Amyris top tier academic institutions research focus not for profits in the United States government agencies dedicated to innovating and growing the bio economy.

Membership also enables us to apply for federal government grants to advance research and plant based bio manufacturing.

We're very pleased to be a member of this organization and to potentially advance research for the Dod in the area of plant based sustainable solutions.

We had a truly productive quarter and the team continues to make substantial progress despite challenging global macro economic dynamics and unprecedented headwinds in the capital markets at the end of September our board of directors announced that he is evaluating the full range of potential strategic alternatives.

The engage canaccord genuity as an adviser.

This effort is ongoing and demonstrates calix is commitment to optimizing value for shareholders.

Unequivocally believe in the potential of our technology.

The progress we have made across multiple fronts over the past several months demonstrates our momentum and provides important validation of the work we do.

I'd like to now turn the call over to Bill who will cover our third quarter financial results Bill.

Thank you Michael earlier today, we issued a press release, describing our third quarter 'twenty to financial results. We also filed our Form 10-Q for the quarter. This afternoon.

For additional details about our financials for third quarter 22, please refer to our press release, our filings with the SEC.

I'd like to make a few comments on our cash and cash burn we ended the quarter with cash and cash equivalents of $7 2 million as of September 32022.

Helix continues to be focused on the effective use of our cash resources and we have reduced our costs, while we execute on our near term milestones achieving the lowest burn rate. Our company has seen in recent years, our cash burn in the third quarter of 2022 was $4 7 million $1 $2 million less in the second quarter of 2022.

I am pleased to report that in early November Calix reached a settlement with one of its technology vendors regarding alleged intellectual property infringement as a result of the settlement calix will receive $750000 upon execution of an amended master services agreement, our MSA and another $750000 by January 31 2012.

Three the execution of the MSA is anticipated to occur in the fourth quarter of 2022.

Calix will also receive reductions and contractual payments for a period of time.

The results of our cost saving efforts, which are ongoing and include discretionary actions in management's control and the legal settlement that provided cash runway into the second quarter of 2023.

This projection includes only committed customer cash from development agreements and technology and plant trait licensing and accordingly, the cash runway could be extended into future periods.

In addition on October three 2022, we entered into an amendment to our open market sale agreement with Jefferies that enables us subject to a maximum sale of up to one third of calix public float in any 12 month period to offer and sell up to $15 million 661000 shares of our common stock since October <unk> <unk>.

<unk> 2.0 million shares of its common stock raising zero point $1 million of proceeds net of offering fees and expenses.

As a result of the issuance of these shares selected once calix to majority shareholder now has an ownership percentage of 49, 1%, which enables us to pursue additional government grant programs is an incremental source of financing.

This concludes our call today, if you have further questions. Please feel free to contact us or our Investor relations firm Argot partners and we will be happy to help you. Thank you for joining us on our call today.

Thank you very much for your participation you may now disconnect your lines.

Sure.