– The merger will bring together the technology platforms and facilities of two pioneering companies to create a leader in precision gene editing focused on driving sustainable agriculture and the availability of renewable low-carbon ingredients –

–  Upon closure of the merger, Rory Riggs, Cibus Co-Founder, will become Chief Executive Officer and Chairman of the combined company and the Cibus leadership team will lead the new organization –

ROSEVILLE, Minn., and SAN DIEGO – January 17, 2023 – Calyxt, Inc. (Nasdaq: CLXT), a plant-based synthetic biology company, and Cibus, a leader in precision gene editing in agriculture, today announced that both companies have entered into a definitive merger agreement under which Calyxt and Cibus will merge in an all-stock transaction. The merger will create a new industry-leading company that combines the two pioneers in agriculture-based gene editing and establishes one of the world’s most sophisticated facilities for trait development and next-generation plant breeding.

The combined company will be a leader in two key applications for gene editing in agriculture:

1. Productivity Traits: Productivity traits are a key basis of competition in the “seed and trait” business. The key focus of Cibus’ patented gene editing platform, the Rapid Trait Development System™ (RTDS®), is the development of a new class of productivity traits in seeds addressing the sustainability of farming by increasing crop yields and reducing inputs such as fungicides, herbicides, pesticides, and fertilizers.
   
2. Renewable Low-Carbon Ingredients: Gene editing is a key tool in the development of sustainable low-carbon ingredients that can replace fossil fuel-based ingredients and diesel fuel. This is a key pillar of the Net Carbon Zero Climate 2040 goals and the global movement to reduce greenhouse gas emissions.

Cibus has a broad pipeline of productivity traits and collaborations with several leading seed companies. It is currently launching three important productivity traits: one in canola and two in rice with transfers to customers for commercialization beginning in the first half of 2023. In addition, Cibus and Calyxt are both working with leading consumer product companies to develop more sustainable ingredients.

Under the terms of the merger agreement, Calyxt will issue shares of its common stock to Cibus shareholders in an exchange ratio such that upon completion of the merger, Calyxt shareholders will own approximately 5% of the combined company, subject to adjustments permitted by the merger agreement. The Boards of Directors of both companies have unanimously approved the transaction. Concurrent with the execution of the merger agreement, certain officers of Calyxt, all of Calyxt’s directors, and Cellectis, S.A., Calyxt’s largest shareholder, executed support agreements in favor of the merger. These support agreements provide 49.9% approval from Calyxt shareholders. A majority of Cibus’ shareholders have also provided support agreements in favor of the transaction. The merger is expected to close in the second quarter of 2023, subject to customary closing conditions, including approval of the merger by the shareholders of Calyxt.

“Cibus is an excellent strategic fit for Calyxt given our complementary technology platforms, and the merger provides a great opportunity to leverage multiple synergies to drive innovation and shareholder value,” said Michael A. Carr, President and Chief Executive Officer of Calyxt. “I am deeply proud of the significant accomplishments made by our team and their commitment to further science in significant ways.”

“We believe 2023 will be a transformative year for Cibus due to many of our major accomplishments that are coming to fruition this year,” said Rory Riggs, Co-Founder, Chief Executive Officer, and Chairman of Cibus. “Through our Trait Machine™, which is planned to come on-line in a stand-alone facility in 2023, we are preparing to transfer our first product: a pod shatter reduction trait in canola in the elite germplasms of five different canola seed companies.  In addition, in 2023, we are preparing to transfer two different herbicide resistance traits in rice in the elite germplasm of a leading North American rice seed company. Each of the three developed traits have been determined not to be regulated articles through the USDA’s “Am I Regulated” process, which was replaced with the SECURE Rule’s confirmation process. The successful development and transfer of these first traits to our customers will be an important milestone in the gene editing industry. It will also be a major commercial milestone in the growth of Cibus. We are very excited by the ability of this transaction – through the addition of both Calyxt’s state-of-the-art gene editing facilities and its talented scientists – to accelerate our growth.”

“2023 is also expected to be an important year for the regulations covering gene editing in agriculture with the European Commission and many other countries reviewing their laws for regulating certain new genomic techniques,” added Peter Beetham, President and Chief Operating Officer of Cibus. “Notably, the UK is on course to introduce new laws broadly consistent with the laws from a growing list of important trading nations including the United States, Canada, Argentina, Brazil and Japan. These regulatory changes, if adopted, promise to enable more open and fair trade in agriculture for these new technologies and encourage research and innovation, greatly increasing the potential of gene editing to contribute globally to sustainable agriculture, food security and climate resilience. This merger positions the combined companies to be a leader in this important new industry and to accelerate our progress.”

“We are excited to combine our joint wealth of experience that consolidates landmark intellectual property in agricultural gene editing including Transcription Activator-like Effector Nucleases (“TALENs”) and Oligonucleotide Directed Mutagenesis (“ODM”),” said Greg Gocal, Co-Founder, Executive Vice President and Chief Scientific Officer of Cibus. “The merger of two of the original pioneers in what has become the field of gene editing in agriculture, will enable new and expanded partnerships and opportunities to make farming more productive and to create a new generation of sustainable ingredients that are renewable and low-carbon.”

“Consolidating our innovative platforms into one entity brings a myriad of opportunities for step change innovations in the areas of productivity and low-carbon ingredients.  I’m particularly excited for the teams of talented scientists from both companies to combine. I truly believe we will see a force multiplier effect of scientific discovery and operationalization to deliver these customer-demanded products in record time,” added Travis Frey, Chief Technology Officer of Calyxt.

Upon closing of the transaction, the combined company, renamed Cibus Inc., will trade on the Nasdaq Capital Market. The current Cibus management team will lead the new combined organization with Rory Riggs assuming the roles of Chairman of the Board of Directors and Chief Executive Officer. Mr. Riggs has been the founder and Chairman/Director of many successful healthcare and biotechnology companies including Royalty Pharma, Fibrogen and Sugen and was the President and Director of Biomatrix (Nasdaq: BIOX) until its sale to Genzyme/Sanofi, where he launched Synvisc®, a leading biologic for the treatment osteoarthritis. Corporate headquarters for the combined company will be located in San Diego, California and Calyxt’s offices, laboratory, and breeding facilities in Roseville, Minnesota will remain operational as a key site for the combined company.

Canaccord Genuity served as financial advisor and Sidley Austin served as legal counsel to Calyxt, and Jones Day served as legal counsel to Cibus with respect to the transaction.

About Calyxt

Calyxt (Nasdaq: CLXT) is a plant-based synthetic biology company. Calyxt leverages its proprietary PlantSpring™ technology platform and Plant Cell Matrix™ biomass to engineer plant metabolism to produce innovative high value plant-based chemistries for use in customers’ materials and products. As plant-based solutions, Calyxt’s synthetic biology products can be used in helping customers meet their sustainability targets and financial goals. Calyxt’s diversified offerings are primarily delivered through its proprietary BioFactory™ production system. For more information, visit www.calyxt.com.

About Cibus

Cibus® is a leading agricultural technology company that develops, and licenses gene edited plant traits to seed companies. Its traits enable farmers to manage productivity and sustainability challenges such as diseases, pests, weeds, fertilizer use and climate change. Cibus’ goal is to use its trait technology to create a new generation of crops that are more adaptable to their environment and have increased yields while requiring less chemicals. Cibus’ patented RTDS® technology platform has enabled agriculture’s first standardized end-to-end gene editing trait prototype and production system: the Trait Machine™. The Trait Machine represents a technological breakthrough in plant breeding that broadens the range and scale of possible trait solutions that makes more diverse germplasm accessible, materially shortens trait breeding timelines, and shortens the time to market traits. Cibus’ technologies and traits are accelerating agriculture’s jump to a climate smart, more sustainable crop production system and the industry’s move to sustainable low-carbon ingredients. For more information, visit www.cibus.com.

Cautionary Statement Regarding Forward-Looking Statements

The information included in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of present or historical fact included herein, regarding the transactions, the ability of the parties to the merger agreement to consummate the transactions, the benefits of the transactions, the combined company’s future performance following the transactions, and the potential for global regulatory developments, as well as Calyxt’s, Cibus’ and the combined company’s respective strategies, future operations, financial positions, prospects and plans as well as the objectives of management are forward-looking statements. Words such as “anticipate,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “approximately,” “plans,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words.

These forward-looking statements are based on the current expectations and assumptions of Cibus’ and Calyxt’s management about future events and are based on currently available information as to the outcome and timing of future events. Forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Calyxt and Cibus. These risks include, but are not limited to, (i) the risk that the conditions to the closing of the proposed transaction are not satisfied, including the failure to obtain stockholder approval of matters related to the proposed transaction in a timely manner or at all, (ii) uncertainties as to the timing of the consummation of the proposed transaction, (iii) risks related to Calyxt’s capital resources and the ability of Calyxt and Cibus, respectively, to correctly estimate and manage their respective operating expenses and expenses associated with the proposed transaction, (iv) risks related to Calyxt’s continued listing on the Nasdaq Capital Market until closing of the proposed transaction, (v) risks associated with the possible failure to realize certain anticipated benefits of the proposed transaction, including with respect to future financial and operating results; (vi) uncertainties regarding the impact that any delay in the closing would have on the anticipated cash resources of the combined company upon closing and other events and unanticipated spending and costs that could reduce the combined company’s cash resources; (vii) the potential for the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the merger agreement; (viii) the possible effect of the announcement, pendency or completion of the merger on Calyxt’s or Cibus’ business relationships, operating results and business generally; (ix) risks related to unexpected costs related to the merger; (x) the potential for, and uncertainty associated with the outcome of, any legal proceedings that may be instituted against Calyxt or Cibus or any of their respective directors or officers related to the merger agreement or the transactions contemplated thereby; (xi) risks associated with the ability of Calyxt and Cibus to protect their respective intellectual property rights; (xii) the potential impact of competitive responses to the proposed transaction and changes in expected or existing competition; (xiii) the possibility that Calyxt, Cibus or the combined company may be adversely affected by other economic, business, or competitive factors;  (xiv) risks associated with the loss of key employees of Calyxt or Cibus; (xv) risks associated with changes in applicable laws or regulations and the potential impact of such changes on Calyxt’s, Cibus’ or the combined company’s ability to advance product development and commercialization; and (xvi) other risks and uncertainties identified from time to time in documents filed or to be filed with the Securities and Exchange Commission (the “SEC”) by Calyxt or the combined company, including those discussed in the “Risk Factors” section of Calyxt’s Annual Report on Form 10-K, which was filed with the SEC on March 3, 2022, and Quarterly Reports on Form 10-Q, which were filed with the SEC on August 4, 2022 and November 3, 2022, respectively. Should one or more of the risks or uncertainties occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. In addition, the forward-looking statements included in this press release represent Calyxt’s and Cibus’ views as of the date hereof.  Calyxt and Cibus anticipate that subsequent events and developments will cause the respective company’s views to change. Calyxt and Cibus specifically disclaim any obligation to update such forward-looking statements in the future, except as required under applicable law. These forward-looking statements should not be relied upon as representing Calyxt’s or Cibus’ views as of any date subsequent to the date hereof.

Important Additional Information

In connection with the proposed transactions, Calyxt intends to file materials with the SEC, including a registration statement on Form S-4 (the “Form S-4”), which will include a proxy statement of Calyxt for the stockholders of Calyxt and that will serve as a prospectus of Calyxt and an information statement of Cibus, and other documents relating to the proposed transaction.  INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THESE MATERIALS, INCLUDING THE FORM S-4 AND THE PROXY STATEMENT / PROSPECTUS INCLUDED THEREIN, WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT CALYXT, CIBUS AND THE PROPOSED TRANSACTION. After the Form S-4 is declared effective, the definitive proxy statement to be included in the Form S-4 will be mailed to Calyxt stockholders as of a record date to be established for voting on the matters related to the proposed transaction to be considered at a special meeting of Calyxt stockholders. The Form S-4, the proxy statement / prospectus included therein, and other materials filed by Calyxt with the SEC may be obtained free of charge from the SEC’s website (www.sec.gov) or from Calyxt by directing a request to: Calyxt, Inc., 2800 Mount Ridge Road, Roseville, MN 55113. 

Participants in the Solicitation

Calyxt, Cibus and their respective directors, executive officers and other members of management may be deemed to be participants in the solicitation of proxies with respect to the proposed transaction under the rules of the SEC. Information about the directors and executive officers of Calyxt is set forth in Calyxt’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was filed with the SEC on March 3, 2022, and its definitive proxy statement for its 2022 Annual Meeting of Shareholders, which was filed with the SEC on April 19, 2022.

Other information regarding persons who may, under the rules of the SEC, be deemed to be participants in the proxy solicitation and a description of their interests in the transaction, by security holdings or otherwise, will be included in the proxy statement/prospectus included in the Form S-4 and other relevant materials to be filed with the SEC regarding the proposed transaction when they become available. Investors should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from Calyxt or the SEC’s website, as indicated above.

No Offer or Solicitation

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Calyxt, Cibus or the combined company, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offering of securities shall be made in the United States except by means of a prospectus meeting the requirements of Section 10 of the Securities Act. Subject to certain exceptions to be approved by the relevant regulators or certain facts to be ascertained, a public offer will not be made directly or indirectly, in or into any jurisdiction where to do so would constitute a violation of the laws of such jurisdiction, or by use of the mails or by any means or instrumentality (including without limitation, facsimile transmission, telephone or internet) of interstate or foreign commerce, or any facility of a national securities exchange, of any such jurisdiction.

Contacts

For Calyxt:
Bill Koschak 
investors@calyxt.com
651-425-1754

For Cibus:
Investor Relations:
Karen Troeber
ktroeber@cibus.com
858-450-2636

Media Relations:
Colin Sanford
colin@bioscribe.com
203-918-4347

Chris Tutino
ctutino@cibus.com
919-356-9163

ROSEVILLE, Minn., Nov. 18, 2022 /PRNewswire/ — Calyxt, Inc. (NASDAQ: CLXT), a plant-based synthetic biology company announced today that it has successfully completed the first phase in its research collaboration agreement with a leading global food ingredient manufacturer based in Asia to develop an improved soybean capable of producing an oil as a commercial alternative to palm oil.

“We are proud of the progress we’ve made in this collaboration,” said Michael A. Carr, President and CEO of Calyxt. “The achievement builds on our expertise working with soybeans along with our team’s innovation and collective drive to engineer plant-based solutions that address sustainability challenges for our customers.”

Calyxt’s ability to leverage the power of its proprietary PlantSpring^™ technology platform in this space comes at a critical time in the international dialogue regarding the sustainability and environmental impact of traditional palm oil sourcing and production.

As previously disclosed, the completion of this first milestone results in a cash milestone payment to Calyxt. Calyxt has begun the second and final phase of the research collaboration and expects to receive a final milestone payment upon completion. Calyxt anticipates completing the final phase in the first quarter of 2024.

About Calyxt

Calyxt (Nasdaq: CLXT) is a plant-based synthetic biology company. The Company leverages its proprietary PlantSpring^™ technology platform and Plant Cell Matrix^™ biomass to engineer plant metabolism to produce innovative high value plant-based chemistries for use in customers’ materials and products. As plant-based solutions, the Company’s synthetic biology products can be used in helping customers meet their sustainability targets and financial goals. Calyxt’s diversified offerings are primarily delivered through its proprietary BioFactory^™ production system. For more information, visit www.calyxt.com.

Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include statements about the development of the improved soybean and the success of the related research collaboration, and the potential for successfully negotiating, entering into, and receiving fees under, a commercial agreement with respect to the improved soybean. These and other forward-looking statements are predictions and projections about future events and trends based on the Company’s current expectations, objectives, and intentions and are premised on current assumptions. The Company’s actual results, level of activity, performance, or achievements could be materially different than those expressed, implied, or anticipated by forward-looking statements due to a variety of factors, including, but not limited to: the potential impact of cost reduction and other cash-focused measures to manage liquidity; increased competition, including competition from a broader array of synthetic biology companies; competition for customers, partners, and licensees and the successful execution of development and licensing agreements; disruptions at Calyxt’s or its partners key facilities; changes in customer preferences and market acceptance of its products; changes in market consensus as to what attributes are required for a product to be considered “sustainable”; the impact of adverse events during development; disruptions to supply chains, including raw material inputs for its BioFactory; and other important factors discussed in Part I, Item 1A, “Risk Factors” in the Company’s filings with the SEC, included in Part I, Item 1A of its Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on March 3, 2022, and its subsequent reports on Forms 10-Q and 8-K filed with the SEC. Any forward-looking statements made by management of the Company are based only on currently available information and speak only as of the date of this report. Except as otherwise required by securities and other applicable laws, the Company does not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change.

Calyxt Media Contact:
Brennan Burks, Calyxt, Inc.
(651) 724-5788
brennan.burks@calyxt.com 

Calyxt Investor Relations Contact:
Kimberly Minarovich / Cameron Willis
Argot Partners
(212) 600-1902
investors@calyxt.com

ROSEVILLE, Minn., Nov. 17, 2022 /PRNewswire/ — Calyxt, Inc (Nasdaq: CLXT) a plant-based synthetic biology focused on engineering sustainable ingredients for customers in the cosmeceutical, nutraceutical and pharmaceutical industries, today announced that the Company received written notification from the Listing Qualifications Department of The Nasdaq Stock Market, LLC (“Nasdaq”), granting the Company’s request for a 180-day extension to regain compliance with Nasdaq’s minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Rule”). The Company now has until May 15, 2023 to meet the requirement. If at any time prior to May 15, 2023, the bid price of the Company’s ordinary shares closes at $1.00 per share or more for a minimum of 10 consecutive business days, the Company will regain compliance with the Bid Price Rule, and the matter will be closed.

In accordance with Nasdaq Listing Rule 5810(c)(3)(A), Nasdaq staff determined that the Company was eligible for an additional 180 calendar day period, or until May 15, 2023, to regain compliance based on the Company meeting the continued listing requirement for the market value of publicly held shares and all other applicable requirements for initial listing on the Nasdaq Capital Market, with the exception of the bid price requirement, and the Company having provided written notice of its intention to cure the deficiency during the second compliance period, including by effecting a reverse stock split, if necessary.

If the Company does not regain compliance with the Bid Price Rule during the additional 180-day extension, Nasdaq will provide written notification to the Company that its ordinary shares will be delisted. At that time, the Company may appeal the relevant delisting determination to a hearings panel pursuant to the procedures set forth in the applicable Nasdaq Listing Rules. However, there can be no assurance that, if the Company does appeal the delisting determination by Nasdaq to the hearings panel, that such appeal would be successful.

About Calyxt
Calyxt (Nasdaq: CLXT) is a plant-based synthetic biology company. The Company leverages its proprietary PlantSpring™ technology platform and Plant Cell Matrix^TM biomass to engineer plant metabolism to produce innovative high value plant-based chemistries for use in customers’ materials and products. As plant-based solutions, the Company’s synthetic biology products can be used in helping customers meet their sustainability targets and financial goals. Calyxt’s diversified offerings are primarily delivered through its proprietary BioFactory™ production system. For more information, visit www.calyxt.com.

Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include statements about the Company’s ability to regain compliance with the Bid Price Rule, the Company’s plans to consider implementing available options to regain compliance with the Bid Price Rule, and the Company’s intention to appeal any future delisting determination. These and other forward-looking statements are predictions and projections about future events and trends based on the Company’s current expectations, objectives, and intentions and are premised on current assumptions. The Company’s actual results, level of activity, performance, or achievements could be materially different than those expressed, implied, or anticipated by forward-looking statements due to a variety of factors, including, but not limited to: the potential impact of cost reduction and other cash-focused measures to manage liquidity; increased competition, including competition from a broader array of synthetic biology companies; competition for customers, partners, and licensees and the successful execution of development and licensing agreements; disruptions at Calyxt’s or its partners key facilities; changes in customer preferences and market acceptance of its products; changes in market consensus as to what attributes are required for a product to be considered “sustainable”; the impact of adverse events during development; inaccurate demand forecasting or milestone and royalty payment projections; disruptions to supply chains, including raw material inputs for its BioFactory; and other important factors discussed in Part I, Item 1A, “Risk Factors” in the Company’s filings with the SEC, included in Part I, Item 1A of its Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on March 3, 2022, and its subsequent reports on Forms 10-Q and 8-K filed with the SEC. Any forward-looking statements made by management of the Company are based only on currently available information and speak only as of the date of this report. Except as otherwise required by securities and other applicable laws, the Company does not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change.

Calyxt Media Contact:
Brennan Burks, Calyxt, Inc.
(651) 724-5788
brennan.burks@calyxt.com 

Calyxt Investor Relations Contact:
Kimberly Minarovich / Cameron Willis
Argot Partners
(212) 600-1902
investors@calyxt.com

—Successfully produced squalene, an important ingredient for personal care products and vaccine adjuvants

—Continued to progress customer acquisition activities, including evaluating an incremental 37 customer chemistries for development using PlantSpring™ and BioFactory™ technologies

—Signed agreement with Evologic Technologies to further develop and scale production of its Plant Cell Matrix™ technology platform

—Continuing board-level evaluation of a full range of potential strategic alternatives to maximize shareholder value

—Selected for membership to BioMADE, a Department of Defense-sponsored initiative that brings together industrial, academic and non-profit entities to advance US bioindustrial manufacturing

—Management to host conference call and webcast today at 4:30 p.m. ET

ROSEVILLE, Minn., Nov. 3, 2022 /PRNewswire/ — Calyxt, Inc. (Nasdaq: CLXT), a plant-based synthetic biology company, today announced operating and financial results for its third quarter ended September 30, 2022.

“Last month, we announced we had made substantial technical progress by successfully using  a Calyxt-engineered Plant Cell Matrix to produce squalene. This is a desired ingredient for many cosmetics products and also serves as critical vaccine adjuvant. This milestone is another validation of the promise of our platform to engineer plant metabolism to produce innovative high value chemistries for use in our customers’ materials and products across the end markets of cosmeceuticals, nutraceuticals, and pharmaceuticals,” said Michael A. Carr, President and Chief Executive Officer at Calyxt. “Further, in the third quarter, we continued to progress our customer acquisition activities and evaluated 37 additional customer demand driven chemistries for development and production. These achievements, which come despite unprecedented headwinds in the capital markets and macro economy and resulting liquidity challenges for the Company, reflect our determination to drive our business forward and realize value for our shareholders, while continuing to carefully manage operating expenses.”

Mr. Carr added: “In addition, we signed an agreement with Evologic Technologies, our first global infrastructure partner, which enables us to power our speed-to-scale strategy and supports our ability to meet the growing interest in high-quality sustainable ingredients across the cosmeceutical, nutraceutical, and pharmaceutical markets. With our new pilot program initiated, our first infrastructure partner on board, and additional discussions ongoing, we are encouraged by the increasing traction of our business. We also were selected for membership in BioMADE, a Department of Defense-sponsored manufacturing innovation initiative, which will give us access to a network of industrial and academic entities focused on advancing bioindustrial manufacturing and will enable us to apply for government grants to progress research in plant-based biomanufacturing.  In all, these accomplishments made for a highly productive quarter notwithstanding current capital constraints.”

Key accomplishments in the third quarter of 2022, and through the date of this press release, include the following:

Chemistries under Development for Potential Customers

• On October 25, 2022, Calyxt announced that using a Calyxt-engineered Plant Cell Matrix^TM biomass, it has successfully produced squalene, an important ingredient in many personal care products and vaccine adjuvants, including several strands of flu and COVID-19 vaccines. Traditionally sourced from shark liver, many companies who require the ingredient for their products have already begun to seek out alternative squalene sources that represent a more sustainable path forward. With the increasing demand for natural ingredients in cosmetics along with the urgency to develop more vaccines that are effective at boosting our immune response, the global squalene market represents a significant and growing market opportunity.
• In the third quarter, Calyxt received 37 new chemistries from potential customers for evaluation, bringing the total number of chemistries cumulatively evaluated for development with PlantSpring for production in its BioFactory to 132. Of the 132 chemistries, 43 have met Calyxt’s target product profile, or TPP, criteria and, subject to prioritization in light of available resources, are subject to further evaluation and discussion with the potential customers. Additionally, the evaluated chemistries include several that were identified by potential customers as having been unsuccessfully attempted by others in the synthetic biology industry.

Current Customer Projects Under Development are on Track

• Calyxt continued to progress the pilot project for a major consumer packaged goods company with delivery of the plant-based chemistry expected in early 2023. This delivery has the potential to lead to a development agreement for this and potentially other chemistries.
• Calyxt continued to progress the development of its soybean-based palm oil alternative plant trait, and it expects to achieve the first $100 thousand milestone payment as early as the fourth quarter of 2022, with the overall project scheduled for completion in the first quarter of 2024, at which time the second milestone payment of $100 thousand would be due.

Signed Agreement with First Global Infrastructure Partner to Enable Growth and Scale of Calyxt’s Proprietary Technology

• On October 6, 2022, Calyxt announced that it signed an agreement with its first manufacturing partner, Evologic Technologies GmbH (Evologic), to further develop and scale Calyxt’s proprietary Plant Cell Matrix (PCM™) technology platform. The agreement supports the continued build-out of Calyxt’s plant-based synthetic biology capabilities. Evologic’s contract development and manufacturing services, based on its proprietary bioprocess platform and technology, support companies delivering unique and sustainable bioproducts. Under the terms of the agreement, Evologic will work alongside Calyxt to grow and scale Calyxt’s proprietary PCM technology. Specifically, Evologic will advance the manufacturing of PCM-derived compounds and establish proof of concept for the subsequent scaling of multiple PCMs simultaneously for commercial production. Calyxt anticipates sending a PCM that will produce squalene to Evologic for scaling in the fourth quarter of 2022.

Evaluation of Strategic and Financing Alternatives

• On September 22, 2022, Calyxt announced that its Board of Directors is evaluating a full range of potential strategic alternatives and that it had engaged Canaccord Genuity as an advisor. The evaluation of these alternatives as well as the engagement of Canaccord Genuity demonstrates Calyxt’s management and Board of Directors’ commitment to maximize shareholder value.
• While Calyxt continues to actively assess market conditions and to pursue potential financing alternatives to fund its operations, in light of Calyxt’s current liquidity challenges and market headwinds, management has implemented cost reduction and other cash-focused measures to manage liquidity and prioritize capital resources.

Gained Membership Inclusion to BioMADE

• On November 1, Calyxt announced that it had been selected for membership in BioMADE, a Department of Defense-sponsored manufacturing innovation initiative. As a result, Calyxt joins a network of industry, academic, not-for-profit and United States government members dedicated to innovating and growing the bioeconomy. Membership also enables Calyxt to apply for government grants to advance research in plant-based biomanufacturing.

Additional Updates

• In early November 2022, Calyxt reached a settlement with one of its technology vendors regarding alleged intellectual property infringement. As a result of the settlement, Calyxt will receive $750 thousand upon execution of an amended master services agreement (MSA) and another $750 thousand by January 31, 2023. The execution of the MSA is anticipated to occur in the fourth quarter of 2022.

Financial Results for the Three Months Ended September 30, 2022

• Cash, cash equivalents, and restricted cash totaled $7.2 million as of September 30, 2022.
• Revenue was nominal in the third quarter of 2022 compared to $7.8 million in the third quarter of 2021. The decrease in revenue was driven by the late 2021 completion of the wind-down of the Company’s soybean product line. Revenue in the third quarter of 2022 was primarily associated with the Company’s agreement with a food ingredient manufacturer to develop a palm oil alternative.
• Total operating expenses were $6.2 million in the third quarter of 2022 compared to $6.4 million in the third quarter of 2021. The decrease was primarily driven by improved gross margins as a result of lower operating expenses in the period, partially offset by the Company’s adoption of the lease accounting standard which shifted amounts previously reported in interest, net to operating expenses.
• Net loss was $6.0 million in the third quarter of 2022 compared to $7.3 million in the third quarter of 2021. The improvement in net loss was driven by the late 2021 completion of the wind-down of the Company’s soybean product line, lower operating expenses, a decrease in interest, net resulting from the adoption of the lease accounting standard which shifted amounts previously reported in interest, net to operating expenses, and non-operating income (expenses) including the mark-to-market of the Common Warrants derivative liability, which declined in value due to a decline in stock price in 2022. Net loss per share was $0.13 in the third quarter of 2022 compared to $0.20 in the third quarter of 2021. The improvement in net loss per share was driven by the improvement in net loss and a year-over-year increase in weighted average shares outstanding.
• Adjusted net loss was $6.2 million in the third quarter of 2022 compared to $9.1 million in the third quarter of 2021. The improvement in adjusted net loss was driven by the completion of the wind-down of the soybean product line in late 2021. Adjusted net loss per share was $0.13 in the third quarter of 2022 compared to $0.24 in the third quarter of 2021. The improvement in adjusted net loss per share was driven by the improvement in adjusted net loss and a year-over-year increase in weighted average shares outstanding.
• On October 3, 2022, Calyxt entered into an amendment to its Open Market Sale Agreement with Jefferies that enables it, subject to a maximum sale of up to one-third of Calyxt’s public float in any twelve month period, to offer and sell up to 15,661,000 shares of its common stock. From that date to the date of this release, Calyxt issued 2.0 million shares of its common stock, raising $0.1 million, net of offering fees and expenses. As a result of the issuance of these shares, Cellectis, S. A., once Calyxt’s majority shareholder, now has an ownership percentage of 49.1 percent.

“We continue to be focused on the effective and prudent use of our cash resources and we have reduced costs while executing on near term milestones. In the third quarter of 2022 we achieved the lowest burn rate the Company has seen in recent years,” said Bill Koschak, Chief Financial Officer at Calyxt. “Our cash burn in the third quarter of 2022 was $4.7 million, $1.2 million less than the second quarter of 2022. The results of our cost saving efforts, which are ongoing and include discretionary actions in management’s control, and the legal settlement, have provided cash runway into the second quarter of 2023.  Calyxt is also exploring its ability to pursue certain U.S. government grant programs that were previously unavailable to us because of Cellectis’ majority ownership.”

Third Quarter 2022 Results Conference Call

Calyxt’s President and Chief Executive Officer, Michael A. Carr, and Chief Financial Officer, Bill Koschak, will host a conference call discussing Calyxt’s results for the third quarter of 2022 and provide a business update. The conference call will be webcast and accessible via the investor relations section of Calyxt’s website at www.calyxt.com.

To access the call, please use the following information:

Date:	Thursday, November 3, 2022
Time:	4:30 p.m. ET, 1:30 p.m. PT
Toll Free dial-in number:	+1-888-317-6003
Toll/International dial-in number:	+1-412-317-6061
Conference ID:	10170876

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. The conference call will also be broadcast live and available for replay via the investor relations section of the company’s website at www.calyxt.com.

A replay of the conference call and webcast will be available for 30 days following the event.

About the PlantSpring™ Technology Platform and BioFactory™ Production System

Calyxt’s technology platform, PlantSpring, is founded on the Company’s more than a decade of experience engineering plant metabolism, and incorporates its scientific knowledge, its proprietary systems, tools, and technologies; and an expanding set of related capabilities. In PlantSpring, the Company identifies metabolic pathways to produce plant-based chemistries, designs strategies to reprogram host cells, engineers plant cell metabolism to optimally produce targeted compounds, and produces those targeted compounds at laboratory scale. The Company has implemented AIML capabilities for the identification of targets for editing specific genetic pathways and continues to develop AIML capabilities across the PlantSpring platform, which will enable learning and adaptation of knowledge gained from past activity and are expected to be combined with predictive analytics to rapidly prototype and provide feedback, accelerate the time to complete the development cycle and help mitigate the risk associated with commercial scale-up. As a result, Calyxt believes it can develop biomolecules in plants for customers at both a greater breadth and level of complexity and at faster speeds than its competitors in the synthetic biology industry. The output from the PlantSpring platform integrates with the Company’s BioFactory production system. The Company uses the term “compounds” to describe compounds, molecules, and plant-based chemistries interchangeably.

The BioFactory is a bioreactor-based production system that is designed to be capable of continuous production of plant-based chemistries. The bioreactor can be of any size depending upon factors including yield and titer necessary to reach the required commercial scale. For production, multicellular Plant Cell Matrix™ (PCM™) structures are placed inside the bioreactor, and growth media bathes the PCM structures to provide them with nutrition, which differentiates the Company’s process from other methods that require complete submersion of cells in growth media and/or the application of hormones to facilitate growth. A PCM structure is a living system of various cell types, which is designed to emulate the intercellular metabolism of an entire plant, which grows over time, produces, and stores, or excretes, the target chemistries. The growth media is the feedstock of the BioFactory production system and contains the essential inputs to support growth of the PCM structures and necessary chemistry production. The growth media is expected to be reused throughout the production cycle, which may run for an extended time period. To scale production in the BioFactory productions system, the Company expects to move the PCM structures from its current bioreactor into larger capacity bioreactors or groups of bioreactors. Calyxt began running lab-scale bioreactors in early 2021. The Company’s first pilot-scale bioreactor became operational in December 2021 and is scalable up to 200 liters. The pilot stage of development takes a compound developed with the PlantSpring platform through to commercial production. Depending on the compound to be produced, there may be a range of vessel sizes between the initial pilot facility and the commercial production facility. The Company’s current plan is to engage third parties, referred to as infrastructure partners, for at-scale commercial production. Infrastructure partners are likely to be companies with processing assets that can be converted from current production to the Company’s bioreactor-based approach. If an infrastructure partner is used for production, the Company expects to pay a fee for that production. Because of the expected modular nature of the BioFactory production system and the types of high value compounds the Company expects to develop for customers, it is also possible that commercial production could also occur in a customer’s in-house facility. The Company expects to expand the scope of its pilot facilities based on customer demand, and the scope of production could extend, subject to regulatory and other considerations, outside the United States. Because of its production methodology, Calyxt believes the BioFactory has the potential to be one of the most sustainable production systems across industries. 

About Calyxt

Calyxt (Nasdaq: CLXT) is a plant-based synthetic biology company. The Company leverages its proprietary PlantSpring™ technology platform to engineer plant metabolism to produce innovative high value plant-based chemistries for use in customers’ materials and products. As plant-based solutions, the Company’s synthetic biology products can be used in helping customers meet their sustainability targets and financial goals. Calyxt’s diversified offerings are primarily delivered through its proprietary BioFactory™ production system. For more information, visit www.calyxt.com.

PlantSpring, BioFactory, Plant Cell Matrix™, and the Calyxt logo are trademarks of Calyxt, Inc. Any other trademarks belong to their respective owners.

Contacts
Calyxt Media Contact:	Calyxt Investor Relations Contact:
Brennan Burks Calyxt, Inc. (651) 724-5788 brennan.burks@calyxt.com	Kimberly Minarovich/ Cameron Willis  Argot Partners (212) 600-1902 investors@calyxt.com
Calyxt Business Development Contact:
Gerry Nuovo Senior Vice President of Business Development (612) 427-7881 contact@calyxt.com

USE OF NON-GAAP FINANCIAL INFORMATION

To supplement the Company’s financial results prepared in accordance with GAAP, it has prepared certain non-GAAP measures that include or exclude special items. These non-GAAP measures are not meant to be considered in isolation or as a substitute for financial information presented in accordance with GAAP and should be viewed as supplemental and in addition to the Company’s financial information presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures. In addition, other companies may report similarly titled measures, but calculate them differently, which reduces their usefulness as a comparative measure. Management utilizes these non-GAAP metrics as performance measures in evaluating and making operational decisions regarding the Company’s business.

The Company’s 2021 non-GAAP financial measures reflect adjustments for certain commodity derivatives entered into in connection with its soybean product line. As a result of the completed wind-down of this product line in late 2021, the Company held no commodity derivative contracts as of September 30, 2022.

The Company presents adjusted net loss, a non-GAAP measure, and defines it as net loss adjusted for (i) unrealized gains and losses associated with commodity derivatives entered into to hedge the change in value of fixed price grain inventories and fixed price grain production agreements that should be recognized in the future when the underlying inventory is sold, (ii) gains and losses from commodity derivatives realized in prior periods but associated with inventory sold in the current period, (iii) net realizable value adjustments to inventories occurring in the period which otherwise would have been recognized in the future when the underlying inventory is sold, and (iv) net realizable value adjustments recognized in prior periods but associated with inventory sold in the current period, and excluding cash-based Section 16 officer transition expenses, the recapture of non-cash stock compensation associated with the departure of Section 16 officers, the gain upon the extinguishment of the Payroll Protection Program (PPP) loan, and non-operating income (expenses). The foregoing adjustments are those necessary to present the underlying gross profit of the Company’s soybean product line for the 2021 periods presented, together with the corresponding adjustments to the extent applicable to the corresponding 2022 periods presented.

The Company provides in the table below a reconciliation of net loss, which is the most directly comparable GAAP financial measure, to adjusted net loss. The Company provides adjusted net loss because it believes that this non-GAAP financial metric provides investors with useful supplemental information in light of the Company’s business model during the periods presented, as the amounts being adjusted affect the period-to-period comparability of net losses and financial performance.

The table below presents a reconciliation of net loss to adjusted net loss:

	Three Months Ended September 30,		Nine Months Ended September 30,
In Thousands	2022		2021		2022		2021
Net loss (GAAP measure)	$        (5,950 )		$        (7,307 )		$      (14,054 )		$      (22,142 )
Non-GAAP adjustments:
Commodity derivative impact, net	—		(2,073 )		—		(2,520 )
Net realizable value adjustment to inventories	—		(88 )		—		(160 )
Section 16 officer transition expenses	44		345		276		3,079
Recapture of non-cash stock compensation	—		—		—		(2,540 )
Gain upon extinguishment of Payroll Protection Program loan	—		—		—		(1,528 )
Non-operating income (expenses)	(300 )		(6 )		(5,083 )		(11 )
Adjusted net loss	$        (6,206 )		$        (9,129 )		$      (18,861 )		$      (25,822 )

The Company presents adjusted net loss per share, a non-GAAP measure, and defines it as net loss per share adjusted for (i) unrealized gains and losses associated with commodity derivatives entered into to hedge the change in value of fixed price grain inventories and fixed price grain production agreements that should be recognized in the future when the underlying inventory is sold, (ii) gains and losses from commodity derivatives realized in prior periods but associated with inventory sold in the current period, (iii) net realizable value adjustments to inventories occurring in the period which otherwise would have been recognized in the future when the underlying inventory is sold, and (iv) net realizable value adjustments recognized in prior periods but associated with inventory sold in the current period, and excluding cash-based Section 16 officer transition expenses, the recapture of non-cash stock compensation associated with the departure of Section 16 officers, the gain upon the extinguishment of the PPP loan, and non-operating income (expenses). The foregoing adjustments are those necessary to present the underlying gross profit of the Company’s soybean product line for the 2021 periods presented, together with the corresponding adjustments to the extent applicable to the corresponding 2022 periods presented.

The Company provides in the table below a reconciliation of net loss per share, which is the most directly comparable GAAP financial measure, to adjusted net loss per share. The Company provides adjusted net loss per share because it believes that this non-GAAP financial metric provides investors with useful supplemental information in light of the Company’s business model during the periods presented, as the amounts being adjusted affect the period-to-period comparability of net losses per share and financial performance.

The table below presents a reconciliation of net loss per share to adjusted net loss per share:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2022		2021		2022		2021
Net loss per share (GAAP measure)	$             (0.13 )		$             (0.20 )		$            (0.31 )		$            (0.60 )
Non-GAAP adjustments:
Commodity derivative impact, net	—		(0.06 )		—		(0.07 )
Net realizable value adjustment to inventories	—		—		—		—
Section 16 officer transition expenses	—		0.02		—		0.09
Recapture of non-cash stock compensation	—		—		—		(0.07 )
Gain upon extinguishment of Payroll Protection Program loan	—		—		—		(0.04 )
Non-operating income (expenses)	—		—		(0.11 )		—
Adjusted net loss per share	$             (0.13 )		$             (0.24 )		$            (0.42 )		$            (0.69 )

Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify these statements by forward-looking words such as “anticipates,” “believes,” “continue,” “estimates,” “expects,” “intends,” “may,” “might,” “plans,” “predicts,” “projects,” “should,” “targets,” “will,” or the negative of these terms and other similar terminology. Forward-looking statements in this report include statements about the Company’s future financial performance, including its liquidity and capital resources, cash runway and its ability to continue as a going concern; its product pipeline and development; its business model and strategies for the development, commercialization and sales of commercial products; commercial demand for its synthetic biology solutions; the development and deployment of its PlantSpring technology platform;  the ability to scale production capability for its BioFactory production system; potential development agreements, partnerships, customer relationships, and licensing arrangements and their contribution to its financial results, cash usage, and growth strategies; and anticipated trends in its business. These and other forward-looking statements are predictions and projections about future events and trends based on the Company’s current expectations, objectives, and intentions and are premised on current assumptions. The Company’s actual results, level of activity, performance, or achievements could be materially different than those expressed, implied, or anticipated by forward-looking statements due to a variety of factors, including, but not limited to: any adverse impact of the Company’s cost reduction measures and its pursuit and evaluation of a broad range of strategic alternatives on its relationship with employees and third-parties, including ongoing negotiations with potential customers; whether or not the Company is able to identify and consummate an acceptable strategic alternative pursuant to its ongoing exploration of such transactions; the impact of increased competition, including competition from a broader array of synthetic biology companies; competition for customers, partners, and licensees and the successful execution of development and licensing agreements; disruptions at its key facilities, including disruptions impacting its BioFactory production system; flaws in AIML algorithms, insufficiency of data inputs required by such algorithms, and human error in interacting with AIML; changes in customer preferences and market acceptance of its products; changes in market consensus as to what attributes are required for a product to be considered “sustainable”; the impact of adverse events during development, including unsuccessful pilot production of plant-based chemistries or field trials; the impact of improper handling of its product candidates during development; failures by third-party contractors; inaccurate demand forecasting or milestone and royalty payment projections; the effectiveness of commercialization efforts by commercial partners or licensees; disruptions to supply chains, including raw material inputs for its BioFactory; the impact of changes or increases in oversight and regulation; disputes or challenges regarding intellectual property; proliferation and continuous evolution of new technologies; management changes; changes in macroeconomic and market conditions, including inflation, supply chain constraints, and rising interest rates; dislocations in the capital markets and challenges in accessing liquidity and the impact of such liquidity challenges on the Company’s ability to execute on its business plan; the severity and duration of the evolving COVID-19 pandemic and the resulting impact on macro-economic conditions; and other important factors discussed in Part I, Item 1A, “Risk Factors” in the Company’s filings with the SEC, included in Part I, Item 1A of its Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on March 3, 2022 (its Annual Report) and its subsequent reports on Forms 10-Q and 8-K filed with the SEC. Any forward-looking statements made by management of the Company are based only on currently available information and speak only as of the date of this report. Except as otherwise required by securities and other applicable laws, the Company does not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change.

CALYXT, INC. CONSOLIDATED BALANCE SHEETS (In Thousands, Except Par Value and Share Amounts)
	September 30, 2022 (unaudited)		December 31, 2021
Assets
Current assets:
Cash and cash equivalents	$                7,031		$     13,823
Restricted cash	174		499
Prepaid expenses and other current assets	739		859
Total current assets	7,944		15,181
Non-current restricted cash	—		99
Land, buildings, and equipment	4,859		21,731
Operating lease right-of-use assets	13,736		—
Other non-current assets	163		183
Total assets	$              26,702		$     37,194
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$                    435		$       1,260
Accrued expenses	380		339
Accrued compensation	2,356		2,522
Due to related parties	138		172
Current portion of financing lease obligations	120		370
Common stock warrants	402		—
Other current liabilities	397		191
Total current liabilities	4,228		4,854
Financing lease obligations	—		17,506
Operating lease obligations	13,550		—
Other non-current liabilities	80		702
Total liabilities	17,858		23,062
Stockholders’ equity:
Common stock, $0.0001 par value; 275,000,000 shares authorized; 46,909,420 shares issued and 46,809,268 shares outstanding as of September 30, 2022, and 38,874,146 shares issued and 38,773,994 shares outstanding as of December 31, 2021	5		4
Additional paid-in capital	219,196		211,263
Common stock in treasury, at cost; 100,152 shares as of September 30, 2022, and December 31, 2021	(1,043 )		(1,043 )
Accumulated deficit	(209,314 )		(196,092 )
Total stockholders’ equity	8,844		14,132
Total liabilities and stockholders’ equity	$              26,702		$     37,194

See accompanying notes to these consolidated financial statements. 

CALYXT, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In Thousands Except Shares and Per Share Amounts)
	Three Months Ended September 30,		Nine Months Ended September 30,
	2022		2021		2022		2021
Revenue	$                    42		$              7,762		$                 115		$            24,044
Cost of goods sold	—		8,281		—		26,553
Gross profit	42		(519 )		115		(2,509 )
Operating expenses:
Research and development	3,016		2,579		9,207		8,473
Selling, general, and administrative	3,229		3,859		9,965		11,640
Total operating expenses	6,245		6,438		19,172		20,113
Loss from operations	(6,203 )		(6,957 )		(19,057 )		(22,622 )
Gain upon extinguishment of Payroll Protection Program loan	—		—		—		1,528
Interest, net	(47 )		(356 )		(80 )		(1,059 )
Non-operating income (expenses)	300		6		5,083		11
Loss before income taxes	(5,950 )		(7,307 )		(14,054 )		(22,142 )
Income taxes	—		—		—		—
Net loss	$             (5,950 )		$             (7,307 )		$          (14,054 )		$          (22,142 )
Basic and diluted net loss per share	$               (0.13 )		$               (0.20 )		$               (0.31 )		$               (0.60 )
Weighted average shares outstanding – basic and diluted	46,784,445		37,279,703		45,173,455		37,205,655
Anti-dilutive stock options, restricted stock units, performance stock units, and common stock warrants	15,997,260		5,966,488		15,997,260		5,966,488

See accompanying notes to these consolidated financial statements. 

CALYXT, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in Thousands)
	Nine Months Ended September 30,
	2022		2021
Operating activities
Net loss	$    (14,054 )		$    (22,142 )
Adjustments to reconcile net loss to net cash used by operating activities:
Gain upon extinguishment of Payroll Protection Program loan	—		(1,528 )
Depreciation and amortization	1,158		1,776
Stock-based compensation	2,890		865
Unrealized (gain) loss on mark-to-market of common stock warrants	(5,009 )		—
Changes in operating assets and liabilities:
Accounts receivable	—		4,681
Due to/from related parties	(34 )		(617 )
Inventory	—		(291 )
Prepaid expenses and other current assets	297		2,873
Accounts payable	(188 )		108
Accrued expenses	41		(1,742 )
Accrued compensation	(166 )		334
Other	(536 )		1,029
Net cash used by operating activities	(15,601 )		(14,654 )
Investing activities
Proceeds from sales of short-term investments	—		11,698
Purchases of land, buildings, and equipment	(1,509 )		(376 )
Net cash (used by) provided by investing activities	(1,509 )		11,322
Financing activities
Proceeds from the issuance of common stock, and pre-funded warrants	11,209		—
Costs incurred related to the issuance of common stock, pre-funded warrants, and common warrants	(962 )		—
Repayments of financing lease obligations	(353 )		(271 )
Proceeds from the exercise of stock options	—		227
Net cash provided by (used by) financing activities	9,894		(44 )
Net (decrease) in cash, cash equivalents, and restricted cash	(7,216 )		(3,376 )
Cash, cash equivalents, and restricted cash – beginning of period	14,421		18,289
Cash, cash equivalents, and restricted cash – end of period	$       7,205		$     14,913

See accompanying notes to these consolidated financial statements.

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SOURCE Calyxt, Inc.

Released November 3, 2022

Calyxt joins a select network of synthetic biology companies, top-tier academic institutions, research-focused not-for-profits, and US government agencies dedicated to innovating and growing the bioeconomy

ROSEVILLE, Minn., Nov. 1, 2022 /PRNewswire/ — Calyxt, Inc. (NASDAQ: CLXT), a plant-based synthetic biology company, announced today that it has become a member of Bioindustrial Manufacturing and Design Ecosystem (BioMADE), a Department of Defense initiated Manufacturing Innovation Institute dedicated to advancing bioindustrial manufacturing across the nation.

BioMADE membership includes a diverse network of large corporations, innovative start-ups, universities and not-for-profit research organizations to elevate and secure U.S. global leadership in advanced bioindustrial manufacturing. Calyxt intends to work with BioMADE and its nationwide roster of collaborating organizations toward BioMADE’s goal of securing America’s future through bioindustrial manufacturing innovation, education and collaboration.

“We are looking forward to collaborating with BioMADE and its member organizations to advance the development of our plant-based technology into sustainable bioproducts,” said Calyxt President and CEO Michael A. Carr. “The bioindustrial manufacturing and broader bioeconomy ecosystem is poised for significant growth, and by joining BioMADE we are positioning Calyxt to be part of that growth.”

“BioMADE is excited to welcome Calyxt into its select membership network,” said BioMADE Chief Technology Officer Melanie Tomczak. “Calyxt’s strength and knowledge in engineering sustainable plant-based solutions will bring important experience and expertise to the BioMADE community, as we collectively build the American bioindustrial manufacturing ecosystem. We are pleased, in pursuing this mission, to have Calyxt among our collaborators.”

In September, the White House announced funding of more than $2 billion to launch the National Biotechnology and Biomanufacturing Initiative to lower prices, create good jobs, strengthen supply chains, improve health outcomes, and reduce carbon emissions.

BioMADE also provides its members with opportunities for access to federal funding, industry collaboration and broader engagement in supporting the development of biomanufacturing technologies to strengthen US bioindustrial competitiveness.

About BioMADE:

BioMADE is one of nine Department of Defense Manufacturing Innovation Institutes. BioMADE and its members also seek to create a more robust, resilient, and bio-based supply chain for the U.S. to become more self-sufficient in the global marketplace. Additionally, BioMADE and its members are committed to building a diverse and globally competitive STEM workforce that is prepared and ready to fill new jobs. Learn more about BioMADE, including how your organization can join us in becoming a member, by visiting their website or following them on LinkedIn and Twitter.

About Calyxt:

Calyxt (Nasdaq: CLXT) is a plant-based synthetic biology company. The Company leverages its proprietary PlantSpring™ technology platform to engineer plant metabolism to produce innovative high value plant-based chemistries for use in customers’ materials and products. As plant-based solutions, the Company’s synthetic biology products can be used in helping customers meet their sustainability targets and financial goals. Calyxt’s diversified offerings are primarily delivered through its proprietary BioFactory™ production system. For more information, visit www.calyxt.com.

Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements in this communication include statements about the Company’s participation in, and contribution to, BioMADE and opportunities afforded to the Company by membership in BioMADE. These and other forward-looking statements are predictions and projections about future events and trends based on the Company’s current expectations, objectives, and intentions and are premised on current assumptions. The Company’s actual results, level of activity, performance, or achievements could be materially different than those expressed, implied, or anticipated by forward-looking statements due to a variety of factors, including, but not limited to: the potential impact of cost reduction and other cash-focused measures to manage liquidity; increased competition, including competition from a broader array of synthetic biology companies; competition for customers, partners, and licensees and the successful execution of development and licensing agreements; disruptions at Calyxt’s or its partners key facilities; changes in customer preferences and market acceptance of its products; changes in market consensus as to what attributes are required for a product to be considered “sustainable”; the impact of adverse events during development; disruptions to supply chains, including raw material inputs for its BioFactory; and other important factors discussed in Part I, Item 1A, “Risk Factors” in the Company’s filings with the SEC, included in Part I, Item 1A of its Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on March 3, 2022, and its subsequent reports on Forms 10-Q and 8-K filed with the SEC. Any forward-looking statements made by management of the Company are based only on currently available information and speak only as of the date of this report. Except as otherwise required by securities and other applicable laws, the Company does not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change.

Calyxt Media Contact:
Brennan Burks, Calyxt, Inc.
(651) 724-5788
brennan.burks@calyxt.com 

Calyxt Investor Relations Contact:
Kimberly Minarovich / Cameron Willis
Argot Partners
(212) 600-1902
investors@calyxt.com

ROSEVILLE, Minn., Oct. 27, 2022 /PRNewswire/ — Calyxt, Inc. (Nasdaq: CLXT), a plant-based synthetic biology company, will host a conference call and webcast on Thursday, November 3, 2022, at 4:30 p.m. ET to discuss results for the third quarter ended September 30, 2022. A press release detailing these results will be issued prior to the call.

President and Chief Executive Officer, Michael A. Carr, and Chief Financial Officer, Bill Koschak, will host the conference call. The conference call will be webcast and can be accessed via the investor relations section of the Company’s website here.

To access the call, please use the following information:

Date:			Thursday, November 3, 2022
Time:			4:30 p.m. EST, 1:30 p.m. PST
Toll Free dial-in number:			+1 888-317-6003
Toll/International dial-in number:			+1 412-317-6061
Conference ID:			10170876

Participants should call the conference telephone number 5 to 10 minutes prior to the start time. An operator will register each participant’s name and organization. The conference call will also be broadcast live and available for replay via the investor relations section of the Company’s website here.

A replay of the conference call and webcast will be available for 30 days following the event.

Toll Free Replay Number:	+1 877-344-7529
International Replay Number:	+1 412-317-0088
Replay ID:	2769569

About Calyxt:

Calyxt (Nasdaq: CLXT) is a plant-based synthetic biology company. The Company leverages its proprietary PlantSpring™ technology platform to engineer plant metabolism to produce innovative high value plant-based chemistries for use in customers’ materials and products. As plant-based solutions, the Company’s synthetic biology products can be used in helping customers meet their sustainability targets and financial goals. Calyxt’s diversified offerings are primarily delivered through its proprietary BioFactory™ production system. For more information, visit www.calyxt.com.

PlantSpring, BioFactory, Plant Cell Matrix™, and the Calyxt logo are trademarks of Calyxt, Inc. Any other trademarks belong to their respective owners.

Contacts:
Calyxt Media Contact:	Calyxt Investor Relations Contact:
Brennan BurksCalyxt, Inc.(651) 724-5788brennan.burks@calyxt.com	Kimberly Minarovich/ Cameron WillisArgot Partners(212) 600-1902investors@calyxt.com

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SOURCE Calyxt, Inc.

Released October 27, 2022

Released July 21, 2022

ROSEVILLE, Minn., Oct. 25, 2022 /PRNewswire/ — Calyxt, Inc. (NASDAQ: CLXT), a plant-based synthetic biology company, announced today that using a Calyxt-engineered Plant Cell Matrix™ biomass, it has successfully produced squalene, an important ingredient in many personal care products and vaccine adjuvants, including several strands of flu and COVID-19 vaccines.

Leveraging the power of its PlantSpring™ technology platform, Calyxt’s plant-based squalene is a natural alternative to animal-based squalene. This achievement marks the successful development of a more sustainable squalene option for Calyxt’s target customers and key end markets. Traditionally sourced from shark liver oil, companies across several industries, including cosmeceuticals and pharmaceuticals, have already begun to seek out alternative squalene sources for use in their products as a more sustainable path forward.

For example, in the cosmeceutical industry, squalene is an important ingredient, known to contain anti-aging properties, that is often used in topical skin care products. In pharmaceuticals, with its known abilities to boost immune system responses, squalene has become a key ingredient in vaccine adjuvants across the globe. Calyxt is working with its infrastructure partner, Evologic Technologies, to optimize speed to achieve commercial-scale production of its plant-based squalene.

“The successful production of squalene is a major success in advancing our technology platform as well as developing plant-based synthetic biology solutions,” said Michael A. Carr, President and CEO of Calyxt. “The team has done a tremendous job in refining and optimizing our technology, and we are proud to deliver a sustainable, plant-based answer for a highly sought-after ingredient in skincare products and critical vaccine adjuvants.”

About Calyxt

Calyxt (Nasdaq: CLXT) is a plant-based synthetic biology company. The Company leverages its proprietary PlantSpring™ technology platform to engineer plant metabolism to produce innovative high value plant-based chemistries for use in customers’ materials and products. As plant-based solutions, the Company’s synthetic biology products can be used in helping customers meet their sustainability targets and financial goals. Calyxt’s diversified offerings are primarily delivered through its proprietary BioFactory™ production system. For more information, visit www.calyxt.com.

PlantSpring, BioFactory, Plant Cell Matrix™, and the Calyxt logo are trademarks of Calyxt, Inc. Any other trademarks belong to their respective owners.

Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements in this communication include statements about the Company’s pursuit of target customers and its efforts to optimize scale to achieve commercial scale production. These and other forward-looking statements are predictions and projections about future events and trends based on the Company’s current expectations, objectives, and intentions and are premised on current assumptions. The Company’s actual results, level of activity, performance, or achievements could be materially different than those expressed, implied, or anticipated by forward-looking statements due to a variety of factors, including, but not limited to: the potential impact of cost reduction and other cash-focused measures to manage liquidity; increased competition, including competition from a broader array of synthetic biology companies; competition for customers, partners, and licensees and the successful execution of development and licensing agreements; disruptions at Calyxt’s or Evologic’s key facilities; changes in customer preferences and market acceptance of its products; changes in market consensus as to what attributes are required for a product to be considered “sustainable”; the impact of adverse events during development; inaccurate demand forecasting; disruptions to supply chains, including raw material inputs for its BioFactory; and other important factors discussed in Part I, Item 1A, “Risk Factors” in the Company’s filings with the SEC, included in Part I, Item 1A of its Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on March 3, 2022, and its subsequent reports on Forms 10-Q and 8-K filed with the SEC. Any forward-looking statements made by management of the Company are based only on currently available information and speak only as of the date of this report. Except as otherwise required by securities and other applicable laws, the Company does not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change.

Contacts:
Calyxt Media Contact:	Calyxt Investor Relations Contact:
Brennan Burks, Calyxt, Inc.; (651) 724-5788; brennan.burks@calyxt.com	Kimberly Minarovich/ Cameron Willis, Argot Partners; (212) 600-1902; investors@calyxt.com
Evologic Technologies Media Contact:
Samantha Morellini, Evologic Technologies GmbH; office@evologic-technologies.com

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SOURCE Calyxt, Inc.

Released October 25, 2022

Agreement will power speed-to-scale strategy to meet the growing interest in high-quality sustainable ingredients across the cosmeceutical, nutraceutical and pharmaceutical markets

ROSEVILLE, Minn., Oct. 6, 2022 /PRNewswire/ — Calyxt, Inc. (Nasdaq: CLXT), a plant-based synthetic biology company, today announced that it has signed an agreement with its first manufacturing partner, Evologic Technologies GmbH, to further develop and scale Calyxt’s proprietary Plant Cell Matrix™ (PCM™) technology platform.

The agreement supports the continued build-out of Calyxt’s plant-based synthetic biology capabilities. Evologic’s contract development and manufacturing services, based on its proprietary bioprocess platform and technology, support companies delivering unique and sustainable bioproducts. Under the terms of the agreement, Evologic will work alongside Calyxt to grow and scale Calyxt’s proprietary PCM™ technology. Specifically, Evologic will advance the manufacturing of PCM™-derived compounds and establish proof of concept for the subsequent scaling of multiple PCMs simultaneously for commercial production.

“This agreement is an important milestone in our speed-to-scale acceleration that will position us to address the growing interest in plant-based solutions across our target markets of cosmeceuticals, nutraceuticals and pharmaceuticals,” said Michael A. Carr, President and Chief Executive Officer at Calyxt. “Evologic shares our commitment to scaled and economically feasible solutions that will enable the accelerated growth of sustainable ingredients that are often difficult to source and finite in nature. We look forward to working closely with their talented team to deliver engineering innovations that help our target customers bring sustainable products to market.”

“Since our founding, we have strongly supported the industry to turn science-based biological ingredients into economically feasible, industrial-scale products,” said Wieland Reichelt, CEO and co-founder of Evologic Technologies. “Manufacturing is clearly the key for high product quality at reasonable costs even so for challenging plant based sustainable products. Through this agreement with Calyxt, we are excited to engage in changing the status quo of manufacturing plant-based solutions.

About Calyxt:

Calyxt (Nasdaq: CLXT) is a plant-based synthetic biology company. The Company leverages its proprietary PlantSpring™ technology platform to engineer plant metabolism to produce innovative high value plant-based chemistries for use in customers’ materials and products. As plant-based solutions, the Company’s synthetic biology products can be used in helping customers meet their sustainability targets and financial goals. Calyxt’s diversified offerings are primarily delivered through its proprietary BioFactory™ production system. For more information, visit www.calyxt.com.

PlantSpring, BioFactory, Plant Cell Matrix™, and the Calyxt logo are trademarks of Calyxt, Inc. Any other trademarks belong to their respective owners.

About Evologic Technologies:

Evologic Technologies is a deep tech Spin-off of the Technical University of Vienna.

As Evologic, we believe that living microbes are the key to meeting humanities needs of today without compromising the future. Evologic turns science based biological ingredients into products by developing and scaling manufacturing processes. Evologic´s portfolio of fermentation and formulation technologies allows to grow what is otherwise considered un-culturable. As product quality is a result of excellence in fermentation Evologic’s manufacturing goes the extra mile to deliver high quality ingredients to our customers.

Evologic’s highly talented, EU-based, agile team facilitates the fast delivery of stable, highly concentrated, and pure products to our customers.

Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify these statements by forward-looking words such as “anticipates,” “believes,” “continue,” “estimates,” “expects,” “intends,” “may,” “might,” “plans,” “predicts,” “projects,” “should,” “targets,” “will,” or the negative of these terms and other similar terminology. Forward-looking statements in this report include statements about the Company’s agreement with Evologic, the ability to develop and scale Calyxt’s proprietary PCM™ technology platform, commercial demand for Calyxt’s synthetic biology solutions, and Calyxt’s ability to deliver engineering innovations to potential customers. These and other forward-looking statements are predictions and projections about future events and trends based on the Company’s current expectations, objectives, and intentions and are premised on current assumptions. The Company’s actual results, level of activity, performance, or achievements could be materially different than those expressed, implied, or anticipated by forward-looking statements due to a variety of factors, including, but not limited to: the potential impact of cost reduction and other cash-focused measures to manage liquidity; disruptions arising from Calyxt’s evaluation of a range of strategic transactions; increased competition, including competition from a broader array of synthetic biology companies; competition for customers, partners, and licensees and the successful execution of development and licensing agreements; disruptions at Calyxt’s or Evologic’s key facilities; flaws in AIML algorithms, insufficiency of data inputs required by such algorithms, and human error in interacting with AIML; changes in customer preferences and market acceptance of its products; changes in market consensus as to what attributes are required for a product to be considered “sustainable”; the impact of adverse events during development, including unsuccessful pilot production of plant-based chemistries or field trials; the impact of improper handling of its product candidates during development; failures by third-party contractors; inaccurate demand forecasting or milestone and royalty payment projections; the effectiveness of commercialization efforts by commercial partners or licensees; disruptions to supply chains, including raw material inputs for its BioFactory; the impact of changes or increases in oversight and regulation; disputes or challenges regarding intellectual property; proliferation and continuous evolution of new technologies; management changes; changes in macroeconomic and market conditions, including inflation, supply chain constraints, and rising interest rates; dislocations in the capital markets; the severity and duration of the evolving COVID-19 pandemic and the resulting impact on macro-economic conditions; and other important factors discussed in Part I, Item 1A, “Risk Factors” in the Company’s filings with the SEC, included in Part I, Item 1A of its Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on March 3, 2022,and its subsequent reports on Forms 10-Q and 8-K filed with the SEC. Any forward-looking statements made by management of the Company are based only on currently available information and speak only as of the date of this report. Except as otherwise required by securities and other applicable laws, the Company does not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change.

Contacts:

Calyxt Media Contact:	Calyxt Investor Relations Contact:
Brennan BurksCalyxt, Inc.(651) 724-5788brennan.burks@calyxt.com	Kimberly Minarovich/ Cameron WillisArgot Partners(212) 600-1902investors@calyxt.com
Evologic Technologies Media Contact:
Samantha MorelliniEvologic Technologies GmbHoffice@evologic-technologies.com

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SOURCE Calyxt, Inc.

Released October 6, 2022

ROSEVILLE, Minn., Sept. 22, 2022 /PRNewswire/ — Calyxt, Inc. (NASDAQ: CLXT) (“Calyxt”), a plant-based synthetic biology company, today announced that its Board of Directors is evaluating potential strategic alternatives to maximize shareholder value. As part of the process, the Board is considering a full range of strategic alternatives, which may include financing alternatives, merger, reverse merger, other business combinations, sale of assets, licensing, or other transactions. Calyxt has retained Canaccord Genuity as its financial advisor and Sidley Austin as its legal counsel to assist in evaluating potential strategic alternatives.

There can be no assurance that the evaluation of strategic alternatives will result in any strategic alternative, or any assurance as to its outcome or timing. Calyxt has not set a timetable for completion of the process and does not intend to disclose developments related to the process unless and until Calyxt executes a definitive agreement with respect thereto, or the Board otherwise determines that further disclosure is appropriate or required.

About Calyxt

Calyxt (NASDAQ: CLXT) is a plant-based synthetic biology company. The Company leverages its proprietary PlantSpring™ technology platform to engineer plant metabolism to produce innovative high value plant-based chemistries for use in customers’ materials and products. As plant-based solutions, the Company’s synthetic biology products can be used in helping customers meet their sustainability targets and financial goals. Calyxt’s diversified offerings are primarily delivered through its proprietary BioFactory™ production system. For more information, visit www.calyxt.com.

PlantSpring, BioFactory, Plant Cell Matrix™, and the Calyxt logo are trademarks of Calyxt, Inc. Any other trademarks belong to their respective owners.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify these statements by forward-looking words such as “intend,” “may,” “potential,” “intend,” or the negative of these terms and other similar terminology. Forward-looking statements in this press release include statements about the board of director’s evaluation of potential strategic alternatives and their impact on shareholder value. The outcome and timing of actual developments could be materially different than those expressed, implied, or anticipated by forward-looking statements due to a variety of factors, including, but not limited to changes in macroeconomic and market conditions, any impact of this evaluation process on the Company’s negotiations with potential customers, volatility and dislocations in the capital markets and other important factors discussed in the Company’s filings with the SEC, including in Part I, Item 1A of its Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on March 3, 2022 and its subsequent reports filed with the SEC. Any forward-looking statements made by the Company in this press release are based only on currently available information and speak only as of the date of this press release. Except as otherwise required by securities and other applicable laws, the Company does not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change.

Contacts:

Calyxt Media Contact:	Calyxt Investor Relations Contact:
Brennan BurksCalyxt, Inc.(651) 724-5788brennan.burks@calyxt.com	Kimberly Minarovich/ Cameron WillisArgot Partners(212) 600-1902investors@calyxt.com

 View original content to download multimedia:https://www.prnewswire.com/news-releases/calyxt-inc-exploring-strategic-alternatives-301630242.html

SOURCE Calyxt, Inc.

Released September 22, 2022

ROSEVILLE, Minn., Sept. 7, 2022 /PRNewswire/ — Calyxt, Inc. (Nasdaq: CLXT), a plant-based synthetic biology company, today announced that Michael A. Carr, President and Chief Executive Officer, and Bill Koschak, Chief Financial Officer, will present at the H.C Wainwright 24^th Annual Global Investment Conference taking place September 12-14, 2022.

H.C. Wainwright 24^th Annual Global Investment Conference
Date: Tuesday, September 13, 2022
Time: 2:30 p.m. ET
Webcast: https://journey.ct.events/view/89f76b34-90f0-4836-b94b-90b001e47b2a

Management is also available for 1:1 meetings during the conference. Conference attendees should reach out to the event organizers or investors@calyxt.com to schedule.

The presentation will be available for viewing and replay from the Investors section of Calyxt’s website at www.calyxt.com.

About Calyxt:

Calyxt (Nasdaq: CLXT) is a plant-based synthetic biology company. The Company leverages its proprietary PlantSpring™ technology platform to engineer plant metabolism to produce innovative high value plant-based chemistries for use in customers’ materials and products. As plant-based solutions, the Company’s synthetic biology products can be used in helping customers meet their sustainability targets and financial goals. Calyxt’s diversified offerings are primarily delivered through its proprietary BioFactory™ production system. For more information, visit www.calyxt.com.

PlantSpring, BioFactory, Plant Cell Matrix™, and the Calyxt logo are trademarks of Calyxt, Inc. Any other trademarks belong to their respective owners.

Contacts:

Calyxt Media Contact:	Calyxt Investor Relations Contact:
Brennan BurksCalyxt, Inc.(651) 724-5788brennan.burks@calyxt.com	Kimberly Minarovich/ Cameron WillisArgot Partners(212) 600-1902investors@calyxt.com

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SOURCE Calyxt, Inc.

Released September 7, 2022