News single

Calyxt Reports Second Quarter 2022 Financial Results and Provides Corporate Update

Evaluated nine new customer demand-driven plant-based chemistries in the quarter, bringing cumulative chemistries evaluated for development to 95, of these 31 meet Calyxt’s target profile and several are the subject of term sheet discussions

Engineering solution for a high-value molecule planned to be delivered in early 2023 to a large global consumer packaged goods company

Progressing discussions with multiple potential infrastructure partners who would produce chemistries in various sizes of bioreactors from pilot to commercial scale

Evaluating term sheets for technology licensing and for licensing of traits

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

ROSEVILLE, Minn., Aug. 4, 2022 /PRNewswire/ — Calyxt, Inc. (Nasdaq: CLXT), a plant-based synthetic biology company, today announced financial results for its second quarter ended June 30, 2022.

“Throughout the second quarter of 2022, the Calyxt team tangibly advanced our business and related milestones. We are very pleased to be discussing term sheets for the development and production of chemistries with potential customers in our large and innovative initial target end markets. Calyxt’s progress is evidenced by the 95 customer demand-driven chemistries we have evaluated for development for potential customers, up from 86 at the end of last quarter. Chemistries identified by customers are screened and prioritized by Calyxt to focus on those with the highest probability of success. In terms of our infrastructure partner milestones, we are in discussions with several companies with capabilities to manufacture multiple chemistries concurrently from pilot to multiple commercial scale vessels on a global basis. Also importantly, we are evaluating multiple term sheets for technology licensing and for the licensing of traits, reflecting significant interest in our second-generation high oleic soybean and high fiber wheat offerings. Throughout the quarter, we also continued to work on scaling and standardizing our production in our pilot BioFactory system and building out related capabilities. We are proud of the significant progress we have made in a short period of time, and it is a testament to our new strategic direction gaining traction. We continue our focused drive to realize value for our stakeholders and look forward to providing updates in the coming months,” said Michael A. Carr, President and Chief Executive Officer at Calyxt.

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

Chemistries under Development for Potential Customers

  • The breadth and depth of Calyxt’s business development activities continue to grow. In the second quarter, Calyxt received nine 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 95. Of the 95 chemistries, 31 have met Calyxt’s target product profile, or TPP, criteria and 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.
  • Leveraging the 31 customer demand-driven chemistries that have passed its TPP criteria, Calyxt is currently negotiating term sheets with several potential customers for the development of a select number of those plant-based chemistries.
  • Calyxt is performing a pilot project for a potential high-value chemistry for a large global consumer packaged goods (CPG) company. Calyxt expects to deliver an engineered solution in early 2023. This could form the basis for a formal engagement to complete development and produce the chemistry for that CPG company, or another company in the space who may be interested in the chemistry.
  • The Company’s goal remains two to four customer demand-driven compounds for development by year end using its TPP selection criteria to determine the compounds to pursue.

Discussions with Multiple Global Infrastructure Partners Underway for Production of Chemistries in Various Size Bioreactors from Pilot to Commercial Scale

  • In the second quarter of 2022, Calyxt initiated discussions with multiple potential infrastructure partners and exchanged a term sheet with one of them. These potential infrastructure partners offer a global footprint and capabilities to enable Calyxt to have the speed to scale quickly, as they have capacities from pilot to commercial scale production. These partnerships have the potential to enable the development and production of chemistries at industrial scale for customers within Calyxt’s key end markets of cosmeceuticals, nutraceuticals, and pharmaceuticals. Calyxt’s asset-lite approach enables the deployment of capital that would otherwise be spent on large scale manufacturing to its development of a robust customer base and accelerates the speed at which Calyxt can bring chemistries to potential customers.

Mr. Carr added: “The state of our discussions with potential infrastructure partners advanced during the quarter, offering a foundation to support the scalability of large customers in our key end markets. These advancements potentially accelerate Calyxt forward in terms of the speed at which we could bring our chemistries to said customers. The feedback we have thus far received from these infrastructure partners is that they understand and appreciate that Calyxt is going after hard-to-solve chemistries that are high-value and potentially high-margin. Importantly, Calyxt’s progress with these infrastructure partners not only supports future deals, but also brings value to ongoing customer conversations.”

Multiple Term Sheets for Licensing of Technology and Traits under Evaluation

  • Since Calyxt refocused its licensing business in late 2021, it has developed its strategy for maximizing potential revenue from the licensing of its technology and plant traits as announced last quarter. In the second quarter, Calyxt procured term sheets for the licensing of its patents and the licensing of its plant traits. For plant traits specifically, there has been significant interest in Calyxt’s high fiber wheat and second generation high oleic soybean offerings. These term sheet discussions with potential licensees are continuing to advance.
  • In the fourth quarter of 2021, Calyxt contracted with a large food ingredient manufacturer to develop a soybean intended to produce an oil that could serve as a replacement for palm oil. The project remains on track for a first quarter of 2024 completion. The food ingredient manufacturer is funding Calyxt’s development costs over the term of the agreement and holds an option for future development and commercialization. Given world events, Calyxt has received inbound interest from other manufacturers and users of palm oil during the quarter. Calyxt was also recently featured in an article by the Wall Street Journal focused on the Company’s licensing of traits and the potential of Calyxt’s innovation to be a solution to global supply chain restraints.

“Late last year, we announced the strategic hire of Pete Ball as Technology Licensing Leader. He has been leading our licensing business, including technology and traits, and Calyxt has since made substantial progress in discussions with potential licensees in this area. It is clear these potential licensees see the value of our offerings, especially in these times of global supply issues and food insecurity. We continue our focused drive to realize value for our stakeholders and look forward to providing updates in the coming months,” Mr. Carr continued.

Upcoming Investor Presentation

Calyxt will present at the Canaccord Genuity 42nd Annual Growth Conference on Thursday, August 11, 2022, at 1:00 p.m. ET in Boston, MA.

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

Financial Results for the Three Months Ended June 30, 2022

  • Cash, cash equivalents, and restricted cash totaled $11.9 million as of June 30, 2022.
  • Revenue was nominal in the second quarter of 2022 compared to $11.9 million in the second 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 second 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 $6.8 million in the second quarter of 2022 compared to $6.3 million in the second quarter of 2021. The increase was primarily driven by the Company’s adoption of the lease accounting standard which shifted amounts previously reported in interest, net to operating expenses.
  • Net loss was $2.5 million in the second quarter of 2022 compared to $4.8 million in the second quarter of 2021. The improvement in net loss was driven by 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, partially offset by the gain realized on the forgiveness of the Payroll Protection Program loan in the second quarter of 2021. Net loss per share was $0.05 in the second quarter of 2022 compared to $0.13 in the second 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 $6.7 million in the second quarter of 2022 compared to $7.8 million in the second 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 $0.14 in the second quarter of 2022 compared to $0.21 in the second 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.

“We are happy with the progress we are making across both our product development activities using PlantSpring for BioFactory production and licensing of patents and traits. Additionally, the discussions we are having with potential infrastructure partners brings us closer to enabling our ability to confidently scale production for potential customers while deploying an asset-lite approach that accelerates the speed in which Calyxt can bring chemistries to potential customers,” said Bill Koschak, Chief Financial Officer at Calyxt. “We continue to be disciplined in our use of cash and thanks to the successful offering of our common stock and warrants in February 2022 that resulted in $10.0 million dollars in net proceeds, and assessing our discretionary spending, we continue to expect Calyxt’s cash runway to reach into early 2023.”

Second 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 second quarter of 2022, followed by a question-and-answer session. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of Calyxt’s website at www.calyxt.com.

To access the call, please use the following information:

Date:Thursday, August 4, 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:0247091

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:
David Rosen/ John Garabo/ Michael Barron
Argot Partners  (212) 600-1902media@calyxt.com 
Kimberly Minarovich/ Cameron Willis 
Argot Partners(212) 600-1902investors@calyxt.com 
Calyxt Business Development Contact:
Gerry NuovoSenior Vice President of Business
Development(612) 427-7881contact@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 June 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 June 30, Six Months Ended June 30, 
In Thousands2022202120222021
Net loss (GAAP measure)         $       (2,485 )$       (4,807 )$       (8,104 )$     (14,835 )
Non-GAAP adjustments:
Commodity derivative impact, net     (658 )(447 )
Net realizable value adjustment to inventories     (859 )(72 )
Section 16 officer transition expenses        116132322,734
Recapture of non-cash stock compensation          (2,540 )
Gain upon extinguishment of Payroll Protection Program loan(1,528 )(1,528 )
Non-operating income (expenses)    (4,296 )(6 )(4,783 )(5 )
Adjusted net loss $       (6,665 )$       (7,845 )$     (12,655 )$     (16,693 )

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 June 30, Six Months Ended June 30, 
2022202120222021
Net loss per share (GAAP measure)  $         (0.05 )$          (0.13 )$          (0.18 )$          (0.40 )
Non-GAAP adjustments:
Commodity derivative impact, net     (0.02 )(0.01 )
Net realizable value adjustment to inventories     (0.02 )
Section 16 officer transition expenses        0.010.07
Recapture of non-cash stock compensation          (0.07 )
Gain upon extinguishment of Payroll Protection Program loan(0.04 )(0.04 )
Non-operating income (expenses)    (0.09 )(0.11 )
Adjusted net loss per share    $         (0.14 )$          (0.21 )$          (0.28 )$          (0.45 )

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 cash runway; 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; its ability to deploy and leverage its artificial intelligence and machine learning (AIML) capabilities; 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; the potential impact of the COVID-19 pandemic on its business and operating results; 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: 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; 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)
June 30, 2022
(unaudited)
December 31,
2021
Assets
Current assets:
Cash and cash equivalents        $     11,316$     13,823
Restricted cash     545499
Prepaid expenses and other current assets1,002859
Total current assets        12,86315,181
Non-current restricted cash    5399
Land, buildings, and equipment         5,07721,731
Operating lease right-of-use assets   13,855
Other non-current assets         169183
Total assets$     32,017$     37,194
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable $           519$       1,260
Accrued expenses          262339
Accrued compensation  2,2722,522
Due to related parties    101172
Current portion of financing lease obligations      246370
Common stock warrants688
Other current liabilities 413191
Total current liabilities   4,5014,854
Financing lease obligations      3717,506
Operating lease obligations     13,652
Other non-current liabilities    68702
Total liabilities      18,25823,062
Stockholders’ equity:
Common stock, $0.0001 par value; 275,000,000 shares authorized; 46,815,694 shares issued and
     46,715,542 shares outstanding as of June 30, 2022, and 38,874,146 shares issued and 38,773,994
     shares outstanding as of December 31, 2021  
54
Additional paid-in capital          218,161211,263
Common stock in treasury, at cost; 100,152 shares as of June 30, 2022, and December 31, 2021   (1,043 )(1,043 )
Accumulated deficit       (203,364 )(196,092 )
Total stockholders’ equity       13,75914,132
Total liabilities and stockholders’ equity     $     32,017$     37,194
CALYXT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In Thousands Except Shares and Per Share Amounts)
Three Months Ended June 30,Six Months Ended June 30, 
2022202120222021
Revenue     $                41$        11,880$                73$        16,282
Cost of goods sold11,52718,272
Gross profit4135373(1,990 )
Operating expenses:
Research and development     3,2502,8446,1915,894
Selling, general, and administrative   3,5563,4936,7367,781
Total operating expenses          6,8066,33712,92713,675
Loss from operations     (6,765 )(5,984 )(12,854 )(15,665 )
Gain upon extinguishment of Payroll Protection Program loan          1,5281,528
Interest, net          (16 )(357 )(33 )(703 )
Non-operating income (expenses)    4,29664,7835
Loss before income taxes        (2,485 )(4,807 )(8,104 )(14,835 )
Income taxes        
Net loss      $         (2,485 )$         (4,807 )$         (8,104 )$      (14,835 )
Basic and diluted net loss per share $           (0.05 )$           (0.13 )$           (0.18 )$           (0.40 )
Weighted average shares outstanding – basic and diluted      46,663,47537,199,34944,354,61037,168,018
Anti-dilutive stock options, restricted stock units, performance stock
     units, and common stock warrants        
16,234,0305,223,32716,234,0305,223,327
CALYXT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in Thousands)
Six Months Ended
June 30,
20222021
Operating activities
Net loss$ (8,104 )$ (14,835 )
Adjustments to reconcile net loss to net cash used by operating activities:
Gain upon extinguishment of Payroll Protection Program loan(1,528 )
Depreciation and amortization7631,180
Stock-based compensation      1,855(371 )
Unrealized (gain) loss on mark-to-market of common stock warrants(4,723 )
Changes in operating assets and liabilities: 
Accounts receivable       893
Due to/from related parties     (71 )(638 )
Inventory    (1,085 )
Prepaid expenses and other current assets53,301
Accounts payable (114 )1,254
Accrued expenses(87 )(555 )
Accrued compensation  (250 )143
Other(550 )992
Net cash used by operating activities          (11,276 )(11,249 )
Investing activities
Proceeds from sales of short-term investments   11,698
Purchases of land, buildings, and equipment        (1,289 )(307 )
Net cash (used by) provided by investing activities        (1,289 )11,391
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     (961 )
Repayments of financing lease obligations  (190 )(178 )
Proceeds from the exercise of stock options        227
Net cash provided by financing activities    10,05849
Net (decrease) increase in cash, cash equivalents, and restricted cash       (2,507 )191
Cash, cash equivalents, and restricted cash – beginning of period    14,42118,289
Cash, cash equivalents, and restricted cash – end of period    $ 11,914$ 18,480

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SOURCE Calyxt, Inc.

Released August 4, 2022

Calyxt to Present at the Canaccord Genuity 42nd Annual Growth Conference

ROSEVILLE, Minn., July 28, 2022 /PRNewswire/ — Calyxt, Inc. (Nasdaq: CLXT), a plant-based synthetic biology company, today announced that Michael A. Carr, Chief Executive Officer, and Bill Koschak, Chief Financial Officer, will present at the Canaccord Genuity 42nd Annual Growth Conference taking place August 8-11, 2022.

The presentation details are as follows:

Date: Thursday, August 11, 2022
Presentation Time: 1:00 p.m. ET
Webcast: https://wsw.com/webcast/canaccord76/clxt/2481993

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

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.

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:
David Rosen/ John Garabo/ Michael Barron Argot Partners (212) 600-1902 media@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   

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SOURCE Calyxt, Inc.

Released July 28, 2022

Calyxt to Host Second Quarter 2022 Financial Results Conference Call and Webcast on Thursday, August 4, 2022, at 4:30 p.m. Eastern Time

ROSEVILLE, Minn., July 21, 2022 /PRNewswire/ —  Calyxt, Inc. (Nasdaq: CLXT), a plant-based synthetic biology company, will host a conference call and webcast on Thursday, August 4, 2022, at 4:30 p.m. Eastern Time to discuss results for the second quarter ended June 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, followed by a question-and-answer session. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of the Company’s website here.

To access the call, please use the following information:

Date:Thursday, August 4, 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:0247091

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:7985432

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:
David Rosen/ John Garabo/ Michael BarronArgot Partners(212) 600-1902media@calyxt.comKimberly Minarovich/ Cameron WillisArgot Partners(212) 600-1902investors@calyxt.com 

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SOURCE Calyxt, Inc.

Released July 21, 2022

Calyxt Investor Presentation from 2022 LD Micro Invitational

Roseville, MN – Friday, June 17, 2022 – Calyxt, Inc. (Nasdaq: CLXT), a plant-based synthetic biology company, participated recently at the annual investor conference, “LD Micro Invitational.” Speaking on behalf of Calyxt was President and CEO Michael A. Carr.

Calyxt, Inc @ the LD Micro Invitational
Date: Wednesday, June 8, 2022
Time: 10:30 a.m. ET (7:30 a.m. PT)
Webcast:Link to view event


The presentation is available for viewing and replay on the link above.

To schedule or learn about additional investor conversations with Calyxt, please reach out to investors@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, and the Calyxt logo are trademarks of Calyxt, Inc.

Contacts:

Calyxt Media Contact: Calyxt Investor Relations Contact:
Brennan Burks/ David Rosen/ John Garabo/ Michael Barron
Calyxt Communications/Argot Partners
(212) 600-1902
media@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
gerry.nuovo@calyxt.com

Calyxt to Present at Upcoming Conferences

ROSEVILLE, Minn., May 17, 2022 /PRNewswire/ — Calyxt, Inc. (Nasdaq: CLXT), a plant-based synthetic biology company, today announced that management will participate in the following upcoming investor conferences:

H.C. Wainwright Global Investment Conference
Date: May 25, 2022
Time: 11:30 am ET
Webcast: https://journey.ct.events/view/dd5ae7e1-6b52-430b-b9d8-504d330d80ad

LD Micro Invitational (XII)
Date: June 8, 2022
Time: 7:30 am ET
Webcast: https://ldinv12.mysequire.com

To schedule a meeting with management, please reach out to investors@calyxt.com.

The presentations 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:
David Rosen/ John Garabo/ Michael Barron Argot Partners (212) 600-1902 media@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   

SOURCE Calyxt, Inc.

Calyxt Reports First Quarter 2022 Financial Results

Achieved technical BioFactory™ and AIML milestones to support customer demand-driven molecule development at scale

Progressed relationships with an expanding network of potential new customers across the cosmeceutical and flavor and fragrance end markets

Continued investment in key hires to strategically position Company for future growth and scale

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

Roseville, MN – May 5, 2022 – Calyxt, Inc. (Nasdaq: CLXT), a plant-based synthetic biology company, today announced financial results for its first quarter ended March 31, 2022.

“The first quarter of 2022 marked a period of instrumental advancement across several critical areas for Calyxt. As a result of our expanded customer engagement, the breadth and depth of our business development discussions have grown, demonstrated by the 28 molecules identified by potential customers that we have evaluated for development with our PlantSpring platform for production in our BioFactory. That amount does not include another 58 such molecules that did not meet our criteria and were not evaluated further. Impressively, some of these 28 molecules were identified by the potential customers as having been unsuccessfully attempted by others in the industry. Simultaneously, we have made significant technical advancements for our PlantSpring and BioFactory platforms.  These include the incorporation of AIML into our bioreactor’s lab scale production process and the completion of the development of a compound identified by a potential customer for evaluation. As this compound’s production scales in the BioFactory, it is expected to lead to future development and manufacturing contracts from customers. We have also aggressively pursued the expansion of our intellectual property portfolio with multiple patents issued and new patent applications filed during the quarter. This enables us to carve out space for Calyxt’s proprietary technology including our Plant Cell MatrixTM (PCMTM) and multi-cellular approach that is foundational for the success of our Company. Finally, in the first quarter we completed an underwritten offering of common stock and warrants that generated approximately $10 million in net proceeds. This strengthened our balance sheet and provides us with the runway to continuing scaling our technology to potentially secure new business arrangements,” said Michael A. Carr, President and Chief Executive Officer at Calyxt.

Mr. Carr added: “We have strengthened our position to harness the incredible diversity of plants and the world’s demand for sustainable products. By leveraging our proprietary PlantSpring technology platform with our BioFactory production system to develop and sell high value plant-based chemistries to potential customers in our large and innovative target end markets, including cosmeceuticals, nutraceuticals, and pharmaceuticals, we continue our focused drive to realize value for our stakeholders.”

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

Achievement of Technical PlantSpring™ and BioFactory™ Milestones

  • In January 2022, Calyxt announced that its initial pilot BioFactory™ production system became operational at its headquarters in Minnesota. This development occurred on schedule and marked an important first step toward achieving at-scale commercial production. The Company has completed multiple runs in its pilot BioFactory, focusing on ensuring the system is operating as planned, its PCM structures perform as expected, and that data is being captured properly as it is a driver of future artificial intelligence and machine learning capability (AIML) capability. The pilot facility is modular and designed to be able to continuously produce plant-based chemistries while also producing multiple compounds at once. These capabilities are expected to provide the Company with flexibility when producing chemistries for multiple customers at the same time. The Company intends to scale this pilot production to enable full production runs of compounds similar to those demanded for commercial production.
  • Calyxt has also begun to deploy additional AIML capabilities to both PlantSpring and the pilot Biofactory. Calyxt currently uses AIML to assist in the identification of gene targets in the PlantSpring development process. During the past quarter it integrated AIML capabilities into its lab-scale reactors, enabling the continual capture and analysis of data, leading to optimization of performance. The Company intends to advance these lab-scale AIML capabilities into its pilot-scale reactor later this year. This deployment drives future decisions and improves test cycles with the goal of shortening development timelines.
  • Late last year, Calyxt reported considerable progress in discovery and development of sustainable plant-based molecules in its BioFactory. Results from its metabolomics analyses indicated more than 15,000 chemical signatures, including both known and as-yet-uncharacterized molecules and building block precursors. These signatures are chemical compounds involved in chemical reactions that produce other compounds. The chemical signatures that have been identified form a baseline library that enables  Calyxt to quickly identify and assess customers’ targets with the potential to drive accelerated development timelines. From this library, Calyxt has, based on interest expressed by potential customers, produced rosemarinic acid, a compound with antioxidant, anti-inflammatory, and antimicrobial properties and that is used broadly in cosmeceuticals and nutraceuticals. Calyxt has also used this baseline library to identify six additional compounds of interest for prospective customers. Calyxt intends to move the PCM producing rosemarinic acid into the pilot BioFactory to further advance the BioFactory’s capabilities and scale.
  • Using data it has accumulated from its land-based activities and its lab scale bioreactors, Calyxt has demonstrated at least a 35-fold increase in yield from land-based production to a lab scale bioreactor. Calyxt projects a further yield increase as it moves production to pilot scale. Taken together with the land-based to lab results, the further advancement to lab scale could drive an aggregate increase in yield of as much as 130-fold over land-based production yields based on the current scale of the pilot BioFactory. These results underpin the Company’s scalability and sustainability benefits of the BioFactory production system.
  • As part of Calyxt’s ongoing validation of its platform technology, it is on track to realize certain upcoming technical milestone targets:
  • Within PlantSpring, and building on Calyxt’s current gene targeting capability, to establish AIML capabilities for the identification of pathways in the Design phase of development by mid-year 2022.
    • Building on our lab-scale reactor AIML rollout, to have AIML capabilities fully functioning within the pilot BioFactory by mid-year 2022.
    • By the end of 2022, to design additional PCM structures capable of providing the foundational precursors to developing chemistries and molecules that are of interest to a broad range of customers within our target end-markets.
    • To advance current engagement with potential infrastructure partners in order to have one engaged by the end of 2022.

Steadfast Focus on Customer Relationships

  • Calyxt’s business model for its proprietary PlantSpring technology and the BioFactory is customer demand-driven. During the quarter the Company continued to advance its discussions with potential customers within its target end markets including the cosmeceutical, including personal care and flavors and fragrances, nutraceutical, and pharmaceutical industries. These are three key large end markets with customers that have current business needs to source finite plant-based chemistries. They are also markets known to be fast adopters of innovation that are actively seeking to reduce carbon footprints. For example, based on research from MarketsandMarkets1, Calyxt estimates that the cosmeceutical ingredients market, which also includes personal care and flavors and fragrances, was a spend of more than $60 billion in 2020 and growing at a mid-single digit compound annual growth rate. This market includes large multinational cosmetics brands, regional and specialty brands, and flavor and fragrance houses who manufacture products or provide ingredients for those brands.

1 Source: (i) MarketsandMarkets, Personal Care Ingredients Market – Global Forecast to 2025, (ii) MarketsandMarkets, Global Color Cosmetics Market – Forecast Till 2020, (iii) MarketsandMarkets, Fragrance Ingredients Market  – Global Trends & Forecast to 2019, and (iv) MarketsandMarkets, Flavors and Fragrance Market – Global Forecast to 2026

  • The breadth and depth of Calyxt’s business development discussions have grown. Calyxt has evaluated 28 molecules identified by potential customers for development with PlantSpring for production in our BioFactory. That amount does not include another 58 such molecules that did not meet Calyxt’s target product profile, or TPP, criteria and were not evaluated further. The group of 28 molecules includes several that were identified by the potential customers as having been unsuccessfully attempted by others in the industry. As part of the customer acquisition process, Calyxt is expecting to produce small quantities of product for evaluation by the customer and as a result, Calyxt believes the development cycle from contract signing to commercialization may likely be shorter than 36 months.
  • The Company is targeting two to four customer demand-driven compounds for development by year end using its selection criteria to determine the compounds to pursue. The Company uses the term “compounds” to describe compounds, molecules, and plant-based chemistries interchangeably.

“In our conversations with customers, it’s exciting to see their recognition of the advantages in our approach,” said Michael A. Carr. “They understand that our innovative technology platform and cutting-edge production system can provide sustainable biomanufacturing solutions to meet their product and ingredient needs.”

Calyxt’s business model for PlantSpring and BioFactory has two customer demand-driven revenue streams, one focused on development activity and the other on product sales. Most important is the product revenue expected to be generated once commercialization is achieved. Calyxt anticipates a rapid revenue ramp following the customers’ commercial launch of a compound, and is targeting customers’ compounds with large demand pools, potential multi-million-dollar annual revenue opportunities per compound, and a target gross profit margin in the mid-double digits at scale. Calyxt also believes its prospective customers will pay for development in some instances.

Licensing of Technology and Traits

  • In the first quarter of 2022, Calyxt finalized its strategy for optimizing potential revenue from the licensing of its technology and plant traits. The strategy is two-pronged and reflects (1) a broad outreach to companies in the plant gene-editing and biotechnology space for their licensing of the Company’s intellectual property assets and (2) the monetization of the Company’s historically developed agricultural traits through their license to counterparties including seed companies, processors, and others. Calyxt is offering licenses for the many gene editing and breeding technologies in its patent portfolio, including its TALEN patent estate. As it relates to the licensing of agricultural traits strategy, active discussions are occurring on multiple traits, including Calyxt’s soybean and wheat offerings. Calyxt is targeting the execution of licenses in both the technology and trait licensing categories during 2022. 
  • In the fourth quarter of 2021, Calyxt contracted with a large food ingredient manufacturer to develop a soybean intended to produce an oil that could serve as a replacement for palm oil. The project remains on track for a first quarter of 2024 completion. The food ingredient manufacturer is funding Calyxt’s development costs over the term of the agreement and holds an option for future development and commercialization.

Investments in Key Hires

  • In February 2022, Calyxt announced that Gerry Nuovo joined the Company as Senior Vice President of Business Development, bringing more than 30 years of experience in the specialty chemicals and biotechnology industries and diverse experience building multimillion-dollar income streams in the cosmeceuticals end market, including personal care and home care. Mr. Nuovo will be responsible for business development activities in cosmeceuticals, including potential partnerships, deal structures, valuation models, and subsequent transaction execution and alliance management.
  • In April 2022, the Company announced the hires of Ms. Suellen Boot as Business Development Director and Ms. Elizabeth Teigland as Manufacturing Director. Ms. Boot brings over 20 years of valuable business development experience to Calyxt where she will be responsible for a number of functions, including potential partnerships, deal structures, valuation models, and subsequent transaction execution and alliance management. Ms. Teigland brings over 15 years of chemistry and purification expertise to Calyxt and will be responsible for pilot to commercial scale production of the Company’s customer demand-driven compounds, and along with an R&D leader, the Verify stage of product development.


Other Business Updates

  • In February 2022, Calyxt closed the placement to an institutional investor in an SEC-registered underwritten offering of 3,880,000 shares of its common stock, pre-funded warrants to purchase up to 3,880,000 shares of its common stock, and common warrants to purchase up to 7,760,000 shares of its common stock. The gross proceeds of the offering were $10.9 million, before deducting underwriting fees and estimated offering expenses. The Company plans to use the approximately $10.0 million in net proceeds from the offering for enhancing the capabilities of its BioFactory production system and increasing its capacity to produce at larger scales, continuing to build out the Company’s PlantSpring technology platform and AIML capabilities, furthering customer relationships, and for working capital and general corporate purposes. The pre-funded warrants were exercised in full on May 4, 2022.

Financial Results for the Three Months Ended March 31, 2022

  • Cash, cash equivalents, and restricted cash totaled $17.9 million as of March 31, 2022, including net proceeds of $10.0 million that was raised in mid-February from the SEC-registered offering.
  • Revenue was nominal in the first quarter of 2022 compared to $4.4 million in the first 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. All revenue in the first quarter of 2022 was associated with the Company’s agreement with a food ingredient manufacturer to develop a palm oil alternative.
  • Total operating expenses were $6.1 million in the first quarter of 2022 compared to $7.3 million in the first quarter of 2021. The decrease was primarily driven by the recapture of non-cash stock compensation expense from the forfeiture of unvested stock awards in the first quarter of 2022 and lower operating expenses.
  • Net loss was $5.6 million in the first quarter of 2022 compared to $10.0 million in the first quarter of 2021. The improvement in net loss was driven by the completion of the wind-down of the soybean product line which drove an improvement in gross margin and lower operating expenses. Net loss per share was $0.13 in the first quarter of 2022 compared to $0.27 in the first 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 $6.0 million in the first quarter of 2022 compared to $8.8 million in the first quarter of 2021. The improvement in adjusted net loss was driven by the completion of the wind-down of the soybean product line which drove an improvement in gross margin and lower operating expenses. Adjusted net loss per share was $0.14 in the first quarter of 2022 compared to $0.24 in the first 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.

The continued expansion of our AIML capabilities has already contributed to expediting the development process, and we believe we can now complete the Design, Engineer, and Verify phases of our development cycle in some cases in as little as nine months’ time and we look forward to reporting progress against the 24-month pilot cycle in the future. In addition, we have now secured key hires that represent our revenue streams: business development, chemistry/purification, and licensing,” said Bill Koschak, Chief Financial Officer at Calyxt. “Further, the approximate $10.0 million in net proceeds from the capital raise we recently completed in February, in spite of volatile market conditions, allows us to scale our BioFactory production and AIML capabilities. Our plans to utilize PlantSpring and the BioFactory to target customers in large and innovative end markets like cosmeceuticals, nutraceuticals, and pharmaceuticals are resonating in conversations across industries, and we look forward to providing updates in the coming months. Thanks to the successful offering of our common stock and warrants and assessing our discretionary spending, we now expect Calyxt’s cash runway to extend into early 2023.”

First 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 first quarter of 2022, followed by a question-and-answer session. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of Calyxt’s website at www.calyxt.com.

To access the call, please use the following information:

Date:                                                                                          Thursday, May 5, 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:                                                                           2452642

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 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:9265408

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 AIML 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 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:
David Rosen/ John Garabo/ Michael Barron Argot Partners (212) 600-1902 media@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, the Company held no commodity derivative contracts as of March 31, 2022.

The Company presents adjusted net loss, a non-GAAP measure, and defines it as net loss including adjustments necessary to present the underlying gross profit of its soybean product line, including (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, and non-operating expenses.

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 at this stage of commercialization 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:

The Company presents adjusted net loss per share, a non-GAAP measure, and defines it as net loss per share including adjustments necessary to present the underlying gross profit of its soybean product line, including (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, and non-operating expenses.

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 at this stage of commercialization 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:

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 cash runway; 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; its ability to deploy and leverage its artificial intelligence and machine learning (AIML) capabilities; 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; the potential impact of the COVID-19 pandemic on its business and operating results; 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: 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; 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 (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)

CALYXT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In Thousands, Except Par Value and Share Amounts)

CALYXT, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands, Except Par Value and Share Amounts)

Calyxt Announces Strategic Hires in Business Development and Manufacturing

Continued investment in key hires to strategically position Company for future growth and scale

ROSEVILLE, Minn., April 26, 2022 /PRNewswire/ — Calyxt, Inc. (Nasdaq: CLXT), a plant-based synthetic biotechnology company, yesterday welcomed the second of two director-level hires in areas critical to the continued advancement of the Company’s key technology and business development goals.

Logo (PRNewsfoto/Calyxt, Inc.)

The first hire was Ms. Suellen Boot who joined as Business Development Director earlier in April. Ms. Boot brings more than twenty years of business development expertise to Calyxt, where she will lead partnerships, deal structuring, valuation modeling, transaction execution and alliance management for the Company’s key target markets. The second hire is Ms. Elizabeth Teigland who joined today as Manufacturing Director. Ms. Teigland brings over 15 years of chemistry and purification expertise to Calyxt. She will be responsible for leading and managing the optimization of the Company’s BioFactory Production System and play a significant role in helping to facilitate pilot to commercial scale production of the of customer demand-driven compounds.

“I am pleased to welcome Suellen and Elizabeth to Calyxt,” said Michael. A Carr, President and Chief Executive Officer at Calyxt. “Their arrivals are critical for advancing two of our near-term revenue streams: business development and BioFactory commercialization. Each of these talented individuals bring unique skills that equip our company for increased growth and momentum.

Utilizing its PlantSpring™ technology platform, Calyxt strives to enable customers to create products using plant-based ingredients that can be used to help customers meet their sustainability goals. “Suellen’s experience is well aligned with our strategy to deliver plant-based synthetic biotechnology solutions to target customers in the identified key end markets of cosmeceuticals, nutraceuticals, and pharmaceuticals,” Mr. Carr continued. “Furthermore, Elizabeth’s experience in portfolio management for innovation, commercialization, and product development will bolster our plant chemistry manufacturing and production capabilities. Both hires are important steps in executing on our business plan and key milestone achievements.”

Ms. Boot most recently served as Managing Director, Natural Innovation & Operation at Green Line. Prior to that, she served as VP Sales & Marketing at Bio Component Research, and Global Manager, Technical Marketing at Lonza Consumer Care and at Arch Personal Care Products. Previously, Ms. Boot held several marketing manager and global product roles at Croda Inc., GE Advanced Materials, and Brooks Industries, Inc. Ms. Boot holds a B.S. in Biochemistry from St. Andrews Presbyterian College.

Ms. Teigland joins Calyxt from Agropour Ingredients, where she served as Director of Protein Research and led a cross-functional, global team with ingredient and reliable method development. Prior to that, she served as Research Scientist at Saputo Dairy Foods USA, and as Field Application Specialist at m2p-labs GmbH. Previously, Ms. Teigland held various biotechnology and chemistry roles at Cargill, Inc. Ms. Teigland holds a B.S. in Biochemistry and Chemistry from University of Iowa and a M.S. in Chemistry and Microbiology from University of Oregon.  

About Calyxt

Calyxt (Nasdaq: CLXT) is a plant-based synthetic biotechnology 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:
David Rosen/ John Garabo/ Michael Barron Argot Partners(212) 600-1902media@calyxt.com Kimberly Minarovich/ Cameron Willis 
Argot Partners(212) 600-1902investors@calyxt.com 
Calyxt Business Development Contact:
Gerry NuovoSenior Vice President of Business Development(612) 427-7881contact@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. 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 press release include statements about the Company’s future financial performance, including its cash runway; 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; its ability to deploy and leverage its artificial intelligence and machine learning (AIML) capabilities; 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; the potential impact of the COVID-19 pandemic on its business and operating results; 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: 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; 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 under the caption entitled “Risk Factors” in the Company’s Annual Report on Form 10-K. 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 communication. 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, except as otherwise required by law.

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SOURCE Calyxt, Inc.

Released April 26, 2022

Calyxt to Host First Quarter 2022 Financial Results Conference Call and Webcast on Thursday, May 5, 2022, at 4:30 p.m. Eastern Time

ROSEVILLE, Minn., April 21, 2022 /PRNewswire/ — Calyxt, Inc. (Nasdaq: CLXT), a plant-based synthetic biology company, will host a conference call and webcast on Thursday, May 5, 2022, at 4:30 p.m. Eastern Time to discuss results for the first quarter ended March 31, 2022. A press release detailing these results will be issued prior to the call.

Logo (PRNewsfoto/Calyxt, Inc.)

President and Chief Executive Officer, Michael A. Carr, and Chief Financial Officer, Bill Koschak, will host the conference call, followed by a question-and-answer session. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of the Company’s website here.

To access the call, please use the following information:

Date: 
Time:
Toll Free dial-in number:
Toll/International dial-in number:
Conference ID:
Thursday, May 5, 2022
4:30 p.m. EST, 1:30 p.m. PST
+1 888-317-6003
+1 412-317-6061
2452642

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 webcast will be available for 30 days following the event.

Toll Free Replay Number:
International Replay Number:
Replay ID:
+1 877-344-7529
+1 412-317-0088
9265408

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. 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 press release include statements about the Company’s future financial performance, including its cash runway; 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; its ability to deploy and leverage its artificial intelligence and machine learning (AIML) capabilities; 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; the potential impact of the COVID-19 pandemic on its business and operating results; 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: 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; 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 under the caption entitled “Risk Factors” in the Company’s Annual Report on Form 10-K. 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, except as otherwise required by law.

Contacts:

Calyxt Media Contact: Calyxt Investor Relations Contact:
Brennan Burks/ David Rosen/ John Garabo/ Michael Barron
Calyxt Communications/Argot Partners
(212) 600-1902
media@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
gerry.nuovo@calyxt.com

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/calyxt-to-host-first-quarter-2022-financial-results-conference-call-and-webcast-on-thursday-may-5-2022-at-430-pm-eastern-time-301530052.html

SOURCE Calyxt, Inc.

Released April 21, 2022

Calyxt Management Joins HCW @ Home for Virtual Fireside Chat

Roseville, MN – Tuesday, April 19, 2022 – Calyxt, Inc. (Nasdaq: CLXT), a plant-based synthetic biology company, participated recently in a virtual fireside chat, “HCW @ Home”, which was hosted by H.C. Wainwright Senior Cleantech and Renewables Analyst, Amit Dayal. Representing Calyxt were Michael A. Carr, President and CEO, and William F. Koschak, CFO.

HCW @ Home with Calyxt, Inc.
Date: Monday, April18, 2022
Time: 12:00 p.m. ET (9:00 a.m. PT)
Webcast:Link to view event


The fireside chat is available for viewing and replay on the link above.

To schedule or learn about additional investor conversations with Calyxt, please reach out to investors@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, and the Calyxt logo are trademarks of Calyxt, Inc.

Contacts:

Calyxt Media Contact: Calyxt Investor Relations Contact:
Brennan Burks/ David Rosen/ John Garabo/ Michael Barron
Calyxt Communications/Argot Partners
(212) 600-1902
media@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
gerry.nuovo@calyxt.com

Calyxt to Participate in Fireside Chat at the 34th Annual Roth Conference

Roseville, MN – Tuesday, March 8, 2022 – Calyxt, Inc. (Nasdaq: CLXT), a plant-based synthetic biology company, today announced that management will participate in a fireside chat at the 34th Annual Roth Conference at the Ritz-Carlton in Dana Point, CA.

34th Annual Roth Conference
Date: Tuesday, March 15, 2022
Time: 3:00 p.m. ET (12:00 p.m. PT)
Webcast:https://wsw.com/webcast/roth43/clxt/1845484


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

Management is also available for meetings during the conference, please reach out to the event organizers or investors@calyxt.com to schedule.

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, and the Calyxt logo are trademarks of Calyxt, Inc.

Contacts:

Calyxt Media Contact: Calyxt Investor Relations Contact:
David Rosen/ John Garabo/ Michael Barron
Argot Partners
(212) 600-1902
media@calyxt.com  
Kimberly Minarovich/ Cameron Willis 
Argot Partners
(212) 600-1902
investors@calyxt.com