Calyxt Appoints Vince Restucci as Vice President of Agronomy Services to Accelerate Expansion

35-Year Agribusiness Veteran to Strengthen Agronomy Team & Support Market Entry into New Crops

Roseville, MN – December 3, 2019 – Calyxt, Inc. (NASDAQ: CLXT), a plant-based technology company focused on healthy food ingredients, has appointed Vince Restucci in a newly created role as Vice President of Agronomy Services to support the expansion of Calyxt’s grower network and Identity Preserved System.

Mr. Restucci has a diverse background in purchasing, marketing and technical expertise across farming, consumer packaged goods, food, and agribusiness environments, making him a versatile addition to help steer the Calyxt agronomy team. His vast experience will guide our growing list of strategic agronomy partners to improve the quality of crops, increase yield and address questions related to chemistry and stewardship practices.

“We expect Vince, with his deep agribusiness knowledge, to have a positive impact in helping us to grow not only our first commercial product, High Oleic Soybean, but also expansion to new crops including wheat, hemp and alfalfa,” said Manoj Sahoo, Chief Business Development and Supply Chain Officer with Calyxt. “As a well-respected and driven agribusiness leader, Vince will tap into and expand our grower relationships. We believe this strategy will strengthen our initiative to double contracted acres year over year as already evident with our 2020 contracted acreage goal of100,000 acres versus 36,000 planted acres in 2019,” concluded Sahoo.  

Vince brings more than 35 years of agribusiness, refining and CPG experience to Calyxt. Most recently with R.D. Offutt Company, he served as Director of Procurement & Business Technology where he was responsible for managing crop production inputs on 48 separate farming locations where he oversaw field technology and precision agriculture activities. He previously held positions with J.R. Simplot Company, Western Refining and Miller Brewing Company. Mr. Restucci obtained his Bachelor of Science in Marketing from the University of Alabama at Birmingham and his MBA from the Keller Graduate School of Management in Scottsdale, Arizona. He served in the U.S. Army as a Chief Warrant Officer and a Medical Evacuation Helicopter Pilot.

About Calyxt

Calyxt (NASDAQ: CLXT), based in Roseville, Minnesota is a plant-based technology company that utilizes our patented breeding technology to make the food you love a healthier choice. The care we take extends beyond nutritional value. We partner with farmers and food companies to deliver traceable plant-based products developed to be healthier and more sustainable than their conventional counterparts. We use cutting edge plant breeding techniques to develop products that help improve diets by reducing bad fats, allergens and toxins. Today oil from our high oleic soybean plants has lower saturated fats than commodity soybean oil. We are also developing high fiber wheat designed to provide an excellent source of daily fiber when incorporated into wheat-based foods. We continuously pursue innovation to deliver good food that is good for you. For further information, please visit our website at www.calyxt.com.

Calyxt 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 “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including those factors discussed under the caption entitled “Risk Factors” in our Annual Report on Form 10-K, along with our other filings with the U.S. Securities and Exchange Commission. We do 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 applicable laws.

For further information, please contact:

Media contact

Trina Lundblad, Director of Corporate Communications

Phone: +1 (612) 790-0514

email: media@calyxt.com

Investor Relations contact

Chris Tyson

Managing Director

MZ Group – MZ North America 
(949) 491-8235

CLXT@mzgroup.us
www.mzgroup.us

Calyxt to Participate at Upcoming Investor Conferences

Roseville, MN – November 12, 2019 – Calyxt, Inc. (NASDAQ: CLXT), a plant-based technology company focused on healthy food ingredients, has been invited to participate in the following investor conferences during the months of November and December 2019:

  • Morgan Stanley Global Chemicals, Agriculture and Packaging Conference
    Attendees: Jim Blome, Chief Executive Officer and Bill Koschak, Chief Financial Officer
    Presentation: Wednesday, November 13, 2019
    Location: Boston, Massachusetts

  • Citi 2019 Basic Materials Conference
    Attendees: Jim Blome, Chief Executive Officer and Bill Koschak, Chief Financial Officer
    Presentation: Wednesday, December 4, 2019
    Location: New York, New York

  • Jefferies Alternative Protein Summit
    Attendees: Jim Blome, Chief Executive Officer
    Presentation: Tuesday, December 10, 2019
    Location: New York, New York

  • LD Micro Main Event 2019
    Attendees: Bill Koschak, Chief Financial Officer
    Presentation: Wednesday, December 11, 2019
    Location: Los Angeles, California

For additional information or to schedule a one-on-one meeting with Calyxt management, please log-in via the link provided in your invitation or you may also email your request to CLXT@mzgroup.us or call Chris Tyson at (949) 491-8235.

About Calyxt

Calyxt (NASDAQ: CLXT), based in Roseville, Minnesota is a plant-based technology company that utilizes our patented breeding technology to make the food you love a healthier choice. The care we take extends beyond nutritional value. We partner with farmers and food companies to deliver traceable plant-based products developed to be healthier and more sustainable than their conventional counterparts. We use cutting edge plant breeding techniques to develop products that help improve diets by reducing bad fats, allergens and toxins. Today oil from our high oleic soybean plants has lower saturated fats than commodity soybean oil. We are also developing high fiber wheat designed to provide an excellent source of daily fiber when incorporated into wheat-based foods. We continuously pursue innovation to deliver good food that is good for you. For further information, please visit our website at www.calyxt.com.

Calyxt Media Contact:

Trina Lundblad, Director of Corporate Communications

(612) 790-0514

media@calyxt.com

Calyxt Investor Relations Contact:
Chris Tyson

Managing Director

MZ Group – MZ North America 
(949) 491-8235

CLXT@mzgroup.us
www.mzgroup.us

Calyxt Reports Record Third Quarter 2019 Financial Results

Q3 High Oleic Soybean Product Revenue of $3 Million Represents Highest in Company History

Reiterates 2019 Annual Revenue Guidance of $7 Million to $8 Million

Operational Savings Expected to Extend Cash Runway to Mid-2021

Over 70,000 2020 Acres Contracted as of October 31, 2019

Roseville, MN – November 6, 2019 – Calyxt, Inc. (NASDAQ: CLXT), a plant-based technology company focused on healthy food ingredients, has reported results for its third quarter ended September 30, 2019.

Key Third Quarter and Subsequent Highlights

  • Revenue increased to a record $3.0 million in the quarter, driven by increased sales volumes of High Oleic Soybean Meal and Calyno® High Oleic Soybean Oil to our growing customer base.
  • Sysco’s customer count is now above 60 for Calyno High Oleic Soybean Oil.
  • Continue to maintain our 2019 revenue forecast of $7.0 million to $8.0 million as the crush and sales plan we have in place for the fourth quarter is expected to deliver achievement of our guidance. 
  • Completed purchase of all remaining grain from the 2018 harvest.  
  • Net cash used in all activities for the third quarter of 2019 was $10.0 million, substantially in line with previously announced financial guidance of $3.0 million to $3.25 million per month.
  • Cash and cash equivalents totaled $66.4 million as of September 30, 2019.
    • Operational savings expected to extend cash runway to mid-2021.
  • 2020 contracted acreage target for High Oleic Soybeans remains at 100,000 acres, an increase from 36,000 planted acres in 2019 and on track to achieve our goal of doubling contracted acres annually.
  • As of October 31, 2019, we had contracted more than 70,000 acres for 2020.
  • We will offer five new soybean varieties to support our geographic expansion and acreage growth in 2020.
  • We continue to develop products in our R&D pipeline as well as R&D exploration in canola, hemp, oats, peas, peanuts, potatoes, soybeans and wheat, reaffirming Calyxt’s position as an innovation platform.
    • Product development efforts are focused on wellness, plant-based proteins and sustainability.
    • We are exploring potential collaborations with third parties for product ideas as part of an expanded go-to-market strategy.
  • Partnered with Landus Cooperative, the sixth largest grain company in North America based on storage capacity, to expand our geographic footprint for acreage growth and weather-risk diversity by adding Landus’ seed distribution, agronomy support, grain storage and transportation services for our High Oleic Soybeans.
  • Strengthened leadership team to support commercial growth opportunities with the appointments of:
    • Keith Blanks to the newly created position of Senior Vice President of Sales and Marketing with a focus on driving sales growth of Calyno soybean oil to food manufacturers, foodservice distributors and operators, and other channels.
    • Manoj Sahoo as Chief Business Development and Supply Chain Officer, focusing his efforts on the development of strategic collaborations for our product candidates and the continued development and optimization of our supply chain.

Management Commentary

“The third quarter of 2019 was marked by a highly encouraging level of market acceptance and growing interest for our proprietary High Oleic, premium soybean oil and our first commercial product,” said Jim Blome, Chief Executive Officer. “We are expanding our geographic footprint and generating weather-risk diversity by growing 2020 acres, bringing five new varieties to market and adding Landus’ seed distribution and agronomy support for our High Oleic Soybeans.”

“The TALEN® technology, which powers our innovation platform, is particularly exciting, allowing us to produce a plant that is based on precise and targeted changes to its natural genome.  With our established processes we can develop a healthier food ingredient in a short amount of time relative to other development processes. Moreover, we believe we have an exciting product pipeline that we intend to advance over time either through our own commercial organization or in collaboration with other industry participants with established market access and scale,” continued Blome.

“Following our successful completion of a voluntary consultation with the Food and Drug Administration in February 2019, we launched our first commercial product, Calyno, which is a High Oleic Soybean Oil with zero grams of trans fat per serving, a reduced saturated fat content, low polymerization levels, and other unique benefits that make it particularly attractive in multiple food manufacturing and foodservice applications.”

“Additionally, one of the world’s largest food service distributors, Sysco, took notice of the strong introduction and currently stocks and sells Calyno to its customers. Sysco’s customer count is now above 60 as commercial kitchens recognize the ROI possibilities that our oil can bring to their bottom line with up to 3X fry life and less varnish compared to commodity oils. Our research indicates that oil is one of the largest drivers of food costs in many restaurants and that the foodservice oil market is a $7.6 billion market segment, representing a large addressable market. We also see progress with food manufacturing, as large-scale industry participants accelerate their testing of specific applications of our oil. This $4.7 billion market segment is particularly appealing because our technology can deliver key characteristics like high stability, long shelf life and low polymerization,” explained Blome.

“To power Calyno’s growth trajectory, we have built out our supply chain – partnering with nearly 175 farmers in the Upper Midwest to grow our proprietary soybeans. Our collaboration with Agtegra, a farmer-owned grain and agronomy cooperative with more than 6,300 active member-owners in eastern North and South Dakota commenced in early 2019 and positions Calyxt with seed distribution, agronomy support, grain storage and transportation services. During the third quarter, we engaged Landus to increase our geographic footprint for acres by adding their seed distribution, agronomy support, grain storage and transportation services in Iowa. With the addition of Landus to our geographic footprint, we now have reach to 40% of the soybean acres grown in the United States. Based on these developments and our current progress, we are reiterating our 100,000 contracted acre target for 2020, up from 36,000 planted acres in 2019.”

“We continue to drive our R&D pipeline and expand it to include R&D exploration in canola, hemp, oats, peas, peanuts, potatoes, soybeans and wheat, which advances our leadership position as an innovation platform. We also expanded our go-to-market strategy by seeking to develop collaborations with third parties for that innovation. We anticipate these collaborations will deliver new revenue streams and will drive the monetization of our technology platform,” said Blome.

“From an operating perspective, we have assembled a strong leadership team to drive the business and are adding strategic hires to the team. We are seeing additional revenue opportunities as well as strategic opportunities for our product pipeline. We are excited to deliver healthier food and food ingredients to consumers and I look forward to leveraging our first-mover advantage and cutting-edge technology to create long-term, sustainable value for our shareholders,” concluded Blome.

Third Quarter 2019 Financial Results

  • Revenue in the third quarter of 2019 increased to a record $3.0 million, primarily driven by scaling crush activity, generating sales momentum in soybean oil through foodservice distribution and continued testing with large food manufacturers.
  • R&D expenses in the third quarter of 2019 were $3.6 million, compared to $3.4 million in the third quarter of 2018. The increase in R&D expenses is primarily due to an increase in non-cash stock compensation expense of $567,000, a reversal of payroll tax benefits that are no longer realizable of $536,000 and the addition of personnel. R&D expenses for the third quarter of 2018 included $1.1 million of grain costs we incurred prior to our commercialization in the first quarter of 2019, which affects the comparability of R&D expenses year over year.  
  • SG&A expenses in the third quarter of 2019 were $6.2 million, compared to $3.3 million in the third quarter of 2018. The increase was driven by higher non-cash stock compensation costs of $1.6 million, increased personnel costs of $880,000 and an increase in professional fees expenses of $455,000. The increases in personnel costs and professional fees are partially offset by a reduction in the management fees we paid Cellectis, as we completed the internalization of nearly all services previously provided by Cellectis as of September 30, 2019.
  • Net cash used in the third quarter of 2019 was $10.0 million, substantially in line with previously announced financial guidance of $3.0 million to $3.25 million per month.
  • Net loss for the third quarter of 2019 was $10.7 million, or $(0.32) per basic and diluted share, compared to a net loss of $7.5 million, or $(0.23) per basic and diluted share, in the third quarter of 2018. The increase was driven by higher non-cash stock compensation expenses of $2.1 million and costs associated with the launching our first products in 2019.
  • Adjusted EBITDA, a non-GAAP measure, increased to a loss of $6.9 million for the third quarter of 2019 from a loss of $6.4 million in the third quarter of 2018 driven by increases personnel costs, as the costs of commercialization in 2019 were largely offset by reductions in grain costs expensed as R&D in 2018. See below under the heading “Use of Non-GAAP Financial Information” for a discussion of Adjusted EBITDA and a reconciliation of Net Loss to Adjusted EBITDA, the most comparable GAAP measure.
  • Cash and cash equivalents totaled $66.4 million as of September 30, 2019 compared to $93.8 million as of December 31, 2018.

“I am pleased with our cash usage trajectory in the third quarter of 2019,” added Bill Koschak, Chief Financial Officer of Calyxt. “We have largely completed investing in our G&A platform required to scale the organization. Future investments are expected to be in R&D as we grow our pipeline and collaboration projects, and in sales, supply chain, quality and food safety to support growth in our soybean product lines. We reiterate our prior FY2019 financial guidance of $7 million to $8 million in revenue and $3 million to $3.25 million in cash usage per month.

“Taking into account our anticipated usage going forward, including operational savings we have identified, I believe our cash position will be sufficient to fund operations to mid-2021,” concluded Koschak.

Third Quarter 2019 Results Conference Call

Calyxt, Inc. will hold a conference call today at 4:30 p.m. Eastern time to discuss its results for the third quarter ended September 30, 2019. Chief Executive Officer Jim Blome, Chief Financial Officer Bill Koschak, Chief Business Development and Supply Chain Officer Manoj Sahoo, Chief Technology Officer Dr. Travis Frey, and Senior Vice President of Sales & Marketing Keith Blanks will host the conference call, followed by a question and answer session.

To access the call, please use the following information:

Date: Wednesday, November 6, 2019
Time: 4:30 p.m. EST, 1:30 p.m. PST
US & Canada dial-in number: +1 (877) 407-9747
International dial-in number:              +1 (412) 902-0044
Conference ID: 13695884

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have difficulty connecting with the conference call, please contact MZ Group at +1 (949) 491-8235.

The conference call will be broadcast live and available for replay at https://bit.ly/35StOWl and via the investor relations section of the Company’s website here.

A replay of the call will be available for one month following the conference call.

Toll Free Replay Number: +1 (877) 660-6853
International Replay Number: +1 (201) 612-7415
Replay ID: 13695884

About Calyxt

Calyxt (NASDAQ: CLXT) is a plant-based technology company that utilizes our patented technology to “Make The Food You Love A Healthier Choice™”. The care we take extends beyond nutritional value. We partner with farmers and food companies to deliver traceable plant-based products developed to be healthier and more sustainable than their conventional counterparts. We use cutting edge plant breeding techniques to develop products that help improve diets. We continuously pursue innovation to deliver good food that is good for you.

Calyxt is located in Roseville, MN and is listed on the NASDAQ market (ticker: CLXT). For further information, please visit our website at www.calyxt.com.

Use of Non-GAAP Financial Information

To supplement our unaudited financial results prepared in accordance with GAAP, we present Adjusted EBITDA, which is not a measure defined by GAAP. We define Adjusted EBITDA as Net Loss excluding Interest, net, Income tax expense, Depreciation and Amortization expense, Stock-based compensation, Payroll tax benefits that are no longer realizable, Section 16 officer transition expenses and Forward Purchase Contract gains and losses. We provide in the table below a reconciliation of Net Loss to Adjusted EBITDA, which is the most directly comparable GAAP financial measure. Adjusted EBITDA is not meant to be considered in isolation or as a substitute for financial information presented in accordance with GAAP, and Adjusted EBITDA should be viewed as supplemental and in addition to Net Loss. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures, which exclude charges that have an effect on our reported financial results. In addition, other companies may report Adjusted EBITDA or similarly titled measures but calculate them differently, which reduces their usefulness as a comparative measure.

Because Adjusted EBITDA excludes non-cash items and discrete or infrequently occurring items, we believe that Adjusted EBITDA provides investors with useful supplemental information about the operational performance of our business and facilitates comparison of our financial results between periods where certain items may vary significantly independent of our business performance. Moreover, our presentation of Adjusted EBITDA enhances transparency because our management team utilizes this metric in evaluating, and making operational decisions, regarding our business.

The tables below present a reconciliation of Net Loss to Adjusted EBITDA:

  Three months ended September 30,
 In Thousands   2019       2018
 Net loss (GAAP measure) $ (10,669)     $ (7,483)
 Non-GAAP adjustments:            
Stock-based compensation   2,705       589
Interest, net   (32)       (228)
Income tax expense        
Depreciation & amortization   362       356
Payroll tax benefits that are no longer realizable   536       (40)
Section 16 officer transition expenses   193       374
Loss on Forward Purchase Contracts         50
Adjusted EBITDA $ (6,905)     $ (6,382)
  Nine months ended September 30,
 In Thousands   2019       2018
 Net loss (GAAP measure) $ (27,477)     $ (19,429)
 Non-GAAP adjustments:            
Stock-based compensation   6,565       3,016
Interest, net   (296)       (88)
Income tax expense        
Depreciation & amortization   1,051       727
Payroll tax benefits that are no longer realizable   411       (48)
Section 16 officer transition expenses   1,054       374
Loss on Forward Purchase Contracts         413
Adjusted EBITDA $ (18,692)     $ (15,035)

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 “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial or operating performance, our anticipated product pipeline, collaboration or growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including those factors discussed under the caption entitled “Risk Factors” in our Annual Report on Form 10-K, along with our other filings with the U.S. Securities and Exchange Commission. We do 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 applicable laws.

Certain market and industry data and forecasts included in this press release were obtained from independent market research, industry publications and surveys, governmental agencies and publicly available information. We believe the data from such third-party sources to be reliable. However, we have not independently verified any of such data and cannot guarantee its accuracy or completeness. Similarly, internal market research and industry forecasts, which we believe to be reliable based upon our management’s knowledge of the market and the industry, have not been verified by any independent sources. While we are not aware of any misstatements regarding the market or industry data presented herein, our estimates involve risks and uncertainties and are subject to change based on various factors, including those discussed under the caption entitled “Risk Factors” in our Annual Report on Form 10-K, along with our other filings with the U.S. Securities and Exchange Commission.

Calyxt Media Contact:

Trina Lundblad, Director of Corporate Communications

(612) 790-0514

media@calyxt.com

Calyxt Investor Relations Contact:
Chris Tyson

Managing Director

MZ Group – MZ North America 
(949) 491-8235

CLXT@mzgroup.us
www.mzgroup.us

CALYXT, INC.

BALANCE SHEETS

(In Thousands, Except Par Value and Share Amounts)

  September 30, 2019 (unaudited)     December 31, 2018  
Assets              
Current assets:              
Cash and cash equivalents $ 66,434     $ 93,794  
Restricted cash   381       381  
Trade accounts receivable   1,304        
Due from related parties   69       46  
Inventory   2,371        
Prepaid expenses and other current assets   1,109       1,301  
Total current assets   71,668       95,522  
Non-current restricted cash   1,135       1,113  
Land, buildings, and equipment   23,337       21,850  
Other non-current assets   270       306  
Total assets $ 96,410     $ 118,791  
Liabilities and stockholders equity              
Current liabilities:              
Accounts payable $ 945     $ 818  
Accrued expenses   1,958       2,007  
Accrued compensation and benefits   1,783       1,305  
Due to related parties   705       1,905  
Current portion of financing lease obligations   349       258  
Other current liabilities   51       711  
Total current liabilities   5,791       7,004  
Financing lease obligations   18,331       18,227  
Other non-current liabilities   159       163  
Total liabilities   24,281       25,394  
Stockholders equity:              
Common stock, $0.0001 par value; 275,000,000 shares authorized; 32,926,312 shares issued and 32,867,413 shares outstanding as of September 30, 2019, and 32,664,429 shares issued and 32,648,893 shares outstanding as of December 31, 2018   3       3  
Additional paid-in capital   182,948       176,069  
Common stock in treasury, at cost; 58,899 shares   (875 )     (230 )
Accumulated deficit   (109,892 )     (82,445 )
Accumulated other comprehensive loss   (55 )      
Total stockholders equity   72,129       93,397  
Total liabilities and stockholders equity $ 96,410     $ 118,791  

CALYXT, INC.

STATEMENTS OF OPERATIONS

(Unaudited and in Thousands Except Shares and Per Share Amounts)

  Three Months Ended September 30,     Nine months ended September 30,  
  2019     2018     2019     2018  
Revenue $ 2,967     $ 27     $ 3,533     $ 234  
Operating expenses:                              
Cost of revenue   3,528             3,865        
Research and development   3,579       3,440       8,536       7,850  
Selling, general and administrative   6,248       3,311       17,723       9,914  
Management fees and royalties   305       975       1,117       1,957  
Total operating expenses   13,660       7,726       31,241       19,721  
Loss from operations   (10,693 )     (7,699 )     (27,708 )     (19,487 )
Interest, net   32       228       296       88  
Foreign currency transaction loss   (8 )     (12 )     (35 )     (30 )
Loss before income taxes   (10,669 )     (7,483 )     (27,447 )     (19,429 )
Income taxes                      
Net loss $ (10,669 )   $ (7,483 )   $ (27,447 )   $ (19,429 )
Basic and diluted loss per share $ (0.32 )   $ (0.23 )   $ (0.84 )   $ (0.65 )
Weighted average shares outstanding – basic and diluted   32,866,467       32,381,010       32,759,194       30,040,926  

CALYXT, INC.

STATEMENTS OF CASH FLOWS

(Unaudited and in Thousands)

  Nine months ended September 30,  
  2019     2018  
Operating activities              
Net loss $ (27,447 )   $ (19,429 )
Adjustments to reconcile net loss to net cash used in operating activities:              
Depreciation   1,051       727  
Stock-based compensation   6,565       3,016  
Unrealized foreign exchange gain         12  
Changes in operating assets and liabilities:              
Trade accounts receivable   (1,304 )      
Due to/from related parties   (1,223 )     576  
Inventory   (2,371 )      
Prepaid expenses and other assets   192       (341 )
Accounts payable   127       355  
Accrued expenses   (49 )     880  
Accrued compensation and benefits   478       70  
Other accrued liabilities   (743 )     518  
Other non-current assets   36       16  
Net cash used by operating activities   (24,688 )     (13,600 )
Investing activities              
Purchases of land, buildings and equipment   (2,538 )     (830 )
Net cash used by investing activities   (2,538 )     (830 )
Financing activities              
Costs incurred related to the issuance of stock         (222 )
Proceeds from issuance of common stock         57,706  
Repayments of financing lease obligations   (195 )      
Proceeds from the exercise of stock options   314       2,128  
Costs incurred related to shares withheld for net share settlement   (645 )      
Proceeds from the sale and leaseback of land, buildings, and equipment   414        
Net cash (used) provided by financing activities   (112 )     59,612  
Net (decrease) increase in cash, cash equivalents and restricted cash   (27,338 )     45,182  
Cash, cash equivalents and restricted cash – beginning of period   95,288       56,664  
Cash, cash equivalents and restricted cash – end of period $ 67,950     $ 101,846  

Calyxt to Host Third Quarter 2019 Results Conference Call on Wednesday, November 6, 2019 at 4:30 p.m. Eastern Time

Roseville, MN – October 30, 2019 – Calyxt, Inc. (NASDAQ: CLXT), a plant-based breeding and technology platform company, will hold a conference call on Wednesday, November 6, 2019 at 4:30 p.m. Eastern time to discuss its results for the third quarter ended September 30, 2019. A press release detailing these results will be issued prior to the call.

Calyxt Chief Executive Officer Jim Blome, Chief Financial Officer Bill Koschak, Chief Business Development and Supply Chain Officer Manoj Sahoo and Senior Vice President of Sales & Marketing Keith Blanks will host the conference call, followed by a question and answer session.

To access the call, please use the following information:

Date: Wednesday, November 6, 2019
Time: 4:30 p.m. EST, 1:30 p.m. PST
US & Canada dial-in number: +1 (877) 407-9747
International dial-in number:              +1 (412) 902-0044
Conference ID: 13695884

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have difficulty connecting with the conference call, please contact MZ Group at +1 (949) 491-8235.

The conference call will be broadcast live and available for replay at https://bit.ly/35StOWl and via the investor relations section of the Company’s website here.

A replay of the call will be available for one month following the conference.

Toll Free Replay Number: +1 (877) 660-6853
International Replay Number: +1 (201) 612-7415
Replay ID: 13695884

About Calyxt

Calyxt (NASDAQ: CLXT) is a plant-based innovation company that utilizes our patented breeding technology to make the food you love a healthier choice. The care we take extends beyond nutritional value. We partner with farmers and food companies to deliver traceable plant-based products developed to be healthier and more sustainable than their conventional counterparts. We use cutting edge plant breeding techniques to develop products that help improve diets by reducing bad fats, allergens and toxins. Today oil from our high oleic soybean plants has lower saturated fats than commodity soybean oil. We are also developing high fiber wheat designed to provide an excellent source of daily fiber when incorporated into wheat-based foods. We continuously pursue innovation to deliver good food that is good for you. For further information, please visit our website at www.calyxt.com.

Calyxt Media Contact:

Trina Lundblad, Director of Corporate Communications

(612) 790-0514

media@calyxt.com

Calyxt Investor Relations Contact:
Chris Tyson

Managing Director

MZ Group – MZ North America 
(949) 491-8235

CLXT@mzgroup.us
www.mzgroup.us

Calyxt® Provides Business and R&D Pipeline Update at Wells Fargo Consumer Conference

Innovation Platform Focused on Wellness, Plant-Based Proteins and Sustainability

Six New Products in R&D Pipeline

Exploratory R&D in Canola, Hemp, Oat, Pea, Peanut, Potato, Soybean, and Wheat

Webcast Details for Wells Fargo Consumer Conference Presentation

ROSEVILLE, Minn.–(BUSINESS WIRE)—September 26, 2019—Calyxt, Inc. (NASDAQ: CLXT), a healthy food innovation company, today provided a business update, announced its expanded R&D pipeline, and discussed R&D exploration activities.

Calyxt announced six new product candidates at the discovery stage in its R&D pipeline.  Four new soybean product candidates comprised of two wellness products, one plant-based protein product, and one sustainability product.  Of the two new wheat product candidates, one is a wellness product and one is a sustainability product.

Calyxt also shared exciting innovation leads across its platform with exploratory R&D focused in canola, hemp, oat, pea, peanut, potato, soybean, and wheat.

“Executing on our trailblazing 2019 milestones has resulted in an expanded patent estate, regulatory success, an established identity-preserved supply chain system, market development and customer acquisition, which creates a solid foundation for future growth,” said Jim Blome, chief executive officer with Calyxt.

“In the past year we have filled out our leadership team and added several other key roles, which will help us capitalize on our head start.  We are excited about our innovation platform, R&D pipeline, exploratory opportunities and the future ahead,” Blome said.

2019 Wells Fargo Consumer Conference – Webcast Details

Calyxt will present at the 2019 Wells Fargo Consumer Conference at the Ritz-Carlton Laguna Niguel on September 26, 2019, at 10:20 am PT.

Please use this link to view both the live webcast and replay version of the webcast.

A copy of the investor presentation has been posted on the Calyxt website in the Corporate Presentations section at https://calyxt.com/investors/.

About Calyxt

Calyxt is committed to making the food you love a healthier choice. The care we take extends beyond nutritional value. We partner with farmers and food companies to deliver traceable plant-based products developed to be healthier and more sustainable than their conventional counterparts. We use cutting edge plant breeding techniques to develop products that help improve diets by reducing bad fats, allergens and toxins. Today oil from our high oleic soybean plants has lower saturated fats than commodity soybean oil. We are also developing high fiber wheat designed to provide an excellent source of daily fiber when incorporated into wheat-based foods. We continuously pursue innovation to deliver good food that is good for you.


Calyxt®, Calyno® and the corporate logo are trademarks owned by Calyxt, Inc.

Calyxt is located in Roseville, MN, and is listed on the Nasdaq market (ticker: CLXT). For further information please visit our website at www.calyxt.com.

Media contact:

Trina Lundblad, Communications Director

Phone: +1 612-790-0514

Email: trina.lundblad@calyxt.com

Investor Relations contact:

Simon Harnest, VP Corporate Strategy and Finance

Phone: +1 646-385-9008
Email: simon.harnest@calyxt.com

Calyxt 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 “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including those factors discussed under the caption entitled “Risk Factors” in our Annual Report on Form 10-K, along with our other filings with the U.S. Securities and Exchange Commission. We do 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 applicable laws.

Calyxt® Announces Seed Agreement with Landus Cooperative

Minneapolis-St. Paul, Minn. – September 19, 2019 – Calyxt, Inc. (NASDAQ: CLXT), a healthy food ingredients company, today announced that the Company has expanded its geographic footprint for acreage growth and weather-risk diversity by adding Landus Cooperative’s seed distribution, agronomy support, grain storage, and transportation services for Calyxt high oleic soybeans.

This agreement expands the Company’s  supply chain network into Iowa’s 10 million acre soybean market, which is about 11% of total U.S. soybean production. The Landus Cooperative farmer-owners will be able to plant Calyxt’s high oleic soybeans in the 2020 growing season.

Landus Cooperative, a farmer-owned company in Iowa, has 30 dedicated agronomists partnering locally with growers to evaluate and recommend sustainable management programs to grow high-quality grain. The diversified cooperative has locations in 60 communities in Iowa, approximately 7,000 members and is the sixth-largest grain company in North America (based on storage capacity) aggregating more than 170 million bushels of corn and soybeans annually.

“By further strengthening our relationship with Landus Cooperative through this added seed distribution agreement, we are underscoring confidence in our ability to achieve 100,000 contracted acres in 2020,” said Jim Blome, chief executive officer with Calyxt. “What’s more, we can leverage their footprint and reach to expedite the launch of our new varieties.”

“Landus Cooperative advocates for our farmer-owners by creating opportunities to elevate the value of their grain with specific acres planted for a specific, consumer-destined purpose,” explained Landus Cooperative CEO, Milan Kucerak. “Our agronomy expertise and programs serve a critical role in building an identity-preserved supply chain with opportunities for future growth. By offering Calyxt’s high oleic soybeans, Landus Cooperative continues to build relationships that connect food companies with our farmers.”

About Calyxt

Calyxt is committed to making the food you love a healthier choice. The care we take extends beyond nutritional value. We partner with farmers and food companies to deliver traceable plant-based products developed to be healthier and more sustainable than their conventional counterparts. We use cutting edge plant breeding techniques to develop products that help improve diets by reducing bad fats, allergens and toxins. Today oil from our high oleic soybean plants has lower saturated fats than commodity soybean oil. We are also developing high fiber wheat designed to provide an excellent source of daily fiber when incorporated into wheat-based foods. We continuously pursue innovation to deliver good food that is good for you.

Calyxt is located in Roseville, MN, and is listed on the Nasdaq market (ticker: CLXT). For further information please visit our website at www.calyxt.com.

Calyxt®, Calyno™ and the corporate logo are trademarks owned by Calyxt, Inc.

About Landus Cooperative

Landus Cooperative® is a farmer-owned agricultural cooperative headquartered in Ames, Iowa, with about 600 full-time employees at locations in more than 60 communities and approximately 7,000 member-owners. Our diversified cooperative offers precision agronomy services with approximately 40 agronomists; AcreEdge®, a proprietary member-owned brand of soybeans; expert risk management services; domestic and global grain merchandising; and manufactures a branded, high bypass protein soybean meal for dairy herds across the globe. For more information, visit www.LandusCooperative.com.

Media contact:

Trina Lundblad, Communications Director

Phone: +1 612-790-0514

Email: trina.lundblad@calyxt.com

Investor Relations contact:

Simon Harnest, VP Corporate Strategy and Finance

Phone: +1 646-385-9008
Email: simon.harnest@calyxt.com

Calyxt 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 “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including those factors discussed under the caption entitled “Risk Factors” in our Annual Report on Form 10-K, along with our other filings with the U.S. Securities and Exchange Commission. We do 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 applicable laws.

Calyxt® To Present at the Fall Investor Summit on September 17, 2019

Minneapolis-St. Paul, Minn. – September 10, 2019 – Calyxt, Inc. (NASDAQ: CLXT), a healthy food ingredient company, today announced that management plans to present at the Fall Investor Summit in New York City.

The Fall Investor Summit will take place at the Essex House and is an exclusive, independent conference dedicated to connecting small cap and microcap companies with qualified investors.

Calyxt will present on Tuesday, September 17, 2019 at 11:30 a.m. Eastern Time.  Click here for the link to the live webcast.

The replay of the webcast will also be made available on the Company’s website at www.calyxt.com/investors for approximately 30 days following the live webcast.

About Calyxt

Calyxt is committed to making the food you love a healthier choice. The care we take extends beyond nutritional value. We partner with farmers and food companies to deliver traceable plant-based products developed to be healthier and more sustainable than their conventional counterparts. We use cutting edge plant breeding techniques to develop products that help improve diets by reducing bad fats, allergens and toxins. Today oil from our high oleic soybean plants has lower saturated fats than commodity soybean oil. We are also developing high fiber wheat designed to provide an excellent source of daily fiber when incorporated into wheat-based foods. We continuously pursue innovation to deliver good food that is good for you.

Calyxt is located in Roseville, MN, and is listed on the Nasdaq market (ticker: CLXT). For further information please visit our website at www.calyxt.com.

Calyxt®, Calyno™ and the corporate logo are trademarks owned by Calyxt, Inc.

Media contact:

Trina Lundblad, Communications Director

Phone: +1 612-790-0514

Email: trina.lundblad@calyxt.com

Investor Relations contacts:

Simon Harnest, VP Corporate Strategy and Finance

Phone: +1 646-385-9008
Email: simon.harnest@calyxt.com

Bill Koschak, Chief Financial Officer

Phone: +1 651-401-4401
Email: bill.koschak@calyxt.com

Calyxt 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 “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including those factors discussed under the caption entitled “Risk Factors” in our Annual Report on Form 10-K, along with our other filings with the U.S. Securities and Exchange Commission. We do 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 applicable laws.

Calyxt Strengthens its Leadership Team to Support Commercial Growth Opportunities

Minneapolis-St. Paul, Minn. – September 3, 2019 – Calyxt, Inc. (NASDAQ: CLXT) a healthy food ingredients company, today announced that the Company is expanding its leadership team to support commercial growth opportunities.

This move includes the appointment of Keith Blanks to the newly created position of Senior Vice President of Sales and Marketing, effective today. In his role, Mr. Blanks will be responsible for driving sales with a focus on growing the Company’s foodservice and food and pet food manufacturing customer bases.  

With this addition, Manoj Sahoo will assume the role of Chief Business Development and Supply Chain Officer, focusing his efforts on the development of strategic collaborations across Calyxt platforms of wellness, plant-based proteins and sustainability. He will also continue to expand the Company’s grower network and supply chain. Previously, Mr. Sahoo fulfilled the role of Chief Commercial Officer with responsibilities for food customers, grower relations and supply chain management. 

“This expansion focuses Calyxt on our food customers and builds this food sales team,” said Jim Blome, chief executive officer with Calyxt. “In order to do just that, we are bringing in a seasoned executive to steer our sales and go-to-market strategies, which in turn empowers Mr. Sahoo to focus on emerging opportunities for the Company.”

Mr. Blanks brings a successful track record that includes high-profile leadership positions and recognized sales achievements in the food ingredient and agriculture industries. Throughout his tenured career, he has built a reputation of trust and developed go-to-market strategies to help incubate new products into mature revenue-generating engines.

“We’re excited for Keith to bring his practical experience and understanding of a diverse range of business management applications to Calyxt,” said Jim Blome, chief executive officer with Calyxt. “A tenacious sales leader with deep-rooted values in customer loyalty, Keith will play a pivotal role as we grow our customer base and make it easy to do business with Calyxt.”

Keith brings more than 25 years of commercial experience to Calyxt. Most recently with High Liner Foods, he served as General Manager and Vice President of the Aquaculture/Shrimp category after heading up National Accounts. He previously held executive positions throughout his 20-year career with Cargill, where he most recently led a National Accounts team representing eight foodservice and food manufacturing business units. He previously served on the Board of Trustees for the Washburn Center for Children and is a former chair with United Way.

About Calyxt

Calyxt is committed to making the food you love a healthier choice. The care we take extends beyond nutritional value. We partner with farmers and food companies to deliver traceable plant-based products developed to be healthier and more sustainable than their conventional counterparts. We use cutting edge plant breeding techniques to develop products that help improve diets by reducing bad fats, allergens and toxins. Today oil from our high oleic soybean plants has lower saturated fats than commodity soybean oil. We are also developing high fiber wheat designed to provide an excellent source of daily fiber when incorporated into wheat-based foods. We continuously pursue innovation to deliver good food that is good for you.

Calyxt is located in Roseville, MN, and is listed on the Nasdaq market (ticker: CLXT). For further information please visit our website at www.calyxt.com.

Calyxt® and the corporate logo are trademarks owned by Calyxt, Inc.

For further information, please contact:

Media contacts

Trina Lundblad, Director of Corporate Communications

Phone: +1 (612) 790-0514

email: media@calyxt.com

Investor Relations contact

Simon Harnest, VP Corporate Strategy and Finance

Phone: +1 (646) 385-9008
email: simon.harnest@calyxt.com

Calyxt 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 “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including those factors discussed under the caption entitled “Risk Factors” in our Annual Report on Form 10-K, along with our other filings with the U.S. Securities and Exchange Commission. We do 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 applicable laws.

Calyxt 2nd Quarter Earnings Call Webcast

Roseville, MN, August 7, 2019 – Calyxt, Inc. (NASDAQ: CLXT), a healthy food ingredients company, conducted its 2nd Quarter Earning call earlier today. Access the webcast

About Calyxt

Calyxt is committed to making the food you love a healthier choice. The care we take extends beyond nutritional value. We partner with farmers and food companies to deliver traceable plant-based products developed to be healthier and more sustainable than their conventional counterparts. We use cutting edge plant breeding techniques to develop products that help improve diets by reducing bad fats, allergens and toxins. Today oil from our high oleic soybean plants has lower saturated fats than commodity soybean oil. We are also developing high fiber wheat designed to provide an excellent source of daily fiber when incorporated into wheat-based foods. We continuously pursue innovation to deliver good food that is good for you.

Calyxt®, Calyno™ and the corporate logo are trademarks owned by Calyxt, Inc.

Calyxt is located in Roseville, MN, and is listed on the Nasdaq market (ticker: CLXT). For further information please visit our website at www.calyxt.com.

For further information, please contact:

Investor Relations:
Simon Harnest, VP Corporate Strategy and Finance
Phone: +1 (646) 385-9008
email: simon.harnest@calyxt.com

Bill Koschak, Chief Financial Officer
Phone: + (651)-401-4401
Email: bill.koschak@calyxt.com

Media:
Trina Lundblad, Director of Communications
Phone: +1 (612) 790-0514
email: media@calyxt.com

Calyxt Reports 2nd Quarter Financial Results

Calyno™ High Oleic Soybean Oil and High Oleic Soybean Meal customers increase to nearly 20, which includes Sysco

Signed agreement with Landus Cooperative, providing crushing capacity and High Oleic Soybean Meal distribution  

Crushed more than 200,000 bushels of High Oleic Soybeans in July, and sold out of resulting High Oleic Soybean Meal

2018 grain purchases nearly complete as of late July 2019

2019 planted acres exceed 36,000 acres

2020 acreage target remains at 100,000 contracted acres

Cash, cash equivalents and restricted cash of $77.9M

Roseville, MN, August 6, 2019 – Calyxt, Inc. (NASDAQ: CLXT), a healthy food ingredients company, today announced its results for the second quarter ended June 30, 2019.

Investor Call Details

Calyxt will host an investor call on August 7, 2019 at 8:30 a.m. Eastern Time – 7:30 a.m. Central Time to discuss its financial results and provide a general business update.

US & Canada only: +1 (877) 407-9747

International: +1 (412) 902-0044

In addition, a replay of the call will be available for one month following the conference by calling +1 (877) 660-6853 (Toll Free US & Canada); +1 (201) 612-7415 (Toll Free International).

The archived webcast of this event may be accessed through the Calyxt website, using passcode 13673206.

“We are excited by our accomplishments in the second quarter, as we continued to deliver on key operating milestones and progress on the commercial launch of our first product. We have increased our customer base to nearly 20. We are thrilled to have Landus, one of the world’s leading agricultural cooperatives and soybean processors, as a crusher and distributer of our High Oleic Soybean Meal. We have also nearly completed the purchase of all stored grain from our growers,” said Jim Blome, CEO of Calyxt. “I would also like to highlight the addition of Travis Frey, Ph.D. as our Chief Technology Officer – with Travis we continue to build our leadership team in strategic areas as he advances our technical capabilities and platform. In closing, the first half of 2019 experienced the impact of severe weather resulting in record numbers of prevent plant acres. The impact was felt across the Plains states, and nowhere more than in South Dakota, our primary growing region. Nevertheless, our planted acres were slightly more than 36,000 acres, doubling the acres planted in 2018 and consistent with our original plans for 2019.”

High Oleic Soybean

  • Continued revenue scale up of Calyno High Oleic Soybean Oil.

We are now selling our oil through Sysco, the world’s largest foodservice distributor. Our oil is selling in Foodservice at prices consistent with other premium oils. We continue to pursue customers in both the foodservice and food manufacturing segments. Calyno oil performance continues to impress with 3x fry life and less varnish compared to commodity oils, as well as a neutral taste and zero grams of trans fats per serving.

  • Agreement with Landus Cooperative. We also continued to accelerate our first-mover advantage by expanding our supply chain further through our agreement with Landus Cooperative, one of the world’s leading agricultural cooperatives and soybean processors, as a crusher and distributer of our High Oleic Soybean Meal.
  • Largest crush in our history. In the month of July, we crushed over 200,000 bushels of our High Oleic Soybeans, the largest crush in Calyxt history. We have subsequently sold out of High Oleic Soybean Meal, and as a result July 2019 will be our best revenue month to date.
  • Prior year grain purchases nearly complete.  As of late July 2019, we had purchased more than 75% of all 2018 Calyxt High Oleic Soybean grain produced by our contracted growers. Purchasing 2018 contracted grain helps us prime our supply chain, validate our identity-preserved supply chain, and further the confidence our valued growers have in Calyxt and our model.
  • Planted acres for 2019 were slightly more than 36,000 acres, consistent with our initial expectations for the year.  This amount was double what we planted in 2018.  
  • We reiterate our 2020 guidance of at least 100,000 contracted acres.  We expect to launch 2-4 new varieties of soybeans in 2020 and work to increase penetration with existing growers and expand geographically out from our current base.  We have also launched our acreage acquisition plan for 2020.  

Financial Highlights

  • Revenues were $408,000 for the three months ended June 30, 2019, the majority of which were from sales of meal.
  • R&D expenses were $2.7 million for the three months ended June 30, 2019 compared to $3.2 million for the three months ended June 30, 2018.   The decrease was due to a $0.8 million decrease in non-cash stock compensation expense partially offset by an increase in cash expenses associated with additional staff.
  • SG&A expenses were $6.4 million for the three months ended June 30, 2019 compared to $4.0 million for the three months ended June 30, 2018.  The increase was due to the addition of personnel to support the commercialization of our High Oleic Soybean products in sales and supply chain and an increase in non-cash stock compensation expense of $0.8 million.
  • Cash, cash equivalents and restricted cash were $77.9 million at June 30, 2019. We are continuing to actively manage the use of cash and expect to have sufficient cash to fund the business into early 2021.

Our cash spend for the remainder of 2019 is estimated at between $3 million and $3.25 million per month and will be focused in these areas:

  • Supporting our product pipeline, including development of additional varieties and traits for soybeans, wheat and alfalfa, as well as continuing to build a strong intellectual property portfolio;
  • Continuing to drive the commercialization of our High Oleic Soybean products including our Calyno oil and High Oleic Soybean Meal, which includes spending for sales and marketing support, product samples, and costs associated with agricultural activities including seed production, product samples, grain purchases, and processing and distribution;
  • Strengthening our organization to scale to the needs of our customer base and grower partners, including hiring talented personnel and further developing our IT systems as we continue to scale and separate our infrastructure from Cellectis.
  • Loss from operations was $9.4 million for the three months ended June 30, 2019 compared to $7.6 million for the three months ended June 30, 2018.
  • Net cash used in operating activities was $15.9 million for the six months ended June 30, 2019, compared to $8.8 million for the six months ended June 30, 2018.

Corporate Update

  • Travis Frey, Ph.D., Chief Technology Officer. Travis joined in May and brings his extensive knowledge in plant biology and biotechnology to a newly created position at Calyxt. As CTO, Travis is responsible for leading the R&D team, and propelling product development and our pipeline of healthy food ingredients.
  • Trina Lundblad, Communications Director. Trina joined in June and leads our efforts related to communicating company initiatives and strategy across a variety of external and internal channels. Prior to joining Calyxt, Trina oversaw marketing communications for Ingredion’s North American business with similar roles previously held at Nilfisk and Select Comfort.
  • Paul Weier, Director of Information Technology. Paul joined in July and is responsible for managing our IT infrastructure. Prior to joining Calyxt, Paul held the role as Senior Director of Technical Operations at LAKANA.

About Calyxt

Calyxt is committed to making the food you love a healthier choice. The care we take extends beyond nutritional value. We partner with farmers and food companies to deliver traceable plant-based products developed to be healthier and more sustainable than their conventional counterparts. We use cutting edge plant breeding techniques to develop products that help improve diets by reducing bad fats, allergens and toxins. Today oil from our high oleic soybean plants has lower saturated fats than commodity soybean oil. We are also developing high fiber wheat designed to provide an excellent source of daily fiber when incorporated into wheat-based foods. We continuously pursue innovation to deliver good food that is good for you.

Calyxt®, Calyno™ and the corporate logo are trademarks owned by Calyxt, Inc.

Calyxt is located in Roseville, MN, and is listed on the Nasdaq market (ticker: CLXT). For further information please visit our website at www.calyxt.com.

For further information, please contact:

Investor Relations:
Simon Harnest, VP Corporate Strategy and Finance
Phone: +1 (646) 385-9008
email: simon.harnest@calyxt.com

Bill Koschak, Chief Financial Officer
Phone: + (651)-401-4401
Email: bill.koschak@calyxt.com

Media:
Trina Lundblad, Director of Communications
Phone: +1 (612) 790-0514
email: media@calyxt.com

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