YIELD10 BIOSCIENCE, INC. MANAGEMENT REPORT AND ANALYSIS OF FINANCIAL POSITION AND OPERATING RESULTS (Form 10-K)

The following discussion and analysis should be read in conjunction with the
Consolidated Financial Statements and Notes thereto included in this Annual
Report on Form 10-K.  All dollar amounts are stated in thousands. On January 15,
2020, the Company effected a 1-for-40 reverse stock split of its common stock.
Unless otherwise indicated, all share amounts, per share data, share prices, and
conversion rates set forth in these notes and the accompanying financial
statements have, where applicable, been adjusted to reflect this reverse stock
split.

Overview

  Yield10 Bioscience, Inc. ("Yield10" or the "Company") is an agricultural
bioscience company that is developing the oilseed Camelina sativa ("Camelina")
as a platform crop for large scale production of low carbon sustainable seed
products to address:

•petroleum replacement markets, in which we are developing Camelina oil for use
as a biofuel feedstock and PHA Bioplastics produced in Camelina seed for use as
a biodegradable bioplastic; and

•food and nutrition markets, in which we are developing omega-3 (DHA+EPA) oils
produced in Camelina seed for aquaculture, nutraceuticals and protein meal for
animal feed markets.

Our commercial plan is based on developing and releasing a series of proprietary
elite Camelina seed varieties incorporating genetic traits from our development
pipeline which offer improved on-farm performance that we anticipate will lead
to increased acreage adoption and seed product revenue. We also plan to create
additional value for our shareholders by licensing yield and seed oil traits
from our pipeline to large seed companies for commercialization in major food
crops, including corn, soybean and canola. Yield10 is headquartered in Woburn,
Massachusetts and has an Oilseed Center of Excellence in Saskatoon,
Saskatchewan, Canada.

Government grants

At February 26, 2021, Metabolix Oilseeds, Inc. (“MOI”), the Company’s wholly-owned Canadian research subsidiary, received a research grant through the
Industrial Research Assistance Program (“BET”) administered by National Research Council Canada (“NRC”). The purpose of the grant was to provide research funding support to innovative companies,

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small and medium-sized enterprises in the start-up phase. Under the terms of the agreement, NRC has agreed to contribute up to a maximum of $39 for staff costs incurred by MOI during the period from December 20, 2020 for March 13, 2021. During the first quarter of 2021, MOI submitted claims for eligible salary costs and recognized grant income for the full amount of the grant.

During 2020, MOI received two short-term grants, similar to the 2021 IRAP grant,
both of which provided financial research assistance, in the amounts of $67 and
$86, respectively, for eligible payroll costs. MOI submitted claims for the
eligible costs during 2020 and the full amount of these grants was recognized as
grant revenue during the year ended December 31, 2020.

During 2018 we entered into a sub-award with Michigan State University ("MSU")
to support a Department of Energy ("DOE") funded grant entitled "A Systems
Approach to Increasing Carbon Flux to Seed Oil." Our participation under this
five-year grant has been awarded incrementally on an annual basis with the first
year commencing September 15, 2017. Cumulative funding for this sub-award in the
amount of $2,957 has been appropriated by the U.S. Congress through the final
contractual year ending in September 2022. During the years ended December 31,
2021 and December 31, 2020, we recognized revenue of $575 and $646,
respectively, from this sub-award.

As of December 31, 2021, revenue proceeds of $510 remain to be earned from the
MSU sub-award. This includes amounts for reimbursement to our subcontractors, as
well as reimbursement for our employees' time, benefits and other expenses
related to future performance. The status of government grants outstanding at
December 31, 2021 is shown in the following table.

                                                                                                                   Remaining amount to
                                                                                          Total revenue               be recognized
                                             Funding           Total Government         recognized through                as of                 

Contract/Grant

Program Title                                 Agency                Funds               December 31, 2021           December 31, 2021              

Expiry

Subcontract from University of Michigan project funded by DOE Department of $2,957 $

             2,447          $             510           September 15, 2022
entitled "A Systems Approach to           Energy
Increasing Carbon Flux to Seed Oil"
Funding from National Research
Council Canada through its                National
Industrial Research Assistance            Research                        39                           39                          -             March 13, 2021
Program (NRC-IRAP) entitled               Council Canada
"Innovation Assistance Program"
Funding from National Research
Council Canada through its                National
Industrial Research Assistance            Research                        67                           67                          -              June 24, 2020
Program (NRC-IRAP) entitled               Council Canada
"Innovation Assistance Program"
Funding from National Research
Council Canada through its                National
Industrial Research Assistance            Research                        86                           86                          -            December 19, 2020
Program (NRC-IRAP) entitled               Council Canada
"Innovation Assistance Program"
Total                                                          $       3,149          $             2,639          $             510


Critical accounting estimates and judgments

Our consolidated financial statements are prepared in accordance with accounting
principles generally accepted in the United States of America ("GAAP"). The
preparation of these consolidated financial statements often requires us to make
judgments and accounting estimates that can materially affect the amounts
reported in the consolidated financial statements and accompanying notes. These
judgments and estimates can have a significant effect on the financial
statements because they result primarily from estimates about the effects of
matters that are inherently uncertain. We make these estimates and judgments
based on guidance provided by current GAAP, historical experience and various
other assumptions that we believe to be reasonable under the circumstances. Our
actual results may differ from these estimates.

We believe that the specific accounting policies and significant judgments described below are most critical to helping us fully understand and evaluate our consolidated financial condition and results of operations.

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Stock-based compensation

The accounting standards for stock-based compensation require that all
stock-based awards be recognized as an expense in the consolidated financial
statements and that such expense be measured based on the fair value of the
award. We use the Black-Scholes option-pricing model to value our service-based
option grants and to determine the related compensation expense to be recognized
over each award's vesting period. Calculating the fair value of stock-based
payment awards using modeling techniques requires the use of assumptions. These
assumptions represent our best estimates, but the estimates involve inherent
uncertainties and the application of judgment. We adjust our modeling
assumptions when valuing new stock awards based on actual experience.

Income taxes

  Due to the Company's history of annual income tax losses, it has never
incurred significant income tax expense. We have, however, historically recorded
and disclosed in our financial statements significant deferred income tax assets
for net operating loss carry forwards and research tax credits that may be
available to offset future taxable income. We routinely assess the realizability
of the Company's deferred tax assets and have historically concluded that it is
unlikely that deferred tax assets derived from our U.S. operations will be
realized under current accounting standards and therefore we have consistently
maintained a full valuation allowance against these tax assets. Our U.S.
deferred tax assets are also subject to substantial annual limitation under
Section 382 of the Internal Revenue Code of 1986 due to stock ownership changes
that have occurred, primarily as a result of our securities offerings. The
calculation of Section 382 limitations is highly judgmental and the calculations
are complex. Based on an analysis completed during 2021, we have concluded that
all of our historical U.S. deferred tax assets generated through November 31,
2019 are no longer available to us for future use to offset taxable income.

MOI performs research services for Yield10 under a research services agreement
subject to intercompany transfer pricing regulations established in the U.S. and
Canada. These regulations require that MOI earn an arms-length profit from these
research services, calculated in accordance with tax regulations, and results in
the annual generation of taxable income in Canada. MOI files separate federal
and provincial income tax returns in Canada and has accumulated research tax
credit carry forwards that may be used to offset future taxable income. We have
recorded these Canadian research credits as a deferred tax asset within our
consolidated balance sheet at December 31, 2021 and December 31, 2020 based on
our judgment that MOI will continue to earn taxable income in the future and the
deferred tax asset will be realized. We have concluded, therefore, that a
valuation allowance against MOI's deferred tax asset related to its research
credits would not be appropriate. This judgment may change in the future due to
changes in MOI's taxable income or changes in U.S. and Canadian tax laws.

Securities placements

  We offer our securities for sale to public and private investors from time to
time. The structure of these offerings can be relatively straight-forward or
they can be highly complex, requiring significant judgment in their accounting
treatment and financial reporting. Our historical offerings completed to date
have included different classes of securities, including common stock,
convertible preferred stock and warrants with various exercise prices and terms.
Depending on the facts and circumstances of each offering, including; the
offering and market price of our common stock, the amount of cash proceeds
received, the fair value determination of each type of security issued, the
availability of authorized and unissued common shares to support conversion of
preferred shares or the exercise of the warrants, the specific terms of
securities purchase agreements and other factors that may come into
consideration, the shares of an offering may be recorded as permanent or
temporary equity within our balance sheets. The fair value of warrants issued in
an offering, under certain situations, may be recorded as a liability and be
subject to mark-to-market adjustments on each balance sheet date based on
changes in their fair value determined using the Black-Scholes valuation model.
We carefully analyze our securities offerings to ensure that we record them in
accordance with current accounting guidance.

Lease Accounting

As a lessee, we follow the lease accounting guidance codified in ASC 842. Under
this guidance, a lease is classified as a finance lease if any of five criteria
described in the guidance apply to the lease. Any lease not classified as a
finance lease is classified as an operating lease with expense recognition
occurring on a straight-line basis over the term of the lease. The application
of this guidance requires judgment. Under ASC 842, a lease liability is recorded
on the commencement date of a lease and is calculated as the present value of
the remaining lease payments, using the interest rate implicit in the lease, or
if that rate is not readily determinable, using the lessee's incremental
borrowing rate. A right-of-use asset equal to the lease

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liability is also recorded with adjustments made, as necessary, for lease
prepayments, lease accruals, initial direct costs and lessor lease incentives
that may be present within the terms of the lease. If a lease subject to ASC 842
is amended, the right-of-use asset and lease liability are adjusted, if
appropriate. These mathematical calculations to comply with ASC 842 can be
complex.

Comparison of the years ended December 31, 2021 and 2020

Revenue

                                                 Year ended
                                                December 31,
                                              2021        2020       Change

                       Grant revenue        $   614      $ 799      $ (185)


Grant revenue was $614 and $799 for the years ended December 31, 2021 and 2020,
respectively. During the years ended December 31, 2021 and December 31, 2020, we
recognized $575 and $646, respectively, from the Company's DOE sub-award with
MSU and $39 and $153, respectively, from short-term research grants awarded to
MOI through the Canadian Industrial Research Assistance Program.

We anticipate that grant revenue will decrease during the year ended December
31, 2022 in comparison to the year ended December 31, 2021, as a result of lower
grant appropriations of $510 remaining to be earned during the final nine months
of our MSU sub-award that ends in September 2022. We currently cannot assess
whether additional U.S. or Canadian government research grants will be awarded
to us during 2022. Our forecast related to grant revenue is subject to change,
however, should we receive new grants or if our ability to earn revenue from our
existing grant is negatively impacted by the COVID-19 pandemic.

Operating Expenses

                                                           Year ended
                                                          December 31,
                                                       2021          2020        Change

           Research and development expenses        $  6,201      $  5,361      $   840
           General and administrative expenses         6,105         5,047        1,058
           Total operating expenses                 $ 12,306      $ 10,408      $ 1,898

Research and development costs

Research and development expense increased by $840, or 16%, from $5,361 during
the year ended December 31, 2020 to $6,201 during the year ended December 31,
2021. The 2021 increase is primarily due to higher employee compensation and
benefits expense of $574 and higher crop field trial and research services
expense of $420. More specifically, the increase in employee compensation and
benefits is due to a $305 increase in stock-based compensation expense (a
non-cash expense) related to employee stock awards issued during 2021 and a $179
increase in employee payroll and insurance benefits resulting from hiring
additional research staff during the year ended December 31, 2021. We also
incurred $88 in employee recruiting and relocation expenses during the year in
connection with hiring the new staff. Crop field trial expenses increased by
$271 during the year ended December 31, 2021 as a result of our expanded
Camelina field trials conducted in the U.S., Canada and Argentina. We also
increased third-party research services by $139 during the year ended
December 31, 2021, primarily as a result of DNA sequencing analysis required for
regulatory purposes. During the year ended December 31, 2020, we incurred a
charge of $141 for the write-off of leasehold improvements and office furniture
used in our research and development operations as a consequence of amending our
Woburn, Massachusetts lease to return excess space to the landlord. We did not
incur similar charges during the year ended December 31, 2021.

Based on current planning and forecasting, we anticipate that our research and
development expenses during the year ended December 31, 2022 will increase to
levels above expenses incurred during the year ended December 31, 2021 as we
continue our efforts to develop Camelina plant varieties for the following
markets; feedstock oil for renewable diesel, PHA bioplastic, omega-3 oil for
nutraceuticals and aquaculture and protein meal for animal feed. Our forecast
related to research and development expense is subject to change and may be
impacted by our ability to raise additional cash to support our planned
operations, the potential impact of the COVID-19 pandemic or the advent of new
third-party

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collaborations or other business opportunities that may alter our plans.

General and administrative expenses

General and administrative expenses were $6,105 and $5,047 for the fiscal years
ended December 31, 2021 and December 31, 2020, respectively. The increase of
$1,058, or 21%, was primarily due to increased employee compensation and
benefits, higher consulting fees for Camelina business development activities
and higher premiums paid for directors and officers ("D&O") liability insurance.
These increases in expense were partially offset by lower legal fees during the
year ended December 31, 2021. Employee compensation and benefits increased by
$738, from $2,024 during the year ended December 31, 2020 to $2,762 during the
year ended December 31, 2021, and was primarily the result of a $631 increase in
stock-based compensation expense related to stock awards issued during 2021 and
a $125 increase in employee payroll and benefits from hiring additional staff.
Consulting fees increased by $268 during the year ended December 31, 2021 in
comparison to the year ended December 31, 2020 and was the result of engaging
outside parties to assist with early stage business development activities for
our Camelina plant varieties. Business insurance costs increased by $145 during
the year ended December 31, 2021 and were driven by higher D&O premiums
affecting the insurance markets. Investor relations expense also increased by
$86 during the year ended December 31, 2021 due to costs associated with our
efforts to communicate the Company's strategic direction. Legal fees decreased
by $214 during the year ended December 31, 2021, reflective of a lower level of
legal service activity.

Based on current planning and forecasting, we anticipate that our general and
administrative expenses during the year ended December 31, 2022 will increase to
levels above expenses incurred during the year ended December 31, 2021. The
change will primarily be the result of increased business development and seed
operations activities for our Camelina plant varieties, including increases in
employee compensation and benefits expense from recent and planned future
personnel hiring, seed scale up operations and other early stage commercial
activities. Our forecast related to general and administrative expense is
subject to change and may be impacted by our ability to raise additional cash to
support our plans, the potential impact of the COVID-19 pandemic or the advent
of new third-party collaborations or other business opportunities that could
alter our plans.

Other Income (Expense), net

                                                           Year ended
                                                          December 31,
                                                        2021        2020       Change
            Gain on investment in related party       $  700      $    -      $   700
            Change in fair value of warrants               -        (957)         957
            Loan forgiveness income                        -         333         (333)
            Other income (expense), net                   (3)         83          (86)
            Total other income (expense), net         $  697      $ (541)     $ 1,238


Gain on investment in Related party

During 1999, the Company entered into a technology sublicense agreement with
Tepha, Inc. ("Tepha"), a privately held company engaged in the development of
medical products. At the time the sublicense was executed, a director of Yield10
was also the president, chief executive officer and a director of Tepha. Three
other members of Yield10's board of directors also served on the board of
directors of Tepha, of which one continued to serve until completion of the
merger discussed below. Yield10 received 648,149 shares of Series A Convertible
Preferred Stock of Tepha ("Tepha Shares") during 2002 as consideration for
outstanding license payments due to Yield10 totaling $700. During 2005, the
Company determined the value of the Tepha Shares was impaired resulting in their
write off through a charge to other income (expense). The sublicense agreement
with Tepha ended in 2016.

In May 2021, the board of directors of Tepha approved and authorized the merger
of Tepha with Becton Dickinson Global Holdings, Inc. ("Becton Dickinson"). On
July 26, 2021, we received cash consideration of $700 in exchange for the
surrender of our Tepha Shares upon the closing of the sale of Tepha to Becton
Dickinson. We recorded the $700 as a gain on investment in related party within
other income (expense) for the year ended December 31, 2021.

Change in fair value of warrants

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  The fair value of the liability classified warrants issued in our November
2019 securities offerings was subject to mark-to-market adjustment on subsequent
balance sheet dates. On January 15, 2020, we remeasured the fair value of the
warrant liability in connection with the Company's 1-for-40 reverse stock split,
recording a loss from the change in fair value of $957. The reverse stock split
increased the number of shares of common stock available for issuance resulting
in reclassification of the warrant liability to equity.

Loan forgiveness income

During April 2020, we received $333 in loan proceeds through the Paycheck
Protection Program Flexibility Act ("PPP Loan"), established pursuant to the
CARES Act. During our fiscal quarter ended September 30, 2020, we utilized the
entire PPP Loan amount for expenses that met the qualifications for loan
forgiveness and recorded the full amount of the loan within other income
(expense) within our consolidated statement of operations.

Interest income (expense), net

  Other income (expense) for the years ended December 31, 2021 and December 31,
2020 was derived primarily from investment income earned from the Company's cash
equivalents and investments offset by interest expense and investment management
fees incurred during the year. Investment income recorded from U.S. federal
treasury notes was negligible during the year ended December 31, 2021 due to
their insignificant yield rates.

Cash and capital resources

Since our inception, we have incurred significant expenses related to our
research, development and commercialization efforts. With the exception of 2012,
we have recorded annual losses since the Company's initial founding, including
our fiscal year ended December 31, 2021. As of December 31, 2021, we had an
accumulated deficit of $386,131. Our total unrestricted cash, cash equivalents
and short-term investments as of December 31, 2021, totaled $15,990 as compared
to $9,702 at December 31, 2020. As of December 31, 2021, we had no outstanding
debt.

Our cash, cash equivalents and short-term investments at December 31, 2021, were
held for working capital purposes. As of December 31, 2021, we had restricted
cash of $264, which consisted of $229 held in connection with the lease
agreement for our Woburn, Massachusetts facility and $35 held in connection with
our corporate credit card program.

Investments are made in accordance with our corporate investment policy, as
approved by our Board of Directors. The primary objective of this policy is to
preserve principal, and consequently, investments are limited to high quality
corporate debt, U.S. Treasury bills and notes, money market funds, bank debt
obligations, municipal debt obligations and asset-backed securities. The policy
establishes maturity and concentration limits, and liquidity requirements. As of
December 31, 2021, we were in compliance with this policy.

Material cash needs

We currently anticipate net cash usage of $12,000 to $12,500 to fund operations
during 2022, including our expanded research and development activities and our
preparations for the future commercial launch of our Camelina products.

We require cash to fund our working capital needs, to purchase capital assets,
to pay our lease obligations and other operating costs. The primary sources of
our liquidity have historically included equity financings, government research
grants and income earned on cash equivalents and short-term investments.

We routinely enter into contractual commitments with third parties to support
our operating activities. The more significant of these commitments includes
real estate operating leases for our office, laboratory and greenhouse
facilities located in the U.S. and Canada. In addition, we typically enter into
annual premium funding arrangements through our insurance broker that allows us
to spread the payment of our directors and officers liability and other business
insurance premiums over the terms of the policies. Our material commitments also
include annual arrangements with third party growers located in North and South
America for the execution of crop trials and seed scale-up activities to further
our trait development goals and to progress the commercial development of our
Camelina plant varieties. The aggregate cost of these contracted crop activities
is substantial. From time-to-time, we also enter into exclusive research
licensing and collaboration arrangements with third parties for the development
of intellectual property related to trait development. These long-term
agreements typically include initial licensing payments and future contingent
milestone payments associated with regulatory

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filings and approvals; and potential royalty payments based on future product sales. Typically, these license agreements contain early termination provisions in the terms of the respective agreements.

The Company does not have any off-balance sheet arrangements as defined in Section 303(b) of Regulation SK of the Securities Exchange Act of 1934.

Continuity of exploitation

We follow the guidance of ASC Topic 205-40, Presentation of Financial
Statements-Going Concern, in order to determine whether there is substantial
doubt about our ability to continue as a going concern for one year after the
date our financial statements are issued. Based on our current cash forecast, we
expect that our present capital resources will not be sufficient to fund our
planned operations for at least that period of time, which raises substantial
doubt as to the Company's ability to continue as a going concern. This forecast
of cash resources is forward-looking information that involves risks and
uncertainties, and the actual amount of expenses could vary materially and
adversely as a result of a number of factors. Our ability to continue operations
after our current cash resources are exhausted will depend upon our ability to
obtain additional financing through, among other sources, public or private
equity financing, secured or unsecured debt financing, equity or debt bridge
financing, warrant holders' ability and willingness to exercise the Company's
outstanding warrants, additional government research grants or collaborative
arrangements with third parties, as to which no assurances can be given. We do
not know whether additional financing will be available on terms favorable or
acceptable to us when needed, if at all. If additional funds are not available
when required, we will be forced to curtail our research efforts, explore
strategic alternatives and/or wind down our operations and pursue options for
liquidating our remaining assets, including intellectual property and equipment.

If we issue equity or debt securities to raise additional funds, (i) the Company
may incur fees associated with such issuance, (ii) our existing stockholders
will experience dilution from the issuance of new equity securities, (iii) the
Company may incur ongoing interest expense and be required to grant a security
interest in Company assets in connection with any debt issuance, and (iv) the
new equity or debt securities may have rights, preferences and privileges senior
to those of our existing stockholders. In addition, utilization of our net
operating loss and research and development credit carryforwards may be subject
to significant annual limitations under Section 382 of the Internal Revenue Code
of 1986 due to ownership changes resulting from future equity financing
transactions. If we raise additional funds through collaboration, licensing or
other similar arrangements, it may be necessary to relinquish valuable rights to
our potential products or proprietary technologies or grant licenses on terms
that are not favorable to the Company.

Use of cash for the 2021 financial year

Net cash used in operating activities was $9,253 during the year ended
December 31, 2021, compared to net cash used by operating activities during 2020
of $8,659. Net cash used by operations during the year ended December 31, 2021
primarily reflects the net loss of $11,031, cash payments made to reduce the
Company's lease liabilities of $457 and our payment of 2020 bonus compensation
of $460 during early 2021. Non-cash charges offsetting a portion of the net loss
include depreciation and amortization expense of $220, stock-based compensation
expense of $1,675, our 401(k) stock matching contribution expense of $112 and
non-cash lease expense of $358 resulting from amortization of our right-of-use
assets. The net cash usage for operating activities during the year ended
December 31, 2020 of $8,659 was primarily the result of the Company's net loss
of $10,206, cash payments to reduce the Company's lease liabilities of $601 and
our payment of 2019 bonus compensation of $344. Non-cash charges offsetting a
portion of the net loss included depreciation and amortization expense of $182,
a loss recorded from our revaluation of the Company's warrant liability of $957,
forgiveness of our PPP Loan of $333, losses from the write-off of fixed assets
of $206, stock-based compensation expense of $739, our 401(k) stock matching
contribution expense of $109 and non-cash lease expense of $429.

Net cash of $4,578 was used in investing activities during the year ended
December 31, 2021, compared to net cash used in investing activities during 2020
of $645. During the year ended December 31, 2021, the Company purchased $10,639
in short-term investments, primarily U.S. Treasury notes and federal agency
bonds. Also during 2021, $6,250 of our short-term investments matured and
converted to cash. During the year ended December 31, 2020, we purchased $9,279
in similar short-term investments and investments totaling $8,700 matured and
converted to cash.

Net cash of $15,746 was provided by financing activities during the year ended
December 31, 2021, compared to net cash provided by financing activities of
$7,279 during the year ended December 31, 2020. During the year ended
December 31, 2021, the Company completed a public offering of 1,040,000 shares
of its common stock at a price of $12.25 per share, receiving proceeds of
$12,740 before issuance costs of $747. Also during 2021, a total of 481,973
Series A and

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Series B warrants issued in the Company's November 2019 securities offering were
exercised by warrant holders, providing $3,856 in cash proceeds. During the year
ended December 31, 2020, we completed a public offering of 951,835 shares of our
common stock at a public offering price of $4.25 per share, for gross proceeds
of $4,045. Concurrent with this public offering, we completed a separate private
placement offering of 396,450 shares of our common stock to certain existing
shareholders at the same $4.25 price as the public offering noted above. Gross
proceeds from this private placement were $1,685. Issuance costs incurred for
the concurrent offerings totaled $425. During the year ended December 31, 2020,
we also recorded cash proceeds of $1,658 from the exercise of 207,296 warrants
and we received cash proceeds of $333 from the forgiven PPP loan issued through
the CARES Act.

Related Party Transactions

During 1999, the Company entered into a technology sublicense agreement with
Tepha, a related party engaged in the development of medical products. Yield10
received 648,149 shares of Series A Convertible Preferred Stock of Tepha during
2002 as consideration for outstanding license payments due to Yield10 totaling
$700. In July 2021, Tepha merged with Becton Dickinson and we received cash
consideration of $700 in exchange for the surrender of our Tepha Shares.

Recent changes in accounting standards

For a discussion of recent accounting standards, please read Note 2, Summary of significant accounting policies, to our consolidated financial statements included in this report.

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