CLXT - Calyxt Needs To Secure More Commercial Partners As Cash Dwindles

• Calyxt has refined its business strategy further to a pure trait/technology licensing model, but hasn't announced any major new licensing partnerships since its deal with S&W for alfalfa.
• The company has a credible pipeline of value-added products that should generate some interest, but it remains to be seen if large seed companies will be willing to pay up.
• With about three quarters' worth of cash, Calyxt needs a meaningful partnership to facilitate further fundraising on less dilutive terms.
• Success could produce very large returns from here, but investors have to weigh that opportunity against a real risk that meaningful partnerships don't materialize.

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