The objective of this project was to develop an improved multistage process for the hydrothermal liquefaction (HTL) of biomass to serve as a new front-end, deconstruction process ideally suited to feed Virent?s well-proven catalytic technology, which is already being scaled up. This process produced water soluble, partially de-oxygenated intermediates that are ideally suited for catalytic finishing to fungible distillate hydrocarbons. Through this project, Virent, with its partners, demonstrated the conversion of pine wood chips to drop-in hydrocarbon distillate fuels using a multi-stage fractional conversion system that is integrated with Virent?s BioForming� process. The majority of work was in the liquefaction task and included temperature scoping, solvent optimization, and separations.