NZX (NZX) Investor Day 2024 summary

Scientific and operational milestones

• Achieved 60% GLA expression in safflower seeds, surpassing expectations by 10% and improving project economics.

• Received USDA APHIS regulatory clearance for GLA-producing safflower, enabling more efficient and agile US operations.

• Scaled up safflower seed production 42x and GLASO seeds 25x year-over-year, with significant increases in reactor and biomass yields.

• Advanced meat replacement program with successful animal gene integration in pea and soybean, progressing to greenhouse and multiplication stages.

• Progressed multiple R&D projects from discovery to transformation, with regulatory pathways completed for key products.

Business development and strategic initiatives

• Acquired a state-of-the-art soybean processing facility with 10,000 tonnes/year capacity, enhancing downstream capabilities.

• Signed an MoU with BioSeres Crop Solutions to secure up to 20,000 tonnes of HP4 soybeans over three years, supporting working capital and sustainability goals.

• HP4 soybean platform offers traceability, lower environmental footprint, and supports a transparent, sustainable value chain.

• Business plan execution involves four stages, moving from traditional soy processing to molecular farming-based animal protein ingredients.

• Target market for 2025 estimated at $827B, with a serviceable addressable market of $37B, driven by alternative protein growth.

Financial highlights and guidance

• Post-NASDAQ listing, maintained strong regional shareholder presence and received $10M in proceeds.

• Ended Q1 with $6M in cash; managing cash efficiently through deferred payments, 0% interest debt, and controlled expenses.

• Structured acquisition payments with 50% share-based deferral through 2024–2026 to preserve liquidity.

• MoU with BioSeres allows deferred payment for soybeans over three years, with option to pay in cash or shares, reducing raw material cash outflows.

• Expect continued low R&D cash burn and moderate administrative expense increases for the remainder of 2023.