NZX (NZX) Investor Day 2024 summary

Scientific and operational milestones

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

• Received USDA APHIS regulatory clearance for GLA-producing safflower, completing the U.S. regulatory pathway.

• Scaled up prototyping operations from 3 to 300 liters and expanded safflower seed multiplication from 0.7 to 27.4 hectares.

• Advanced soybean and pea projects to T2 generation, confirming gene integration and expression in greenhouse trials.

• Progressed multiple R&D pipeline projects from discovery to transformation stage, including Soy 2 and 3, Pea, Beef 2 and 3.

Business development and strategic partnerships

• Acquired a fully operational soybean processing facility with 10,000 tons/year capacity, enhancing downstream capabilities.

• Signed an MOU with Bioceres Crop Solutions for up to 20,000 tons of HB4 soybeans over three years, supporting working capital and sustainability.

• Integrated HB4 drought-tolerant soybeans to improve traceability, sustainability, and lower environmental footprint.

• Combined molecular farming with HB4 platform to advance carbon neutrality and transparent value chains.

• Expanded network of farmers and customers across 14 countries and 3 continents, maintaining an asset-light approach.

Financial highlights and guidance

• Ended March 2023 with $6 million in cash and cash equivalents, managing cash efficiently amid challenging markets.

• Structured acquisition and raw material deals with deferred share-based payments to preserve liquidity.

• Issued $2 million in 0% interest debt and negotiated payment schedules to smooth cash needs through March 2024.

• Expect to cover majority of raw material needs for 18-24 months via Bioceres agreement, with payment deferred for three years.

• No significant increase in R&D expenses anticipated for 2023; focus remains on increasing operational cash flow.