Moolec Science Presents Fiscal Year 2024 Annual Business Update

Rhea-AI Summary

Moolec Science SA (NASDAQ:MLEC) reported its Business Update for Q4 FY2024 ended June 30, 2024. Key highlights include:

1. GLASO™: Secured an offtake agreement with a major global CPG food and pet food company and an R&D collaboration with Bunge. Significant advancements in upstream and downstream processes.

2. Piggy Sooy™: Field trials in three US locations progressing for product development, seed increase, and regulatory data gathering.

3. TSP Valorasoy™: Trials for enhanced Valorasoy 2.0 products showed encouraging results.

4. Financials: Revenue & other income of ~$6M for FY 2024, driven by soy protein ingredient business. Prudent cash burn in line with company growth.

The company highlighted the USDA-APHIS approval for PiggySooy™ as a pivotal moment in Molecular Farming. Moolec is preparing for the commercialization of GLASO™ and advancing its product pipeline.

Positive

• Secured offtake agreement with major global CPG food and pet food company for GLASO™
• Established R&D collaboration agreement with Bunge for GLASO™
• Achieved USDA-APHIS approval for PiggySooy™
• Revenue & other income of ~$6M for FY 2024
• Successful capital raises strengthened liquidity and strategic partnerships

Negative

• None.

Insights

Financial Analyst

Moolec Science's FY 2024 update reveals promising developments across multiple fronts. The company reported $6 million in revenue and other income, primarily from its soy protein ingredient business. This figure, while modest, demonstrates the company's ability to generate income as it prepares for the launch of new products.

Key highlights include:

• An offtake agreement for GLASO™ with a major global CPG food and pet food company
• An R&D collaboration with Bunge
• Advancements in PiggySooy™ field trials
• Encouraging results from Valorasoy 2.0 trials

The USDA-APHIS approval for PiggySooy™ is a significant milestone, potentially opening doors for future regulatory approvals. The company's focus on cost efficiency and controlled cash burn, coupled with successful capital raises, has strengthened its financial position.

However, investors should note that Moolec is still in a growth phase, with major product launches yet to come. The $31.8 million market cap suggests the market is cautiously optimistic about the company's potential, but significant revenue growth will be important for long-term success.

Biotechnology Expert

Moolec Science's progress in molecular farming is noteworthy. The USDA-APHIS approval for PiggySooy™ is a landmark achievement in the biotech landscape, validating the company's approach to producing animal proteins in plants. This regulatory milestone could pave the way for faster approvals of future products.

The company's diverse product pipeline, including GLASO™, PiggySooy™ and Valorasoy™, demonstrates a multi-pronged strategy to address various market needs. The advancement in both upstream and downstream processes for GLASO™ is particularly promising, as it suggests the company is making strides in optimizing production efficiency.

The R&D collaboration with Bunge, a major player in the agribusiness sector, lends credibility to Moolec's technology and could accelerate product development. However, it's important to note that the road from successful trials to large-scale commercial production can be long and complex in the biotech industry.

Overall, Moolec's progress in molecular farming positions it at the forefront of a potentially disruptive technology in food production, but commercial success will depend on scalability, cost-effectiveness and market acceptance of its novel products.

LUXEMBOURG / ACCESSWIRE / October 2, 2024 / Moolec Science SA (NASDAQ:MLEC) ("The Company"; "Moolec"), a science-based food ingredient company focused on producing animal proteins and nutritional oils in plants, today reported its Business Update for the fourth quarter of Fiscal Year 2024 ended June 30, 2024.

Moolec Science Logo

The main highlights of Moolec's fourth quarter are as follows:

• GLASO™: The Company announced an offtake agreement with a major global CPG food and pet food company and an R&D collaboration agreement with Bunge. Also, Moolec made significant advancements in both upstream and downstream processes.

• Piggy Sooy™: Field trials in three different US locations continue on schedule to move forward with product development (sampling), seed increase and gathering of environmental and regulatory data to continue with the US-FDA approval pathway.

• TSP Valorasoy™: Trials for new enhanced products Valorasoy 2.0 were carried out in Moolec's facilities with encouraging results.

• Financial landscape: Revenue & other income of ~$6M for FY 2024 driven by soy protein ingredient business; Prudent cash burn during FY 2024 in line with Company growth and lower accounts payable.

"I am proud of our team of 'Moolers' for their relentless dedication and repeated achievement of significant milestones. This fiscal year has been truly transformative for Moolec Science. The groundbreaking USDA-APHIS approval for PiggySooy™ marks a pivotal moment in the Molecular Farming and biotech landscape. Coupled with the imminent commercialization of GLASO™, for which we've already secured commercial agreements, and our robust pipeline progressing on schedule, we've demonstrated remarkable progress across all fronts. Our team's unwavering commitment and innovative spirit have been the driving force behind these accomplishments. As we look to the future, I am filled with optimism about the impending commercialization of our groundbreaking products. We stand at the cusp of revolutionizing the food industry through molecular farming, offering sustainable and cost-effective solutions to global nutritional challenges. The coming years hold immense promise as we continue to push the boundaries of science and redefine the future of food production," stated Gastón Paladini, Chief Executive Officer and Co-Founder of Moolec.

"As we reflect on the full fiscal year of 2024, I am pleased to report annual revenue and other income in the range of $6 million. This underscores our operations in our soy protein ingredient business as we prepare to launch GLASO™ in the coming year. At the same time, our team's keen focus on cost efficiency has helped us to maintain a controlled cash burn while supporting Company growth. Our successful capital raises this fiscal year have strengthened our liquidity and strategic partnerships, ensuring we maintain a healthy position to continue preparations for upcoming products. We remain steadfast in our commitment to prudent, structured growth, building on our successes and positioning Moolec Science for an exciting future," remarked José López Lecube, Chief Financial Officer of Moolec.

For a full version of Moolec's fourth quarter Fiscal Year 2024 Business Update, click here.

Conference Call

Management will host a Conference Call and question-and-answer session, which will be accompanied by a presentation available during the webinar.

To access the call, please use the following information:

• Date: Wednesday, October 2, 2024

• Time: 08:30 a.m. Eastern Time (US and Canada)

• Link to join the webinar:https://icrinc.zoom.us/j/91597501131?pwd=dnzbr1Nc4asDmMqsac806jp15Dx84s.1

• One tap mobile: +13017158592,,91597501131#,,,,*799765# US (Washington, DC)

• Dial In: +1 301 715 8592 | Webinar ID: 915 9750 1131, passcode: 799765

• International numbers available: https://icrinc.zoom.us/u/abX5mDiNYZ

Please connect 5 minutes prior to the start time to register and join.

A recording of the call and the pdf version of the presentation will be available after the conclusion of the live event via Moolec's Investor Relations website.

Forward-Looking Statements

This publication contains "forward-looking statements." Forward-looking statements may be identified by the use of words such as "forecast," "intend," "seek," "target," "anticipate," "believe," "expect," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements with respect to performance, prospects, revenues, and other aspects of the business of Moolec are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Although we believe that we have a reasonable basis for each forward-looking statement contained in this publication, we caution you that these statements are based on a combination of facts and factors, about which we cannot be certain. We cannot assure you that the forward-looking statements in this publication will prove accurate. These forward-looking statements are subject to a number of significant risks and uncertainties that could cause actual results to differ materially from expected results, including, among others, changes in applicable laws or regulations, the possibility that Moolec may be adversely affected by economic, business and/or other competitive factors, costs related to the scaling up of Moolec's business and other risks and uncertainties, including those included under the header "Risk Factors" in Moolec's Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission ("SEC"), as well as Moolec's other filings with the SEC. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Accordingly, you should not put undue reliance on these statements.

Contact Information

Press & Media
comms@moolecscience.com

Investor Relations
ir@moolecscience.com

Related Files

Moolec Science - Business Update Q4FY2024 Press Release

SOURCE: Moolec Science

View the original press release on newswire.com.

FAQ

What was Moolec Science's (MLEC) revenue for FY 2024?

Moolec Science reported revenue & other income of approximately $6 million for Fiscal Year 2024, primarily driven by its soy protein ingredient business.

What major partnerships did Moolec Science (MLEC) announce in Q4 FY2024?

Moolec Science announced an offtake agreement with a major global CPG food and pet food company and an R&D collaboration agreement with Bunge for its GLASO™ product.

What significant regulatory approval did Moolec Science (MLEC) receive for PiggySooy™?

Moolec Science received USDA-APHIS approval for PiggySooy™, which the company described as a pivotal moment in the Molecular Farming and biotech landscape.

When is Moolec Science (MLEC) planning to launch GLASO™?

According to the business update, Moolec Science is preparing to launch GLASO™ in the coming year, following the secured commercial agreements.