Moolec Science S.A. Q3 FY2023 earnings call

• Scientific and Operational Milestones: On the cheese and nutraceutical program, safflower molecular seeds multiplication campaigns for SPC2 and GLASO products are on schedule, with GLASO achieving 60% GLA oil expression (10% above expectation) and USDA-APHIS regulatory clearance for GLA production safflower plants. On the meat replacement program, new proteins were expressed, prototyping scaled up from 3L to 300L, and PCR confirmed transgenic events have desired animal genes.
• Integrations of Upstream and Downstream Capabilities: Acquired a plant-based ingredient capability including a soybean processing facility with 10,000 tons/year capacity, operational since April 11, 2023, with a $6M deal. Signed an MOU with Bioceres Crop Solutions for up to 20,000 tons of HB4 soybeans over 3 years with deferred payment options.
• Business Plan Execution: Total addressable market (TAM) for products is ~$827B by 2025, serviceable addressable market (SAM) ~$37B, driven by double-digit growth in the alternative protein industry. Platform includes farmers, sustainable soybean procurement, industrial demo center, asset-light approach, and global customer network.
• Financial Highlights: Received $10M proceeds from business combination, had $6M cash/cash equivalents as of March 31, 2023, managed cash position, negotiated payment schedules, issued $2M debt, and signed MOU with Bioceres to secure raw materials.

No detailed financial performance by product segments with absolute revenue and contribution percentages provided in the transcript.

• Deferred payment of soybean for 3 years under MOU with Bioceres, with option to pay $14M plus 9% payment in kind with common shares or cash at maturity.
• Expect to cover majority of raw material costs for downstream capabilities in the next 18-24 months with HB4 soybeans.

• Forward-looking statements involve inherent risks and uncertainties, detailed in the annual report on Form 20-F.
• Regulatory uncertainties related to product approvals.
• Market risks associated with the alternative protein industry's growth and competition.

Q: Can you talk about Molecular Farming technologies first quarter results?

A: Gaston and Amit discussed progress in safflower (60% GLA oil expression, regulatory approval), soybean (T2 generation, confirming expression levels), and peas (PCR confirmed desired gene, plants in greenhouse).

Q: What is the practical effect the GLA expression levels at 60%, above expectations?

A: Amit explained that 60% of GLA oil in safflower seeds is a significant milestone, improving economics of production without impacting plant performance.

Q: How does the HB4 soybean deal benefit Moolec?

A: Jose explained that the deal secures raw materials, allows deferred payment, and provides optionality to pay in cash or equity, improving funding and liquidity.