MLEC

• Scientific Developments: In Q1 FY2024, set up fully owned Moolabs in Texas; Piggy Sooy animal protein expression stabilized across generations; USDA approved Piggy Sooy; Glaso had trial production in Q3 and seed planting in Q4.
• Business Operations: Consolidated soy product ingredient business; purchased 15,000 tons of HB4 soybean via convertible note to BIOX.
• Regulatory Achievements: Secured USDA approval for Piggy Sooy, allowing transport and distribution with APHIS permits; conducted field trials for Piggy Sooy in Ohio, Missouri, and Iowa.

• 2025 Commercialization: Expect Glaso commercialization to begin, with harvest in October 2025 targeting new revenues; engaging with partners and clients, providing product samples; fine-tuning operations for upstream and downstream yields; focusing on regulatory pathway progress; consolidating team and establishing new operational hub in U.S.; expanding sales and marketing efforts with industry shows and conferences.

During fiscal year 2024, normalized revenues increased from approximately $1 million in 2023 to $5.8 million in 2024. Normalized cost of sales rose from close to $1 million in 2023 to $4.5 million in 2024. SG&A and R&D expenses increased from $6.2 million in 2023 to $9.3 million in 2024. Cash position was approximately $5.4 million as of Q4 2024. For Piggy Sooy, animal protein expression stabilized at 20% in T3 transgenic events. For Glaso, there was trial production in Q3 and seed planting in Q4 with 600 acres contracted for Glaso seeds and 60 more acres for safflower seed production.

• Regulatory uncertainties related to approvals for Piggy Sooy and Glaso.
• Market adoption challenges for new products.
• Operational execution risks in scaling up production and maintaining quality standards.

Q: This quarter you highlighted an offtake agreement for Glaso with a major global CPG company to enter the U.S. market in 2025. Can you provide more details on this collaboration? What efforts have both parties made, and what is the estimated scale and expected revenue generation in 2025?

A: Gaston stated it's a 3-year contract with a major global CPG (name not revealed), Martin mentioned 600+ acres planted in Idaho with expected yields around 1,400 tons per acre and 50-60 tons of GLA produced for the offtake, Jose indicated Glaso expected to contribute to revenues in 2025.

Q: You mentioned signing an R&D collaboration agreement with Bunge to develop safflower varieties aimed at improving productivity for specific applications and markets. Can you share more details about this partnership and the business opportunities from this?

A: Amit explained focus on upstream breeding to improve safflower varieties, Martin discussed trait development for safflower, Gaston highlighted Bunge's focus on biofuels and Moolec's focus on Glaso production using safflower as a bioreactor.