eXoZymes (EXOZ) Registration Filing summary

Company overview and business model

• Focuses on cell-free, multi-step enzyme-based biomanufacturing systems (SimplePath™) to convert renewable resources into chemicals for pharmaceuticals, fuels, materials, and food additives.

• Established in 2019; pre-revenue, development stage with primary activities in R&D and technology platform development.

• Lead applications include cannabinoid APIs and isobutanol biofuels, with a commercialization strategy centered on licensing, joint ventures, and tech transfer packages.

• Received $12.7M in grants from DOE, NIH, Gates Foundation, and Shell GCxN to advance technology and validate processes.

• Plans to scale up production and expand staff, R&D, and business development using IPO proceeds.

Financial performance and metrics

• No significant revenues to date; pre-revenue status with ongoing operating losses.

• Net loss of $2.37M for the six months ended June 30, 2024, and $2.04M for the year ended December 31, 2023.

• Cash and cash equivalents of $158K as of June 30, 2024; working capital deficit of $3.15M.

• Accumulated deficit of $8.45M as of June 30, 2024.

• Auditor issued a going concern statement due to recurring losses and limited cash resources.

Use of proceeds and capital allocation

• Net proceeds of ~$13.28M (or $15.35M if overallotment exercised) expected from IPO at $4.00/share.

• Planned uses: $3.5M for production expansion, $4M for staff increases, $500K for business development, $1.75M for R&D, $3.19M to repay related party loans, and $338K for working capital.

• Proceeds will also repay $3.19M in advances and loans from parent MDB Capital Holdings, LLC.