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, remains a pre-revenue, development-stage company with laboratory-scale production only.

• Commercialization strategy centers on out-licensing technology and forming collaborations, joint ventures, and subsidiaries for product development and market entry.

• Lead applications include cannabinoid APIs for therapeutics and isobutanol as a next-generation biofuel.

• Holds exclusive and non-exclusive licenses to key patents from UCLA, with a robust IP portfolio covering enzyme systems and biomanufacturing processes.

Financial performance and metrics

• No significant revenues to date; operations funded by grants and related party loans.

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

• Cash and cash equivalents of $158,239 as of June 30, 2024; working capital deficit of $3.15 million.

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

• Received $12.7 million in grants since inception, primarily from the DOE and NIH.

Use of proceeds and capital allocation

• Net proceeds of approximately $13.28 million (or $15.35 million if overallotment is exercised) expected from the IPO.

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

• Proceeds anticipated to fund operations for 18–24 months.