eXoZymes (EXOZ) Registration Filing summary

Company overview and business model

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

• Founded in 2019; pre-revenue, development-stage, with products only produced at laboratory scale.

• Focused on out-licensing technology and forming collaborations for research, testing, manufacturing, and distribution.

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

• Holds a portfolio of patents and exclusive licenses from UCLA covering enzyme systems, cofactor management, and cannabinoid biosynthesis.

Financial performance and metrics

• No significant revenues to date; relies on government and private grants totaling $12.7 million since inception.

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

• Cash and 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.

• Independent auditors issued a going concern statement due to recurring losses and limited cash.

Use of proceeds and capital allocation

• Net proceeds of ~$13.28 million (or $15.35 million if overallotment is exercised) expected from IPO at $8.00/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 expected to fund operations for 18–24 months.