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.

• Pre-revenue, development-stage company; products only produced at laboratory scale, not yet commercialized.

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

• Lead applications include cannabinoid APIs and isobutanol biofuels, targeting high-value and sustainable markets.

• 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; relies on government and private grants totaling $12.7M since inception.

• Net loss of $2.37M for the six months ended June 30, 2024; net loss of $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.

• Receives significant funding from parent company MDB Capital Holdings, LLC, with $3.19M advanced as of June 30, 2024.

Use of proceeds and capital allocation

• Net proceeds of $13.28M (or $15.35M if overallotment exercised) expected from IPO at $8.00/share.

• Proceeds allocated to expand production capabilities ($3.5M), increase staff ($4M), business development and marketing ($500K), R&D ($1.75M), repay related party loan ($3.19M), and working capital ($338K).

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