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, focused on technology and IP development; products are at laboratory scale and not yet commercialized.

• Commercialization strategy centers on out-licensing, collaborations, and joint ventures to reduce capital needs and accelerate market entry.

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

• Received $12.7M in grants from DOE, NIH, Gates Foundation, and Shell for R&D.

Financial performance and metrics

• No significant revenues to date; net losses of $2.04M (2023), $1.40M (2022), and $1.01M for Q1 2024.

• Cash and equivalents of $113,796 as of March 31, 2024; working capital deficit of $2.17M.

• Operating costs increased due to staff expansion, new lab space, and higher R&D expenses.

• Accumulated deficit of $7.09M as of March 31, 2024.

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

Use of proceeds and capital allocation

• Net proceeds of ~$15.3M ($17.7M if overallotment exercised) expected from IPO at $4.00/share.

• Planned uses: $3.5M for production expansion, $5M for staff, $500K for business development, $1.75M for R&D, and $4.55M for working capital.

• Management has broad discretion over use of funds; proceeds may be reallocated as needed.