Canaccord Genuity Group Inc. · TSX:CF
Canaccord Genuity — GreenLight Biosciences — SPAC Merger (August 2021)
56 slides from Canaccord Genuity's SPAC merger presentation, August 2021
Slide 1: What if we could make RNA accessible to everyone?
What if we could make RNA accessible to everyone? Investor Presentation | © 2021 GreenLight Biosciences. All rights reserved. GreenLight confidential. 1
Slide 2: Disclaimer
Disclaimer Caution Regarding Forward Looking Statements Certain statements included in this Investor Presentation (“Presentation”) that are not historical facts are forward-looking statements for purposes of US law. Forward-looking statements generally are accompanied by words such as “believe,” “ma
Slide 3: Disclaimer
Disclaimer Use of projections This Presentation contains projected financial information with respect to GreenLight. Such projected financial information constitutes forward-looking information and is for illustrative purposes only. Financial projections should not be relied upon as necessarily bein
Slide 4: Disclaimer
Disclaimer Trademarks All trademarks, service marks, and trade names of Environmental Impact Acquisition Corporation ("ENVI") or GreenLight or their respective affiliates used herein are trademarks, service marks, or registered trade names of Environmental Impact Acquisition Corporation ("ENVI") or
Slide 5: Environmental Impact (ENVI) platform overview
Environmental Impact (ENVI) platform overview Experienced Team with Proven Track Record Sustainability-Focused Mission Dan Coyne, CEO Marc Marano, CFO • Partner with a high-growth, market leading business, propelled by a large & growing market opportunity and a • ServesVision & as Canaccord Genuity’
Slide 6: GreenLight Bio. & Environmental Impact - Shared mission to deliver global Impact
GreenLight Bio. & Environmental Impact - Shared mission to deliver global Impact GreenLight Biosciences Key Highlights ● GreenLight Biosciences (“GreenLight” or the “Company”) is a mission-driven synthetic biology platform developing RNA-based solutions for agriculture (plant health & pest control)
Slide 7: GreenLight's vision
GreenLight’s vision: Pave the way for a sustainable planet through widely available and affordable RNA Create Deliver Reward Solutions to major challenges Innovative RNA-based products for Our shareholders, employees, and facing humanity through the sustainable food production and stakeholders by gr
Slide 8: Greenlight exists to bring RNA solutions to solve some of the world's most pressing challenges
Greenlight exists to bring RNA solutions to solve some of the world’s most pressing challenges We must end this pandemic, prepare for the next one, and develop innovative approaches to grave diseases in underserved parts of the world. Cutting-edge medicines and healthcare should be available to all.
Slide 9: GreenLight's pioneering platform offers affordable RNA solutions to the world
GreenLight’s pioneering platform offers affordable RNA solutions to the world We will enable affordable and globally scaled RNA applications in agriculture, and human health More affordable RNA Production Matrix In-vitro transcription Chemical synthesis Fermentation - not viable for RNA in agricultu
Slide 10: Cell-free dsRNA production platform with unprecedented scale and reduced dependencies
Cell-free dsRNA production platform with unprecedented scale and reduced dependencies Opens a wide range of new and high-value applications for RNA in agriculture GreenLight’s dsRNA proprietary manufacturing process for Agriculture RNA Cell-free RNA Production dsRNA Active Microbial RNA Building Dep
Slide 11: Our cell-free engine has overcome development and commercialization barriers for RNA
Our cell-free engine has overcome development and commercialization barriers for RNA We remove hurdles to implementing and scaling RNA for human, plant, and animal health Rochester facility . dsRNA installed capacity at 500 kg per year with ready expansion to 1,000 kg Identify Develop and optimize S
Slide 12: Enabled by our platform, we will pursue a mix of collaborations and branded products
Enabled by our platform, we will pursue a mix of collaborations and branded products Cost-effective production can open up numerous categories of GreenLight products and collaborations GreenLight’s cell-free platform. Markets Agriculture and Food Production Human Health Cost, scale, stability, speed
Slide 13: Nine projected product launches and multiple clinical milestones through 2026
Nine projected product launches and multiple clinical milestones through 2026 Acquisitions and in-licensing deals have potential to further boost pipeline from GreenLight’s engine 2021 2022 2023 2024 2025 2026 GreenLight’s cumulative TAM $350M ~$33B ~$34B ~$40B ~$41B Colorado Potato Beetle Launch Va
Slide 14: Our Team
Our Team Exceptional management team with diverse public company expertise and proven track record of success 15 8 100+ Companies founded Companies taken public Years of public company experience Andrey J. Zarur Susan Keefe Carole Cobb Marta Ortega-Valle Amin Khan Ph.D CEO MBA CFO MBA COO MBA CBO Hu
Slide 15: Plant and animal health platforms: Insecticides, fungicides and acaricides
Plant and animal health platforms: Insecticides, fungicides and acaricides Investor Presentation | © 2021 GreenLight Biosciences. All rights reserved. GreenLight confidential. HUMAN HEALTH 15
Slide 16: Conventional Pesticides
Price and performance of first-ever foliar RNA product highly competitive with other premium solutions GreenLight product pipeline will address farmer, consumer, and environmental concerns Effectiveness Biodiversity Product Safety Toxicity and residue and use rate and pollinators Conventional Pestic
Slide 17: Rapid discovery to address emerging climate-driven farmer pain points
Rapid discovery to address emerging climate-driven farmer pain points Pipeline stretches from protecting honeybees to fresh produce and large-scale crops, a $10bn addressable market Discovery & Greenhouse Confirmatory Regulatory Expected Program Collaborator POC field trials TAM lab studies trials t
Slide 18: Colorado Potato Beetles decimate fields of potatoes, eggplants, and bell peppers
Colorado Potato Beetles decimate fields of potatoes, eggplants, and bell peppers Biodiversity-supporting solution to >$500M problem, from discovery to EPA submission in just four years Potato fields protected in 2020 field trials Meets farmers’ buying criteria 4 g of GreenLight Untreated, 30 days RN
Slide 19: While farmers benefit from effective new tool, they use standard application methods
While farmers benefit from effective new tool, they use standard application methods Sprayed from standard water tanks, degrades within days from field Mode of action Application Consumption of the dsRNA causes the Colorado Potato Beetle to stop eating the Mixed with water and sprayed using standard
Slide 20: Honeybee colony devastation threatens crops and food supply
Honeybee colony devastation threatens crops and food supply GreenLight solution protects bees, beekeepers, and pollination-dependent crops Varroa destructor mite on honeybee pupa The 3 million commercial honeybee colonies in the United States are used to pollinate more than 100 crops annually that a
Slide 21: Saving honeybees: Rapid roadmap to commercialization
Saving honeybees: Rapid roadmap to commercialization GreenLight acquired Bayer Intellectual Property portfolio that includes product to protect honeybees from Varroa mites Projected December 10, 2020 Today 2022 2024 Investor Presentation | © 2021 GreenLight Biosciences. All rights reserved. GreenLig
Slide 22: Human health applications: Vaccines, therapies, antibodies
Human health applications: Vaccines, therapies, antibodies Solutions for pandemics and more equitable access to novel therapies for grave diseases Investor Presentation | © 2021 GreenLight Biosciences. All rights reserved. GreenLight confidential. HUMAN HEALTH 22
Slide 23: Human Health pipeline focused on large and significant markets
Human Health pipeline focused on large and significant markets mRNA design flexibility coupled with our production capability can enable rapid development of vaccines and therapies Early Pre- Clinical Development Anticipated Clinical Application Target Collaborator Pre-clinical Toxicity clinical Pha
Slide 24: GreenLight's Covid-19 vaccine candidate has strong preclinical performance
GreenLight’s Covid-19 vaccine candidate has strong preclinical performance Comparable preclinical performance to other mRNA vaccines Company Mouse Neutralizing Ab Titer CD4 Response CD8 Response • Th1-bias ~130,000 at 5µg dose 5-12.5% of CD8 T cells responding to • 1.5 – 3.5% of CD4 T cells producin
Slide 25: GreenLight's Covid-19 vaccine candidate
GreenLight’s Covid-19 vaccine candidate Immune response protects against viral challenge Hamster body weight change on virus challenge Neutralizing antibody levels in hamsters % BW Change from Baseline (Day 0) MEAN ± SEM All doses of GreenLight vaccine protected hamsters Our GreenLight mRNA vaccine
Slide 26: mRNA Influenza vaccines in development
mRNA Influenza vaccines in development Success of COVID-19 RNA vaccines has renewed interest in influenza Company Agent Name Description Stage of Development Preclinical GLB-flu-xx Seasonal influenza Phase 1 projected to begin 2H 2022 Preclinical BNT-161 Seasonal influenza Phase 1 to begin 2H 2021 m
Slide 27: Promising GreenLight influenza vaccine candidate
Promising GreenLight influenza vaccine candidate High levels of antibody production and protection against viral challenge Percentage body weight change on viral challenge Survival post-challenge with virus % BW Change from Baseline (Day 0) Percent Survival 10ug GLB quadrivalent 2 doses GLB quadriva
Slide 28: GreenLight's vision to enable a global RNA manufacturing network
GreenLight’s vision to enable a global RNA manufacturing network Globally distributed units can address vaccine nationalism, adapt to variants, and offer non-pandemic advanced therapies Our vision is to enable the Africa, Asia, and Latin America regions to meet local demand through local production.
Slide 29: Developing proof of concept for novel RNA-based approach to gene therapy
Developing proof of concept for novel RNA-based approach to gene therapy Initial research into promising new avenue for Sickle Cell therapy with grant from the Bill & Melinda Gates Foundation RNA-encoded instructions Long lived expression of Target wild-type beta- Target specific vehicle globin gene
Slide 30: Manufacturing Operations
MANUFACTURING OPERATIONS Inside GreenLight’s production site for dsRNA Investor Presentation | © 2021 GreenLight Biosciences. All rights reserved. GreenLight confidential. 30
Slide 31: GreenLight's commercial plant for agricultural RNA began operation in Q1 2021
GreenLight’s commercial plant for agricultural RNA began operation in Q1 2021 Rochester NY-based RNA production facility currently outfitted for 500 kg output per year Investor Presentation | © 2021 GreenLight Biosciences. All rights reserved. GreenLight confidential. 31
Slide 32: Installed commercial capacity of 500 kg per year, ready for expansion to 1,000 kg
Installed commercial capacity of 500 kg per year, ready for expansion to 1,000 kg per year Rochester site infrastructure supports further expansion up to 100 metric tons per year Investor Presentation | © 2021 GreenLight Biosciences. All rights reserved. GreenLight confidential. 32
Slide 33: Dynamic workforce in place, with ready access to additional skilled labor
Dynamic workforce in place, with ready access to additional skilled labor Located in the biotech-centric Eastman Business Park, home to 100+ innovative companies Scale-up expertise and next steps Investor Presentation | © 2021 GreenLight Biosciences. All rights reserved. GreenLight confidential. 33
Slide 34: IP and collaborators
IP and collaborators Investor Presentation | © 2021 GreenLight Biosciences. All rights reserved. GreenLight confidential. 34
Slide 35: Extensive and rapidly expanding IP portfolio
Extensive and rapidly expanding IP portfolio 145+ patents and 165+ applications Sugar Platform Engine Patents RNA Platform Patents Patents Process Control and RNA Crop Protection RNA Platform Compound Production Human Health and Bee Health Sugar Platform 2 Foundational U.S. Patents 53 Patents 2 Foun
Slide 36: Our partners and collaborators
Our partners and collaborators Life Sciences Advisors Robert S. Langer Dr. Drew Weissman Luc Debruyne Dr. Mark Dybul Dr. Ted Ashburn MIT, Institute Professor Univ of Pennsylvania Former President Former Exec Dir Pres and CEO GSK Global Vaccines Global Fund Oncorus Publicly-disclosed Collaborations M
Slide 37: Opportunity Overview
Opportunity Overview Investor Presentation | © 2021 GreenLight Biosciences. All rights reserved. GreenLight confidential. 37
Slide 38: Plant health revenue – business plan
Plant health revenue – business plan ($ in millions) $489.3 Target gross margin of 75-90%1 for 2025 and beyond GLB Product Revenue $320.7 R&D Collab. Revenue Platform Mfg. Revenue $119.7 $18.9 $0.0 $0.6 $5.2 2021E 2022E 2023E 2024E 2025E 2026E 2027E Products in market 0 0 1 2 7 8 8 1. Target gross m
Slide 39: Human health revenue – business plan
Human health revenue – business plan ($ in millions) $802.1 Human health revenues largely $749.2 $729.5 expected in the form of royalties Milestone revenue Royalty revenue $211.6 $181.1 $40.0 $1.51 2021E 2022E 2023E 2024E 2025E 2026E 2027E 1. 2021 Revenue reflects grant revenue Investor Presentation
Slide 40: Projected corporate financial metrics 2021-2025
Projected corporate financial metrics 2021-2025 ($ in millions) 2021E 2022E 2023E 2024E 2025E Revenue1 $2 $41 $186 $231 $849 EBITDA1 ($114) ($190) ($11) ($23) $235 Capital Expenditures $14 $71 $52 $104 $32 Working Capital $0 $69 $64 $61 $51 Investment 1. Non-GAAP financials based on management estim
Slide 41: Transaction Summary & Pro Forma Equity Ownership
Transaction Summary & Pro Forma Equity Ownership Key Transaction Terms Pro Forma Valuation ● Assumed a $1.2 billion enterprise valuation and gross cash proceeds of ($ in millions except per share data) $312 million, inclusive of PIPE proceeds and cash in SPAC trust Share Price $10.00 ● GreenLight’s
Slide 42: Anticipated use of proceeds
Anticipated use of proceeds Human Health • Advance COVID-19 and seasonal flu vaccine candidates through clinical trials Human Health • Continue R&D efforts on further therapeutics • Launch pipeline of pest-protection products and first $282M animal health product into market Plant Health • Expand in
Slide 43: GreenLight peer benchmarking
GreenLight peer benchmarking Ag & Food Production Healthcare Peer average: 15.6x 61.6x Peer average: 31.9x CY2021E EV / Revenue 30.9x 24.1x 15.8x 17.8x 17.4x 11.9x 10.6x – NM (1) (2) (3) (4) Peer average: 14.4x Peer average: 8.4x CY2022E EV / Revenue 25.3x 13.8x 13.4x 12.2x 11.2x 8.4x 8.9x 7.4x 5.2x
Slide 44: GreenLight has significant upside potential
GreenLight has significant upside potential Ag & Food Production Healthcare ($ in millions) ($ in millions) $321 $212 $181 $120 $40 $19 $- $1 $5 $2 2021E 2022E 2023E 2024E 2025E 2026E 2021E 2022E 2023E 2024E Ag & Food EV / 2026E revenue multiple: 14.4x Healthcare EV / 2024E revenue multiple: 8.4x Ag
Slide 45: GreenLight indicative valuation
GreenLight indicative valuation Implied EV based on comparable companies Illustrative transaction Summary of approach current trading valuations valuation • Applies a range of 8.0x – 8.8x to Future enterprise value Discounted enterprise value Enterprise value GreenLight’s 2024E Human Health revenue
Slide 46: Why invest in us?
Why invest in us? 1 2 3 Cutting edge, proven Synthetic biology platform Blue ocean opportunity technology to capable of producing RNA representing $130bn in democratize RNA, making at scale, underscoring TAM across 18 products, it available to solve power of manufacturing at many without meaningful
Slide 47: Corporate contacts page: Thomas Crampton
Corporate contacts page: Thomas Crampton GreenLight Biosciences SVP and Head of Corporate Affairs 200 Boston Ave Medford, Massachusetts 02155 Investor Presentation | © 2021 GreenLight Biosciences. All rights reserved. GreenLight confidential. 47
Slide 48: Appendix: Additional Human Health details
Appendix: Additional Human Health details Investor Presentation | © 2021 GreenLight Biosciences. All rights reserved. GreenLight confidential. 48
Slide 49: Proprietary GreenLight approach consolidates key processes under single roof
Proprietary GreenLight approach consolidates key processes under single roof Modular, scalable and with reduced logistical complexity GreenLight mRNA Human Health commercial process today 3rd Party Capping Cell-free Fill and production of Purification Formulation Finish Nucleotides mRNA ● ATP ● CTP
Slide 50: Next generation GreenLight approach further consolidates processes
Next generation GreenLight approach further consolidates processes Potential elements allow for additional logistical simplicity and cost reductions GreenLight mRNA Human Health manufacturing process Next Gen Polyphosphate Cell-free Capping Fill and CMP CTP production of Purification Formulation F
Slide 51: GreenLight Covid vaccine has considerable potential
GreenLight Covid vaccine has considerable potential Endemic Covid expected to drive global vaccine demand to ~$20B in 2027 Our OurProposed Proposed Covid-19 Challenge Solution Solution Target profile advantages compared to ● Only 21 doses for every 100 people have been traditional vaccine production
Slide 52: GreenLight influenza vaccine tackles significant current problems
GreenLight influenza vaccine tackles significant current problems Need for greater efficacy and shorter cycle times for seasonal vaccine updates ~$3.3B market Our OurProposed Proposed Target profile advantages compared to Influenza Challenge Solution Solution traditional vaccine production ● Mismatc
Slide 53: Appendix: Summary Risk Factors
Appendix: Summary Risk Factors Investor Presentation | © 2021 GreenLight Biosciences. All rights reserved. GreenLight confidential. 53
Slide 54: Summary Risk Factors
Summary Risk Factors Risks relating to the proposed business combination: • GreenLight has a limited operating history, which makes it difficult to evaluate our current business and prospects and increases the risk of investment. • We have a history of net losses, and we may not achieve or maintain
Slide 55: Summary Risk Factors
Summary Risk Factors Risks relating to the proposed business combination (cont’d): • The unpredictability of the spread and treatment of the SARS-CoV-2 virus and its variants could materially harm our business prospects. • Intellectual property rights including patents and patent applications involv
Slide 56: Summary Risk Factors
Summary Risk Factors Risks relating to the proposed business combination (cont’d): • The consummation of the merger is subject to a number of conditions and if those conditions are not satisfied or waived, the merger agreement may be terminated in accordance with its terms and the merger may not be