Agronomics Limited · LSE:ANIC
Agronomics — Investor Presentation (December 2020)
23 slides from Agronomics's investor presentation, Dec 1, 2020
Slide 1: Corporate Presentation
LIMITED CORPORATE PRESENTATION
Slide 2: Disclaimer
DISCLAIMER This presentation (“Presentation”) is being provided to you (the “Recipient”) by Agronomics Limited (the “Company” or “Agronomics”) for information purposes only and does not constitute or form part of, and should not be construed as, an offer or invitation to sell or any solicitation of
Slide 3: Executive Summary
The world’s first lab-grown burger, developed from a EXECUTIVE SUMMARY research project led by Prof. Mark Post, was showcased in 2013, funded by Sergey Brin - costing €250,000* Disruption of the Cow • Agronomics Limited (AIM:ANIC), a leading listed investor in cellular agriculture with a focus on cu
Slide 4: Agronomics Limited Board of Directors
AGRONOMICS LIMITED Richard Reed, CBE Board of Directors Non-Executive Chairman Co-founder of Innocent Drinks, acquired by Coca Cola in 2013. Co-founder of JamJar Investments, a consumer goods venture capital firm which has made 44 investments including Deliveroo, Blue Bottle Coffee and Graze.com. *I
Slide 5: Global Population Growth Causing Strain on Resources
Average total meat supply per person GLOBAL POPULATION 140 Average total meat supply per person measured in kg GROWTH CAUSING 120 STRAIN ON RESOURCES 100 80 per year 60 40 20 0 1961 1968 1975 1982 1989 1996 2003 2010 • The UN predicts the global population is projected to expand to 9.8bn by 2050 • M
Slide 6: Implications of Animal Husbandry
IMPLICATIONS OF ANIMAL HUSBANDRY GREENHOUSE GAS EMISSIONS HUMAN HEALTH 18% of all anthropogenic greenhouse gas emissions are from 80% of all antibiotics are used in agriculture animal agriculture, more than all forms of transport combined 1 in 6 Americans get sick each year from foodborne diseases <
Slide 7: Unsustainable Demand on Natural Resources
UNSUSTAINABLE DEMAND ON NATURAL RESOURCES LAND • 50% of all habitable land on Earth is used for agriculture • Of this, 77% is used for livestock, 23% for growing crops • Only 18% of the food caloric supply for global consumption is from meat and dairy • 70% of the Amazon Rainforest has already been
Slide 8: Rise of Conscious Consumption
RISE OF CONSCIOUS CONSUMPTION Consumer demand for HEALTHY, SUSTAINABLE FOOD choices driving growth of plant-based and emerging sectors MARKET FOCUS: PLANT-BASED 75% of Gen Z (16-25 year olds) are reducing their meat consumption Global plant- based protein 72% of Millennials with children are consumi
Slide 9: Cultivated Meat Sector
CULTIVATED MEAT SECTOR Funding requirements growing rapidly in the near term as companies build out manufacturing facilities 2016 - 2019 USD 150 million invested globally to date VALUATION Memphis 2020 - YTD USD 250 million already raised Perfect Day JUST * COMPARATORS Meat Further material raises a
Slide 10: Investment Process
INVESTMENT PROCESS Proprietary Research and Deal Origination • Well imbedded and regarded investor in the sector • Direct approaches from entrepreneurs and referrals from professional network • Close engagement with the key stakeholders in the sector, including the leading non-profit organisations s
Slide 11: Scientific Advisory Board
SCIENTIFIC ADVISORY BOARD Sara Ranjbarvaziri, Ph.D. Ian Smith, Ph.D. Postdoctoral fellow in the School of Medicine at Cell biologist with over 18 years experience in lab Stanford University, with specific focus on the based research. Researcher at University of generation of iPSC lines using CRISPR-
Slide 12: Portfolio Composition and Financial Metrics
PORTFOLIO COMPOSITION AND FINANCIAL METRICS 1% 1% 1% 2% 1% 2% <1% 3% <1% Uninvested Cash 9% 7% • Global mandate including companies based in UK, USA, Singapore, the Netherlands, 23% Finland, Germany and New 8% Zealand • Legacy holdings (3%) include Insilico Medicine and Cytox, Unquoted majority are
Slide 13: Summary
SUMMARY • Early mover advantage in nascent sector disrupting one of the world’s largest industries • Established portfolio of some of the most advanced companies in the field • Sector supported by major secular trends, including sustainability, animal welfare and human health Introduction • Focused
Slide 14: Appendix
APPENDIX 14
Slide 15: Overview of Cellular Agriculture
OVERVIEW OF CELLULAR AGRICULTURE Cultivated meat is meat grown Phase I: Phase II: in vitro, without the need to PROLIFERATION DIFFERENTIATION raise animals for slaughter Cell expansion Cell specialisation A change of conditions A biopsy is taken from the species initiates cells to differentiate, tur
Slide 16: Cost Reduction & Moo's Law
COST REDUCTION & MOO’S LAW $400 $376.80 Cultivated meat’s most expensive input is growth media – at present 99% of total inputs excluding labour $350 Two growth factors, FGF-2 and TGF-β are particularly expensive $300 GFI scenario analysis shows clear path to cost Cost Reduction competitiveness with
Slide 17: Carbon Footprint of Foods
CARBON FOOTPRINT OF FOODS Amount of greenhouse gases in fresh foods (in kg CO2-eq/kg) Beef* Lamb* Cheese Shrimp 26.61 kg 25.58 kg 7.80 kg 5.77 kg 8.55 kg Ruminant livestock (beef and lamb) is the most emissions-intensive food we consume due to the methane gas produced by the animals Chicken* Fish* 3
Slide 18: Regulation
REGULATION 6-18 months Seek Regulatory Early Full scale Establish Pilot Small scale regulatory approval consumer manufacturing Facility production approval granted adoption plants USA EU SGP • B2B and B2C approaches • Grounded meat products likely initially Eat Just Cultivated Chicken Nuggets, photo
Slide 19: Portfolio Companies
PORTFOLIO COMPANIES * Includes Seed investment of USD 250k, and USD 2.75m Series A investment ^ Investments in the form of SAFEs and CLNs, % ownership approximate “Following close of both Tranche I and Tranche II of Mosa Meat’s financing Agronomics USD 8.0m* EUR 3.5m EUR 3.0m EUR 3.0m USD 3.0m USD 2
Slide 20: Portfolio Companies
PORTFOLIO COMPANIES ^ Investments in the form of SAFEs and CLNs, % ownership approximate Agronomics USD 3.0m USD 700k USD 500k USD 500k investment Stage Series B Seed Seed Seed % Ownership 2.95% 7.0% 4.4%^ 1.6% Current Value USD 3M USD 700k USD 500k USD 640k Category CRISPR gene edited seedlings Cul
Slide 21: Portfolio Companies
PORTFOLIO COMPANIES ^ Investments in the form of SAFEs and CLNs, % ownership approximate Agronomics USD 350k USD 150k NZD 500k USD 50k investment Stage Series A Seed Seed Pre-Seed % Ownership 1.2% 3.0%^ 1.1% 1.43%^ Current Value USD 350k USD 150k NZD 500k USD 50k Category Cultivated meat and cell-ba
Slide 22: Structure and Shareholders
STRUCTURE AND SHAREHOLDERS Corporate Tax and Fee Structure: ANIC Share Price • Corporate income and capital gains subject to 0% tax £12.00 • No withholding tax on dividends paid to shareholders £10.00 Management Fee: Nil £8.00 Performance Fee: 15% calculated on increase in NAV £6.00 Subject to high
Slide 23: Agronomics Limited
AGRONOMICS LIMITED 18 Athol Street Douglas, Isle of Man IM1 1JA +44 (0) 1624620711 info@agronomics.im