Eden Research Plc · LSE:EDEN
Eden Research — FY2023 Earnings Presentation
33 slides from Eden Research's earnings presentation, May 2024
Slide 1: Eden Research plc 2023 Preliminary Results
Eden Research plc 2023 Preliminary Results May 2024
Slide 2: Eden Research plc is an AIM-quoted company focused on sustainable biopesticides
2 Eden Research plc is an AIM-quoted company focused on sustainable biopesticides and plastic-free encapsulation technology for use in the global crop protection, animal health and consumer products industries. Eden Research 2023 Preliminary Results Presentation | May 2024
Slide 3: Presentation team
Presentation team 3 Sean Smith Alex Abrey Chief Executive Officer Chief Financial Officer Over 25 years experience in the Experienced Financial Director to a speciality chemicals and industrial diverse range of businesses including biotechnology industries financial and management consultancy ‐ 9+ y
Slide 4: About us
About us 4 Key statistics Eden is the only UK quoted (AIM: EDEN) company focused on biopesticides for sustainable agriculture Regulatory Crop uses Intellectual property and Multiple regulatory expertise in plant-derived clearances (EU, US, AUS, NZ) approvals sustainable chemistry and 22 ~100 deliver
Slide 5: The drive towards sustainable agriculture
The drive towards 5 sustainable agriculture Eden formulations are well Farming practices which Embracing farming suited for a wide range of maintain yields while practices that mimic crop protection applications. reducing harm to the natural ecological Consumer sentiment about environment processes
Slide 6: Significant market potential
Significant market 6 potential Crop protection products formulated with $11bn 15% pa The global biopesticides The biopesticides market Sustaine® and Eden’s active ingredients market is projected to is growing at a CAGR of can help address many of these issues: be worth more than approximately 15% $1
Slide 7: 2023 Commercial and Operational Highlights
2023 Commercial and Operational Highlights 7 • Significant milestone achieved with pre-launch of seed treatment, Ecovelex , and the granting of a temporary approval in Italy for use in the 2024 growing season • Expansion of regulatory approvals in the US for flagship biopesticides, Mevalone® and Ced
Slide 8: Financials – 2023 Preliminary Results
Financials – 2023 Preliminary Results 8 • Significant increase in revenue: 2023 2022 2021 • 78% in 2023 % % £m £m £m change change • 50% in 2022 Revenue 3.2 78 1.8 50 1.2 • Significant increase in product sales: • 63% in 2023* Product sales 2.6 63 1.6 45 1.1 • 45% in 2022 Operating loss (1.9) (27) (
Slide 9: Upcoming news-flow
Upcoming news-flow 9 • Mevalone approvals in Central Europe H2, 2024 • Commercial agreements for insecticide H2, 2024 • Emergency Use applications for Cedroz (wireworm) and Ecovelex Q3, 2024 • Commercial agreement(s) for home and garden H2, 2024 • Major label extensions for Mevalone in various count
Slide 10: Our Products
THE NATURAL SOLUTION OUR PRODUCTS 10
Slide 11: Our product focus
Our product focus 11 Our focus is on developing products based on sustainable chemistries to protect crops from pests and disease, with equal or better performance when compared with conventional pesticides. FUNGICIDES NEMATICIDES INSECTICIDES SEED TREATMENTS Botrytis, powdery Root knot Mites and Mu
Slide 12: Product characteristics
Product characteristics 12 Enabling sustained Tackling Solvent-free, stable Protecting plants Polymer-free ‘Residue Low or no delivery, increasing resistance formulations with from potentially formulation free’ pre-harvest intervals residual efficacy and build-up high loadings of damaging chemicals
Slide 13: Mevalone Biofungicide
Mevalone® 13 Biofungicide Background Current status Mevalone is a foliar biofungicide which was Approved in Southern EU on a Approval in other Central EU developed initially to target botrytis on grapes. wide range of targets and crops countries expected in 2024 Since its launch in the EU in 2016, t
Slide 14: Clear results, robust efficacy
14 Clear results Incidence of disease (%) Average of 13 trials across southern Europe ‐ Mevalone is a proven product 82.3% ‐ A reliable alternative to conventional control ‐ Phased release for prolonged effects ‐ Easy to use and apply 29.5% 27.1% 18.1% ‐ Improved stability and shelf life compared to
Slide 15: Cedroz Bio-nematicide
Cedroz 15 Bio-nematicide Background Current status Cedroz is a bio-nematicide targeting Approved in Southern and Central EU root-knot nematodes in high value crops. on a wide range of high-value crops A development and commercialisation Approval in the US received agreement was signed with Eastman C
Slide 16: Cedroz root damage and production results
16 Severity of root damage % cumulative production compared Zeck scale 0-10 to the untreated, which = 100 136.9 133.9 6.3 116.1 117.2 108.4 85.4 3.95 3.45 3.35 2.7 1.3 1.13 1 0.85 Test 1 Test 2 Test 3 Test 1 Test 2 Test 3 Untreated Cedroz Standard Cedroz 9 L/ha Standard 10L Eden Research 2023 Prelim
Slide 17: Ecovelex Bird repellent seed treatment
Ecovelex Ecovelex 17 Bird repellent seed treatment Background Current status Ecovelex is a biological bird repellent seed Semi-field studies have shown Formulation testing by Corteva has treatment initially for use on maize. good efficacy been successful Two incumbent ingredients used in Corteva’s F
Slide 18: Ecovelex efficacy
Ecovelex 18 The biological bird repellent seed treatment % Efficacy BBCH 10 (6-29 days after drilling) - Summary of 16 trials 45 40 35 36.6 38.3 30 Efficacy (%) 25 20 15 10 5 0 Untreated Korit Ecovelex (% missing and damaged plants) (0.6L/100kg seeds) (0.71L/100kg seeds) Eden Research 2023 Prelimina
Slide 19: Seed treatments
Seed treatments 19 What are Seed treatments? Physical, biological or chemical Treatments are typically agents applied to seeds to applied either as a solid/dust provide protection and help or as a liquid. improve overall crop performance Colourants are used in seed treatments to give a clear Multipl
Slide 20: Sustaine: Addressing the rising microplastics issue
Sustaine® 20 Addressing the rising microplastics issue Background Current status In addition to using microencapsulation system, Field trials underway with Sustaine, in our in-house developed products, multiple industry partners. such as Mevalone and Cedroz, it is possible to use Sustaine with third
Slide 21: Insecticide
Insecticide 21 Significant opportunities for safe effective, new products Current status Background Data from field trials undertaken in Regulatory submissions are 2023 shows good efficacy, consistent planned for 2024 Due to a ban on numerous insecticides, with that in 2021 & 2022 such as neonicotin
Slide 22: Insecticide efficacy against spider mite
Insecticide 22 HT Efficacy (%) against Spider mite – Adult (Summary of 4 trials, error bars = standard error, 4 applications at 7 – day interval) 100 90 80 70 60 50 40 30 20 10 0 IN020E 8.9 L/ha CS (Biocontrol Std.) DA-A DA-B DA-C DA-D 14+ DA-D Eden Research 2023 Preliminary Results Presentation | M
Slide 23: Commercial Positioning
THE NATURAL SOLUTION COMMERCIAL POSITIONING 23
Slide 24: Regulatory position
Regulatory position 24 EFSA (EU) Organic (EU) EPA (US) Rest of the World Application for the renewal of Eden’s All three of Eden’s active ingredients The latest news is that EPA has Eden is working with Sipcam three active ingredients (eugenol, have been approved as inputs for approved Eden’s three
Slide 25: Commercial footprint
Commercial footprint 25 Our presence in Europe grew in 2022-23 through new authorisations for both Cedroz and Mevalone®, and we anticipate further approvals in Europe and further abroad in 2024. Our US EPA approval for the sale of Mevalone® and Cedroz was granted in September 2022. We have commercia
Slide 26: Strategy and Growth Opportunities
26 STRATEGY AND GROWTH OPPORTUNITIES
Slide 27: Our strategy
Our strategy 27 Business line Research, Commercial Strengthening diversification development growth and growing and operations the team ‐ Pursuit of opportunities in seed ‐ Supply chain optimisation ‐ Regulatory clearance in new ‐ Added capacity in R&D, including treatments countries, crops and dise
Slide 28: Positive outlook for growth
Positive outlook 28 for growth How growth will be achieved The team at Eden now has the necessary The pipeline of products that Eden capabilities to formulate, develop, test is developing covers the following (up to pot plant level) and register addressable markets/applications: products that it has
Slide 29: Downy mildew: Addressing an unmet need
Downy mildew 29 Addressing an unmet need Background Current status Due to the recent restriction of a number Second year regulatory field of key downy mildew products, there is a trials are complete with good results received. strong need for replacement products. Corteva has been appointed as our n
Slide 30: Significant additional growth opportunities
Significant additional 30 growth opportunities Evaluations in additional areas of significant commercial potential include: Black sigatoka Potato (banana) blight Wire Potato cyst worm nematodes In each case, the initial evaluations have produced encouraging results Eden Research 2023 Preliminary Res
Slide 31: Innovation capacity
Innovation capacity 31 Development Laboratories are Eden’s product of in-house now GLP-ready development R&D – reduces and operating platform consists dependency to this standard of three registered on 3rd parties, In-house capabilities adding credibility Costs partially offset active ingredients Th
Slide 32: Investment summary
Investment summary 32 01 Commercialisation Eden well-placed to further commercialise multiple products in order to accelerate 05 Increase number of commercial partners Opportunity to increase the number growth of commercial partners and diversify product range 02 Technology exploitation Ability to e
Slide 33: Thank you
THANK YOU