eXoZymes Q3 2025 Earnings Report

eXoZymes EPS Results

• Actual EPS: -$0.27
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

eXoZymes Revenue Results

• Actual Revenue: N/A
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

eXoZymes Announcement Details

• Quarter: Q3 2025
• Date: 11/13/2025
• Time: After Market Closes
• Conference Call Date: Thursday, November 13, 2025
• Conference Call Time: 5:00PM ET

eXoZymes (NASDAQ:EXOZ), Inc. develops, manufactures and supplies a range of enzymes and reagents designed for molecular biology research and diagnostic applications. The company’s enzyme engineering platform underpins a portfolio of products aimed at supporting nucleic acid purification, amplification and analysis workflows.

Key offerings from eXoZymes include magnetic bead–based nucleic acid extraction kits, DNA polymerases, reverse transcriptases, proteases and custom enzyme services. In addition, the company provides molecular diagnostic test kits designed for pathogen detection, leveraging scalable production processes and quality systems aligned with regulatory standards.

eXoZymes serves academic research institutions, biotechnology and pharmaceutical companies, and clinical diagnostic laboratories worldwide. Headquartered in the United States, the company distributes its products through direct sales and a global network of distributors, positioning itself to support growth in both research and diagnostic markets.

eXoZymes Q3 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: The company is pursuing a focused "double-dip" strategy in nutraceuticals and pharmaceuticals, prioritizing three lead programs — NCT, non‑intoxicating cannabinoids, and Sandeline — to maximize near‑term revenue and longer‑term drug opportunities.
• Positive Sentiment: NCT progress: eXoZymes reports a proprietary cell‑free production process with >90% yield, has formed a spinout (NCTX) to commercialize an NCT supplement, and plans tech transfer/scale‑up over the next 6–12 months toward commercial production.
• Positive Sentiment: Cannabinoid opportunity: the company says it can make pure non‑intoxicating cannabinoids, has a U.S. government‑sponsored development program, is in active joint‑venture talks, and views recent federal law changes as potentially supportive of demand for non‑intoxicating products.
• Positive Sentiment: Sandeline (sandalwood‑derived) program received a $3 million NSF grant to develop a bio‑manufacturing route that could open the high‑end fragrance market now and possible nutraceutical/pharma applications later.
• Negative Sentiment: Financials show limited near‑term liquidity: cash and cash equivalents of $5.1M as of end‑September 2025 (runway into early Q2 2026), with Q3 operating expenses of $2.52M and a YTD net loss of $6.5M, implying potential need for additional financing.

Presentation

[Lasse Görlitz, VP of Communications and Investor Relations at eXoZymes]

Everything in today's presentation, other than statements of historical fact, will be forward-looking statements. Please read our SEC filings to better understand eXoZymes as a business, our risk factors as, and as an investment opportunity. With that, welcome to our Q3 update. My name is Lasse Görlitz. I'm the VP of Communications and Investor Relations, and I would like you to be excited about this call today, like I am, and we'll go on. This is the agenda for today, a slightly different format. Our CEO, Michael, will touch upon that, and I'll give the word to him.

[Michael Heltzen, CEO at eXoZymes]

Slightly different format than last time. We have an extra C-level person on our team now, which is something we're very excited about. Tyler Korman has obviously been a part of the team from the very beginning, but has just been promoted to our Chief Scientific Officer, and you will be hearing from him today as well. Let's start by looking a little bit back in time. We are now at the one-year mark for our IPO at Nasdaq. We IPO'd as an MDB, big idea company, basically having taken a big scientific breakthrough and turned it into a technology platform. A technology platform that we and our shareholders were aware of had this immense potential to become a paradigm shift in biomanufacturing. What was not clear at the point was which market specifically and what products we should apply this technology to first.

[Michael Heltzen, CEO at eXoZymes]

Basically, questions like where's the best product-market fit, how can we easiest get to disrupt some big markets, and what can the competitive advantages specifically be in those markets. Also, very important, we were thinking a lot about how can we make sure to enter into the first markets where we can not just create a lot of value with the technical solution, but we can also capture that value for our shareholders. We did not end up just building bio-solutions for customers and partners for them to have a good financial journey. We gathered a lot of knowledge and market information by talking with hundreds of different people and companies in a number of different industries and markets.

[Michael Heltzen, CEO at eXoZymes]

The first thing that became clear to us was that although our technology can be used basically in any of the markets we were talking to, there was a big difference between in which markets we were generating the most value and in which markets we could insert ourselves in the value creation process to a degree where we would benefit from helping to optimize these things. We wanted to become the absolute best in a few market areas first. As everybody that has followed us as a story, you know that we took the choice of nutraceuticals and pharmaceuticals. Let me just unpack that one more time so new viewers can also follow. It became that our very best business cases is basically when we make super valuable products that only our bio-solutions can make, or at least other people have a very hard time making.

[Michael Heltzen, CEO at eXoZymes]

It simply unlocks the most value. The two overall markets where we can do this highest value creation in the shortest amount of time turned out to be these natural products, nutraceuticals that are sold as supplements over the counter, and the pharmaceutical business opportunities of taking these natural product starting points and turning them into drug candidates, something that our platform is uniquely capable of. We often talk about this double dip. With that, we mean we basically built one bio-solution that allows us to make the natural product for the over-the-counter business opportunity. We then use that as the beginning point to basically make the analogs, the different versions, more potent, better for drug use cases from that starting point.

[Michael Heltzen, CEO at eXoZymes]

With that double dip, we basically get two shots on goal, where the first shot on goal is a fast-to-market, fast-to-revenue opportunity, and the pharmaceutical is the huge potential side of the equation. In Q2, we identified the first extraordinary business case, as we call them. Basically, the first area where all the stars were aligning, and we knew this was a very good product, a very good market, and we would have these very potent capabilities. The first area for this double dip is the area of NCT. This is a small natural product molecule that basically boosts metabolism. That means it burns fat, creates energy. It's a very nice value proposition and plays directly into one of the largest and fastest-growing both nutraceutical markets and pharmaceutical markets in history.

[Michael Heltzen, CEO at eXoZymes]

We quickly showed via a prototype of the biomanufacturing solution that our technology is really good at making NCT in a super pure form. What we have done in Q3 on top of that is that we have shown that not only can we make NCT, we can now make these pharmaceutical analogs of it, and of course, developed further on making NCT itself faster, cheaper, better. Damien will talk much more about that, so I won't take too much of that right now. NCT is our first-born deal. We're very proud and excited about this opportunity because it's basically crystallizing the impact of our technology. We see a lot of interest coming to us after we started talking about NCT, and it's clear that this is a market opportunity that has a global TAM, total addressable market, worth billions of dollars between the pharmaceutical and nutraceutical markets.

[Michael Heltzen, CEO at eXoZymes]

Inside of the NCT umbrella, we have had a number of partnership negotiations and conversations with people that would like to co-own this opportunity together with us. We now have a list of potential partners that we can frankly pick from. We have come to the conclusion that creating and securing the most value for our shareholders will happen by not signing a joint venture agreement right now and not licensing out the NCT platform to anyone, but basically taking the business development and the company creation process further along before we allow other partners in. Despite having offers to partner up, it is too early, and we would end up giving too much of the future potential away. We are going to make partnerships, though, absolutely.

[Michael Heltzen, CEO at eXoZymes]

For the partners out there that are listening in, we very, very much look forward to bringing NCT to market together with you. Our second deal and extraordinary business opportunity is in the cannabinoid space, specifically the non-intoxicating cannabinoids that we are uniquely set up to be able to make where everybody else that works with cannabinoids, harvesting them from plants, they end up with THC and other intoxicating cannabinoids mixed into the medicinal cannabinoids. We can make everything in pure form. With the laws that are being basically signed into law in these very days, it is a very big opportunity for us to be able to basically offer a value proposition of keeping intoxicating and non-intoxicating cannabinoids separate because some of them are going to be illegal and some of them are going to be legal.

[Michael Heltzen, CEO at eXoZymes]

We have, on top of that, as we talked about a little bit before, had a cannabinoid development program sponsored by the U.S. government, which is a little unique. Again, back to this ability to guarantee that we are not making the intoxicating THC versions. Therefore, we have been sponsored to basically already have started this drug development program. That asset of cannabinoids is now becoming even more valuable, and we have seen that in regards to partnership interest. Despite that I was just talking about NCT, we frankly do not really want to share the cake, at least at this point.

[Michael Heltzen, CEO at eXoZymes]

With cannabinoids, we are very aware that there are a few market experts in the world that where if we team up with them, our technology and their expertise will basically be a case of two plus two equals much more than four, and therefore it makes sense to do a joint venture. We are in active joint venture conversations, and we are hoping and very much believing that we will start the cannabinoid business as a joint venture, but the potential is so big that we could also start it on our own if we wanted to. Based on the grant-funded cannabinoid program, we have a number of intriguing pharma-relevant analogs of cannabinoids. These are non-intoxicating cannabinoids that can address a number of different indications.

[Michael Heltzen, CEO at eXoZymes]

As a part of the unique thing about the cannabinoid space, and one of the reasons why it's so big, is that we humans have a lot of different receptors in our body for these cannabinoids. The potential of this is also easily in the billion-dollar range. Our third product development is called Sandeline. We have talked a little bit about it, but let me just unpack it for you all. Sandeline is a small molecule that exists in sandalwood oil. Sandalwood oil is one of the most expensive natural products you can buy for money. Why is it so expensive, you might ask?

[Michael Heltzen, CEO at eXoZymes]

Basically, to get some of this sandalwood oil that has a little bit of Sandeline in it, that is what you want to get to, you basically have to grow a tree for between 10 to 30 years, one of only two places in the world. When you get to harvest that one time, it's by taking the heart, the very center of the wood out, putting it in steam and chemicals for a week, and then you get some of the oil out. A little bit inside of that oil is this Sandeline. What does Sandeline do for the world? There are three market use cases where only one of the markets is really consuming it all today. There is a potential pharmaceutical use case, there is a potential nutraceutical use case, and there is a fragrance market use case.

[Michael Heltzen, CEO at eXoZymes]

The first two ones, Sandalene is literally too expensive for pharmaceutical use and nutraceutical use. We obviously can change that. The fragrance market is what is consuming all Sandalene globally. It's basically the big perfume houses, fragrance houses of the world that buy up Sandalene, and it's something you find in the very, very high-end perfumes of the world. It's a very, very attractive scent. We want to build a bio-solution for that. The good news, as we also press released, is basically that we got a grant to finance this product development direction. With $3 million from the National Science Foundation, we have basically in Q3 started this program of starting to build what will become a bio-solution for Sandalene. We do have the double dip potential of nutraceuticals and pharmaceuticals.

[Michael Heltzen, CEO at eXoZymes]

I've gotten a couple of questions of saying, "Are you sure you want to take Sandeline to nutraceuticals? Why not just take it to fragrance and pharma?" Of course, we will explore what is best for the company and the use of our time and resources. It's some really interesting questions, and it's, again, a double dip. First, a fast-to-market opportunity, and then a pharmaceutical opportunity to explore. We're very excited to have built these specific bio-solutions for these specific markets, our one, two, three in the pipeline. It's basically back to this reality of having picked the right markets, the right technology product-market fits, and also that these are markets where people either have no solution or very, very difficult ways of getting to these products. It's something that warrants us to have really good business outcomes.

[Michael Heltzen, CEO at eXoZymes]

We have become really good as a company based on our business development efforts and some tools internally developed on basically screening ideas and opportunities. We have a list of other things that are also extraordinary business cases, but three is the number we will start with. This is the bio-solutions we will build and bring to market first, but there are multiple shots on goal coming up. The good news about our platform is that the more we use it, the more of the things we develop, the easier and better it becomes to develop the next ones. Multiple shots on goal, despite that we are focused on these three opportunities right in front of us. Now let's turn it over to Damien, who with our presentation will showcase to you how we have made a lot of progress on NCT in Q3.

[Damien Perriman, CCO at eXoZymes]

Good day.

[Damien Perriman, CCO at eXoZymes]

My name is Damien Perriman, Chief Commercial Officer for eXoZymes. I'd like to walk you through a story that we're pretty excited about, and it reflects the work we've been doing in the last six months to unearth this opportunity for NCT as an agent to drive metabolic performance, both in the nutraceutical market and within the pharmaceutical market. As we get started, I wanted to touch briefly on this presentation. We'll hit forward-looking statements, and also this presentation makes assumptions that incur certain risks in areas like regulatory approvals, our manufacturing and scale-up plans, market adoption rates, IP, and scientific and clinical translation. All of these have been summarized here for you to become familiar with as you think about this opportunity. Metabolic disease is chronic and widespread, affecting over 1.4 billion people globally. Many have written that this is the epidemic of our lifetime.

[Damien Perriman, CCO at eXoZymes]

Central to the treatment of metabolic disease has been the emergence of products like GLP-1 agonists to treat obesity and diabetes. These agonists are really reshaping the treatment market and have shown that the needs to address metabolic disease are strong and are growing. There are limitations to agents like GLP-1s. In their mimic of gut hormones, they suppress the brain's desire to consume. They suppress appetite. This, in its approach, reduces our lean mass and can create digestion discomfort. I think the world knows that we do need better alternative and even complementary treatments to the ones that are currently available. We see opportunities in treatments that can enhance fat burning, essentially the energy creation vehicle of the body, but also treatments that can repair loss that is incurred as a result of disease conditions within the body.

[Damien Perriman, CCO at eXoZymes]

For us, central to these opportunities is a hero receptor known as HNF4α. It's been a receptor that's been studied for some time, but traditionally has been very hard to create therapies around. When we looked atHNF4α, we turned our attention to a molecule called NCT, a plant-derived investigational compound that has been shown in literature to be a strong agonist of HNF4α, but for reasons I'll touch on in a little bit, has been a challenge in itself to become a meaningful candidate for the treatment of disease. HNF4α, as a key transcriptional regulator, is our hero ingredient because it turns on metabolism. It drives mitochondrial genesis. It improves mitochondrial form and function. It's responsible for reduction of fat within the liver and improves fat clearance in the body overall. It is also known to help repair the gut barrier integrity.

[Damien Perriman, CCO at eXoZymes]

All important treatments are important features in the treatment of metabolic disease. The preclinical support for NCT as an agonist for HNF4α has shown to have a meaningful impact in animal models by the reduction of weight up to 30% that are fed a high-fat diet, but also has been shown to hit many of the key biomarkers that show an enhancement in mitochondrial growth and function. However, when we look to nature for the supply of a molecule like NCT, there is a very real challenge. NCT is nearly absent in nature, available only in trace abundance in certain plants at 0.0014%. This is an uneconomical source of a natural compound and also one that's been horribly challenging to put any type of modern synthetic or petroleum-based alternative to production of this material.

[Damien Perriman, CCO at eXoZymes]

This is where the magic of eXoZymes has been able to shine because we've been able to tackle this hard-to-make natural product and develop a proprietary method in a cell-free system, and we've been successful in doing so. Our current yield on the production of NCT is well over 90%, setting up a new way of unlocking this opportunity for the very real market needs that we identified in metabolic disease. In unlocking this method, NCT has gone and licensed the NCT method into a spinout called NCTX. NCTX has the mandate to go and produce NCT and to launch this opportunity into nutraceuticals. The journey for us has been rapid, but that was the promise of cell-free and AI-enabled engineering within cell-free systems.

[Damien Perriman, CCO at eXoZymes]

From concept through the proof of concept, where we filed our intellectual property to the production of grand scale here in the lab, that was a journey that took us only five months. That is rapid. That is unheard of in our space of synthetic biology. It is proving that cell-free approaches really can unlock and turn on these hard-to-make natural products rapidly. We are looking forward shortly to make the announcement of our scale-up results here in the lab and look forward to additional news on that very subject. In doing so, we have now been able to start producing even larger quantities of material to improve our sampling attention, but also to unlock formulation for a supplement that could go into the marketplace. We have also been looking at our competitive position. There is a conventional route to making NCT. We have studied that process closely.

[Damien Perriman, CCO at eXoZymes]

In looking at the literature available in that process, we've been able to show that our approach not only has a higher yield advantage, which means a superior OpEx, it has significantly faster processing time, which creates a CapEx advantage, but we're also the only process that makes only NCT. Other methods make a mixture of NCT and other less active bioactives. We think our process has a superior and has the primary position to win within this opportunity for providing NCT to the market. We also look at the market value of NCT, and we see that our method offers substantial gross margin opportunity when scaled up, which is exactly the type of business we're trying to create.

[Damien Perriman, CCO at eXoZymes]

The path ahead over the next 12 months is an exciting one for us because now we get to take the process out of the lab, and we get to deploy it at scale. At scale, everything becomes real. We get to see real product. We get to take real product, and we get to build genuine concepts with market-facing partners that represent the sort of fulfillment of a promise that R&D begins with. The next six months, we'll be undertaking our optimization and tech transfer steps to move this process out of the lab into larger scale production. By the end of next year, we will be producing commercially, providing NCT to our partners, to our spinout, and moving the material into formulation and into consumers' hands.

[Damien Perriman, CCO at eXoZymes]

The NCTX spinout has been formed to take the intellectual property that we have generated here at eXoZymes into a license package and to create a supplement to address consumer wellness. This is a $200 billion market. If you look at the priorities of consumers within nutraceuticals, their top priorities are longevity, metabolic health, and digestive health. All three of these align with the impact areas created by NCT. We project the value created by an NCT spinout once you go through market launch, once we move through the D2C market, move towards boutique retail and regional retail in the next four to five years, is this is an opportunity that can be selling three to upwards of nine million bottles a year of NCT supplements to consumers worldwide.

[Damien Perriman, CCO at eXoZymes]

The second part of this story is to look at how analogs of NCT can be used to address the pharmaceutical opportunity. The analogs are important. Using our proprietary tools at eXoZymes, we're able to design chemical variations of the naturally occurring NCT that have patentable positions through novel composition claims, but also unlock performance advantages to the natural version when you put it into a clinical setting. This idea of a patentable plus potent analog really unlocks the opportunity for the creation of an investigational new drug application. eXoZymes is developing that suite of patentable potent analogs that we will license into a vehicle that will then undertake the approach towards an IND.

[Damien Perriman, CCO at eXoZymes]

eXoZymes uses our tool sets really to rapidly produce prototypes of these analogs that then allow us to rapidly test them in in vitro settings and then identify the best possible candidates against the disease conditions we have of interest. We see this as an open opportunity within pharmaceuticals because as of today, there is no selective HNF4α agonist that has reached clinical approval. In developing a patentable and potent acid base of analogs that could address these disease conditions, we see this as unlocking a major, major opportunity. The market is indeed large. Addressing mass, IBD, and obesity is over a $100 billion market. There are genuine unmet needs within each of those disease areas that a patentable potent analog of NCT could be well positioned to address.

[Damien Perriman, CCO at eXoZymes]

We also see the M&A activity within mitochondrial innovation within companies that have developed candidates for addressing metabolic disease to be a very, very rich hunting ground for those opportunities that have been developed through into the clinic, which is exactly the type of partnership we plan to set up around the patentable analogs of NCT. I'd like to say thank you for your attention, and hopefully this has served to address information needs on what is, for us, an exciting area of development. Thank you.

[Michael Heltzen, CEO at eXoZymes]

Thank you, Damien. I could literally not be more excited about NCT. I think it's such a potent business opportunity, and I can't wait for us to get to market with these biosolutions. NCT, the cannabinoid assets, and Sandeline are the first three business opportunities from this powered by eXoZymes platform of platforms. As we talked about, they will each have double-dip opportunities. We have basically started developing a methodology where we will, the same way Damien showed for NCT, the value inflection points we're looking to hit, the roadmaps we're looking to follow. We will develop that also for the cannabinoids, also for Sandeline, and also for all futures opportunities so that it gives you an opportunity to follow along the development and basically see what the next value inflection points are going to be. We'll continue to operate as a very capital-efficient business.

[Michael Heltzen, CEO at eXoZymes]

That is our goal and wish simply because right now we are turning not that much capital into a lot of value, and it's just a healthy phase to be in for us and our shareholders. Of course, with time, we will be expanding a little bit so we get more capacity so we can start with time to build biosolutions together with a larger number of partners and for more markets. Right now, we are at a good stage. We want to stay at this stage where we can, without spending a lot of capital, create a lot of value. It's simply a healthy state to be in, and especially here in the beginning where we're building the first solutions, having super much focus on each of the solutions and us scaling them up is going to be important.

[Michael Heltzen, CEO at eXoZymes]

With time, of course, we want to grow our capacity in regards to how many partners and markets we are servicing. We will later on scale up and work on more things. Right now, we have a good combination of things. We're still running a capital-light model. That means we have modest capital needs. We're currently investigating the potential for additional capital and have plans to share any decisions we take in that area with all of you. We will do that via an SEC filing and a press release when we're ready. Now it's time to go over to Fouad that will give us an overview of the financials.

[Fouad Nawaz, VP of Finance at eXoZymes]

Good afternoon, everyone. Our financial results for the third quarter are detailed in the press release that was just issued. I encourage you to read the report, and I'll take a moment to review the results. As a pre-commercial company, our primary focus remains on prudent financial management while maintaining targeted investments to drive long-term growth and commercialization. As of the end of September 2025, our cash and cash equivalent stood at $5.1 million, providing us with sufficient liquidity to support ongoing operations and key initiatives into the beginning of Q2 of 2026. Our total operating expenses for the quarter were $2.52 million, which represents an increase of $910,000 compared to the third quarter of 2024. The increase in 2025 was primarily driven by R&D investments, personnel expansion of the leadership, and the R&D team with a focus on further developing our internal infrastructure.

[Fouad Nawaz, VP of Finance at eXoZymes]

The net loss for the second quarter was $2.29 million, with a year-to-date net loss of $6.5 million. We remain disciplined in our spending approach, ensuring capital is allocated efficiently to maximize shareholder value. Additionally, we continue to explore non-dilutive funding opportunities, strategic partnerships, potential government grants to further strengthen our financial position. That concludes my presentation of the financials. I'll pass the call back. Thank you.

[Lasse Görlitz, VP of Communications and Investor Relations at eXoZymes]

Thank you, Fouad. Today is a very special day here at eXoZymes because we have two very positive promotions to share. One is Amy Lunzer, who's now our Chief of Staff. The second is one of the co-founders, Tyler Korman, who is now our Chief Scientific Officer. He's going to share a few words with you on that.

[Tyler Korman, CSO at eXoZymes]

I'm excited to announce that I'm now CSO, Chief Scientific Officer of eXoZymes. This journey started over 20 years ago, and it's now culminated through founding Invizyne, which then became eXoZymes, from Director of R&D to VP of Research to now as CSO, where I can really now help push through the strategy for how we become that leader in biomanufacturing. I started my career with an undergraduate degree in chemistry at UC San Diego. I followed that up with a master's degree in chemistry, also from UC San Diego. I then went and got my PhD at UC Irvine. Through my PhD, I had published at least five high-profile papers from journals such as Biochemistry all the way up through Nature. I then moved for my postdoc to UCLA, where I worked with Dr. Jim Bowie, where we pioneered this whole field of cell-free biocatalysis.

[Tyler Korman, CSO at eXoZymes]

Between the years of 2008 and 2019, when I left, we published numerous papers in Nature Communications, Nature Chemical Biology, just to name a few. During my time at eXoZymes, we've patented at least five different technologies, and we also have in draft a number of publications that describe some of the advancements that we've built here over the years. When I started off on my journey studying enzymes in graduate school, I knew I wanted to study enzymes from a more applied aspect. Figuring out how enzymes function in the context of natural product biosynthesis was really interesting. That was still really scientific. We were just studying the structure-function kind of relationship of enzymes involved in those pathways. When I moved to UCLA in 2008, it was specifically to figure out how we could apply enzymes to actually make things that people wanted.

[Tyler Korman, CSO at eXoZymes]

We initially started with a project to make biofuels using a single enzyme. This ended up changing into what eventually became Invizyne and now eXoZymes. We basically had that aha moment where we said, "What if we just got rid of cells and reconstituted enzymatic pathways cell-free to enable us to make these complex natural products much easier and faster?" That is basically how it translated in. I could rely on my decades of experience working with enzymes, engineering them to make that process faster. It has really been a really fun journey seeing how we started with long cascades of enzymes to turn sugars into flavors and fragrances to now engineering shorter pathways to make more interesting compounds that can be used as nutraceuticals, pharmaceuticals, and I think the sky's the limit for this technology. I am really excited about the future of biomanufacturing.

[Tyler Korman, CSO at eXoZymes]

I'm really excited about what the developments that we've pioneered allow us to unlock from potential treatments for a variety of different diseases because we can now access new molecules to being able to provide solutions for longevity, for metabolic health, for overall wellness. I think we stand at a crossroads where we need new solutions to be able to produce these important molecules, and I think we have those solutions.

[Tyler Korman, CSO at eXoZymes]

Powered by eXoZymes.

[Lasse Görlitz, VP of Communications and Investor Relations at eXoZymes]

All right. Thank you, Tyler. I think I can speak on behalf of everyone when I say we are very excited about the future of biomanufacturing. Now it's time for a Q&A session, and we've gotten some questions. Some have been kind enough to actually send them before, and we've gotten a few here during the session. We'll just plow ahead. I think the first one here that we're going to address, in what market will you see your first partnership?

[Michael Heltzen, CEO at eXoZymes]

Yeah, I'll start on that, and maybe we can send it over to you. We have either the cannabinoid space or the NCT space where we are going to see the first partnerships. As we talked about in my video, in the NCT space, we have had a number of conversations and offers already. On the cannabinoid space, we are in conversations about a joint venture that we are very excited about. Maybe you can expand a bit on the NCT part.

[Damien Perriman, CCO at eXoZymes]

I think your projection is spot on based on what we're seeing. In the last quarter, we've experienced a tripling of the number of partner prospects we're talking to around NCT. I think this has been stimulated both by the technical announcements we've been making around milestone accomplishment, but also just people beginning to understand what is the potential impact for NCT. I think our priority today is to nurture these types of partner prospects. It's key for us in order for the NCT expand out next year to, by the end of the year, hit that production milestone. To get there, though, a value chain has to be established. If I was to take those 42 and sort of characterize them, what we're seeing is discussions from companies who represent infrastructure investment for scale-up and for production. We're talking to companies who can formulate around NCT.

[Damien Perriman, CCO at eXoZymes]

We're talking to fast-moving supplement brands who are invested in metabolic health, who want to be a part of bringing the next new exciting opportunity to market. We've also been having a few conversations with the global supplement brands who I think represent the distribution potential of where this product can grow into. I think if I was to describe what we're seeing in the last quarter, we're building up an audience while in parallel, technically, we're building up the value proposition. If we want to think about how do we maximize our value from that audience, that will come in 2026 when we're able to deliver on more of those milestones and start to assemble that value chain for what will be the commercialization of NCT.

[Michael Heltzen, CEO at eXoZymes]

Yeah, super exciting.

[Lasse Görlitz, VP of Communications and Investor Relations at eXoZymes]

Very much so. Next question. This has been popping up here and there. Do you have any plans to update the website? I think I should just address that head-on. As Michael alluded to in his part of the presentation today, we launched the company a year ago, and a lot of the things that we did back then, that's what the website is currently reflecting. As you naturally can hear with today's presentation and how we're moving along with our three core assets currently, we do recognize there's a need to update the website. That is on the docket. It will happen, but it's not happening tomorrow. It'll be a project that's ongoing, and it will happen. Trust me, yeah, we'll get there. All right. Next question here. Oh, this is a good one, Michael.

[Lasse Görlitz, VP of Communications and Investor Relations at eXoZymes]

When are you going to raise more capital and how much?

[Michael Heltzen, CEO at eXoZymes]

Yep, good question. We haven't made a decision yet, and when we do, we will announce it, of course. What we can say is that based on the non-deal roadshows we have been doing and the investor conferences we've been going to, we can say with a high degree of confidence that there's a lot of interest in investing in our company. I just want to remind that it is by purpose, by design, that we are keeping very capital light. We don't want to dilute our shareholders, and we are finding that balance. I am, with confidence, able to say we can raise money. When we do it, it will be announced via a filing and a press release.

[Lasse Görlitz, VP of Communications and Investor Relations at eXoZymes]

There you have it. All right. What's the next one here? I think this one is for you, Damien. What CapEx investment is needed to bring NCT to production?

[Damien Perriman, CCO at eXoZymes]

It's a great question. I'll start by reminding people the proprietary art we have is really in the exozymes, the enzyme cascade that enables the conversion of a raw material to our target product. The pots and pans upon which that cascade functions is pretty standard. What this means is as we go to scale up and we go into production, we're able to utilize infrastructure that is already in place. In fact, in the last quarter, we've reached out to a handful of vendors that can provide contract manufacturing services. We've got 11 responses to our request for information that's come in recently that confirm 11 different sites where all of the pots and pans for our entire NCT process is, in fact, available.

[Damien Perriman, CCO at eXoZymes]

That gives us confidence that we can move our process out of the lab into a scale-up and production environment without us needing to go and build or acquire a specialized facility. In fact, further to the support of ensuring the infrastructure is in place, recently, Paul Opgenorth, our VP of Development, was elected to the Biomate Technical Committee, and I myself was actually elected to join the leadership committee for BioMADE. This is an industry-wide group whose primary focus is to ensure that the infrastructure is in place for biomanufacturing as a broad industry in this country. I think that's also very encouraging for our own efforts as we want to rely on scale-up assets to capitalize upon the eXoZymes portfolio for NCT, for cannabinoids, for santalene, and in the future for the other opportunities that we would develop.

[Michael Heltzen, CEO at eXoZymes]

Yeah. We're very lucky that we don't have to tie a lot of capital into CapEx because of the way things are being set up that other people have already done that investment. Cool.

[Lasse Görlitz, VP of Communications and Investor Relations at eXoZymes]

All right. So here's a very, very hot topic, I think. I think this goes to you, Michael. You talked a little bit about it in your presentation also. What does the new law about intoxicating versus non-intoxicating cannabinoids mean for eXoZymes?

[Michael Heltzen, CEO at eXoZymes]

Yes, let's unpack that a little bit because that's not everybody that have heard about that. Basically, by the signature of the president last night and the two chambers basically voting to reopen government with this funding bill, they inside of that funding bill had a number of laws associated with some of the things they're funding. Because they're funding the Farm Bill, they are addressing this topic that had been going on for a long time about cannabinoids. You have the group of cannabinoids that are intoxicating, THC and versions of THC, and then you have the non-intoxicating cannabinoids that have a lot of medicinal use cases. As I sometimes been joking around with on a couple of podcasts, imagine you had a medicine where you took the medicine and it helped you, but you had to be drunk all day.

[Michael Heltzen, CEO at eXoZymes]

That would be fun the first day, maybe, but after that, it would basically destroy your life, right? From that perspective, getting a separation between intoxicating and non-intoxicating makes a lot of sense. That is basically what has been passed by law now. We can see an opportunity in that because our platform is so precise at the manufacturing stages. We can guarantee that we are making cannabinoids that do not have THC traces in it. If you grow hemp plants or marijuana plants, you cannot guarantee this because the plant will automatically make the THC version. Even if you start using cell-based Sunbio, you will often also end up with THC. It gives us a huge competitive advantage that this has just been passed. It is a little bit of a complex topic.

[Michael Heltzen, CEO at eXoZymes]

There are different states that have different opinions on it, and then there is the federal level. This is on the federal level. This will especially impact all of the states where the Farm Bill has allowed people to put THC in things like drinks and gummy bears and other things that will now not be possible for people. If people want the CBDs and the other kind of cannabinoids that have beneficial things for people, then they will basically be out of supply now. This is likely, I am not saying we are doing it. We have up until now taken the position that cannabinoids, we would only do the pharmaceutical side to stay away from the intoxicating and the THCs. This might actually open up kind of like a space in between where there could be an opportunity for us. In all cases, it is a great question.

[Michael Heltzen, CEO at eXoZymes]

It's literally less than 24 hours old, so we will need a little bit more time before we take a position.

[Lasse Görlitz, VP of Communications and Investor Relations at eXoZymes]

Right. You could also say that any business opportunity that we go after is where we have a high and a unique opportunity. Something that is a commodity, other entities are able to produce it, that's probably not a very high priority for us to focus on, at least medium term.

[Michael Heltzen, CEO at eXoZymes]

Yep.

[Lasse Görlitz, VP of Communications and Investor Relations at eXoZymes]

Yeah.

[Michael Heltzen, CEO at eXoZymes]

Good.

[Lasse Görlitz, VP of Communications and Investor Relations at eXoZymes]

Actually, those were the questions. Thank you. There have been a couple of positive comments also about the, there's a lot of information today, and I understand that if you have to sleep on it, then you're welcome to send us an email, ir@exozymes.com. We'll be happy to answer your questions, of course.

[Michael Heltzen, CEO at eXoZymes]

Yes. On a last note.

[Lasse Görlitz, VP of Communications and Investor Relations at eXoZymes]

Yep.

[Michael Heltzen, CEO at eXoZymes]

In that, basically, we have just filed the presentation before our meeting here. So the presentation you saw given by Damien basically is filed by the SEC, and you can therefore find it on our investor page now if you want to.

[Lasse Görlitz, VP of Communications and Investor Relations at eXoZymes]

Yes. And with that, thank you for your time, and let's conclude the call for today. We will put a transcript up tomorrow, hopefully. And yeah, that's it. Thank you for your time.

[Michael Heltzen, CEO at eXoZymes]

Thank you.

Participants

Executives

• Fouad Nawaz, VP of Finance
• Lasse Görlitz, VP of Communications and Investor Relations
• Tyler Korman, CSO
• Damien Perriman, CCO
• Michael Heltzen, CEO

Analysts

• Video Narrator