LUXEMBOURG / ACCESSWIRE / May 30, 2024 / Moolec Science SA (NASDAQ:MLEC) a science-based food ingredient company focused on producing animal proteins in plants through Molecular Farming technology, announced today its Business Update for the third quarter of Fiscal Year 2024 ended March 31, 2024.
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The main highlights of Moolec's business update are as follows:
Piggy Sooy Product | Soybean Platform: Moolec's patented soybean product received USDA-APHIS Regulatory Status Review approval in April 2024.
Safflower Platform: GLASO planting campaign progressing as expected. Two US Patents granted for production of chymosin in safflower seeds (SPC2) extended exclusive technology protection until 2041.
Financial highlight: Normalized revenues and other income (Ex-IAS 29) up ~$1.3M YoY given consolidation of soy-protein ingredient business. R&D, Admin and other expenses of $2.3M increased 68% YoY mainly due to non-cash items. Operational cash utilization this quarter of ~$2.6M includes ~$1.4M allocated to lower accounts payable.
"These past few months mark a significant milestone in Moolec's journey, showcasing our relentless pursuit to deliver results. Our progress on Piggy Sooy with the USDA-APHIS regulatory RSR approval, in addition to the starting of our GLASO commercial production streams are pivotal achievements that underscore our unwavering commitment to nutritional and sustainable solutions. I am thrilled to witness just the beginning of the fruits of our labor and am grateful for the continued and unwavering dedication of our team," expressed Gastón Paladini, Chief Executive Officer and Co-Founder of Moolec Science.
José López Lecube, Chief Financial Officer for the company, stated, "We are very pleased with our team's consistent milestones delivery as we are addressing meaningful market opportunities. We remain confident in our disciplined approach to spending while preserving an adequate cash position and balance sheet to fund the business. I want to extend my congratulations to our team for the exceptional USDA-APHIS regulatory RSR approval, a major achievement for our long-term business plan execution."
For a full version of Moolec's first quarter Fiscal Year 2024 Business Update, click here.
Management will host a Conference Call and question-and-answer session, which will be accompanied by a presentation available during the webinar. To access the call, please use the following information:
Date: Thursday, May 30, 2024
Time: 8:30 a.m. Eastern Time (U.S. and Canada)
Link to join the webinar:
One tap mobile: +13017158592,,91289208286#,,,,*888246# US
Please connect 5 minutes prior to the start time to register and join.
A recording of the call and the pdf version of the presentation will be available after the conclusion of the live event via Moolec's Investor Relations website.
About Moolec Science SA
Moolec is a science-based ingredient company leader in the use of Molecular Farming technology for food and dietary supplementation markets. The Company's mission is to create unique food ingredients by engineering plants with animal protein genes. Its purpose is to redefine the way the world produces animal proteins, for good and for all. Moolec's technological approach aims to have the cost structure of plant-based solutions with the nutrition and functionality of animal-based ones. Moolec's technology has been under development for more than a decade and is known for pioneering the production of a bovine protein in a crop for the food industry. The Company's product portfolio and pipeline leverage the agronomic efficiency of broadly used target crops like soybean, pea, and safflower to produce oils and proteins. Moolec also has an industrial and commercial R&D capability to complement the company's Molecular Farming technology. Moolec secures a growing international patent portfolio (25+, both granted and pending) for its Molecular Farming technology. The Company is run by a diverse team of PhDs and Food Insiders, and operates in the United States, Europe, and South America. For more information, visit moolecscience.com and ir.moolecscience.com.
Forward-Looking Statements
This press release contains "forward-looking statements." Forward-looking statements may be identified by the use of words such as "forecast," "intend," "seek," "target," "anticipate," "believe," "expect," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements with respect to performance, prospects, revenues, and other aspects of the business of Moolec are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors, about which we cannot be certain. We cannot assure you that the forward-looking statements in this press release will prove accurate. These forward-looking statements are subject to a number of significant risks and uncertainties that could cause actual results to differ materially from expected results, including, among others, changes in applicable laws or regulations, the possibility that Moolec may be adversely affected by economic, business and/or other competitive factors, costs related to the scaling up of Moolec's business and other risks and uncertainties, including those included under the header "Risk Factors" in the Moolec's Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission ("SEC"), as well as Moolec's other filings with the SEC. Should one or more of these risks or uncertainties materialize, or should any of Moolec's assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Accordingly, you should not put undue reliance on these statements.
Contact Information
Catalina Jones Chief of Staff & Sustainability comms@moolecscience.com
Investor Relations ir@moolecscience.com
Related Files
Moolec Science Presents Third Quarter Fiscal Year 2024 Business Update - May 30, 2024
オーストラリアでは、moomooの投資商品及びサービスはMoomoo Securities Australia Limitedによって提供され、オーストラリア証券投資委員会（ASIC）の管理を受けております（AFSL No. 224663）。「金融サービスガイド」、「利用規約」、「プライバシーポリシー」などの詳細は、Moomoo Securities Australia Limitedのウェブサイトhttps://www.moomoo.com/auでご確認いただけます。
オーストラリアでは、moomooの投資商品及びサービスはMoomoo Securities Australia Limitedによって提供され、オーストラリア証券投資委員会（ASIC）の管理を受けております（AFSL No. 224663）。「金融サービスガイド」、「利用規約」、「プライバシーポリシー」などの詳細は、Moomoo Securities Australia Limitedのウェブサイトhttps://www.moomoo.com/auでご確認いただけます。
José López Lecube, Chief Financial Officer for the company, stated, "We are very pleased with our team's consistent milestones delivery as we are addressing meaningful market opportunities. We remain confident in our disciplined approach to spending while preserving an adequate cash position and balance sheet to fund the business. I want to extend my congratulations to our team for the exceptional USDA-APHIS regulatory RSR approval, a major achievement for our long-term business plan execution."
同社の最高財務責任者であるJosé López Lecube氏は、「市場で意義ある機会に対処するためのチームの一貫したマイルストーンの進捗に非常に満足しています。事業を資金調達するための十分なキャッシュポジションとバランスシートを維持しながら、支出に対する謹厳なアプローチに自信を持っています。私たちの長期的なビジネス計画の実行にとって、USDA-APHIS規制RSRの承認は重要な達成です。私たちのチームに祝辞を贈ります。」と述べました。Moolecの2024年第1四半期ビジネスアップデートの完全版については、ここをクリックしてください。