Agronomics Limited: A Year of Progress and Promise

As we approach the end of 2024, Agronomics Limited (AIM:ANIC), a leading listed company focused on the field of cellular agriculture, has much to celebrate. The company's unaudited Net Asset Value (NAV) per share calculation as at 31 December 2024 was 15.58 pence, a decrease of 8% from the previous year. However, this decline is counterbalanced by several operational highlights and strategic investments made throughout the year.



One of the most significant developments in 2024 was the successful completion of a €30 million funding round for Meatable, led by Agronomics alongside a new investor, Invest-NL. This round highlights the industry-leading quality of the companies within Agronomics' portfolio and their ability to secure funding even in challenging macro-economic conditions. Additionally, UK-based Clean Food Group also completed a £2.5 million funding round to commercialize its fermentation-derived palm oil, further demonstrating the potential of alternative protein sources and the demand for sustainable food production.



Another notable achievement was the acquisition of Shiok Meats by UMAMI Bioworks Pte. Ltd. in a share-for-share transaction. This acquisition underscores the growing interest in and support for precision fermentation technologies, which are crucial for the development of sustainable and ethical food production methods.



Throughout the year, Agronomics' portfolio companies also received government support and formed new strategic partnerships. For example, California Cultured announced a partnership with leading Japanese chocolate company Meiji for the production of cell-based cocoa products. This partnership involves a 10-year long arrangement for the supply and integration of California Cultured's cell-cultured flavanol cocoa powder into an array of products tailored for both the US and Japanese markets.



In addition to these achievements, Agronomics' portfolio companies experienced positive revaluations and received non-dilutive funding. Onego Bio, for instance, successfully raised €27 million in its Series A financing, led by NordicNinja VC with participation of Agronomics for €1.55 million. In addition, Onego Bio secured a further €9.5 million in non-dilutive funding from Busin.



Despite the decline in NAV, Agronomics' share price at the 31 December 2024 close represented a discount of 48% to the 31 December 2024 NAV per share. This discount suggests that the market may not yet fully appreciate the value of the Company's portfolio, presenting an opportunity for long-term investors.

In conclusion, 2024 has been a year of progress and promise for Agronomics Limited. The company's portfolio companies have made significant strides in securing funding, forming strategic partnerships, and receiving government support. While the decline in NAV is a concern, the share price discount to NAV suggests that the market may not yet fully reflect the underlying value of the Company's investments. As we look ahead to 2025, Agronomics Limited is well-positioned to continue its growth trajectory and maximize shareholder value.