eXoZymes Inc's Capital Raise Delays and NCT Timeline Shifts Highlight Strategic Contradictions

Date of Call: Mar 31, 2026

Guidance:

• Targeting 6 million bottles within 5 years and 8 million consumers by year 10 for NCTx.
• Aim to complete contract manufacturing operations by end of 2026 to be product launch ready in 2027.
• Focus on fundraising via S-3 filing, with indications expected in April.
• Targeting human use studies and completion of GRAS regulatory dossier for NCTx.
• Continue to explore non-dilutive funding opportunities.

Business Commentary:

Focus on Scaling and Execution:

• eXoZymes emphasized that 2025 was the year of focus, scaling up, and execution, transitioning from a company with large potential to a commercially focused entity.
• The decision to double down on projects like NCT was driven by the realization that being broad with many solutions was less optimal, and the need to capture extraordinary business opportunities by owning more of the upside potential.

Advancements in NCT and Biomanufacturing:

• eXoZymes successfully scaled NCT production, achieving more than half a kilo of ultra-pure NCT, demonstrating the capability of their cell-free biomanufacturing technology.
• The advancements were due to the company's decision to take projects further themselves, rather than licensing to partners, leading to higher value and potential.

Financial Position and Fundraising:

• As of December 2025, eXoZymes had $3.04 million in cash and cash equivalents, sufficient to support operations into mid-Q2 2026.
• The company is focused on fundraising through an S-3 filing to support commercialization goals, exploring non-dilutive funding opportunities to strengthen its financial position.

Strategic Shift in Partnerships:

• eXoZymes shifted its strategy from seeking numerous partnerships to focusing on specific assets like NCT and cannabinoids, realizing that potential partners were often skeptical and demanded favorable terms.
• This strategic shift was aimed at securing shareholder value by taking projects further along than originally planned, leading to more value creation.

Platform Validation and Expansion:

• The company validated its platform through successful projects like NCT and cannabinoids, showcasing the ability to produce high-value molecules with high purity and efficiency.
• This validation is expected to open up future opportunities for licensing and partnerships, as demonstrated by the positive reception from potential partners and the interest from pharma and biotech companies.

Sentiment Analysis:

Overall Tone: Positive

• Michael stated 'the future is bright' and 'I am absolutely certain that you will see a number of value inflection points happen also already this year.' He also said 'what a fantastic presentation' and 'NCT gets me excited.' Management highlighted progress on NCT, cannabinoids, and santalene, and raised $3M in cash to support operations into mid-Q2 2026.

Q&A:

• Question from Analyst: Do you have enough operating cash on the balance sheet to get to operating break even? When will that occur?
  Response: Company is fundraising, starting indications in April, using a capital-efficient model to build asset value and enable spin-outs/partnerships which create exit opportunities and licensing revenue.

• Question from Analyst: Can you provide a clearer milestone roadmap to keep shareholders better informed?
  Response: Will strive to improve communication; key value inflection points include completion of human use studies for NCT and finalizing the tech transfer package for commercial production.

• Question from Analyst: Are you still pursuing a dual-track strategy for cannabinoids similar to NCT?
  Response: Focused on pharma opportunities currently, but monitoring regulatory changes which could open consumer market options.

• Question from Analyst: What is the nature of the relationship with Cayman Chemical going forward, and how will you scale NCT production?
  Response: Cayman was a successful partner for validation; moving to optimize process, do robustness testing, and engage CMOs via RFP for commercial scale, targeting launch readiness by end of 2026.

• Question from Analyst: Do you see eXoZymes evolving into a pharmaceutical platform company, or remaining more focused on specific assets?
  Response: Currently focused on NCT and cannabinoids to prove the platform, but conversations with biotech/pharma are increasing, potentially leading to licensing and more assets over time.

Contradiction Point 1

Status and Communication of Capital Raise Plans

Contradiction on whether a capital raise decision has been made and the commitment to communicate it, impacting financial planning and investor transparency.

Investor (via Q&A) - Investor (via Q&A)

2025Q4: The company is currently fundraising and expects to start taking investment indications in April. - Michael (CEO)

Do you have enough operating cash on the balance sheet to reach operating break-even, and when is that expected to occur? - Questioner (via written question)

2025Q3: A decision on raising capital has not yet been made. - Michael (CEO)

Contradiction Point 2

Partnership Strategy and Milestone Communication

Contradiction on the company's focus and willingness to share a clear partnership roadmap, affecting strategic clarity for stakeholders.

Investor (via Q&A) - Investor (via Q&A)

2025Q4: Shareholders have not been given visibility into specific milestones before partnership agreements. Can you provide a clearer milestone roadmap? - Investor (via Q&A)

Can you provide a clearer milestone roadmap prior to partnership agreements? - Questioner (via written question)

2025Q4: While the company will strive to be better at communicating, the 2025 refocusing... created a shift. - Michael (CEO)

Contradiction Point 3

Timeline and Confidence for NCT Commercialization

Contradiction on the stated timeline for launching NCT commercial production, influencing expectations for product readiness and market entry.

Investor (via Q&A) - Investor (via Q&A)

2025Q3: The first partnerships are expected in either the NCT or cannabinoid space. The company has had numerous partnership offers and conversations for NCT... The priority is to build the value chain to commercialize NCT by the end of 2026. - Michael (CEO) and Damien Perriman (CCO)

What is the nature of the relationship with Cayman Chemical (long-term CMO partner or external validation), and what are the scaling processes and commercial volume requirements for NCT? - Questioner (via written question)

2025Q4: The path to commercial scale involves... (4) Finalizing a tech transfer package to launch commercial production by 2027. - Damien Perriman (CCO) and Tyler Korman (CSO)

Contradiction Point 4

Clarity and Consistency in Strategic Communication

Contradiction in the company's responsiveness and clarity regarding partnership milestones, affecting shareholder trust and strategic understanding.

Investor (via Q&A) - Investor (via Q&A)

2025Q3: The priority is to build the value chain to commercialize NCT by the end of 2026. - Michael (CEO) and Damien Perriman (CCO)

Can you provide a clearer milestone roadmap prior to partnership agreements? - Questioner (via written question)

2025Q4: Shareholders have not been given visibility into specific milestones before partnership agreements. Can you provide a clearer milestone roadmap? - Investor (via Q&A)

Contradiction Point 5

Operational Readiness and Commercialization Pathway

Contradiction in the detailed pathway and timeline for scaling NCT production, affecting perceptions of operational capability and investment readiness.

Investor (via Q&A) - Investor (via Q&A)

2025Q4: While the company will strive to be better at communicating, the 2025 refocusing... created a shift. - Michael (CEO)

What is the nature of the relationship with Cayman Chemical (e.g., long-term CMO partner or external validation), and what are the scaling steps and necessary commercial volumes for NCT? - Questioner (via written question)

2025Q3: The first partnerships are expected in either the NCT or cannabinoid space. The company has had numerous partnership offers and conversations for NCT... The priority is to build the value chain to commercialize NCT by the end of 2026. - Michael (CEO) and Damien Perriman (CCO)