The company continued to develop the technology, R&D
and marketing infrastructure necessary to accelerate toward
commercialization of cultured meat
REHOVOT, Israel, Aug. 24,
2022 /PRNewswire/ -- Steakholder Foods
(Nasdaq: STKH), formerly MeaTech 3D Ltd. (Nasdaq:
MITC), an international deep-tech food company at the
forefront of the cultured meat industry, today released its
financial results for Q2 2022 and provided a business update.
Steakholder Foods is developing high quality beef, chicken,
pork, and seafood products made from animal cells rather than
farm-raised animals — as whole cuts, ground and raw materials
— that are safer and with significantly less impact than
conventional meat.
Q2 2022 Financial Results Summary
- Research and development expenses totaled $2.3 million in the three months ending
June 30, 2022 compared to
$1.8 million in the same period in
2021. The 28% increase reflects the company's growing investment in
research and development as it achieves its milestones and expands
its cultured meat technology capabilities.
- General and administrative expenses totaled $1.6 million in the three months ending
June 30, 2022 compared to
$1.4 million in the same period in
2021. The 12% increase was primarily due to increased salary
expenses and increased payments for legal and professional
services.
- Marketing expenses totaled $0.9
million in the three months ending June 30, 2022 compared to $0.3 million in the same period in 2021. The
increase is mainly due to the company's increased salary expenses
and growing investment in its US and global marketing
activities.
- Operating loss totaled $4.8
million in the three months ending June 30, 2022 compared to $3.5 million in the same period in 2021. The 37%
increase in the operating loss reflects the company's growing
investment in research and development as well as marketing
activities.
- Total comprehensive loss was $6.6
million in the three months ending June 30, 2022 or 3
cents per ordinary share ($0.33 per ADS) compared to $3.2 million or 11
cents per ordinary share ($1.10 per ADS) in the same period in 2021.
- Cash flow used in operating activities totaled $7.4 million in the six months ending
June 30, 2022, compared to
$5.0 million in the same period in
2021, reflecting a 48% increase, due mainly to the increased
expenditures of the company's growing activities, including the
addition of Peace of Meat as a subsidiary as of March 2021.
- Cash flow used in investment activities totaled $2.5 million in the six months ending
June 30, 2022 compared to
$6.3 million in the same period in
2021, reflecting a 61% decrease due mainly to the non-recurring
acquisition of Peace of Meat in 2021.
- Cash flow from financing activities was $0.3 million in the six months ending
June 30, 2022 compared to
$29.1 million in the same period in
2021, during which the company's Nasdaq IPO took place.
- Cash and cash equivalents were $8.4
million on June 30, 2022
compared to $19.2 million at year-end
2021. The 56% decrease was mainly due to the company's ongoing
operations. On July 5, 2022, the
company raised gross proceeds of $6.5
million in equity. Pro forma to the capital raised and net
after associated fees, the cash position as of June 30th is approximately
$14.2 million.
- Current assets decreased to $10.8
million on June 30, 2022, a
51% decrease from $22.1 million at
year-end 2021 due to its ongoing operations.
- Non-current assets increased by 20% to $22.4 million on June 30,
2022 from $18.5 million at
year-end 2021, due mainly to a $3.3
million long-term lease asset of its new premises, offset by
the recognition of a lease liability in the same amount in
accordance with IFRS requirements.
- Total capital decreased 30% to $26.4
million on June 30, 2022, down
from $37.6 million at year-end 2021.
The decrease was mainly due to ongoing operations.
Arik Kaufman, Steakholder
Foods's Chief Executive Officer & Founder: "We continue to
proceed at a rapid pace with our plans and are very pleased with
the progress the company has made in this quarter and in general.
The $6.5m in capital we raised early
in Q3 gives us continued resources to continue moving forward in
our mission, and our recent rebranding better reflects the
company's vision, direction, and uniqueness in the industry. We're
aiming high, and we truly believe that everyone should be able to
continue safely and securely enjoying real, delicious meat
sustainably."
Business highlights
- In April 2022, the company
announced development of a unique multi-nozzle 3D bioprinting
system for highly precise industrial scale production of cultured
meat products. The innovative 3D bioprinting technology will be
offered to third parties by a wholly owned private Steakholder
Foods subsidiary as an additional revenue stream and to accelerate
commercialization.
- In May 2022, Steakholder Foods
joined the United Nations Global Compact, committing to ten
universally accepted principles in the areas of human rights,
labor, environment, and anti-corruption and to act in support of UN
goals and issues embodied in the UN's Sustainable Development Goals
(SDGs).
- In May 2022, Peace of Meat signed
a strategic agreement with ENOUGH, a leader in the field of
mycoprotein, a fungi-based fermented food ingredient, to accelerate
commercialization. This innovative initiative is expected to create
game-changing hybrid alternative meat products that better resemble
the flavor, aroma, texture, and even nutritional value of
conventional meat.
- In May 2022, the company
announced the development of a unique, multi-nozzle 3D bioprinting
system for industrial scale production of complex cultured meat
products without impacting cell viability. The company plans to
offer the technology to third parties via a wholly owned private
Steakholder Foods subsidiary as an additional revenue stream and to
accelerate commercialization.
- In June 2022, the company was
granted its first patent out of several currently pending. The
patent, issued by IP Australia, is based on the company's
development of systems and methods to apply external forces to
muscle tissue that result in the development of high-quality
complex structured meat. This achievement strengthens the company's
IP and accelerates its commercialization efforts as the leading
developer of high-quality whole-cut cultivated meat products and
provider of technology and services to third parties players.
- In July 2022, the company
completed a $6.5 million registered
direct offering with a leading institutional investor, pointing to
strong support from international capital markets as part of the
company's strategy.
- In July 2022, a collaboration was
revealed with Umami Meats, a Singaporean cultured seafood company.
This collaboration opens a door for both companies into the Asian
market, and Singapore
specifically, which is currently the only country that has
authorized the production and distribution of cultured meat.
Steakholder Foods also sees this collaboration as an opportunity to
make a valuable contribution to the preservation of marine
ecosystems and wildlife.
- In July 2022, Peace of Meat, the
company's wholly owned Belgian subsidiary, announced the
establishment of a stable and unique avian cell line with a clear
upscaling path. Peace of Meat's cultured avian capabilities opens
the door to commercialization in the hybrid foods market.
- In August 2022, the company
rebranded itself as Steakholder Foods Ltd. and changed its ticker
on the Nasdaq to STKH. The new name and brand reflects the
company's commitment to cultivating a new community of meat lovers
who wish to support and participate in the company's mission to
make high-quality real meat sustainably.
- In August 2022, the company
announced its initiation of cultured pork development using a
porcine cell line with significantly greater lifespan and
scalability. The new induced pluripotent porcine stem cell line
(iPS) enables the company to continue diversifying its species
portfolio and accelerate its market readiness for cultured pork
production.
About Steakholder Foods
Steakholder Foods Ltd., formerly MeaTech 3D Ltd., is an
international deep-tech food company at the forefront of the
cultured meat revolution. The company initiated activities in 2019
and is listed on the Nasdaq Capital Market under the ticker STKH
(formerly MITC). Steakholder Foods maintains facilities in Rehovot,
Israel and Antwerp, Belgium and is in the process of
expanding activities to the US.
The company is developing a slaughter-free solution for
producing a variety of beef, chicken, pork, and seafood products —
both as raw materials and whole cuts — as an alternative to
industrialized farming and fishing. With its membership in the UN
Global Compact, Steakholder Foods is committed to act in support of
issues embodied in the United Nations Sustainable Development Goals
(SDGs) which include strengthening food security, decreasing carbon
footprint, and conserving water and land resources.
For more information, please visit:
https://steakholderfoods.com
Forward-Looking Statements
This press release contains forward-looking statements
concerning Steakholder Foods' business, operations and financial
performance and condition as well as plans, objectives, and
expectations for Steakholder Foods' business operations and
financial performance and condition. Any statements that are not
historical facts may be deemed to be forward-looking statements.
Forward-looking statements reflect Steakholder Foods' current views
with respect to future events and are based on assumptions and
subject to known and unknown risks and uncertainties, which change
over time, and other factors that may cause Steakholder Foods'
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements.
Forward-looking statements include, without limitation, any
statement that may predict, forecast, indicate or imply future
results, performance or achievements, and are typically identified
with words such as "may," "could," "should," "will," "would,"
"believe," "anticipate," "estimate," "expect," "aim," "intend,"
"plan" or words or phases of similar meaning and include, without
limitation, Steakholder Foods' expectations regarding the success
of its cultured meat manufacturing technologies it is developing,
which will require significant additional work before Steakholder
Foods can potentially launch commercial sales; Steakholder Foods'
research and development activities associated with technologies
for cultured meat manufacturing, including three-dimensional meat
production, which involves a lengthy and complex process;
Steakholder Foods' ability to obtain and enforce its intellectual
property rights and to operate its business without infringing,
misappropriating, or otherwise violating the intellectual property
rights and proprietary technology of third parties; and other risks
and uncertainties, including those identified in Steakholder Foods'
Annual Report on Form 20-F for the fiscal year ended December 31, 2021, filed with the Securities and
Exchange Commission on March 24,
2022. New risks and uncertainties may emerge from time to
time, and it is not possible for Steakholder Foods to predict their
occurrence or how they will affect Steakholder Foods. If one or
more of the factors affecting Steakholder Foods' forward-looking
information and statements proves incorrect, then Steakholder
Foods' actual results, performance or achievements could differ
materially from those expressed in, or implied by, forward-looking
information and statements contained in this press release.
Therefore, Steakholder Foods cautions you not to place undue
reliance on its forward-looking information and statements.
Steakholder Foods disclaims any duty to revise or update the
forward-looking statements, whether written or oral, to reflect
actual results or changes in the factors affecting the
forward-looking statements, except as specifically required by
law.
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Press
Contact:
Maissa
Dauriac
Rainier Communications
mdauriac@rainierco.com
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Investor Relations
Contacts:
Joseph
Green
Edison Group
jgreen@edisongroup.com
|
Ehud Helft
Edison Israel
ehelft@edisongroup.com
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SOURCE Steakholder™ Foods Ltd.