Throughout 2022, the company expanded its
investment in R&D, enabling it to reach significant milestones
in terms of technological development, alongside substantial
achievements in terms of partnerships, commercialization, and
REHOVOT, Israel, April 5,
2023 /PRNewswire/ -- Steakholder Foods Ltd. (Nasdaq:
STKH), an international deep-tech food company at the forefront of
the cultivated meat industry, is pleased to provide an annual
business update including a summary of its successful advancements
in funding, partnerships, technological capabilities, intellectual
property, commercialization and more. In parallel, the company has
reported its 2022 financial results.
Steakholder Foods' CEO, Arik
Kaufman, commented, "2022 was a tipping point for
Steakholder Foods, during which we were able to make substantial
progress, both in terms of our core biology and printing
capabilities, and commercially in terms of our go-to-market
strategy and our industry collaborations and funding. We're
extremely excited about the year ahead, and look forward to
continuing to advance the sustainable and cultured food landscapes
with our unique technologies and capabilities."
2022 and Up to Date Business Highlights
Groundbreaking Collaborations and New Funding:
Steakholder Foods commenced a groundbreaking
collaboration with Umami Meats, aimed at penetrating the Asian
markets with 3D bio-printed seafood products. Following this, the
company received a grant of up to $1
million for the development of structured cultivated fish
products by the Singapore-Israel Industrial R&D Foundation.
Steakholder Foods also raised $13
million in two rounds of public offerings ($6.5 million in June
2022, and $6.5 million in
January 2023), to fuel continued
development and commercialization, among other corporate goals.
Furthermore, in April 2023, the
Company announced participation in a strategic investment round in
Wilk Technologies Ltd. (TASE: WILK), alongside leading players in
the food industry, such as Danone and the Central Bottling Co. Ltd.
(owner of Tara, Coca Cola Israel and more), which as the foundation
of a strategic partnership aimed at advancing the sustainable food
solutions landscape alongside an expansion.
Major Technology Advancements:
Since the beginning of 2022, the company's development of its
proprietary 3D bio-printer has led to exciting achievements in
terms of new products, capabilities and development milestones.
Among these was the introduction of Omakase Beef Morsels, a
first-of-its-kind, highly marbled, 3D-printed cultivated beef cut.
In addition, the company boosted the yield of its cell production
by a factor of 50, by leveraging the filtration system it uses.
Moreover, Steakholder Foods demonstrated that its cultivated muscle
cells have the same nutritional value as beef, a substantial
achievement in making nutritionally-equivalent cultivated foods a
reality. Steakholder Foods further advanced its printing
capabilities, by developing a temperature-controlled print bed for
its industrial-scale printer, a significant step towards mass
production, a temperature-controlled print bed for its
industrial-scale printer, a significant step towards mass
Accelerating Commercialization and Growth, Alongside
Financial Optimization and Restructuring:
In 2022, Steakholder Foods' printing technology gained mass
attention around the world, having been featured at the Future Food
Tech Summit in London and then
traveling to the Agri-Food Tech Expo Asia in Singapore. The company also hosted its
first tasting event, at which participants tasted hybrid
Following that, the company then hosted a gala tasting event in
the U.S., where the Silicon Valley investor community was
introduced to the company's technology, and guests tasted
cultivated meat canapés. Following successful advancements in both
the technological and business spheres, the company announced an
ambitious accelerated go-to-market strategy for 2023 that it has
already begun implementing.
In parallel, as part of the company's commitment to the
fast-growing cultivated meat community and its leadership position
as the first Nasdaq-traded cultured meat company, Steakholder Foods
completed a strategic rebrand to reflect its commitment to
cultivating a new community of meat lovers who will participate in
the company's mission to make high-quality real meat
In April 2023, the company
announced the closure of its wholly owned subsidiary, Peace of Meat
BV (PoM), as a means to optimize its funds and investment strategy.
As part of this process, Steakholder Foods expects PoM's assets to
be realized, following which the Company shall consider how and
when to continue development of cultivated avian products. The
closure of PoM is expected to reduce Steakholder Foods' expenses by
about $4.5 million annually, relative
A Growing Intellectual Property Portfolio:
During 2022, Steakholder Foods expanded its intellectual property
portfolio. Among its achievements, the company was granted its
first patent for the physical manipulation of cultured muscle
tissue, in the U.S., Canada,
Australia and New Zealand, helping secure the company's
technological leadership in the cultivated meat industry. In
addition, Steakholder Foods has a portfolio of patent applications
awaiting approval, including a provisional patent application for
mimicking the texture of cooked fish, a unique capability it has
developed using its advanced 3D-printing technology. The company
also received its first registered trademark in Japan.
2022 Financial Results Summary:
- R&D expenses reached $9.8
million in 2022, compared to $7.6
million in 2021, reflecting an expansion of investment in
Steakholder Foods' research and development capabilities.
- Operating loss reached $35.4
million in 2022, compared to $17.2
million in 2021. The increase was mainly driven by the
impairment of the Company's cash-generating unit PoM in connection
with its closure.
- Net loss was $30.8 million
in 2022, or $0.23 per ordinary share,
compared to $18.0 million and
$0.16 per ordinary share in
- Cash flow used in operating activities was $14.3 million, compared to $14.0 million in 2021.
- Cash and equivalents at year-end 2022 was $6.4 million, compared to $19.2 million as of year-end 2021.
- Non-current assets stand at $8.2
million as of year-end 2022, compared to $18.5 million as of year-end 2021, driven mainly
by a decrease in intangible asset and fixed assets due to an
impairment recognized by the Company, offset by increases in leased
- Total assets stand at $15.3
million as of year-end 2022, compared to $40.7 million as of year-end 2021.
- Total capital stands at $7.9
million as of year-end 2022, compared to $37.6 million as of year-end 2021.
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), with headquarters in Rehovot, Israel.
The company is developing a slaughter-free solution for
producing a variety of beef, 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:
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, 2022, filed with the Securities and
Exchange Commission on April 4, 2023.
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.
SOURCE Steakholder™ Foods Ltd.