MITC - Earnings call transcript Q4 2021

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Operator

Welcome to the MeaTech 2021 results conference call. All participants are at present in listen-only mode.

Following management’s formal presentation, instructions will be given for the question and answer session.

As a reminder, this conference is being recorded.

You should have all received by now the company’s press release.

section received Investor contact X-XXX-XXX-XXXX, and it the not team Investor or have website, in GK company’s at Public News you it, MeaTech’s please Relations view www.meatechXd.com. If the of Relations at I to Helft would of over Ehud now hand call to like the Edison. Mr. Helft, like begin? you would to

Ehud Helft

on thank would call. welcome discuss I highlights. and MeaTech’s of you call of MeaTech for VP to this you the to hosting management thank Business us Mr. Simon Mr. Guy Yes, Chief like this are Operator. With XXXX Officer; would I Development. Fried, Executive Officer, all Hefer, Arik conference to today like call Financial Chief Kaufman, Mr.

company’s summarize of you then key highlights and will will share Arik, XXXX Guy Arik and with available have. the questions for of any goals to answer Simon XXXX, will First, our be may and you some

to published Kaufman. conference Safe press like we ahead, release out that would Arik I MeaTech’s Before the to pertains please. content go to point now introduce I’d CEO, in today’s start, With that, the Mr. Harbor Arik, of like also call. this

Arik Kaufman

conference you welcome to results participants, Good day and Thank annual investors to call our Ehud. all call.

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us cultured we hybrid some in-person in We an had September, cultivated is protein. XD towards meat tasting we excellent. The our announced to soy fat October steak of of upon investors single first new of a us without parity. which building and the in weeks cultivated firsthand technological December, include environment our composed during U.S. and the scale a events cells will cell-based announced business that provide steak ounces help can and investor developed XXX and space activities continue standpoint, a and we’ve American future date. in printed world we a California-based the or fat perfecting potential research production We cost to to our potentially generation. development, We North plans. real that partners cultivated products ago work, or XXXX talent and relations at at to demonstrations expansion chicken of In serve run. few It and a industrial to also In our processes, demonstrated operations grown had significant access feedback This largest We also primarily grams, selected chicken meat muscle the biomass into using cultivated our as success. of go-to-market we pure with who several will our announced development. view and office gain anticipate was our of tech about steak, for featuring is and manufactured our XXX R&D fat pea for the XX a manufacturing gram welcoming was technology any learn processes commercial accelerate the knowledge veal strategy. new ever From opening breakthrough the the

early we are know, you at an stage development. as still results, in financial our pre-revenue of terms In

our to at at as in find but have end $XX.X equivalents million on detailed year filings, can compared and You XXXX. XXXX, financials at end year our $XX.X we the balance sheet in cash million summary

increase capabilities. R&D in $X.X expenses activities, in compared operating of an reflects million in investment expansion and In XXXX, $X.X terms our development research XXXX of this totaled to million MeaTech’s

$XX.X per $X.X loss million or was million Our XXXX. million negative $X.XX million to flow compared to activities $XX.X $X.XX negative ordinary in compared from Cash in share net operating XXXX. per $XX.X ordinary or was share,

share Before some of you moving session, the for goals targets and Q&A to XXXX. me with let our

to general or selling position key products key to will We to will agreements be be received. continue to the and various approvals closer U.S. once will for R&D We most to meat We strong to is to with prominent be our strengthen pure main to able that market players, collaboration launching sold generate applicable significantly awareness providing want of to push either maybe retailers the XXXX industry aim products aim the that markets. will in cultured regulatory regulatory market aim and our sooner, for recognition, approval cultured us new bring brand bridge sell during a products. the products hybrid sign efforts meat our our producers with in target

of forward we I excitement, emerging in into and meat are part we that MeaTech looking I the am the believe well at are of hope revolution XXXX, make change will beginning with industry, this industry. As that great we the positioned a to major as nature move and a

huge would With MeaTech, that, of be will we make management that the your happy to take capitalize this myself sure I CEO questions. opportunity will ahead team As my and of on us.

Operator

from The Please [Operator first question Sara is instructions] of Edison. ahead. go Welford

Sara Welford

I is guess it was just flow you going with line in Hi, questions, two more increasing in Guy, XXXX, specifically XXXX cash One there. and roughly if for the forward, and or of please. terms you good expenses R&D for see see from morning. probably I where have

a market the much. sooner will to is what’s a than XXXX in to obviously which encouraging. you your you have Can wide generally, and fat line talk about spectrum and species, cell milestones steak, more of achievements beef were that the chicken assume for come cultured diversified included indeed to vision Thanks Secondly, products both approach fair your portfolio, pure hybrid very it products, so your meat? hybrid

Guy Hefer

you same With historical year Thank of continue of the the the million past the see expenditures in has cash end we That’s that cash R&D or the how quarters, two future and balance it line Sara. we will at in our at the a XXXX. looking $XX.X on expect been more moved, has in less. how foreseeable it as for the quarters,

Of question, plants, we fat, are the than to in the other of then between that it’s the as as avian goes grail a be company market having the products, in also increase we your will cultured fat, part historical whether mission seeking. and will salaries see R&D with for that to that’s pilot expand supplemented purely further and that in of fat into come--hit it’s We hybrid printed of will to To do the the line steak and we are and course, steak. see or more or mainly but holy date. invest bridge plant-based consumables, and long vision could then do which less printed R&D, expenditure, and on we and absolutely which the by earlier cow run products we new even a working the the

Arik Kaufman

aiming strategy in order owned in It’s foresee product want the a a third few is plant-based into the and fat, something are with approve for than fully adding leading as mass subsidiary term Arik. pilot a signed I ago, this a sooner that ingredients, Belgium. to provided continue will see cultured I the fat days with in more a If to of of go-to-market a sheet our for progress, third establish contain that will XXX% add plant our we percentage regulator to we near meat. will said party, before our cultured when you will disclosed, sell production we that we party this go-to-market we’ve that It’s such that a products. cultured quite future, certain happening

we once of to meat, right excluding be regulator and sell of to the will most position As cultured such to no sell cultured Singapore, as meats, sell to today, you regulator know, products. the approve allows at want

Sara Welford

thank Okay, you.

in follow-up, towards start a or into you to fair do what when maybe approvals might think and assume as to Just when is would expect, fairly think you it terms the come do the it’s regulatory your year more that soon Do or XXXX? of through? it’s timeline be end of you the

Arik Kaufman

it We longer, are will it in it’s United assumption, it can assuming shorter. that approximately States. years take two Again, can be the be an

approximately United years talking the the be can States. it little markets two as take a so says that States. United to now to longer, With may earlier, are two are the in about in EU, smaller years from We Singapore, and aiming bit we respect one

Sara Welford

you. Thank

Operator

Alliance question next ahead. go Partners. from Global of The Please Haynor Ben is

Ben Haynor

all can day you Good gentlemen, hear right? me

Arik Kaufman

you Ben. We hear perfectly,

Ben Haynor

Great.

me, to the on offerings, texture, characteristics your in needs in meat proteins? be animal be the proportion from to indistinguishable other testing, first from sourced flavor, order cultivated hybrid what Just for largely

Arik Kaufman

answer then Guy will try with the and answer. I’ll join maybe me to

need that can it’s product immediately of I flavor of product know full that you if percentage psychologically that the in that fat a plant-based one and recipe a it’s distinguish how enhanced. I product taste biomass or blindfolded cultured is are in product order contains to tastings will to you a think certain distinguish for the say plant-based can culture XXX% much fat, but add states and a related that a be here fats. immediately. be we a you related, to between contains certain if there’s that I texture no to will percentage can conducting don’t our cultured it facility, from flavours or

Guy Hefer

the a first added to second is end feel, back can also will a fat, we enhance care want perceived foremost think is understand ingredient product, we end said another when and so health on oil bite, this the about perfect add fat believe texture, cultivated mouth otherwise value clients And about of taste not and come I it’s taste that also that, you one the you to thing. aspects to is proposition because and that for why to aspects about. we so texture. value and Having care help about, saturated that, with coconut cultivated then bring customer aspect, or that health and replace the customers can fats That’s the the other if that clients that the

the have amount real thing it, by call amount trying other reducing that fat, you you real thing, reduce the products ingredients. The can so total just actually mimic of ingredients in the is of are that using to

Ben Haynor

meats, chicken will Then ones XX/XX people a the consume? know, offers, that think the and than, you pork, makes just lot for Does custom those hybrid those tend towards guys? That being those sense more points, most leaner to burger really you the sense, obviously. on are just do of an good you be make initially more that that geared be that

Arik Kaufman

can new I some them both. some to disclose percentage think be products of soon a products, that fat. of We contain of hope are hybrid it variety

and You to--you of sausages, fat that you about talk can percentage contains cultured product be chicken go any can can relevant. about muscle can nuggets, cultured talk hamburgers, some

Ben Haynor

I final just for California, to Then depend U.S. going the it a obviously the on a other standpoint, as Area I’ll you’ve tech mostly imagine is Rio got considerations going lookout got the mean, but attract have stated pretty in Does the certainly it’s Linda, headquarters, smaller--you’ve but and given What you’ve the on are would state. that. LA on and I that in from really well. talent location to location? is for Great, be the that big attractive California or places you factors? California Bay a plans in you’re able be like

investors should what front? expect So on that

Arik Kaufman

in located Waves partners Blue California. Sound Our are in

does pilot it we in other states. On establish not the won’t other mean hand, that plant a

right order grant said, they not the the are is we the the all find question state to to right where its so our we incentives in as that plant decide us in expand did think has is, establish own you will incentives, talent, States considering there, I us talent, possibilities. United to--for but each we the

Ben Haynor

income on for Then list for me, Singapore, there’s Okay, smaller to be other color U.S. regulatory regulatory on approval lastly to the clearance. similar attracted high target the the got that would currently it. for that the then markets the be has are thanks regulatory where country adopters, also timelines and for Singapore Are EU, and being and there only early that approval? that also are

Arik Kaufman

also we see countries there mention - just novel consumer earlier. the is appetite see potential We geographies to acceptance foods, more to we those as where few, Asian a earlier, Thailand and on and seen foods, to regulation Japan surveys adopt for have for novel definitely and as adopt countries

Ben Haynor

Okay, great. all all the have, gentlemen. Well, on progress. Congrats I that’s

Arik Kaufman

questions? much, any Thank Ben. you other very Operator,

Operator

there any one. please press are additional If questions, star,

to If questions. Please poll stand you for question The next request, go by star, press ahead. we your Advisors. Scutti Yorkville Please while of cancel two. is more from wish please Jennifer

Jennifer Scutti

through all just morning the you good the United process. information. the and to gentlemen. can regulatory I have States, kind a guys, With follow-up for respect Hi on question Thank of outline you for, of there how Thank little what the much. works. can entail a steps regulatory to regulatory bit just we that process I certain more actually look milestones understand get very so you approval? and Are color the go

Arik Kaufman

consultants, than United with both With jurisdictions positioned to of cells is of point make regard United we assistance is the the so bioreactors. landscape slightly or in harvesting regulators unfolding the the States and of it with exact has regulating, regulated very could to detailed regulation out are processes perspective, comes or of regulating whatever the we few that the the regulations the have. in are well, to USDA go-to-market. States up to a to the the as meat because by the and downstream respect sure that’s Yes, to are From is when various cell-based process. It one particular, have working comes taxability USDA, guidance call, landscape and order different the given we regulatory MeaTech’s FDA other is FDA you like, hearing

currently we It are be it. guarantees regulating a bit regulators again little take could years left train two two process--the bit the approvals. be with station regulatory these will could little no have to that the assuming one less, but and approvals, it the has We a more, are but respect it the

Jennifer Scutti

for you the thank additional right, All information.

Arik Kaufman

welcome. you’re Thanks,

Operator

There time. are questions at no this further

Before ahead make available I to website, to tomorrow you statement? this ask Arik replay statement, go like Mr. like by would would closing will your call Kaufman, Kaufman that his of participants to I be on concluding a with www.meatechXD.com. remind MeaTech’s

Arik Kaufman

very team to Please speak for California thank have Yes, thank of to future. good our much. hope with Relations you you see for in be today you of our and joining in business. to we a and us, office would if ON I touch your the in you us like all day. management, at wish with Thank the near our behalf interest our Investor investors

Operator

you Thank you. call. This Thank XXXX for conference your participation. concludes MeaTech’s results

go and may disconnect. You ahead

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