Agronomics Limited, a leading listed company focused on cellular agriculture, has announced its unaudited Net Asset Valuation ("NAV") per share as of 31 December 2023, showing an increase to 16.90 pence per share from 16.48 pence per share at 30 September 2023. The company's net assets were reported at £168 million, including investments of £146 million and uninvested cash and short-term deposits of £22 million. The share price at the close of 31 December 2023 represented a discount of 44% to the NAV per share. The company's Chair, Jim Mellon, highlighted the healthy balance sheet entering 2024 and the intention to preserve capital for follow-on investments into existing portfolio companies.
Agronomics also disclosed that during the period, 2,210 new ordinary shares were issued following the exercise of warrants, generating gross proceeds of £660 for the company. Additionally, the Board approved a share buyback program for an aggregate amount of up to £3m, which had not been initiated as of 31 December 2023.
The company's investment review for the period highlighted positive revaluations and significant developments within its portfolio companies. Portfolio company BlueNalu closed a US$ 33.5 million Series B round and signed a Memorandum of Understanding for commercialization, marketing, and distribution of its cultured seafood. Solar Foods closed an €8 million Series B financing round, while Liberation Labs secured a US$ 25 million loan for its biomanufacturing facility. Clean Food Group was also awarded government funding towards a £1 million project to accelerate novel low-emission food production systems.
The financials for the period ending 31 December 2023 showed current assets of £168,029,294 and current liabilities of £203,046, resulting in net assets of £167,826,248. The net asset value per share was calculated at 16.90 pence. The quoted investments within the portfolio are valued under IFRS at bid price.
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