The company continues to advance its technology via R&D breakthroughs and investments in global marketing infrastructure toward commercialization of cultivated meat
REHOVOT, Israel, Nov. 23, 2022 /PRNewswire/ -- Steakholder Foods (Nasdaq: STKH), an international deep-tech food company at the forefront of the cultured meat industry, today released its financial results for the third quarter of 2022, ended September 30, 2022, and provided a recent business update.
Steakholder Foods is developing high quality beef, chicken, pork, and seafood products that are safer and more sustainable than conventional meat. Our products under development include whole cuts, ground meat and raw materials made from cultivated animal cells rather than farm-raised animals.
Arik Kaufman, Steakholder Foods Chief Executive Officer & Co-Founder: "We are very pleased with the progress we have made over the past few months and are on track with our go-to-market plan. We have significantly advanced our technology, as demonstrated by our recently granted patents in key regions, and we continue to cement our position as a technological leader in the cultivated meat space. This has also helped us add some key collaborations to our business development efforts. And finally, our recent rebranding efforts reflect our vision, direction and differentiators. We are working hard to bring the revolution to the mass market so that everyone can continue to enjoy healthy, delicious, real meat but in a more sustainable way for the planet."
Q3 2022 Financial Results Summary
Q3 and Beyond: Business Highlights
Collaborations
In July 2022, Steakholder Foods signed a memorandum of understanding 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 cultivated meat. Steakholder Foods also sees this collaboration as an opportunity to make a valuable contribution to the preservation of marine ecosystems and wildlife.
R&D
Patents
Marketing and Branding
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 has recently expanded 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.
Unaudited Condensed consolidated interim statements of financial position | |||||||
September 30 | September 30 | December 31 | |||||
2022 | 2021 | 2021 | |||||
USD thousands | USD thousands | USD thousands | |||||
Current assets | |||||||
Cash and cash equivalents | 11,203 | 25,441 | 19,176 | ||||
Other investment | 135 | 149 | 154 | ||||
Receivables | 764 | 1,890 | 2,782 | ||||
Total current assets | 12,102 | 27,480 | 22,112 | ||||
Non-current assets | |||||||
Restricted deposits | 374 | 391 | 405 | ||||
Other investment | 1,180 | 1,287 | 1,355 | ||||
Right-of-use asset | 3,478 | 328 | 407 | ||||
Intangible assets | 11,706 | 11,362 | 13,453 | ||||
Fixed assets, net | 4,386 | 2,467 | 2,922 | ||||
Total non-current assets | 21,124 | 15,835 | 18,542 | ||||
Total Assets | 33,226 | 43,315 | 40,654 | ||||
Current liabilities | |||||||
Trade payables | 581 | 313 | 382 | ||||
Other payables | 2,154 | 1,837 | 2,239 | ||||
Current maturities of lease liabilities | 407 | 251 | 165 | ||||
Derivative instrument | 2,450 | - | - | ||||
Total current liabilities | 5,592 | 2,401 | 2,786 | ||||
Non-current liabilities | |||||||
Long-term lease liabilities | 3,195 | 81 | 246 | ||||
Total non-current liabilities | 3,195 | 81 | 246 | ||||
Capital | |||||||
Share capital and premium on shares | 72,231 | 68,348 | 69,610 | ||||
Capital reserves | 3,581 | 2,653 | 3,708 | ||||
Currency translation differences reserve | (2,771) | 519 | 1,275 | ||||
Accumulated deficit | (48,602) | (30,687) | (36,971) | ||||
Total capital | 24,439 | 40,833 | 37,622 | ||||
Total liabilities and capital | 33,226 | 43,315 | 40,654 | ||||
Unaudited Condensed consolidated interim of Income and of Comprehensive Loss | |||||||||
Nine months ended September 30, | Nine months ended September 30, | Year ended December 31, | |||||||
2022 | 2021 | 2021 | |||||||
USD thousands, | USD thousands, | USD thousands, | |||||||
Research and development expenses | 7,219 | 4,928 | 7,594 | ||||||
Marketing expenses | 2,426 | 872 | 1,628 | ||||||
General and administrative expenses | 4,982 | 5,961 | 8,010 | ||||||
Operating loss | 14,627 | 11,761 | 17,232 | ||||||
Financing income | (3,258) | (457) | (509) | ||||||
Financing expenses | 262 | 434 | 1,299 | ||||||
Total financing (income) expenses | (2,996) | (23) | 790 | ||||||
Loss for the period | 11,631 | 11,738 | 18,022 | ||||||
Currency translation differences loss (income) that might be | 2,301 | (456) | (1,942) | ||||||
Currency translation differences loss (income) that might be | 1,745 | 717 | 1,447 | ||||||
Total comprehensive loss for the period | 15,677 | 11,999 | 17,527 | ||||||
Loss per ordinary share, no par value (USD) | |||||||||
Basic and diluted loss per share (USD) | 0.088 | 0.104 | 0.155 | ||||||
Weighted-average number of shares outstanding - | 132,652,822 | 112,891,686 | 115,954,501 |
Unaudited Condensed consolidated interim of Income and of Comprehensive Loss | ||||||||
Three months ended September 30, | Three months ended September 30, | |||||||
2022 | 2021 | |||||||
USD thousands, | USD thousands, | |||||||
Research and development expenses | 2,792 | 2,018 | ||||||
Marketing expenses | 467 | 267 | ||||||
General and administrative expenses | 1,295 | 1,802 | ||||||
Operating loss | 4,554 | 4,087 | ||||||
Financing income | (2,196) | (130) | ||||||
Financing expenses | 117 | 15 | ||||||
Total financing (income) expenses | (2,079) | (115) | ||||||
Loss for the period | 2,475 | 3,972 | ||||||
Currency translation differences loss (income) that might | (25) | (163) | ||||||
Currency translation differences loss (income) that might | 898 | 501 | ||||||
Total comprehensive loss for the period | 3,348 | 4,310 | ||||||
Loss per ordinary share, no par value (USD) | ||||||||
Basic and diluted loss per share (USD) | 0.017 | 0.032 | ||||||
Weighted-average number of shares outstanding - basic and | 145,116,113 | 124,048,833 |
Unaudited Condensed consolidated interim statements of changes in equity | ||||||||||||||||||
Premium | Fair | Transactions | Currency | Share-based | Accumulated | Total | ||||||||||||
USD thousands | ||||||||||||||||||
Balance as at January 1, 2022 | 69,610 | (334) | 14 | 1,275 | 4,028 | (36,971) | 37,622 | |||||||||||
Share-based payments | - | - | - | - | 1,092 | - | 1,092 | |||||||||||
Issuance of shares and warrants, net | 1,348 | - | - | - | - | - | 1,348 | |||||||||||
Exercise of options | 1,273 | (1,219) | 54 | |||||||||||||||
Other comprehensive income (loss) | - | - | - | (4,046) | - | - | (4,046) | |||||||||||
Loss for the period | - | - | - | - | - | (11,631) | (11,631) | |||||||||||
Balance as at September 30, 2022 | 72,231 | (334) | 14 | (2,771) | 3,901 | (48,602) | 24,439 | |||||||||||
Balance as at January 1, 2021 | 30,481 | (334) | 14 | 780 | 3,639 | (18,949) | 15,631 | |||||||||||
Share-Based Payment | - | - | - | - | 2,829 | - | 2,829 | |||||||||||
Issuance of shares and warrants, net | 31,176 | - | - | - | - | - | 31,176 | |||||||||||
Exercise of options | 6,691 | (3,495) | 3,196 | |||||||||||||||
Other comprehensive income (loss) | - | - | - | (261) | - | - | (261) | |||||||||||
Loss for the period | - | - | - | - | - | (11,738) | (11,738) | |||||||||||
Balance as at September 30, 2021 | 68,348 | (334) | 14 | 519 | 2,973 | (30,687) | 40,833 | |||||||||||
Balance as at January 1, 2021 | 30,481 | (334) | 14 | 780 | 3,639 | (18,949) | 15,631 | |||||||||||
Share-based payments | - | - | - | - | 3,965 | - | 3,965 | |||||||||||
Issuance of shares and warrants, net | 32,330 | - | - | - | - | - | 32,330 | |||||||||||
Exercise of options | 6,799 | (3,576) | - | 3,223 | ||||||||||||||
Other comprehensive income (loss) | - | - | - | 495 | - | - | 495 | |||||||||||
Loss for the period | - | - | - | - | - | (18,022) | (18,022) | |||||||||||
Balance as at December 31, 2021 | 69,610 | (334) | 14 | 1,275 | 4,028 | (36,971) | 37,622 |
Unaudited Condensed consolidated interim statements of cash flows | |||
Nine months ended | Nine months ended 2021 | Year ended 2021 | |
2022 | |||
USD thousands | USD thousands | USD thousands | |
Cash flows - operating activities | |||
Net Loss for the period | (11,631) | (11,738) | (18,022) |
Adjustments: | |||
Depreciation and amortization | 1,099 | 479 | 680 |
Change in fair value of derivative | (2,100) | (312) | (316) |
Change in fair value of other investment | (99) | (138) | (193) |
Net foreign exchange expenses | (901) | 411 | 1,279 |
Interest expense over lease liabilities | 250 | 7 | 9 |
Interest income over short term deposits | (73) | - | - |
Share-based payment expenses | 1,092 | 2,829 | 3,965 |
Changes in asset and liability items: | |||
Decrease (increase) in receivables | 1,790 | (1,523) | (2,351) |
Increase (decrease) in trade payables | 315 | (309) | (97) |
Increase (decrease) in other payables | 413 | 682 | 1,095 |
Net cash from (used in) operating activities | (9,845) | (9,612) | (13,951) |
Cash flows - investment activities | |||
Acquisition of fixed assets | (2,686) | (1,124) | (1,828) |
Increase in restricted deposit | (20) | (337) | (337) |
Loan provided | - | (367) | (367) |
Proceeds on account of other investment* | 110 | 111 | 149 |
Interest received over short term deposits | 73 | - | - |
Acquisition of other investments, net of cash acquired | (188) | (5,685) | (6,808) |
Net cash used in investing activities | (2,711) | (7,402) | (9,191) |
Cash flows - financing activities | |||
Proceeds from issuance of shares and warrants | 2,005 | 29,281 | 29,281 |
Issuance costs | (657) | (3,283) | (3,283) |
Repayment of liability for lease | (316) | (222) | (346) |
Repayment of interest over liability of lease | (250) | (7) | (9) |
Proceeds with regard to derivative | 4,495 | - | - |
Proceeds from exercise of share options | 53 | 3,196 | 3,222 |
Net cash from financing activities | 5,330 | 28,965 | 28,865 |
Increase (Decrease) in cash and cash equivalents | (7,226) | 11,951 | 5,723 |
Effect of exchange differences on cash and cash equivalents | (747) | (66) | (103) |
Cash and cash equivalents at the beginning of the period: | 19,176 | 13,556 | 13,556 |
Cash balance and cash equivalents at end of period | 11,203 | 25,441 | 19,176 |
Non-cash activities | |||
Purchase of fixed assets yet to be paid | 4 | 188 | 57 |
Issue of shares and options against intangible asset | - | 4,359 | 6,332 |
*Reclassified
Press Contact:
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Maissa Dauriac
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SOURCE Steakholder Foods Ltd.
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