Auto-generated video transcript below

Everything in today’s presentation, other than statements of historical fact, will be forward-looking statements. Please read our SEC filings to better understand eXoZymes as a business, our risk factors, and as an investment opportunity.

Welcome to our Q3 update. My name is Lasse Görlitz. I'm the VP of Communications and Investor Relations. And I would like you to be excited about this call today, like I am, and we'll go on. This is the agenda for today.

Slightly different format. Our CEO Michael Heltzen will touch upon that, and I'll give the word to him. Slightly different format than last time. We have an extra C-level person on our team now, which is something we're very excited about.

Tyler Coleman has obviously been a part of the team from the very beginning, but have just been promoted to our chief scientific officer, and you will be hearing from him today as well. Let's start by looking a little bit back in time.

We are now at the one-year mark for our IPO at Nasdaq. We IPO'd as a MDB, big idea company. Basically, having taken a big scientific breakthrough and turned it into a technology platform. technology platform that we and our shareholders were aware of have this immense potential to become a paradigm shift in biomanufacturing.

What was not clear at the point was which markets specifically and what products we should apply this technology to first. Basically, questions like, where's the best product market fit? How can we easiest get to disrupt some big markets? What can we easiest and what competitive advantages specifically in those markets? Also, very important, we were thinking a lot about how can we make sure to enter into the first markets where we can not just create a lot of value with the technical solution, but we can also capture that value for our shareholders.

So we didn't end up just building bio solutions for customers and partners for them to have a good financial journey. We gathered a lot of knowledge and market information by talking with hundreds of different people and companies in a number of different industries and markets.

The first thing that became clear to us was that although our technology can be used basically in any of the markets we were talking to, there was a big difference between in which markets we were generating the most value and in which markets we could insert ourselves in the value creation.

process to a degree where we would benefit from helping to optimize in these things. So we wanted to become the absolute best in a few market areas first. And as everybody that have followed us as a story, you know that we took the choice of nutraceuticals and pharmaceuticals.

But let me just unpack that one more time so new viewers can also follow. It became that our very best business cases is basically when we make super valuable product that only our biosolutions can make or at least other people have a very hard time making.

It simply unlocks the most value. The two overall markets where we can do this highest value creation in the shortest amount of time turned out to be these natural products, nutraceuticals, that is sold as supplements over the counter and the pharmaceuticals, that are very important.

And the pharmaceutical business opportunities of taking these natural product starting points and turning them into drug candidates, something that our platform is uniquely capable of. We often talk about this double dip.

With that we mean we basically built one biosolution that allows us to make the natural product for the older, the counter business opportunity, the counter business opportunity. We then use that as the beginning point to basically making the analogs, the different versions more potent, better for drug use cases from that starting point.

And with that double dip, we basically get two shots on goal where the first shot on goal is a fast to market, fast to revenue opportunity, and the pharmaceutical is the huge potential side of the equation.

In Q2, we identified the first extraordinary business case, as we call them. Basically, the first area where all the stars were aligning and we knew this was a very good product, a very good market, and we would have these very potent capabilities.

The first area for this double dip is the area of NCT. This is a small natural product molecule that basically boosts metabolism. That means burns fat, creates energy. It's a very nice value proposition and placed directly into one of the largest and fastest growing both nutraceutical markets and pharmaceutical markets in history.

We quickly showed, via a prototype of the biomanufacturing solution, that our technology is really good at making NCT in a super pure form. What we have done in Q3, on top of that, is that we have shown that not only can we make NCT, we can now make these pharmaceutical analogs of it.

We have developed further on making NCT itself faster, cheaper, better. Damien will talk much more about that, so I won't take too much of that right now. NCT is our firstborn deal. We are very proud and excited about this opportunity because it's basically crystallizing the impact of our technology.

We see a lot of interest coming to us after we started talking about NCT. We see a lot of interest coming to us after we started talking about NCT. It's clear that this is a market opportunity that has a global TAM, total addressable market, worth billions of dollars between the pharmaceutical and nutraceutical markets.

Inside of the NCT umbrella, we have had a number of partnership negotiations and commitments. We have had a number of conversations with people that would like to co-own this opportunity together with us.

We now have a list of potential partners that we can frankly pick from. We've come to the conclusion that creating and securing the most value for our shareholders will happen by not signing a joint venture agreement right now and not licensing out the NCT platform to anyone, but basically taking the business development and the company creation process further along before we allow other partners in.

So, despite having offers to partner up, it's too early and we would end up giving too much of the future potential away. We are going to make partnerships though, absolutely. And for the partners out there that is listening in, we very, very much look forward to bringing NCT to market together.

We are going to be together with you. Our second deal and extraordinary business opportunity is in the cannabinoid space, specifically the non-intoxicating cannabinoids that we are uniquely set up to be able to make where everybody else that works with cannabinoids, harvesting them from plants, they end up with THC and other intoxicating cannabinoids mixed into the medicinal cannabinoids.

We can make everything in pure form. We can make everything in pure form. And with the laws that are being basically signed into law in these very days, it is a very big opportunity for us to be able to basically offer a value proposition of keeping intoxicating and non-intoxicating cannabinoids separate because some of them are going to be illegal and some of them are going to be illegal.

We have, on top of that, as we talked about a little bit before, had a cannabinoid development program sponsored by the U.S. government, which is a little unique. Again, back to this ability to guarantee that we are not making the intoxicating THC versions.

And therefore, we have been sponsored to basically already have started this drug development program. That asset of cannabinoids is now becoming even more valuable. And we have seen that in regards to partnership interest.

So despite that I was just talking about NCT, we frankly don't really want to share the cake, at least at this point. With cannabinoids, we are very aware that there's a few market experts in the world that where if we team up with them, our technology and their expertise will basically be a case of 2 plus 2 equals much more than 4.

And therefore, it makes sense to do a joint venture. And therefore, it makes sense to do a joint venture. We are in active joint venture conversations. And we are hoping and very much believing that we will start the cannabinoid business as a joint venture.

But the potential is so big that we could also start it on our own if we wanted to. Based on the grant funded cannabinoid program, we have a number of intriguing pharma -relevant analogs of cannabinoids.

These are non-intoxicating cannabinoids that can address a number of different indications. And as a part of the unique thing about the cannabinoid space, and one of the reasons why it's so big, is that we humans have a lot of different receptors in our body for these cannabinoids.

So the potential of this is also easily in billion dollar range. Our third product development is called Sandalene. We have talked a little bit about it, but let me just unpack it for you all. Sandalene is a small molecule that exists in sandalwood oil.

Sandalwood oil is one of the most expensive natural products you can buy for money. Why is it so expensive, you might ask? Well, basically, to get some of this sandalwood oil that has a little bit of sandalene in it, that is what you want to get to, you basically have to grow a tree for between 10 to 30 years, one of only two places in the world.

When you get to harvest that one time, it's by taking the hardwood, the very center of the wood out, putting it in steam and chemicals for a week, and then you get some of the oil out. A little bit inside of that oil is this sandalene.

Well, what does sandalene do for the world? There's three market use cases where only one of the markets are really consuming it all today. So there is a potential pharmaceutical use case, there's a potential nutraceutical use case, and there's a fragrance market use case.

The first two ones, sandalene is literally too expensive for pharmaceutical use and nutraceutical use. We obviously can change that. The fragrance market is what is consuming all sandalene globally. It's basically the big perfume houses, fragrance houses of the world that buys up sandalene, and it's something you find in the very, very high-end perfumes of the world.

It's a very, very attractive scent. We want to build a bio-solution for that, and the good news, as we also press released, is basically that we got a grant to finance this product development direction.

So with $3 million from the National Science Foundation, we have basically, in Q3, started this program of starting to build what will become a bio-solution for sandalene. We do have the double-dip potential of nutraceuticals and pharmaceuticals.

I've gotten a couple of questions of saying, are you sure you want to take sandalene to nutraceuticals? Why not just take it to fragrance and pharma? Of course, we will explore what is best for the company and the use of our time and resources.

But it's some really interesting questions, and it's, again, a double-dip. First, a fast-to-market opportunity, and then a pharmaceutical opportunity to explore. We're very excited to have built these specific bio-solutions for these specific markets, our one, two, three in the pipeline.

It's basically back to this reality of having picked the right markets, the right technology product market fits, and also that these are markets where people either have no solution or very, very difficult ways of getting to these products.

It's something that warrants us to have really good business outcomes. We have become really good as a company based on our business development efforts and some tools internally developed on basically screening ideas and opportunities.

So we have a list of other things that are also extraordinary business cases. But three is the number we will start with. This is the bio-solutions we will build and bring to market first. But there is multiple shots on gold coming up.

And the good news about our platform is that the more we use it, the more of the things we develop, the easier and better it becomes to develop the next ones. So multiple shots on gold, despite that we are focused on these three opportunities right in front of us.

Now let's turn it over to Damien, who, with our presentation, will showcase to you how we have made a lot of progress on NCT in Q3. G'day. My name is Damien Perryman, Chief Commercial Officer for Exozymes.

I'd like to walk you through a story that we're pretty excited about, and it reflects the work we've been doing in the last six months to unearth this opportunity for NCT as an agent to drive metabolic performance, both in the nutraceutical market and within the pharmaceutical market.

As we get started, I wanted to touch briefly on this presentation. We'll hit forward-looking statements. And also this presentation makes assumptions that incur certain risks in areas like regulatory approvals, our manufacturing and scale-up plans, market adoption rates, IP, and scientific and clinical translation.

All of these have been summarized here for you to become familiar with as you think about this opportunity. Metabolic disease is chronic and widespread, affecting over 1.4 billion people globally. Many have written that this is the epidemic of our lifetime.

Central to the treatment of metabolic disease has been the emergence of products like GLP -1 agonists to treat obesity and diabetes. These agonists are really reshaping the treatment market and have shown that the needs to address metabolic disease are strong and are growing.

But there are limitations to agents like GLP-1s. In their mimic of gut hormones, they suppress the brain's desire to consume. They suppress appetite. And this, in its approach, and can create digestion discomfort.

I think the world knows that we do need better, alternative, and even complementary treatments to the ones that are currently available. We see opportunities in treatments that can enhance fat burning, essentially the energy creation vehicle of the body, but also treatments that can repair loss that is incurred as a result of disease conditions within the body.

For us, central to these opportunities is a HERO receptor known as HNF4-alpha. It's been a receptor that's been studied for some time, but traditionally has been very hard to create therapies around. When we looked at HNF4-alpha, we turned our attention to a molecule called NCT, a plant-derived investigational compound that has been shown in literature to be a strong agonist of HNF4-alpha.

But for reasons I'll touch on in a little bit, has been a challenge in itself to become a meaningful candidate for the treatment of disease. HNF4-alpha, as a key transcriptional regulator, is our hero ingredient because it turns on metabolism.

It drives mitochondrial genesis. It improves mitochondrial form and function. It's responsible for reduction of fat within the liver, and improves fat clearance in the body overall. But also, it's known to help repair the gut barrier integrity.

All important treatments are important features in the treatment of metabolic disease. The preclinical support for NCT as an agonist for HNF4-alpha has shown to have a meaningful impact in animal models by the reduction of weight up to 30% to the fed a high-fat diet, but also has been shown to hit many of the key biomarkers that show an enhancement in mitochondrial growth and function.

However, when we look to nature for the supply of a molecule like NCT, there is a very real challenge. NCT is nearly absent in nature, available only in trace abundance in certain plants at 0.0014%. This is an uneconomical source of a natural compound, and also one that's been horribly challenging to put any type of modern synthetic or petroleum-based alternative to production of this material.

This is where the magic of exozymes has been able to shine, because we've been able to tackle this hard-to-make natural product and develop a proprietary method in a cell-free system, and we've been successful in doing so.

Our current yield on the production of NCT is well over 90%, setting up a new way of unlocking this opportunity for the very real market needs that we identified in metabolic disease. In unlocking this method, NCT has gone and licensed the NCT method into a spin-out called NCTX. NCTX has the mandate to go and produce NCT and to launch this opportunity into nutraceuticals.

The journey for us has been rapid, but that was the promise of cell-free and AI -enabled engineering within cell-free systems. So from concept through the proof of concept, where we filed our intellectual property to the production of grand scale here in the lab, that was a journey that took us only five months.

That is rapid. That is unheard of in our space in synthetic biology. It's proving that cell-free approaches really can unlock and turn on these hard-to-make natural products rapidly. We are looking forward shortly to make the announcement of our scale-up results here in the lab, and look forward to additional news on that very subject.

But in doing so, we've now been able to start producing even larger quantities of material to improve our sampling attention, but also to unlock formulation for a supplement that could go into the marketplace.

We've also been looking at our competitive position. There is a conventional route to making NCT. We've studied that process closely, and in looking at the literature available in that process, we've been able to show that our approach that only has a higher yield advantage, which means a superior up-x.

It has significantly faster processing time, which creates a capex advantage. But we're also the only process that makes only NCT. Other methods make a mixture of NCT and other less active bioactives.

So we think our process has a superior and has the primary position to win within this opportunity for providing NCT to the market. We also look at NCT. We also look at the market value of NCT, and we see that our method offers substantial gross margin opportunity when scaled up, which is exactly the type of business we're trying to create.

The path ahead over the next 12 months is an exciting one for us because now we get to take the process out of the lab, and we get to deploy it at scale. And at scale, everything becomes real. We get to see real product.

We get to take real product. And we get to build genuine concepts with market-facing partners that represent the real product. And that represents the sort of fulfillment of a promise that R&D begins with.

The next six months, we'll be undertaking our optimization and tech transfer steps to move this process out of the lab into larger scale production. And by the end of next year, we will be producing commercially, providing NCT to our partners, to our spin out, and moving the material into formulation and into consumers' hands.

The NCTX spin out has been formed to take the intellectual property that we have generated here at Exozymes into a license package and to create a supplement to address consumer wellness. This is a $200 billion market.

And if you look at the priorities of consumers within nutraceuticals, their top priorities are longevity, metabolic health, and digestive health. All three of these align with the impact areas created by NCT.

We project the value created by NCT. We project the value created by NCT spin out once you go through market launch, once we move through the DTC market, move towards boutique retail and regional retail in the next four to five years.

Is this an opportunity that can be selling three to upwards of 9 million bottles a year of NCT supplements to consumers worldwide. The second part of this story is to look at how analogs of NCT can be used to address the pharmaceutical opportunity.

The analogs are important. The analogs are important. Using their proprietary tools at Exozymes, we're able to design chemical variations of the naturally occurring NCT that have patentable positions through novel composition claims, but also unlock performance advantages to the natural version when you put it into a clinical setting.

This idea of a patentable plus potent analog really unlocks the opportunity for the creation of an investigational new drug application. Exozymes is developing that suite of patentable potent analogs that we will license into a vehicle that will then undertake the approach towards an IND. Exozymes uses our tool sets really to rapidly produce prototypes of these analogs that then allow us to rapidly test them in in vitro settings and then identify the best possible candidates against the disease conditions we have of interest.

We see this as an open opportunity within pharmaceuticals because as of today, there is no selective HNF4 alpha agonist that has reached clinical approval. So in developing a patentable and potent asset base of analogs that could address these disease conditions, we see this as unlocking a major, major opportunity.

And the market is indeed large. Addressing mass, IBD and obesity is over $100 billion market. And there are genuine unmet needs within each of those disease areas that a patentable and those disease areas that a patentable potent analog of NCT could be well positioned to address.

We also see the M&A activity within mitochondrial innovation within companies that have developed candidates for addressing metabolic disease to be a very, very rich hunting ground for those opportunities that have been developed through into the clinic, which is exactly the type of partnership we plan to set up around the patentable analogs of NCT.

I'd like to say thank you for your attention. I'd like to say thank you for your attention. And hopefully this is served to address information needs on what is for us an exciting area of development.

Thank you. Thank you, Damien. I could literally not be more excited about NCT. I think it's such a potent business opportunity and I can't wait for us to get to market with these biosolutions. NCT, the cannabinoids.

NCT, the cannabinoid assets and Sandaline are the first three business opportunities from this Powered by ExoScience platform of platforms. As we talked about, they will each have double dip opportunities.

We have basically started developing a methodology where we will, the same way Damien showed for NCT, the value inflection points, we are the first three business opportunities we are the first three business opportunities we are looking to hit the road maps we are looking to follow.

We will develop that also for the cannabinoids, also for Sandaline and also for all futures opportunities so that it gives you an opportunity to follow along the development and basically see what the next value inflection points are going to be.

We'll continue to operate as a very capital efficient business. That is our goal. goal and wish simply because right now we are turning not that much capital into a lot of value and it's just a healthy phase to be in for us and our shareholders.

Of course, with time, we will be expanding a little bit so we get more capacity so we can start with time to build biosolutions together with a larger number of partners and for more markets. But right now, we are at a good stage.

But right now, we are at a good stage. We want to stay at this stage where we can, without spending a lot of capital, create a lot of value. It's simply a healthy state to be in and especially here in the beginning where we are building the first solutions, having super much focus on each of the solutions and us scaling them up is going to be important. So, with time, of course, we want to grow our capacity in regards to how many partners and markets we are servicing.

So we will later on scale up and work on more things. But right now, we have a good combination of things. We're still running a capital light model. That means we have modest capital needs. We're currently investigating the potential for additional capital and have plans to share any decisions.

We're taking that area with all of you. We will do that via an SEC filing and a press release when we're ready. And now, it's time to go over to Flart that will give us an overview of the financials. Good afternoon, everyone.

Our financial results for the third quarter are detailed in the press release that was just issued. I encourage you to read the report and I'll take a moment to review the results. As a pre-commercial company, our primary focus remains on prudent financial management while maintaining targeted investments to drive long-term growth and commercialization.

As of the end of September 2025, our cash and cash equivalents stood at $5.1 million, providing us with sufficient liquidity to support ongoing operations and key initiatives into the beginning of Q2 of 2026. Our total operating expenses for the quarter were $2.52 million, which represents an increase of $910,000, compared to the third quarter of 2024. The increase in 2025 was primarily driven by R&D investments, personnel expansion of the leadership and the R&D team, with a focus on further developing our internal infrastructure.

The net loss for the second quarter was $2 .29 million, with a year-to-date net loss of $6.5 million. We remain disciplined in our spending approach, ensuring capital is allocated efficiently, to maximize shareholder value, to maximize shareholder value.

Additionally, we continue to explore non-dilutive funding opportunities, strategic partnerships, potential growth, government grants, to further strengthen our financial position. That concludes my presentation of the financials, and with that, I'll pass the call back.

Thank you. Thank you, Fuad. So today is a very special day here at Exesange, because we have two very positive promotions to share, and one is Amy Luntzer, who is now our chief of staff, and the second is one of the co-finals, Tyler Corman, who is now our chief scientific officer, and he's going to share a few words with you on that.

I'm excited to announce that I'm now CSO, chief scientific officer of Exozymes. This journey started over 20 years ago, and it's now culminated through founding Invisign, which then became Exozymes, from director of R&D to VP of research to now as CSO, where I can really now help push through the strategy for how we become that leader in biomanufacturing.

I started my career with an undergraduate degree in chemistry at UC San Diego. I followed that up with a master's degree in chemistry, also from UCSD. I then went and got my PhD at UC Irvine. Through my PhD, I had published at least five high-profile papers from journals such as biochemistry all the way up through nature.

I then moved from my postdoc to UCLA, where I worked with Dr. Jim Bowie, where we pioneered this whole field of cell-free biocatalysis. Between the years of 2008 and 2019, when I left, we published numerous papers in nature communications, nature chemical biology, just to name a few.

During my time at Exozymes, we've patented at least five different technologies, and we also have in draft a number of publications that describe some of the advancements that we've built here over the years.

When I started off on my journey studying enzymes in graduate school, I knew I wanted to study enzymes from a more applied aspect, and so figuring out how enzymes function in the context of natural product biosynthesis was really interesting.

That was still really scientific. We were just studying the structure-function relationship of enzymes involved in those pathways. When I moved to UCLA in 2008, it was specifically to figure out how we could apply enzymes to actually make things that people wanted.

We initially started with a project to make biofuels using a single enzyme. This ended up changing into what eventually became Invisyne and now Exozymes. We basically had that aha moment where we said, what if we just got rid of cells and reconstituted enzymatic pathways cell-free to enable us to make these complex natural products much easier and faster? That's basically how it translated in.

I could rely on my decades and I could have been a few decades of experience working with enzymes, engineering them to make that process faster. It's really been a really fun journey seeing how we started with long cascades of enzymes to turn sugars into flavors and fragrances to now engineering shorter pathways to make more interesting compounds that can be used as nutraceuticals, pharmaceuticals, and I think the sky's the limit for this technology.

I'm really excited about the future of biomanufacturing. I'm really excited about what the developments that we've pioneered allow us to unlock. From potential treatments for a variety of different diseases because we can now access new molecules to being able to provide solutions for longevity, for metabolic health, for overall wellness.

I think we stand at a crossroads where we need new solutions to be able to produce these important molecules. And I think we have those solutions. Powered by Exozymes. All right. Thank you, Tyler. And I think I can speak on behalf of everyone when I say we are very excited about the future of biomanufacturing.

So now it's time for a Q&A session. We've gotten some questions. Some has been kind enough to actually send them before and we've gotten a few here during the session. So we'll just plow ahead and we'll see you next time.

And I think the first one. In what market will you see your first partnership? Yep. I'll start on that and maybe we can send it over to you. We have either or the cannabinoid space or the NCT space where we are going to see the first partnerships.

As we talked about in my video, in the NCT space, we have a number of conversations and offers already on the cannabinoid space. We are in conversations about a joint venture that we are very excited about.

But maybe you can expand a bit on the NCT part. I think your projection is spot on, you know, based on what we're seeing. In the last quarter, we've experienced a tripling of the number of partner prospects we're talking to around NCT. I think this has been stimulated both by the technical announcements we've been making around milestone accomplishment, but also just people beginning to understand what is the potential impact for NCT. I think our priority today is to nurture these types of partner prospects.

It's key for us in order for the NCTX spin out next year to, by the end of the year, hit that production milestone. To get there, though, a value chain has to be established. And so if I was to take those 42 and sort of characterize them, what we're seeing is the first discussions from companies who represent infrastructure investment for scale-up and for production.

We're talking to companies who can formulate around NCT. We're talking to fast-moving supplement brands who are invested in metabolic health, who want to be a part of bringing the next new exciting opportunity to market.

And we've also been having a few conversations with the global supplement brands who, I think, represent the distribution potential of where this product can grow into. I think if I was to describe what we're seeing in the last quarter is we're building up an audience while in parallel, technically, we're building up the value proposition.

And if we want to think about how do we maximize our value from that audience, you know, that will come in 2026 when we're able to deliver on more of those milestones and start to assemble that value chain for what will be the commercialization of NCT.

Yeah, super exciting. Very much so. So next question. This has been popping up here and there. Do you have any plans to update the website? And I think I should just address that head on. As Michael alluded to in his part of the presentation today, we launched the company a year ago and a lot of the things that we did back then, that's what the website is currently reflecting.

But as you naturally can hear, with today's presentation with today's presentation and how we're moving along with our three core assets currently, we do recognize there's a need to update the website that is on the docket.

It will happen, but it's not happening tomorrow. It'll be a project that's ongoing and it will happen. And trust me, yeah, we'll get there. All right. So next question here. Oh, this is a good one. Michael.

When are you going to raise more capital and how much? Yep. Good question. We haven't made a decision yet. And when we do, we will announce it, of course. What we can say is that based on the non-deal roadshows we have been doing and the investor conferences we've been going to, we can say with a high degree of confidence that there's a lot of interest in investing in our company.

I just want to remind that it is by purpose, by design that we are keeping very capital light. We don't want to dilute our shareholders and we are finding that balance. So I am with confidence able to say we can raise money.

When we do it, it will be announced via a filing and a press release. There you have it. All right. What's the next one here? I think this one is for you, Damien. What CapEx investment is needed to bring NCT to production? That's a great question.

I'll start by reminding people the proprietary art we have is really in the exozymes, the enzyme cascade that enables the conversion of a raw material to our target product. The pots and pans upon which that cascade functions is pretty standard.

And what this means is as we go to scale up and we go into production, we're able to utilize infrastructure, that is already in place. In fact, in the last quarter, we've reached out to a handful of vendors that can provide contract manufacturing services.

We've got 11 responses to our request for information that's coming recently that confirm 11 different sites where all of the pots and pans for our entire NCT process is in fact available. That gives us confidence that we can move our process out of the lab into a scale up and production environment without us needing to go and build or acquire.

a specialized facility. In fact, further to the support of ensuring the infrastructure is in place, recently, Paul Ockdenorth, our VP of Development, was elected to the Biomade Technical Committee and I myself was actually elected to join the Leadership Committee for Biomade.

This is an industry-wide group whose primary focus is to ensure that the infrastructure is in place for biomanufacturing as a broad industry in this country. And I think that's also very encouraging for our own efforts as we want to rely on scale up assets to capitalize upon the exercise portfolio for NCT, for cannabinoids, for Centeline, and in the future for the other opportunities that we would develop.

Yeah. And we're very lucky that we don't have to tie a lot of capital into CapEx because of the way things are being set up that other people have already done that in this. Cool. All right. So here's a very, very hot topic, I think.

I think this goes to you, Michael. You talked a little bit about it in your presentation also. What does the new law about intoxicating versus non-intoxicating cannabinoids mean for exercise? Yes. Let's unpack that a little bit because that's not everybody that have heard about that.

So basically, by the signature of the president last night and the two chambers basically voting to reopen government with this funding bill, they, inside of that funding bill, they, inside of that funding bill, had a number of laws associated with some of the things they're funding.

So because they're funding the farm bill, they are addressing this topic that have been going on for a long time about cannabinoids. You have the group of cannabinoids that are intoxicating THC and versions of THC, and then you have the non-intoxicating cannabinoids that have a lot of medicinal use cases.

But as I sometimes been joking around with on a couple of podcasts, imagine you had a medicine where you took the medicine and helped you, but you had to be drunk all day. That would be fun the first day maybe, but after that it would basically destroy your life.

So from that perspective, getting a separation between intoxicating and non-intoxicating makes a lot of sense. And that's basically what has been passed by law now. So we can see a lot of sense. So we can guarantee that we are making cannabinoids that doesn't have THC traces in it.

If you grow hemp plants or marlana plants, then you cannot guarantee this because the plant will automatically make the THC version. And even if you start using cell-based SunBio, then you will often also end up with THC. So it could give us a huge competitive advantage that this has just been passed.

It is a little bit of a complex topic. So there's different states that has different opinions on it. And then there's the federal level. This is on the federal level. So this will especially impact all of the states where the farm bill have allowed people to put THC in things like drinks and gummy bears and other things that will now not be possible for people.

And if people want the CBDs and other kinds of cannabinoids that have beneficial things for people, then they will basically be out of supply now. So this is likely, I'm not saying we're doing it. We have up until now taken the position that cannabinoids, we would only do the pharmaceutical side to stay away from the intoxicating and the THCs. But this might actually open up kind of like a space in where there could be between where there could be an opportunity for us.

In all cases, it's a great question. It's literally less than 24 hours old. So we will need a little bit more time before we take a position. Right. And you could also say that any business opportunity that we go after is where we have a high and a unique opportunity.

So something that is a commodity, other entities are able to produce it. So that's probably not very high priority for us to focus on at least medium term. Yep. Yeah. Good. Well, actually, those were the questions.

And thank you. There's been a couple of positive comments also about the there's a lot of information today. And I understand that if you have to sleep on it, and then you're welcome to send us an email.

IR at exercise dot com. We'll be happy to answer your questions, of course. Yes. And on a last note. Basically, we have just filed the presentation before meeting here. So the presentation you saw given by Damien basically is filed by the SEC and you can therefore find it on our investor page now if you want to.

Yes. And with that, thank you for your time. And let's conclude the call for today. We will put a transcript up tomorrow, hopefully. Thank you. And yeah, that's it. Thank you for your time. Thank you.

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Transcript: EXOZ Q3 2025 update