Cellular agriculture investor Agronomics reported a loss of £437,924 last year, down significantly from an £18.6m profit in 2022.
The Isle of Man-based venture capital firm saw its net asset value fall 0.2 per cent throughout the year, but its share price has been on a slow decline, falling about 19 per cent throughout the year.
It closed the year at a 43 per cent discount and said its decline in net assets was largely due to unrealised foreign currency losses on investments.
However, chair James Mellon said he anticipated a “number of positive developments” throughout 2024, pointing to the first regulatory approvals for the field being granted in the US.
“In addition, notwithstanding that broader financial conditions remain challenging, it is anticipated that several portfolio companies will achieve material funding rounds providing them with the capital they need to continue to improve their processes and push their production towards cost parity with conventional production methods,” he added.
Agronomics reported various investment highlights throughout the year, including its portfolio companies Clean Food Group and Liberation Labs receiving £1m in government funding and a $25m (£20m) loan respectively in December.
The company also announced today that it had reached a ten-year partnership agreement with Japan’s largest chocolate manufacturer Meiji, which will see the supply and integration of Agronomics investee California Cultured’s cell-cultured flavanol cocoa powder into a range of products.
Agronomics led California Cultured’s seed round in October 2021 with a $2.2m (£1.75m) investment.
“The co-branded packaged goods, including chocolate, truffles and wellness-enhancing chocolate, will mark the first time cell-cultured cocoa will enter any market worldwide,” added the firm.