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$1.5M FIRST CLOSE

$2.0M TARGET

JUNE 2026

CONFIDENTIAL

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Manufacturing for a resource-constrained world

Materials. Energy. Food.

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Biomanufacturing is expensive and delivering oxygen is the main cost driver.

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WHY NOW

Fermentation optimized around oxygen for over 100 years. But cells never required it.

If oxygen is optional then fermentation economics fundamentally change.

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Instead of optimizing around the �air constraint, we eliminated it.

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E. COLI IS THE WORKHORSE OF INDUSTRIAL BIOTECH.

�INSTEAD OF USING AIR, WE ENGINEERED IT TO USE PERCHLORATE. �100,000x MORE SOLUBLE THAN OXYGEN. DISSOLVE IT LIKE A SALT.

CONSUMED DURING RESPIRATION. BECOMES CHLORIDE.

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FITS THE SAME REACTOR ARCHITECTURE. FUTURE REACTORS GET SIMPLER.

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AERATION COSTS:

Majority of tank capex. Half of energy opex. �Izote subtracts years from scale.

IZOTE METHOD

Deploys in small vessels 3,500 L

Perchlorate over 10x more productive

Lower capital investment: $15M

Payback period less than 5 years

Margins meet or exceed incumbents

CURRENT METHOD

Requires large vessels 51,000 L

Oxygen limits productivity

Large capital investment: $35M+

Payback period over 9 years

Uncompetitive margins

Source: Modeled for 1,000 metric ton process (internal FEL-1 TEA), internal techno-economic analysis

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Same output. Fraction of the cost.�The physics demanded it.

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Developing the new biomanufacturing platform.

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MARKET STRATEGY

The fastest path to proving the platform.

Specialty chemicals convert customer-backed product traction into production visibility

THE ROAD� �1 LAND

2 VALIDATE

3 EXPAND

4 CAPTURE

Specialty chemicals prove the platform.

Scale unlocks larger markets.

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Pyrazines launch the platform.

10 g/L ACHIEVED. QUALITY METRICS MET. COMMERCIAL TERMS UNDER REVIEW. ��$3,000–$20,000/kg price points.

More molecules next.

MODELED LAUNCH ECONOMICS.

2027: First kg-scale shipments �2028: 1.2 tons production. $4.4M revenue. ~70% margin.

• Based in Germany�
• 10-30% of pyrazine market�
• Supplies critical intermediates used by global F&F leaders.�
• Critical node in an $11B+ ecosystem.

COGS COMPARISON.

SOURCE COST

Agricultural Derived $2,800/kg �Aerobic Fermentation $2,600/kg Izote Fermentation $1,700/kg

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THE ROAD� �1 LAND

2 VALIDATE

3 EXPAND

4 CAPTURE

2026-2028

Convert traction into production visibility

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Customer programs validate demand, economics, and the first production path.

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→ Revenue in fewer years, fewer funding rounds.

INFLECTION LOGIC

Milestones that unlock the platform.

2028

Prove the technology at scale

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First commercial shipments. Validates continuous anaerobic manufacturing at scale.

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→ Unlocks additional partnerships for new products.

2029-2032

Expand into new markets

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New products allow Izote to enter new verticals and capture larger markets. Expansion into brownfield accelerates value capture.

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→ Proof at scale opens the door.

2033+

Widespread industrial adoption

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Expanding beyond F&F positions Izote as a dominant biomanufacturing method, not a niche player.

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→ Displace incumbents across multibillion-dollar markets.

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The pyrazine proof point that unlocks the business. "Does it work?" becomes "where else?"

PLATFORM EXPANSION

Once demonstrated the platform generalizes.

$1T+ TAM accessed through the fastest proof point.�Prove fast in a niche where we can win. Then expand through customer-backed product families.

THE ROAD� �1 LAND

2 VALIDATE

3 EXPAND

4 CAPTURE

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CAPITAL STRATEGY

Three paths to capture value. One favorite.

MODEL 1: Licensing�

License the anaerobic chassis and process IP.

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→ Revenue through licensing fees

→ Capital-light, but limited control

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MODEL 2: Full-Stack Development�

Become the development partner for companies scaling new molecules.

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→ Milestone payments + revenue share

→ Deeper engagement, higher capture

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MODEL 3: Joint Venture�

Partner to bring process development expertise to companies with existing strains or products.

→Equity participation in outcomes

→ Aligned incentives, shared upside

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LICENSING

PROGRAM CAPITAL REQUIRED

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REVENUE CAPTURE

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PARTNER ALIGNMENT

�IZOTE CONTROL

< $1M

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Fees

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Transactional

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Low

FULL STACK

$3M-10M

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Milestones + share

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Collaborative

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Medium

JOINT VENTURE

$5M-20M+ (Shared)

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Equity + share

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Fully aligned

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High

Our path:

�Start with customer-backed development and fast moving first production. Evolve into controlled or partner-backed capacity as volumes and economics are proven. License selectively once scale demands it.

THE ROAD� �1 LAND

2 VALIDATE

3 EXPAND

4 CAPTURE

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DEMAND SIGNAL

A $20B global consumer products company is already paying to evaluate.

CUSTOMER ENGAGEMENT

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INITIAL CONTRACT

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OBJECTIVE

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NEXT STEPS

Phase I delivered

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$50k Evaluation phase

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Evaluate manufacturing economics for two common fragrance ingredients

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Paid continuation + commercial development

They want lower-cost, secure supply for difficult fragrance ingredients.

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TRACTION

Delivering across product, platform, and market.

Product Development�

Pyrazines reached 10 g/L and met Axxence quality metrics.

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→ Faster path to revenue

Anaerobic Chassis Development�

Perchlorate metabolism demonstrated; phenotype improvement and respiration validation underway.

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→ Core innovation behind Izote�→ Future E. coli products ported into existing system

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Commercial Development

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Axxence terms under review; confidential fragrance partner reviewing next scope.

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→ Large validation signal �→ Enables conversion of new customers onto our platform.

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THE FIRST CLOSE. TRACTION TO PRODUCTION VISIBILITY. �$1.5M first close, $2.0M target SAFE

Use of funds

Expense category

Process development & optimization $1.4M

(STRAIN ENGINEERING, PROCESS TEAM, PILOT RUNS)

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Process scale-up $0.3M

(CONTINUOUS FERMENTATION DEVELOPMENT & PILOT OPS)

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Partnership acquisition pipeline $0.3M

(BUSINESS DEVELOPMENT HIRES & PARTNERSHIP PIPELINE EXPANSION)

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John D. Coates

UC BERKELEY PROFESSOR. DIRECTOR, �ENERGY & BIOSCIENCES INSTITUTE

BERKELEY. ZYMERGEN. SOLAZYME.�Advisors

Role: Advises anaerobic microbiology and respiratory metabolism strategy.

Jed Dean

FOUNDER + HEAD OF OPERATIONS, ZYMERGEN

Role: Advises scale-up execution, automation, and operational discipline.

Charles Dimmler

CEO, HOLIFERM �FORMER CEO, CHECKERSPOT�FORMER SVP CORP DEV, SOLAZYME

Role: Advises commercialization strategy, strategic partnerships, and financing readiness.

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Biomanufacturing companies have optimized around oxygen. �Izote removed it. ��What’s left is simpler reactors, lower capital, and fermentation built to scale.

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