Moolec Science SA (MLEC) 2024 Q4 法說會逐字稿

Good morning, and welcome to Moolec Science's fourth-quarter and full fiscal year 2024 conference call. My name is Bill Zima of ICR Strategic Communications and Advisory. (Event Instructions) Please also note that today's session is being recorded.

早安，歡迎參加 Moolec Science 第四季和 2024 財年的電話會議。我是 ICR 策略傳播與諮詢部的 Bill Zima。（活動說明）也請注意，今天的會議正在錄製中。

Today, Moolec announced its fourth quarter and full fiscal year 2024 business highlights. The document is now available on the company's Investor Relations website at ir.moolecscience.com.

今天，Moolec 公佈了第四季和 2024 財年的業務亮點。該文件現已在公司投資者關係網站 ir.moolecscience.com 上發布。

This morning, you will hear from Gastón Paladini, Chief Executive Officer and co-Founder of Moolec Science; together with José López Lecube, Chief Financial Officer; and Amit Dhingra Chief Science Officer. During the Q&A session, they will be joined by Martín Salinas, Chief Technology Officer.

今天早上，您將聽到 Moolec Science 執行長兼聯合創始人 Gastón Paladini 的演講；與財務長 José López Lecube 一起；和 Amit Dhingra 首席科學長。首席技術官 Martín Salinas 將參加問答環節。

In today's call, we will be referring to a presentation that will be later available on the company's Investor Relations website.

在今天的電話會議中，我們將參考稍後將在公司投資者關係網站上提供的簡報。

Moving to slide 2, this conference call is mainly for informational purposes. And during this call, the company will be making forward-looking statements regarding future events and results which are not historical facts and include, but are not limited to, statements about the company's beliefs and expectations. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks are included in the company's annual report on Form 20-F filed with the SEC, also available on the company's Investor Relations website.

前往投影片 2，本次電話會議主要用於提供資訊。在這次電話會議中，公司將就未來事件和結果做出前瞻性陳述，這些陳述不是歷史事實，包括但不限於有關公司信念和期望的陳述。前瞻性陳述涉及固有風險和不確定性。有關這些風險和其他風險的更多資訊包含在公司向 SEC 提交的 20-F 表格年度報告中，也可在公司的投資者關係網站上取得。

Now, moving to slide 3, I would like to turn the call over to Moolec CEO, Gastón. Please go ahead.

現在，前往投影片 3，我想將電話轉給 Moolec 執行長 Gastón。請繼續。

Thank you Bill. Good morning to everyone. It's a pleasure to once again provide our latest business update corresponding to our annual review for our company. Today's agenda will address three main topics. As I just mentioned, we will first review the major milestones we have achieved during the fiscal year of 2024. Secondly, Moolec's Chief Financial Officer will walk you through the financial overview. And last but not least, we would like to share with you our thoughts on what we expect for fiscal year 2025.

謝謝比爾。大家早安。很高興再次提供與我們公司年度回顧相對應的最新業務更新。今天的議程將討論三個主要議題。正如我剛才提到的，我們將首先回顧我們在 2024 財年實現的主要里程碑。其次，Moolec 的財務長將帶您了解財務概況。最後但並非最不重要的一點是，我們想與您分享我們對 2025 財年預期的想法。

Let's move now to the next slide. We will recap the main milestones the Moolec team achieved during fiscal year 2024.

現在讓我們轉到下一張投影片。我們將回顧 Moolec 團隊在 2024 財年實現的主要里程碑。

Turn with me now to slide 5. What a phenomenal year it has been for Moolec in terms of scientific developments, business operations, and regulatory achievements. Our team has been driven to deliver milestone after milestone and continues to fire up on all fronts to push out deliverables on all pillars.

現在跟我一起轉到投影片 5。就科學發展、業務運營和監管成就而言，對於 Moolec 來說，這是非凡的一年。我們的團隊一直致力於實現一個又一個里程碑，並繼續在各個方面加緊努力，在所有支柱上推出可交付成果。

We have the commercialization of our science-based products using molecular farming technology shortly on the horizon, built upon the many efforts over the last year. From the setting up of Moolec's self-owned molecular biology lab in the US to the establishment of animal protein expression levels in Piggy Sooy product, as well as receiving USDA approval for Piggy Sooy, while preparing Glaso products for commercialization through trial production and securing farmland for production, and increasing Piggy Sooy seed in three US locations. The Moolec team has shown exceptional execution.

經過去年的許多努力，我們很快就會利用分子農業技術將基於科學的產品商業化。從Moolec在美國建立自有的分子生物學實驗室，到Piggy Sooy產品中動物蛋白表達水平的確定，以及Piggy Sooy獲得美國農業部的批准，同時通過試生產和確保農田為Glaso產品的商業化做好準備用於生產，並在美國三個地點增加 Piggy Sooy 種子。Moolec 團隊展現了卓越的執行力。

To provide more details of these achievements during fiscal year 2024, I would like to hand things over to Amit Dhingra, our Chief Science Officer. Amit, over to you.

為了提供 2024 財年這些成就的更多細節，我想將事情交給我們的首席科學官 Amit Dhingra。阿米特，交給你了。

Thank you Gastón. I'm excited to share the significant accomplishments of the molecular farming team over this fiscal year.

謝謝加斯頓。我很高興與大家分享分子農業團隊在本財政年度所取得的重大成就。

In the first quarter of fiscal year 2024, we successfully set up our fully owned plant molecular biology lab, the Moolabs, in College Station, Texas. Our lab became fully operational in Q1 FY 2024, and I oversaw our plant molecular farming team that focused on the molecular characterization of the transgenic events for our target products. Conducting a significant portion of our plant biology R&D projects in-house versus third-party labs helped us centralize and streamline the process. It facilitated faster implementation of decisions, ensuring the highest-quality control standards, and improved the timeliness and quality of work while generating cost savings.

2024 財年第一季度，我們在德州大學城成功建立了全資植物分子生物學實驗室 Moolabs。我們的實驗室於 2024 財年第一季全面投入運營，我負責監督我們的植物分子農業團隊，該團隊專注於我們目標產品基因改造事件的分子表徵。我們的植物生物學研發專案的很大一部分是在內部進行，而不是在第三方實驗室進行，這有助於我們集中和簡化流程。它有助於更快地實施決策，確保最高品質的控制標準，並提高工作的及時性和質量，同時節省成本。

Also during the first quarter, we achieved significant results in the continued development of Piggy Sooy product. During the first quarter, we harvested and analyzed third-generation, or T3 transgenic events at Moolabs. Consistent with the prior results, the expression values of the animal protein, or myoglobin, reached up to 20% in T3. Previously, we have observed expression levels of up to 25% of the total soluble protein in T2. Overall, what we have observed is that the expression of the animal protein has stabilized across three generations, which is very exciting.

同樣在第一季度，我們在小豬豆豆產品的持續開發方面取得了顯著的成果。在第一季度，我們在 Moolabs 收穫並分析了第三代或 T3 基因轉殖事件。與先前的結果一致，動物性蛋白質或肌紅蛋白的表達值在 T3 中達到了 20%。先前，我們觀察到 T2 中總可溶性蛋白的表達量高達 25%。總的來說，我們觀察到動物性蛋白質的表達在三代之間已經穩定，這是非常令人興奮的。

Onto the second half of this year, this business update marks a crucial moment for Moolec. In the third quarter, we announced a groundbreaking milestone, the first-ever approval from USDA, making Moolec the first company in our industry to achieve such a regulatory breakthrough. This achievement exemplifies our commitment to harnessing the power of plants through cutting-edge science, addressing critical challenges like climate change and global food security.

進入今年下半年，這次業務更新對 Moolec 來說是一個關鍵時刻。在第三季度，我們宣布了一個突破性的里程碑，這是美國農業部有史以來的首次批准，使 Moolec 成為我們行業中第一家實現此類監管突破的公司。這項成就體現了我們致力於透過尖端科學利用植物的力量，應對氣候變遷和全球糧食安全等關鍵挑戰。

For those new to our journey, Moolec has developed a unique patentable soybean platform technology under the trademark, Piggy Sooy. Our dedicated scientific team has achieved remarkable results expressing animal meat proteins and soybeans, with porcine protein levels reaching up to 25% of total soluble protein in the seeds. With this approval, USDA-APHIS RSR has determined that Piggy Sooy poses no greater plant pest risk than non-generic soybeans, allowing us to transport and distribute this product with individual APHIS permits. This significantly accelerates logistics and reduces costs while ensuring full compliance with USDA regulations, giving Moolec a distinct advantage in the market.

對於那些剛接觸我們旅程的人來說，Moolec 開發了一種獨特的可專利大豆平台技術，商標為 Piggy Sooy。我們的專業科學團隊在表達動物肉蛋白和大豆方面取得了顯著的成果，其中豬蛋白水平高達種子中總可溶性蛋白的 25%。在獲得此批准後，USDA-APHIS RSR 確定 Piggy Sooy 不會比非通用大豆造成更大的植物害蟲風險，使我們能夠在擁有單獨的 APHIS 許可證的情況下運輸和分銷該產品。這顯著加快了物流速度並降低了成本，同時確保完全符合美國農業部的法規，使 Moolec 在市場上具有明顯的優勢。

Also in the third quarter, we carried out a trial for our downstream production of Glaso with our industrial partner in Iowa as we optimized, processed, and produced a few tons of material to fine-tune the process. In the fourth quarter, we began planting after successfully contracting 600 acres with key growers to produce Glaso seeds for crushing.

同樣在第三季度，我們與愛荷華州的工業合作夥伴一起對 Glaso 的下游生產進行了試驗，優化、加工和生產了幾噸材料以微調製程。第四季度，我們在與主要種植者成功簽約 600 英畝土地後開始種植，生產用於壓榨的 Glaso 種子。

Additionally, we contracted 60 more acres for seed production, aiming to yield 300 to 400 tons of safflower. This product has multiple customers, including a major client, as previously announced with Moolec signing an offtake agreement with a leading global CPG company.

此外，我們也簽了60英畝種子生產基地，目標產量為300至400噸紅花。該產品擁有多個客戶，其中包括一家主要客戶，正如 Moolec 先前宣布的那樣，該客戶與一家全球領先的 CPG 公司簽署了承購協議。

In addition, Piggy Sooy field trials have commenced in Ohio, Missouri, and Iowa in order to increase seeds for scale-up and sampling for customers and to collect environmental and regulatory data as we work on the US FDA approvals.

此外，Piggy Sooy 田間試驗已在俄亥俄州、密蘇裡州和愛荷華州開始，以便增加種子用於擴大規模和為客戶取樣，並在我們申請美國 FDA 批准時收集環境和監管數據。

Now, I'd like to turn the presentation over to my colleague, José, for the financial overview part of the presentation. Thank you very much for your kind attention.

現在，我想將簡報交給我的同事 José，以了解簡報的財務概述部分。非常感謝您的關注。

Thank you Amit, and good morning to everyone. I'm pleased to be providing this annual business update for Moolec for the fiscal year 2024. I would like to address our highlights with regards to revenues, cost of sales, expenses, and cash utilization. Please keep in mind that all figures mentioned today are in US dollars, unaudited, and based or derived from IFRS unless otherwise stated. Let's move on now to slide 9.

謝謝阿米特，祝大家早安。我很高興為 Moolec 提供 2024 財年的年度業務更新。我想談談我們在收入、銷售成本、費用和現金利用率方面的重點。請記住，除非另有說明，今天提到的所有數字均以美元為單位，未經審計，並且基於或源自 IFRS。現在讓我們繼續看投影片 9。

During fiscal year 2024, normalized revenues and other income excluding IAS 29 increased $4.8 million year over year from approximately $1 million in 2023 to $5.8 million in 2024. This increase was due to the consolidation of the soy product ingredient business, which occurred in April 2023. Normalized cost of sales increased as well on a year-over-year basis from close to $1 million in 2023 to $4.5 million in 2024. This was in line with our revenue growth, resulting in an annual gross margin of around 22%.

2024 財年，不包括 IAS 29 的正常化收入和其他收入年增 480 萬美元，從 2023 年的約 100 萬美元增至 2024 年的 580 萬美元。這一增長是由於 2023 年 4 月發生的豆製品原料業務合併所致。標準化銷售成本也較去年同期成長，從 2023 年的近 100 萬美元增至 2024 年的 450 萬美元。這與我們的收入成長一致，年毛利率約為 22%。

On the expenses front, SG&A and R&D have increased $3.1 million, from $6.2 million in 2023 to $9.3 million in 2024. This increase in expenses is mainly related to noncash items such as depreciation, amortization, and equity incentives, as well as the consolidation of the soy ingredient business.

在支出方面，SG&A 和研發費用增加了 310 萬美元，從 2023 年的 620 萬美元增加到 2024 年的 930 萬美元。費用增加主要與折舊、攤提和股權激勵等非現金項目以及大豆原料業務的整合有關。

In terms of cash used in operating activities, cash utilization has increased $1.8 million, from $7.5 million in 2023 to $9.3 million in 2024. In particular, during 2024, an approximately $4 million was destined the lower accounts payable mainly related to transaction costs during 2023.

就經營活動使用的現金而言，現金利用率增加了180萬美元，從2023年的750萬美元增加到2024年的930萬美元。特別是，2024 年期間，約 400 萬美元的應付帳款較低，主要與 2023 年期間的交易成本有關。

Finally, our cash position of approximately $5.4 million as of Q4 2024 has been complemented with the purchase of 15,000 tons of HB4 soybean, which has strategic value for Moolec in terms of ESG alignment, traceability, and raw material procurement stability. The purchase of HB4 soy has been executed through the issuance of a convertible note to BIOX and covers our projected raw material needs for our soy protein ingredient business until approximately December 2025.

最後，我們透過購買 15,000 噸 HB4 大豆補充了截至 2024 年第四季度約 540 萬美元的現金頭寸，這對 Moolec 在 ESG 一致性、可追溯性和原材料採購穩定性方面具有戰略價值。HB4 大豆的購買已透過向 BIOX 發行可轉換票據來執行，並滿足我們在 2025 年 12 月左右之前大豆蛋白原料業務的預計原材料需求。

We are very pleased with how Moolec continues to deliver significant milestones and creates value while maintaining an adequate corporate structure and a cost efficient strategy.

我們對 Moolec 如何繼續實現重要的里程碑並創造價值，同時保持適當的公司結構和成本效益策略感到非常高興。

I will now turn things back to Gastón as he gives a glimpse into Moolec's fiscal year 2025. Gastón, over to you.

現在，我將話題轉回加斯頓，他將簡要介紹 Moolec 的 2025 財年。加斯頓，交給你了。

Thanks José. Looking forward to fiscal year 2025, we believe this is going to be a pivotal year for Moolec. Turn with me to the next slide.

謝謝何塞。展望 2025 財年，我們相信這將是 Moolec 的關鍵一年。跟我一起翻到下一張投影片。

In terms of commercialization traction in 2025, we expect to see commercialization of our new science-based ingredient begin to take off. With our already established traction in textured soy protein generation revenues, we are honing our operational expertise in launching our new products, first with Glaso, which we'll harvest in October and is targeted to generate new revenues for Moolec in the upcoming fiscal year.

就 2025 年的商業化牽引力而言，我們預計我們的新型科學成分的商業化將開始起飛。憑藉我們在組織大豆蛋白產生收入方面已經建立的吸引力，我們正在磨練我們在推出新產品方面的運營專業知識，首先是Glaso，我們將於10 月份收穫該產品，目標是在下一財年為Moolec 創造新的收入。

Glaso will be a strategic commercialized focus for us, tractioned by the signed R&D collaboration agreement with Bunge with the purpose of working together on the development of safflower varieties to improve productivity for a specific application or market, as well as the commitment made from the offtake agreement with a major global CPG company. At the same time, we are actively engaging in conversations with prospective partners and clients, providing samples of the different proteins in our pipeline. We are looking at all fronts of business income streams, including the licensing of our proprietary technology for using new markets.

Glaso 將成為我們的策略商業化焦點，受到與 Bunge 簽署的研發合作協議的推動，該協議旨在共同開發紅花品種，以提高特定應用或市場的生產力，以及承購商做出的承諾與一家全球主要CPG 公司達成協議。同時，我們正在積極與潛在合作夥伴和客戶進行對話，提供我們管道中不同蛋白質的樣本。我們正在關注業務收入流的各個方面，包括使用我們的專有技術授權新市場。

In terms of operational focus for 2025, we will continue to fine-tune operations to enhance our upstream and downstream yields, as well as ensure the highest quality for our products following our identity preservation program and implementing the best stewardship practices for all our crops. We are going step by step in each process to make sure we provide only the best. At the same time, we will continue scaling up our seed inventory so we can prepare for the different uses of our seeds from processing to planting.

就2025年的營運重點而言，我們將繼續微調運營，以提高上下游產量，並根據我們的身分保護計畫確保我們產品的最高品質，並對所有作物實施最佳管理實踐。我們在每個流程中一步一步進行，以確保我們只提供最好的。同時，我們將繼續擴大種子庫存，以便為種子從加工到種植的不同用途做好準備。

As we invest our time in all these activities in preparing for growth, we are still very committed to being careful to evaluate all our spending and managing the costs while looking into different methods to improve our cost efficiency and streamline our logistics.

當我們將時間投入所有這些活動中以準備成長時，我們仍然非常致力於仔細評估我們的所有支出和管理成本，同時尋找不同的方法來提高我們的成本效率和簡化我們的物流。

And the last point in this section, but one that is extremely critical to our operation, is our deliberative focus on making meaningful progress on the regulatory pathway. We are actively performing and pursuing relevant process and approvals from the different regulatory agencies.

本節的最後一點，也是對我們的營運極為關鍵的一點，是我們深思熟慮地致力於在監管途徑上取得有意義的進展。我們正在積極執行並尋求不同監管機構的相關流程和批准。

With regards to R&D and product development, this continues to be a core component of Moolec's business. We plan to add new projects to the innovation pipeline with new proteins and molecular product development as current product exit development and enter the commercialization stage. Product development will continue during fiscal year 2025 in conjunction with the close communication and collaboration with partners and customers to ensure the marketability of our products in the pipeline.

在研發和產品開發方面，這仍然是 Moolec 業務的核心組成部分。我們計劃在創新管道中增加新的項目，包括新的蛋白質和分子產品開發，作為當前產品的退出開發並進入商業化階段。產品開發將在 2025 財年繼續進行，並與合作夥伴和客戶密切溝通與協作，以確保我們在開發產品的適銷性。

And lastly, in fiscal year 2025 we are consolidating our team. In order to optimize our work efficiency, we are consolidating efforts strategically. The company will be establishing a new operational hub based in the US so that we can strengthen our team's collaboration and communication and enhance our overall efficiency.

最後，在 2025 財年，我們將整合我們的團隊。為了優化我們的工作效率，我們正在策略上集中力量。公司將在美國建立一個新的營運中心，以便加強我們團隊的協作和溝通，並提高我們的整體效率。

Secondly, with the coming new product commercialization, we need to expand our sales and marketing efforts. With this, we are methodically expanding the team to capture this market opportunity. In addition, the company will promote expanded visibility and presence in the industry by sending team members to present and network at food, pet food, and supplement industry shows and conferences.

其次，隨著新產品商業化的到來，我們需要加強銷售和行銷。藉此，我們正在有條不紊地擴大團隊，以抓住這個市場機會。此外，公司將派遣團隊成員在食品、寵物食品和補充劑行業展會和會議上進行展示和建立人際網絡，從而擴大在行業中的知名度和影響力。

Let's now move onto the next and final slide. As we look forward to the exciting developments in 2025, I am confident that our strategic initiatives will drive growth and value for all our stakeholders.

現在讓我們轉到下一張也是最後一張投影片。當我們期待 2025 年令人興奮的發展時，我相信我們的策略性舉措將推動所有利害關係人的成長和價值。

Now, I would like to open the floor to your questions and hear your thoughts, so I will now turn things over to Bill for the Q&A portion of our call. Thank you very, very much.

現在，我想請大家提問並聽聽您的想法，所以我現在將把電話的問答部分交給比爾。非常非常感謝。

Thank you Gastón. At this time, Moolec's management, Gastón, José, and Amit, as well as Moolec's Chief of Technology, Martín Salinas, will be taking questions. (Event Instructions)

謝謝加斯頓。此時，Moolec 的管理層 Gastón、José 和 Amit，以及 Moolec 的技術主管 Martín Salinas 將接受提問。（活動須知）

Okay, before we take questions from the live queue, we have received a few questions via email. The first question is, this quarter, you highlighted an offtake agreement for Glaso with a major global CPG company to enter the US market in 2025. Can you provide more details on this collaboration? What efforts have both parties made, and what is the estimated scale and expected revenue generation in 2025?

好的，在我們從即時隊列中回答問題之前，我們透過電子郵件收到了一些問題。第一個問題是，本季度，您強調了 Glaso 與一家全球主要 CPG 公司簽訂的承購協議，將於 2025 年進入美國市場。您能否提供更多有關此次合作的細節？雙方都做了哪些努力，2025年預計規模和收入是多少？

Well, thank you so much, Bill, and thank you for the question. Please, let's leave the floor to Scott Fortune after this question, because I saw he raised his hand before.

嗯，非常感謝你，比爾，也謝謝你提出的問題。請讓斯科特·福瓊在這個問題之後發言，因為我之前看到他舉過手。

Thank you for the question, thank you for being here. Good morning. Great question, because we are excited about this offtake agreement of our first molecular farming product, Glaso, in the United States. We are excited because of, I'd say, a couple of reasons. The first one, because it's a major global CPG company, we can't reveal the name, unfortunately, because it's private, because it's huge, but it's a very well-known brand worldwide with major operations in the States. So that's the main reason.

謝謝你的提問，謝謝你來到這裡。早安.這是一個很好的問題，因為我們對我們的第一個分子農業產品 Glaso 在美國的承購協議感到興奮。我想說，我們感到興奮有幾個原因。第一個，因為它是一家全球主要的CPG 公司，不幸的是，我們不能透露它的名字，因為它是私人的，因為它很大，但它是一個全球非常知名的品牌，主要業務在美國。這就是主要原因。

Second good reason is that we are extremely happy about this is that Moolec is actually delivering milestones. We always tackle the US. We always had the US market to be the first market to land our technology, our platform, molecular farming. And now, this is real because it will be landing in the US commercially.

第二個很好的理由是，我們對此感到非常高興，因為 Moolec 實際上正在實現里程碑。我們總是針對美國。我們一直認為美國市場是我們的技術、我們的平台、分子農業落地的第一個市場。現在，這是真的，因為它將在美國商業化落地。

Third, it's because it's happening perfect timing. 2025 calendar year, we always had this timing in our internal plans. Moolec is delivering, and this is proof -- this contract is proof of that.

第三，這是因為它發生的時機非常完美。 2025 年，我們的內部計畫中總是有這個時間點。Moolec 正在交付，這就是證明——這份合約就是證明。

Going back to the question, I want to highlight before going to Martín and then to José, I want to highlight that this is not a one-year contract, this is a three years' time contract with the possibility to expand it. So it's not only relevant for the landing and to the starting point, it's also an ongoing relationship with these major customers.

回到這個問題，在去馬丁和何塞之前，我想強調一下，這不是一份為期一年的合同，這是一份為期三年的合同，並且有可能延長合同期限。因此，它不僅與著陸和起點有關，而且與這些主要客戶保持持續的關係。

So I will leave the floor now to Martín Salinas, our Chief Technology Officer. He's leading this operation in the United States, and he can give more color about the volumes and the traction of the crops and the production of the product, and afterwards, José can give some indications of the collect part, the revenue, the new revenue stream that is opening now. Martín?

現在我將邀請我們的技術長 Martín Salinas 演講。他在美國領導這項業務，他可以對作物的產量和牽引力以及產品的生產提供更多的信息，然後，何塞可以給出一些關於收集部分、收入、新產品的指示。來源。馬丁？

Okay. Yeah, thank you, Gastón. As Amit mentioned, we're currently have more than 600 acres planted in Idaho in the American Falls area. Mostly will be used as grain for crushing purposes, but we also have our seed stock planned as well to get to production next year in the following season. So we're close to the harvest time where we'll actually know of our final yield, but we are expecting yields in a similar range to last year, around 1,400 tons per acre. Then, we'll assure at least a range between 50 to 60 tons of GLA to be produced for the first year, mostly dedicated to the offtake agreement that Gastón mentioned.

好的。是的，謝謝你，加斯頓。正如 Amit 所提到的，我們目前在愛達荷州的美國瀑布地區種植了 600 多英畝的植物。大部分將用作壓榨用途的穀物，但我們也計劃了種子庫存，以便明年下個季節投入生產。因此，我們已經接近收穫季節，屆時我們將實際了解最終產量，但我們預計產量與去年的範圍相似，約為每英畝 1,400 噸。然後，我們將確保第一年至少生產 50 至 60 噸 GLA，主要用於加斯頓提到的承購協議。

José? Thank you, Martín.

何塞？謝謝你，馬丁。

Sure. Thanks, Gastón. Look, in terms of revenue, as you know, we have had a revenue stream, which is the soy protein ingredient business, which has produced revenues in the range of $6 million this 2024 fiscal year. And we believe for the fiscal year 2025, $6 million of revenues is a pretty good indication of how the business could evolve. It could grow gradually in terms of the soy protein ingredient business.

當然。謝謝，加斯頓。看，就收入而言，如您所知，我們有一個收入來源，那就是大豆蛋白原料業務，該業務在 2024 財年的收入在 600 萬美元左右。我們相信 2025 財年，600 萬美元的收入很好地顯示了業務的發展方向。大豆蛋白原料業務可逐步成長。

However, we are very pleased with the introduction of Glaso as the second revenue stream for Moolec. We have good expectations for this product. In the medium term, we expect Glaso to participate as incremental revenue in fiscal year 2025 with a range of around 15% of the total revenue in fiscal year 2025.

然而，我們對 Glaso 作為 Moolec 的第二個收入來源的推出感到非常高興。我們對這款產品抱持著很好的期待。從中期來看，我們預計 Glaso 將作為 2025 財年的增量收入參與其中，其範圍將佔 2025 財年總收入的 15% 左右。

Having said that, as Gastón mentioned, we have a three-year contract with a major CPG company. We expect that contract to provide a base demand for Glaso. And as time goes by and as we move onto fiscal year 2026 and 2027, we expect Glaso to become a more important part of the overall total revenue and have high participation in the total revenue, and we have good hopes in terms of how much this business can grow and to increase Moolec's revenues in the short term, in the medium term, and in the long term as well.

話雖如此，正如加斯頓所提到的，我們與一家大型 CPG 公司簽訂了為期三年的合約。我們預計合約將為 Glaso 提供基本需求。隨著時間的推移，隨著我們進入2026 財年和2027 財年，我們預計Glaso 將成為整體總收入中更重要的一部分，並且在總收入中的參與度很高，我們對這一比例抱有很好的希望。

Thank you, José. Okay, let's move on. Thank you, all.

謝謝你，何塞。好吧，我們繼續吧。謝謝大家。

All right, thank you. The second question is, you mentioned signing an R&D collaboration agreement with Bunge to develop safflower varieties aimed at improving productivity for specific applications and markets. Can you share more details about this partnership and the business opportunities from this? Are there any notable developments you'd like to highlight?

好的，謝謝。第二個問題是，你提到與Bunge簽署了一項研發合作協議，開發紅花品種，旨在提高特定應用和市場的生產力。您能否分享有關此合作夥伴關係以及由此帶來的商業機會的更多詳細資訊？您想強調什麼值得注意的進展嗎？

Thank you, Bill. I can't wait to talk about Bunge agreement, but I would prefer, if you don't mind, to go to Scott Fortune, because he raised his hand before. Scott, you want to unmute yourself and ask your question?

謝謝你，比爾。我迫不及待地想談論邦吉協議，但如果你不介意的話，我更願意去斯科特·福瓊那裡，因為他之前舉過手。Scott，你想取消靜音並提出你的問題嗎？

Yes, here we go. Thank you and good morning. I just want to congratulate you on your milestones and regulatory approvals achieved in fiscal year '24. But just want to dig a little bit more into the commercialization and expansion here. Do we know where the end market -- is this for supplements or mainly targeted for pet foods with this CPG company? You have initial tons about 50 tons from that standpoint.

是的，我們開始吧。謝謝你，早安。我只想祝賀您在 24 財年取得的里程碑和監管批准。但只是想進一步深入了解這裡的商業化和擴張。我們是否知道最終市場在哪裡——是針對補充劑還是主要針對這家 CPG 公司的寵物食品？從這個角度來看，初始噸數約為 50 噸。

And just to kind of follow on that, your harvest is expected to produce about 300 to 400 tons of safflower seeds, and what amount of that will equal volume in tons that you're expecting for 2026? Just kind of want to get a sense for the ramp-up into '26 with the volume expectations and how much of that will go to a minimum of your new CPG partner? That'd be great for a little more detail on that.

接下來，預計您的收成將產生約 300 至 400 噸紅花種子，其中多少噸將相當於您預計 2026 年的產量？只是想了解 26 年銷售預期的成長情況，以及其中至少有多少會流向您的新 CPG 合作夥伴？如果能提供更多細節就太好了。

Sure, well thank you so much, Scott, and welcome to the call. Well, let me frame it this way. Glaso applications are dietary supplements, nutritional beverages, infant formulas, animal health, pet food that is included in that animal health in some way, and some others. Please don't hesitate to step in, Martín, if you -- and Amit, if I'm missing one or two applications, but those are the main ones.

當然，非常感謝你，斯科特，歡迎致電。好吧，讓我這樣構想一下。Glaso 應用包括膳食補充劑、營養飲料、嬰兒配方奶粉、動物健康、以某種方式包含在動物健康中的寵物食品以及其他一些應用。馬丁，如果你——還有阿米特，如果我漏掉了一兩份申請，請毫不猶豫地介入，但這些是主要的申請。

We are in conversation with several different potential customers for all of these different applications, specifically in dietary supplementation because one of the competitive advantages that Glaso has with established and normal products that provide GLA oil in the market is the concentration level. Glaso has up to three times more concentration levels compared with the natural and current ones in the market. The dietary supplementation market is very relevant.

我們正在與幾個不同的潛在客戶就所有這些不同的應用進行對話，特別是在膳食補充劑方面，因為 Glaso 相對於市場上提供 GLA 油的成熟和正常產品的競爭優勢之一是濃度水平。與市場上的天然產品和現有產品相比，Glaso 的濃度水平高出三倍。膳食補充劑市場非常相關。

In terms of this specific offtake agreement with the CPG company, that application is for pet food. It's a volume and high-value player that's one of the top brands in the world. We are in good shape of conversations with other potential customers for other applications, too.

根據與 CPG 公司簽訂的具體承購協議，該申請適用於寵物食品。它是一個產量高、價值高的播放器，也是世界頂級品牌之一。我們也與其他潛在客戶就其他應用程式進行了良好的對話。

In terms of quantities, volume, scale-up, and production, that seeds will -- that harvest will change to produce around -- between 50 to 70 tons. We are expecting around 60 tons, around 50 tons will be for this contract, commercial contract, and the rest will be for other customers in other applications. We still need to wait for, let's say, a couple of weeks to harvest, finally see the yields, and start planning the production by the end of the month. I'm talking actually as we speak October, this is happening as we speak, so we will probably have the specific yields from the land and also from the factory by November.

就數量、規模、規模和產量而言，種子產量將在 50 至 70 噸之間。我們預計大約 60 噸，大約 50 噸將用於該合約、商業合同，其餘的將用於其他應用中的其他客戶。比如說，我們仍然需要等待幾週的時間來收穫，最終看到產量，並在月底前開始規劃生產。實際上，我說的是十月，這正在發生，所以到 11 月我們可能會得到土地和工廠的具體產量。

We're excited because this is a molecular farming product, this is the first one. So thank you for the question, and I don't know, Martín, José, and Amit, if you want to add something on top of what I have just said, but that's a quick summary of this offtake agreement, Scott.

我們很興奮，因為這是分子農業產品，這是第一個。謝謝你提出這個問題，我不知道馬丁、何塞和阿米特是否想在我剛才所說的基礎上添加一些內容，但這是對這份承購協議的快速總結，斯科特。

I appreciate it. A follow-on, your discussions with other -- you mentioned other companies. What are -- how far along are those discussions, kind of expectations for potentially adding more in this year, and then what -- they're sampling, what needs to come across for them to move forward with you? Just put an idea of where that pipeline is and potentially adding on the Glaso for you.

我很感激。接下來，您與其他人的討論—您提到了其他公司。這些討論進行了多遠，對今年可能增加更多內容的期望是什麼，然後他們正在抽樣，需要遇到什麼才能與你一起前進？只需了解該管道在哪裡，並可能為您添加 Glaso。

I am quite confident to say that we are going to sell the whole production. I'm pretty sure. Actually, I think we could sell more if we had more material. But unfortunately, we need to wait the biology times here, so this is the first commercial campaign. We are hitting the market -- great contract, great players, and great starting point. But we need to multiply seeds, as Martín described before. We are reserving part of that production for multiplication of seeds, to scale up this campaign and proof for the next year.

我非常有信心地說我們將出售整個產品。我很確定。事實上，我認為如果我們有更多的材料，我們可以賣更多。但不幸的是，我們需要在這裡等待生物時代，所以這是第一個商業活動。我們正在進入市場——偉大的合約、偉大的球員和偉大的起點。但我們需要繁殖種子，正如馬丁之前所描述的。我們將保留部分產量用於種子繁殖，以擴大這項活動並為明年提供證據。

So we are actually planning our following commercial campaign. We will have more flexibility there, and I think that we are -- we need to hold our horses and not sell absolutely all the tons of this campaign, to reserve some part of that fresh material for sampling, to expand the commercialization network and start -- stay robust and consolidate the relationship with new customers by sending fresh samples right away.

所以我們實際上正在計劃接下來的商業活動。我們將在那裡有更多的靈活性，我認為我們需要保持冷靜，而不是絕對出售本次活動的所有噸，以保留部分新鮮材料用於採樣，擴大商業化網絡並開始-- 通過立即發送新樣品來保持穩健並鞏固與新客戶的關係。

So that's the plan overall. I'm really looking forward to grow the business next year. But at least as of now, it's pretty all fully committed.

這就是總體計劃。我真的很期待明年業務的發展。但至少到目前為止，一切都已完全投入。

Got it, and last one from me and then you guys can touch base on that R&D collaboration with Bunge, which is great. Just kind of remind us, step us through -- obviously, you've got the UDSA or the FDA on the Piggy Sooy side, but kind of the results here, we'll find out more in October those results from the field trials and since. You've mentioned that 20% range, but just step us through, are we still on track for commercialization on that in '27, '28 here? And just the key milestones that you have to hit leading up to '27, kind of looking out for the next year on the Piggy Sooy side.

明白了，這是我的最後一篇，然後你們可以了解與 Bunge 的研發合作，這很棒。只是提醒我們，讓我們逐步了解 - 顯然，Piggy Sooy 方面有 UDSA 或 FDA，但是這裡的結果，我們將在 10 月份找到更多來自現場試驗的結果，自從。您提到了 20% 的範圍，但請告訴我們，我們是否仍在 27、28 年商業化？以及在 27 年前你必須達到的關鍵里程碑，有點期待 Piggy Sooy 方面的明年。

Sure, great question. Well, we announced, I think it was a month ago, that we will be harvesting both crops October this year. Now, Glaso for production, for commercial purposes, and Piggy Sooy for a couple of purposes. The first one is to gather information for the FDA -- what you said, Scott, is true. We need to gather information not only for one place, for three different locations, that's why we farm in Missouri, Ohio, and Iowa, three different locations in three different latitudes and states. We will gather the information for the FDA. We are in great conversations with regulators. Things are moving nicely, but we need to fulfill the path here, and we know how to navigate the regulatory fronts with our regulatory team.

當然，很好的問題。嗯，我們宣布，我想是一個月前，我們將在今年十月收穫這兩種作物。現在，Glaso 用於生產和商業目的，而 Piggy Sooy 則用於多種目的。第一個是為 FDA 收集資訊——斯科特，你所說的是真的。我們不僅需要收集一個地方的信息，還需要收集三個不同地點的信息，這就是為什麼我們在密蘇裡州、俄亥俄州和愛荷華州這三個不同緯度和州的三個不同地點進行農場的原因。我們將為 FDA 收集資訊。我們正在與監管機構進行良好的對話。事情進展順利，但我們需要完成這裡的道路，我們知道如何與我們的監管團隊一起應對監管前沿。

We are not envisioning any delay, so everything is on track, and the plans are beautiful, beautiful. I really hope to invite all the stakeholders to these three different locations for the harvest because the plants are very, very nice, so let's see how that goes. We are pretty excited about this historical moment of planting, of harvesting, let's say, animals from the US soil fully approved from the USDA.

我們預計不會有任何延誤，所以一切都在按計劃進行，而且計劃非常美好。我真的希望邀請所有利益相關者到這三個不同的地點進行收穫，因為這些植物非常非常漂亮，所以讓我們看看情況如何。我們對這一歷史性時刻感到非常興奮，我們可以說，在美國農業部完全批准的美國土壤上種植和收穫動物。

In terms of commercial efforts for Piggy Sooy, the second reason why we move forward with field trials over the regulatory information for the FDA is to gather also fresh material for summer. I want to remember all here that Moolec is a science-based ingredient company, and the ingredient sector, the ingredient business is not easy, but this is very -- it's very standard, and what you need to do is to get samples, [inspect], and to build relationships with producers and ingredient business and to prototype with samples. So we will gather samples from the farm directly, fresh material, we will recover proteins, and we will send those samples right away.

就 Piggy Sooy 的商業努力而言，我們根據 FDA 的監管資訊推進現場試驗的第二個原因是收集夏季的新鮮材料。我想在這裡記住，Moolec 是一家以科學為基礎的成分公司，成分領域、成分業務並不容易，但這非常——非常標準，你需要做的就是獲取樣品，[檢查]，並與生產商和原料企業建立關係，並用樣品製作原型。因此，我們將直接從農場收集新鮮材料的樣本，我們將回收蛋白質，並且我們將立即發送這些樣本。

We are in good conversations with several different potential players and customers for Piggy Sooy. They are all very interested to start proving or, let's say, testing in their own recipes, in their own labs, and in their kind of facilities, that this ingredient could help them in so many ways, so that's the second reason.

我們正在與 Piggy Sooy 的幾位不同的潛在參與者和客戶進行良好的對話。他們都很有興趣開始證明，或者說，在自己的食譜、自己的實驗室和自己的設施中進行測試，證明這種成分可以在很多方面幫助他們，所以這是第二個原因。

And the third reason of this field trial for Piggy Sooy in the United States is to analyze -- to finish the D of the R&D stage, the development, product development. I will leave the floor to Amit to -- just a little bit to explain the different events that are planted in the field because we need to start analyzing transgenic events, plant performance, and start processing that information to start selecting the champion event. That would be the champion seed that will be multiplied in the future, in the upcoming years so as to hit the market in 2027 and 2028. I want to reinforce that timeline.

而Piggy Sooy這次在美國的實地試驗的第三個原因是分析──完成研發階段的D、開發、產品開發。我將讓阿米特稍微解釋一下在田間種植的不同事件，因為我們需要開始分析基因改造事件、植物性能，並開始處理這些資訊以開始選擇冠軍事件。這將是冠軍種子，將在未來幾年內倍增，以便在 2027 年和 2028 年上市。我想強調一下這個時間表。

Amit, you want to add more color about the science in the field?

阿米特，你想為該領域的科學增添更多色彩嗎？

Yes. Thank you, Gastón, and thanks for the question as well. As you all know, Piggy Sooy has demonstrated that we can express animal proteins to a very high level and store it in the seed section of the plant, which is really what is the product that we're going to be utilizing.

是的。謝謝你，加斯托恩，也謝謝你提出的問題。眾所周知，Piggy Sooy 已經證明我們可以將動物蛋白表達到非常高的水平，並將其儲存在植物的種子部分，這正是我們將要使用的產品。

So as we are doing these field trials in different locations, we want to reach to a point where we want to evaluate in the fourth generation what the levels of this protein are going to be, and this platform technology, which is primarily the regulatory elements that allow us to express this protein at a very high level, is really being tested out.

因此，當我們在不同地點進行這些現場試驗時，我們希望達到這樣的程度：我們希望在第四代中評估這種蛋白質的水平，以及這種平台技術，主要是調節元件使我們能夠以非常高的水平表達這種蛋白質，確實正在接受測試。

As I initially spoke during the update, we are seeing 20% total soluble protein being consistent through the third generation, which is a very important milestone in any transgenic technology event. And as we are doing these field trials, we will be harvesting a lot of plant material, which we'll also do further evaluations on. This high level is really unprecedented in seed production, and we will take it from there.

正如我最初在更新期間所說的那樣，我們看到 20% 的總可溶性蛋白質在第三代中保持一致，這在任何基因改造技術事件中都是一個非常重要的里程碑。當我們進行這些田間試驗時，我們將收穫大量植物材料，我們也將對其進行進一步的評估。這種高水準在種子生產方面確實是前所未有的，我們將從那裡繼承。

This is the platform we also want to utilize for other ingredients or other proteins or other molecules that are desirable in the market as well. So very exciting what we are doing with this. We're expanding our reach to commodity groups as well, soybean and other commodity groups to keep them involved and included as we are developing this product, so as Gastón invited stakeholders to our facilities and our trials just to see what we are really developing over here.

我們也希望將這個平台用於市場上所需的其他成分或其他蛋白質或其他分子。我們正在做的事情非常令人興奮。我們還將業務範圍擴大到商品組、大豆和其他商品組，以便讓他們參與我們開發該產品的過程，因此，Gastón 邀請利益相關者參觀我們的設施和試驗，只是為了了解我們真正開發的內容這裡。

Really exciting times for us and the science sector, and we continue to -- you know, as a scientist, we continue to develop our concepts further and expand to other molecules as needed. It could be bioplastics, it could be any other pharmaceutical ingredient, et cetera.

對於我們和科學界來說，這是一個非常激動人心的時刻，我們將繼續——你知道，作為科學家，我們將繼續進一步發展我們的概念，並根據需要擴展到其他分子。它可以是生物塑料，也可以是任何其他藥物成分，等等。

Thank you very much, Gastón. Back to you.

非常感謝你，加斯頓。回到你身邊。

Thank you, Amit. Okay, let's move on. Thank you so much, Scott.

謝謝你，阿米特。好吧，我們繼續吧。非常感謝你，斯科特。

Thank you.

謝謝。

All right, our next question, we have an online question from Anthony Vendetti of Maxim Group. I'm going to read them.

好的，我們的下一個問題是來自 Maxim Group 的 Anthony Vendetti 的線上提問。我要去讀它們。

Have you signed any additional commercial uptake agreements for Glaso? If not, do you expect to sign any by the end of 2024? What percent of yield is accounted for?

您是否簽署了 Glaso 的任何其他商業使用協議？如果沒有，您預計在 2024 年底前簽署任何協議嗎？佔收益率的百分之幾？

Well, thank you, Anthony, and we will not forget about answering the Bunge question that was online before. But I want to say hi to Anthony. Anthony, thank you for joining us today, and thank you for the question.

好吧，謝謝你，安東尼，我們不會忘記回答先前在網路上提出的邦吉問題。但我想向安東尼打個招呼。安東尼，感謝您今天加入我們，也感謝您提出問題。

We do not have any other offtake agreements signed yet. I think for the short term, it will not be necessary. It would be just invoicing and commercializing directly via spot sales for this campaign. We are envisioning to have a formal agreement for the following campaign, so that -- who knows if it would be before the year end or next year. We have time for that. We are in good conversations with some other customers.

我們尚未簽署任何其他承購協議。我認為短期內沒有必要。該活動只是透過現貨銷售直接開立發票和商業化。我們設想為接下來的活動達成正式協議，所以誰知道是在年底之前還是明年。我們有時間這樣做。我們正在與其他一些客戶進行良好的對話。

I think that it's also a matter of timing and awareness. We are hitting the market now. So it's one new product, it's new in the market. We are planning to attend some food and animal health shows and some dietary supplement shows next year to make some marketing for the product. I'm really optimistic of the traction of this product for next year, and I'm really looking forward to continue signing offtake agreements for the upcoming campaigns.

我認為這也是一個時機和意識的問題。我們現在正在打入市場。所以它是一種新產品，是市場上的新產品。我們計劃明年參加一些食品和動物健康展會以及一些膳食補充劑展會，為該產品做一些行銷。我對該產品明年的吸引力非常樂觀，我非常期待繼續為即將到來的活動簽署承購協議。

Going back to the question, I want to answer it fully. What percentage of yield is accounted for? Do you want to tackle this question, Martín?

回到問題上來，我想完整地回答。佔收益率的比例是多少？馬丁，你想解決這個問題嗎？

Yeah. Thank you for the question, [Jeremy]. So I'm trying to understand what exactly is the yield that you are putting here in terms of the tons per acres yield that we can recover out of each acre, but nevertheless --

是的。謝謝你的提問，[傑里米]。因此，我試圖了解您在這裡輸入的產量到底是多少噸每英畝產量，我們可以從每英畝中回收，但儘管如此--

Talk about -- talk about both, yeah.

談論——談論兩者，是的。

Yeah. Nevertheless, so the yield that we are expecting, so yield for safflower in the area is around, I would say, 1,200, 1,300 tons per acre. We achieved last year in the range of 1,600, just was a seed increase that we've done last year compared to this season, where, as Gastón said, was our very first commercial season. We expect kind of the same yield in that.

是的。儘管如此，我們預計該地區紅花的產量約為每英畝 1,200 至 1,300 噸。去年，我們的產量達到了 1,600 顆，與本季相比，去年的種子數量有所增加，正如加斯頓所說，本季是我們的第一個商業季。我們預計會有相同的產量。

On how much oil we can recover out of that is highly dependent on the production that -- the crushing facility that we are using. So in that sense, we have been working a lot the last few months on optimizing that processing. I think Gastón mentioned some of that during the presentation. This particular trait of GLA has a reduced amount of total oil compared to wild types of flower, so we expect extraction in the range of 15% to 20%. So that's 15% to 20% from the -- it's the total oil, right? Let's say out of that, we can expect maybe 80% of yield from the total oil recovery. That's kind of the yield that we are expecting, very soon to be fully determined.

我們可以從中回收多少石油，這很大程度上取決於我們正在使用的壓榨設施的產量。因此，從這個意義上說，過去幾個月我們一直在優化該處理方面做了大量工作。我認為加斯頓在演講中提到了其中的一些內容。與野生花卉相比，GLA 的這種特殊性狀的總油量減少，因此我們預計提取量在 15% 至 20% 範圍內。那麼這就是石油總量的 15% 到 20%，對吧？比方說，我們預計總石油採收率可能達到 80%。這就是我們所期望的產量，很快就會完全確定。

Yeah, agree. This is happening as we speak, as I said before. Thank you so much, Martín.

是的，同意。正如我之前所說，就在我們說話的時候，這種情況正在發生。非常感謝你，馬丁。

Okay, let's move on. Thanks, Anthony.

好吧，我們繼續吧。謝謝，安東尼。

Okay, we can move onto that -- my previous question. You mentioned signing an R&D collaboration with Bunge to develop safflower varieties aimed at improving productivity for specific applications and markets. Can you share more details about this partnership and the business opportunities from this? Are there any notable developments you'd like to highlight?

好的，我們可以繼續討論我之前的問題。您提到與 Bunge 簽署研發合作協議，開發紅花品種，旨在提高特定應用和市場的生產力。您能否分享有關此合作夥伴關係以及由此帶來的商業機會的更多詳細資訊？您有什麼想要強調的顯著進展嗎？

Yeah, well, I remember the Bunge question. Thank you for that. We're very excited about being close to Bunge now with this R&D and collaboration agreement with them. As you all surely know, Bunge is one of the ABCD companies that there's four dominant agriculture trading worldwide, together with ADM, Cargill, and Dreyfus. It's an honor for us, as a young company, to be close to these major players.

是的，我記得邦吉的問題。謝謝你。我們非常高興能夠與 Bunge 建立密切的關係，並與他們達成這項研發和合作協議。眾所周知，邦吉是全球農業貿易四大主導的ABCD公司之一，與ADM、嘉吉、德雷福斯。作為一家年輕的公司，能夠與這些主要參與者保持密切聯繫是我們的榮幸。

Specifically about the R&D collaboration, this is for upstream efforts in our safflower platform. That's part of our Glaso improvements, and some other new developments in the safflower varieties and safflower platform as well.

具體來說，研發合作是針對我們紅花平台的上游工作。這是我們 Glaso 改進的一部分，也是紅花品種和紅花平台的其他一些新開發的一部分。

I will leave the floor to Amit first to fully explain the importance of the genetics in the upstream from -- for us to improve and [back cross] and focus on breeding varieties in the field. This is high level, you know? This is very important to understand yields in the fields and to focus on science and genetics. And then, Martín can give more color in terms of the specific traits that we are working. I want to highlight that Bunge is focusing on safflower for biofuel applications. Moolec is focusing on safflower as a bioreactor platform, as many small factories to produce Glaso and new products in the pipeline, but both share the upstream part of the value chain.

我將首先請阿米特充分解釋上游遺傳學的重要性——對我們改進和[回交]並專注於在田間培育品種。這水平很高，你知道嗎？這對於了解田間產量以及關注科學和遺傳學非常重要。然後，馬丁可以根據我們正在研究的具體特徵賦予更多色彩。我想強調的是，邦吉專注於紅花的生物燃料應用。Moolec 專注於將紅花作為生物反應器平台，因為許多小工廠生產 Glaso 和新產品正在籌備中，但兩者共享價值鏈的上游部分。

But again, I will put a pause now and pass to Amit to explain the breeding side, and Martín can explain the trait side.

但是，我現在要暫停一下，然後讓阿米特解釋育種方面，馬丁可以解釋性狀方面。

Thank you, Gastón. I would say that what we produce, what transgenic lines we produce, we select our champion events, which have the highest level of expression and agronomic performance. But as new breeding lines are being generated which either have other traits, for example, they can perform better agronomically in different geographies or under different climatic conditions, so we can introgress or do make crosses between these plants, go back to traditional breeding and take these traits that we've developed in our lines and move them into the desirable genetic backgrounds so that we can produce this product at a larger scale more efficiently with less inputs.

謝謝你，加斯頓。我想說的是，我們生產什麼，我們生產什麼基因改造品系，我們選擇我們的冠軍項目，它們具有最高水準的表達和農藝性能。但是，隨著新的育種品系的產生，它們要么具有其他性狀，例如，它們可以在不同的地理位置或不同的氣候條件下表現出更好的農藝性能，所以我們可以在這些植物之間進行基因滲入或雜交，回到傳統育種並採取我們在我們的品系中開發了這些性狀，並將它們轉移到理想的遺傳背景中，以便我們能夠以更少的投入更有效地大規模生產該產品。

One of the biggest things is that the genetic potential through breeding continues to be enhanced, and we have the opportunity through these partnerships where we can kind of capitalize on the new genetics that are coming through the pipeline as well by combining these traits through breeding.

最重要的事情之一是，透過育種的遺傳潛力不斷增強，我們有機會透過這些合作關係，透過育種結合這些性狀，我們可以利用正在開發的新遺傳學。

I also wanted to say that we have in our internal Moolabs where we can categorize all these very rapidly with the equipment and the robotics that are available to us. We are able to really fast track identification of progeny or products that come out of those crosses, that can then be deployed. In the past, we mentioned about global scale-up potential of our technology, and I think this is where combining what we develop as initial traits with the breeding pipelines that exist in different crops, especially in this case, safflower, we can really produce this anywhere in the world.

我還想說，我們在內部 Moolab 中可以使用我們可用的設備和機器人非常快速地對所有這些進行分類。我們能夠真正快速地識別這些雜交產生的後代或產品，然後可以進行部署。過去，我們提到我們的技術在全球範圍內擴大規模的潛力，我認為這就是將我們開發的初始性狀與不同作物（特別是紅花）中存在的育種管道相結合，我們可以真正生產出這在世界任何地方都是如此。

Thank you. Over to Martín.

謝謝。交給馬丁。

Yeah. So basically, the yield that I mentioned for safflower GLA, (inaudible) around 14 to 15 tons is quite a great yield in the United States, and it's a variety that we have been using since a while. But when you compare that yield with the commercial of many other germplasms in the southern hemisphere, particularly in countries like Argentina, yields are not as good, so our main goal is to evaluate this and develop new lines that are better adapted, that are optimized in terms of the yield, the productivity for different territories, other territories than the United States, for us to increase our potential opportunities to expand the technology into other territories. That's on us.

是的。所以基本上，我提到的紅花 GLA 的產量（聽不清楚）大約 14 到 15 噸，在美國是相當高的產量，而且我們已經使用了一段時間了。但是，當您將該產量與南半球的許多其他種質的商業產量進行比較時，特別是在阿根廷等國家，產量並不那麼好，因此我們的主要目標是對此進行評估並開發更適應、優化的新品係就產量而言，不同地區的生產力，美國以外的其他地區，我們可以增加將技術擴展到其他地區的潛在機會。那是我們的事。

As Amit said, once we identify this optimized line for other territories, we can start the integration process where we can introduce our traits into new germplasm and new varieties. Thank you.

正如阿米特所說，一旦我們為其他地區確定了這個優化品系，我們就可以開始整合過程，將我們的性狀引入新的種質和新品種中。謝謝。

Thank you, Martín, very clear, and thank you for the question. I want to add on top of that before going to the next question, I think would be Arun's question, that it's a huge opportunity for Moolec being close to Bunge because of not -- not only because of safflower seeds, it's because of all our pipeline, soybean as well. We are having great conversations about soybean in the future, so let's see how it goes in the future. We are focusing of course on delivering our commitment with Bunge in terms of safflower upstream, but as I said before, this is maybe one step for the new potential collaborations in the future with this major company.

謝謝馬丁，非常清楚，也謝謝你提出的問題。在進入下一個問題之前，我想補充一點，我認為這將是阿倫的問題，這對莫萊克來說是一個接近邦吉的巨大機會，因為不僅是因為紅花種子，而是因為我們所有的管道，大豆也是。我們正在就大豆的未來進行精彩的對話，所以讓我們看看未來會如何發展。當然，我們的重點是兌現我們與邦吉在紅花上游方面的承諾，但正如我之前所說，這可能是未來與這家大公司新的潛在合作的第一步。

Let's move on, Bill. Thanks for the question again.

讓我們繼續吧，比爾。再次感謝您的提問。

Okay, great. Our next question comes from Arun Suresh. In terms of safflower oil products, how much revenue growth is expected in 2025, and can this be the main part of business in the future, given the push in AI and data centers for biofuels?

好的，太好了。我們的下一個問題來自阿倫·蘇雷什。紅花油產品方面，預計2025年營收成長多少，在人工智慧和生物燃料資料中心的推動下，這是否會成為未來的主要業務？

Well, thank you, Arun, for joining us today, and thank you for the question. Before going to José and talking about -- he will give some indication about the growth in 2025 in terms of the business, but in terms of applications in AI and data centers, I don't know. What I can say is -- and this is amazing, it's a good idea, great, but I want to highlight and point out that Moolec is focusing on improving yields for Glaso and the future products by using safflower as a bioreactor, as a great small factor and biological factory. Bunge is focusing on biofuels.

好的，謝謝你，阿倫，今天加入我們，也謝謝你提出的問題。在去找 José 並談論之前，他會給出一些關於 2025 年業務成長的指示，但在人工智慧和資料中心的應用方面，我不知道。我能說的是——這太棒了，這是一個好主意，很棒，但我想強調並指出，Moolec 正致力於透過使用紅花作為生物反應器來提高Glaso 和未來產品的產量，作為一個偉大的生物反應器。邦吉專注於生物燃料。

I personally think that we haven't reached what plants can do. Moolec is proving with Glaso and Piggy Sooy that this technology is not only doable, not only feasible, it's cost effective, it's sustainable, and it's real. It's material, guys, it's concrete. So, by using AI in the future, data centers, or any other applications, I think it's great, and we could -- we have the ability to produce any molecule, any protein in any crop so far by using the same tactics. But I want to go back to the question, Arun, thank you for that, and leave the floor to José to give more details in terms of revenue.

我個人認為我們還沒有達到植物所能做到的程度。Moolec 與 Glaso 和 Piggy Sooy 一起證明，這項技術不僅可行，而且具有成本效益、可持續且真實。這是物質的，夥計們，它是具體的。因此，透過在未來、資料中心或任何其他應用中使用人工智慧，我認為這很棒，而且我們可以——到目前為止，我們有能力透過使用相同的策略在任何作物中生產任何分子、任何蛋白質。但我想回到這個問題，阿倫，謝謝你，然後請何塞提供更多有關收入的細節。

Sure. Thank you, Gastón, and Arun, thank you very much for the question. As mentioned before, what we expect for fiscal year 2025 is that Glaso participates in the overall total revenue in around 15%. Again, for fiscal year 2026, there's going to be a lot of focus in the operation of Glaso and the scale-up of the operation of Glaso, with a bigger campaign starting in May/June calendar year 2025.

當然。謝謝加斯托恩和阿倫，非常感謝你們提出這個問題。如前所述，我們對 2025 財年的預期是 Glaso 參與整體總收入的比例在 15% 左右。同樣，2026 財年，Glaso 的營運和 Glaso 營運的擴大將成為重點，更大規模的活動將於 2025 年 5 月/6 月開始。

So what to expect in terms of Glaso participating in the revenue onwards for fiscal year 2026? Probably in fiscal year 2025, it's going to be around 50%. For fiscal year '26, I would expect it could be participating in [double-wide participate] in fiscal year 2025, so yes, we have good hopes, good expectations for the product, and how it helps grow the revenue of Moolec.

那麼，對於 Glaso 參與 2026 財年的營收有何期待呢？到 2025 財年，這一比例可能會達到 50% 左右。對於 26 財年，我預計它可能會參與 2025 財年的[雙範圍參與]，所以是的，我們對該產品抱有良好的希望和良好的期望，以及它如何幫助 Moolec 增加收入。

Thank you, José. Before going to the next question, I want to leave the floor to Amit to -- probably he will want to expand my technological and scientific answer. Over to you, Amit.

謝謝你，何塞。在討論下一個問題之前，我想請阿米特發言——他可能想擴展我的技術和科學答案。交給你了，阿米特。

Yes. Sorry, I'm having some connection issues.

是的。抱歉，我遇到一些連接問題。

No worries.

不用擔心。

Well, in this particular case, I think our technologies are expanding quite a bit. Gastón, as you already mentioned, and José has also mentioned quite a bit about it. I don't have much to add, but I think as we expand our technology platform here, we can make further milestones in this case to reach the market as well as expand our product line in the future.

嗯，在這個特殊情況下，我認為我們的技術正在不斷擴展。正如您已經提到的那樣，加斯頓（Gastón）和何塞（José）也提到了許多相關內容。我沒有太多要補充的，但我認為，隨著我們在這裡擴展我們的技術平台，我們可以在這種情況下獲得進一步的里程碑，以進入市場並在未來擴展我們的產品線。

Back to you, Gastón. Thank you.

回到你身邊，加斯頓。謝謝。

Yeah, I fully agree. Thank you, Arun, for the question. Please Bill, let's move to the next question.

是的，我完全同意。謝謝阿倫的提問。比爾，請讓我們進入下一個問題。

Okay, we have a follow-up question from Anthony Vendetti with Maxim Group. Anthony states, can you discuss what steps you have taken or intend to take to continue to drive awareness and adoption of your PMF products?

好的，我們有來自 Maxim Group 的 Anthony Vendetti 提出的後續問題。Anthony 表示，您能否討論一下您已經採取或打算採取哪些步驟來繼續提高 PMF 產品的認知度和採用率？

Well, thank you for the question, Anthony, again. All the efforts that we have done, we are willing to do in terms of our awareness of plant molecular farming as a technology are for the industry, are for the people that really understand technology, science, and applications.

好吧，再次感謝你的提問，安東尼。我們所做的一切努力，我們願意在植物分子農業作為一種技術的認識所做的所有努力都是為了這個行業，都是為了真正了解技術、科學和應用的人們。

Moolec has a B2B business model. We don't need to invest money and time to de-focus communications in mainstream communications. We don't need to talk to consumers. The (inaudible) of the world knows how to communicate to consumers.

Moolec 擁有 B2B 商業模式。我們不需要投入金錢和時間去分散主流傳播中的傳播焦點。我們不需要與消費者交談。世界（聽不清楚）知道如何與消費者溝通。

Of course, we need to be transparent. We need to talk about the science. If you get into our website, we are trying to be very transparent of how we modify plants, how all our technology works, and so on, but all our efforts are to approach the people that really understand the tech, and that's mostly the R&D departments of our potential customers: food technologies, scientists, food scientists, and people that now I can say that are fully understanding the potential of this tech.

當然，我們需要透明。我們需要談談科學。如果你進入我們的網站，我們會努力對我們如何改造植物、我們所有技術如何運作等等保持非常透明，但我們所有的努力都是為了接近真正了解技術的人，而這主要是研發人員我們潛在客戶的部門：食品科技、科學家、食品科學家，現在我可以說完全了解這項技術潛力的人。

I always say that when we started back in 2020, talking about modifying seeds for human consumption purposes, was quite shocking. Four years, I definitely can assure that this is very well understood. So we are going to continue educating the R&D departments. Most of them approach us directly because we are very active in leading, in PR, and some specific shows that we are attending, so it's working so far. We really want to reinforce that communication since we are hitting the market now with Glaso and getting fresh material from Piggy Sooy very soon. We want to continue investing and maybe expanding that message now with fresh materials and new materials, clear communication materials as well.

我總是說，當我們在 2020 年開始時，談論改良種子以供人類消費的目的，是相當令人震驚的。四年了，我絕對可以保證這是很好理解的。因此，我們將繼續對研發部門進行教育。他們中的大多數人直接與我們聯繫，因為我們在領導、公關以及我們參加的一些具體展會方面非常積極，所以到目前為止它正在發揮作用。我們真的很想加強這種溝通，因為我們現在正在與 Glaso 一起進入市場，並且很快就會從 Piggy Sooy 獲得新鮮材料。我們希望繼續投資，也許現在可以透過新鮮材料和清晰的溝通材料來擴展這一訊息。

So this is a very relevant topic that you have just raised, Anthony, in terms of helping us in the commercialization stage that Moolec is starting as we speak.

因此，安東尼，這是您剛剛提出的一個非常相關的主題，它可以幫助我們進入 Moolec 正在啟動的商業化階段。

Okay, moving forward, we've received an online question from Patricio. Some of this is similar to the prior question, but if you care to elaborate, feel free to do so, Moolec team. The question is, the achievements made so far in terms of advancements, research, commercialization, and technology are truly impressive; however, what are the specific plans for marketing campaigns and public relations? While this technology is innovative, I believe it is still not widely understood by the general public. Do you think greater exposure and support could attract more investors and increase the value of the shares? What is the plan on this matter?

好的，接下來，我們收到了帕特里西奧的線上問題。其中一些問題與先前的問題類似，但如果您願意詳細說明，請隨意這樣做，Moolec 團隊。問題是，迄今為止在進步、研究、商業化和技術方面所取得的成就確實令人印象深刻；不過，行銷活動和公關方面的具體計畫是什麼？雖然這項技術是創新的，但我相信它仍然沒有被公眾廣泛理解。您認為更大的曝光和支持可以吸引更多投資者並增加股票價值嗎？對於此事有何計劃？

It's in your question, but it's very important for us to tackle all of these things, specifically the investor relations efforts that we are having together with ICR, with you Bill, Steph, and the ICR team. For us, it's very important as a small company to have these good practices of investor relationship by getting an important IR firm such as you guys. So the plans are to continue working with you guys and to attend more conferences, to deliver good stuff in terms of PRs, and to keep the investors updated.

這是你的問題，但對我們來說，解決所有這些問題非常重要，特別是我們與 ICR、比爾、史蒂芬和 ICR 團隊一起進行的投資者關係工作。對我們來說，作為一家小公司，透過像你們這樣重要的投資者關係公司來擁有這些良好的投資者關係實踐是非常重要的。因此，我們的計劃是繼續與你們合作，參加更多的會議，提供公關方面的好東西，並向投資者通報最新情況。

Sometimes it's not good enough because the market is huge, there are so many public companies and so many promising companies using biotechnology, that it's hard to reach all. But I personally believe that if we continue delivering and getting good milestones and communicating these milestones right away to the public and to our investors, step by step, day by day, we are going to start gaining more traction, more awareness, and don't forget that we are here for the long run. We are talking -- we are thinking about decades here, and this is just starting.

有時這還不夠好，因為市場巨大，有如此多的上市公司和如此多有前途的公司使用生物技術，很難涵蓋所有公司。但我個人相信，如果我們繼續交付並取得良好的里程碑，並立即向公眾和我們的投資者傳達這些里程碑，一步一步，日復一日，我們將開始獲得更多的關注，更多的認識，並且不會'不要忘記，我們是為了長期存在而存在的。我們正在談論——我們正在思考這裡的幾十年，而這才剛剛開始。

But I think it's a very good question, Patricio, thank you for that. Let me reinforce the great work that we are doing together with ICR to expand and spread the word together with them.

但我認為這是一個非常好的問題，帕特里西奧，謝謝你。讓我強調我們與 ICR 一起所做的偉大工作，與他們一起擴大和傳播訊息。

Okay, another follow-up question -- or a question we have is from Salvatore Verdoliva. He says, I'm new to the story. From my understanding, Glaso is a fat-based product, so how can it be competitive from a cost point of view compared to palm oil, for example, or is it targeting another more premium market?

好的，另一個後續問題——或者我們的問題來自 Salvatore Verdoliva。他說，我對這個故事很陌生。據我了解，Glaso 是一種脂肪產品，那麼從成本角度來看，與棕櫚油相比，它如何具有競爭力，或者它是否瞄準了另一個更高端的市場？

Thank you Salvatore, and thank you for the question. I'm very glad that you are getting into the story now so we could give more color not only about Glaso applications, some products, and the competitive edge, also you could have a better color and sense of what Moolec is doing here with molecular farming.

謝謝薩爾瓦多，也謝謝你的提問。我很高興您現在開始了解這個故事，這樣我們不僅可以提供有關 Glaso 應用、某些產品和競爭優勢的更多信息，而且您還可以對 Moolec 在分子方面所做的事情有更好的了解和感覺農業。

Before going to Martín to -- who will explain the product, I will try to do it quick because the market has just opened and probably most of you want to start seeing the -- to take a look at the shares and the market, is that Glaso is -- the name Glaso means GLA safflower oil -- that means gamma-linolenic acid safflower oil. Gamma-linolenic acid is a specific omega-6. It's a nutritional oil, so it's not competing with palm oil. It's competing with some other GLA oils in the market. Most of these products are from sources such as borage oil and primrose.

在去馬丁之前——誰會解釋產品，我會盡量快點，因為市場剛剛開放，可能你們大多數人都想開始看看——看看股票和市場，是Glaso 是——Glaso 這個名字的意思是GLA 紅花油－意思是γ-亞麻油酸紅花油。γ-亞麻油酸是一種特殊的 omega-6。它是一種營養油，因此不與棕櫚油競爭。它正在與市場上的其他一些 GLA 油競爭。這些產品大部分來自琉璃苣油和月見草等來源。

José, do you want -- sorry, Martín, do you want to add more on that?

何塞，你想要──抱歉，馬丁，你想補充更多嗎？

No, I think you explained it quite well. The only thing I would add is our competitive advantage compared to borage and maybe even primrose, which are plant-based oils rich in GLA, is that our expresses something between 50% to 60% of GLA. So out of the complete fatty acid profile, 60% -- between 50% and 60% is GLA.

不，我認為你解釋得很好。我唯一要補充的是，與琉璃苣甚至報春花（富含 GLA 的植物油）相比，我們的競爭優勢是我們的 GLA 含量在 50% 至 60% 之間。因此，在完整的脂肪酸譜中，60%（50% 到 60% 之間）是 GLA。

The next most rich GLA plant-based oil is borage, and it has only 20%, and then even in primrose, it's in the 10% range. So our fatty acid profile, our oil produces three times more GLA per kilo of oil than other oils in the market rich in GLA. That's our main competitive advantage.

第二豐富的 GLA 植物油是琉璃苣，其含量僅 20%，即使在報春花中，含量也在 10% 範圍內。因此，我們的脂肪酸概況，我們的油每公斤油產生的 GLA 是市場上富含 GLA 的其他油的三倍。這是我們的主要競爭優勢。

Thank you, Martín. I want to add before we close, or we go to the next question, that concentration levels are critical for dietary supplements, for example. It's not the same to take three or four pills per day rather than one pill, so our competitive advantage is definitely a strong sales message, and that's what we are going to do in terms of communications. Now that we have products in the market, it's to reinforce that competitive edge.

謝謝你，馬丁。在我們結束之前，或者我們進入下一個問題之前，我想補充一點，例如，濃度水平對於膳食補充劑至關重要。每天服用三到四顆藥丸與每天服用一粒藥丸是不一樣的，因此我們的競爭優勢絕對是強有力的銷售訊息，這就是我們在溝通方面要做的事情。現在我們已經在市場上推出了產品，這是為了加強競爭優勢。

Bill, do you have any more questions? I think there is not any other questions in the chat box.

比爾，你還有什麼問題嗎？我想聊天框中沒有其他問題了。

That's correct, Gastón. It appears there no further questions at this time, so I'd like to hand the call back over to you for some closing remarks.

沒錯，加斯頓。目前看來沒有其他問題了，所以我想將電話轉回給您，讓您做一些結束語。

Yeah. Well before that, I want to ask my fellow partners here if you want to add something before we go. Amit, I think that maybe you wanted to add some comments in terms of the technology. José, Martín, feel free before we go.

是的。在此之前，我想問在座的各位夥伴，在我們離開之前，你們是否還想補充一些內容。阿米特，我認為您可能想在技術方面添加一些評論。何塞、馬丁，走之前請放心。

Yeah. Thank you, Gastón. I wanted to address a couple of comments earlier and add to t those about plant molecular farming. We are really connecting a lot with commodity group organizations where -- because as Gastón mentioned, we had a B2B business. We are first informing them, so as we interact a lot with the commodity group organizations, that really helps us be in front of these groups, which also fosters collaborations, business collaborations and partnerships that will come out of those.

是的。謝謝你，加斯頓。我想早些時候談談一些評論，並補充有關植物分子農業的評論。我們確實與商品集團組織建立了很多聯繫，因為正如加斯頓所提到的，我們有 B2B 業務。我們首先通知他們，這樣當我們與商品團體組織進行大量互動時，這確實有助於我們站在這些團體的前面，這也促進了由此產生的合作、業務合作和夥伴關係。

Secondly, we are also becoming members -- we're already members of several other organizations such as the International Society of Plant Molecule Farming, Society of In Vitro Biology, and then other organizations such as the Council for Agricultural Science and Technology, because we really want to work with these groups. These are scientific bodies that can then utilize our information and they utilize the plant molecule farming to reach our policymakers. Sometimes that also crosses over to the investor groups. So really, the effort on the science side is that what we have developed in our technology platform is cross-cutting the business piece, the technology leadership piece, as well as it's really leading the way forward for producing some of the major ingredients that we need today through plant molecule farming.

其次，我們也正在成為會員——我們已經是其他幾個組織的成員，例如國際植物分子農業學會、體外生物學學會，然後是其他組織，例如農業科學技術委員會，因為我們真的很想與這些團體合作。這些科學機構可以利用我們的訊息，並利用植物分子農業來聯繫我們的政策制定者。有時這也會影響投資者群體。因此，實際上，科學方面的努力是，我們在技術平台中開發的內容是跨領域的業務部分、技術領先部分，並且它確實引領了生產我們生產的一些主要成分的前進方向。分子農業。

And through this ecosystem, we are developing that. As Gastón said, R&D folks are coming to us. In fact, I get invited out on behalf of Moolec to speak at various plenary sessions to talk about what we've achieved through soy, Piggy Sooy as well as Glaso, so that's a very exciting time for us in the science field. That also fosters new ideas that are our new scientists who are starting their careers or have new technologies that really are interested in this, and that's how together, we will really advance the science on this front, so that's very exciting.

透過這個生態系統，我們正在開發它。正如加斯頓所說，研發人員正在來找我們。事實上，我代表 Moolec 受邀在各種全體會議上發言，談論我們透過大豆、Piggy Sooy 以及 Glaso 取得的成就，所以這對我們在科學領域來說是一個非常激動人心的時刻。這也催生了新的想法，我們的新科學家正在開始他們的職業生涯，或擁有對此真正感興趣的新技術，這就是我們將如何共同真正推進這方面的科學，所以這是非常令人興奮的。

Thank you Gastón. Over back to you.

謝謝加斯頓。又回到你身邊了。

Thank you Amit, thank you. Yes, to add on top of that, we are very committed to stewardship, we are very committed to follow identities with our program, for our crops in the United States. We are dealing with high-value products here, fully operating in the United States with the RSR from the USDA-APHIS; that's amazing. Nevertheless, we are very focused on following and having traceability of our beans, our seeds, so that's very important for the operational side on top of what you said, Amit, that we are part of these soybean associations and scientific associations as well.

謝謝阿米特，謝謝。是的，除此之外，我們非常致力於管理工作，我們非常致力於在我們的計劃中遵循我們在美國農作物的特性。我們在這裡處理高價值產品，在美國全面運營，並獲得 USDA-APHIS 的 RSR；太棒了。儘管如此，我們非常注重追蹤和追蹤我們的豆類、種子，因此除了您所說的阿米特之外，這對於營運方面非常重要，我們也是這些大豆協會和科學協會的一部分。

José, Martín, before we go?

何塞、馬丁，我們走之前？

No. For my part, thank you everyone for participating in the call, the interest in Moolec. Please do reach for anything, any questions, any doubts that you have. I'll be pleased to help and get in touch with you.

不。就我而言，感謝大家參與這次電話會議，感謝大家對 Moolec 的興趣。如果您有任何疑問、疑問或疑慮，請務必與我們聯絡。我很樂意為您提供協助並與您取得聯繫。

Thanks. Martín?

謝謝。馬丁？

I'm okay. I'm okay on my end, thank you. Thank you, all. It was quite an interesting conversation during this Q&A. Thank you.

我沒事。我這邊一切都好​​，謝謝。謝謝大家。這次問答期間的對話非常有趣。謝謝。

Good, okay. Great. I personally would like to thank Catalina Jones, our Chief of Staff and Sustainability of Moolec, for leading internally again this business update. Thanks ICR, Steph, Bill, thank you, and to the Moolec team, and also to my fellow officers here presenting with me. To all of you, thanks for joining us today on this annual business update. Thank you for that, for taking the time, and your interest in the company and our story.

很好，好吧。偉大的。我個人要感謝 Moolec 的參謀長兼永續發展部主管 Catalina Jones，感謝她再次在內部領導本次業務更新。感謝 ICR、Steph、Bill，感謝你們，感謝 Moolec 團隊，也感謝與我一起出席的同事們。感謝大家今天加入我們的年度業務更新。感謝您抽出時間，感謝您對公司和我們的故事的興趣。

Finally, I want to reinforce the commitment of our company, of Moolec, and our main shareholders as well to keep the company public in this challenging market, as you surely know. We redouble our commitment to our purpose of redefining the way we produce animal proteins through molecular farming for the good of the planet, for the good of all.

最後，我想強調我們公司、Moolec 以及我們主要股東的承諾，讓公司在這個充滿挑戰的市場中保持上市，正如您肯定知道的那樣。我們加倍致力於實現我們的目標，即透過分子農業重新定義我們生產動物性蛋白質的方式，以造福地球、造福所有人。

So thank you again, and have a great day.

再次感謝您，祝您有美好的一天。

Thank you all, you may now disconnect.

謝謝大家，現在可以斷開連線了。