Steakholder Foods Ltd.

For the first half of 2024, R&D costs were $1.6 million versus $3.6 million a year earlier, down 54%. Marketing expenses were $700,000, down 56% from $1.6 million, and G&A expenses were $2 million versus $2.2 million, down 9%. Net loss improved to $4.4 million, or $1.10 per ordinary share, from $9.5 million, or $5 per ordinary share, in the first half of 2023. Net cash used in operating activities fell to $4.4 million from $7.5 million, and cash and equivalents were $5.4 million at the start of the first half of 2024 versus $4.2 million at the end of 2023. Management expects first commercial revenue in late 2024 or early 2025, with accelerated revenue growth in 2025 and a global commercial agreement hoped for by early 2025.

Arik Kaufman emphasized that the company has made meaningful progress in shifting from development to commercialization and that the new B2B model is beginning to validate the technology. He highlighted four deals as proof points for future recurring revenue and said production is set to begin shortly, with initial revenue tied to those launches. His tone was constructive and optimistic, but he repeatedly framed the opportunity as early and still in implementation.

Moran Attar focused on the financial reset after the major R&D phase, citing the 54% drop in R&D to $1.6 million, 56% lower marketing spending at $700,000, and a 54% reduction in net loss to $4.4 million. She also said net cash used in operating activities declined to $4.4 million and noted that the company received its first $220,000 payment from the $1 million Singapore-Israel grant in March. Her commentary pointed to a leaner cost structure and expectations that R&D will stabilize at this lower level.

There were no analyst questions on the call, and no live Q&A took place. Management therefore did not have to address follow-up concerns directly. The closest thing to a Q&A answer was management reiterating that first revenue should come in late 2024 or early 2025 and that a global commercial agreement could be announced by early 2025.