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Moolec Science Presents Third Quarter Fiscal Year 2024 Business Update
Moolec Science SA (NASDAQ:MLEC), a company focused on producing animal proteins in plants through Molecular Farming technology, released its business update for the third quarter of Fiscal Year 2024, ended March 31, 2024.
The highlights include regulatory approval for its Piggy Sooy™ soybean product from USDA-APHIS in April 2024. The safflower platform's GLASO™ planting campaign is on track, with two U.S. patents granted for chymosin production in safflower seeds, extending exclusive technology protection until 2041.
Financially, normalized revenues and other income rose by approximately $1.3 million year-over-year. However, R&D and administrative expenses increased by 68% to $2.3 million. Operational cash utilization for the quarter was around $2.6 million, with $1.4 million directed to lowering accounts payable.
CEO Gastón Paladini and CFO José López Lecube expressed satisfaction with the progress, emphasizing their commitment to sustainable solutions and disciplined spending.
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