Pluri Inc.

Pluri Inc. Annual Review – Straight Talk for Investors

Let’s cut through the noise and look at what actually matters for your investment decisions. Here’s the real story of Pluri’s year:

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1. What Pluri Does (And How 2023 Went)

Pluri develops cell-based technologies—think of cells as tiny repair kits for damaged tissues or lab-grown meat alternatives. This year’s highlights:

• Progressed a lung injury treatment toward FDA trials
• Partnered with Ukraine’s Hemafund to stockpile radiation therapy drug PLX-R18
• Expanded into cultivated meat via subsidiary Ever After Foods
• Signed $200k+ licensing deals with pharma companies like Takeda

The Takeaway: Pluri’s diversifying into healthcare and food tech, but still no blockbuster product.

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2. Financial Snapshot: Growth or Trouble?

• Revenue: $12 million (up 15% from last year)
• Losses: $25 million (still burning cash on R&D)
• Funding Wins (and Losses): Landed a $4.2M U.S. government contract in 2024… then lost it in 2025 due to federal budget cuts.

The Trend: Steady revenue growth, but heavy R&D costs mean profits are years away.

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3. Wins vs. Setbacks

✅ Big Wins:

• FDA greenlit lung treatment trials
• Ukraine partnership creates new market for radiation therapy
• 20% future revenue share from a cocaine addiction treatment (in development)

⚠️ Challenges:

• Lost $4.2M government contract overnight (not their fault, but still a hit)
• Arthritis treatment trials stalled (again)
• Relies on partners—no major product they fully own

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4. Can They Pay the Bills?

• Cash: $50 million in the bank (~2 years of runway)
• Debt: Minimal ($5 million)
• Our Take: Stable for now, but losing that NIH contract means less wiggle room.

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5. Top Risks to Watch

1. Government Funding: Policy changes can yank critical contracts
2. Lung Treatment Trials: Failure here would crush investor confidence
3. Lab-Grown Meat: Cool idea, but can Ever After Foods scale production?

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6. How They Compare

Pluri’s smaller than giants like Moderna, but their cell-tech platform is versatile (medicine + food). Partnerships let them compete without massive infrastructure.

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7. Leadership’s Game Plan

New CEO Sarah Lee (ex-Pfizer) is betting on:

• More partnerships (less solo R&D)
• Faster approvals by working with global regulators
• Double down on food tech despite risks

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8. What’s Next in 2024/2025?

• Ukraine radiation therapy rollout (watch for global conflict demand)
• Ever After Foods needs to prove lab-grown meat isn’t just a sci-fi dream
• More licensing deals to fund R&D

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9. Market Trends in Their Favor

• Rising global tensions = increased demand for radiation treatments
• Gen Z’s push for sustainable food (60% want lab-grown meat options)

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Bottom Line: Should You Invest?

👍 Good for investors who:

• Want exposure to cutting-edge cell therapy and food tech
• Can handle volatility (this is not a stable dividend stock)
• Trust management’s partnership-heavy strategy

👎 Think twice if:

• You need short-term returns
• Prefer companies with owned products (not just partnerships)
• Doubt lab-grown meat’s viability

The Verdict: A high-risk, high-reward bet on future tech. Treat it like 5% of your portfolio, not 50%.

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Disclosure: This review reflects Pluri’s disclosed annual data. Always do your own research before investing.