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And All G said it plans to launch lactoferrin products in the United States and China in the first quarter of 2026, following a series of regulatory milestones. Just highlighting a couple of comments by Lou Cooperhouse that I found interesting:

"Cooperhouse said the early days of BlueNalu were all about refining the technology, as no one had propagated fish cells before at a scale necessary for a commercial venture, which meant it had to find the key to unlock scalability.

“Scalable means no genetic engineering, no things that other people use like scaffolds or microcarriers which are an intermediate process, which we found is not appropriate to this technology,” Cooperhouse said. “We’ve taken the really hard route to understand how to unlock scalability, and we’ve done that.”

Cooperhouse said he can’t share details of how it did so but said the company has created a process that will allow it to produce bluefin toro at scale and at a cost that is viable for restaurants...

“We’re about to launch, but we’re also about to expand,” Cooperhouse said. “We are all about getting to volume as quickly as possible; from point of launch to widespread distribution, we are trying to minimize that timetable.”

We've got used to long timelines with these companies as the wait until commercialization has been interminable. Commercial launch is an important milestone, but the more important milestone will be volume production as that's when costs meaningfully decline. Cooperhouse is hinting here that this could come faster than many expect. I wonder whether this time next year we will be compiling a list of companies which could be generating profit, not revenue.

"BlueNalu, a cell-cultivated seafood company, attended as an exhibitor at the event to show off its plans for its bluefin tuna products. Those products are still awaiting U.S. Food and Drug Administration (FDA) regulatory approval, but Cooperhouse said the company is expecting clearance in the next several weeks.

“It’s quite imminent,” he said.

The FDA has already shown willingness to approve cell-cultivated products.

It made its first approval in 2022, issuing a “No Questions” letter for cell-cultivated meat, poultry, and seafood produced by Berkeley, California-based Upside Foods. In June 2025, it approved Wildtype’s cell-cultivated salmon product, similarly finding it had no questions on whether the food product was safe for human consumption.

Cooperhouse said the company expects a similar finding within several weeks, which will allow it to begin selling its products."

https://www.seafoodsource.com/news/plant-based/cell-cultivated-seafood-makes-its-debut-at-seafood-expo-north-america-as-bluenalu-prepares-for-product-launch

BlueNalu hadn't posted anything on their X account since 29/04/25. Then two days ago they posted this. Is regulatory approval imminent?

https://x.com/BlueNaluInc/status/2038687566493524398?s=20

Everything is happening, and yet the share price remains stuck. ANIC is a strange beast. It's a closed-end fund, traded on a public market, that invests in private companies. Its own investors, both retail and institutional can't or won't invest in pre-IPO companies, that's the domain of VCs. VCs have to try and determine the value of companies that aren't generating much or any revenue. It's all about investing in what the business will become. That's not true of institutions investing in public markets. They need to have numbers to put into their spreadsheets: revenue, margins, profits, growth rates etc. When these don't exist yet, little to no value is ascribed to the business. Because it can't be measured, it doesn't exist, yet many portfolio companies have made real progress, especially over the last 12 months, so value has been created, it just gets ignored by a future potential investor base who can't see it yet in Excel. There is a huge disconnect between the share price and the value that has and is being created.

Mark Warner from Lib Bio mentioned a while back that he expected the company to be generating operating profit 2 or 3 quarters after it begins commercial production. California Cultured should be generating an operating profit "over the next year" when they reach 160,000 litres of capacity. We had to wait a long time before the start of commercialization and revenue. Once that happens, the wait for profitability should be a lot shorter. I think that will be a surprise for those institutional investors who are waiting to see some revenue before they invest.

I don't think California Cultured has any debt. That may change when they scale production, but the only major line item below operating earnings and above net income is interest expense, so if that is zero, net profit margins are going to be very high if operating margins are 76%.

“The capacity over the next year will be at 160,000 litres. At that capacity, we will see [around] 76% operating margin on our first product, [a] Cultured Cocoa Powder high in flavanols,” says Stearns."

Https://www.greenqueen.com.hk/california-cultured-cell-based-cocoa-powder-gras-chocolate-funding/

I can understand the furstration after so many years of waiting, but just as patience is running out, are we finally near to rgulatory approval? Because according to one of the founders of this investment platform, which invested in BlueNalu, that the final piece that needs to happen before commercialization:

"After years of R&D, BlueNalu appears to be approaching regulatory clearance that would allow them to begin commercial production.

When that moment arrives, it unlocks the next phase of the company: moving from research to real supply.

But what stood out most is how much is already in place today.

The infrastructure is built.

Initial production capacity is ready.

Early restaurant partners have been selected.

Initial launch orders are already being lined up, with a small group of restaurants expected to serve BlueNalu’s product shortly after regulatory approval."

https://substack.com/home/post/p-191419315

https://www.risingtidepartners.co/about

And the product — now tasted by a growing number of people — is starting to speak for itself.

In Nov 2025, SuperMeat received 6,488,535 new ANIC shares priced at NAV (14.65p as at 30 September 2025)

In Jan 2026, All G received 10,026,375 new ANIC shares at 14.65p (equal to NAV as at 30 September 2025)

In Dec 2025 Blue Nalu receieved 30,643,003 new ANIC shares at 14.65p (equal to NAV as at 30 September 2025)

They need the working capital and ANIC shares won't help with that, so desperate yes, but probably not a indication of their view on the value of the shares they were selling. If they need to make payroll, they have no other choice.

I think the article is good and bad news. Bad, because the funding environment remains challenging, and good, because it's also challenging for our competitors. If VC money has lost interest, and Private Equity wants to see positive EBITDA, which isn't there yet, then that probably just leaves sovereign wealth funds as a major source of capital. I don't think that when Jim Mellon started raising awareness among the Gulf States he could have anticipated current events in the Middle East, but I'm glad he did because for the reasons you mention that now looks like the best option to get some of these companies over the line.

This makes for a grim read on the state of funding for foodtech companies: https://agfundernews.com/the-good-the-bad-and-the-ugly-of-agrifoodtech-investing-in-conversation-with-adam-bergman

10 million shares traded today, with 3 lots over 2 million in the mid-6p range. This has to be selling by some of the portfolio companies we funded recently. Short-term pain for (hopefully) long-term gain.

Should read: "I can't imagine market makers are comfortable holding short positions for long..."

I wonder who's on the other side of these trades. I can imagine market makers are comfortable holding short positions for long, and I don't think there are any institutions still holding shares. Is there really such a large pool of retail investors willing to sell shares at these levels in this kind of size? I would have thought any large retail holders wouldn't be looking to trade such an illiquid stock and would be holding out for the long-term potential this industry offers. I'm also surprised the stock hasn't risen more, given the consistent buying from the person with the best inside information about all of the underlying companies.

I get £255m when I do the maths, so close enough! Solar Foods is still a long way from commercial production at scale and will need to invest a lot more. Industrial scale won't be reached until Factory 02 comes online in 2028. CFG should get there well before the end of next year, possibl even this. Here are my notes from the Jim Mellon interview where he talks specifically about CFG:

The invest he's most excited about is CFG. Factory 5X potential increase in capacity. Coco butter, palm oil, olive oil, all are possible. 20-years of IP from University of Bath. By far the most successful investment. Going to OWN palm, oil and coco butter markets in 10 years. No one will be able to compete. Already doing test runs of 100,00O litres of palm oil. Much bigger than anyone’s produced for cell ag. ANIC won’t sell at IPO. Worth the whole of Agronomics, and more. Thinks it will become a multi-billion pound company. Carrying cost of capital is 4% of revenue, compared to 25% of revenue for a new-build factory.

@Stop, It was Jim Mellon in a recent interview who first talked about an IPO. Perhaps I'm mistaken, but he also said CFG is worth the whole of Agronomics and more and that he thinks it will become a multi-billion pound company. I have our stake at 30% of CFG, so if the company is as successful as Jim thinks, a little more than a 3X for CFG would mean our stake would be worth ANIC's current market cap. The market clearly doesn't care about, or trust the NAV. If it did, we wouldn't be trading at such a huge discount. I don't think this will be the case if/when CFG is publicly traded, especially if its value rises relative to ANIC. This hasn't been true for Solar Foods, but we only own 6.4% of that company.

It certainly doesn't seem to be influenced much by geopolitics and I like the lack of correlation with other stocks and assets in my portfolio as it increases diversity. I don't see much of a catalyst short term, but agree that the share price should be higher by year end. Instituonal money is supposedly waiting for revenue, but that will be a 2027 story. Timelines are slipping. All G was supposed to launch lactoferrin products in the United States and China in the first quarter of 2026. That's 3 weeks away. Lib Bio's plant still isn't finished and I'm wondering whether Mark Warner's move from CEO to CTO in January hints at a technical problem that needs to be sorted and has slowed completion of the plant.

The big wild for me is if CFG IPOs and at what price. A market cap anywhere close to ANIC's would put upward pressure on our share price. Why buy CFG if you can get exposure to it via ANIC at a similar market cap, with all the other portfolio holdings for almost free?

Looks like they are making progress on a range of milk proteins, bovine and human: https://www.greenqueen.com.hk/all-g-nsw-grant-human-breast-milk-protein-casein-infant-formula/

I've also become a bit sceptical (perhaps cynical), about whether any of the RNS they do release have any positive influence on the stock price. I was convinced that news of the planned factories in the UAE and Saudi Arabia would cause a big jump, and news that CFG had saved $100m in capex by buying their Liverpool facility from a company going bankrupt would do it. Nada.

So what will move the stock price demonstrably higher? Lib Bio finishing their plant and confirming that 100% capacity has be contracted? Or news the US Department of Defense has approved their investment grant to increase capacity? A CFG IPO where the market cap is close to or at ANIC's market cap? I think it will need to be something of this kind of magnitude.

I agree they do a poor job of keeping investors informed, but I also suspect they feel their time is better spent on other things. Who is left at Shellbay these days after Anthony Chow and Laura (someone?) were fired? I suspect either one was responsible for investor relations. The upside is that there's probably also a lot less pressure to pay a performance fee and Jim Mellon et al don't need the money. They've done a good job avoiding that.

Continues to buy shares: https://www.londonstockexchange.com/news-article/ANIC/director-s-dealing/17486223