Agronomics Limited
ANIC · AIM · Health Care · mcap £48m · 4.3p 3 open situations →
Open · 3
Liberation Bioindustries fermentation plant build
Liberation closed the first Series A1 tranche on 19 December 2025, converting Agronomics' loan notes into shares. On 29 Sep 2026 Liberation ended its four-month strategic review with no acceptable offers for a sale or JV of the Richmond facility. A c.$25m funding gap means the Q4 2026 completion target will be missed, and first production comes six months after funding. Liberation is valued at £35.28m, about 25% of NAV.
- Portfolio weighting
- 25% at 31 December 2025
- Series A1
- first tranche closed 19 December 2025; loan notes converted
- Next milestone
- Full funding package targeted for H1 2027; timing uncertain 29 Sep 2026 ↗
- Funding gap
- c.$25 million further funding needed; first production six months after funding is secured 29 Sep 2026 ↗
- Strategic review
- Concluded 29 Sep 2026 with no acceptable offers; two lead parties in extended negotiations 29 Sep 2026 ↗
- Funding sources
- Additional shareholder equity, secured debt, public authority grants and loans, customer pre-payments 29 Sep 2026 ↗
Next: Full funding package for Liberation, targeted for H1 2027
- 29 Sep 2026 Funding gap; completion slipped beyond Q4 2026
- 17 Feb 2026 Nearing completion; first tranche closed
- 19 Dec 2025 Final stages of construction; Series A1 first close
All G lactoferrin US commercialisation
All G, an Agronomics portfolio company, completed the FDA GRAS process on 1 April 2026 for its precision fermented bovine lactoferrin (LFX). The clearance allows US commercialisation. Agronomics holds All G at about £7.4m (around 5% of NAV) against £8.9m subscribed, and added AU$3m in January 2026.
- Regulatory outcome
- FDA 'no questions' letter on GRAS notification for recombinant bovine lactoferrin
- Next milestone
- Commercial launch; no date stated. Agronomics will update as All G progresses.
- Carrying value
- About £7.4m, subject to audit, against £8.9m subscribed since August 2022
- NAV weighting
- Around 5% of £139.9m NAV at 31 December 2025
- Latest funding
- AU$3m convertible loan from Agronomics in January 2026
- Future applications
- Early life nutrition and additional jurisdictions, per All G's regulatory strategy
Next: commercial launch of LFX lactoferrin; date not stated
- 1 Apr 2026 FDA GRAS cleared; pre-launch
BlueNalu lock-in on Agronomics shares
30.6m new Agronomics shares were issued to BlueNalu at 14.65p on 30 December 2025 in settlement of its US$6m preferred share investment. The results confirm these shares as a £4.5m NAV increase; no cash was raised. The lock-in details are not restated.
Next: lock-in terms and expiry not stated
- 17 Feb 2026 Shares issued; NAV uplift booked
- 30 Dec 2025 New shares admitted around 7 January 2026
Closed · 2
Company filings. Not investment advice.