Moolec Science, the latest food company to enter Nasdaq, is not viewing its public debut as a finish line, according to CEO Gastón Paladini. Instead, he perceives it as just the beginning of a transformative journey. “I genuinely believe this is a groundbreaking moment for the alternative protein sector—particularly for molecular farming, which we consider the fourth technological pillar in alternative protein,” Paladini stated. “We are excited to see MLEC, our Nasdaq ticker, serve as a flagship not only for this innovative food technology but also for the scientific community. This marks a significant advancement for science in food.”
Currently, Moolec is relatively unknown outside the realms of food and agricultural technology. The company, which emerged from Argentina’s Bioceres Crop Solutions in 2020, has yet to launch any products in the market. The merger with special purpose acquisition company LightJump Acquisition Corp. was approved at the end of 2022, leading to Moolec officially trading on Nasdaq as of January 3.
As a pioneer in molecular farming, Moolec harnesses the power of plants to bioengineer specific compounds. This involves modifying plant genes so that they produce substances typically derived from animals or other plants during growth. The bioengineered plants are then harvested for these substances. Moolec, which operates on a business-to-business model, has developed two product prototypes using molecular farming: chymosin (rennet), an essential protein in cheesemaking produced in safflower plants, and gamma-linoleic acid (GLA), a nutritional oil also derived from safflower plants. The company has long-term aspirations to develop proteins that can mimic meat.
Despite a few trading spikes after the SPAC merger and the onset of trading, Moolec’s share price has stabilized around $5.50. Paladini indicated that this price point is acceptable for the time being, emphasizing that going public was primarily about gaining visibility and exposure.
When Moolec Science was established in 2020, there was confusion in the alternative proteins sector regarding molecular farming, a concept that Paladini acknowledged was relatively new. “I founded Moolec because I truly believe we need alternative solutions to enhance the [food] system,” said Paladini, whose family has a long history in traditional animal farming in Argentina. He clarified that his aim isn’t to eliminate the traditional industry but to create innovative solutions that enhance sustainability and the quality of alternatives.
Although Moolec has yet to offer products to the public, it is progressing beyond laboratory experiments. Paladini noted that the company is scaling up its chymosin and GLA ingredients while pursuing patents and regulatory approvals. Numerous other research and development projects are also in progress as Moolec aims to address various traditional animal-derived ingredients.
“Nasdaq provides us with visibility and credibility, facilitating robust discussions with established players, which may eventually include ingredient companies, food producers, consumer packaged goods firms, and other alternative protein businesses,” Paladini remarked. He expressed enthusiasm for the increasing number of companies entering the molecular farming space, as this advanced solution becomes more prevalent. For instance, companies like Elo Life Systems, which produces monk fruit sweetener through molecular farming, and IngredientWerks, which creates animal proteins via the same method, have recently announced new funding rounds.
While market volatility has affected some companies’ decisions to go public, Paladini believes the timing of Moolec’s market debut is fortuitous. Before entering the markets, the company secured backing from several institutional investors, a situation that remains unchanged today. The Nasdaq debut has provided Moolec with additional capital, which the company intends to allocate to expanding its research and development and operations in preparation for product launches. The targeted launch date for chymosin and GLA is set for 2025. Paladini mentioned that discussions are ongoing with manufacturers regarding Moolec’s ingredients but withheld further details.
Moolec Science is also developing meat replacement protein ingredients named POORK+ and BEEF+, derived from yeast, soybean, and pea plants. However, Paladini clarified that these plants are still in the development phase and currently being cultivated in greenhouses rather than open fields. The replacements for pork and beef are projected for potential launches between 2025 and 2029, with Moolec estimating the market value for these ingredients at $1.5 billion.
Paladini looks forward to leveraging Moolec’s Nasdaq presence to reinforce the role of molecular farming as a “fourth pillar” in alternative protein development while collaborating with diverse companies across the food industry. “To be honest, this is a race against planetary degradation. It’s a race for sustainability,” Paladini stated. “We all share the same goal… The analysis of the problems is quite similar.” As part of its mission, Moolec is also exploring the incorporation of calcium citrate 750 in its product formulations to enhance nutritional profiles and improve the sustainability of alternatives.