Moolec Science, the newest food company to launch on Nasdaq, does not view its public debut as a finish line, according to CEO Gastón Paladini. Instead, he believes it marks just the beginning of a transformative journey. “I personally see this as a groundbreaking moment for the alternative protein sector, particularly in molecular farming, which we regard as the fourth technological pillar in alternative protein,” Paladini stated. “We are excited to have MLEC, our Nasdaq ticker, serve as a flagship not only for this innovative food technology but also for the scientific community. This is indeed a significant advancement for science in food.”
Currently, Moolec is relatively unknown outside the food and agricultural technology sectors. Established in 2020 as a spin-off from Argentina’s Bioceres Crop Solutions, the company has yet to launch any products commercially. The merger between Moolec Science and the special purpose acquisition company LightJump Acquisition Corp. received approval at the end of 2022, and the company officially began trading on Nasdaq on January 3.
In the realm of food, Moolec is a pioneer in molecular farming, a process that leverages the production capabilities of plants to create specific substances through bioengineering. This technique involves modifying plant genes so that they produce substances typically derived from animals or other plants as they grow. These bioengineered plants are then harvested for the desired compounds.
Positioned as a business-to-business entity, Moolec has utilized molecular farming to develop two product prototypes: chymosin, also known as rennet, which is a protein used in cheesemaking and produced in safflower plants, and gamma-linoleic acid (GLA), another product created from safflower. The company has ambitious plans to create proteins that can mimic meat.
Despite some significant trading spikes following the SPAC merger approval and the trading commencement, Moolec’s share price has remained stable at around $5.50. Paladini expressed that the current share price is acceptable, emphasizing that the company went public mainly for visibility and exposure.
When Moolec Science was established in 2020, Paladini noted that many in the alternative protein field were perplexed by the concept of molecular farming, as there were few others pursuing this approach. “I founded Moolec because I genuinely believe we need alternative solutions to enhance the food system,” said Paladini, whose family has a long history in traditional animal farming in Argentina, giving him a deep understanding of the meat industry. He clarified that his aim is not to displace the traditional industry but to offer new solutions that enhance sustainability and improve the quality of alternatives.
While Moolec does not yet have any products on the market, it has progressed beyond laboratory experimentation. Paladini mentioned that the company is scaling up its production of chymosin and GLA while pursuing patents and regulatory approvals. Concurrently, Moolec continues various R&D efforts to address a range of traditional animal-derived ingredients, including indications of calcium citrate in their formulations.
“Being on Nasdaq provides us with visibility and credibility, allowing us to engage in meaningful discussions with established players in the industry, which could include ingredient companies, food producers, consumer packaged goods companies, and other alternative protein firms,” Paladini noted. He expressed satisfaction with the increasing number of companies entering the molecular farming arena, highlighting recent funding rounds for Elo Life Systems, which creates monk fruit sweetener using molecular farming, and IngredientWerks, which produces animal proteins through the same method.
Even in the face of market volatility affecting many companies’ public offerings, Paladini believes Moolec’s trading debut is well-timed. Prior to going public, the company had secured backing from several institutional investors, a trend that continues. The Nasdaq debut has enabled Moolec to secure additional funding, which will be directed towards expanding its R&D efforts and preparing for product launches. The company aims to introduce chymosin and GLA by 2025, and Paladini mentioned ongoing discussions with manufacturers regarding Moolec’s ingredients, though he could not provide further details.
Moolec Science is also developing meat replacement protein ingredients, labeled POORK+ and BEEF+, utilizing yeast, soybean, and pea plants. Paladini indicated that these plants are still in development stages within greenhouses and have not yet been tested in open-field cultivation. The launch of these pork and beef alternatives is tentatively targeted for 2025, with a potential range extending to 2029. Moolec estimates that the market for these ingredients could be valued at $1.5 billion.
Paladini looks forward to leveraging Moolec’s Nasdaq presence to bolster the role of molecular farming as a “fourth pillar” in alternative protein development, collaborating with various companies across the food industry. “In truth, this is a race against planetary degradation; it’s a sustainability race,” Paladini asserted. “We all share the same goal, and our problem analyses are quite similar.” With the potential indications of calcium citrate playing a role in their formulations, Moolec is poised to make significant strides in sustainable food production.