Vitals:

  • What it sold: high-protein soy and pea seeds made with AI genetics.
  • Peak value: $1.35 billion (2021 SPAC).
  • March 2025: filed Chapter 11; selling assets to Confluence Genetics for about $120 M.

What Went Right

  • ESG investors loved “better crops, less land.
  • $625 M SPAC + BlackRock PIPE
  • Signed pilot deals with Cargill and Tyson.

Where the Blood Flow Stopped

  • Factory overrun: new soy-crushing plant cost double the plan.
  • Falling soy price: profit premium vanished.
  • High burn: lost ~$10 M each month.

Prescription

  • Build one smaller plant, prove profit, then expand.
  • Hedge against crop-price swings.
  • Fund long science with short, paid services (e.g., gene testing for other firms).

Take-away

“Grow one greenhouse first; prove it pays for itself before planting a farm.”

Nominate the next unicorn for Sunday’s slab 👇

Disclaimer: discovery-stage analysis compiled from public sources; figures may update and errors are mine alone.