Pluri Expands Biotech Reach into Food, AgTech with New Ventures

TL;DR

**PLUR is making a smart, aggressive pivot into cultivated food and agtech, which could be a game-changer for its long-term value beyond traditional biotech.**

AI Summary

Pluri Inc. (PLUR) is a biotechnology company leveraging its proprietary 3D cell expansion platform across healthcare, food, and agriculture sectors. For the fiscal year ended June 30, 2025, the company reported an aggregate market value of voting and non-voting common equity held by non-affiliates at $22,209,416. Key business changes include the launch of PluriCDMO in January 2024, offering cell therapy manufacturing services and already generating revenue. In May 2024, Pluri launched a novel allogeneic immunotherapy platform utilizing MAIT cells for solid tumors. The company also expanded its AgTech initiatives, establishing Coffeesai Ltd. in 2024 for cultivated coffee and acquiring approximately 79% of Kokomodo on April 28, 2025, for sustainable cacao production. In Food Tech, its subsidiary Ever After Foods raised $10 million in June 2024, with Pluri investing $1.25 million, and expanded its license to include fish and seafood. Risks include the inherent uncertainties of preclinical and clinical trials, the ability to attract CDMO clients, and potential impacts from cybersecurity incidents and geopolitical instability in the Middle East. The strategic outlook focuses on accelerating time-to-market through partnerships and expanding its cell-based technology to additional industries.

Why It Matters

Pluri's aggressive expansion into cultivated food and agriculture, alongside its core cell therapy and CDMO businesses, signals a strategic pivot towards diversified revenue streams. This could de-risk the company for investors by reducing sole reliance on lengthy and expensive drug development cycles, offering new growth avenues in high-demand, sustainable markets. For employees and customers, this diversification creates opportunities in cutting-edge fields like cell-cultured coffee and cacao, potentially transforming global supply chains and environmental impact. Competitively, Pluri is positioning itself as a versatile cell expansion technology provider, challenging traditional agricultural and food production methods while also competing in the crowded biotech CDMO space.

Risk Assessment

Risk Level: medium — The risk level is medium due to the early-stage nature of many of Pluri's new ventures, such as Coffeesai and Kokomodo, which are still in proof-of-concept phases. Additionally, the company operates in the volatile biotechnology sector, where clinical trial failures and regulatory hurdles are common, as highlighted by the ongoing clinical development of PLX-PAD and PLX-R18. Geopolitical instability in the Middle East, where Pluri Biotech is based, also presents an external risk factor.

Analyst Insight

Investors should monitor Pluri's progress in commercializing its CDMO services and the development milestones of its cultivated food and AgTech subsidiaries, Coffeesai and Kokomodo. Success in these diversified areas could provide more immediate revenue streams and reduce the long-term dependency on cell therapy drug approvals, warranting a closer look at its growth potential.

Key Numbers

• $22,209,416 — Aggregate market value of common equity held by non-affiliates (as of the last business day of the most recently completed second fiscal quarter)
• 8,155,948 — Shares outstanding (as of September 16, 2025)
• 69% — Pluri Biotech's ownership in Ever After Foods (following the $10 million private placement offering)
• $10 million — Gross proceeds from Ever After Foods' private placement offering (completed in June 2024)
• $1.25 million — Pluri's investment in Ever After Foods' private placement offering (part of the June 2024 funding round)
• 79% — Pluri's equity acquisition in Kokomodo (completed on April 28, 2025)
• 2024 — Year Coffeesai Ltd. was established (focused on cultivated coffee)
• 2024 — Year Kokomodo was founded (focused on sustainable cacao production)
• 2024 — Year PluriCDMO was launched (offering cell therapy manufacturing services)
• 2024 — Year novel immunotherapy platform utilizing MAIT cells was launched (designed to address solid tumors)

Key Players & Entities

• Pluri Inc. (company) — registrant
• Pluri Biotech Ltd. (company) — wholly owned Israeli subsidiary
• Coffeesai Ltd. (company) — wholly owned Israeli subsidiary focused on cultivated coffee
• Kokomodo Ltd. (company) — majority-owned Israeli subsidiary focused on cultivated cacao
• Ever After Foods Ltd. (company) — majority-owned Israeli subsidiary focused on cultivated meat
• ICL Group Ltd. (company) — partner in AgTech collaboration
• Tnuva (company) — joint venture partner for Ever After Foods
• Nasdaq Capital Market (regulator) — exchange where PLUR is listed
• Securities and Exchange Commission (regulator) — filing oversight
• European Investment Bank (company) — discussions about loan restructuring

FAQ

Risk Factors

• Reliance on Third-Party Manufacturers [medium — operational]: Pluri Inc. relies on third-party manufacturers for the production of its cell expansion systems and related products. Any disruption in the supply chain or quality control issues with these manufacturers could significantly impact the company's ability to meet customer demand and maintain product quality, potentially leading to revenue loss and reputational damage.
• Competition in Cell Therapy and AgTech [medium — market]: The markets for cell therapy manufacturing (CDMO) and AgTech (cultivated food) are highly competitive and rapidly evolving. Pluri Inc. faces competition from established players and emerging companies, requiring continuous innovation and significant investment to maintain a competitive edge. Failure to differentiate its offerings or secure market share could hinder growth.
• Uncertainty in Biologics and Food Regulations [high — regulatory]: The company operates in highly regulated sectors, including healthcare (cell therapy) and food technology. Navigating complex and evolving regulatory landscapes for biologics and novel food products is critical. Delays in regulatory approvals or changes in regulations could impact product development timelines and market access.
• Need for Additional Funding [high — financial]: Pluri Inc. has historically incurred net losses and may require substantial additional capital to fund its ongoing research and development, commercialization efforts, and expansion into new markets. The ability to secure future funding on favorable terms is crucial for its continued operations and growth.
• Cybersecurity Threats [medium — operational]: As a technology-driven company, Pluri Inc. is exposed to cybersecurity risks, including potential breaches of sensitive data related to intellectual property, customer information, and clinical trial data. Such incidents could lead to significant financial losses, reputational damage, and legal liabilities.
• Market Acceptance of New Technologies [medium — market]: The success of Pluri Inc.'s platforms, including its 3D cell expansion technology, PluriCDMO, MAIT cell immunotherapy, cultivated coffee, and sustainable cacao, depends on market acceptance and adoption by customers and consumers. Educating the market and demonstrating the value proposition of these novel solutions are key challenges.

Industry Context

Pluri Inc. operates at the intersection of biotechnology, healthcare, food technology, and agriculture. The cell therapy market, particularly CDMO services, is experiencing significant growth driven by advancements in regenerative medicine and personalized treatments. In the food tech space, companies are increasingly focused on sustainable and alternative protein sources, including cultivated meat and plant-based alternatives. The AgTech sector is also seeing innovation aimed at improving crop yields and sustainability.

Regulatory Implications

Pluri Inc. faces significant regulatory hurdles in both its healthcare and food technology segments. The development and commercialization of cell therapies require rigorous clinical trials and approval from bodies like the FDA, which can be lengthy and costly. Similarly, novel food products derived from cell cultivation must meet stringent food safety regulations and gain consumer acceptance, which may vary by region.

What Investors Should Do

1. Monitor CDMO client acquisition and revenue generation
2. Track progress of MAIT cell immunotherapy platform
3. Evaluate performance and integration of AgTech subsidiaries (Kokomodo, Coffeesai)
4. Assess funding needs and capital raising activities
5. Review cybersecurity measures and incident response plans

Key Dates

• 2024-01-01: Launch of PluriCDMO — Marks the company's entry into cell therapy manufacturing services, creating a new revenue stream and leveraging its core technology.
• 2024-05-01: Launch of novel allogeneic immunotherapy platform utilizing MAIT cells — Expands the company's healthcare offerings into a promising area of cancer treatment, targeting solid tumors.
• 2024-06-01: Ever After Foods raised $10 million in private placement — Secured significant funding for its food tech subsidiary, with Pluri investing $1.25 million, indicating strategic commitment and potential for growth in the cultivated food market.
• 2024-01-01: Establishment of Coffeesai Ltd. — Demonstrates expansion into the AgTech sector with a focus on cultivated coffee, diversifying the company's business interests.
• 2025-04-28: Acquisition of approximately 79% of Kokomodo — Strengthens Pluri's position in sustainable food production, specifically in cacao, aligning with AgTech diversification strategy.
• 2025-06-30: End of fiscal year for reporting aggregate market value — The reported aggregate market value of common equity held by non-affiliates was $22,209,416 as of this period's end.

Glossary

3D cell expansion platform

A proprietary technology developed by Pluri Inc. that allows for the large-scale production of cells in a three-dimensional environment, which is more efficient and scalable than traditional 2D methods. (This is the core technology underpinning all of Pluri Inc.'s business segments, enabling its expansion into healthcare, food, and agriculture.)

PluriCDMO

A contract development and manufacturing organization (CDMO) service launched by Pluri Inc. that offers manufacturing solutions for cell therapies. (Represents a key commercial initiative and a direct revenue-generating business line for Pluri Inc. in the biopharmaceutical sector.)

Allogeneic immunotherapy

A type of cancer treatment that uses immune cells (in this case, MAIT cells) from a healthy donor to fight cancer in a patient, rather than using the patient's own cells. (Highlights Pluri Inc.'s innovation in the oncology space, specifically developing a novel platform for treating solid tumors.)

MAIT cells

Mucosal-Associated Invariant T cells, a type of immune cell that plays a role in recognizing and responding to pathogens and potentially cancer cells. (These are the specific cells Pluri Inc. is leveraging for its new immunotherapy platform, indicating a specialized approach to cell-based therapeutics.)

AgTech

Agricultural Technology, a broad term encompassing innovations and technologies used in agriculture, including areas like cultivated food production. (Pluri Inc. is actively expanding its presence in AgTech through subsidiaries like Coffeesai Ltd. and Kokomodo, diversifying its business model.)

Cultivated coffee/cacao

Food products produced through cell culture techniques, grown from plant cells in a lab rather than traditional farming methods. (Represents Pluri Inc.'s innovative approach to food production, aiming for sustainable and scalable alternatives to conventional agriculture.)

Non-affiliates

Individuals or entities that do not have a controlling interest or close relationship with the company's management or major shareholders. (The aggregate market value of common equity held by non-affiliates ($22,209,416) is a key metric for assessing the company's public market valuation.)

Year-Over-Year Comparison

Information comparing key metrics to the previous fiscal year, such as revenue growth, margin changes, and the emergence of new risks, is not available in the provided text. The filing details recent business developments and risk factors, but lacks comparative financial data from a prior period.

Key Financial Figures

• $0.00001 — ch registered Common Shares, par value $0.00001 PLUR The Nasdaq Capital Market Securi
• $10 million — ring"), for aggregate gross proceeds of $10 million. As part of the Offering, we invested $
• $1.25 million — n. As part of the Offering, we invested $1.25 million. In addition, Pluri Biotech and Ever Af
• $4.2 million — n July 11, 2023, we signed a three-year $4.2 million contract with the NIAID, which is part
• $200,000 — aid patents and paying us a lump sum of $200,000. The license covers methods for expandi

Filing Documents

• ea0256130-10k_pluriinc.htm (10-K) — 1464KB
• ea025613001ex19-1_pluriinc.htm (EX-19.1) — 73KB
• ea025613001ex21-1_pluriinc.htm (EX-21.1) — 2KB
• ea025613001ex23-1_pluriinc.htm (EX-23.1) — 2KB
• ea025613001ex31-1_pluriinc.htm (EX-31.1) — 10KB
• ea025613001ex31-2_pluriinc.htm (EX-31.2) — 10KB
• ea025613001ex32-1_pluriinc.htm (EX-32.1) — 3KB
• ea025613001ex32-2_pluriinc.htm (EX-32.2) — 3KB
• image_001.jpg (GRAPHIC) — 5KB
• 0001213900-25-088578.txt ( ) — 7757KB
• plur-20250630.xsd (EX-101.SCH) — 72KB
• plur-20250630_cal.xml (EX-101.CAL) — 60KB
• plur-20250630_def.xml (EX-101.DEF) — 335KB
• plur-20250630_lab.xml (EX-101.LAB) — 675KB
• plur-20250630_pre.xml (EX-101.PRE) — 361KB
• ea0256130-10k_pluriinc_htm.xml (XML) — 821KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 18 Item 1B. Unresolved Staff Comments 37 Item 1C. Cybersecurity 37 Item 2.

Properties

Properties 38 Item 3.

Legal Proceedings

Legal Proceedings 38 Item 4. Mine Safety Disclosures 38 PART II 39 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 39 Item 6. [Reserved] 39 Item 7.

Management's Discussion and Analysis of Financial Condition and Results

Management's Discussion and Analysis of Financial Condition and Results of Operations 39 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 47 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F-1 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 48 Item 9A.

Controls and Procedures

Controls and Procedures 48 Item 9B. Other Information 48 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 48 PART III 49 Item 10. Directors, Executive Officers and Corporate Governance 49 Item 11.

Executive Compensation

Executive Compensation 54 Item 12.

Security Ownership of Certain

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 61 Item 13. Certain Relationships and Related Transactions and Director Independence 64 Item 14. Principal Accounting Fees and Services 64 PART IV 65 Item 15. Exhibits and Financial Statement Schedules 65 Item 16. Form 10-K Summary 68 i Our financial statements are stated in thousands United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles ("U.S. GAAP"). In this Annual Report on Form 10-K (this "Annual Report"), unless otherwise specified, all dollar, amounts are expressed in United States Dollars. As used in this Annual Report, unless the context otherwise requires, the terms "Pluri", the "Company", "we", "us", and "our" refer to Pluri Inc., together with its wholly owned Israeli subsidiary, Pluri Biotech Ltd. and the subsidiaries of Pluri Biotech Ltd., including its wholly owned Israeli subsidiary, Coffeesai Ltd. ("Coffeesai"), its majority-owned Israeli subsidiaries, Kokomodo Ltd. ("Kokomodo") and Ever After Foods Ltd. ("Ever After Foods") and its wholly owned German subsidiary, Pluristem GmbH (collectively, the "Subsidiaries"). CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS The statements contained in this Annual Report that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as "believes," "intends," "plans," "expects," "may," "will," "should," or "anticipates" or the negative thereof or other variations thereon or comparable terminology, and similar expressions are intended to identify forward-looking statements. We remind readers that forward-looking statements are merely predictions and therefore inherently subject to uncertainties and

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