Successful Pilot Scale Run with Cayman Chemical Validates eXoZymes' Technology and Scalability

Rhea-AI Summary

eXoZymes (NASDAQ:EXOZ) reported a successful pilot-scale validation with Cayman Chemical, advancing its cell-free biomanufacturing from 1L to a 100-liter run in under one year. The partner produced over 500 grams of pharma-grade N-trans-caffeoyltyramine (NCT) at 99.6% purity with ~99% conversion.

This external, independent run demonstrated scalability, robustness under real-world conditions (pH variation, precipitation), and material available for formulation, validation, and commercialization discussions.

Positive

• >500 grams pharma-grade NCT produced at pilot scale
• 99.6% purity achieved in final product
• 99% conversion of feedstock to end product
• 100-fold scale-up from 1L to 100L completed in under one year
• Independent third-party validation by Cayman Chemical

Negative

• None.

Key Figures

Pilot run volume: 100-liter pilot run NCT output: More than 500 grams NCT purity: 99.6% purity +3 more

6 metrics

Pilot run volume 100-liter pilot run Cayman Chemical scaled from 1-liter to pilot

NCT output More than 500 grams Pharma-grade N-trans-caffeoyltyramine produced at pilot scale

NCT purity 99.6% purity Pharma-grade NCT from pilot run

Feedstock conversion 99% conversion Feedstock to end product efficiency in pilot run

Scale-up factor 100-fold scale up First 100× scale-up of process at Cayman Chemical

Scale timeline Less than a year Time to reach pilot scale for NCT project

Market Reality Check

Price: $7.31 Vol: Volume 1,128 is light at ...

low vol

$7.31 Last Close

Volume Volume 1,128 is light at only 0.35× the 20-day average of 3,245 shares. low

Technical Shares trade below the 200-day MA, at $7.31 versus a 200-day MA of $11.77 and a 52-week high of $23.99.

Peers on Argus

EXOZ was nearly flat at +0.14% on low volume while key biotech peers showed mixe...

3 Up

EXOZ was nearly flat at +0.14% on low volume while key biotech peers showed mixed moves (e.g., ADAG -1.76%, VTGN +2.57%, FATE -4.24%). Momentum scanner names like FATE, ATOS, and ANRO were all up, but this activity did not align clearly with EXOZ’s muted trading.

Historical Context

5 past events · Latest: Mar 12 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 12	Conference presentation	Positive	+1.3%	CCO presenting NCT scaling solution at MISTA Symposium focused on metabolic health.
Feb 10	Strategy/branding shift	Positive	-3.6%	Refreshed brand and sharpened focus on pharma and high-value nutraceutical markets.
Jan 29	NCT pilot metrics	Positive	+2.1%	Reported detailed 100-liter NCT pilot metrics and plans for commercial readiness.
Dec 11	NCT 100× scale-up	Positive	-9.8%	Announced 100× NCT scale-up with >99% conversion under partner-operated conditions.
Nov 13	Q3 update & losses	Negative	-7.0%	Q3 2025 net loss, cash of $5.1M, and going concern warning highlighted funding risk.

Pattern Detected

Operational and NCT production updates often produced inconsistent reactions, with some positive milestones sold off while others prompted modest gains. Financial updates highlighting losses and going concern risk tended to align with negative price moves.

Recent Company History

Over the past several months, EXOZ has consistently highlighted progress around its N-trans-caffeoyltyramine (NCT) program and cell-free enzyme platform. On Dec 11, 2025, it reported a 100× NCT scale-up under partner-operated conditions, yet shares fell 9.81%. A January 100-liter pilot run with Cayman Chemical showing strong yields and 99.6% purity led to a 2.06% gain. Branding and strategy updates on Feb 10, 2026 drew a 3.57% decline, while a Q3 2025 loss of $2.29M and going concern warning coincided with a 6.95% drop. Today’s validation news fits this ongoing narrative of technical progress against a challenging equity backdrop.

Regulatory & Risk Context

Active S-3 Shelf · $50,000,000

Shelf Active

Active S-3 Shelf Registration 2026-01-16

$50,000,000 registered capacity

EXOZ has an effective Form S-3 mixed shelf filed on 2026-01-16, registering up to $50,000,000 of securities. A 424B2 prospectus supplement dated 2026-01-26 indicates the shelf has been activated for at least one offering, providing flexibility for future capital raises that could dilute existing shareholders.

Market Pulse Summary

This announcement highlights third-party validation of EXOZ’s cell-free biomanufacturing platform, w...

Analysis

This announcement highlights third-party validation of EXOZ’s cell-free biomanufacturing platform, with Cayman Chemical independently running a 100-liter process that delivered over 500 grams of NCT at 99.6% purity and 99% conversion. It builds on prior scale-up news and underscores technology transferability beyond EXOZ’s own labs. Against earlier disclosures of losses and going concern risk, investors may focus on how such technical milestones translate into partnerships, revenue, and the use of the $50,000,000 shelf registration.

Key Terms

cell-free biomanufacturing, downstream processing, pharma-grade, conversion rate, +1 more

5 terms

cell-free biomanufacturing medical

"an important validation and de-risking milestone for its cell-free biomanufacturing platform"

Cell-free biomanufacturing makes biological products — like proteins, enzymes or vaccine ingredients — by using the molecular machinery of cells removed from living organisms, rather than growing whole cells. Investors should care because this approach can speed up production, cut costs and reduce contamination risk, making supply chains more flexible and potentially changing how quickly and cheaply biotech products reach the market.

downstream processing technical

"operating the reaction, downstream processing, and analysis independently"

Downstream processing is the set of manufacturing steps that take place after a biological product is made, where the target molecule is separated, cleaned and turned into a stable, usable drug or vaccine form. It matters to investors because these steps determine how much usable product is recovered, how quickly regulators will accept it, and how costly manufacturing will be—like turning raw crops into packaged food, small losses or contamination can sharply affect supply, timelines and profits.

pharma-grade medical

"ultimately producing more than 500 grams of pharma-grade N-trans-caffeoyltyramine"

Pharma-grade describes drugs, raw materials or ingredients manufactured to the purity, quality and documentation standards required for use in medicines and clinical testing. Think of it like food-grade versus industrial-grade: pharma-grade parts are cleaned, tested and certified so they won’t introduce safety or efficacy problems. For investors it signals lower regulatory and supply risk, greater likelihood of approval or sale to healthcare customers, and often higher pricing and margin potential.

conversion rate technical

"the analysis showed over a 99% conversion rate"

Conversion rate is the proportion of items, people or contracts that take a desired action out of the total possible — for example the share of website visitors who make a purchase, or the number of convertible bonds that are exchanged for shares. Investors care because it measures how effectively a business or financial instrument turns opportunity into real outcomes, like sales or share issuance, which directly affects revenue, cash flow and ownership dilution.

pilot scale technical

"successfully ran eXoZymes' technology at pilot scale and achieved results"

Pilot scale is a small, controlled version of a production process used to test whether a product and its manufacturing method work reliably before investing in full-scale facilities. Think of it as a test kitchen or a mini factory where engineers check yields, costs, and unexpected problems; successful pilot runs reduce technical and financial risk and give investors a clearer sense of timelines, likely production costs, and remaining obstacles to commercial sales.

AI-generated analysis. Not financial advice.

LOS ANGELES, CA / ACCESS Newswire / March 18, 2026 / Today, eXoZymes Inc. (NASDAQ:EXOZ) ("eXoZymes") - a pioneer of AI-enhanced enzymes that transforms abundant feedstock into valuable nutraceuticals and novel medicines - announced an important validation and de-risking milestone for its cell-free biomanufacturing platform: An independent partner, Cayman Chemical, successfully ran eXoZymes' technology at pilot scale and achieved results consistent with - and in some cases exceeding - earlier internal runs.

Using eXoZymes' tech transfer package, Cayman Chemical advanced the protocol from a one-liter setup to a 100-liter pilot run, operating the reaction, downstream processing, and analysis independently. During the run, the team encountered real-world conditions - including pH variation and precipitation - which often cause enzyme-based processes to fail. Despite this, the reaction continued to perform reliably and delivered strong results, ultimately producing more than 500 grams of pharma-grade N-trans-caffeoyltyramine (NCT) at 99.6% purity, a result that is difficult to obtain in biomanufacturing without extensive purification steps. Additionally, the 99% conversion of feedstock to end product highlights a level of efficiency that is challenging to achieve and maintain in traditional biomanufacturing.

For Cayman Chemical, the outcome stood out based on prior experience as highlighted by Patrick Westcott, Director of Catalog Chemistry Production at Cayman Chemical: "I've performed a lot of cell-based enzymatic biocatalysis over the years; it is a critical component of what we do at Cayman. One common aspect of this work is a drop in efficacy during scale-up. Anytime you move up in scale orders of magnitude, a process changes enough that it is considered a different process altogether."

Westcott, continues, "During the experiment, from the first sample that we took the analysis showed over a 99% conversion rate. There was some concern because I thought that that maybe was a little bit too high. So, we decided to take a second sample to see if it maintained a similar conversion rate. And we were a little surprised to find out that we actually did achieve this 99% conversion in our first 100-fold scale up of their process. That was very much an aha moment for us!"

Click here for full video interview

"This pilot run is an important validation of our cell-free platform, demonstrating that it performs reliably at scale and delivers strong results in the hands of an external partner. The fact that this project reached pilot scale in less than a year underscores our ability to move R&D at a disruptive pace - and just as importantly - it meaningfully reduces platform execution risk by showing that our technology can be transferred and operated successfully beyond our own labs." states Chief Commercial Officer at eXoZymes, Damien Perriman, and continues, "With more than 500 grams of pharma-grade NCT now available from this run, we are actively engaging partners interested in evaluation, formulation development, and potential commercialization."

Formulation can be shipped to partners
With isolated high-purity NCT now produced at pilot scale, eXoZymes is actively engaging with partners interested in formulation development, product validation, and application-specific testing. The availability of high-purity material enables partners to move beyond feasibility studies and into hands-on evaluation under relevant conditions. Companies seeking to explore potential use cases, assess performance, or initiate collaborative development discussions are invited to contact eXoZymes to request samples and discuss next steps, right here:
https://exozymes.com/partners

About Cayman

Cayman Chemical helps make research possible by providing products and services to scientists worldwide. Cayman's collection includes high-quality biochemicals, assay kits, antibodies, and proteins, empowering researchers to understand the biological mechanisms of health and disease and develop new therapies. Cayman's expert scientists also offer custom synthesis, purification, and characterization of biochemicals ranging from small drug-like heterocycles to complex biolipids, and fatty acids, and are highly skilled in all aspects of assay and antibody development, protein expression, crystallization, and structure determination. In addition, Cayman offers a wide range of analytical services using LC-MS/MS, HPLC, GC, and many other techniques. Cayman performs generic drug development and production in both Ann Arbor, Michigan and Neratovice, Czech Republic.

Learn more at www.caymanchem.com

About eXoZymes
Founded in 2019, the company has developed a biomanufacturing platform that - as a historic first - offers the tools and insights to design, engineer, control and optimize nature's own natural processes to produce highly valuable natural products, via a commercially scalable, sustainable, and abundant alternative: exozymes.

Exozymes are advanced enzymes enhanced through bioengineering and AI to thrive in a bioreactor without using living cells. Exozymes can replace toxic petrochemical processes and inefficient biochemical extraction with sustainable and scalable biosolutions that transform abundant feedstock into valuable nutraceuticals and novel medicines.

By freeing enzyme-driven chemical reactions from the limitations imposed by cells, exozyme biosolutions eliminate the scaling bottleneck that has hampered commercial success in the synthetic biology (SynBio) space, making exozymes the next generation of biomanufacturing.

While the company, eXoZymes Inc., has introduced "exozymes" as a scientific concept, they are not trademarking the concept, as they view it as a new nomenclature for wide adoption for this next generation of biomanufacturing that eXoZymes aims to pioneer and be the market leader of.

Learn more at exozymes.com

eXoZymes Safe Harbor

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, which are based on certain assumptions and describe the company's future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "would," "could," "seek," "intend," "plan," "goal," "project," "estimate," "anticipate," "strategy," "future," "likely," "potential," or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the company's strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Actual results could differ materially for a variety of reasons. You should carefully consider the risks and uncertainties described in the "Risk Factors" section of eXoZymes' quarterly reports on Form 10-Q, annual reports on Form 10-K, and other documents filed by eXoZymes from time to time by the company with the Securities and Exchange Commission. These filings identify and address important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and eXoZymes assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. eXoZymes does not give any assurance that it will achieve its expectations.

eXoZymes contact
Lasse Görlitz, VP of Communications
(858) 319-7135
press@exozymes.com

https://www.linkedin.com/company/exozymes
https://x.com/exozymes
https://www.youtube.com/@exozymes

SOURCE: eXoZymes

View the original press release on ACCESS Newswire

FAQ

What did eXoZymes (EXOZ) achieve in the March 18, 2026 pilot run with Cayman Chemical?

They achieved a successful 100-liter pilot run producing over 500 grams of pharma-grade NCT at 99.6% purity. According to eXoZymes, the run showed ~99% conversion and reliable performance despite real-world pH variation and precipitation challenges.

How efficient was the feedstock conversion in eXoZymes' EXOZ pilot-scale run?

Conversion reached approximately 99% from feedstock to end product in the pilot run. According to eXoZymes, that level of conversion is difficult to achieve in traditional biomanufacturing and indicates high process efficiency at 100-liter scale.

How much pharma-grade NCT did EXOZ produce and what was its purity in the pilot test?

The pilot produced more than 500 grams of pharma-grade NCT at 99.6% purity. According to eXoZymes, that purity is notable because it typically requires extensive purification steps in conventional biomanufacturing.

Does the EXOZ pilot run indicate the technology is transferable to external partners?

Yes. An independent partner, Cayman Chemical, successfully operated the transferred protocol and achieved consistent results at 100 liters. According to eXoZymes, this reduces execution risk and shows the platform can be run beyond the company's own labs.

What real-world challenges did Cayman Chemical encounter during the EXOZ 100L run and how did the process perform?

They encountered pH variation and precipitation, common scale-up issues, yet the reaction maintained reliable performance. According to eXoZymes, the process sustained high conversion and purity despite those real-world conditions.

What are the next steps for partners interested in EXOZ's pilot-scale NCT material?

eXoZymes is engaging partners for formulation development, validation, and commercialization discussions using the produced NCT material. According to eXoZymes, samples and formulation material are available for hands-on evaluation and testing.