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Here are 1-3 brief analogies for BioHarvest Sciences (BHST):

• **Upside Foods for plant ingredients:** Just as Upside Foods (and Good Meat) cultivate animal cells to produce meat without animals, BioHarvest Sciences cultivates plant cells in bioreactors to produce high-value botanical ingredients without growing whole plants.
• **A cellular vertical farm for high-value botanicals:** Similar to how companies like Plenty or AeroFarms use vertical farms to efficiently grow produce in controlled environments, BioHarvest Sciences employs advanced biotechnology to "grow" specific plant cells and compounds in bioreactors, optimizing production of ingredients like red grape cell extract.

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• VINIA®: A red grape cell-based dietary supplement designed to improve blood flow and deliver antioxidants.
• VinoROLA™: A proprietary red grape cell ingredient rich in polyphenols, sold to other companies for use in their food, beverage, or supplement products.
• Bio-Farmed Cannabis and Hemp Ingredients: Plant cell-based cannabis and hemp biomass and active ingredients produced without growing the actual plants, intended for various markets.

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BioHarvest Sciences (symbol: BHST) primarily sells its flagship product, VINIA®, directly to individuals.

The company's commercial revenue is currently derived entirely from VINIA®, a Pomegranate and Red Grape Biofarming full-spectrum supplement focused on cardiovascular health. While the company is also developing cannabis products, commercial sales from these ventures are not yet a significant source of revenue.

The categories of individual customers that BioHarvest Sciences serves through VINIA® include:

• Health-conscious adults prioritizing cardiovascular well-being: Individuals actively seeking to support their heart health, improve blood flow, and enhance nitric oxide production as a proactive measure for long-term health.
• Aging adults focused on vitality and preventative health: Consumers looking for natural supplements to maintain overall wellness, cognitive function, and energy levels, particularly concerning age-related physiological decline and circulatory health.
• Discerning consumers interested in science-backed, plant-based supplements: Customers who value products derived from natural sources using innovative and sustainable technology (BioFarming) and supported by clinical research for their proven efficacy.

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Ilan Sobel, Chief Executive Officer

Mr. Sobel has served as the Chief Executive Officer of BioHarvest Sciences since June 2020. He is a seasoned executive and entrepreneur known for his leadership in the health and wellness sector. Prior to joining BioHarvest Sciences, he served as COO and then CCO of Weissbeerger, a company he helped build into a disruptive big data, IoT, and software company, which was subsequently acquired by ABInBev. Earlier in his career, he spent 18 years as an International Employee of The Coca-Cola Company, holding senior leadership positions and driving significant revenue and profit growth across various global markets, including the United States, China, and South Africa.

Bar Dichter, Chief Financial Officer

Ms. Dichter was appointed Chief Financial Officer in October 2024. She joined BioHarvest Sciences as Controller in 2018 and was promoted to Vice President, Finance in July 2022. Before her tenure at BioHarvest Sciences, Ms. Dichter worked in the audit department of KPMG Israel. She holds a Bachelor of Arts in Accounting and Economics from Tel-Aviv University and an MBA in Finance and Financial Management Services from the College of Management Academic Studies in Israel. Ms. Dichter is a registered CPA in Israel.

Dr. Yochi Hagay, Co-Founder, Chief Technology Officer

Dr. Hagay is a co-founder of BioHarvest Sciences, established in 2007 with a vision to marry science with nature. She spearheaded the development of the company's groundbreaking Botanical Synthesis technology. Until 2017, Dr. Hagay served as both the CEO and CTO, leading the successful creation, upscale production, and initial commercialization of BioHarvest's first product, "Vinia." Before co-founding BioHarvest, she contributed over 15 years at BioTechnology General (BTG) in various senior roles, culminating with the company's acquisition by Ferring Pharmaceuticals (also cited as Savient). She also served as a Managing Partner at Zaki Rakib's Bio-Tech Capital Venture, evaluating numerous scientific research projects and biotech companies. Dr. Hagay holds a PhD cum laude in biotechnology from the Hebrew University.

Dr. Zaki Rakib, Co-Founder, Chairman of the Board, President of Botanical Synthesis CDMO Business Unit

Dr. Rakib co-founded BioHarvest Sciences in 2007 with Dr. Yochi Hagay. He serves as Chairman of the Board and President of the Botanical Synthesis CDMO Business Unit. Dr. Rakib possesses extensive experience across software, telecommunications hardware, semiconductors, cellular operations, and bioscience sectors, where he has driven the development of numerous cutting-edge innovations. Notably, he co-founded Terayon Communication Systems, which was responsible for inventing the first cable modem and S-CDMA technology. He holds a Bachelor of Science, Master of Science, and PhD.

Dr. Ilana Belzer, Chief Operating Officer

Dr. Belzer holds the position of Chief Operating Officer at BioHarvest Sciences.

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• Continued Unprofitability and Reliance on External Financing: BioHarvest Sciences remains unprofitable and cash-flow negative, necessitating ongoing reliance on equity raises and other financing activities to fund operations, research and development, and expansion initiatives. This consistent need for external capital poses a significant risk of dilution for current shareholders.

• Product Market Acceptance and Regulatory Risks: The successful launch and commercialization of new products are subject to market acceptance and the acquisition of necessary government approvals for sale or import. There is no assurance that the market will readily adopt new products or that the required regulatory clearances will be secured, which could impede revenue growth and market penetration.

• Achieving Adjusted EBITDA Breakeven and Operational Milestones: Despite reporting strong revenue growth, BioHarvest Sciences has not yet achieved adjusted EBITDA breakeven. Failure to reach this profitability milestone and successfully execute other operational targets, such as securing additional CDMO (Contract Development and Manufacturing Organization) contracts and efficiently scaling production, could negatively impact the company's financial stability and investor confidence.

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Clear emerging threats for BioHarvest Sciences (BHST) primarily stem from the rise of synthetic biology companies leveraging microbial fermentation (e.g., yeast or bacteria) to produce high-value plant-derived compounds, including cannabinoids and other active ingredients. These alternative bio-production platforms offer potential advantages in terms of scalability, cost-effectiveness, consistency, and speed of development compared to plant cell culture technology.

Specific examples of companies and technologies that represent this emerging threat include:

• Demetrix: This company is focused on producing rare and common cannabinoids through yeast fermentation. They have already achieved commercial-scale production of specific cannabinoids, directly competing with BioHarvest Sciences' ambitions in the cannabis sector by offering an alternative, potentially more efficient, and cheaper method for cannabinoid production.
• Willow Biosciences: Similar to Demetrix, Willow Biosciences utilizes yeast fermentation to produce cannabinoids, including CBG, at scale. Their progress in achieving high purity and low-cost production directly challenges BioHarvest Sciences' value proposition for cell-cultured cannabinoids.
• Ginkgo Bioworks: As a major player in synthetic biology and organism engineering, Ginkgo Bioworks provides a platform that can be used to produce a vast array of molecules, including plant-derived compounds, through microbial fermentation. While not exclusively focused on cannabinoids or resveratrol, their broad capabilities and significant funding represent a potent long-term threat by potentially enabling other companies to produce similar ingredients more efficiently or by developing their own competing products.

These companies introduce a disruptive approach to producing the same desired end products that BioHarvest Sciences aims to supply, akin to how Netflix's streaming model disrupted Blockbuster's DVD rental business or how the iPhone's comprehensive platform challenged BlackBerry's specialized devices.

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BioHarvest Sciences (BHST) operates in several addressable markets with its main products and services, primarily focusing on nutraceuticals and plant-based compounds developed through its proprietary Botanical Synthesis technology.

Main Products and Addressable Markets:

• VINIA (Red Grape Cell Dietary Supplement) and Nutraceuticals:
• BioHarvest Sciences' flagship product, VINIA, is a red grape cell-based dietary supplement. This product falls within the broader nutraceutical and functional food markets.
• The global nutraceutical ingredients market is expected to be worth over USD 191.04 billion by 2034, growing from USD 103.36 billion in 2026 at a compound annual growth rate (CAGR) of 7.98% from 2025 to 2034. North America is projected to experience rapid growth in this market.
• The global grape polyphenols market is projected to reach approximately USD 2.8 billion by 2032, with a CAGR of 7.1% during the forecast period of 2023-2032. North America is anticipated to hold a significant share of this market. Another estimate places the global grape polyphenols market at USD 215.7 million in 2024, growing to USD 412.5 million by 2032 at a CAGR of 7.2% from 2025 to 2032.
• BioHarvest Sciences is also targeting the hydration powder market with its VINIA BloodFlow Hydration Solution. The U.S. market size for hydration powders is projected to exceed $15 billion by 2032.
• Cannabis-Based Compounds:
• BioHarvest Sciences has successfully produced full-spectrum cannabis biomass using its botanical synthesis technology, without cultivating the plant itself.
• The global cannabis concentrate market is valued at USD 1.6 billion in 2025 and is projected to reach USD 6.8 billion by 2035, with a CAGR of 15.7%.
• The global medical cannabis market is valued at USD 27.81 billion in 2025 and is anticipated to grow to USD 211.54 billion by 2035, at a CAGR of 22.5%.
• The global cannabis extract market is estimated at USD 16.56 billion in 2025 and is forecasted to reach approximately USD 73.28 billion by 2034, expanding at a CAGR of 18.05% from 2025 to 2034. The North American cannabis extract market alone was over USD 10.73 billion in 2024 and is expected to grow at a CAGR of 18.13%.
• The global water-soluble CBD market is expected to be approximately USD 4.7 billion by 2034, growing from USD 1.3 billion in 2024 at a CAGR of 13.7%. North America holds the largest share of this market at 51.50%.
• Plant-Based Exosomes:
• BioHarvest Sciences has achieved the production of plant-based exosomes at scale.
• The global exosome market is projected to grow from $0.7 billion in 2025 to $2.2 billion by 2030.

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BioHarvest Sciences (BHST) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Continued Growth of Core VINIA® Product Sales: The company anticipates sustained strong demand for its flagship VINIA® product. This includes both the core nutraceutical capsules, which have shown significant subscriber growth, and the expansion of the "VINIA Inside" strategy. Management has highlighted the consistent growth of the core VINIA® capsule business, with a reported 28% increase in Q2 2025.
2. Launch and Scaling of New "VINIA Inside" Products: BioHarvest Sciences is actively diversifying its product portfolio by incorporating VINIA® into new delivery systems. Recently launched products like VINIA® SuperFood Coffee and functional tea lines are expected to continue driving revenue growth in 2025. The company is also entering the electrolyte drinks market with the planned October 2025 launch of "VINIA® BloodFlow Hydration Solution."
3. Expansion of Contract Development and Manufacturing Organization (CDMO) Services: The CDMO business unit, launched in early 2024, is a significant growth driver. BioHarvest has secured new contracts, including a Stage 1 CDMO contract for a plant-based fragrance compound and has advanced a partnership with a Nasdaq-listed pharmaceutical company to Stage 2 for pharmaceutical-grade active compounds. A strategic agreement with Saffron Tech to develop and commercialize saffron-derived botanical compounds also contributes to this segment. Additionally, the introduction of an AI-enabled CDMO discovery service is expected to generate further revenue.
4. Strategic Market Expansion and Customer Acquisition Initiatives: BioHarvest is focused on expanding its global distribution for VINIA® and increasing its customer base. The company's uplisting to Nasdaq in November 2024 is intended to enhance its profile and attract institutional investors. Furthermore, the launch of a "Health Pros" professional affiliate program aims to broaden VINIA's reach and drive subscriber growth with lower acquisition costs.
5. Development and Commercialization of New Nutraceutical Products from Diverse Plant Cell Banks: Beyond VINIA®, BioHarvest Sciences is leveraging its botanical synthesis platform to develop new products from other plant cell banks. The company has already developed olive and pomegranate cell banks and plans to launch additional BioHarvest-branded products with proven health benefits from these and other next-generation cell banks.

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Share Issuance

• In November 2025, BioHarvest Sciences priced an underwritten public offering of 2,485,000 common shares at $7.00 per share, projected to generate approximately $17.4 million in gross proceeds.
• As part of the November 2025 public offering, the company granted underwriters a 30-day option to acquire up to an additional 372,750 shares.
• In September 2025, BioHarvest strengthened its balance sheet by raising $10.9 million in gross proceeds through accelerated warrant exercises and the conversion of new convertible notes into common shares.

Inbound Investments

• In September 2025, BioHarvest Sciences boosted its balance sheet with an additional $10.9 million in gross proceeds from a series of accelerated warrant exercises and debt-to-equity conversions.
• During the first quarter of 2025, the company secured $3.9 million in debt financing, primarily from existing investors.

Capital Expenditures

• Net proceeds from the $17.4 million public offering announced in November 2025 are intended for various corporate purposes, including capital expenditures.
• In September 2025, $10.9 million in gross proceeds from warrant exercises and debt conversions were earmarked for capital expenditures related to building new capacity, as well as for debt refinancing and working capital.
• The primary focus of anticipated capital expenditures includes research and development, manufacturing, and advancing the Contract Development and Manufacturing Organization (CDMO) business unit.