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Here are 1-3 brief analogies to describe Pluri (PLUR):

• Moderna for placenta-derived cell therapies: Pluri, like Moderna with its mRNA platform, is developing a proprietary platform technology (placenta-derived cells) for a range of therapeutic applications in regenerative medicine.
• CRISPR Therapeutics for regenerative cell therapies: Similar to how CRISPR Therapeutics utilizes gene editing as a platform for novel treatments, Pluri focuses on a unique cell-based platform for regenerative medicine.

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• Investment Management: Pluri Participações SA is a holding company whose primary service involves the strategic management and development of its equity investments in various companies across different sectors.

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Pluri (PLUR) is a biotechnology company focused on the research, development, and commercialization of cell-based therapies and products across multiple verticals, including human health, animal health, and cell-based agriculture and cosmetics. As such, Pluri operates primarily under a business-to-business (B2B) model, or through licensing and partnership agreements, rather than direct sales to individuals.

However, given Pluri's current stage of development, which is heavily focused on research and development (R&D) and clinical trials for its therapeutic candidates, the company does not currently have "major customers" in the traditional sense that purchase products at a commercial scale. Its revenues largely stem from grants, research collaborations, and early-stage partnerships.

Should Pluri's products reach commercialization or through licensing of its technologies, its major target customer categories and potential commercial partners would include:

• Pharmaceutical and Biotech Companies: These entities would be key partners for the licensing, co-development, and global commercialization of Pluri's cell therapy products for various medical indications. These larger companies possess the infrastructure for large-scale manufacturing, marketing, and distribution.
• Food and Beverage / Agri-tech Companies: For Pluri's ventures into cell-based agriculture (e.g., components for cultured meat, animal supplements), major food producers, agricultural technology firms, and ingredient suppliers would be primary customers or partners interested in incorporating Pluri's innovative cell-based solutions into their product lines.
• Cosmetic and Skincare Manufacturers: In its pursuit of developing cell-based ingredients for the cosmetic industry, Pluri would target established cosmetic and skincare brands and manufacturers seeking advanced, regenerative, and sustainable ingredients for their premium product offerings.

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Yaky Yanay, CEO & President

Mr. Yanay was appointed CEO in February 2014 and has served in various executive positions at Pluri (formerly Pluristem Therapeutics, Inc.) since 2006, including Co-CEO, Chief Financial Officer, Chief Operating Officer, and Executive Vice President. He is the Co-Founder of EyeCue Vision Technologies Ltd. Additionally, he is the former Co-Chairman and a current board member of Israel Advanced Technology Industries (IATI). Before joining Pluri, Mr. Yanay was the Chief Financial Officer of Elbit Vision Systems Ltd., a public, machine vision, high-tech company, and previously worked as a manager at Ernst & Young Israel. He has also founded several organizations to promote the Israeli life science industry.

Liat Zalts, CFO & Treasurer

Ms. Zalts was appointed Chief Financial Officer effective September 30, 2024. Prior to her appointment as CFO, she served as Pluri's Director of Finance since December 2022. From March 2018 to November 2022, Ms. Zalts was the Chief Financial Officer of Matics Manufacturing Analytics Ltd., a SaaS, high-tech company. Her previous experience includes working at Ernst & Young Israel (EY) from October 2008 to February 2018, where she managed audit groups for public and private high-tech companies between 2014 and 2018. She is a Certified Public Accountant in Israel.

Arthur MacHlenkin, Chief Scientific Officer

Dr. MacHlenkin holds a PhD from the Weizmann Institute of Science.

Lior Raviv, Chief Technology Officer

Mr. Raviv joined Pluri in 2011 and previously held positions within the company as VP Operations & Development, Process Development Engineer, Projects Manager, and Product Development Team Leader. Before Pluri, he served as an R&D Analytical Researcher at Teva Pharmaceutical Industries from 2010 to 2011.

Ori Shalem, Vice President of Operations & Manufacturing

Mr. Shalem joined Pluri in 2012.

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The key risks for Pluri (PLUR) include its ongoing struggle to meet Nasdaq's listing requirements, a history of significant financial losses and rapid cash consumption, and the potential for further shareholder dilution.

1. Nasdaq Delisting Risk and Negative Shareholder Equity: Pluri has repeatedly received notifications from Nasdaq regarding non-compliance with the minimum stockholders' equity requirement. Although the company has sometimes regained compliance or been granted extensions, this remains a significant and recurring risk to its stock market listing. The company also faces the more serious financial situation of having negative shareholder equity.
2. History of Losses and Significant Cash Burn: Pluri has a history of losses and has not generated significant revenues to date, with expectations of continued losses in the immediate future. The company is characterized as "quickly burning through cash" and has less than a year of cash runway based on its current free cash flow.
3. Shareholder Dilution: To meet its future business requirements, Pluri may need to raise additional capital. Such capital-raising efforts could be costly or difficult to secure and may result in the dilution of existing shareholders' ownership interests. Shareholders have experienced substantial dilution in the past year.

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Pluri (PLUR) operates in several key areas, with varying addressable market sizes for its main products and services:

• Placenta-based Cell Therapy (e.g., PLX-PAD, PLX-R18 for various indications):
  • The global placental stem cell therapy market is expected to reach USD 4.91 billion by 2030.
• PLX-R18 for Acute Radiation Syndrome (ARS):
  • The global Acute Radiation Syndrome market is estimated to be valued at USD 5.47 billion in 2025 and is expected to reach USD 7.80 billion by 2032.
• Immunotherapy Platform (e.g., MAIT cell therapy for solid tumors):
  • The global immune cell engineering market is projected to reach approximately $11.66 billion by 2030.
  • The global cancer immunotherapy market is calculated at $136 billion in 2025.
• Cell Manufacturing Services (CDMO - PluriCDMO):
  • The global Advanced Therapy Medicinal Products CDMO market is projected to reach USD 42.25 billion by 2034.
• Cultivated Meat Products (e.g., through subsidiaries like Ever After Foods, Kokomodo for cultivated cacao, and Coffeesai for cell-based coffee):
  • Cultivated cacao market: null
  • Cell-based coffee market: null
  • Note: Pluri's subsidiaries aim to expand market presence in these industries amid growing global demand for sustainable solutions, but specific market sizes for these individual segments were not identified.
• Regenerative Medicine (overall field of operation):
  • The global regenerative medicine market is projected to reach a valuation of USD 174.72 billion in 2025 and USD 248.73 billion by 2034.

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Pluri (PLUR) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives across its diverse biotechnology platforms. These key drivers include:

1. Expansion in Foodtech and Agtech through Subsidiaries: Pluri is actively expanding its global footprint in sustainable food production through its subsidiaries: Ever After Foods (cultivated meat), Kokomodo (cultivated cacao), and Coffeesai (cell-based coffee). These ventures are engaging in strategic collaborations with leading global partners across Asia, Europe, and the U.S. to advance scale-up validation and pre-commercial trials. The company's expansion into cultivated cacao and coffee specifically addresses supply chain challenges and increasing demand, leveraging its cell-based production technology.
2. Growth of Contract Development and Manufacturing Organization (CDMO) Services: PluriCDMO, the company's Contract Development and Manufacturing Organization division, is a significant contributor to revenue growth. This segment leverages Pluri's established 3D cell-expansion technology and GMP facilities to provide services, aiming to generate consistent revenues and improve cash flow. The CDMO business has already demonstrated substantial growth, contributing to a nearly 400% revenue increase in the first nine months of fiscal year 2025.
3. Advancement and Commercialization of PluriHealth Pipeline: Pluri is progressing its PluriHealth pipeline with cell-based therapeutic products. Notably, PLX-R18 is being developed as a countermeasure for Acute Radiation Syndrome (ARS) under a $4.2 million contract with the U.S. NIH, with potential for FDA approval and inclusion in the U.S. strategic National Stockpile. Additionally, Pluri recently launched a new platform focused on MAIT cells (a type of placenta-based immunotherapy) for anti-cancer treatment, targeting solid tumors, which represents a significant unmet medical need.
4. Launch and Expansion of Cellav Health and Aesthetics Subsidiary: Pluri has established Cellav Health and Aesthetics as a wholly-owned subsidiary to develop regenerative solutions for the health and aesthetics sectors using its proprietary 3D cell expansion platform. This new venture has already secured a commercial collaboration with Miss Universe Skincare to co-develop a line of advanced, cell-based skincare products, marking an entry into high-growth beauty markets.
5. Strategic Partnerships and Licensing Opportunities Across Verticals: Pluri emphasizes building strategic alliances and partnerships across all its business verticals, including foodtech, agtech, health, and CDMO. These collaborations often involve leading global players who provide funding and market access, enabling Pluri to advance scale-up validation and pre-commercial trials. The company's business-to-business model for its subsidiaries, such as Ever After Foods, is designed to scale alongside collaborators while exploring various market and licensing opportunities.

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Share Issuance

• Pluri entered into a sales agreement in February 2024 to issue and sell common shares with an aggregate offering price of up to $10 million. As of September 17, 2025, 42,729 common shares were sold for approximately $253,300 at an average price of $5.93 per share.
• In February 2025, Pluri secured a $3.5 million investment which involved issuing 759,219 common shares at $4.61 per share and warrants to purchase 45,553 additional shares. This followed a $6.5 million private placement with Alejandro Weinstein.
• A 1-for-8 reverse share split was implemented on April 1, 2024, reducing the number of outstanding common shares from approximately 41.8 million to 5.2 million.

Inbound Investments

• Pluri secured a total of $10 million in strategic investments recently, including a $6.5 million private placement with global investor Alejandro Weinstein and an additional $3.5 million investment from Merchant Adventure Fund, L.P. in February 2025.
• In June 2021, Pluri received the first tranche of €20 million (approximately $23.6 million) as part of a non-dilutive EIB Finance Agreement for up to €50 million, intended to support R&D in the European Union.
• Through June 30, 2025, Pluri obtained approximately $28.2 million in grants from the Israel Innovation Authority (IIA) for technology development.

Outbound Investments

• In April 2025, Pluri completed the acquisition of approximately 71% of Kokomodo Ltd., an AgFoodTech company specializing in cultivated cacao production, for $4.5 million paid in 976,139 common shares.
• Pluri Biotech, a wholly-owned subsidiary, holds approximately 69% of Ever After Foods following a $10 million funding round to support Ever After Foods' B2B technology platform.

Capital Expenditures

• Capital expenditures were approximately $323,000 for the fiscal year ended June 30, 2024.
• Annual capital expenditures were -$270,000 in 2020, -$373,000 in 2021, -$280,000 in 2022, -$262,000 in 2023, and -$323,000 in 2024.
• The company's current operating plan includes assumptions regarding cash outflows for capital expenditures, which are subject to a cost-reduction plan if additional capital is not raised.