ANIC

Agronomics Limited

Health Care First-pass screen £70m

280/1000 Overall fit

AI beneficiary 35% 25

Operating leverage 25% 25

Valuation 25% 30

Downside protection 15% 39

First-pass take

Cellular agriculture holding company with zero AI exposure; portfolio comprises pre-commercial biotech companies with high capex and significant losses (£32.7m operating loss, £23m investment write-downs). NAV down 20% YoY due to write-downs and FX losses. No valuation multiples provided.

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