Agronomics Limited (AIM: ANIC), the London-listed clean food investment company, has published a portfolio update covering regulatory progress, commercial launches and production preparations across four of its holdings. Highlights include Formo receiving the first FDA "no questions" letter for a precision fermentation-derived casein, Galy unveiling its WunderHaus cell-cultured chocolate brand ahead of a December 2026 US launch, Clean Food Group commercially debuting CLEANOil™ in skincare, and Meatly relocating to Imperial College London's Grapht Works manufacturing site. Investors will note that the four holdings collectively represent a carrying value of approximately £22.1 million against a total invested of approximately £7.6 million, based on figures in the announcement.

Key Points

  • Agronomics Limited (AIM: ANIC) is a London-listed investment company focused on clean food technologies with a portfolio of over 20 companies
  • Formo has become the first precision fermentation-derived casein to receive an FDA "no questions" letter, covering use in cheese analog applications at up to 25 grams per 100 grams
  • Agronomics' most recently reported Net Asset Value stood at £139.5 million as of 30 September 2026; the four highlighted holdings represent between 1.8% and 6.7% of NAV individually
  • Investors may be watching Meatly's planned 2027 production launch at Grapht Works and Galy's pending regulatory outcomes in the US and UAE

Formo Becomes First Precision Fermentation Casein to Receive FDA "No Questions" Letter

Formo's Enhanced Casein, the recombinant αS1-casein notified under GRN 1312, has received confirmation from the FDA that it has no questions regarding the ingredient's safety conclusion under its specified conditions of use. The notice was filed in December 2025 and was prepared jointly with Those Vegan Cowboys under a research collaboration that concluded in 2025, with both companies now operating independently. The announcement notes that a "no questions" letter is not a product approval. Agronomics first invested in Formo in December 2019, with total investment of £3.8 million currently carried at approximately £9.4 million, representing 6.7% of reported NAV. The FDA milestone is commercially relevant given that whey protein isolate is currently priced above $13 per pound, more than three times its early-2023 level, according to USDA market reports cited in the announcement.

Galy's WunderHaus Cell-Cultured Chocolate Targets US December Launch and UAE Entry in 2027

Galy has unveiled WunderHaus, a cell-cultured chocolate brand initially targeting professional kitchens including chefs, bakers and chocolatiers. The company plans to serve WunderHaus at Troquet on South, a Boston restaurant, in December 2026, as its first commercial foodservice setting. A UAE rollout is targeted for 2027, supported by an initial purchase order from a Dubai-based chocolatier. Galy has self-affirmed its cocoa powder as GRAS in the US and submitted an application to the Abu Dhabi Agriculture and Food Safety Authority. The announcement states Galy grows cocoa from plant cells in tanks at a site in Essex, Massachusetts. Agronomics has invested approximately £1.1 million in Galy, carried at approximately £2.5 million, representing 1.8% of NAV.

Clean Food Group's CLEANOil™ Makes Commercial Skincare Debut with Scottish Brand Raven Botanicals

Clean Food Group has achieved the commercial launch of its fermentation-derived CLEANOil™ ingredient through a partnership with Scottish skincare brand Raven Botanicals, which has incorporated it into its 24 Carat Oil to Milk Cleanser. The announcement states Raven Botanicals is the first skincare company globally to formulate with CLEANOil™. CLEANOil™ received regulatory approval for cosmetic applications in the UK, Europe and the United States in September 2025. Clean Food Group acquired a one million litre fermentation facility in Knowsley, Liverpool in 2025. Agronomics has invested £1.6 million in Clean Food Group, carried at approximately £7.0 million, representing approximately 5% of NAV. The company reports a strong demand pipeline for its products.

Meatly Relocates to Imperial College London's Grapht Works Ahead of Planned 2027 Production

Meatly has moved to Grapht Works, described in the announcement as London's first dedicated pilot and advanced manufacturing facility, located within the Old Oak Innovation Cluster in West London. The relocation is supported by Meatly's £10.4 million Series A funding round announced in May 2026. The company aims to create Europe's largest cultivated meat facility at the site and expects to be fully operational in 2027. Meatly currently focuses on the pet food market and describes itself as the first company to sell cultivated meat in Europe. Agronomics first invested in Meatly in March 2022, with total investment of £1.1 million currently carried at approximately £3.2 million, representing 2.3% of reported NAV.