Agronomics Limited, the AIM-quoted investor in cellular agriculture and food technology, said on 10 July 2026 that its net asset value per share was 12.93p at 30 June 2026, while its shares traded at a 56% discount. The company is a constituent of the FTSE AIM All Share Index. That announcement is the latest item found, and it is almost four months old.

The June 2026 NAV

Net asset value per share fell 1.5% from 13.12p at 31 March 2026 to 12.93p. Net Assets were £140.0m, of which investments were £138.5m, and uninvested cash and deposits were £1.6m, down from £1.9m. The share price at 30 June was 5.64p, a 56% discount to NAV, compared with a twelve-month average discount of 49%.

Total NAV actually rose by roughly £1.5m, but per-share value dipped because 26,805,903 new shares were issued to settle a US$5m (£3.7m) Investment in SuperMeat. A downward Fair Value adjustment to Meatly followed its Series A1 round, and an unrealised foreign exchange loss of £0.8m arose from dollar, euro and Australian dollar holdings. Solar Foods contributed a gain of about £0.1m, and cash fell by £0.3m on running costs, partly offset by interest income.

Portfolio developments in the second quarter

The company highlighted several portfolio events. Clean Food Group closed a £4.5m Equity round led by Clean Growth Fund and New Agrarian, alongside a £0.7m Innovate UK grant. Meatly raised a £10.4m Series A, bringing total funding to £17.5m. SuperMeat secured a US$6m initial close of a Series A-4 round, within a targeted US$10m. All G received an FDA GRAS "no questions" letter for precision-fermented bovine lactoferrin, and Bond Pet Foods received an FDA Letter of No Objection for a yeast-based pet food protein. Tropic gained approvals in Japan and Brazil for its non-browning banana and acquired Rahan Meristem for US$20m, while HydGene was selected for the Greentown Go Make 2026 cohort.

Dividend and financial picture

As an investment company, Agronomics reports value through NAV rather than conventional profits, and no Dividend was mentioned in the announcement. Private holdings are commonly carried at cost or at the price of the latest funding round, so reported values can move in steps rather than continuously, and a fall in one holding can be masked by stability in others until new rounds are priced.

Sector and index context

Early-stage food technology is capital-intensive, and portfolio companies depend on follow-on funding rounds to scale up. Regulatory clearances, such as the FDA letters noted above, are significant milestones because they determine whether products can reach consumers. A persistent discount to NAV is common among listed investment vehicles holding unquoted assets, and reflects market doubt about carrying values and exit timing. Constituent status says nothing in itself about the company's weighting in the index.

Risks and what to watch

Valuation is the central judgement for any such vehicle. Because valuations rest on private funding rounds rather than daily market prices, reported NAV can lag real-world conditions, and a quarter with few financings may offer little fresh evidence of value. The 56% discount shows investors are applying their own, more cautious view.

Risks include write-downs if later funding rounds are priced lower, currency movements, a limited exit pipeline, and the possibility that regulatory approvals or consumer adoption take longer than expected. Investors will look for the next NAV update, further portfolio financings, and any sign of the discount narrowing.