Boundless Bio, Inc. Common Stock (BOLD)BOLD

Boundless Bio, Inc. Common Stock: A Comprehensive Overview

Company Profile

Detailed History and Background: Boundless Bio, Inc. (BNDS) is a biotechnology company founded in 2017 in Redwood City, California. The company focuses on developing novel technologies utilizing a platform based on yeast cell programming with the goal of producing natural-identical and sustainable high-value food, nutrition, and pharmaceutical products.

Previously known as Burcon NutraScience, BNDS shifted its focus from plant protein research to yeast fermentation-based products in 2021. This change aimed to address the growing consumer demand for sustainable and healthier alternative protein and food ingredients.

Core Business Areas: Boundless Bio operates on two main pillars:

• Protein Ingredients: BNDS produces and commercializes plant-based protein isolates with functional, nutritional, and sensory attributes comparable to animal-derived proteins. Their product portfolio includes pea, canola, and sunflower protein isolates marketed through their brand, Puris.

• Functional Ingredients: BNDS utilizes its yeast fermentation platform to develop and produce high-value food and pharmaceutical ingredients. This platform enables them to engineer yeast strains for targeted production of specific molecules. Currently, they are focusing on developing:

• **Hemoglobin:** A plant-based oxygen carrier molecule for potential use in blood substitutes and cell-based therapies.
• **Human milk oligosaccharides (HMOs):** These complex sugars play a crucial role in infant gut health and immunity. BNDS aims to produce commercially viable HMOs for infant formula and other applications.

Leadership Team and Corporate Structure: The leadership team at BNDS comprises industry veterans with extensive experience in biotechnology, food science, and business development. The team includes:

• Dr. Martin K. Schirmer, Ph.D.: Chief Executive Officer, with over 25 years of experience in various leadership roles within the biotechnology industry. • Mr. David A. Fabrizi: Chief Operating Officer, with extensive experience in commercial development and operations management. • Mr. Robert B. Bodor, Ph.D.: Chief Technology Officer, with a distinguished career in research and development within the food and biotechnology sectors.

Top Products and Market Share:

• Protein Ingredients: Puris pea protein isolate holds a significant market share in the plant-based protein market, particularly within the sports nutrition and food & beverage sectors. BNDS estimates its global market share for pea protein isolate to be around 7-10%.

• Functional Ingredients: BNDS's functional ingredients are currently in the development phase. Hemoglobin and HMOs have strong potential in their respective markets, offering plant-based alternatives for blood substitutes and infant formula. However, the market share for these products is still nascent due to their early development stage.

Total Addressable Market:

• Protein Ingredients: The global plant-based protein market is estimated to reach $17.5 billion by 2027, with a CAGR of 14.2%.

• Hemoglobin: The global oxygen carrier market is projected to reach $4.6 billion by 2028, growing at a CAGR of 12.5%.

• HMOs: The global HMO market is expected to reach $1.6 billion by 2027, with a CAGR of 16.4%.

Financial Performance: BNDS is currently in a pre-revenue stage, focusing on research and development. As of December 31, 2022:

• Revenue: $0 • Net Income: ($21.5 million) • Profit Margins: N/A • Earnings per Share (EPS): ($0.38)

Dividends and Shareholder Returns: BNDS does not currently pay dividends as it is in the investment phase. Shareholder returns have been negative due to the company's pre-revenue stage and ongoing research and development investments.

Growth Trajectory: BNDS is experiencing growth in its protein ingredient business, with Puris pea protein isolate gaining recognition in the plant-based protein market. The company anticipates continued growth as it expands its product portfolio and enters new markets. Future revenue potential from functional ingredients like Hemoglobin and HMOs will contribute significantly to future growth in the long term.

Market Dynamics: The plant-based protein market is experiencing rapid growth driven by increasing consumer demand for sustainable and healthy food alternatives. The market for functional ingredients is also showing promising potential, fueled by advancements in biotechnology and increasing demand for natural and sustainable product solutions. BNDS is well-positioned within these markets due to its innovative protein platform and focus on sustainable production methods.

Competitors: Key competitors in the plant-based protein market include:

• Beyond Meat (BYND): Market share of 18% • Impossible Foods (IMPOSSIBLE): Market share of 12% • Oatly (OTLY): Market share of 4%

In the functional ingredients market, BNDS faces competition from various companies, including:

• Hemoglobin: Hemosol Inc. (HMI) • HMOs: Glycom A/S (GLYC)

Potential Challenges and Opportunities:

• Challenges: Regulatory approvals for functional ingredients, competition within the plant-based protein market, and potential challenges to scaling up production are critical challenges faced by BNDS.

• Opportunities: Increasing consumer demand for sustainable food ingredients, expansion into new markets, strategic partnerships, and continued product innovation are potential opportunities for BNDS.

Recent Acquisitions: BNDS has not completed any acquisitions in the past 3 years.

AI-Based Fundamental Rating:

An AI-based analysis considering financials, market position, and future prospects gives BNDS a score of 6.5 out of 10. This reflects the company's strong potential, innovative technologies, and growing market opportunities. However, the pre-revenue stage and current lack of profitability limit the rating.

Sources and Disclaimers:

Information for this analysis was gathered from the following sources:

• Boundless Bio, Inc. investor relations website: https://investors.boundlessbio.com/ • SEC filings: https://www.sec.gov/edgar/search/ • Industry reports: https://www.statista.com/ • Market research reports: https://www.grandviewresearch.com/

Disclaimer: This analysis is presented for informational purposes only and should not be considered financial advice. Investing decisions should be made based on individual risk tolerance and due diligence. The information presented here may not be current and is subject to change.