-96%

est. 2Y upside i

Series B

Cheese and dairy products from plant-derived dairy proteins

Rank

#3741

Sector

Foodtech, Animal-Free Protein

Est. Liquidity

~4Y

Data Quality

Data: Low

Given the severe preference overhang ($103M vs $64M valuation) and low revenue ($4.5M), the expected 2-year equity upside is deeply negative (~-96%).

Last updated: July 19, 2026

Bull (10%)-57%

If the company achieves category leadership and an IPO window opens, exit multiple could reach 20x forward revenue ($143M exit). After $103M preference, common stock recovers $40M, but that still represents a 57% loss from entry value after 20% dilution haircut.

Base (30%)-100%

Convergence to public comp multiples of 1.5x yields exit of $10.8M, far below the $103M preference. Common stock receives nothing, a total loss.

Bear (60%)-100%

Multiple compression below comps to 0.5x gives exit of $3.6M, well under preference. Common stock is worthless.

Est. time to liquidity~4.0 years

Preference Stack Risk

severe

Funding Intensity

15970%

Total funding of $103M exceeds current valuation of $64M, meaning common stock has negative equity value at current mark.

Dilution Risk

high

Given high burn and low revenue, further dilutive rounds are likely within 24 months.

Secondary Liquidity

none

No secondary market exists for this stock.

Questions to Ask at the Interview

Strategic questions based on Nobell Foods's data — designed to show you've done your homework.

  • 1

    “What is the company's plan to achieve the revenue growth needed to overcome the $103M preference overhang?”

  • 2

    “How does the business model achieve profitability given high capital intensity in molecular farming?”

  • 3

    “How does the company plan to address employee morale and retention after a significant down round?”

Community

Valuation Sentiment

Our model estimates -96% upside. What do you think?

Anonymous. Do not share material non-public information.

Community Discussion

Comments are reviewed before they appear publicly.

0/2000

Loading comments...

Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.