Pluri Inc. (NASDAQ: PLUR)

Pluri Inc. is a biotechnology company that leverages its proprietary three dimensional cell based platform to develop scalable cell based solutions across the healthcare, food, and agriculture sectors. The company operates a GMP compliant manufacturing facility in Haifa, Israel, and maintains a library of placenta derived cell lines that serve as the foundation for its therapeutic and industrial products. Through a network of wholly owned subsidiaries, joint ventures, and strategic collaborations, Pluri Inc. advances product candidates in regenerative medicine, immunotherapy, food technology, contract development and manufacturing, and agricultural technology. Its integrated approach combines cell science, process engineering, and partnership building to address unmet medical needs and sustainability challenges in global markets.

Pluri Inc. generates revenue primarily from the sale of its cell therapy product candidates, including PLX PAD and PLX R18 for regenerative medicine indications and MAIT cells for immunotherapy applications. The company also earns income from its contract development and manufacturing organization, PluriCDMO, which provides cell therapy production services to biotech and pharmaceutical clients from preclinical stages through commercialization. Licensing agreements, joint ventures, and collaborations with partners such as ICL Group Ltd., Tnuva, Bühler Group, Takeda Pharmaceuticals International AG, Novadip Biosciences, Bar Ilan University, and Hemafund contribute additional revenue streams through upfront fees, milestone payments, and royalties. Revenues from its AgTech and Food Tech ventures, including the cultivated coffee initiative Coffeesai, the cacao project Kokomodo, and the cultivated meat joint venture Ever After Foods, further diversify the company’s income via product sales, technology licensing, and joint development funding. In addition, government contracts and research grants, such as those from the U. S. National Institute of Allergy and Infectious Diseases and the European Union Horizon program, provide non dilutive funding that supports preclinical and clinical activities.

The company operates through the following segments: Regenerative Medicine, Immunotherapy, Food Tech, CDMO, and AgTech. Each segment reflects a distinct application of its core three dimensional cell expansion technology to address specific market needs.

• Regenerative Medicine: This segment develops placenta derived PLX PAD and PLX R18 cell therapies for treating inflammatory conditions, muscle injuries, hematologic disorders, and ischemic diseases such as critical limb ischemia and graft versus host disease. Clinical programs include completed studies for hip fracture recovery, bone marrow transplantation support, and peripheral artery disease, with ongoing investigations into knee osteoarthritis and acute radiation syndrome countermeasures.

• Immunotherapy: This segment develops an allogeneic MAIT cell platform derived from human placenta to target solid tumors, aiming to provide a universal off the shelf product with low risk of graft versus host disease. Preclinical work shows potent tumor infiltration and cytotoxic activity, and the company is preparing for IND enabling studies to support future clinical trials in oncology.

• Food Tech: This segment, conducted through the joint venture Ever After Foods, creates cultivated meat and fish products using a proprietary bioreactor platform to supply sustainable protein alternatives to food manufacturers and retailers. Ever After Foods has developed a scalable edible packed bed bioreactor system and has partnered with Bühler Group to co engineer commercial production lines for cultivated meat at industrial scale.

• CDMO: This segment operates as PluriCDMO, offering contract development and manufacturing services for cell therapy products, including process development, production, and analytical support for clients from preclinical to commercial stages. PluriCDMO leverages the company’s GMP compliant facility and experienced technical team to deliver high quality, cost effective manufacturing solutions that meet regulatory standards for clinical and commercial supply.

• AgTech: This segment applies the 3D cell expansion platform to plant cell culture, producing cultivated coffee through Coffeesai, cultivated cacao via Kokomodo, and developing biostimulant solutions in collaboration with partners such as ICL Group Ltd. and other agriculture corporations. The AgTech activities aim to create climate resilient, high yield plant ingredients while reducing water usage and eliminating the need for traditional farmland.

Pluri Inc. holds a differentiated position in the cell therapy market due to its proprietary three dimensional cell based platform, a robust intellectual property portfolio of 193 issued patents and approximately 55 pending applications, and a GMP compliant manufacturing facility that enables consistent, scalable production. In regenerative medicine, it competes with allogeneic and autologous cell therapy developers such as Fate Therapeutics, Poseida Therapeutics, and Charles River Laboratories, while its food tech venture Ever After Foods faces competition from Upside Foods, Believer Meats, and GOOD Meat, and its AgTech initiatives contend with companies like California Cultured Inc., Ayana Bio LLC, DSM Firmenich AG, and Givaudan International SA. Its CDMO business PluriCDMO competes with large contract manufacturers including Lonza Group AG, AGC Biologics A/S, and Charles River Laboratories International Inc., leveraging its specialized expertise in cell therapy process development and its ability to deliver high quality cost effective services. Competitive advantages include the versatility of its 3D platform to expand both adherent and suspension cells, a strong patent estate that protects core technologies, and the ability to scale production rapidly through modular bioreactor systems.

Pluri Inc. serves hospitals and patients seeking regenerative medicine and immunotherapy treatments, and supplies its cell therapy product candidates to medical centers and clinical trial sites. The company’s CDMO division PluriCDMO provides manufacturing services to biotech and pharmaceutical firms engaged in cell therapy development, including companies such as Takeda Pharmaceuticals International AG, Novadip Biosciences, and Charles River Laboratories International Inc. Through its Food Tech joint venture Ever After Foods, Pluri Inc. supplies cultivated meat and fish technology to food producers, retailers, and restaurant chains, with partners such as Tnuva and Bühler Group supporting product development and scale up. In the AgTech arena, collaborations with ICL Group Ltd. and other global agriculture corporations enable the delivery of biostimulant solutions and cultured plant cell products to crop growers, food ingredient manufacturers, and sustainability focused enterprises. Research institutions such as Bar Ilan University, Hemafund, and the Charité hospital in Berlin collaborate with Pluri Inc. on preclinical studies, clinical trials, and technology validation projects. Additionally, government agencies such as the U. S. National Institute of Allergy and Infectious Diseases and the European Investment Bank provide funding and partnership opportunities that expand the company’s reach into public health and infrastructure initiatives.