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Pluri Inc. - Initiation of Coverage

Pluri Inc. is a biotechnology company leveraging proprietary 3D cell expansion technology to provide scalable cell-based solutions across regenerative medicine, food technology, contract development and manufacturing (CDMO), and agricultural sectors. The company's innovative PluriMatrix platform, utilizing an automated cGMP-approved bioreactor system, ensures high-quality, consistent, and cost-effective industrial-scale cell production applicable to pharmaceuticals, biologics, cultivated foods, and agriculture.

In regenerative medicine, PluriHealth develops placenta-based cell therapies, including multipotent mesenchymal stromal cells (MMSCs) and innovative mucosal-associated invariant T (MAIT) cells, designed to address unmet medical needs in conditions such as knee osteoarthritis and hematopoietic-acute radiation syndrome (H-ARS). Pluri's recently launched MAIT cell platform particularly targets solid tumors, featuring reduced risk of graft-versus-host disease compared to conventional therapies. Expanding beyond biotech, Pluri has strategically diversified into cultivated food through its subsidiary Ever After Foods, in partnership with Tnuva Group, and cell therapy manufacturing services via PluriCDMO. Its agtech division, PluriAgtech, addresses agricultural sustainability with innovative cell-based coffee solutions through subsidiary Coffeesai, significantly reducing environmental impact.

Pluri has formed strategic collaborations across industries, including partnerships with the European Commission, Tel Aviv Sourasky Medical Center, NIH, Charité of Berlin, ICL, and multinational food corporations, leveraging its extensive expertise to drive impactful innovation. A robust intellectual property portfolio further strengthens Pluri's competitive advantage, comprising over 140 issued patents globally, ensuring sustained innovation and commercial exclusivity.

Employing a blended valuation approach combining discounted cash flow (DCF) analysis and comparable company metrics, we estimate the company's equity valuation at approximately $83.4 million, or $11.92 per share, reflecting significant growth potential driven by its diversified, technology-driven business model.