Water Tower Research Publishes Initiation of Coverage Report on eXoZymes, Inc., “Converting Cell-Free Science into a Scalable and Repeatable Commercial Opportunity”

October 2, 2026, ST. PETERSBURG, FL – Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage Report on eXoZymes, Inc. (NASDAQ: EXOZ) titled, “Converting Cell-Free Science into a Scalable and Repeatable Commercial Opportunity”. The report can be accessed here.

eXoZymes, Inc. (NASDAQ: EXOZ) develops cell-free biomanufacturing systems that use engineered enzymes, or “exozymes”, to produce molecules outside living cells. Emerging from UCLA research, the company was founded through Invizyne Technologies, completed its NASDAQ IPO in November 2024, and adopted the eXoZymes name in early 2025. At year-end 2025, it had ~32 employees, including 20 focused on R&D. The company remains pre-revenue, with commercialization expected to begin next year.

The business combines two capabilities built on the same technical platform. Its cell-free biomanufacturing system engineers stabilized enzymes and cofactor-regeneration pathways to produce molecules that can be difficult or uneconomic to source through conventional methods. eXoZymes plans to commercialize this capability, targeting the nutraceutical market, primarily through partners providing manufacturing, market access, and commercial infrastructure. Its second capability, BioClick, creates new-to-nature analogs of natural molecules with potential patentable composition-of-matter protection, primarily for pharmaceutical partnering and licensing.

The lead asset is N-trans-caffeoyltyramine (NCT), a plant-derived phenol amide and HNF4-alpha agonist that occurs naturally only in trace quantities, making conventional sourcing highly challenging at commercial scale. The broader pipeline includes a cannabinoid program supported by a $2-million NIH SBIR Phase IIB award, NSF-supported terpene research, including santalene, and five additional molecules in the New Ideas Engine. eXoZymes has secured ~$20 million in cumulative non-dilutive funding to support R&D while reducing reliance on external financing.

eXoZymes’ valuation is best viewed against the potential transition from a pre-revenue platform to a capital-light commercial business, rather than through a single trading multiple. The key value inflection is NCT commercialization, driven by successful Curia technology transfer, demonstration of commercial-scale economics, and securing a launch partner, which would begin validating both the NCT revenue opportunity and the broader platform model. Longer term, additional biosolutions and BioClick-generated pharmaceutical opportunities could provide platform optionality beyond NCT.

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