Benson Hill, Inc. (BHIL): Business Model Canvas [Dec-2025 Updated]

You're looking at Benson Hill, Inc. right now, and honestly, the entire business model is currently defined by its Chapter 11 restructuring, which kicked off in March 2025. Before this, the value was pinned on their CropOS® AI platform and unique Ultra-High Protein (UHP) soy genetics, aiming to cut processing costs for food and feed makers. Now, the immediate focus is on executing the Section 363 asset sale, backed by $11 million in Debtor-in-Possession financing, while managing $137.5 million in reported assets as of the filing date. It's a pivot from scaling proprietary tech to managing a wind-down or sale-a critical shift for any analyst to map. See below for the full breakdown of how the core value proposition clashes with the current cost structure and revenue reality.

Benson Hill, Inc. (BHIL) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Benson Hill, Inc. (BHIL) is relying on to navigate its restructuring following the Chapter 11 filing on March 20, 2025. These partnerships are critical for maintaining operations and maximizing asset value during the sale process.

Financing and Operational Continuity Partners

The immediate lifeline came from existing lenders. Benson Hill, Inc. secured a commitment for approximately \$11 million in Debtor-in-Possession (DIP) financing to support operations through the Chapter 11 process. As part of the first-day motions approval, an initial tranche of \$3 million was immediately available to cover critical operating expenses like payroll and vendor payments. The lenders providing this DIP financing include Expedition Ag Holdings, S2G Investments, Steve Kahn, and ProAgInvest.

The court also authorized the honoring of certain prepetition obligations to maintain the supply chain. Here's the quick math on the interim authorization for these critical partners:

What this estimate hides is that these are only interim authorizations, subject to a final hearing on April 16, 2025. Still, this shows the immediate focus on keeping essential vendors engaged.

Strategic Scaling and Commercialization Alliances

Benson Hill, Inc. has pivoted to an asset-light model, heavily relying on strategic partners to scale its proprietary genetics. The focus remains on delivering better feed, better food, and better fuel.

The partnership with Archer Daniels Midland (ADM) is central to scaling Ultra-High Protein (UHP) soy in North America. ADM processes and commercializes ingredients derived from Benson Hill, Inc.'s UHP soybeans under an exclusive North American licensing agreement. This technology is key because the UHP soybean boasts nearly 50% protein content, which is significantly higher than the roughly 40% crude protein found in traditional soybeans. This collaboration targets a market where alternative meat and dairy sales are projected to grow at 14% annually, potentially reaching \$125 billion by 2030.

For European market access, especially in aquaculture feed, the relationships with BioMar and Denofa are crucial. Denofa manages the sales and distribution of Benson Hill, Inc.'s aquafeed portfolio in Northern Europe, sourcing ingredients from Benson Hill, Inc. BioMar, in turn, sources these ingredients to develop more-sustainable aquafeed formulations. You should know that BioMar has stated 97 percent of the carbon footprint in feed comes from the feed ingredients, making Benson Hill, Inc.'s sustainable soy a key component in their sourcing ambitions.

The foundation of this entire model rests on the seed innovation pipeline:

• Launched first commercial UHP soybean varieties in 2021.
• Engages farmer partners for cultivation opportunities.
• Relies on proprietary AI-driven CropOS® platform for genetics.

The shift to this partnership-based strategy, away from a fully integrated model, was a deliberate move to reduce capital intensity. It's defintely a different structure than when they went public in September 2021.

Finance: draft 13-week cash view by Friday.

Benson Hill, Inc. (BHIL) - Canvas Business Model: Key Activities

You're looking at the core actions Benson Hill, Inc. was focused on as it navigated a massive restructuring in late 2025. The key activities shifted dramatically after the March 20, 2025, Chapter 11 filing, moving from pure innovation to asset disposition while maintaining essential R&D and operational functions for a time.

Research and development (R&D) using the CropOS® AI platform

The use of the CropOS® technology platform remained a central activity, as it represented core intellectual property being preserved for the Section 363 sale. This platform combines data analytics, genomics, and plant breeding to speed up the development of improved crop varieties. Since 2021, more than 24,000 candidate soybean varieties were designed and advanced using CropOS.

The R&D output was quantifiable in trait improvements:

Developing and expanding the proprietary soybean seed portfolio (over 30 varieties for 2025 planting)

A major activity involved scaling the proprietary genetics portfolio, which was a key asset targeted for sale. The company had previously offered about a dozen varieties. The goal was to broaden this portfolio to approximately 35 varieties for the 2025 crop year.

Key portfolio developments included:

• Herbicide-tolerant Ultra High Protein soybean varieties slated for commercial release in 2025.
• Focus on expanding maturities for U.S. growers to utilize proprietary genetics in feed applications.
• Planning additional feeding studies in turkeys, representing 4 million acres of soy, in the first quarter of 2025.

Executing the Section 363 sale of substantially all company assets

This became the paramount activity following the Chapter 11 filing on March 20, 2025. The stated intent was an expedited Section 363 sale process targeting a going-concern transaction. The sale of substantially all assets to Confluence Genetics, LLC was finalized on May 23, 2025.

The financial structure of the sale involved several key figures:

• Assets reported at filing: $137.5 million.
• Liabilities reported at filing: $110.7 million.
• The secured Debtor-in-Possession (DIP) credit facility amount: $11 million.
• Wind-down cash amount included in the Asset Purchase Agreement (APA): $1 million.
• The DIP facility was applied as a credit bid in the transaction.

Honestly, the expectation for any proceeds to reach stockholders was nil, as the APA did not anticipate any such distribution.

Licensing proprietary genetics and traits to downstream partners

The asset-light model, which emphasizes licensing, was a core part of the strategy leading up to and during the bankruptcy. Key relationships were maintained to ensure the value of the genetics was realized, even as the corporate structure changed. The company reported a debt burden of $94.4 million as of the last quarter before filing.

Partners involved in this activity included:

The company maintained a strategic partnership with Archer Daniels Midland (ADM) for commercializing UHP soy ingredients for the North American food market. Furthermore, White River Soy Processing operated the divested Seymour and Creston facilities under grain supply and licensing agreements.

Maintaining operational continuity during the Chapter 11 process

Securing liquidity was critical for this activity. Benson Hill secured a commitment for approximately $11 million in DIP financing, with $3 million available immediately upon court approval of first-day motions. This financing was intended to cover critical expenses like payroll and vendor payments.

Operational continuity metrics included:

• Initial employee count at filing: 108 full-time employees.
• Post-filing workforce restructuring reduced this number to 71 full-time employees.
• Trading of the common stock (BHILQ) was suspended on March 27, 2025.
• The Chapter 11 cases were later converted to Chapter 7 on September 23, 2025.

The interim CEO, Daniel Cosgrove, was authorized to continue daily operations under the court orders. Finance: review the final cash position report filed on June 20, 2025, noting the ending cash balance of $2,141,489 for Benson Hill Holdings, Inc..

Benson Hill, Inc. (BHIL) - Canvas Business Model: Key Resources

You're looking at the core assets that defined Benson Hill, Inc. leading up to its Chapter 11 filing in March 2025. These resources were the foundation of their technology-driven approach to plant genetics and ingredient development.

The financial snapshot from the March 20, 2025, Chapter 11 petition date gives us a clear, albeit final, look at the balance sheet resources before the Section 363 asset sale closed in May 2025.

The technology stack was arguably the most critical non-financial resource, centered on data and proprietary biological assets.

• Proprietary genetics and soybean seed varieties: Expected to expand the portfolio to approximately 35 varieties by 2025.
• Proprietary genetics and soybean seed varieties: Offered about a dozen varieties prior to 2024, expanding to over 20 for the 2024 season.
• Proprietary genetics and soybean seed varieties: Expected to offer two dozen varieties in 2025, including herbicide-tolerant Ultra High Protein types slated for 2025 release.
• Proprietary genetics and soybean seed varieties: Currently leveraging world-leading germplasm acquired in 2019 across 22 commercial soybean varieties.

The AI-driven CropOS® technology platform served as the central nervous system for this innovation pipeline.

• The AI-driven CropOS® technology platform: Since 2021, more than 24,000 candidate soybean varieties have been designed and advanced through it.
• The AI-driven CropOS® technology platform: Uses billions of data points to inform predictive breeding success.
• The AI-driven CropOS® technology platform: Aims to speed up new variety development to around four years from over a decade conventionally.

The physical infrastructure supporting the R&D was substantial, specifically the Crop Accelerator facility.

• The Crop Accelerator facility: A 47,000 square-foot facility featuring dynamically adaptive growth houses and chambers.
• The Crop Accelerator facility: Enabled plant breeders to complete more than 200 crop cycles since opening in 2021.

Specialized talent was embedded within these R&D functions, though the workforce underwent significant changes around the filing date.

• Specialized talent in data science, genetics, and plant biology: At the time of the March 2025 filing, the company directly employed 108 full-time employees, primarily in R&D roles.
• Specialized talent in data science, genetics, and plant biology: Post-filing workforce restructuring was planned to reduce this to 71 full-time employees.
• Specialized talent in data science, genetics, and plant biology: The Crop Accelerator facility housed 27 employees as of late 2021.

The acquiring entity, Confluence Genetics, LLC, planned to continue operating with a team of about 60 employees following the asset acquisition in May 2025.

Benson Hill, Inc. (BHIL) - Canvas Business Model: Value Propositions

You're looking at the core value Benson Hill, Inc. delivers across its product lines, which really boils down to superior genetics driving better outcomes for both animal feed and food production. This is where the numbers start to tell the story of their proprietary approach.

Ultra-High Protein (UHP) soy ingredients that reduce processing costs for food companies.

For food manufacturers, the value proposition centers on a higher-quality, more concentrated protein source. The Ultra-High Protein (UHP) soybeans Benson Hill, Inc. developed boast nearly 50% protein content, which is a significant jump from the roughly 40% crude protein found in traditional soybeans. This higher starting point means the ingredients, like the TruVail line, require fewer processing steps to concentrate the protein.

This efficiency translates directly into lower environmental impact for partners, as these ingredients use up to 70% less water and emit up to 50% less carbon dioxide to produce compared to commodity soy protein concentrate. That's a powerful metric for any CPG company looking at their supply chain footprint.

Non-GMO, low-oligosaccharide (UHP-LO) feed for improved animal nutrition (poultry/aquaculture).

When you look at the animal nutrition side with the Ultra-High Protein, Low Oligosaccharide (UHP-LO) soybean meal (SBM), the benefits are measurable in the barn. The UHP-LO SBM delivers 14 percent higher crude protein levels than conventional SBM while also featuring 90 percent fewer oligosaccharides, which aids digestibility.

The financial upside for poultry producers is clear:

• Cost savings of up to $0.20 per bird when formulating rations for cost advantage.
• Performance gains seen in trials included up to a 5.4 percent hike in body weight and a 3.2 percent improvement in FCR (Feed Conversion Ratio).
• The potential total value generated annually for the broiler industry from this specialty soy is estimated around $2.2 billion.

It's about giving producers flexibility to formulate for either cost advantage or performance gains, which is a real differentiator.

Enabling lower-carbon agriculture and Scope 3 emissions reduction for partners.

The inherent traits of the proprietary soybeans are designed to help downstream partners meet their environmental goals. The improved nutrient profile of the UHP-LO SBM reduces the need for supplemental feed ingredients, which directly contributes to lower carbon emissions. Benson Hill, Inc. is delivering on its commitment to launch innovations that enable lower-carbon agriculture, offering proprietary soybeans as a seamless solution to help achieve Scope 3 (value chain) emissions reductions for partners.

Superior agronomics and quality traits delivered via an asset-light licensing model.

The shift to an asset-light licensing model is designed to scale the delivery of these superior traits efficiently. For the 2025 planting season, the proprietary soybean seed portfolio offered more than 30 varieties spanning six distinct platforms. This expansion is part of a larger goal, with the company anticipating its proprietary genetics could cover more than 450,000 acres, representing a 60% growth year-over-year in scale for the licensing model.

The pipeline shows continued advancement in quality traits:

The transition is showing up in the financials, too; Q3 2024 revenue from partnerships and licensing agreements increased compared to Q3 2023, reflecting the uptick in genetic licensing and distribution as the company executes this strategy.

Benson Hill, Inc. (BHIL) - Canvas Business Model: Customer Relationships

You're navigating a Chapter 11 process, so the focus on maintaining critical customer relationships is paramount, especially when the stated goal is a Section 363 asset sale. Benson Hill, Inc. filed for Chapter 11 protection on March 20, 2025, reporting assets of $137.5 million against total debt of $110.7 million. The immediate relationship strategy centered on court-approved continuity.

Strategic, long-term partnerships with large food/feed processors (co-development)

Before the filing, Benson Hill, Inc. was heavily invested in co-development, particularly for its Ingredients segment, which targets the plant-based protein market. The company worked with partner growers to scale production of Ultra-High Protein (UHP) soybean varieties. The plan, which the Chapter 11 process aimed to preserve the value of, involved expanding the commercial seed portfolio significantly.

• Targeted seed portfolio expansion to more than 35 varieties by 2025, up from 22.
• Expected protein gains of 2% in varieties slated for commercial launch in 2025.
• Demonstrated benefits in animal feed trials with Perdue Farms for proprietary soybean meal.

Dedicated sales and technical support for seed distributors and farmers

Continuity of operations was a key objective post-filing. The court approved first-day motions allowing Benson Hill, Inc. to maintain routine business operations and honor prepetition obligations to key business partners to ensure minimal disruption. This support structure is vital for the asset-light model they were pivoting toward, which relied on scaling seed innovations across the field.

The company's long-term vision, even pre-restructuring, included direct seed and grain sales to farmers, meaning this relationship channel was a core part of the intended future revenue stream. The goal was to scale seed innovations across approximately 7 million acres by 2030.

High-touch, consultative approach for licensing agreements

The shift to an asset-light model emphasized licensing agreements as a primary monetization route. This requires a highly consultative relationship with licensees, such as seed companies and end users, to ensure adoption of their proprietary germplasm and technology access fees. The technology access fees and value-based royalties are central to this relationship structure.

The company's Q1 2024 performance, before the filing, showed that revenue increases in partnerships and licensing agreements were related to high margin contracts. This validated the high-value nature of these specific customer relationships.

Investor relations focused on transparency during the Chapter 11 restructuring

During the Chapter 11 process, transparency with stakeholders, including investors, became the primary focus of investor relations. The company secured a commitment of approximately $11 million in Debtor-in-Possession (DIP) financing from existing lenders to fund operations. Updates regarding the case were made available through the claims agent, Stretto, Inc.

Key equity security holders listed in the filing included Alphabet Inc., Alphabet Holdings LLC, Grosvenor Food & AgTech Limited, and S2G Investments, LLC, all holding 5% or more equity interest.

Here's a quick look at the financial context underpinning these relationship efforts as of the March 2025 filing:

Benson Hill, Inc. (BHIL) - Canvas Business Model: Channels

You're looking at the channels Benson Hill, Inc. (BHIL) uses to get its innovations to market, which, as of late 2024 and into 2025, is heavily focused on an asset-light licensing structure following significant divestitures. The company's strategy centers on monetizing its proprietary genetics and technology platform, CropOS^®, through various partnerships.

Direct licensing agreements with major food and feed companies.

This is a core component of the asset-light transition. Revenue from these partnerships and licensing agreements has been a positive driver, partially offsetting declines in other areas. For instance, in the nine months ended September 30, 2024, there was higher revenue recognized from these agreements, including revenue from cancellations, compared to the same period in 2023. The company is focused on securing high-margin contracts within this channel. The end-user market segments targeted, such as broiler chickens, turkey, swine, dairy, and salmon, represent more than 80 percent of the 30 million U.S. soybean acres used in animal feed.

Seed distributors and partners for broadacre farmer adoption.

Benson Hill, Inc. is actively expanding its seed distribution reach to drive broadacre adoption of its proprietary traits. For the 2025 planting season, the company expanded its proprietary soybean seed portfolio offering to more than 30 varieties spanning six distinct product platforms. A key future channel involves licensing germplasm directly to seed companies. Furthermore, the company has herbicide-tolerant Ultra-High Protein soybean varieties on track for commercialization in 2025, which is crucial for large-acre adoption.

Direct sales of residual proprietary grain/seed inventory.

While the long-term goal is licensing, direct sales of existing inventory serve as a near-term revenue bridge. Third quarter 2024 revenues of approximately $34.1 million reflected residual grain sales as the company moved away from its former closed-loop manufacturing model. Domestic sales revenue increased by $16.5 million in the first nine months of 2024 compared to the same period in 2023, driven by higher grain sales of proprietary soybeans. This channel is expected to diminish as the licensing model matures.

Industry conferences and publications for technology and trait promotion.

Promotion through industry events and publications supports the entire channel strategy by validating the technology. For example, the company announced the validation of its Ultra-High Protein Low Oligosaccharide (UHP-LO) soybean meal in a Tyson Foods feeding trial, with management noting that this specialty soy could generate approximately $2.2 billion of annual value for the broiler industry. The company also planned additional feeding studies in turkeys (representing 4 million acres of soy) in the first quarter of 2025.

Here's a quick look at the intended monetization avenues, which define the channel strategy:

It's important to note the operational context: Benson Hill, Inc. filed voluntary Chapter 11 petitions in March 2025 and intends to pursue a sale of its business under Section 363. To support operations during this process, the company secured a commitment of approximately $11 million in Debtor-in-Possession financing.

The company's channel execution is tied directly to its product pipeline advancement. For instance, the UHP-LO varieties containing a herbicide-tolerance trait are on track for commercialization in 2027, though herbicide-tolerant versions are expected commercially in 2025.

• Proprietary soybean seed portfolio for 2025: 30+ varieties.
• Targeted animal feed market value: potential $2.2 billion annually for broilers.
• Cash and marketable securities as of September 30, 2024: $14.4 million.
• Free cash flow loss for the first nine months of 2024: $48.9 million.

Finance: draft 13-week cash view by Friday.

Benson Hill, Inc. (BHIL) - Canvas Business Model: Customer Segments

You're looking at the customer base for Benson Hill, Inc. (BHIL) as of late 2025, which is a period defined by the company's strategic transformation and its Chapter 11 restructuring process that began in March 2025. The focus has clearly shifted toward asset-light revenue streams, primarily seed licensing.

Large-scale food ingredient manufacturers seeking plant-based protein.

This segment targets the demand for differentiated soy protein ingredients, like the TRUVAIL™ portfolio, which offer sustainability benefits and potentially lower processing costs compared to commodity sources. While the company is transitioning away from high-volume manufacturing, the underlying customer need remains a core driver for the genetics business. The near-term Total Addressable Market (TAM) for the plant-based meat segment was cited as a $140 billion opportunity, according to a Barclays Global Food Report (through 2029).

Animal feed producers, specifically poultry and aquaculture.

This is a major focus area, leveraging proprietary Ultra-High Protein, Low Oligosaccharide (UHP-LO) soybean varieties. The goal is to serve poultry, aquaculture, pet food, and swine markets, which represent some 90 percent of the total soy market. As of early 2025, feeding studies in turkeys, representing about 4 million acres of soy, were planned for the first quarter. Validation of the UHP-LO soybean meal with industry leaders like Perdue Farms confirms this segment's importance. Following the March 2025 Chapter 11 filing, continued trials, such as the one validating UHP-LO meal in broilers, remained a priority.

Seed companies and distributors for licensing proprietary genetics.

This segment represents the future core of the asset-light model, focusing on royalty and technology access fees. The Company was on track to significantly expand its proprietary seed portfolio from 22 to more than 35 varieties by 2025. The success of this segment is tied to acreage acquisition, which drives royalty revenues. Herbicide-tolerant UHP-LO varieties for feed were slated for commercial release in 2026.

Biofuel processors (a growing, future-focused segment).

While a longer-term prospect, Benson Hill, Inc. management reaffirmed commitment to serving the biofuel market with additional soy quality traits. The development timeline for herbicide-tolerant soybean varieties specifically for the biofuel segment is projected for launch between 2028 and 2030. This indicates a pipeline customer base being cultivated through ongoing R&D, even amidst the 2025 restructuring.

Here's a quick look at the segments and their associated metrics or goals as of the latest available data:

The overall reported revenue for the nine months ended September 30, 2024, was $89.0 million, reflecting the ongoing shift away from low-margin trading volumes. The Trailing Twelve Month (TTM) revenue as of that date was $466.73 million, up 139.60 percent year-over-year from the prior TTM period, though this reflects the legacy business mix.

The customer base is segmented by the application of the proprietary genetics:

• Food Ingredients: Focus on reduced off-flavors and higher protein.
• Animal Feed: Targeting poultry and aquaculture with UHP-LO traits.
• Seed Licensing: Partners acquiring access to the proprietary germplasm.
• Future Fuel: Long-term development for the biofuel sector.

If onboarding takes 14+ days, churn risk rises, especially in the licensing segment where adoption speed is key.

Finance: draft 13-week cash view by Friday.

Benson Hill, Inc. (BHIL) - Canvas Business Model: Cost Structure

You're looking at the cost structure of Benson Hill, Inc. (BHIL) right as the company navigated its Chapter 11 filing in March 2025. The costs reflect a heavy investment in technology alongside the immediate, significant expenses of restructuring. Honestly, the shift to an asset-light model was meant to curb these, but the bankruptcy filing introduced a new, sharp set of costs.

The R&D component, which underpins the CropOS® platform and the Crop Accelerator, represents a substantial fixed cost base, even as the company focused on cost discipline. For context, R&D expenses for the first nine months of 2024 totaled $21.4 million, which was a 36.1 percent decrease year-over-year for that period. This followed a $40.3 million R&D spend for the full year 2023.

The Chapter 11 filing on March 20, 2025, immediately introduced significant legal and advisory expenses. To keep the lights on and support the intended Section 363 sale process, Benson Hill, Inc. secured a commitment for Debtor-in-Possession (DIP) financing totaling approximately $11 million. The DIP Facility itself carries an interest rate of 15.00% per annum, payable in kind.

Personnel costs were actively managed under the preceding Liquidity Improvement Plan, but the bankruptcy process brought further, specific charges. The company expected aggregate costs related to recent terminations to be approximately $1.7 million.

The transition away from the integrated model heavily impacted the Cost of Sales. The prompt specifies that the Cost of Sales for the first nine months of 2024 was $85.0 million prior to the full asset-light transition taking hold. This contrasts with the Q1 2024 Cost of Sales, which was $15,895 thousand.

Debt servicing is a major structural cost, especially given the liabilities carried into the restructuring. As of the March 2025 Petition Date, Benson Hill, Inc. reported total liabilities of $110.7 million. For a recent snapshot of interest costs, the Interest expense, net for the first quarter of 2024 was $8,596 thousand.

Here's a quick look at some of the key cost and liability metrics surrounding the late 2025 financial position:

The company's ongoing operational costs during the Chapter 11 proceedings were budgeted to be supported by the DIP financing alongside existing cash reserves. The Liquidity Improvement Plan also targeted reductions in Selling, General, and Administrative expenses; for instance, SG&A in Q1 2024 was $14.8 million, though this included $4.3 million of non-recurring transition costs.

You'll want to track the DIP financing drawdown closely, as it is subject to an agreed upon budget and satisfaction of specified milestones. Finance: draft 13-week cash view by Friday.

Benson Hill, Inc. (BHIL) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Benson Hill, Inc. (BHIL) as of late 2025, which is a complex picture given the Chapter 11 filing in March 2025 and the subsequent conversion to Chapter 7 in September 2025. The focus shifted from traditional sales to asset realization.

Licensing fees and royalties from proprietary seed genetics.

Benson Hill, Inc. had been actively working to optimize operations by transitioning to an asset-light licensing model prior to bankruptcy. While the strategic goal was to generate revenue from this, specific licensing fee or royalty amounts recognized in 2025 are not publicly detailed in the latest reports, which predate the Chapter 7 conversion.

Revenue from residual grain sales during the business model transition.

The final operational revenue figures reflect this residual activity. For the third quarter ended September 30, 2024, revenues were approximately $34.1 million. This figure specifically reflected residual grain sales as the company moved toward licensing. This was up from $23.5 million in the third quarter of 2023. For the nine months ended September 30, 2024, total reported revenues reached $89.0 million. The company's 2023 annual revenue was reported as $473.3 million, before significant divestitures and the bankruptcy filing.

Proceeds from the sale of substantially all company assets under Section 363.

The primary expected financial event in 2025 was the sale of substantially all assets under Section 363 of the Bankruptcy Code, announced in March 2025. The actual proceeds realized from this sale, which occurred during the Chapter 11 process before the conversion to Chapter 7 on September 23, 2025, are not specified in the available public financial updates. However, to support operations leading up to this, Benson Hill, Inc. secured a commitment of approximately $11 million in Debtor-in-Possession (DIP) financing, pending court approval.

Partnership and collaboration revenue from joint development agreements.

Revenue from partnerships and licensing agreements was a noted positive driver in the final operational quarters. For the third quarter of 2024, higher revenue from partnerships and licensing agreements, including revenue recognized from cancellations, partially offset decreases elsewhere. Revenue from domestic sales, driven by higher grain sales of proprietary soybeans, increased by $16.5 million in Q3 2024 compared to the same period in 2023. The company ended Q3 2024 with $14.4 million in cash and marketable securities.

Here's a quick look at the last reported operational revenue context before the Chapter 7 conversion:

The shift in the business model meant that revenue recognition was heavily skewed toward asset disposition by late 2025, rather than ongoing product sales.

• Development of 30 soybean varieties for specialty product platforms was a key asset.
• Assets reported at Chapter 11 filing: $137.5 million.
• Liabilities reported at Chapter 11 filing: $110.7 million.
• The company had 465 employees serving market categories including bakery, oil, alternate dairy, protein, snacks, and pet food in the recent past.