BioConsortia Closes Financing to Accelerate Launch of Next-Generation Nitrogen-Fixing Biofertilizer and Fuel Global Expansion
'This investment, one in a series of recurring financings from our internal investors, reflects their deep confidence in BioConsortia's science, strategy, and commercial momentum,' said Marcus Meadows-Smith, BioConsortia's CEO. 'Their investments total $95 million and bring BioConsortia to this exciting moment in the company's history.'
The new funding will accelerate the global launch of Always-N™, BioConsortia's groundbreaking nitrogen-fixing seed treatment for industrial corn and support continued expansion of its discovery and development engine at the company's Davis, California headquarters.
Always-N enables farmers to maintain crop yields while reducing reliance on synthetic nitrogen fertilizers—significantly lowering greenhouse gas emissions and improving soil health. Applied as a seed treatment, Always-N delivers consistent field performance and is the only nitrogen-fixing biofertilizer combining advanced gene editing and extended viability exceeding two years.
"Synthetic nitrogen fertilizers are essential to modern agriculture, but their overuse comes at a steep environmental cost,' said Meadows-Smith. 'With Always-N, we offer a powerful, sustainable alternative—backed by cutting-edge science and built for real-world performance.'
Roughly half of applied synthetic nitrogen is never absorbed by crops. Instead, it runs off into waterways or is broken down in soil, releasing nitrous oxide—a greenhouse gas 300 times more potent than CO₂. As regulatory and market pressure builds for climate-smart farming, demand for sustainable alternatives like Always-N is growing rapidly.
Following its successful commercial debut in New Zealand in 2024, Always-N is now preparing for broader market entry, supported by key global partners including The Mosaic Company in row crops in the Americas. The new funding enables BioConsortia to scale manufacturing, build inventory, and expand market access in anticipation of the upcoming growing season.
Always-N is powered by BioConsortia's discovery and development platform - an integrated engine using proprietary tools for microbial discovery, selection, and optimization. It begins with Advanced Microbial Selection™ (AMS) to identify high-performing plant-associated microbes, then uses GenExpress™ and GenePro™ tools to enhance traits such as nitrogen fixation, disease and pest control, and shelf-life.
In addition to Always-N™, BioConsortia is advancing a robust pipeline of next-generation biostimulants, fungicides, nematicides, and insecticides—engineered for extended shelf life, ease of use, and superior field efficacy.
Since its founding in 2014, BioConsortia has validated its platform across diverse crops, geographies, and soil types. Field trials have consistently demonstrated the efficacy of its microbial biofertilizers, fungicides, nematicides, and insecticides—delivering growers new tools for sustainable, high-yield farming.
About BioConsortia
At BioConsortia, we are pioneering the next generation of agricultural biologicals through cutting-edge microbial gene editing. Our breakthroughs in editing only the most stable microbes unlock unprecedented performance in nitrogen fixation, biocontrol, and biostimulants—delivering solutions that are more effective, more consistent, and easier to use than anything on the market today. By precisely enhancing natural microbial traits, we're creating products that outperform both traditional chemicals and first-generation biologicals—with longer shelf life, extended life on seed, robust field efficacy, and compatibility with existing farm systems. Our AMS platform supports rapid discovery and development of superior wild type microbial products, and our gene-edited innovations redefine what's possible in sustainable agriculture.
Since its founding in 2014, BioConsortia has built a reputation for delivering science-driven, field-proven solutions across a wide range of crops, geographies, and growing conditions. Today, the company stands at the forefront of the agricultural biologicals revolution—offering farmers the tools to grow more with less, and do so sustainably.
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Expand FORGE GLOBAL HOLDINGS, INC. 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Unaudited Consolidated Statements of Cash Flows (In thousands of U.S. dollars) Three Months Ended Six Months Ended June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Cash flows from operating activities: Net loss $ (12,439 ) $ (16,198 ) $ (14,040 ) (28,637 ) $ (33,034 ) Adjustments to reconcile net loss to net cash used in operations: Share-based compensation 3,436 6,519 7,859 9,955 17,326 Depreciation and amortization 746 941 1,781 1,687 3,597 Amortization of right-of-use assets 509 613 662 1,122 1,305 Loss on impairment of long lived assets — — — — 186 Allowance for doubtful accounts 99 170 107 269 216 Change in fair value of warrant liabilities 294 (191 ) (2,280 ) 103 (6,727 ) Other (6 ) 4 — (2 ) (10 ) Changes in operating assets and liabilities: Accounts receivable (2,365 ) (1,317 ) 923 (3,682 ) (673 ) Prepaid expenses and other assets (1,523 ) 506 (5,353 ) (1,017 ) (4,228 ) Accounts payable 363 461 (1,004 ) 824 62 Accrued expenses and other liabilities 100 396 (4,636 ) 496 (1,854 ) Accrued compensation and benefits 4,004 (3,833 ) 2,041 171 (1,926 ) Operating lease liabilities (990 ) (904 ) (491 ) (1,894 ) (1,046 ) Net cash used in operating activities $ (7,772 ) $ (12,833 ) $ (14,431 ) $ (20,605 ) $ (26,806 ) Cash flows from investing activities: Maturity of investments and term deposits 14,673 534 6,559 15,207 6,559 Purchases of investments and term deposits (19,397 ) (22,012 ) — (41,409 ) — Purchases of property and equipment (100 ) (51 ) (267 ) (151 ) (667 ) Net cash provided by (used in) investing activities $ (4,824 ) $ (21,529 ) $ 6,292 $ (26,353 ) $ 5,892 Cash flows from financing activities: Proceeds from exercise of options 47 26 235 73 461 Taxes withheld and paid related to net share settlement of equity awards (170 ) (679 ) (1,135 ) (849 ) (3,437 ) Share buyback $ (4,139 ) $ — $ — $ (4,139 ) $ — Cash paid for fractional shares related to stock split $ (4 ) $ — $ — $ (4 ) $ — Net cash used in financing activities $ (4,266 ) $ (653 ) $ (900 ) $ (4,919 ) $ (2,976 ) Effect of changes in currency exchange rates on cash and cash equivalents $ 711 $ 358 $ (78 ) 1,069 (331 ) Net decrease in cash and cash equivalents (16,151 ) (34,657 ) (9,117 ) $ (50,808 ) $ (24,221 ) Cash, cash equivalents and restricted cash, beginning of the period $ 71,599 $ 106,256 $ 130,681 $ 106,256 $ 145,785 Cash, cash equivalents and restricted cash, end of the period $ 55,448 $ 71,599 $ 121,564 $ 55,448 $ 121,564 Reconciliation of cash, cash equivalents and restricted cash to the amounts reported within the consolidated balance sheets Cash and cash equivalents 54,310 70,472 120,475 54,310 120,475 Restricted cash 1,138 1,127 1,089 1,138 1,089 Total cash, cash equivalents and restricted cash, end of the period $ 55,448 $ 71,599 $ 121,564 $ 55,448 $ 121,564 Expand FORGE GLOBAL HOLDINGS, INC. Unaudited Reconciliation of GAAP to Non-GAAP Results (In thousands of U.S. dollars) June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net loss attributable to Forge Global Holdings, Inc. $ (12,580 ) $ (16,172 ) $ (13,724 ) $ (28,752 ) $ (32,348 ) Add: Interest expense, net (803 ) (1,042 ) (1,495 ) (1,845 ) (3,204 ) Provision for income taxes 189 1,016 258 1,205 474 Depreciation and amortization 909 986 1,781 1,895 3,597 Net loss attributable to noncontrolling interest 141 (26 ) (316 ) 115 (686 ) Loss or impairment on long lived assets — — — — 186 Share-based compensation expense 3,436 6,519 7,859 9,955 17,326 Change in fair value of warrant liabilities 294 (191 ) (2,280 ) 103 (6,727 ) Acquisition-related transaction costs 1,988 — — 1,988 — Other 993 — $ — 993 $ — Adjusted EBITDA $ (5,433 ) $ (8,910 ) $ (7,917 ) $ (14,343 ) $ (21,382 ) Expand Three Months Ended Six Months Ended June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net loss attributable to Forge Global Holdings, Inc. $ (12,580 ) $ (16,172 ) $ (13,724 ) $ (28,752 ) $ (32,348 ) Add: Change in fair value of warrant liabilities 294 (191 ) (2,280 ) 103 (6,727 ) Income tax (expense) benefit of adjustment (4 ) 13 48 (4 ) 108 Adjusted net loss attributable to Forge Global Holdings, Inc. $ (12,290 ) $ (16,350 ) $ (15,956 ) $ (28,653 ) $ (38,967 ) Weighted average shares - basic and diluted 12,474 12,534 12,179 12,503 12,112 EPS - basic and diluted $ (1.01 ) $ (1.29 ) $ (1.13 ) $ (2.30 ) $ (2.67 ) Adjusted EPS - basic and diluted $ (0.99 ) $ (1.30 ) $ (1.31 ) $ (2.30 ) $ (3.22 ) Expand Amounts may not recalculate due to rounding SUPPLEMENTAL FINANCIAL INFORMATION Unaudited KEY OPERATING METRICS (In thousands of U.S. dollars) Key Business Metrics Forge monitors the following key business metrics to help evaluate its business, identify trends affecting its business, formulate business plans, and make strategic decisions. 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Fees are earned from the overall maintenance activities of all assets and are not charged on the basis of the dollar value of Assets Under Custody, but Forge believes that Assets Under Custody is a useful metric for assessing the relative size and scope of its business. Custodial Client Cash, previously called Custodial Cash Balance, is a component of Assets Under Custody representing the value of cash held on behalf of clients held under Forge's agreements. These assets are held at various financial institutions. Fees are earned from the administration activities performed with respect to these balances. The amount of Custodial Client Cash is a determining factor in Forge's revenue. Please note that starting in the first quarter of 2025, Forge has added Custodial Client Cash as a key business metric for its custody solution as cash administration fee revenue is highly correlated to this metric. Custodial Client Cash has been provided as a metric in Forge's quarterly supplemental information furnished with the SEC since the third quarter of 2022 and was previously called Custodial Cash Balance. Forge has not adjusted methodology, assumptions, or otherwise changed any aspects of this metric and it is comparable to prior period presentations of Custodial Cash Balance in Forge's quarterly supplemental information. Custodial Client Cash represents the value of cash held on behalf of clients held under Forge's custody solution agreements. Forge believes that disclosing Custodial Client Cash provides investors with valuable insight into custody solution revenue as cash administration fees currently make up the majority of Forge's custodial administration fee revenue. Cash administration fees are based on prevailing interest rates and custodial client cash balances. 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Few automotive brands carry the weight of history and innovation quite like Ford. It's more than just a company—it's a global icon, a symbol of progress, and a trusted name woven into the fabric of modern society. From the roaring engines of classic muscle cars to the silent hum of next-gen electric vehicles, Ford represents a legacy of freedom, reliability, and bold vision. For over a century, Ford has stood as a pioneer of both industry and imagination. Whether you're cruising down a coastal highway or hauling heavy loads across rugged terrain, Ford drives dreams forward—generation after generation. In 1903, a visionary named Henry Ford changed the course of transportation forever. He didn't just build cars—he built a movement. Ford believed that every individual, not just the wealthy, deserved access to mobility. This dream gave birth to the Model T, the car that put the world on wheels. What truly set Ford apart was the introduction of the moving assembly line in 1913. This groundbreaking innovation reduced manufacturing time, lowered costs, and allowed Ford to pay workers fair wages. It wasn't just a business decision—it was a social revolution. In many ways, Ford helped shape the modern middle class. What began in a modest Detroit workshop has grown into a global powerhouse. Today, Ford operates in more than 100 countries, with production plants, design studios, and dealerships around the globe. Each region sees its piece of the Ford experience—from compact cars in Asia to heavy-duty trucks in the Americas. But despite its global presence, Ford maintains its core identity: durability, innovation, and customer trust. That's why you'll see a Ford at a dusty construction site in Texas, a rally course in Kenya, or a city street in London—proving that Ford is truly built for every road, every driver. Ford's legacy is one of constant reinvention. While honoring its heritage, Ford has always had one foot in the future. Recent years have seen an incredible wave of technological innovation: Ford Co-Pilot360™ : A suite of advanced driver-assist features like automatic emergency braking, blind-spot monitoring, and lane-keeping systems—all designed to keep drivers safer and more confident behind the wheel. : A suite of advanced driver-assist features like automatic emergency braking, blind-spot monitoring, and lane-keeping systems—all designed to keep drivers safer and more confident behind the wheel. SYNC Infotainment System : Voice-activated technology, navigation, Apple CarPlay, Android Auto, and cloud-connected features bring cutting-edge tech to your fingertips. : Voice-activated technology, navigation, Apple CarPlay, Android Auto, and cloud-connected features bring cutting-edge tech to your fingertips. FordPass™ App: A smartphone gateway to remote start, lock/unlock, locate your vehicle, schedule service appointments, and more. Innovation isn't a trend for Ford—it's part of its DNA. The automotive world is shifting, and Ford is leading the charge—literally. With a multi-billion-dollar investment in electric vehicle (EV) infrastructure, Ford is committed to a cleaner, brighter, and more efficient future. Mustang Mach-E : This all-electric SUV combines the soul of the iconic Mustang with the sustainability of the future's sleek, silent—and pure adrenaline. : This all-electric SUV combines the soul of the iconic Mustang with the sustainability of the future's sleek, silent—and pure adrenaline. F-150 Lightning : The beloved pickup, reborn as an all-electric powerhouse. With dual motors, instant torque, and even the ability to power your home, it's redefining what a truck can be. : The beloved pickup, reborn as an all-electric powerhouse. With dual motors, instant torque, and even the ability to power your home, it's redefining what a truck can be. E-Transit Van: Designed for commercial use, this EV delivers zero-emissions transport without sacrificing payload or functionality. Ford is more than ready for tomorrow—it's building it today. If there's one phrase that perfectly defines Ford's spirit, it's 'Built Ford Tough.' Ford's lineup of trucks—especially the iconic F-Series—has been trusted by hard-working individuals for generations. The Ford F-150, in particular, is the best-selling vehicle in the United States for over 40 years. It's not just popular; it's legendary. With exceptional towing capacity, military-grade aluminum alloy construction, hybrid powertrain options, and rugged styling, it's built for those who demand power, performance, and perseverance. Ford understands that authentic leadership means protecting the world we share. That's why sustainability is a core focus: Committed to carbon neutrality by 2050 Manufacturing plants powered by renewable energy Use of recycled and sustainable materials in new vehicle production in new vehicle production Innovation in battery technology and EV charging infrastructure Ford isn't just adapting to environmental responsibility—it's setting the standard. For millions, owning a Ford is more than transportation—it's a relationship. It's the car that taught your teenager to drive, the truck that hauled your first home, the Mustang that turned heads, or the van that took your family on summer road trips. Ford vehicles are in the photos of your memories, in the heart of your journeys, and in the conversations passed down from one generation to the next. This emotional bond is what makes Ford timeless. From Steve McQueen's 1968 Mustang in Bullitt to Will Smith's futuristic Ford GT in I, Robot , Ford has become a pop culture icon. Songs, movies, video games—you'll find Ford roaring across them all. That's because Ford is more than a car—it's a character, a symbol, and a source of inspiration. With over a century of legacy, innovation, and trust, Ford remains a brand like no other. It's a company that stays true to its roots while courageously reimagining the future. Whether you're a die-hard Mustang enthusiast, a rugged F-150 driver, or a first-time EV owner, Ford welcomes you with open arms—and an open road. Because with Ford, the drive never ends. TIME BUSINESS NEWS
