MustGrow Biologics: Bayer Milestone Achieved - Strong TerraSante Demand Remains Supply-Constrained - GBC

MustGrow's equity story remains centred on the commercial scaling of TerraSante and the longer-term value potential of its Bayer partnership.

The first Bayer development milestone resulted in C$1.36m of high-margin licence revenue in H1 2026 and provides important external validation of the TerraMG technology. Further upside could arise from potential additional milestone payments as the programme advances. If commercial sales commence, MustGrow would also be entitled to royalties and reve- nue from manufacturing sales.

Based on our updated DCF model, we reduce our price target to C$2.51 from C$2.70 due to the lower FY2026 forecast and the increase in the risk-free rate. The revised target price continues to imply compelling upside from the current trading level. We therefore reiterate our BUY rating.

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