Mayu Takagi
1602-111 St. Clair Ave W
Toronto, ON
M4V 1N5

Thorne Research Inc.
Thorne Research is a personalized health solutions company dedicated to improving individual
outcomes through science and technology. Based on an at-home test, Throne provides customers
with insights about their health along with recommendations on how to eat, exercise, and what
supplements to take. The company is committed to providing scientifically-backed natural
solutions for the most unique and complex health and wellness issues and as a result, theirdietary supplements are recognized by health care practitioners around the world as being thefinest, purest, highest quality dietary supplements available. Recently, they have also become
more involved in boinformatics by creating a new Consumer Health Intelligence company andlaunching an AI wellness platform. Overall, their mission is to empower individuals to seek
better health by provide them with actionable insight on their health through personalized healthresearch, molecular diagnostics, and intelligent digital abnalytics.

Company Details• Thorne Research Inc. is a private American biotech and pharma company that
manufactures clinically proven, high quality natural productso Includes foundational vitamins and minerals, therapeutic focused nutritional
supplementso They have a wide range of products that aim towards improving a multitude ofhealth concerns
o They create veterinary supplements as well
• Thorne Research is a majority shareholder in WellnessFX – a San Francisco-based
personalized wellness company that provides home kit testing and actionable
recommendations from the analysis of blood chemistry, genetics, and microbiome(https://www.wellnessfx.com)
o In 2013, Thorne acquired WellnessFC through its subsidiary Health Elements(details of the deal were not disclosed)
o Thorne leverages personalized data through affiliate WellnessFX to offer
customized preventative health solutions for practitioners and patients• Founded in 1984 – founders were committed to owning every step of the manufacturing
process to create the perfect product• Estimated Annual Revenue: Approx. $10 billion• Estimated Employees: 250-500• Headquarter: New York City
• Manufacturing Facility: Sandpoint, Idaho• Managemento CEO: Paul Jacobson▪ 70-80% approval rating on sites such as Owler and Glassdooro COO: Tom McKenna

Mayu Takagi
1602-111 St. Clair Ave W
Toronto, ON
M4V 1N5••••o President: William McCamyo CTO: Scott Hurtho CFO: Scott Wheelero Chief Marketing Officer : Michelle Crowo Chief Science Officer: Body Zhango Chief Business Development Officer: Vin Ferrara
Board members include:o Robert P. Forlenza – Founding Partner and Managing Partner of Spring Lake
Equity Management LLC
o Jeff Williams –Founding Partner of Spring Lake Equity Management LLC
Top competitors: Designs for Health, Ortho Molecular Products, XYMOGEN
Website: https://www.thorne.com
Thorne Research Inc. also has a Youtube page where they upload short and easy-tounderstand video clips about their products
o https://www.youtube.com/channel/UCaDgqa4VU8TECqIPq6C3LtA/videos

About the Company• Thorne invests 5% of sales back into R&D, quality assurance and quality control• Thorne manufactures their own products to ensure full supply chain transparencyo Their manufacturing facility, warehouses, and shipping centers are regularly
inspected and are in compliance with the Current Good Manufacturing Practices(cGMP) set by the FDA• They are the first U.S. nutritional supplement company to be fully certified by Australia’s
Therapeutic Goods Administration (recognized as the toughest regulatory agency in theworld)• They also have an NSF Certified facility and manufactures more than 30 NSF Certified
for Sport products
o As a result, they are partnered with 12 U.S. National Teams as their exclusive
provider of nutritional supplements• They have 2 in-house laboratories where they conduct 4 rounds of testingo Round 1: raw materials and components are tested and screened for contaminantso Round 2: Every in-process batch is tested for homogeneity and identity to confirm
consistencyo Round 3: Finished products are tested to ensure that its identity, potency, andpurity have been maintained and that there has been no microbiologicalcontamination during manufacturingo Round 4: Test for product stability to confirm that they meet the label claim up to
the product’s time expiration• The company believes strongly in environmental sustainability and takes steps to lighten
their environmental impact by discontinuing the use of botanical ingredients that arebecoming endangered and using recycled materials for shipping supplies

Mayu Takagi
1602-111 St. Clair Ave W
Toronto, ON
M4V 1N5

Tests
1. At-home test that help customers uncover insights about their health• Based on test results, the company creates an individualized plan with suggestions on
how to eat, exercise, and what supplements to takeo Health recommendations and plans are generated from Thorne’s medicallysupervised algorithms based on each customer’s body metrics, lifestyle,biomarker results, and decades of medical literature• Test results include a simple visualization of a customer’s biomarkers as well as detailed
descriptions of each biomarker• Insights on a customer’s health point out potential health risks or areas of improvement• How to complete a test:o Step 1: customers purchase a test, which then gets delivered to their doorstep
o Step 2: the customer is to collect saliva samples at home and use the free returnenvelope to mail their sample into the lab▪ Thorne only partners with labs that have obtained both federal and statecertification to accept human samples for diagnostic testing▪ This information is then reviewed by a board-certified physician that ispart of Thorn’s physician network partnershipo Step 3: within 9-10 days, customers can review their results and recommendations
on a desktop or mobile device
Their Products• Thorne is dedicated to doing comprehensive testing, sourcing the highest quality
ingredients, creating a clean manufacturing process, and protecting the environment• The company has a list of ingredients that they do not include in their products such as
Aspartame, Eggs, Gluten, Glycols, Petrolatum, Sucralose etc.
o These include ingredients that do not have the necessary potency, ingredients that
contain any contaminants, ingredients that do not meet their stability testing
standards,▪ Includes fillers, additives, and allergens
o They refuse to use magnesium stearate or any other ingredient that can inhibit
absorption• Thorne offers online tools that allow health practitioners to sell and dispense supplements
online without the hassle of an onsite inventoryo Health practitioners can create an online dispensary, upload their patient list,
recommend supplements, track orders, send reminders, and create custom patient
protocols for diet and exerciseo https://www.youtube.com/watch?v=7hR88Q4twZw&feature=youtu.be• A quick look at website such as https://ca.iherb.com/c/thorne-research that sell Throne
products show high ratings and customer satisfaction• Thorne Research states that their products are a result of extensive clinical research andmedical literature that substantiate the presence of each ingredient in each formula

Mayu Takagi
1602-111 St. Clair Ave W
Toronto, ON
M4V 1N5•••

Collaborations with independent researchers help Thorne scientifically confirm theefficacy and safety of their products and explore new potentials for themAt any given time, numerous Thorne nutritional products are being tested in clinical trials
taking place around the world
Their products are made available through licensed health care practitioners and at selectindependent pharmacies and other distribution outlets•
Strategic Collaborations• Thorne entered into a Master Clinical Study Agreement with Mayo Clinic in August
2014 to conduct a series of randomized double-blind placebo-controlled clinical trials on
a number of nutritional supplements• In 2016 they participated in a study with Mayo Clinic and the University of Minnesota
Clinical and Translational Science Institute concerning the effect of Nicotinamide
Riboside on brain NAD+ in football players• In July 2013, Thorne formed a strategic partnership with ChromaDex to develop andcommercialize ground-breaking natural productso This collaboration resulted in the commercialization of pterostilbene and Niagen®
marketed by Throne as NiaCel®
• Thorne partners with Invictus Fitness by collaborating on educational initiatives,
administering health testing for a gym’s location’s elite athletes, and by providing
supplements• Since 2012, Throne has teamed with Helsinn HealthCare SA to provide the best possible
quality of life for individuals who lives are impacted by cancer• In October 2011, Thorne entered a collaboration with Indena that has resulted in thedevelopment of 40 new botanical products – many that are only available from Thorne• Other research organizations that that Thorne works with includes:
o Cleveland Clinico Columbia University
o Emoryo Johns Hopkins Universityo University of Texas MD Anderson Cancer Center
Recent News
Ontario-based Tetra Bio-Pharma Announces Joint Venture with Throne and Onegevity Health toForm CB2 Therapeutics- August 21, 2019http://www.globenewswire.com/news-release/2019/08/21/1904711/0/en/Tetra-Bio-PharmaAnnounces-Joint-Venture-with-Thorne-and-Onegevity-Health-to-Form-CB2-Therapeutics.html• Tetra Bio-Pharma Inc., (a leader in drug discovery and development for cannabinoidbased therapeutics) announced that they signed an agreement with Throne Research Inc.
and Onegevity Health LLC to form a joint venture – CB2 Therapeutics Inc.
• CB2 Therapeutics Inc. will focus on leveraging the power of the endocannabinoid system
to become a leader in the management of chronic inflammatory conditions

Mayu Takagi
1602-111 St. Clair Ave W
Toronto, ON
M4V 1N5•••o They will focus on developing compounds for chronic inflammatory conditions
with high unmet needs or that are poorly served with existing therapies
Under the terms of the agreement, all parties grant the joint venture an exclusive, fullypaid royalty0free license to use their respective intellectual property for global productdevelopment and commercialization
CB2 Therapeutics aims to launch a dietary supplement to support those who havefunctional bladder inflammation leading to urinary frequency and urgency in 2020
The joint venture is targeting an initial raise of US $10,000,000 to commence its phase 2
clinical trials for irritable bowel syndrome and the commercialization of its dietary
supplements for interstitial cystitis

Team Penske and Throne Announce Multi-Year Partnership – June 11, 2019https://www.thorne.com/press-releases/team-penske-and-thorne-announce-multi-yearpartnership• Team Penske announced a new marketing partnership with Throne, naming the company
as the “Official Performance Partner”• Thorne’s line of key professional and NSF Certified for Sport products will be integrated
into supplement plans created by Team Penske for their pit crews in NASCAR,INDYCAR, and IMSA
• Team Penske states that Throne is an industry leader whose reputation for quality andsafety in their nutritional supplements is unmatched
UFC Names Throne Official Sports Performance Nutrition Partner – June 11, 2019https://www.thorne.com/press-releases/ufc-names-thorne-official-sports-performance-nutritionpartner• Team Penske announced a new marketing partnership with Throne, naming the company
as the “Official Performance Partner”
Official Launch of Onegevity Health as a New Consumer Health Intelligence Company –January 15, 2019https://www.thorne.com/press-releases/onegevity• Onegevity is a NY based, consumer health intelligence company that was founded byDrs. Joel Dudley and Chris Mason, along with Throne CEO Paul Jacobson• https://www.onegevityhealth.com• The company combines a multi-omic AI platform with consumer-friendly products anddigital services• The goal of the company is to deliver science-based, consumer friendly recommendations
for customized nutrition, supplements, and pre- and pro-biotics to improve healthoutcomeso Provide consumers with comprehensive molecular portrait and customized
recommendations for an individual’s health based on integrated analysis of
longitudinal blood, genetics, and gut microbiome profiles

Mayu Takagi
1602-111 St. Clair Ave W
Toronto, ON
M4V 1N5
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Onegevity Health Intelligence is their proprietary platform that uses AI and machinelearning to map, integrate, and understand the billions of dynamics biological featuresthat describe the state of one’s healtho This platform transforms complex health data into actionable information so
consumers can optimize their health and wellnesso Complex data analytics produce an array of patterns from data and this AI systeminterprets the findings and identifies biological meaning to the patterns
The company’s first product, GutBio combines its advanced Metagenome sequencing
technology with AI-based personalized insights and recommendations to help individuals
manage and improve gut health
Onegevity plans to expand services later this year to include whole-genome sequencing
and blood testing plus personalized products and services for skin health, cognition heart
health, and sports performance
They are also working exclusively with partner company Drawbridge Health in thedevelopment of the OneDraw TM blood sampling system that would allow for aconvenient and nearly painless blood testing experience
Their mission is to use molecular diagnostics and intelligent digital analytics to develop
personalized and highly actionable plans towards chosen health goals
They claim their model is that they only profit when they help customers achieve better
health, and that this puts them apart form other companies that that profit off the back of
their customers by making deals on customer datao They also state that if they find opportunities to profit from data, they will betransparent with their customers and split the economics in a way that also
rewards the customer
Collaborators: Drawbridge Health, Mitsui Co, Ltd., Kirin Holding Inc., gencove, Thorne,
and WorldquantThorne and Scientific Pioneers Drs. Joel Dudley and Chris Mason Partner to Form Pillar Health– January 4, 2018https://www.thorne.com/press-releases/thorne-partners-with-pillar-health• Throne and Drs. Joel Dudley and Chris Mason announced the launch of Pillar Health – arevolutionary AI wellness platform that will provide an integrated molecular portrait andoptimized actions for an individual’s health• https://twitter.com/pillar_health?lang=en• Thanks to an investment from Thorne, Pillar will leverage longitudinal sampling and indepth measures of a person’s blood, genome, microbiome, metabolites, and environment
to reveal altered or missing molecular components needed to boost wellnesso These components of “precision wellness” are then prioritized, customized, andordered online for each individualo They will allow consumers and patients to opt-in or out of data-sharing
arrangements

Mayu Takagi
1602-111 St. Clair Ave W
Toronto, ON
M4V 1N5••••

Pillar will launch with millions of early-access customers through Throne’s customer
base of practitioners, elite athletes, and consumers, as well as the corporate wellness
customer network of WellnessFX
Pillar will work with NYC labs to provide genetic, microbiome, and metabolite tests, aswell as new molecular measures of aging and skin healtho They will also be leveraging Throne’s recent partnership with Drawbridge Healthfor their expertise in novel blood sampling technologies
This company is the result of a strong belief that there is an internet-scale opportunity toput precision health technologies into the hands of consumers to give rise to a new
industry and era of science-based precision wellness
CEO of Thorne, Paul Jacobson states that their companies, Thorne, WellnessFX, andPillar will integrate all health information and deliver it onto a single platform foractionable solutions

Mitsui & Co., Ltd. and Kirin Holdings Company, Limited to Jointly Invest in Throne Researchin the U.S. – July 9, 2018https://www.mitsui.com/jp/en/release/2018/1226586_11215.html• Mitsui and Kirin will subscribe to approximately 80% (roughly 40% for each company)of the shares of the holding company of Thorne Research, Inc. through a third-party
allotment of newly issued shareso Closing of the deal: October 2018
• Mitsui has identified Nutrition & Agriculture as a new growth area for themselveso In the human nutrition field, they are developing a business model which helps
consumers obtain health insight and live a healthier life by providing apersonalized solutiono This aligns with Throne Research’s business modelo
Mitsui has also been in an investment partnership with Thorne since
December of 2017t• Kirin’s reasoning for this move is that in its “New Kirin Group Vision 2021” they statethat they aim to “Co-achieve sustainable growth with our societies by realizing value
creation, addressing social issues and understanding consumer expectation via the corebusiness of the Kirin group”
o In June, Kirin CEO Yoshinori Isozaki hinted at potentially acquiring or forming
joint ventures with smaller research firms to boost its pharmaceutical business• This joint investment will helps both companies strengthen their initiativs in the field ofglobal preventive health management and wellness• The companies also plan to enhance the corporate value of Throne’s U.S. business andfurther expand Thorne’s business into other markets, such as Japan, through joint
cooperation• Thorne CEO Jacobson has also stated that they plan on entering the beverage market bylooking for new functional beverage opportunities

Mayu Takagi
1602-111 St. Clair Ave W
Toronto, ON
M4V 1N5→ announcement from Thorne about this investment https://www.thorne.com/pressreleases/mitsui-and-kirin-make-strategic-investment-in-thorne• On August 2, 2018, Throne announced that it has entered into an agreement or a joint
strategic investment with Mitsui and Kirin.
• This strategic investment will be used to help expand Thorne’s personalized healthtechnology platform and product and to jointly grow their business in Asia
• This follows Mistui’s investment in Thorne last year
• Mitsui and Kirin now join Helsinn and Thorne’s management team as investors,
replacing the private equity firms WestView Capital Partners and Tudor Venture (nowoperating as Spring Lake Equity) as shareholders of Thorne• This announcement follows Throne’s strategy to expand into a health and technology
company, specializing in personalized consumer healtho Earlier in the year, the company introduced 5 at-home health tests and invested
and partnered with Drawbridge Health (the company believed to become theleader in convenient blood collection in both group and at-home settings pending
FDA-clearance)o Thorne also invested and co-founded a company with Drs. Joel Dudley and Chris
Mason to build a machine-learning based company targeting actionable analytics
and products for prevention and wellness