GM salmon business AquaBounty cuts its losses

The company’s net loss for the three months ended 30 September was US $1.4 million (just over £1m) against US $3.4 million (£2.5m) in the same period a year ago. Included in the net loss for the current period was a non-cash asset impairment charge of $69,000 related to certain equipment ("Ohio equipment assets") originally intended for the company’s farm in Pioneer, Ohio.

The cash and cash equivalents totalled $951,000 as of September 30, 2025, as compared to $230,000 at the end of last year. Earlier this year, AquaBounty sold off by auction most of the equipment that had been intended for deployment at the Pioneer site. 

AquaBounty had developed a genetically modified (GM) salmon strain adapted for fast growth in land-based fish farming. These “AquAdvantage” salmon were Atlantic salmon that incorporated genes from two other salmon species.

AquaBounty sold its last active site, a hatchery facility in Prince Edward Island, Canada, to Cooke subsidiary Kelly Cove Salmon in March this year. It had already sold a small RAS (recirculating aquaculture system) plant in Indiana. It appears, however, that the AquaBounty management have not given up in the idea of developing the Ohio site.

Reporting on the Ohio Farm progress, the company said its subsidiary, AquaBounty Farms Ohio LLC ("Ohio Farm"), had received its water withdrawal and consumptive use permit and was working to secure its wastewater discharge permit.

Ohio Farm received a wastewater discharge permit on 12 September from the Ohio Environmental Protection Agency. Additionally, the Ohio Farm had been working with the Village of Pioneer to secure the necessary approvals to place its water and wastewater transmission lines through an existing right-of-way controlled by Williams On 9 October 2025, the Village received its right-of-way permit from the County for the Ohio Farm’s water lines.

David Frank, Chief Financial Officer and Interim Chief Executive Officer, said: “With the receipt of these permits, our Ohio farm project is now fully permitted for its designed activities as a land-based, recirculating aquaculture system farm operation.

He added: “These developments will allow us to move forward with our investment banker on strategic alternatives for our Ohio farm project.”