Excerpted from Upcoming Filings by Miso Robotics, Inc.

Subject to change prior to filing

Business & Market Opportunity

Miso Robotics, Inc. (“Miso” or the “Company”) develops leading-edge artificial intelligence (“AI”) and AI-driven robots that assist cooks in making food at restaurants, focusing particularly on the quick serve restaurant market. The Company believes that it:

• Marries AI capabilities and market momentum to power its food technology innovation;
• Automates some of the least desirable, most repetitive, and most dangerous tasks in commercial kitchens;
• Frees up labor to be redeployed into functions that bring restaurant operators more value; and
• Assists with labor redeployment so that restaurant operators can support higher wages and better career growth for kitchen employees.

Miso considers its best and most impactful work to sit at the intersection of technology and humanity.

The Company was incorporated on June 20, 2016 as Super Volcano, Inc. under the laws of the State of Delaware, and then changed its name to Miso Robotics, Inc. on October 3, 2016. Located just a few miles from its roots at Caltech, it is headquartered in Pasadena, California.

In 2016, Miso helped create today’s food automation industry when it launched the first AI-powered, burger-flipping robot named “Flippy.” Through its early efforts, Miso quickly discovered that a business opportunity existed which was actually far larger than flipping burgers – fried foods. While even the busiest restaurants may cook only modest amounts of burgers each day, a great many restaurants serve french fries with almost everything. Accordingly, staying true to its original mission, Flippy soon shifted to the fry station, and today can cook not only fries, but also onion rings, chicken nuggets, and all sorts of other fried food items.

Over the past twenty years, restaurant front-of-the-house operations have undergone massive innovation with the introduction of point-of-sale systems, AI order taking in the drive thru, mobile ordering, third party delivery, and online reservation platforms such as OpenTable. Over that same period, however, the back-of-the-house operations have remained relatively unchanged.

Today, restaurant innovation is finally shifting to the kitchen. We believe this change is heavily driven by restaurants’ urgent need to solve their growing inability to source and retain long-term kitchen labor, a problem which was further accelerated by the COVID-19 pandemic. And we believe that this problem has become perhaps the single most important issue facing restaurants. Further, with birth rates dropping materially in most countries around the globe,¹ we believe this labor crisis stands to only become worse.

Additionally, we believe that daily advances in AI, rapidly escalating minimum wages (such as California’s upcoming switch to a $20 per hour minimum wage), and the commoditization of robotics have combined to create massive momentum in the food technology space. We believe that Flippy’s automation of the fry station represents a potentially massive $3.5 billion revenue opportunity for Miso alone in a market that, importantly, still remains fragmented, underdeveloped, undercapitalized, and ripe with growth opportunities for a company with Miso’s first-mover advantage.

Miso has recently sharpened its product focus, evolved its leadership, and injected the cost and infrastructure disciplines necessary for rapid scaling and commercialization of its products.

Principal Products and Services

In the second half of 2023, in conjunction with a leadership evolution, Miso refocused the majority of its efforts and resources on its signature product, Flippy. This product strategy was inspired by the one successfully implemented by Steve Jobs when he returned to Apple a dozen years after leaving. At the time of his return, Jobs saw that Apple’s teams were trying to support and grow 40 products, and so he cut Apple’s product portfolio down to only two, famously saying that it was one of the hardest, but most important, decisions he ever made. Miso recently implemented a similar approach whereby it now focuses eighty percent of its efforts on Flippy alone, and the remaining twenty percent on the rest of its products, which now reside under a newly launched “innovation lab” strategy focusing on early-stage and experimental products designed to drive potential future growth.

Flippy

Miso’s signature product is “Flippy,” a cloud-connected AI platform that performs frying tasks in commercial kitchens. The product can fry all manner of foods in numerous kitchen formats, and is designed with extensive AI skill sets and machine learning capabilities. Eighty percent of Miso’s efforts are focused on Flippy.

With automation, frying can be both improved and optimized through, among others:

• temperature and cooking uniformity that creates a more consistently positive experience for customers;
• sustainability benefits, including reduction of food waste and expensive frying oil usage;
• increased employee safety, including reduction of injuries, workers’ compensation claims, and sick days;
• redeployment of kitchen labor into higher value functions;
• increase of speed of service and throughput; and
• provides an enclosed cooking station that prevents cooking fumes and heat from entering the kitchen.

The Company believes that a single Flippy could create a gross positive revenue impact of over $250,000 annually per location for restaurant owners by reducing the costs associated with the above factors.

As of October 1, 2023, Miso has 17 Flippy units leased to partners at White Castle, Jack in the Box, and others. In late October, White Castle publicly announced that it intends to include a Flippy “in nearly one-third of the company’s approximately 350 brick-and-mortar White Castle restaurants.”²

While Miso is currently operating the second generation of its Flippy product, it is using the proprietary data and expertise gathered from what it believes to be more in-store pilots and experiments than anyone else in the industry to actively develop the next generation of Flippy. This new Flippy, which is expected to become available in 2024, is being designed to be materially smaller, faster, and more reliable. These innovations are expected to unlock a dramatically increased number of potential installation locations with both existing and new restaurant partners.

Fees for Flippy typically include:

• An upfront fee for shipping and installation;
• A base monthly recurring subscription fee for Flippy’s operations, analytics, maintenance, and support; and
• Optional additional monthly recurring fees for upgraded and custom features and services.

The Company continues to review and update its pricing and pricing models as its technology and the food technology market in general evolve.

Flippy has received full certification by NSF International for meeting sanitation standards for commercial kitchen equipment, and receives an ETL Field Label on every unit in the field for meeting electrical safety standards.

Miso’s Innovation Lab

With Steve Jobs’ philosophy in mind, Miso has now consolidated all of its early-stage product development into a new initiative that it calls the “Miso Innovation Lab.” The Company dedicates the remaining 20% of its time to this effort.

Miso views its Innovation Lab as a research and development “sandbox” – a safe space to experiment with new ideas and cutting-edge research and design. Leveraging today’s frenetic pace of AI evolution, Miso’s Innovation Lab is working to create first-ever solutions and new intellectual property (“IP”) to solve what it believes to be the restaurant industry’s most impactful problems. With Miso’s engineers being experimentalists at heart, its Innovation Lab is where the Company plants its seeds – some of which will work, and some of which won’t. But for the seeds that do sprout and prove a robust product-market fit, Miso can allocate future resources and infrastructure to support them in a de-risked fashion.

While Miso’s current early-stage products may have been piloted with certain restaurant partners, Miso solely owns and controls the substantial library of resulting IP and technology. Going forward, Miso will execute Innovation Lab product development only when a restaurant partner is committed to also sharing the development costs of a specific product. This strategy de-risks development, adds a cost-focused discipline, and mandates that restaurant partners have “skin in the game.”

Its first effort under this cost-sharing model is a new product called CleanRight (sometimes referred to as “Washy”), which is an advanced AI and computer vision product that works to assure restaurant managers of employee compliance with handwashing. Handwashing is the most critical preventive solution in every restaurant’s battle against the food-borne illnesses that can devastate a restaurant’s reputation and brand. Miso is developing this product in conjunction with Ecolab, Inc. (“Ecolab”), a publicly traded global leader in cleaning solutions for the restaurant and hospitality industries. Ecolab recently debuted an early prototype of the CleanRight product in its Kitchen of the Future showroom, and is currently leveraging its 6,000-person sales team to explore the market opportunities for it. As more fully described herein, Ecolab is also a strategic investor in Miso.

Miso is considering various new strategies and partnerships related to its other early-stage products, all of which now reside in its Innovation Lab, including:

• Reducing Coffee Waste, While Boosting Coffee Freshness: Miso believes that coffee can be a “gateway item” for walk-in restaurants and convenience stores. The Company’s belief is that, if a customer has a great coffee experience right away, they will stay around to buy food and other items, thereby making coffee drinkers a higher revenue-generating customer. Miso’s CookRight Coffee product, sometimes also called “Drippy,” is an experimental AI platform that incorporates machine learning and sensors to allow restaurants and convenience stores to always serve the freshest coffee, predict coffee demand based on location-specific trends, and reduce coffee, water, and energy waste. Early development experiments for the product were conducted at Panera Bread in 2023.
• High Quality Tortilla Chip Cooking: Based on technology developed for the Company’s signature Flippy product, “Chippy” is an experimental product designed to automatically fry tortilla chips that are cooked to perfection every time. Early development experiments for the product were conducted at Chipotle in 2023.
• Automated Beverage Dispensing: The Company has developed an early prototype of an AI-driven, automated beverage dispenser named “Sippy” that integrates with a restaurant’s point of sales (POS) system. The machine will automatically fill ice and beverages into multiple sizes of cups, and then seal and transport them on a conveyor to enable easy grab-and-go pickup by staff. Early experiments were conducted with Lancer Worldwide in 2023.

Prior Early-Stage Efforts

In conjunction with its renewed product focus on Flippy, changing market conditions, and its new leadership’s efforts to maximize value for the Company’s shareholders, Miso has recently restructured certain prior efforts related to:

• Robotic Arms: In November 2021, the Company became a founding shareholder in Ally Robotics, Inc., (“Ally”) a Delaware corporation. Ally was formed to build lightweight robotic arms for Miso and others in the restaurant industry. As of December 31, 2022, Miso held a 55.9% interest in Ally. However, since 2021, the prices of robotic arms have generally become much more affordable, and so, through competitive bidding of multiple vendors on the open market, Miso can now purchase robotic arms at much lower prices than it could previously. As such, Miso recently canceled its non-binding purchase orders with Ally, and converted its equity interest into a $1.34 million senior secured note (the “Ally Note”). The Ally Note earns interest at the rate of 8% per annum, matures on August 31, 2026, and is secured by all of Ally’s assets, including its IP and inventory. Interest-only payments are due to commence on February 1, 2024. As a condition of the Ally Note, Ally’s founder is obligated to take certain actions to benefit Ally and the assets which secure Miso’s Ally Note, including committing over $200,000 of his personal capital to Ally. This new arrangement allows Ally the opportunity to grow its business, while also removing certain cumbersome shareholder burdens on Miso (including eliminating its costly obligation as majority shareholder to consolidate Ally’s financials into Miso’s), putting Miso in a more senior position as a debtholder to receive potential payments ahead of Ally’s shareholders, and allowing Miso to more easily take possession of Ally’s assets if Ally defaults on the Ally Note.
• Avocado Pitting and Peeling: In July of 2022, Miso loaned Future VC, LLC (“Future VC”) $1,500,000 at an annual interest rate of 12%, plus fees paid to Miso of $35,000, pursuant to a senior, secured promissory note, as amended (the “Future VC Note”) to support an effort to develop an experimental robot that would remove the pits and skin of avocados. The goal was to decrease preparation time and increase throughput of avocados used in guacamole production. With Future VC taking most of the development risk, the hope was that Miso could create a financial gain, as well as also receive critical knowledge from this effort which Miso could then deploy across Flippy and its own products. In the second half of 2023, Future VC (via a related entity known as Vebu, Inc. (“Vebu”)) made headlines globally when it announced that its automated “Autocado” product was launching in a pilot program at Chipotle. The remaining principal and accrued interest of the Future VC Note, approximately $231,402 as of December 1, 2023, will continue to accrue interest at a reduced rate and be paid no later than the closing of Vebu’s current fundraising round. Additionally, Miso’s new management team negotiated a grant of warrants to Miso from Vebu’s associated holding company, Vebu Labs, Inc., which allows Miso to purchase up to 25,000 shares of that entity at a price of $5.57 per share at any time prior to October 15, 2033.

Innovation Showroom

Miso is preparing to launch a new innovation showroom that will feature Flippy in a real-world restaurant setting. Located only one block from Miso’s laboratory and corporate offices in Pasadena, CA, the Company’s innovation showroom is intended to be a limited time, working restaurant operated under the name “CaliExpress by Flippy.” The restaurant will be a joint effort with Miso’s long-time customer CaliBurger, a popular regional burger brand.

In addition to featuring a working Flippy that cooks all of the location’s fried items, the décor of the restaurant will feature a history of Flippy, including actual artifacts and photography from throughout Flippy’s evolution. This initiative will become an additional tool for demonstrating and validating Flippy’s operation in a live restaurant setting for potential Flippy customers and shareholders alike.

Outside of the customary costs to support Flippy, Miso will not bear any of the operating costs or responsibilities of the restaurant, but will receive a share of the restaurant’s revenues.

Data

We believe that Miso has built and piloted more autonomous frying robots than all of its competitors combined. Through these efforts, Miso has gathered data detailing how AI and robotics frying products perform in actual kitchen environments, and the Company believes that it has gathered more actual kitchen data related to AI and robotics frying than any other company on the planet.

In the second half of 2023, Miso launched “Advanced Data Solutions,” which is a new effort led by the Company’s co-founder, Ryan Sinnet, PhD. The intention of Advanced Data Solutions is:

• Drive better internal decision making;
• Provide proof of novel and actionable insights that improve Miso’s value to its partners; and
• Create a valuable data and insights asset that can be monetized externally.

Additional announcements related to Miso’s data assets and monetization strategies are expected to be forthcoming in 2024.

Ecolab Partnership & Strategic Investment

Pursuant to agreements dated March 10, 2023, the Company received a $15 million strategic investment from Ecolab. Ecolab is a global leader offering water, hygiene, and infection prevention solutions and services to thousands of restaurants, hotels, hospitality locations, and theme parks. As of 2023, Ecolab reported having over 47,000 employees, 6,000 of which are focused on sales. Miso believes this partnership will result in:

• The creation and sale of new products via collaboration; and
• Increased opportunities to sell or lease its products due to the ability to leverage Ecolab’s sales channels.

Intellectual Property

As of November 1, 2023, Miso owns 23 patents in various stages, which include 9 issued, 10 published, and 4 pending. Miso leverages these patents and its other proprietary data across Flippy and its Miso Innovation Labs products.

Property

The Company leases its main office at 680 E Colorado Blvd., Suite 330, Pasadena, CA, which serves as its corporate headquarters. The Company also leases space across the street at 650 E Green St, Pasadena, CA, which is used as a research and development laboratory and test kitchen. The leases on the properties have a term of 18 months and 5 years, and began on September 1, 2023, and November 1, 2021, respectively. The Company allowed an unused lease at 561 East Green Street, Pasadena, CA, to terminate in 2023.

Cost Reductions

The Company’s management team has led a series of significant efforts to reduce costs in order to responsibly navigate today’s evolving financial and business markets. Over the past months, Miso has instituted an operating discipline that has now reduced the Company’s average monthly cash operating burn by over 30% versus the prior months of 2023, and it expects to maintain this reduction amount throughout the entire second half of 2023.

The Company has also successfully completed certain complex transactions that will further reduce its operating expense burden by an additional $4 million, including:

• Office Lease: Miso undertook and completed a restructuring of its corporate office lease, which will reduce approximately $1.7 million of costs over the next 18 months. It also successfully reduced its remaining lease term from five years to eighteen months, which provides Miso with far more optionality in its future decision-making. These changes do not impact Miso’s AI and robotics development lab located across the street from its corporate offices;
• Equipment Leasing Facility: The Company recently restructured its equipment leasing facility with Camber Road, one of its two equipment financing facilities. This will reduce Miso’s out-of-pocket expenses by approximately $1.8 million over the next 36 months; and
• Removing Outdated Flippys from Certain Legacy Partners: The Company analyzed its restaurant partnerships and determined that a handful of legacy Flippy installations were demanding an outsized portion of the Company’s technical support and engineering resources. These reasons included being located in hard-to-reach locations, prolonged wifi connectivity challenges, and other key issues that prevented Flippy from operating optimally. Accordingly, the Company has begun the process of removing these expense-heavy Flippy units in order to redirect its focus and resources towards higher priority partnerships, as well as towards the engineering efforts that support the next generation Flippy.

Directors & Executive Officers

In the second half of 2023, Miso’s board of directors appointed a new Chief Executive Officer and other members of the senior leadership team with experience operating growth-stage companies; commercializing technology and data products; and acquiring and consolidating assets during uncertain economic markets. The Company’s new Chief Executive Officer, Richard Hull, was also an early Miso investor, and has worked with the Company’s board of directors to structure a CEO compensation package that is heavily success-based to align his interests with those of other Miso shareholders like himself.

Additionally, Miso recently named Bachir Kharraja as its Chief Technology Officer, and John DiLoreto as its new Chief Financial Officer. Miso also elevated the responsibilities of certain key leadership, including Alana Abbitt who leads product, DH Kim who leads technical operations, and Nadia Cardinale who leads human resources.

Executives and directors include:

James “Buck” Jordan, Chairman & President
James (“Buck”) Jordan founded Miso Robotics in 2016 and was a Director of the company from 2017 through March 2019. Buck is currently the acting President and Chairman of the Board of Directors of Miso Robotics. In addition to his roles at Miso, Buck has been a Partner at Wavemaker Partners since 2018 and founded Wavemaker Labs, a corporate venture studio in 2016. Prior to that, Buck was Managing Partner at an early-stage venture fund, Canyon Creek Capital, a position he has held since 2010. Buck is a technologist and early-stage venture investor with a successful track record of building businesses at the leading edge of technology and in transformative high growth markets such as robotics, digital media, and consumer products. He has led investments in successful startups such as Relativity Space, Gyft, Winc, Miso Robotics, ChowNow, Jukin Media, and several others. His operating expertise was honed during his time as a management consultant, working on Capitol Hill in Senator Arlen Spector’s office, and as an Army Blackhawk Pilot.

Richard Hull, Chief Executive Officer
Richard Hull has been operating technology and media companies with both national and international footprints for over 25 years. Most recently, he founded Pongalo, which was later renamed Vix and is the largest Spanish-language streaming service in the world. Vix combines a custom-built technology stack capable of supporting millions of concurrent streams at scale; a powerful data collection and monetization engine; and licensed and owned IP rights. It was acquired in 2021 by TelevisaUnivision, the world’s largest Spanish-language media company, and was Apple’s 2022 TV App of the Year, the first Spanish-language app to ever win Apple’s top global honor. After a two-year commitment during which he oversaw a P&L of approximately $1.5 billion, Mr. Hull left TelevisaUnivision and joined Miso. For ViX, Variety awarded Mr. Hull its Dealmaker of the Year honors; Forbes named him to its Forbes 1000 list of America’s top entrepreneurs; and OTT.X, the trade organization of Hollywood’s streaming industry, awarded him its OTT.X Hero Award. Previously, he was founder and CEO of Avalanche! Capital, where he built a portfolio of 30 successful tech and media investments, and acted as adviser on over $1 billion of deals with Disney, Netflix, and others.

Bachir Kharraja, Chief Technology Officer
Bachir Kharraja holds two PhD’s, the first in Physics and the second in Astrophysics, along with a master’s degree, and he has held senior roles at large and small companies that include Motorola, iRobot, and Bluefin Robotics. He has extensive experience developing software and robotics, and he was most recently CTO of skyTran, where he evolved an academic research project born in a NASA laboratory into a launchable jet-like vehicle for urban transportation.

John DiLoreto, Chief Financial Officer
John DiLoreto is an experienced CFO and senior finance and accounting executive who holds degrees from Stanford Graduate School of Business, Massachusetts Institute of Technology, and University of California at Berkeley. He has held management and executive roles at companies large and small, including Intel, 3Com, Virtual Microsystems, and Jenmar Visual Systems. He has extensive experience in complex corporate finance and accounting transactions; US GAAP accounting standards; financial planning and analysis; external audits; cash flow management; finance system transitions; and other finance-related procedures. He joined Miso on an interim basis in June of 2022, and will assume the role on a permanent basis as of January 1, 2024.

Daehwan Kim, Vice President & Head of Technical Operations
Daehwan “DH” Kim is an operations expert with over two decades of experience. He previously held senior program management roles at Google, Lenovo, and Motorola. His career has spanned the development and delivery of cutting-edge technology products, mobile communication network and devices, consumer electronics, and robotic systems, from initial concepts to mass market launches. As Lead Program Manager or a head of program management, he has delivered over 800 technical acceptances of mobile and consumer electronic devices, launched Google’s very first global smartphone assembled in U.S, the world’s first shatter shield smartphone, and immersive mobile experiences through multiple modification devices. He also authored the product requirement document of the world’s first 5G device, and the product development process currently used in Google and Motorola Mobility. In his tenure at Coupang Corp., a South Korean e-commerce giant, he quadrupled site traffic through multiple feature enhancements, while directly and indirectly managing over 1,500 software engineers across the United States, China, Taiwan, and Korea. He joined Miso in August of 2022.

Alana Abbitt, Vice President & Head of Product Development
Alana Abbitt leads product development of Miso’s current portfolio and innovation initiatives under co-development agreements. She is also interim Customer Success/Sales Lead. Prior to joining Miso, Alana worked at Amazon where she built and ran the services organization for consumer electronics and IoT company, Ring, both before and after its acquisition by Amazon. At Ring, she was responsible for the product strategy, including P&L and go-to-market, in over 200 markets. Throughout her career, Alana has worked in startups and public companies in the tech industry building and scaling service-based businesses. She holds a bachelor’s degree from USC Marshall School of Business and an MBA from NYU Stern.

Ryan Sinnet, Vice President of Advanced Technology, Co-Founder
Ryan Sinnet has spent the last 15 years developing novel control methods and machine learning algorithms for robotic systems. He has contributed over 15 refereed publications to the field and his work has been cited over 1,200 times. As a PhD student, he was awarded the NSF Graduate Research Fellowship based on his proposal to bridge the gaps between human and robotic walking. In doing so, he published the first paper on robotic walking with complex foot action. During his studies, he worked at NASA Johnson Space Center teaching Valkyrie, a 6’2″, 300 lb humanoid robot, to walk. Prior to founding Miso Robotics, Ryan worked at eSolar where he was responsible for control software that ensures safe commercial operation of utility-scale solar power plants. Ryan received his PhD in Mechanical Engineering from Texas A&M University in 2015 and his B.S. in Electrical Engineering from the California Institute of Technology in 2007.

Nadia Cardinale, Vice President & Head of Human Resources
Nadia Cardinale has over a decade of Human Resources experience in engineering- heavy companies in the Aerospace, Manufacturing and Assembly, and Robotics and AI industries. Nadia’s experience includes union negotiations, forming strategic partnerships among managers and departments, rapidly growing teams, implementing employee-first policies, owning site-wide FAA/DOT processes and audits, and automating various administrative heavy tasks in HR. She created and implemented employee-first programs such as employee recognition programs and internship programs at various business units across Crane Company and at Miso Robotics. At Miso Robotics, Nadia created the HR department from scratch with policies and procedures that promote a creative work environment. Nadia is a strategic HR partner to individuals and teams she is supporting.

Joseph Essas, Director
Joseph Essas has been serving as Chief Technology Officer at OpenTable (part of Booking Holdings) since 2012. In his role, Joseph oversees all Product Development and Engineering initiatives at the Company as well as Data Science and Operations. Prior to joining OpenTable, Joseph served as the Chief Technology Officer for eHarmony where he was responsible for overseeing and guiding the technical development, operation and growth of the Company. Previously, Mr. Essas served as Vice President of Engineering of Yahoo! where he managed engineering teams for the search marketing division. Mr. Essas attended Jerusalem College of Technology.

Thomas Bruderman, Director
Thomas Bruderman is a founder and Managing Partner of MAG Ventures, an early to mid-stage venture fund. Mr. Bruderman founded MAG Ventures in 2007. Prior to founding MAG, he was Senior Equity Trader and responsible for the entire healthcare group at Fidelity Investments (FMR) in Boston, Massachusetts. During his seven-plus years at Fidelity, from 1998 to 2005, Mr. Bruderman’s responsibilities included trading, personnel management and investment research and analysis. Before being recruited to Fidelity Investments, Mr. Bruderman was Managing Director and Head of Equities at Merit Capital, a Connecticut-based boutique Investment Bank.

Mr. Bruderman previously served as a registered representative with a subsidiary of Fidelity from 1999 to 2004. In April 2006, Mr. Bruderman was barred from association with any FINRA member firms following a non-appearance at an interview with FINRA representatives. Mr. Bruderman was further sanctioned by the SEC in March 2008 and April 2011 for receiving undocumented compensation related to his activities placing orders for securities transactions, and failing to disclose certain conflicts of interest.

Additionally, Mr. Bruderman is Chairman of AI based cybersecurity company DarkLight and Vice-Chairman and Corporate Secretary of emerging media company, Allyance Media Group. Mr. Bruderman has over twenty-five years of experience in the finance and asset management industry, spanning both financial structuring and operational experience. He earned a BS in Finance from Providence College.

John Miller, Director
John Miller is the CEO of PopID and the Chairman of Cali Group, a holding company focused on technology investments in the restaurant and retail industries. Through Cali Group, he has been a co-founder and seed investor in Cali Group’s portfolio companies, including: CaliBurger, Super League Gaming (Nasdaq: SLGG), Miso Robotics, Kitchen United, Vyblee, and PopID. Prior to starting Cali Group, John was an early employee at Arrowhead Pharmaceuticals (NASDAQ: ARWR) and helped grow it over 8 years. John graduated Order of the Coif from Stanford Law School in 2003.