PROJECT KIKU -- COGS COMPARATOR
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 Class: STRICTLY PRIVATE - FINANCE
 From: Finance
 To: Managing Director; Corporate Development

 Finance has compared the Project KIKU non-human material against
 the current human-derived comparator on cost, yield, transport,
 quality documentation, working capital, and operational disruption.

 FINDING
 The non-human product is scientifically credible but commercially
 unattractive at the required volume. Its cost of goods is materially
 higher before integration. After cold-chain, import, QA expansion,
 and acquisition premium, it is not close.

 The existing human-derived comparator remains:
   - cheaper to obtain inside current controls
   - already validated against internal safety and potency data
   - already accepted by the programme's record-keeping model
   - available at higher effective yield
   - operationally familiar to Legal and Clinical Cover

 We appreciate the reputational argument for non-human supply. That
 argument has value, but not enough value to offset the delta.

 FINANCE RECOMMENDATION
 No bid. Maintain the relationship, monitor the IP, and revisit only
 if the supplier can demonstrate an order-of-magnitude yield change.

 See also: [LEGAL-REPUTATIONAL-REVIEW.TXT],
 [BOARD-DECISION-NO-BID.TXT].