EVGN Evogene Ltd

Evogene is holding a conference call on May 23, 2024 to discuss its quarterly results for the quarter ended March 31, 2024 and, in connection with that call, will make available to its investors a slide presentation to provide additional information regarding its business and its financial results. That slide presentation is attached as Exhibit 99.2 to this Form 6-K and is incorporated herein by reference.

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Evogene Reports First Quarter 2024 Financial Results

 

Conference call and webcast: today, May 23, 2024, 9:00 am ET

 

Financial and Business Highlights:

 

 

 

 

 

 

 

 

Rehovot, Israel – May 23, 2024 – Evogene Ltd. (Nasdaq: EVGN, TASE: EVGN), a leading computational biology company aiming to revolutionize the development of life-science-based products, today announced its financial results for the first quarter period ended March 31, 2024.

 

Mr. Ofer Haviv, Evogene's President and CEO, stated: "Evogene's mission is to direct and accelerate the development of life-science based products. During the past years we developed three innovative AI tech-engines addressing the main development challenges of 3 life-science based product categories:

Our AI tech-engines were structured to be compatible with the tremendous potential of various market segments and not limited to only one specific segment.

In order to capture the value of our AI tech-engines, our business strategy is to establish diverse collaborative partnerships through licensing or collaboration, with expert partners in specific fields that complement our technology. Together, we’ll develop novel products, aiming for full or partial ownership upon project completion.

This approach maximizes the potential of our AI tech-engines, while reducing financial and development risks. We believe this strategy holds the potential for groundbreaking innovations and significant financial gains for Evogene. 

Today, Evogene has 4 subsidiary companies, and diverse engagements with leading companies in additional market segments, not covered by our subsidiaries.

I am very pleased to share with you the main achievements made by Evogene and its subsidiaries from the beginning of the year."

 

Evogene Updates:

 

 

 

 

Subsidiaries Updates:

 

Casterra Ag Ltd. – focuses on developing an integrated solution to enable large-scale commercial cultivation of castor to address the global demand for stable castor oil supply, mainly for the biodiesel industry. Casterra is utilizing GeneRator AI tech engine to direct and accelerate the development of its unique elite castor seed varieties.

 

 

Biomica Ltd. - a clinical-stage biopharmaceutical company developing innovative microbiome-based therapeutics, utilizing Evogene's MicroBoost AI tech-engine.

Lavie Bio Ltd. - a leading ag-biologicals company that develops microbiome-based, computational-driven novel bio-stimulant and bio-pesticide products, utilizing Evogene's MicroBoost AI tech-engine.

 

AgPlenus Ltd. - a global leader in computational design and development of novel sustainable crop protection products, utilizing Evogene's ChemPass AI tech-engine.

 

Financial Highlights:

R&D Expenses: Research and development expenses for the first quarter of 2024 were stable at approximately $4.8 million, net of non-refundable grants, consistent with the same period in the previous year.

Other Expenses: The decision to cease Canonic's operations resulted in recording other expenses of approximately $0.5 million, mainly due to impairment of fixed assets.

Operating Loss: The operating loss for the first quarter of 2024 was approximately $4.1 million, a decrease from $6.8 million in the same period of the previous year, mainly due to increased revenues.

Net Loss: The net loss for the first quarter of 2024 was approximately $3.8 million, compared to approximately $7.0 million in the same period last year. The $3.2 million decrease in net loss was primarily due to increased revenues and financial income, partially offset by the one-time $519 thousand other expenses related to ceasing Canonic’s operations.

For the financial tables click here.

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Conference Call & Webcast Details: Thursday, May 23, 2024. 9:00 AM EST 4:00 PM IDT

To join the Zoom conference, please register in advance here

Or join via audio

US: +12532158782,,87112165951# or +13017158592,,87112165951#

US: +1 253 215 8782 or +1 301 715 8592 or +1 305 224 1968 or +1 309 205 3325 or +1 312 626 6799 or +1 346 248 7799 or +1 360 209 5623 or +1 386 347 5053 or +1 507 473 4847 or +1 564 217 2000 or +1 646 558 8656 or +1 646 931 3860 or +1 669 444 9171 or +1 689 278 1000 or +1 719 359 4580 or +1 720 707 2699 or +1 253 205 0468

More International numbers 871 1216 5951

Webcast & Presentation link available at:

About Evogene Ltd.

Evogene Ltd. (Nasdaq: EVGN, TASE: EVGN) is a computational biology company leveraging big data and artificial intelligence, aiming to revolutionize the development of life-science based products by utilizing cutting-edge technologies to increase the probability of success while reducing development time and cost.

Evogene established three unique tech-engines – MicroBoost AI, ChemPass AI and GeneRator AI. Each tech-engine is focused on the discovery and development of products based on one of the following core components: microbes (MicroBoost AI), small molecules (ChemPass AI), and genetic elements (GeneRator AI).

Evogene uses its tech-engines to develop products through strategic partnerships and collaborations, and its four subsidiaries including:

 

 

 

 

For more information, please visit: www.evogene.com.

Forward-Looking Statements

This press release contains "forward-looking statements" relating to future events. These statements may be identified by words such as "may", "could", "expects", "hopes" "intends", "anticipates", "plans", "believes", "scheduled", "estimates", "demonstrates" or words of similar meaning. For example, Evogene and its subsidiaries are using forward-looking statements in this press release when they discuss Evogene’s strategy, its anticipated growth in 2024, projected 2024 cash usage, expected annualized savings from ceasing Canonic’s operations, Casterra’s ability to supply all existing purchase orders by the end of 2024 and providing additional inventory, the success of Biomica’s microbiome-based drugs in future trials, the results of the validation trials of Lavie Bio with Bayer, the anticipated revenues from sale of Yalos, Ag Plenus receipt of milestone and royalty payments from Bayer and Ag Plenus ability to reach commercial-level products in its project with Corteva. Such statements are based on current expectations, estimates, projections and assumptions, describe opinions about future events, involve certain risks and uncertainties which are difficult to predict and are not guarantees of future performance. Therefore, actual future results, performance, or achievements of Evogene and its subsidiaries may differ materially from what is expressed or implied by such forward-looking statements due to a variety of factors, many of which are beyond the control of Evogene and its subsidiaries, including, without limitation, the current war between Israel, Hamas and Hezbollah and any worsening of the situation in Israel such as further mobilizations or escalation in the northern border of Israel, and those risk factors contained in Evogene's reports filed with the applicable securities authority. In addition, Evogene and its subsidiaries rely, and expect to continue to rely, on third parties to conduct certain activities, such as their field trials and pre-clinical studies, and if these third parties do not successfully carry out their contractual duties, comply with regulatory requirements or meet expected deadlines, Evogene and its subsidiaries may experience significant delays in the conduct of their activities. Evogene and its subsidiaries disclaim any obligation or commitment to update these forward-looking statements to reflect future events or developments or changes in expectations, estimates, projections and assumptions.

Evogene Investors' Contact:

Rachel Pomerantz Gerber, Head of Investor Relations at Evogene

Email: rachel.pomerantz@evogene.com

Tel: +972-8-9311901

		As of March 31,				As of December 31,
		2024				2023
		Unaudited				Audited
CURRENT ASSETS:
Cash and cash equivalents		$	11,915			$	20,772
Short-term bank deposits			14,698				10,291
Trade receivables			539				357
Other receivables and prepaid expenses			3,154				2,973
Inventories			716				76
			31,022				34,469
LONG-TERM ASSETS:
Long-term deposits and other receivables			26				28
Investment accounted for using the equity method			133				-
Right-of-use-assets			879				980
Property, plant and equipment, net			1,796				2,455
Intangible assets, net			12,924				13,169
			15,758				16,632
		$	46,780			$	51,101
CURRENT LIABILITIES:
Trade payables		$	1,041			$	1,785
Employees and payroll accruals			2,432				2,537
Lease liability			715				853
Liabilities in respect of government grants			561				388
Deferred revenues and other advances			416				362
Other payables			964				1,019
			6,129				6,944
LONG-TERM LIABILITIES:
Lease liability			286				285
Liabilities in respect of government grants			4,237				4,426
Deferred revenues and other advances			402				393
Convertible SAFE			10,343				10,368
			15,268				15,472
SHAREHOLDERS' EQUITY:
Ordinary shares of NIS 0.02 par value: Authorized − 150,000,000 ordinary shares; Issued and outstanding – 50,623,278 shares as of March 31, 2024 and 50,584,888 shares as of December 31, 2023			286				286
Share premium and other capital reserve			269,452				269,353
Accumulated deficit			(261,449	)			(257,586	)
Equity attributable to equity holders of the Company			8,289				12,053
Non-controlling interests			17,094				16,632
Total equity			25,383				28,685
		$	46,780			$	51,101

		Three months ended March 31,								Year ended December 31,
		2024				2023				2023
		Unaudited								Audited
Revenues		$	4,190			$	641			$	5,640
Cost of revenues			310				322				1,692
Gross profit			3,880				319				3,948
Operating expenses:
Research and development, net			4,801				4,800				20,777
Sales and marketing			992				800				3,611
General and administrative			1,654				1,515				6,068
Other expenses			519				-				-
Total operating expenses, net			7,966				7,115				30,456
Operating loss			(4,086	)			(6,796	)			(26,508	)
Financing income			407				308				1,486
Financing expenses			(166	)			(538	)			(965	)
Financing income (expenses), net			241				(230	)			521
Loss before taxes on income			(3,845	)			(7,026	)			(25,987	)
Tax benefit			-				(45	)			(33	)
Loss		$	(3,845	)		$	(6,981	)		$	(25,954	)
Attributable to:
Equity holders of the Company			(3,863	)			(6,271	)			(23,879	)
Non-controlling interests			18				(710	)			(2,075	)
		$	(3,845	)		$	(6,981	)		$	(25,954	)
Basic and diluted loss per share, attributable to equity holders of the Company		$	(0.08	)		$	(0.15	)		$	(0.52	)
Weighted average number of shares used in computing basic and diluted loss per share			50,622,922				41,489,001				45,685,619

		Three months ended March 31,								Year ended December 31,
		2024				2023				2023
		Unaudited								Audited
Cash flows from operating activities:
Loss		$	(3,845	)		$	(6,981	)		$	(25,954	)
Adjustments to reconcile loss to net cash used in operating activities:
Adjustments to the profit or loss items:
Depreciation			426				401				1,641
Amortization of intangible assets			245				240				971
Share-based compensation			539				418				1,877
Revaluation of convertible SAFE			(25	)			194				254
Net financing income			(194	)			(54	)			(666	)
Loss (gain) from sale and impairment of property, plant
and equipment			519				(26	)			(26	)
Tax benefit			-				(45	)			(33	)
			1,510				1,128				4,018
Changes in asset and liability items:
Decrease (increase) in trade receivables			(182	)			98				(9	)
Increase in other receivables			(179	)			(291	)			(1,445	)
Decrease (increase) in inventories			(640	)			(25	)			490
Decrease in deferred taxes			-				94				94
Increase (decrease) in trade payables			(685	)			121				742
Increase (decrease) in employees and payroll accruals			(105	)			55				550
Decrease in other payables			(61	)			(553	)			(534	)
Increase (decrease) in deferred revenues and other advances			(71	)			8				(288	)
			(1,923	)			(493	)			(400	)
Cash received (paid) during the year for:
Interest received			171				138				905
Interest paid			(23	)			(36	)			(115	)
Taxes paid			-				-				(31	)
Net cash used in operating activities		$	(4,110	)		$	(6,244	)		$	(21,577	)

		Three months ended March 31,								Year ended December 31,
		2024				2023				2023
		Unaudited								Audited
Cash flows from investing activities:
Purchase of property, plant and equipment		$	(141	)		$	(359	)		$	(785	)
Proceeds from sale of marketable securities			-				637				6,924
Purchase of marketable securities			-				-				(503	)
Proceeds from sale of property, plant and equipment			10				26				26
Investment in bank deposits, net			(4,231	)			-				(10,200	)
Net cash provided by (used in) investing activities			(4,362	)			304				(4,538	)
Cash flows from financing activities:
Issuance of a subsidiary preferred shares to non-controlling interests			-				-				9,523
Proceeds from issuance of ordinary shares, net of issuance expenses			3				268				8,449
Repayment of lease liability			(231	)			(206	)			(836	)
Proceeds from government grants			-				26				1,089
Repayment of government grants			(139	)			(35	)			(73	)
Net cash provided by (used in) financing activities			(367	)			53				18,152

Exchange rate differences - cash and cash equivalent balances			(18	)			(93	)			(245	)
Decrease in cash and cash equivalents			(8,857	)			(5,980	)			(8,208	)
Cash and cash equivalents at the beginning of the period			20,772				28,980				28,980
Cash and cash equivalents at the end of the period		$	11,915			$	23,000			$	20,772
Significant non-cash activities
Acquisition of property, plant and equipment		$	22			$	69			$	81
Investment in equity-accounted investee with corresponding deferred revenues			133				-				-
Increase of right-of-use asset recognized with corresponding lease liability		$	130			$	71			$	194

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