-------------------------------------------------------------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of
May 2024
Commission File Number:
001-36187
EVOGENE LTD.
(Translation of Registrant's Name into English)
13 Gad Feinstein Street, Park Rehovot
Rehovot 7638517, Israel
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F
Form 40-F
-------------------------------------------------------------------------------
CONTENTS
On May 23, 2024, Evogene Ltd. ("
Evogene
") announced its financial results for the first quarter ended March 31, 2024.
A Copy of the press release announcing those results is furnished as
Exhibit 99.1
to this Report of Foreign Private Issuer on Form 6-K (this "
Form 6-K
") and is incorporated herein by reference.
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.
The GAAP financial statements tables contained in the press release attached
as Exhibit 99.1 to this Form 6-K are incorporated by reference in the
registration statements on Form F-3 (Securities and Exchange Commission ("
SEC
") File No.
333-277565
), and Form S-8 (SEC File Nos.
333-193788
,
333-201443
,
333-203856
and
333-259215
) of Evogene, and will be a part thereof from the date on which this Form 6-K
is submitted, to the extent not superseded by documents or reports
subsequently filed or furnished.
-------------------------------------------------------------------------------
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
EVOGENE LTD.
(Registrant)
Date: May 23, 2024 By:
/s/ Yaron Eldad
Yaron Eldad
Chief Financial Officer
-------------------------------------------------------------------------------
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
99.1 Press Release: Evogene Reports First
Quarter 2024 Financial Results.
99.2 Slide presentation for conference call of Evogene held on May 23, 2024
discussing Evogene's quarterly financial results for the first quarter of 2024.
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Exhibit 99.1
Evogene Reports First Quarter 2024 Financial Results
Conference call and webcast: today, May 23, 2024, 9:00 am ET
Financial and Business Highlights:
. Q1 2024 revenue: $4.2M vs. $0.6M in Q1 2023; anticipating continued growth in 2024.
. Q1 2024 net loss: $3.8M vs. $7.0M in Q1 2023.
. Projected 2024 cash usage, excluding Lavie Bio and Biomica: $8.0M, down 36% from $12.5M in 2023.
. Ceasing
Canonic
's operations results in annualized savings of approximately $1.5 million.
. Casterra
's new agreements with African and Brazilian castor seed growers secure 900
tons of castor seeds, expected to fulfill all standing orders by end of 2024.
. Biomica
to present preliminary Phase 1 clinical trial results for BMC128 at the 2024 ASCO conference on June 3.
. Lavie Bio
received $2.5M, the second half of advanced payment from Corteva;
announced new collaboration with Syngenta for bio insecticides;
extended trials with Bayer for bio fungicides. Marketing and sales for
Yalos" are expanding in the US and Canada, with more crops added.
. AgPlenus
announced a new collaboration with Bayer, including an upfront payment, research funding, milestone
payments, and future royalties; achieved a milestone with Corteva in an existing collaboration agreement.
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:
. MicroBoost AI
- for the development of microbe-based products,
. ChemPass AI
- for small-molecule-based products, and
. GeneRator AI
- for products based on genetic elements.
-------------------------------------------------------------------------------
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:
- Ceasing Canonic's operation
- Evogene has decided to cease its subsidiary Canonic, which specialized in customized medical
cannabis products, following challenging market conditions in the medical cannabis sector. This
decision results in annualized savings of approximately $1.5 million. Resources will be reallocated
to areas with greater growth potential, such as funding Casterra's needs for on-going capital.
- Establishment of Finally Foods
- In March 2024, Evogene and The Kitchen FoodTech Hub by Strauss Group, established Finally Foods Ltd., an
AI-driven company focused on sustainable protein production in plants, for the food sector. Finally Foods will
leverage Evogene's AI technology to modify plants for efficient protein production. The company has secured pre-seed
funding from TKH and the Israeli Innovation Authority. Evogene holds approximately 40% stake in the company.
- Collaboration with Verb Biotics -
In February 2024, Evogene and Verb Biotics entered into a collaboration agreement
to advance probiotic innovation by developing new strains of probiotic
bacteria that produce sustainable quantities of microbial metabolites, which
enhance human health and vitality. The partnership will leverage Evogene's
MicroBoost AI
tech-engine and Verb Biotics'
expertise in microbiome health.
-------------------------------------------------------------------------------
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.
- Under the supervision of Casterra's new CEO, the company has recently engaged with castor seed growers
in Africa and Brazil. These engagements are expected to yield approximately 900 tons of castor seeds
in 2024, fulfilling all existing purchase orders and providing additional inventory later this year.
The balance of the existing purchase orders is anticipated to be delivered in the second half of 2024.
Biomica Ltd.
- a clinical-stage biopharmaceutical company developing innovative
microbiome-based therapeutics, utilizing Evogene's
MicroBoost AI
tech-engine.
- In January, 2024, Biomica reached a significant milestone by completing Phase I trial enrollment
for its microbiome-based immuno-oncology drug BMC128 - a rationally designed consortia
of 4 bacteria. Biomica recently announced that it will be presenting preliminary Phase 1 study
data of BMC128 in a poster presentation at the 2024 ASCO Annual Conference, on June 3rd.
- Biomica is now preparing for advancing to Phase 2 of BMC128 clinical trial, and
already conducted a pre-IND meeting with the FDA, aiming to initiate Phase 2 in 2025.
- Results from Biomica's pre-clinical study in the IBS program, conducted in collaboration with NYU's
medical school, were presented at the Digestive Disease Week 2024 Annual Conference in May 2024.
-------------------------------------------------------------------------------
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.
- In February, 2024, Lavie Bio announced that it had met the requirements
of its licensing agreement for LAV311 & LAV312 with Corteva. This
achievement enabled the successful receipt of the second half of an advanced
payment, amounting to $2.5 million, bringing the total to $5 million.
- In February, 2024, Lavie Bio signed an agreement with Syngenta for the development of new biological insecticidal solutions.
- Lavie Bio has extended its joint validation trials with Bayer for its
bio-fungicides, following successful laboratory and greenhouse testing.
This joint effort, aimed at combating diseases affecting fruits and
vegetables globally, has moved to field experiments for further validation.
- In March, 2024, Lavie Bio partnered with Ceres Global
Ag Corp. to integrate its bio-inoculant, Yalos
TM
, into regenerative agriculture programs across the North America. This
announcement and other marketing and sales efforts support the penetration of Yalos
TM
in US and Canada markets with additional crops being added for treatment. Based on initial orders
and sale projections, 2024 revenues are anticipated to increase compared to the previous year.
AgPlenus Ltd.
- a global leader in computational design and development of novel sustainable
crop protection products, utilizing Evogene's
ChemPass AI
tech-engine.
- In February, 2024, AgPlenus announced a licensing and collaboration agreement with Bayer to develop a novel mode of
action broad-spectrum herbicide targeting the APTH1 protein. The agreement entitles AgPlenus to an upfront payment, which
was received on March 2024, ongoing research funding, milestone payments, and royalties based on future product sales.
Bayer will have the exclusive license for developing and commercializing products resulting from this collaboration.
- In March, 2024, AgPlenus announced achieving a milestone under its existing
collaboration with Corteva to develop new herbicides through a novel mode of action,
APCO12, discovered by AgPlenus. The next phase of this collaboration will focus
on optimizing the herbicide candidates towards a commercial-level product.
-------------------------------------------------------------------------------
Financial Highlights:
Cash Position
: As of March 31, 2024, Evogene held consolidated cash, cash equivalents, and
short-term bank deposits of approximately $26.6 million, compared to
approximately $31.1 million as of December 31, 2023. The consolidated cash
usage during the Q1 2024 was approximately $4.5 million. Excluding Lavie Bio
and Biomica, Evogene and its other subsidiaries used approximately $3.4
million in cash. Projected cash usage for 2024, excluding Lavie Bio and
Biomica, is expected to be around $8.0 million, marking a notable 36% decrease
from approximately $12.5 million in 2023.
Revenue
: Revenues for the first quarter of 2024 were approximately $4.2 million, a
significant increase from approximately $0.6 million in the same period the
previous year. This growth was primarily driven by revenues recognized from
Lavie Bio's licensing agreement with Corteva and AgPlenus's new collaboration
with Bayer. Evogene anticipates continued revenue growth in 2024 compared to
the previous year, mainly in the second half of 2024 based on Casterra's
forecast for seed-order supply.
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.
Sales and Marketing Expenses
: These expenses increased to $992 thousand in the first quarter of 2024
compared to $800 thousand in the same period of the previous year. The
increase was driven by heightened sales and marketing activities for
Casterra's elite seed varieties and Lavie Bio's first commercial product, Yalos
TM
.
General and Administrative Expenses
: General and administrative expenses rose to approximately $1.7 million in
the first quarter of 2024, compared to approximately $1.5 million in the same
period of the previous year, mainly due to non-cash compensation for
subsidiary CEOs.
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.
Financing Income
: Financing income net for the first quarter of 2024 was $241 thousand,
compared to financing expenses net of $230 thousand in the same period of the
previous year. This improvement was primarily due to increased interest income
and revaluation of convertible SAFE.
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
.
***
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:
https://evogene.com/investor-relations/
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:
- Biomica Ltd. (www.biomicamed.com) - developing and advancing novel
microbiome-based therapeutics to treat human disorders powered by
MicroBoost AI
;
- Lavie Bio (www.lavie-bio.com) - developing and commercially advancing, microbiome based ag-biologicals powered by
MicroBoost AI;
- AgPlenus Ltd. (www.agplenus.com) - developing next generation
ag-chemicals for effective and sustainable crop protection powered by
ChemPass AI;
- Casterra Ag (www.casterra.co) - developing and marketing superior castor seed varieties producing high
yield and high-grade oil content, on an industrial scale for the biofuel and other industries powered by
GeneRator AI
.
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
-------------------------------------------------------------------------------
CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
-------------------------------------------------------------------------------
U.S. dollars in thousands
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 26 28
and other receivables
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: 286 286
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
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
-------------------------------------------------------------------------------
CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS
-------------------------------------------------------------------------------
U.S. dollars in thousands (except share and per share amounts)
Three months ended Year ended
March 31, December 31,
2024 2023 2023
Unaudited Audited
Revenues $ 4,190 $ 641 $ 5,640
Cost of 310 322 1,692
revenues
Gross 3,880 319 3,948
profit
Operating
expenses:
Research and 4,801 4,800 20,777
development, net
Sales and 992 800 3,611
marketing
General and 1,654 1,515 6,068
administrative
Other 519 - -
expenses
Total operating 7,966 7,115 30,456
expenses, net
Operating (4,086 ) (6,796 ) (26,508 )
loss
Financing 407 308 1,486
income
Financing (166 ) (538 ) (965 )
expenses
Financing income 241 (230 ) 521
(expenses), net
Loss before (3,845 ) (7,026 ) (25,987 )
taxes on income
Tax - (45 ) (33 )
benefit
Loss $ (3,845 ) $ (6,981 ) $ (25,954 )
Attributable
to:
Equity holders (3,863 ) (6,271 ) (23,879 )
of the Company
Non-controlling 18 (710 ) (2,075 )
interests
$ (3,845 ) $ (6,981 ) $ (25,954 )
Basic and diluted loss per share, $ (0.08 ) $ (0.15 ) $ (0.52 )
attributable to equity holders of the Company
Weighted average number of shares used in 50,622,922 41,489,001 45,685,619
computing basic and diluted loss per share
-------------------------------------------------------------------------------
CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
-------------------------------------------------------------------------------
U.S. dollars in thousands
Three months ended Year ended
March 31, 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 )
-------------------------------------------------------------------------------
CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
-------------------------------------------------------------------------------
U.S. dollars in thousands
Three months ended Year ended
March 31, 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
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Exhibit 99.2
Life-Science Products NEW GENERATION PIONEERING OFER HAVIV | PRESIDENT &
CEO May 23, 2024
-------------------------------------------------------------------------------
This presentation contains "forward-looking statements" relating to future
events, and Evogene Ltd. (the "Company"), may from time to time make other
statements, regarding our outlook or expectations for future financial or
operating results and/or other matters regarding or affecting us that are
considered "forward-looking statements" as defined in the U.S. Private
Securities Litigation Reform Act of 1995 (the "PSLRA") and other securities
laws, as amended. Statements that are not statements of historical fact may be
deemed to be forward-looking statements. Such forward-looking statements may
be identified by the use of such words as "believe", "expect", "anticipate",
"should", "planned", "estimated", "intend" and "potential" or words of similar
meaning. We are using forward-looking statements in this presentation when we
discuss our value drivers, commercialization efforts and timing, product
development and launches, estimated market sizes and milestones, pipeline, as
well as our capabilities and technology. 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. Readers
are cautioned that certain important factors may affect the Company's actual
results and could cause such results to differ materially from any
forward-looking statements that may be made in this presentation. Therefore,
actual future results, performance or achievements, and trends in the future
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 our control,
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
described in greater detail in Evogene's Annual Report on Form 20-F and in
other information Evogene files and furnishes with the Israel Securities
Authority and the U.S. Securities and Exchange Commission, including those
factors under the heading "Risk Factors". Except as required by applicable
securities laws, we disclaim any obligation or commitment to update any
information contained in this presentation or to publicly release the results
of any revisions to any statements that may be made to reflect future events
or developments or changes in expectations, estimates, projections and
assumptions. The information contained herein does not constitute a
prospectus or other offering document, nor does it constitute or form part of
any invitation or offer to sell, or any solicitation of any invitation or
offer to purchase or subscribe for, any securities of Evogene or the Company,
nor shall the information or any part of it or the fact of its distribution
form the basis of, or be relied on in connection with, any action, contract,
commitment or relating thereto or to the securities of Evogene or the Company.
The trademarks included herein are the property of the owners thereof and are
used for reference purposes only. Such use should not be construed as an
endorsement of our products or services. 2 2 FORWARD LOOKING STATEMENT
-------------------------------------------------------------------------------
Earnings Call Q1 2024 AGENDA Financial & Business Highlights Evogene
Overview Subsidiaries' Achievements CFO Update / By Yaron Eldad Q&A 3 CEO
Update / By Ofer Haviv
-------------------------------------------------------------------------------
Financial and Business Highlights: In Q1 2024, total revenues reached
approximately $4.2 million compared to $0.6 million in Q1 2023. In full year
2024, anticipated continued revenue growth compared to the previous year. In
Q1 2024, loss was approximately $3.8 million compared to $7.0 million in Q1
2023. Projected cash usage for 2024, without Biomica and Lavie Bio, is
approximately $8 million compared to $12.5 million in 2023, a notable 36%
decrease year-over-year. Evogene decided to cease Canonic's operations,
resulting in annualized savings of $1.5 million. Evogene and Verb Biotics
collaborate to advance probiotic innovation - produce sustainable microbial
metabolites for improved human health and vitality. Evogene and The Kitchen
FoodTech Hub established a new company `Finally Foods' - targeting to produce
sustainable protein in plants, for the food sector. Evogene holds ~40% in
Finally Foods. The new company is funded by the Kitchen Hub and the Israeli
Innovation Authority. 4 4 CEO Update
-------------------------------------------------------------------------------
Financial and Business Highlights: Casterra's recent agreements with African
and Brazilian seed growers, securing an addition of 900 tons - expected to
fulfill all outstanding orders by end of 2024. Biomica to present
preliminary phase 1 clinical trial results for BMC128, at the 2024 ASCO
conference, on June 3. Lavie Bio received $2.5 million, the 2nd half of an
upfront payment from Corteva; Announced a new collaboration agreement with
Syngenta; Extended joint validation trials with Bayer for its bio fungicides,
following successful testing. - Marketing and sales for YalosTM, are
expanding in US and Canada with additional crops being added for treatment.
2024 revenues anticipated to increase, compared to the previous year.
AgPlenus announced a new collaboration agreement with Bayer - entitled to an
upfront payment, ongoing research funding, milestone payments, and royalties
on future product sales. Achieved a milestone with Corteva in existing
collaboration agreement. 5 5 CEO Update
-------------------------------------------------------------------------------
Earnings Call Q1 2024 AGENDA Financial & Business highlights Evogene
Overview Subsidiaries' Achievements CFO Update / By Yaron Eldad Q&A 6 CEO
Update / By Ofer Haviv
-------------------------------------------------------------------------------
THE RESOURCE KILLER LIFE-SCIENCE PRODUCTS LONG-TAIL PROCESS > DISCOVERY
> OPTIMIZATION > DEVELOPMENT > REGULATION THE CHALLENGE finding
the winning candidates out of a vast number of possible prospects that address
a complex myriad of criteria, to reach higher success rate for products
"Needle in the haystack" TIME/MONEY ApprovedProduct 7
-------------------------------------------------------------------------------
8 OUR MISSION DECODING BIOLOGY WE MERGE SCIENCE WITH BIG DATA AND
CUTTING-EDGE AI TECHNOLOGIES TO EFFECTIVELY DISCOVER AND OPTIMIZE NOVEL
LIFE-SCIENCE BASED PRODUCTS.
-------------------------------------------------------------------------------
BIG DATA SCIENCE AI OUR SOLUTION The CPB platform, born from over a decade
of intensive research and development, fueled by millions of dollars in
investment, directs and accelerates life-science product discovery and
optimization through dedicated AI Tech-Engines. Computational Predictive
Biology 9 Breakthrough Products backed by Technology & Science PLATFORM
-------------------------------------------------------------------------------
DISCOVERY & OPTIMIZATION WE DIRECT AND ACCELERATE LIFE-SCIENCE PRODUCT
through 3 dedicated AI tech-engines MICROBES GENETIC ELEMENTS SMALL
MOLECULES The Result: Promising candidates addressing multiple development
challenges towards successful life-science-based products. PROBABILITY OF
SUCCESS TIME COST 10
-------------------------------------------------------------------------------
11 SMALL MOLECULES GENETIC ELEMENTS MICROBES AGRICULTURE & FOOD PHARMA &
WELLNESS OTHER INDUSTRIES Improvedcrops Alternativefood Medical Cannabis
Genetherapy Diagnostics & precisionmedicine Celltherapy Bio fuel
Fragrances Natural foodcoloring Novelenzymes AGRICULTURE & FOOD PHARMA &
WELLNESS OTHER INDUSTRIES Cropprotection Chemicalstimulants Animalfertility
Animalhealthcare Pharmaceuticals Advancedwound care Medical devicecoating
Flavors and Fragrances AGRICULTURE & FOOD PHARMA & WELLNESS OTHER
INDUSTRIES Plasticdegradation Chemicals Source forenzymes Oil
spillclearing Waste-watertreatments Microbialsfor crops Food Human &animal
probiotics Therapeuticmicrobials Probiotics Dietarysupplements A WORLD OF
OPPORTUNITIES FOR OUR AI TECH ENGINES
-------------------------------------------------------------------------------
12 BUSINESS STRATEGY Capture the value of our AI tech-engines through
diverse collaborative partnerships to accelerate life-science product
development Partnering with experts in specific fields complements our
technology, enabling groundbreaking innovations and financial gains for
Evogene. EVOGENE AI Tech Engines Novel Life-Science Product PARTNER
Specific Expertise MAXIMUM POTENTIAL MINIMUM RISK
-------------------------------------------------------------------------------
Aquaculture Licensing Collaboration Improved traits - canola Crop
protection Pharmaceuticals Microbials for crops Therapeutic microbials 13
LICENSING & COLLABORATION | CURRENT STATUS Food-tech SMALL MOLECULES
GENETIC ELEMENTS MICROBES Immuno-oncology program GI related disorders
Bio-stimulants Bio-pesticides Probiotics for Human Health Probiotics
Herbicides Fungicides Insecticides Antimicrobial resistance (AMR) Elite
castor seed varieties Crustacean gene editing Protein production in Plants
for food-tech Castor for bio-based industries
-------------------------------------------------------------------------------
14 UPDATES Ceased operations, following challenging market conditions in the
medical cannabis sector. Estimated annualized savings ~$1.5 million.
-------------------------------------------------------------------------------
15 UPDATES Collaboration agreement with Verb Biotics for probiotic products,
aiming to identify and design bacteria that produce highly sustainable
quantities of metabolites, for improved human health and vitality. Synergy of
combining Evogene's knowledge in bacterial-based product development
(MicroBoost AI), with Verb Biotics' genomes of various microbial strains.
-------------------------------------------------------------------------------
16 UPDATES -Evogene and The Kitchen FoodTech Hub established `Finally
Foods', for sustainable protein production in plants for the food sector. -
Finally Foods will Leverage Evogene's GeneRator AI tech-engine. - Pre-seed
funding secured from The Kitchen Hub and the Israeli Innovation Authority. -
Evogene holds approximately 40% in the company
-------------------------------------------------------------------------------
Earnings Call Q1 2024 AGENDA Financial & Business Highlights Evogene
Overview Subsidiaries' Achievements CFO Update / By Yaron Eldad Q&A 17
CEO Update / By Ofer Haviv
-------------------------------------------------------------------------------
18 Casterra, Evogene's fully owned subsidiary, focuses on developing an
integrated solution for large-scale castor bean cultivation, utilizing
GeneRator AI tech-engine. New agreements with seed growers in Africa and
Brazil - boost castor seed production by approximately 900 tons in 2024.
Expected completion of existing seed orders and restocking for future orders.
-------------------------------------------------------------------------------
19 AgPlenus, a global leader in computational design and development of novel
sustainable crop protection products, utilizing ChemPass AI tech-engine -
Licensing & collaboration agreement with Bayer to develop herbicides targeting
APTH1 protein; Entitled to an upfront payment, ongoing research funding,
milestone payments, and royalties on future product sales. - Achieved a
milestone in the collaboration with Corteva to develop new herbicides through
a novel mode of action, APCO12.
-------------------------------------------------------------------------------
20 Lavie Bio, a global leader in developing next generation ag-biological
products, leveraging MicroBoost AI tech-engine Agreement with Syngenta for
discovery and development of new biological insecticidal solutions. Meeting
Corteva's licensing requirements, securing second-half advanced payment of
$2.5 million. Extending joint validation trials with Bayer for bio-fungicides,
following successful testing. Partnering with Ceres Global Ag Corp. to
integrate Lavie Bio's bio-inoculant YalosTM into regenerative agriculture
programs in North America.
-------------------------------------------------------------------------------
21 Biomica specializes in developing microbiome-based therapeutics for human
health, utilizing Evogene's MicroBoost AI tech-engine Completing Phase I
trial enrollment for microbiome-based immuno-oncology drug, BMC128.
Preliminary Phase 1 study data of BMC128 to be presented at ASCO 2024 Annual
Conference in June. Pre-clinical study results in IBS program, with NYU,
presented at Digestive Disease Week 2024 Annual Conference in May.
-------------------------------------------------------------------------------
22 Group Commercial & Financial Partners Investment & Collaboration
Collaboration Investment & Collaboration Collaboration Collaboration
Investment Collaboration Collaboration Collaboration Collaboration
Collaboration
-------------------------------------------------------------------------------
Earnings Call Q1 2024 AGENDA Financial & Business Highlights Evogene
Overview Subsidiaries' Achievements CFO Update / By Yaron Eldad Q&A 23
CEO Update / By Ofer Haviv
-------------------------------------------------------------------------------
CFO UPDATE
-------------------------------------------------------------------------------
CFO UPDATE Evogene Financial Performance Q1 2024 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)
-------------------------------------------------------------------------------
Earnings Call Q1 2024 AGENDA Financial & Business Highlights Evogene
Overview Subsidiaries' Achievements CFO Update / By Yaron Eldad Q&A 26
CEO Update / By Ofer Haviv
-------------------------------------------------------------------------------
THANK YOU
-------------------------------------------------------------------------------
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}
{graphic omitted}