• |
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.
|
• |
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.
|
- |
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.
|
- |
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.
|
- |
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.
|
- |
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, YalosTM, into regenerative agriculture programs across the North America. This announcement and other marketing and sales efforts
support the penetration of YalosTM 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.
|
- |
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.
|
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
|
- |
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.
|
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
|