In This Article:
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Total Revenue (First Nine Months 2024): Approximately $6.9 million, up from $5.1 million in the same period of 2023.
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Total Revenue (Q3 2024): Approximately $1.8 million, down from $3.8 million in Q3 2023.
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Operating Loss (First Nine Months 2024): Approximately $17.6 million, down from $18.9 million in the same period of 2023.
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Operating Loss (Q3 2024): Approximately $7.5 million, up from $4.2 million in Q3 2023.
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Net Loss (First Nine Months 2024): Approximately $18 million, compared to $18.6 million in the same period of 2023.
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Net Loss (Q3 2024): Approximately $8.2 million, up from $3.9 million in Q3 2023.
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Cash and Cash Equivalents (As of September 30, 2024): Approximately $20 million.
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Projected Cash Usage (2024, Excluding Lavie Bio and Biomica): Approximately $8 million to $10 million, down from $12.5 million in 2023.
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General and Administrative Expenses (Q3 2024): Approximately $2.9 million, up from $1.5 million in Q3 2023.
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Research and Development Expenses (First Nine Months 2024): Approximately $13.2 million, down from $15.2 million in the same period of 2023.
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Financing Expenses Net (Q3 2024): $757,000, compared to financing income of $320,000 in Q3 2023.
Release Date: November 21, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Evogene Ltd (NASDAQ:EVGN) reported a revenue increase to approximately $6.9 million for the first nine months of 2024, up from $5.1 million in the same period of 2023.
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The company completed a successful fundraising round in August 2024, raising $5.5 million in gross proceeds.
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Evogene Ltd (NASDAQ:EVGN) announced a collaboration with Google Cloud to develop a generative AI foundation model for novel small molecule design, enhancing its ChemPass AI tech engine.
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Casterra, a subsidiary of Evogene Ltd (NASDAQ:EVGN), achieved significant milestones in seed production infrastructure in Kenya and Brazil, supporting future seed demands.
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Lavie Bio, another subsidiary, expanded its product Yalos to new crops and markets, with initial sales expected to begin in spring 2025 for soybeans.
Negative Points
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Evogene Ltd (NASDAQ:EVGN) experienced a decrease in Q3 2024 revenues to approximately $1.8 million from $3.8 million in Q3 2023, primarily due to a $2.5 million license fee received in the previous year.
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The company reported an operating loss of approximately $17.6 million for the first nine months of 2024, slightly down from $18.9 million in the same period of 2023.
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General and administrative expenses increased significantly to approximately $6.1 million for the first nine months of 2024, up from $4.8 million in the same period of the previous year.
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Evogene Ltd (NASDAQ:EVGN) faced delays in seed deliveries due to extended rain seasons in Kenya, impacting Casterra's operations.
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The company reported a net loss of approximately $18 million for the first nine months of 2024, compared to $18.6 million in the same period of 2023, with increased financial expenses related to warrants issued in August 2024.