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Evogene Ltd. EVGN EVGN Q3 2022 revenues were $466,000, a 208% increase in comparison to $151,000 in the same period of the previous year and were primarily due to revenues recognized per the collaboration agreement of Evogene’s subsidiary AgPlenus with Corteva.
Q3 2022 Financial Highlights
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Gross profit was $346,000 compared to $50,000 in Q3 2021.
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Net loss was $7.2 million, in comparison to a net loss of $8.3 million in the same period in the previous year.
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R&D expenses were $5.0 million, in comparison to $5.8 million in the same period the previous year.
Ofer Haviv, Evogene’s president and CEO, stated,”In these challenging times in the capital markets, it’s important to emphasize that we maintain a strong consolidated cash position of approximately $38 million, which based on our business plan, we expect will be enough to take us towards late 2024. Furthermore, with the strategic steps we continue to pursue, the fundraising at our subsidiary level, as well as the collaborations with non-dilutive payments, we believe we will extend this runway out further.
“The strategic collaboration and $10 million investment in the quarter by ICL, a leading specialty minerals company, into our subsidiary, Lavie Bio, is a great example of the successful execution of this strategy. It brought a new and additional source of capital to that subsidiary, it brought a value-adding partner to the subsidiary, which has a strong share in the ultimate success and upside in that subsidiary, and it also demonstrated the inherent financial value of the subsidiary and ultimately Evogene’s share in it. We continue to work hard in identifying additional value-adding partners and investors and bringing them into our subsidiaries.”
“Another collaboration we are proud of was announced by our subsidiary Canonic, developing cannabis products, leveraging Evogene’s GeneRator AI tech engine. They announced a new licensing and royalty agreement signed with GroVida, a Portuguese cannabis cultivation company, in European markets for two of our new cannabis lines. Europe is a first and key target market for Canonic beyond our local market in Israel, with total medical cannabis market sales estimated at approximately €400 million.”
Price Action
Evogene shares were trading 4.99% higher at $0.7694 per share, during Thursday’s pre-market session.
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Photo: Courtesy of Evogene Ltd.
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