Conference call and webcast: today, March 7, 2024, 9:00 am
E.T.
+1-888-407-2553 or +972-3- 9180608 I
https://veidan.activetrail.biz/evogeneq4-2023
REHOVOT, Israel, March 7,
2024 /PRNewswire/ -- Evogene Ltd. (Nasdaq: EVGN)
(TASE: EVGN), a leading computational biology company targeting to
revolutionize life-science-based product discovery and development
utilizing cutting edge computational biology technologies, across
multiple market segments, today announced its financial results for
the fourth quarter and full-year period ending December 31, 2023.
Mr. Ofer Haviv, Evogene's
President, and Chief Executive Officer, stated, "The Evogene
Group has experienced a transformative year with industry
perception of our technology and products translating into growing
collaborations with world-leading companies. The number and caliber
of partnerships Evogene and our subsidiaries have formed speak
volumes: Lavie Bio with Corteva,
ICL, and Syngenta; AgPlenus with Bayer and Corteva; Casterra with a
global oil and gas company; Biomica with an investment by Shanghai
Healthcare Capital; and Evogene with Verb Biotics and Colors,
underscore our growing influence in the life science
sector.
This collaboration momentum affirms the value of Evogene's AI
tech-engines: MicroBoost AI, ChemPass AI, and GeneRator
AI, built on our CPB platform developed over a decade. Looking
forward, we anticipate further partnerships with industry leaders,
increased sales of subsidiary products like Casterra's elite castor
varieties and Lavie Bio's
bio-inoculant Yalos, and expansion beyond our current
sectors.
These efforts not only validate our contributions but also
bolster our financial position through various revenue streams,
reflected in today's reported revenues of approximately
$5.6 million in 2023, compared to
approximately $1.7 million 2022. We
anticipate continued revenue growth for the Evogene Group in
2024."
Evogene main accomplishments in 2023:
- Partnership with Verb Biotics: Evogene collaborated
with Verb Biotics, an innovative probiotics company, to identify
and design probiotic bacteria that produce sustainable quantities
of microbial metabolites to enhance human health and vitality in
the rapidly growing probiotics market. Evogene will utilize
MicroBoost AI tech-engine in the scope of this
collaboration.
- Collaboration with Colors Farm and Ben
Gurion University: Evogene partnered to pioneer
crustacean gene editing technology aimed at enhancing crustacean
traits. This collaboration, supported by a grant from the Israel
Innovation Authority, utilizes Evogene's GeneRator AI
tech-engine.
- EU Grant for Ag-Seed Division: Evogene secured a €1.2
million EU grant to develop oil-seed crops with enhanced CO2
assimilation and drought tolerance. The program, named the EIC 2022
Horizon program, supports businesses focusing on climate-focused
and sustainable crop development.
Evogene subsidiaries' main accomplishments:
Casterra Ag Ltd. - provides an integrated
end-to-end solution for large-scale castor bean cultivation,
utilizing Evogene's GeneRator AI tech-engine:
- Seed Orders from Leading Oil and Gas Company: Casterra
received seed orders totaling $11.3
million from a world-leading oil and gas company for castor
cultivation in Africa, supporting
the bio-diesel industry's growth.
- Successful Delivery of High-Yield Castor Seeds: Casterra
has successfully delivered its first shipment of high-yield,
high-oil castor seeds from Brazil
and Zambia to Africa, valued at approximately $1 million .
- Expansion of Production Capabilities: In March 2023, the company disclosed that it has
signed agreements with existing and new seed producers in
Brazil and Africa to boost its castor seed production
capabilities in 2024. These agreements are projected to increase
production by approximately 400 tons. The company expects that
these new agreements will allow it to fulfill its existing seed
orders and establish a long-term production infrastructure.
AgPlenus Ltd. - aims to develop and
commercialize next-generation crop protection products, utilizing
Evogene's ChemPass AI tech-engine:
- Licensing and Collaboration Agreement with Bayer:
AgPlenus signed in February 2024 a
licensing and collaboration agreement with Bayer's Crop Science
division to utilize AgPlenus' AI-driven computational modeling
technology for designing and optimizing molecules targeting the
APTH1 protein, a new mode of action identified by AgPlenus. Bayer
has exclusive rights for developing and commercializing products
resulting from this collaboration, with AgPlenus receiving an
upfront payment, ongoing research funding, milestone payments, and
royalties.
- Milestone Achievement with Corteva: AgPlenus reached a
milestone in the collaboration with Corteva for developing novel
herbicides, successfully identifying a new family of molecules with
herbicidal effects through a novel mode of action, APCO-12. The
collaboration will continue to optimize these molecules towards
commercial-level products, utilizing AgPlenus' computational
technology powered by Evogene's ChemPass AI tech
engine.
Biomica Ltd. - develops microbiome-based therapeutics,
leveraging Evogene's MicroBoost AI tech-engine:
- Successful Financing Round: Biomica completed a
$20 million financing round in
April 2023, with a $10 million investment from Shanghai Healthcare
Capital, validating Biomica's long-term potential.
- Advancements in Clinical Trials: BMC128, Biomica's
flagship product targeting immune-oncology patients, progressed
through Phase 1 clinical trials, assessing its safety and
tolerability in combination with Bristol Myers Squibb's Opdivo®
immunotherapy. Biomica expanded its operations by opening a second
site at The Davidoff Cancer Center in Israel to facilitate patient recruitment.
- Completion of Phase I Trial Enrollment: Biomica reached
a significant milestone in January
2024 by completing Phase I trial enrollment for its
microbiome-based immuno-oncology drug, with promising preliminary
results. Initial data readout is expected in 2024.
- Positive Interim Results in IBS Program: Biomica
reported positive interim results from pre-clinical studies on its
IBS program in July 2023, showing the
efficacy of Biomica's live bacterial consortia, BMC426 and BMC427,
in alleviating visceral pain, a major symptom of IBS. This presents
promising new treatment avenues, with plans for further
pre-clinical studies to prepare for clinical trials.
Lavie Bio Ltd. - develops and commercializes
microbiome-based ag-biological products, utilizing
Evogene's MicroBoost AI tech-engine:
- Licensing Agreement with Corteva: Lavie Bio entered a licensing agreement granting
exclusive rights to Corteva for advancing and commercializing
Lavie Bio's lead bio-fungicides,
LAV311 and LAV312, targeting fruit rots. This agreement, preceded
by two years of independent field validation trials, included an
initial payment of $5 million to
Lavie Bio, with potential future
milestone payments and royalties from Corteva's sales of the
products.
- Collaboration with Syngenta: Lavie Bio announced an agreement with Syngenta
for the discovery and development of new biological insecticidal
solutions. Leveraging Lavie Bio's
technology platform, this collaboration aims to rapidly identify
and optimize bio-insecticide candidates, further strengthening
Lavie Bio's position in the
agricultural market.
- Achievements of Yalos™ Bio-Inoculant:
- Obtained regulatory approval from the Canadian Food
Inspection Agency (CFIA), significantly expanding its sales
territory.
- Expanded scope to include durum and barley varieties across
the U.S. and Canada, following
successful field trials demonstrating approximately 7% yield
increase.
- Secured an exclusive distribution agreement with WinField
United Canada, focusing on spring wheat, durum, and barley crops in
key Canadian agricultural regions.
Canonic Ltd. - provides tailored medical
cannabis products to optimize consumer well-being, utilizing
Evogene's GeneRator AI tech-engine.
In the third quarter of 2023, Evogene announced that it had
decided to reduce its investment in Canonic in response to
challenging market conditions in the medical cannabis sector.
Currently, Evogene is announcing advanced discussions regarding the
potential transfer of Canonic's operations to a third party.
However, the completion and terms of such a transfer remain
uncertain.
Consolidated Financial Results Summary
- As of December 31,
2023, Evogene's consolidated cash, cash equivalents, and
short-term bank deposits totaled approximately $31.1 million. Alongside Casterra, Canonic, and
AgPlenus, Evogene had an aggregate cash reserve of $12.4 million, with Biomica holding $12.7 million and Lavie
Bio $6.0 million.
- In July 2023, Evogene entered into securities purchase
agreements with institutional investors in a registered direct
offering of shares only. The gross proceeds from the offering were
approximately $8.5
million.
- In 2024, Evogene anticipates a significant decrease in
cash usage to approximately $8
million, excluding Lavie Bio
and Biomica, compared to $12.5
million in 2023. This reduction is primarily driven by an
expected revenue increase and decrease in Canonic's expenses. The
total consolidated burn rate is projected to decline as well to
$21 million in 2024, down from
$23.1 million in 2023.
- The company does not have any bank debt.
- Revenues for 2023 were approximately $5.6 million, in comparison to approximately
$1.7 million in 2022. The revenue
increase was primarily due to the $2.5
million generated by Lavie
Bio as a licensing fee in the frame of its collaboration
with Corteva, as well as revenues recognized from Casterra's sale
of castor seeds.
- In the fourth quarter of 2023 R&D expenses,
reported net of non-refundable grants, reached approximately
$5.5 million, compared to about
$4.8 million in the same period the
previous year. For the full year 2023, R&D expenses remained
steady at approximately $20.8
million, in line with 2022 figures. Key drivers of R&D
expenditure throughout 2023 included the activities of Lavie Bio and the development efforts of
Biomica.
- In the fourth quarter of 2023, sales and marketing
expenses totaled approximately $1.0
million, showing a slight decrease from approximately
$1.2 million in the same period the
previous year. Throughout the full year 2023, sales and marketing
expenditures amounted to approximately $3.6
million, compared to approximately $3.9 million in 2022.
- In the fourth quarter of 2023, general and
administrative expenses were approximately $1.2 million, down from about $1.7 million in the same period the previous
year. For the full year 2023, these expenses totaled around
$6.1 million, compared to
approximately $6.5 million in 2022,
mainly due to decreased directors' and officers' insurance
costs.
- Other income - In the fourth quarter of 2022, the
company received $3.5 million from
Bayer under the joint seed traits collaboration agreement, as part
of a restructuring and release of the patent filing, prosecution,
and maintenance obligations under the collaboration.
- In the fourth quarter of 2023, the company's operating
loss increased to approximately $7.6
million from $3.8 million in
the same period the previous year, mainly due to the absence of
other income recorded in 2022. For the full year 2023, the
operating loss was approximately $26.5
million, slightly lower than the $26.9 million reported in 2022 mainly due to the
significant increase of revenues in 2023 offset by the other income
recorded in 2022.
- In the fourth quarter of 2023, the company's net
financing income amounted to approximately $287 thousand, a significant increase from
approximately $6 thousand in the same
period the previous year. For the full year 2023, net financing
income totaled approximately $521
thousand, compared to net financing expenses of
approximately $2.8 million in the
same period in the previous year. This difference between periods
was primarily driven by fluctuations in the U.S. Dollar and the New
Israeli Shekel exchange rates, changes in the value of marketable
securities, and interest income compared to the previous year.
- In the fourth quarter of 2023, the company reported
a net loss of approximately $7.3
million, compared to a net loss of approximately
$3.8 million in the same period the
previous year. This increase in net loss during the fourth quarter
of 2023 is primarily attributed to other income received in 2022,
as mentioned above. For the full year 2023, the net loss amounted
to approximately $26.0 million, a
decrease from the net loss of approximately $29.8 million reported for 2022.
For the financial tables, click here
For Evogene's updated presentation, click here.
Conference Call & Webcast Details:
Date: March 7, 2024
Time: 9:00 am E.T.; 16:00 Israel time
To join the conference call, please use the following numbers:
+1-888-407-2553 toll-free from the
United States or +972-3- 9180608
internationally. Or at
https://veidan.activetrail.biz/evogeneq4-2023
A replay of the conference call will be available approximately
two hours following the completion of the call. To access the
replay, please dial +1-888-326-9310 toll-free from the United States or +972-3-925-5901
internationally. The telephone replay will be accessible for three
days, but an archive of the webcast will be available from the
webcast link for the following twelve months.
About Evogene:
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 five
subsidiaries including:
- Biomica Ltd. (www.biomicamed.com) developing and
advancing novel microbiome-based therapeutics to treat human
disorders powered by MicroBoost AI;
- Lavie Bio
Ltd. (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;
- Canonic Ltd. (www.canonicbio.com) –
developing medical cannabis products based on decoding plant
genetics for optimized therapeutic effect powered
by GeneRator AI; and
- Casterra Ag Ltd. (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" or
words of similar meaning. For example, Evogene is using a
forward-looking statement in this press release when it discusses
further partnerships with industry leaders, increased sales of
subsidiary products like Casterra's elite castor varieties and
Lavie Bio's bio-inoculant
YalosTM, expansion beyond its current sectors, continued
revenue growth for the Evogene group in 2024, expected decrease in
cash usage in 2024, potential transfer of Canonic's operations to a
third party, increased production of Casterra, commercialization of
AgPlenus and Lavie Bio's products
and the timing and results of the clinical trials and pre-clinical
trials of Biomica's products. 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 and Hamas 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.
CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION
|
U.S. dollars in thousands
|
|
|
December 31,
|
|
December 31,
|
|
|
2023
|
|
2022
|
|
|
(Unaudited)
|
|
(Audited)
|
CURRENT ASSETS:
|
|
|
|
|
Cash and cash equivalents
|
|
$ 20,772
|
|
$ 28,980
|
Short-term bank deposits
|
|
10,291
|
|
-
|
Marketable securities
|
|
-
|
|
6,375
|
Trade receivables
|
|
357
|
|
348
|
Other receivables and prepaid expenses
|
|
2,973
|
|
1,482
|
Inventories
|
|
76
|
|
566
|
|
|
|
|
|
|
|
34,469
|
|
37,751
|
LONG-TERM ASSETS:
|
|
|
|
|
Long-term deposits and other receivables
|
|
28
|
|
74
|
Deferred taxes
|
|
-
|
|
94
|
Right-of-use-assets
|
|
980
|
|
1,568
|
Property, plant and equipment, net
|
|
2,455
|
|
2,499
|
Intangible assets, net
|
|
13,169
|
|
14,140
|
|
|
|
|
|
|
|
16,632
|
|
18,375
|
|
|
|
|
|
|
|
$ 51,101
|
|
$ 56,126
|
CURRENT LIABILITIES:
|
|
|
|
|
Trade payables
|
|
$
1,785
|
|
$
1,036
|
Employees and payroll accruals
|
|
2,537
|
|
1,987
|
Lease liability
|
|
853
|
|
884
|
Liabilities in respect of government grants
|
|
388
|
|
79
|
Deferred revenues and other advances
|
|
362
|
|
22
|
Other payables
|
|
1,019
|
|
1,617
|
|
|
|
|
|
|
|
6,944
|
|
5,625
|
LONG-TERM LIABILITIES:
|
|
|
|
|
Lease liability
|
|
285
|
|
932
|
Liabilities in respect of government grants
|
|
4,426
|
|
4,665
|
Other advances
|
|
393
|
|
-
|
Convertible SAFE
|
|
10,368
|
|
10,114
|
|
|
|
|
|
|
|
15,472
|
|
15,711
|
SHAREHOLDERS' EQUITY:
|
|
|
|
|
Ordinary shares
of NIS 0.02 par value:
Authorized –
150,000,000 ordinary shares; Issued and
outstanding –50,584,888 shares on December 31, 2023 and
41,260,439 shares on December 31, 2022
|
|
286
|
|
235
|
Share
premium and other capital reserve
|
|
269,353
|
|
261,402
|
Accumulated
deficit
|
|
(257,586)
|
|
(233,707)
|
|
|
|
|
|
Equity attributable to
equity holders of the Company
|
|
12,053
|
|
27,930
|
|
|
|
|
|
Non-controlling interests
|
|
16,632
|
|
6,860
|
|
|
|
|
|
Total equity
|
|
28,685
|
|
34,790
|
|
|
|
|
|
|
|
$ 51,101
|
|
$ 56,126
|
CONSOLIDATED
STATEMENTS OF PROFIT OR LOSS
|
U.S. dollars in
thousands (except share and per share amounts)
|
|
|
|
|
|
|
Year ended
December 31,
|
|
Three months ended
December 31,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
(Unaudited)
|
|
(Audited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
5,640
|
|
$
1,675
|
|
$ 578
|
|
$ 660
|
Cost of
revenues
|
|
1,692
|
|
909
|
|
398
|
|
364
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
3,948
|
|
766
|
|
180
|
|
296
|
|
|
|
|
|
|
|
|
|
Operating expenses
(income):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development, net
|
|
20,777
|
|
20,792
|
|
5,545
|
|
4,753
|
Sales and
marketing
|
|
3,611
|
|
3,933
|
|
1,033
|
|
1,168
|
General and
administrative
|
|
6,068
|
|
6,482
|
|
1,230
|
|
1,657
|
Other
income
|
|
-
|
|
(3,500)
|
|
-
|
|
(3,500)
|
|
|
|
|
|
|
|
|
|
Total operating
expenses, net
|
|
30,456
|
|
27,707
|
|
7,808
|
|
4,078
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
(26,508)
|
|
(26,941)
|
|
(7,628)
|
|
(3,782)
|
|
|
|
|
|
|
|
|
|
Financing
income
|
|
1,486
|
|
516
|
|
358
|
|
169
|
Financing
expenses
|
|
(965)
|
|
(3,329)
|
|
(71)
|
|
(163)
|
|
|
|
|
|
|
|
|
|
Financing income
(expenses), net
|
|
521
|
|
(2,813)
|
|
287
|
|
6
|
|
|
|
|
|
|
|
|
|
Loss before taxes on
income
|
|
(25,987)
|
|
(29,754)
|
|
(7,341)
|
|
(3,776)
|
Taxes on income (tax
benefit)
|
|
(33)
|
|
90
|
|
(4)
|
|
45
|
|
|
|
|
|
|
|
|
|
Loss
|
|
$
(25,954)
|
|
$
(29,844)
|
|
$
(7,337)
|
|
$
(3,821)
|
|
|
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
|
|
Equity holders of the
Company
|
|
(23,879)
|
|
(26,638)
|
|
(6,601)
|
|
(2,998)
|
Non-controlling
interests
|
|
(2,075)
|
|
(3,206)
|
|
(736)
|
|
(823)
|
|
|
|
|
|
|
|
|
|
|
|
$
(25,954)
|
|
$
(29,844)
|
|
$
(7,337)
|
|
$
(3,821)
|
|
|
|
|
|
|
|
|
|
Basic and diluted
loss per share,
attributable to equity holders of the
Company
|
|
$ (0.52)
|
|
$ (0.65)
|
|
$
(0.13)
|
|
$
(0.07)
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares
used in computing basic and diluted
loss per share
|
|
45,685,619
|
|
41,210,184
|
|
50,584,888
|
|
41,234,438
|
CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
U.S. dollars in
thousands
|
|
|
|
|
|
|
Year ended
December 31,
|
|
Three months ended
December 31,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
(Unaudited)
|
|
(Audited)
|
|
(Unaudited)
|
Cash flows from operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss
|
|
$
(25,954)
|
|
$
(29,844)
|
|
$
(7,337)
|
|
$
(3,821)
|
|
|
|
|
|
|
|
|
|
Adjustments to
reconcile loss to net cash used in
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to the profit or loss items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
1,641
|
|
1,513
|
|
418
|
|
396
|
Amortization of
Intangible assets
|
|
971
|
|
1,067
|
|
245
|
|
245
|
Share-based
compensation
|
|
1,877
|
|
1,186
|
|
113
|
|
291
|
Revaluation of
convertible SAFE
|
|
254
|
|
114
|
|
77
|
|
114
|
Net financing
expenses (income)
|
|
(666)
|
|
2,979
|
|
(460)
|
|
(149)
|
Decrease in accrued
bank interest
|
|
-
|
|
7
|
|
-
|
|
-
|
Gain from sale of
property, plant and equipment
|
|
(26)
|
|
-
|
|
-
|
|
-
|
Taxes on
income (tax
benefit)
|
|
(33)
|
|
90
|
|
(4)
|
|
45
|
|
|
|
|
|
|
|
|
|
|
|
4,018
|
|
6,956
|
|
389
|
|
942
|
Changes in asset and
liability items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease (increase)
in trade receivables
|
|
(9)
|
|
(67)
|
|
988
|
|
104
|
Decrease (increase)
in other receivables
|
|
(1,445)
|
|
1,113
|
|
(1,025)
|
|
670
|
Decrease (increase)
in inventories
|
|
490
|
|
(474)
|
|
37
|
|
(401)
|
Decrease (increase)
in deferred taxes
|
|
94
|
|
(94)
|
|
94
|
|
(94)
|
Increase (decrease)
in trade payables
|
|
742
|
|
(469)
|
|
563
|
|
131
|
Increase (decrease)
in employees and payroll accruals
|
|
550
|
|
(675)
|
|
478
|
|
(337)
|
Increase (decrease)
in other payables
|
|
(534)
|
|
48
|
|
(67)
|
|
634
|
Decrease in deferred
revenues and other advances
|
|
(288)
|
|
(153)
|
|
(478)
|
|
(338)
|
|
|
|
|
|
|
|
|
|
|
|
(400)
|
|
(771)
|
|
590
|
|
369
|
|
|
|
|
|
|
|
|
|
Cash received (paid)
during the period
for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
received
|
|
905
|
|
186
|
|
472
|
|
68
|
Interest (paid)
received, net
|
|
(115)
|
|
(165)
|
|
(23)
|
|
191
|
Taxes paid
|
|
(31)
|
|
(40)
|
|
(16)
|
|
(6)
|
|
|
|
|
|
|
|
|
|
Net cash used in
operating activities
|
|
$
(21,577)
|
|
$
(23,678)
|
|
$
(5,925)
|
|
$
(2,257)
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
U.S. dollars in
thousands
|
|
|
Year ended
December 31,
|
|
Three months ended
December 31,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
(Unaudited)
|
|
(Audited)
|
|
(Unaudited)
|
Cash flows from investing
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property,
plant and equipment
|
|
$
(785)
|
|
$
(1,171)
|
|
$
(86)
|
|
$
(199)
|
Proceeds from sale of
marketable securities
|
|
6,924
|
|
12,356
|
|
-
|
|
4
|
Purchase of
marketable securities
|
|
(503)
|
|
(911)
|
|
-
|
|
(252)
|
Proceeds from sale of
property, plant and equipment
|
|
26
|
|
-
|
|
-
|
|
-
|
Withdrawal from
(investment in) bank deposits, net
|
|
(10,200)
|
|
3,000
|
|
(500)
|
|
-
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) investing activities
|
|
(4,538)
|
|
13,274
|
|
(586)
|
|
(447)
|
|
|
|
|
|
|
|
|
|
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
|
|
8,449
|
|
21
|
|
45
|
|
21
|
Proceeds from
issuance of convertible SAFE
|
|
-
|
|
10,000
|
|
-
|
|
-
|
Proceeds from
exercise of options
|
|
-
|
|
7
|
|
-
|
|
-
|
Repayment of lease
liability
|
|
(836)
|
|
(803)
|
|
(212)
|
|
(437)
|
Proceeds from
government grants
|
|
1,089
|
|
149
|
|
20
|
|
60
|
Repayment of
government grants
|
|
(73)
|
|
(31)
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) financing activities
|
|
18,152
|
|
9,343
|
|
(147)
|
|
(356)
|
|
|
|
|
|
|
|
|
|
Exchange rate
differences - cash and cash equivalent
balances
|
|
(245)
|
|
(2,284)
|
|
99
|
|
180
|
|
|
|
|
|
|
|
|
|
Decrease in
cash and cash equivalents
|
|
(8,208)
|
|
(3,345)
|
|
(6,559)
|
|
(2,880)
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents beginning of the period
|
|
28,980
|
|
32,325
|
|
27,331
|
|
31,860
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents end of the period
|
|
$ 20,772
|
|
$ 28,980
|
|
$
20,772
|
|
$
28,980
|
|
|
|
|
|
|
|
|
|
Significant non-cash activities
|
|
|
|
|
|
|
|
|
Acquisition of
property, plant and equipment
|
|
$
81
|
|
$
74
|
|
$
81
|
|
$
74
|
Increase of
right-of-use-asset recognized with
corresponding lease liability
|
|
$
194
|
|
$
90
|
|
$ 59
|
|
$
71
|
Contact
Rachel Pomerantz
Gerber
Head of Investor Relations at Evogene
rachel.pomerantz@evogene.com
Tel: +972-8-9311901
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SOURCE Evogene