The following is a summary of the Evogene Ltd. (EVGN) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Evogene reported a significant increase in revenue, moving from approximately $1.7 million in 2022 to $5.6 million in 2023.

• The company showed a solid cash balance of approximately $31.1 million by the end of 2023 and expects additional cash injections through collaborations and product sales.

• Operating loss and net loss for 2023 showed a slight dip compared to 2022– operating loss $26.5 million in 2023 from $26.9 million in 2022, and net loss $26 million in 2023 from $29.8 million in 2022.

• Evogene expects a marked decline in cash usage in 2024, thanks to the anticipated increase in revenue and decrease in expenses.

• The company raised around $8.5 million through a direct offering of shares to institutional investors in 2023.

Business Progress:

• Evogene evolved strategic partnerships validating their AI tech engines, leading to collaborations with notable companies such as Bayer, Corteva, ICL, and Syngenta.

• Subsidiaries made substantial contributions; AgPlenus achieved major milestones with Bayer and Corteva, and Lavie Bio made significant strides in distribution partnerships, while Biomica's flagship product, BMC128, showed promising results in Phase I clinical trials.

• The Evogene Group expects to witness an increase in product sales, such as Casterra's elite castor varieties and Lavie's bio-inoculant Yalos.

• The company secured new partnerships with seed producers in Africa and Brazil, which aids in diversification and strengthens the supply chain.

• To accommodate for growth, Evogene is making additions to its employee base, including agronomy experts in castor cultivation and plans to set up a subsidiary in Kenya.

More details: Evogene IR

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