99.1 |
Press Release: Evogene Reports Second Quarter 2018 Financial Results.
|
Date: August 8, 2018 |
EVOGENE LTD.
(Registrant) By: /s/ Alex Taskar —————————————— Alex Taskar Chief Financial Officer |
EXHIBIT NO.
|
DESCRIPTION
|
· |
Antibiotic resistant bacteria - Successful computational screen of tens of millions of small molecules for the identification of effective chemistry against one of the most common antibiotic resistant, hospital-acquired infections. The company will now enter biological in vitro assays for validation.
|
· |
Immuno-Oncology – After obtaining relevant data, Biomica aims to use its proprietary PRISM platform to identify and characterize microbes relevant for the enhancement of cancer immunotherapy. Initial results are expected till the end of this year.
|
· |
GI related disorders - Biomica recently integrated relevant Big-Data into its PRISM platform and have computationally identified a novel microbial consortia, predicted to carry out pivotal microbial functions that can potentially decrease inflammation in IBD patients.
|
As of June 30,
|
As of
December 31,
|
|||||||||||
2018
|
2017
|
2017
|
||||||||||
Unaudited
|
Audited
|
|||||||||||
CURRENT ASSETS:
|
||||||||||||
Cash and cash equivalents
|
$
|
14,731
|
$
|
5,758
|
$
|
3,435
|
||||||
Marketable securities
|
41,040
|
65,878
|
59,940
|
|||||||||
Short-term bank deposits
|
6,500
|
8,017
|
8,380
|
|||||||||
Trade receivables
|
129
|
1,063
|
132
|
|||||||||
Other receivables and prepaid expenses
|
1,683
|
1,105
|
904
|
|||||||||
64,083
|
81,821
|
72,791
|
||||||||||
LONG-TERM ASSETS:
|
||||||||||||
Long-term deposits
|
21
|
14
|
19
|
|||||||||
Property, plant and equipment, net
|
3,986
|
5,611
|
4,792
|
|||||||||
4,007
|
5,625
|
4,811
|
||||||||||
$
|
68,090
|
$
|
87,446
|
$
|
77,602
|
|||||||
CURRENT LIABILITIES:
|
||||||||||||
Trade payables
|
$
|
1,048
|
$
|
947
|
$
|
1,110
|
||||||
Other payables
|
2,429
|
2,502
|
2,934
|
|||||||||
Liabilities in respect of government grants
|
676
|
103
|
104
|
|||||||||
Deferred revenues and other advances
|
793
|
1,081
|
516
|
|||||||||
4,946
|
4,633
|
4,664
|
||||||||||
LONG-TERM LIABILITIES:
|
||||||||||||
Liabilities in respect of government grants
|
3,091
|
3,416
|
3,438
|
|||||||||
Deferred revenues and other advances
|
68
|
30
|
89
|
|||||||||
Severance pay liability, net
|
32
|
32
|
33
|
|||||||||
3,191
|
3,478
|
3,560
|
||||||||||
SHAREHOLDERS' EQUITY:
|
||||||||||||
Ordinary shares of NIS 0.02 par value:
Authorized - 150,000,000 ordinary shares; Issued and outstanding – 25,754,297, 25,745,371 and 25,750,547 shares at June 30, 2018 and 2017 and December 31, 2017, respectively
|
142
|
142
|
142
|
|||||||||
Share premium and other capital reserve
|
186,998
|
184,977
|
186,268
|
|||||||||
Accumulated deficit
|
(127,187
|
)
|
(105,784
|
)
|
(117,032
|
)
|
||||||
59,953
|
79,335
|
69,378
|
||||||||||
$
|
68,090
|
$
|
87,446
|
$
|
77,602
|
Six months ended
June 30,
|
Three months ended
June 30,
|
Year ended December 31,
|
||||||||||||||||||
2018
|
2017
|
2018
|
2017
|
2017
|
||||||||||||||||
Unaudited
|
Audited
|
|||||||||||||||||||
Revenues
|
$
|
745
|
$
|
1,899
|
$
|
379
|
$
|
1,178
|
$
|
3,381
|
||||||||||
Cost of revenues
|
549
|
1,665
|
265
|
1,018
|
2,845
|
|||||||||||||||
Gross profit
|
196
|
234
|
114
|
160
|
536
|
|||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Research and development, net
|
6,945
|
8,018
|
3,460
|
4,014
|
16,987
|
|||||||||||||||
Business development
|
1,084
|
821
|
486
|
370
|
1,686
|
|||||||||||||||
General and administrative
|
1,786
|
1,821
|
841
|
943
|
3,810
|
|||||||||||||||
Total operating expenses
|
9,815
|
10,660
|
4,787
|
5,327
|
22,483
|
|||||||||||||||
Operating loss
|
(9,619
|
)
|
(10,426
|
)
|
(4,673
|
)
|
(5,167
|
)
|
(21,947
|
)
|
||||||||||
Financing income
|
868
|
1,206
|
335
|
484
|
2,125
|
|||||||||||||||
Financing expenses
|
(1,388
|
)
|
(359
|
)
|
(418
|
)
|
(57
|
)
|
(1,005
|
)
|
||||||||||
Loss before taxes on income
|
(10,139
|
)
|
(9,579
|
)
|
(4,756
|
)
|
(4,740
|
)
|
(20,827
|
)
|
||||||||||
Taxes on income
|
16
|
11
|
13
|
3
|
11
|
|||||||||||||||
Loss
|
$
|
(10,155
|
)
|
$
|
(9,590
|
)
|
$
|
(4,769
|
)
|
$
|
(4,743
|
)
|
$
|
(20,838
|
)
|
|||||
Basic and diluted loss per share
|
$
|
(0.39
|
)
|
$
|
(0.37
|
)
|
$
|
(0.19
|
)
|
$
|
(0.18
|
)
|
$
|
(0.81
|
)
|
|||||
Weighted average number of shares used in computing basic and diluted loss per share
|
25,752,505
|
25,596,863
|
25,754,297
|
25,691,852
|
25,673,276
|
Six months ended
June 30,
|
Three months ended
June 30,
|
Year ended December 31,
|
||||||||||||||||||
2018
|
2017
|
2018
|
2017
|
2017
|
||||||||||||||||
Unaudited
|
Audited
|
|||||||||||||||||||
Cash flows from operating activities
|
||||||||||||||||||||
Loss
|
$
|
(10,155
|
)
|
$
|
(9,590
|
)
|
$
|
(4,769
|
)
|
$
|
(4,743
|
)
|
$
|
(20,838
|
)
|
|||||
Adjustments to reconcile loss to net cash used in operating activities:
|
||||||||||||||||||||
Adjustments to the profit or loss items:
|
||||||||||||||||||||
Depreciation
|
1,001
|
1,091
|
505
|
546
|
2,145
|
|||||||||||||||
Share-based compensation
|
721
|
966
|
375
|
450
|
2,244
|
|||||||||||||||
Net financing expense (income)
|
497
|
(1,089
|
)
|
86
|
(524
|
)
|
(1,454
|
)
|
||||||||||||
Taxes on income
|
16
|
11
|
13
|
3
|
11
|
|||||||||||||||
2,235
|
979
|
979
|
475
|
2,946
|
||||||||||||||||
Changes in asset and liability items:
|
||||||||||||||||||||
Decrease (increase) in trade receivables
|
3
|
(894
|
)
|
60
|
(438
|
)
|
37
|
|||||||||||||
Decrease (increase) in other receivables
|
(752
|
)
|
50
|
(130
|
)
|
770
|
221
|
|||||||||||||
Increase in long-term deposits
|
(2
|
)
|
(1
|
)
|
(2
|
)
|
(10
|
)
|
(6
|
)
|
||||||||||
Increase (decrease) in trade payables
|
(104
|
)
|
(319
|
)
|
126
|
110
|
(86
|
)
|
||||||||||||
Increase (decrease) in other payables
|
(505
|
)
|
(298
|
)
|
84
|
(656
|
)
|
138
|
||||||||||||
Increase (decrease) in deferred revenues and other advances
|
(10
|
)
|
6
|
(180
|
)
|
(50
|
)
|
(500
|
)
|
|||||||||||
(1,370
|
)
|
(1,456
|
)
|
(42
|
)
|
(274
|
)
|
(196
|
)
|
|||||||||||
Cash received (paid) during the period for:
|
||||||||||||||||||||
Interest received
|
821
|
1,121
|
288
|
450
|
2,173
|
|||||||||||||||
Taxes paid
|
(17
|
)
|
(11
|
)
|
(10
|
)
|
-
|
(14
|
)
|
|||||||||||
Net cash used in operating activities
|
(8,486
|
)
|
(8,957
|
)
|
(3,554
|
)
|
(4,092
|
)
|
(15,929
|
)
|
Six months ended
June 30,
|
Three months ended
June 30,
|
Year ended December 31,
|
||||||||||||||||||
2018
|
2017
|
2018
|
2017
|
2017
|
||||||||||||||||
Unaudited
|
Audited
|
|||||||||||||||||||
Cash flows from investing activities:
|
||||||||||||||||||||
Purchase of property, plant and equipment
|
$
|
(153
|
)
|
$
|
(285
|
)
|
$
|
(105
|
)
|
$
|
(87
|
)
|
$
|
(590
|
)
|
|||||
Proceeds from sale of marketable securities
|
21,097
|
11,115
|
13,875
|
4,829
|
22,737
|
|||||||||||||||
Purchase of marketable securities
|
(3,155
|
)
|
(5,327
|
)
|
(951
|
)
|
(2,623
|
)
|
(11,659
|
)
|
||||||||||
Proceeds from bank deposits, net
|
1,880
|
5,120
|
-
|
4,000
|
4,757
|
|||||||||||||||
Proceeds from government grants
|
266
|
-
|
266
|
-
|
-
|
|||||||||||||||
Net cash provided by investing activities
|
19,935
|
10,623
|
13,085
|
6,119
|
15,245
|
|||||||||||||||
Cash flows from financing activities:
|
||||||||||||||||||||
Proceeds from exercise of options
|
9
|
670
|
-
|
322
|
683
|
|||||||||||||||
Proceeds from government grants
|
153
|
266
|
96
|
165
|
339
|
|||||||||||||||
Repayment of government grants
|
(44
|
)
|
(144
|
)
|
-
|
(50
|
)
|
(208
|
)
|
|||||||||||
Net cash provided by financing activities
|
118
|
792
|
96
|
437
|
814
|
|||||||||||||||
Exchange rate differences - cash and cash equivalent balances
|
(271
|
)
|
64
|
(249
|
)
|
4
|
69
|
|||||||||||||
Increase in cash and cash equivalents
|
11,296
|
2,522
|
9,378
|
2,468
|
199
|
|||||||||||||||
Cash and cash equivalents, beginning of the period
|
3,435
|
3,236
|
5,353
|
3,290
|
3,236
|
|||||||||||||||
Cash and cash equivalents, end of the period
|
$
|
14,731
|
$
|
5,758
|
$
|
14,731
|
$
|
5,758
|
$
|
3,435
|