99.1 |
Press Release: Evogene Reports Third Quarter 2018 Financial Results.
|
Date: November 14, 2018 |
EVOGENE LTD.
(Registrant) By: /s/ Alex Taskar —————————————— Alex Taskar Chief Financial Officer |
EXHIBIT NO.
|
DESCRIPTION
|
- |
The incorporation of Evogene's broad Ag-Chemicals division's activities to a stand-alone company is expected to be completed by year end.
|
- |
A significant milestone was achieved in the Ag-Chemicals division’s next generation herbicide pipeline. Biological proof was demonstrated in lab assays of the binding of predicted molecule families to two novel target proteins, representing a new Mode-of-Action. These next generation herbicide candidates have the potential to overcome growing weed resistance with a high standard of safety as they address target proteins not present in humans.
|
- |
Biomica recently announced the addition of internationally renowned experts in the fields of Gastroenterology and the Human Microbiome to its Scientific Advisory Board. This addition to Biomica’s scientific expertise will support the company’s upcoming steps towards its clinical development and is an important step in the creation of the required infrastructure for Biomica’s success as a stand-alone company.
|
- |
Evofuel is currently in a rebranding and renaming process to better reflect its new strategy. Evofuel has realigned its strategy in light of changes in the biofuel industry and initiated a change in its targeted market from the biofuel industry to the castor oil market for industrial uses and a change in business model – from generating revenues from seed sales, to mainly focus on partnering with castor oil producers on a revenue-sharing basis from oil and other final product sales.
|
- |
Evofuel recently announced together with Fantini, an agricultural equipment manufacturer, a breakthrough in mechanical harvesting for castor bean. Mechanical harvesting is a major bottleneck in the conversion of castor bean to a fully modernized commercial crop and the combination of Fantini’s harvester with Evofuel proprietary seeds has demonstrated significant improvement in yield loss in field trials.
|
As of September 30,
|
As of December 31,
|
|||||||
2018
|
2017
|
|||||||
Unaudited
|
Audited
|
|||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
5,710
|
$
|
3,435
|
||||
Marketable securities
|
40,001
|
59,940
|
||||||
Short-term bank deposits
|
12,500
|
8,380
|
||||||
Trade receivables
|
236
|
132
|
||||||
Other receivables and prepaid expenses
|
1,566
|
904
|
||||||
60,013
|
72,791
|
|||||||
LONG-TERM ASSETS:
|
||||||||
Long-term deposits
|
21
|
19
|
||||||
Property, plant and equipment, net
|
3,632
|
4,792
|
||||||
3,653
|
4,811
|
|||||||
$
|
63,666
|
$
|
77,602
|
|||||
CURRENT LIABILITIES:
|
||||||||
Trade payables
|
$
|
784
|
$
|
1,110
|
||||
Other payables
|
2,652
|
2,934
|
||||||
Liabilities in respect of government grants
|
1,028
|
104
|
||||||
Deferred revenues and other advances
|
598
|
516
|
||||||
5,062
|
4,664
|
|||||||
LONG-TERM LIABILITIES:
|
||||||||
Liabilities in respect of government grants
|
2,761
|
3,438
|
||||||
Deferred revenues and other advances
|
36
|
89
|
||||||
Severance pay liability, net
|
32
|
33
|
||||||
2,829
|
3,560
|
|||||||
SHAREHOLDERS' EQUITY:
|
||||||||
Ordinary shares of NIS 0.02 par value:
Authorized - 150,000,000 ordinary shares; Issued and outstanding – 25,754,297 and 25,750,547 shares at September 30, 2018 and December 31, 2017, respectively
|
142
|
142
|
||||||
Share premium and other capital reserve
|
187,349
|
186,268
|
||||||
Accumulated deficit
|
(131,989
|
)
|
(117,032
|
)
|
||||
Equity attributable to equity holders of the Company
|
55,502
|
69,378
|
||||||
Non-Controlling interests
|
273
|
-
|
||||||
Total equity
|
55,775
|
69,378
|
||||||
$
|
63,666
|
$
|
77,602
|
Nine months ended
September 30,
|
Three months ended
September 30,
|
Year ended December 31,
|
||||||||||||||||||
2018
|
2017
|
2018
|
2017
|
2017
|
||||||||||||||||
Unaudited
|
Audited
|
|||||||||||||||||||
Revenues
|
$
|
1,112
|
$
|
2,647
|
$
|
367
|
$
|
748
|
$
|
3,381
|
||||||||||
Cost of revenues
|
825
|
2,211
|
276
|
546
|
2,845
|
|||||||||||||||
Gross profit
|
287
|
436
|
91
|
202
|
536
|
|||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Research and development, net
|
10,828
|
12,319
|
3,883
|
4,301
|
16,987
|
|||||||||||||||
Business development
|
1,610
|
1,264
|
526
|
443
|
1,686
|
|||||||||||||||
General and administrative
|
2,571
|
2,781
|
785
|
960
|
3,810
|
|||||||||||||||
Total operating expenses
|
15,009
|
16,364
|
5,194
|
5,704
|
22,483
|
|||||||||||||||
Operating loss
|
(14,722
|
)
|
(15,928
|
)
|
(5,103
|
)
|
(5,502
|
)
|
(21,947
|
)
|
||||||||||
Financing income
|
1,196
|
1,769
|
328
|
563
|
2,125
|
|||||||||||||||
Financing expenses
|
(1,423
|
)
|
(444
|
)
|
(35
|
)
|
(85
|
)
|
(1,005
|
)
|
||||||||||
Loss before taxes on income
|
(14,949
|
)
|
(14,603
|
)
|
(4,810
|
)
|
(5,024
|
)
|
(20,827
|
)
|
||||||||||
Taxes on income
|
34
|
11
|
18
|
-
|
11
|
|||||||||||||||
Loss
|
$
|
(14,983
|
)
|
$
|
(14,614
|
)
|
$
|
(4,828
|
)
|
$
|
(5,024
|
)
|
$
|
(20,838
|
)
|
|||||
Attributable to:
|
||||||||||||||||||||
Equity holders of the Company
|
(14,957
|
)
|
(14,614
|
)
|
(4,802
|
)
|
(5,024
|
)
|
(20,838
|
)
|
||||||||||
Non-controlling interests
|
(26
|
)
|
-
|
(26
|
)
|
-
|
-
|
|||||||||||||
$
|
(14,983
|
)
|
$
|
(14,614
|
)
|
$
|
(4,828
|
)
|
$
|
(5,024
|
)
|
$
|
(20,838
|
)
|
||||||
Basic and diluted loss per share, attributable to equity holders of the parent
|
$
|
(0.58
|
)
|
$
|
(0.57
|
)
|
$
|
(0.19
|
)
|
$
|
(0.20
|
)
|
$
|
(0.81
|
)
|
|||||
Weighted average number of shares used in computing basic and diluted loss per share
|
25,753,111
|
25,647,266
|
25,754,297
|
25,745,887
|
25,673,276
|
Nine months ended
September 30,
|
Three months ended
September 30,
|
Year ended December 31,
|
||||||||||||||||||
2018
|
2017
|
2018
|
2017
|
2017
|
||||||||||||||||
Unaudited
|
Audited
|
|||||||||||||||||||
Cash flows from operating activities
|
||||||||||||||||||||
Loss
|
$
|
(14,983
|
)
|
$
|
(14,614
|
)
|
$
|
(4,828
|
)
|
$
|
(5,024
|
)
|
$
|
(20,838
|
)
|
|||||
Adjustments to reconcile loss to net cash used in operating activities:
|
||||||||||||||||||||
Adjustments to the profit or loss items:
|
||||||||||||||||||||
Depreciation
|
1,507
|
1,624
|
506
|
533
|
2,145
|
|||||||||||||||
Share-based compensation
|
1,371
|
1,648
|
650
|
682
|
2,244
|
|||||||||||||||
Net financing expense (income)
|
150
|
(1,579
|
)
|
(347
|
)
|
(490
|
)
|
(1,454
|
)
|
|||||||||||
Taxes on income
|
34
|
11
|
18
|
-
|
11
|
|||||||||||||||
3,062
|
1,704
|
827
|
725
|
2,946
|
||||||||||||||||
Changes in asset and liability items:
|
||||||||||||||||||||
Decrease (increase) in trade receivables
|
(104
|
)
|
(799
|
)
|
(107
|
)
|
95
|
37
|
||||||||||||
Decrease (increase) in other receivables
|
(621
|
)
|
177
|
131
|
127
|
221
|
||||||||||||||
Increase in long-term deposits
|
(2
|
)
|
(2
|
)
|
-
|
(1
|
)
|
(6
|
)
|
|||||||||||
Decrease in trade payables
|
(417
|
)
|
(381
|
)
|
(313
|
)
|
(62
|
)
|
(86
|
)
|
||||||||||
Increase (decrease) in other payables
|
(294
|
)
|
(122
|
)
|
211
|
177
|
138
|
|||||||||||||
Increase (decrease) in deferred revenues and other advances
|
29
|
5
|
(227
|
)
|
(1
|
)
|
(500
|
)
|
||||||||||||
(1,409
|
)
|
(1,121
|
)
|
(305
|
)
|
335
|
(196
|
)
|
||||||||||||
Cash received (paid) during the period for:
|
||||||||||||||||||||
Interest received
|
1,139
|
1,682
|
318
|
561
|
2,173
|
|||||||||||||||
Taxes paid
|
(23
|
)
|
(14
|
)
|
(6
|
)
|
(3
|
)
|
(14
|
)
|
||||||||||
Net cash used in operating activities
|
(12,214
|
)
|
(12,363
|
)
|
(3,994
|
)
|
(3,406
|
)
|
(15,929
|
)
|
Nine months ended
September 30,
|
Three months ended
September 30,
|
Year ended December 31,
|
||||||||||||||||||
2018
|
2017
|
2018
|
2017
|
2017
|
||||||||||||||||
Unaudited
|
Audited
|
|||||||||||||||||||
Cash flows from investing activities
|
||||||||||||||||||||
Purchase of property, plant and equipment
|
$
|
(256
|
)
|
$
|
(442
|
)
|
$
|
(103
|
)
|
$
|
(157
|
)
|
$
|
(590
|
)
|
|||||
Proceeds from sale of marketable securities
|
33,434
|
13,812
|
12,337
|
2,697
|
22,737
|
|||||||||||||||
Purchase of marketable securities
|
(14,401
|
)
|
(6,208
|
)
|
(11,246
|
)
|
(881
|
)
|
(11,659
|
)
|
||||||||||
Proceeds from (investment in) bank deposits, net
|
(4,120
|
)
|
3,620
|
(6,000
|
)
|
(1,500
|
)
|
4,757
|
||||||||||||
Net cash provided by (used in) investing activities
|
14,657
|
10,782
|
(5,012
|
)
|
159
|
15,245
|
||||||||||||||
Cash flows from financing activities
|
||||||||||||||||||||
Proceeds from exercise of options
|
9
|
682
|
-
|
12
|
683
|
|||||||||||||||
Proceeds from government grants
|
221
|
266
|
68
|
-
|
339
|
|||||||||||||||
Repayment of government grants
|
(65
|
)
|
(208
|
)
|
(21
|
)
|
(64
|
)
|
(208
|
)
|
||||||||||
Net cash provided by (used in) financing activities
|
165
|
740
|
47
|
(52
|
)
|
814
|
||||||||||||||
Exchange rate differences - cash and cash equivalent balances
|
(333
|
)
|
62
|
(62
|
)
|
(2
|
)
|
69
|
||||||||||||
Increase (decrease) in cash and cash equivalents
|
2,275
|
(779
|
)
|
(9,021
|
)
|
(3,301
|
)
|
199
|
||||||||||||
Cash and cash equivalents, beginning of the period
|
3,435
|
3,236
|
14,731
|
5,758
|
3,236
|
|||||||||||||||
Cash and cash equivalents, end of the period
|
$
|
5,710
|
$
|
2,457
|
$
|
5,710
|
$
|
2,457
|
$
|
3,435
|
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