99.1
|
Press Release: Evogene Reports Third Quarter of 2019 Financial Results.
|
Date: November 13, 2019 |
EVOGENE LTD.
(Registrant) By: /s/ Dorit Kreiner —————————————— Dorit Kreiner Chief Financial Officer |
EXHIBIT NO.
|
DESCRIPTION
|
- |
Expansion of its herbicide pipeline with an additional two chemical families, to include a total of five chemical families with validated new modes-of-action.
|
- |
In its insecticide program, the first molecules resulting from discovery efforts are being synthesized and are expected to enter insect screening within the next few months.
|
- |
Achievement of positive preliminary results in animal studies in its immuno-oncology program demonstrating improved anti-tumor activity.
|
- |
Advancement to pre-clinical studies in its Inflammatory Bowel Disease (IBD) Program.
|
- |
Initiation of a collaboration with the Weizmann Institute of Science to develop a selective treatment against antibiotic resistant bacteria, in-licensing IP and know-how generated by Professor Ada E. Yonath, Nobel Prize winner in
Chemistry, who will advise Biomica on the program.
|
- |
Initiation of the cultivation and breeding of cannabis varieties with unique genomic profiles for the development of medical cannabis products, following import of a genetically diverse cannabis seed collection, establishment of
specialized R&D facilities, and receipt of regulatory approval from the Israeli Medical Cannabis Agency (IMCA).
|
- |
Following semi-commercial trials in both Brazil and Argentina, Casterra has decided to focus on the Brazilian market, which has a well-developed castor market with several castor oil manufacturers providing a substantial demand for
castor grain.
|
- |
Corteva Agriscience, a major US agricultural chemical and seed company, announced its investment in Lavie Bio, Evogene’s ag-biologicals subsidiary. The investment included $10 million in equity and the transfer of Corteva’s holdings in
Taxon Biosciences, a wholly owned subsidiary, following which Corteva holds approximately 30% of Lavie Bio, and Evogene, approximately 70%.
|
- |
Progress in its product development within its bio-fungicide pipeline for fruit & vegetables, reaching a significant milestone. In this program, Lavie Bio has moved forward to the advanced development stage following successful
vineyard trials in Europe.
|
- |
Completion of the discovery stage and establishment of a pipeline targeting pests in corn & soybean.
|
Evogene Investor Contact:
|
US Investor Relations:
|
Rivka Neufeld
Investor Relations and Public Relations Manager
E: IR@evogene.com
T: +972-8-931-1940
|
Joseph Green
Edison Group
E: jgreen@edisongroup.com
T: +1 646-653-7030
|
Laine Yonker
Edison Group
E: lyonker@edisongroup.com
T: +1 646-653-7035
|
September 30,
|
December 31,
|
|||||||
2019
|
2018
|
|||||||
Unaudited
|
Audited
|
|||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
16,467
|
$
|
5,810
|
||||
Marketable securities
|
6,386
|
26,065
|
||||||
Short-term bank deposits
|
29,268
|
22,592
|
||||||
Trade receivables
|
147
|
160
|
||||||
Other receivables and prepaid expenses
|
1,560
|
861
|
||||||
53,828
|
55,488
|
|||||||
LONG-TERM ASSETS:
|
||||||||
Long-term deposits
|
8
|
19
|
||||||
Operating lease right-of-use-assets
|
2,963
|
-
|
||||||
Property, plant and equipment, net
|
2,389
|
3,187
|
||||||
Intangible assets, net
|
17,255
|
-
|
||||||
22,615
|
3,206
|
|||||||
$
|
76,443
|
$
|
58,694
|
|||||
CURRENT LIABILITIES:
|
||||||||
Trade payables
|
$
|
820
|
$
|
1,015
|
||||
Employees and payroll accruals
|
1,848
|
2,095
|
||||||
Operating lease liability
|
960
|
-
|
||||||
Liabilities in respect of government grants
|
79
|
988
|
||||||
Deferred revenues and other advances
|
118
|
412
|
||||||
Other payables
|
904
|
921
|
||||||
4,729
|
5,431
|
|||||||
LONG-TERM LIABILITIES:
|
||||||||
Operating lease liability
|
2,273
|
-
|
||||||
Liabilities in respect of government grants
|
3,270
|
2,898
|
||||||
Deferred revenues and other advances
|
9
|
28
|
||||||
Severance pay liability, net
|
28
|
31
|
||||||
5,580
|
2,957
|
|||||||
SHAREHOLDERS' EQUITY:
|
||||||||
Ordinary shares of NIS 0.02 par value:
Authorized - 150,000,000 ordinary shares; Issued and outstanding - 25,754,297 at September 30, 2019 and December 31, 2018, respectively
|
142
|
142
|
||||||
Share premium and other capital reserve
|
205,772
|
187,701
|
||||||
Accumulated deficit
|
(149,824
|
)
|
(137,790
|
)
|
||||
Equity attributable to equity holders of the Company
|
56,090
|
50,053
|
||||||
Non-controlling interests
|
10,044
|
253
|
||||||
Total equity
|
66,134
|
50,306
|
||||||
$
|
76,443
|
$
|
58,694
|
Nine months ended
September 30,
|
Three months ended
September 30,
|
Year ended
December 31,
|
||||||||||||||||||
2019
|
2018
|
2019
|
2018
|
2018
|
||||||||||||||||
Unaudited
|
Audited
|
|||||||||||||||||||
Revenues
|
$
|
637
|
$
|
1,112
|
$
|
97
|
$
|
367
|
$
|
1,747
|
||||||||||
Cost of revenues
|
253
|
825
|
81
|
276
|
1,452
|
|||||||||||||||
Gross profit
|
384
|
287
|
16
|
91
|
295
|
|||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Research and development, net
|
10,627
|
10,828
|
3,603
|
3,883
|
14,686
|
|||||||||||||||
Business development
|
1,420
|
1,610
|
450
|
526
|
2,084
|
|||||||||||||||
General and administrative
|
2,622
|
2,571
|
876
|
785
|
3,514
|
|||||||||||||||
Total operating expenses
|
14,669
|
15,009
|
4,929
|
5,194
|
20,284
|
|||||||||||||||
Operating loss
|
(14,285
|
)
|
(14,722
|
)
|
(4,913
|
)
|
(5,103
|
)
|
(19,989
|
)
|
||||||||||
Financing income
|
2,517
|
1,196
|
647
|
328
|
1,413
|
|||||||||||||||
Financing expenses
|
(655
|
)
|
(1,423
|
)
|
(265
|
)
|
(35
|
)
|
(2,206
|
)
|
||||||||||
Financing income (expenses), net
|
1,862
|
(227
|
)
|
382
|
293
|
(793
|
)
|
|||||||||||||
Loss before taxes on income
|
(12,423
|
)
|
(14,949
|
)
|
(4,531
|
)
|
(4,810
|
)
|
(20,782
|
)
|
||||||||||
Taxes on income (tax benefit)
|
-
|
34
|
(3
|
)
|
18
|
30
|
||||||||||||||
Loss
|
$
|
(12,423
|
)
|
$
|
(14,983
|
)
|
$
|
(4,528
|
)
|
$
|
(4,828
|
)
|
$
|
(20,812
|
)
|
|||||
Attributable to:
|
||||||||||||||||||||
Equity holders of the Company
|
$
|
(12,034
|
)
|
$
|
(14,957
|
)
|
$
|
(4,231
|
)
|
$
|
(4,802
|
)
|
$
|
(20,758
|
)
|
|||||
Non-controlling interests
|
(389
|
)
|
(26
|
)
|
(297
|
)
|
(26
|
)
|
(54
|
)
|
||||||||||
$
|
(12,423
|
)
|
$
|
(14,983
|
)
|
$
|
(4,528
|
)
|
$
|
(4,828
|
)
|
$
|
(20,812
|
)
|
||||||
Basic and diluted loss per share, attributable to equity holders of the Company
|
$
|
(0.47
|
)
|
$
|
(0.58
|
)
|
$
|
(0.16
|
)
|
$
|
(0.19
|
)
|
$
|
(0.81
|
)
|
|||||
Weighted average number of shares used in computing basic and diluted loss per share
|
25,754,297
|
25,753,111
|
25,754,297
|
25,754,297
|
25,753,411
|
Nine months ended
September 30,
|
Three months ended
September 30,
|
Year ended
December 31,
|
||||||||||||||||||
2019
|
2018
|
2019
|
2018
|
2018
|
||||||||||||||||
Unaudited
|
Audited
|
|||||||||||||||||||
Cash flows from operating activities
|
||||||||||||||||||||
Loss
|
$
|
(12,423
|
)
|
$
|
(14,983
|
)
|
$
|
(4,528
|
)
|
$
|
(4,828
|
)
|
$
|
(20,812
|
)
|
|||||
Adjustments to reconcile loss to net cash used in operating activities:
|
||||||||||||||||||||
Adjustments to the profit or loss items:
|
||||||||||||||||||||
Depreciation
|
1,906
|
1,507
|
591
|
506
|
2,020
|
|||||||||||||||
Amortization of intangible assets
|
194
|
-
|
194
|
-
|
-
|
|||||||||||||||
Share-based compensation
|
802
|
1,371
|
355
|
650
|
1,731
|
|||||||||||||||
Net financing expense (income)
|
(2,647
|
)
|
150
|
(1,025
|
)
|
(347
|
)
|
694
|
||||||||||||
Loss from sale of property, plant & equipment
|
12
|
-
|
12
|
-
|
-
|
|||||||||||||||
Taxes on income (tax benefit)
|
-
|
34
|
(3
|
)
|
18
|
30
|
||||||||||||||
267
|
3,062
|
124
|
827
|
4,475
|
||||||||||||||||
Changes in asset and liability items:
|
||||||||||||||||||||
Decrease (increase) in trade receivables
|
13
|
(104
|
)
|
-
|
(107
|
)
|
(28
|
)
|
||||||||||||
Decrease (increase) in other receivables
|
(600
|
)
|
(621
|
)
|
56
|
131
|
95
|
|||||||||||||
Increase in long-term deposits
|
-
|
(2
|
)
|
-
|
-
|
-
|
||||||||||||||
Increase (decrease) in trade payables
|
(190
|
)
|
(417
|
)
|
71
|
(313
|
)
|
(114
|
)
|
|||||||||||
Increase (decrease) in employees and payroll accruals
|
(247
|
)
|
(206
|
)
|
113
|
114
|
(182
|
)
|
||||||||||||
Increase (decrease) in other payables
|
(3
|
)
|
(88
|
)
|
75
|
97
|
233
|
|||||||||||||
Increase (decrease) in severance pay liability, net
|
(3
|
)
|
-
|
1
|
-
|
-
|
||||||||||||||
Increase (decrease) in deferred revenues and other advances
|
(313
|
)
|
29
|
(120
|
)
|
(227
|
)
|
(165
|
)
|
|||||||||||
(1,343
|
)
|
(1,409
|
)
|
196
|
(305
|
)
|
(161
|
)
|
||||||||||||
Cash received (paid) during the period for:
|
||||||||||||||||||||
Interest received
|
692
|
1,139
|
637
|
318
|
1,360
|
|||||||||||||||
Taxes paid
|
-
|
(23
|
)
|
3
|
(6
|
)
|
(23
|
)
|
||||||||||||
Net cash used in operating activities
|
(12,807
|
)
|
(12,214
|
)
|
(3,568
|
)
|
(3,994
|
)
|
(15,161
|
)
|
Nine months ended
September 30,
|
Three months ended
September 30,
|
Year ended
December 31,
|
||||||||||||||||||
2019
|
2018
|
2019
|
2018
|
2018
|
||||||||||||||||
Unaudited
|
Audited
|
|||||||||||||||||||
Cash flows from investing activities:
|
||||||||||||||||||||
Purchase of property, plant and equipment
|
$
|
(518
|
)
|
$
|
(256
|
)
|
$
|
(321
|
)
|
$
|
(103
|
)
|
$
|
(374
|
)
|
|||||
Proceeds from sale of marketable securities
|
22,828
|
33,434
|
2,833
|
12,337
|
63,639
|
|||||||||||||||
Purchase of marketable securities
|
(1,637
|
)
|
(14,401
|
)
|
-
|
(11,246
|
)
|
(31,700
|
)
|
|||||||||||
Investment in bank deposits, net
|
(6,675
|
)
|
(4,120
|
)
|
(6,675
|
)
|
(6,000
|
)
|
(14,212
|
)
|
||||||||||
Net cash provided by (used in) investing activities
|
13,998
|
14,657
|
(4,163
|
)
|
(5,012
|
)
|
17,353
|
|||||||||||||
Cash flows from financing activities:
|
||||||||||||||||||||
Proceeds from exercise of options
|
-
|
9
|
-
|
-
|
9
|
|||||||||||||||
Proceeds from government grants
|
406
|
221
|
119
|
68
|
354
|
|||||||||||||||
Repayment of operating lease liability
|
(734
|
)
|
-
|
(230
|
)
|
-
|
-
|
|||||||||||||
Issuance of subsidiary's ordinary shares to non-controlling interests
|
10,000
|
-
|
10,000
|
-
|
-
|
|||||||||||||||
Repayment of government grants
|
(586
|
)
|
(65
|
)
|
(11
|
)
|
(21
|
)
|
(66
|
)
|
||||||||||
Net cash provided by financing activities
|
9,086
|
165
|
9,878
|
47
|
297
|
|||||||||||||||
Exchange rate differences - cash and cash equivalent balances
|
380
|
(333
|
)
|
223
|
(62
|
)
|
(114
|
)
|
||||||||||||
Increase (decrease) in cash and cash equivalents
|
10,657
|
2,275
|
2,370
|
(9,021
|
)
|
2,375
|
||||||||||||||
Cash and cash equivalents, beginning of the period
|
5,810
|
3,435
|
14,097
|
14,731
|
3,435
|
|||||||||||||||
Cash and cash equivalents, end of the period
|
$
|
16,467
|
$
|
5,710
|
$
|
16,467
|
$
|
5,710
|
$
|
5,810
|
||||||||||
Significant non-cash activities
|
||||||||||||||||||||
Acquisition of property, plant and equipment
|
$
|
130
|
$
|
130
|
$
|
47
|
$
|
130
|
$
|
80
|
||||||||||
Acquisition of intangible assets from non-controlling interests against issuance of subsidiary's ordinary shares
|
$
|
17,449
|
$
|
-
|
$
|
17,449
|
$
|
-
|
$
|
-
|
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end