Business
Evogene Reports Second Quarter 2024 Financial Results
Conference call and webcast: today, August 22, 2024, 9:00 am ET Financial and Business Highlights: H1 2024 revenues $5.1M, up from $1.3M in H1 2023; Q2 2024
About this update from Evogene Ltd.
[{"type":"text","content":"Conference call and webcast: today, August 22, 2024, 9:00 am ET\nFinancial and Business Highlights:\nH1 2024 revenues $5.1M, up from $1.3M in H1 2023; Q2 2024 revenues $914K, up from $654K in Q2 2023.Anticipated continued revenue growth in the second half of 2024 compared to the same period in the previous year, primarily driven by Casterra's initiation of supplying existing seed orders, which began in August 2024 and total over $8.0 million.H1 2024 loss $9.8M, down from $14.8M in H1 2023; Q2 2024 loss $6.0M, down from $7.8M in Q2 2023.Projected 2024 cash usage (excl. Biomica & Lavie Bio) $8.0M, down 36% from $12.5M in 2023.Implemented a 10:1 reverse stock split during July 2024.Casterra:\nReceived a $440K order for castor seeds from an existing customer for a new African country.Completed a successful castor seed season in Brazil, with shipments planned for Q3 2024.Seeds produced in Brazil and Africa in 2024, are anticipated to meet existing orders totaling approximately $8.4M.Biomica:\nPromising Phase 1 results for BMC128 with nivolumab in RCC, NSCLC, and melanoma, presented at ASCO 2024.Lavie Bio:\nA significant milestone achieved in ICL collaboration, developing yield-increasing bio-stimulants for row crops under extreme weather conditions by leveraging AI to identify over a dozen novel microbial candidates.Announced commercial expansion of Yalos™ bio-inoculant to winter wheat.REHOVOT, Israel, Aug. 22, 2024 /PRNewswire/ -- Evogene Ltd. (Nasdaq: EVGN) (TASE: EVGN), a leading computational biology company aiming to revolutionize the development of life-science-based products, today announced its financial results for the second quarter period ended June 30, 2024.\n\nMr. Ofer Haviv, Evogene's President and CEO, stated: \"In our vision, we see Evogene as a pioneering company for creating groundbreaking life-science products, to improve life quality and longevity. During the past years we developed three innovative AI tech-engines addressing the main development challenges of products rooted in microbes, small molecules and genomics. Our AI tech-engines were structured to be compatible with the tremendous potential of various market segments and not limited to only one specific segment.\n\"In order to capture the value of our AI tech-engines, our business strategy is to establish diverse collaborative partnerships through licensi...