99.1
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Press Release: Evogene Reports First Quarter of 2019 Financial Results.
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Date: May 28, 2019 |
EVOGENE LTD.
(Registrant) By: /s/ Dorit Kreiner —————————————— Dorit Kreiner Chief Financial Officer |
EXHIBIT NO.
|
DESCRIPTION
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· |
Establishment of Lavie Bio Ltd., a subsidiary focused on ag-biologicals, aiming to improve food quality, health and sustainability, led by Mr. Ido Dor.
|
· |
Establishment of Canonic Ltd., a subsidiary focused on developing next generation medical cannabis products, led by Dr. Arnon Heyman, who will participate in this quarterly call. The company’s presentation can be accessed at: http://www.evogene.com/investor-relations/presentations-and-webcasts/
|
· |
Evofuel was rebranded as Casterra to better reflect its change in business focus from the castor growers for the alternative fuel industry to castor oil for industrial uses. This subsidiary is led by Mr. Assaf Dotan.
|
· |
Biomica announced the initiation of pre-clinical studies in its immuno-oncology program, aiming to augment current cancer therapies by altering patients’ gut microbiome to improve response
|
· |
AgPlenus:
|
o |
Herbicide pipeline: a leading molecule family demonstrated in-planta proof of new Mode-of-Action (MoA) and demonstrated activity on a broad panel of important weeds in greenhouse assays.
|
o |
Insecticide pipeline: computational identification of a new target representing a new MoA in insect pests has been achieved. Efforts are now focused on the computational prediction of molecule families that should inhibit this target.
|
Evogene Investor Contact:
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US Investor Relations:
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Nir Zalik
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Vivian Cervantes
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IR Director
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PCG Investor Relations
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IR@evogene.com
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vivian@pcgadvisory.com
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972-8-931-1900
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646-863-6274
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As of March 31,
|
As of
December 31,
|
|||||||
2019
|
2018
|
|||||||
Unaudited
|
Audited
|
|||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
6,588
|
$
|
5,810
|
||||
Marketable securities
|
20,828
|
26,065
|
||||||
Short-term bank deposits
|
22,592
|
22,592
|
||||||
Trade receivables
|
38
|
160
|
||||||
Other receivables and prepaid expenses
|
1,795
|
861
|
||||||
51,841
|
55,488
|
|||||||
LONG-TERM ASSETS:
|
||||||||
Long-term deposits
|
-
|
19
|
||||||
Operating lease right-of-use-assets
|
3,050
|
-
|
||||||
Property, plant and equipment, net
|
2,744
|
3,187
|
||||||
5,794
|
3,206
|
|||||||
$
|
57,635
|
$
|
58,694
|
|||||
CURRENT LIABILITIES:
|
||||||||
Trade payables
|
$
|
641
|
$
|
1,015
|
||||
Employees and payroll accruals
|
1,690
|
2,095
|
||||||
Operating lease liability
|
673
|
-
|
||||||
Liabilities in respect of government grants
|
1,008
|
988
|
||||||
Deferred revenues and other advances
|
373
|
412
|
||||||
Other payables
|
862
|
921
|
||||||
5,247
|
5,431
|
|||||||
LONG-TERM LIABILITIES:
|
||||||||
Liabilities in respect of government grants
|
3,138
|
2,898
|
||||||
Operating lease liability
|
2,454
|
-
|
||||||
Deferred revenues and other advances
|
9
|
28
|
||||||
Severance pay liability, net
|
32
|
31
|
||||||
5,633
|
2,957
|
|||||||
SHAREHOLDERS' EQUITY:
|
||||||||
Ordinary shares of NIS 0.02 par value:
Authorized − 150,000,000 ordinary shares; Issued and outstanding –25,754,297 shares at March 31, 2019, and December 31, 2018
|
142
|
142
|
||||||
Share premium and other capital reserve
|
187,884
|
187,701
|
||||||
Accumulated deficit
|
(141,499
|
)
|
(137,790
|
)
|
||||
Equity attributable to equity holders of the Company
|
46,527
|
50,053
|
||||||
Non-controlling interests
|
228
|
253
|
||||||
Total equity
|
46,755
|
50,306
|
||||||
$
|
57,635
|
$
|
58,694
|
Three months ended
March 31,
|
Year ended
December 31,
|
|||||||||||
2019
|
2018
|
2018
|
||||||||||
Unaudited
|
Audited
|
|||||||||||
Revenues
|
$
|
348
|
$
|
366
|
$
|
1,747
|
||||||
Cost of revenues
|
71
|
284
|
1,452
|
|||||||||
Gross profit
|
277
|
82
|
295
|
|||||||||
Operating expenses:
|
||||||||||||
Research and development, net
|
3,544
|
3,485
|
14,686
|
|||||||||
Business development
|
493
|
598
|
2,084
|
|||||||||
General and administrative
|
909
|
945
|
3,514
|
|||||||||
Total operating expenses
|
4,946
|
5,028
|
20,284
|
|||||||||
Operating loss
|
(4,669
|
)
|
(4,946
|
)
|
(19,989
|
)
|
||||||
Financing income
|
1,199
|
533
|
1,413
|
|||||||||
Financing expenses
|
(282
|
)
|
(970
|
)
|
(2,206
|
)
|
||||||
Financing income (expenses), net
|
917
|
(437
|
)
|
(793
|
)
|
|||||||
Loss before taxes on income
|
(3,752
|
)
|
(5,383
|
)
|
(20,782
|
)
|
||||||
Taxes on income
|
2
|
3
|
30
|
|||||||||
Loss
|
$
|
(3,754
|
)
|
$
|
(5,386
|
)
|
$
|
(20,812
|
)
|
|||
Attributable to:
|
||||||||||||
Equity holders of the Company
|
$
|
(3,709
|
)
|
$
|
(5,386
|
)
|
$ |
(20,758
|
)
|
|||
Non-controlling interests
|
(45
|
)
|
-
|
(54
|
)
|
|||||||
$
|
(3,754
|
)
|
$
|
(5,386
|
)
|
$
|
(20,812
|
)
|
||||
Basic and diluted loss per share
|
$
|
(0.15
|
)
|
$
|
(0.21
|
)
|
$
|
(0.81
|
)
|
|||
Weighted average number of shares used in computing basic and diluted loss per share
|
25,754,297
|
25,750,673
|
25,753,411
|
Three months ended
March 31,
|
Year ended
December 31,
|
|||||||||||
2019
|
2018
|
2018
|
||||||||||
Unaudited
|
Audited
|
|||||||||||
Cash flows from operating activities:
|
||||||||||||
Loss
|
$
|
(3,754
|
)
|
$
|
(5,386
|
)
|
$
|
(20,812
|
)
|
|||
Adjustments to reconcile loss to net cash used in operating activities:
|
||||||||||||
Adjustments to the profit or loss items:
|
||||||||||||
Depreciation
|
638
|
496
|
2,020
|
|||||||||
Share-based compensation
|
203
|
346
|
1,731
|
|||||||||
Net financing expense (income)
|
(1,013
|
)
|
411
|
694
|
||||||||
Taxes on income
|
2
|
3
|
30
|
|||||||||
(170
|
)
|
1,256
|
4,475
|
|||||||||
Changes in asset and liability items:
|
||||||||||||
Decrease (increase) in trade receivables
|
122
|
(57
|
)
|
(28
|
)
|
|||||||
Decrease (increase) in other receivables
|
(758
|
)
|
(622
|
)
|
95
|
|||||||
Decrease in trade payables
|
(318
|
)
|
(230
|
)
|
(114
|
)
|
||||||
decrease in employees and payroll accruals
|
(405
|
)
|
(551
|
)
|
(182
|
)
|
||||||
Increase (decrease) in other payables
|
(52
|
)
|
(37
|
)
|
233
|
|||||||
Increase (decrease) in severance pay liability, net
|
1
|
(1
|
)
|
-
|
||||||||
Increase (decrease) in deferred revenues and other advances
|
(58
|
)
|
170
|
(165
|
)
|
|||||||
(1,468
|
)
|
(1,328
|
)
|
(161
|
)
|
|||||||
Cash received (paid) during the period for:
|
||||||||||||
Interest received
|
34
|
533
|
1,360
|
|||||||||
Taxes paid
|
-
|
(7
|
)
|
(23
|
)
|
|||||||
Net cash used in operating activities
|
(5,358
|
)
|
(4,932
|
)
|
(15,161
|
)
|
||||||
Cash flows from investing activities:
|
||||||||||||
Purchase of property, plant and equipment
|
(83
|
)
|
(48
|
)
|
(374
|
)
|
||||||
Proceeds from sale of marketable securities
|
6,229
|
7,222
|
63,639
|
|||||||||
Purchase of marketable securities
|
-
|
(2,204
|
)
|
(31,700
|
)
|
|||||||
Proceeds from (investment in) bank deposits, net
|
-
|
1,880
|
(14,212
|
)
|
||||||||
Net cash provided by investing activities
|
6,146
|
6,850
|
17,353
|
Three months ended
March 31,
|
Year ended
December 31,
|
|||||||||||
2019
|
2018
|
2018
|
||||||||||
Unaudited
|
Audited
|
|||||||||||
Cash flows from financing activities:
|
||||||||||||
Proceeds from exercise of options
|
-
|
9
|
9
|
|||||||||
Proceeds from government grants
|
197
|
57
|
354
|
|||||||||
Repayment of lease liability
|
(234
|
)
|
-
|
-
|
||||||||
Repayment of government grants
|
(29
|
)
|
(44
|
)
|
(66
|
)
|
||||||
Net cash provided by (used in) financing activities
|
(66
|
)
|
22
|
297
|
||||||||
Exchange rate differences - cash and cash equivalent balances
|
56
|
(22
|
)
|
(114
|
)
|
|||||||
Increase in cash and cash equivalents
|
778
|
1,918
|
2,375
|
|||||||||
Cash and cash equivalents, beginning of the period
|
5,810
|
3,435
|
3,435
|
|||||||||
Cash and cash equivalents, end of the period
|
$
|
6,588
|
$
|
5,353
|
$
|
5,810
|
||||||
Significant non-cash activities
|
||||||||||||
Acquisition of property, plant and equipment
|
$
|
14
|
$
|
70
|
$
|
80
|
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