Date: March 9, 2023 |
|
EVOGENE LTD.
(Registrant) By: /s/ Yaron Eldad Yaron Eldad Chief Financial Officer |
EXHIBIT NO.
|
DESCRIPTION
|
|
Evogene Investor Contact
|
|
Kenny Green, Investor Relations
E: kenny.green@evogene.com
T: +1 212 378 8040
|
December 31,
|
December 31,
|
|||||||
2022
|
2021
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
28,980
|
$
|
32,325
|
||||
Short-term bank deposits
|
-
|
3,000
|
||||||
Marketable securities
|
6,375
|
18,541
|
||||||
Trade receivables
|
348
|
281
|
||||||
Other receivables and prepaid expenses
|
1,482
|
2,651
|
||||||
Inventories
|
566
|
92
|
||||||
37,751
|
56,890
|
|||||||
LONG-TERM ASSETS:
|
||||||||
Long-term deposits and other receivables
|
74
|
25
|
||||||
Deferred taxes
|
94
|
-
|
||||||
Right-of-use-assets
|
1,568
|
2,109
|
||||||
Property, plant and equipment, net
|
2,499
|
2,073
|
||||||
Intangible assets, net
|
14,140
|
15,207
|
||||||
18,375
|
19,414
|
|||||||
$
|
56,126
|
$
|
76,304
|
|||||
CURRENT LIABILITIES:
|
||||||||
Trade payables
|
$
|
1,036
|
$
|
1,463
|
||||
Employees and payroll accruals
|
1,987
|
2,662
|
||||||
Lease liability
|
884
|
974
|
||||||
Liabilities in respect of government grants
|
79
|
89
|
||||||
Deferred revenues and other advances
|
22
|
175
|
||||||
Other payables
|
1,617
|
1,519
|
||||||
5,625
|
6,882
|
|||||||
LONG-TERM LIABILITIES:
|
||||||||
Lease liability
|
932
|
1,695
|
||||||
Liabilities in respect of government grants
|
4,665
|
4,307
|
||||||
Convertible SAFE
|
10,114
|
-
|
||||||
15,711
|
6,002
|
|||||||
SHAREHOLDERS' EQUITY:
|
||||||||
Ordinary shares of NIS 0.02 par value:
|
||||||||
Authorized – 150,000,000 ordinary shares; Issued and outstanding –41,260,439 shares on December 31, 2022 and 41,170,168 shares on December 31, 2021
|
235
|
234 |
||||||
Share premium and other capital reserve
|
261,402
|
260,488
|
||||||
Accumulated deficit
|
(233,707
|
)
|
(207,069
|
)
|
||||
Equity attributable to equity holders of the Company
|
27,930
|
53,653
|
||||||
Non-controlling interests
|
6,860
|
9,767
|
||||||
Total equity
|
34,790
|
63,420
|
||||||
$
|
56,126
|
$
|
76,304
|
Year ended
December 31,
|
Three months ended
December 31,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
(Unaudited)
|
(Audited)
|
(Unaudited)
|
||||||||||||||
Revenues
|
$
|
1,675
|
$
|
930
|
$
|
660
|
$
|
311
|
||||||||
Cost of revenues
|
909
|
767
|
364
|
267
|
||||||||||||
Gross profit
|
766
|
163
|
296
|
44
|
||||||||||||
Operating expenses (income):
|
||||||||||||||||
Research and development, net
|
20,792
|
21,125
|
4,753
|
6,016
|
||||||||||||
Sales and marketing
|
3,933
|
2,738
|
1,168
|
720
|
||||||||||||
General and administrative
|
6,482
|
7,253
|
1,657
|
2,000
|
||||||||||||
Other income
|
(3,500
|
)
|
-
|
(3,500
|
)
|
-
|
||||||||||
Total operating expenses, net
|
27,707
|
31,116
|
4,078
|
8,736
|
||||||||||||
Operating loss
|
(26,941
|
)
|
(30,953
|
)
|
(3,782
|
)
|
(8,692
|
)
|
||||||||
Financing income
|
516
|
1,935
|
169
|
938
|
||||||||||||
Financing expenses
|
(3,329
|
)
|
(1,414
|
)
|
(163
|
)
|
(336
|
)
|
||||||||
Financing income (expenses), net
|
(2,813
|
)
|
521
|
6
|
602
|
|||||||||||
Loss before taxes on income
|
(29,754
|
)
|
(30,432
|
)
|
(3,776
|
)
|
(8,090
|
)
|
||||||||
Taxes on income (tax benefit)
|
90
|
13
|
45
|
(6
|
)
|
|||||||||||
Loss
|
$
|
(29,844
|
)
|
$
|
(30,445
|
)
|
$
|
(3,821
|
)
|
$
|
(8,084
|
)
|
||||
Attributable to:
|
||||||||||||||||
Equity holders of the Company
|
(26,638
|
)
|
(27,793
|
)
|
(2,998
|
)
|
(7,371
|
)
|
||||||||
Non-controlling interests
|
(3,206
|
)
|
(2,652
|
)
|
(823
|
)
|
(713
|
)
|
||||||||
$
|
(29,844
|
)
|
$
|
(30,445
|
)
|
$
|
(3,821
|
)
|
$
|
(8,084
|
)
|
|||||
Basic and diluted loss per share, attributable to equity holders of the Company
|
$
|
(0.65
|
)
|
$
|
(0.69
|
)
|
$
|
(0.07
|
)
|
$
|
(0.18
|
)
|
||||
Weighted average number of shares used in computing basic and diluted loss per share
|
41,210,184
|
40,433,303
|
41,234,438
|
41,169,222
|
Year ended
December 31,
|
Three months ended
December 31,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
(Unaudited)
|
(Audited)
|
(Unaudited)
|
||||||||||||||
Cash flows from operating activities
|
||||||||||||||||
Loss
|
$
|
(29,844
|
)
|
$
|
(30,445
|
)
|
$
|
(3,821
|
)
|
$
|
(8,084
|
)
|
||||
Adjustments to reconcile loss to net cash used in operating activities:
|
||||||||||||||||
Adjustments to the profit or loss items:
|
||||||||||||||||
Depreciation
|
1,513
|
1,302
|
396
|
317
|
||||||||||||
Amortization of Intangible assets
|
1,067
|
932
|
245
|
235
|
||||||||||||
Share-based compensation
|
1,186
|
2,609
|
291
|
737
|
||||||||||||
Revaluation of convertible SAFE
|
114
|
-
|
114
|
-
|
||||||||||||
Net financing expenses (income)
|
2,979
|
(884
|
)
|
(149
|
)
|
(733
|
)
|
|||||||||
Decrease (increase) in accrued bank interest
|
7
|
11
|
-
|
(4
|
)
|
|||||||||||
Loss from derecognition of property, plant and equipment
|
-
|
121
|
-
|
121
|
||||||||||||
Taxes on income (tax benefit)
|
90
|
13
|
45
|
(6
|
)
|
|||||||||||
6,956
|
4,104
|
942
|
667
|
|||||||||||||
Changes in asset and liability items:
|
||||||||||||||||
Decrease (increase) in trade receivables
|
(67
|
)
|
(59
|
)
|
104
|
(130
|
)
|
|||||||||
Decrease (increase) in other receivables
|
1,113
|
637
|
670
|
(791
|
)
|
|||||||||||
Increase in inventories
|
(474
|
)
|
(92
|
)
|
(401
|
)
|
(92
|
)
|
||||||||
Increase in deferred taxes
|
(94
|
)
|
-
|
(94
|
)
|
-
|
||||||||||
Increase (decrease) in trade payables
|
(469
|
)
|
625
|
131
|
(362
|
)
|
||||||||||
Increase (decrease) in employees and payroll accruals
|
(675
|
)
|
127
|
(337
|
)
|
301
|
||||||||||
Increase in other payables
|
48
|
290
|
634
|
266
|
||||||||||||
Increase (decrease) in deferred revenues and other advances
|
(153
|
)
|
128
|
(338
|
)
|
175
|
||||||||||
(771
|
)
|
1,656
|
369
|
(633
|
)
|
|||||||||||
Cash received (paid) during the period for:
|
||||||||||||||||
Interest received
|
186
|
297
|
68
|
52
|
||||||||||||
Interest paid
|
(165
|
)
|
(315
|
)
|
191
|
(90
|
)
|
|||||||||
Taxes (paid) received, net
|
(40
|
)
|
(13
|
)
|
(6
|
)
|
6
|
|||||||||
Net cash used in operating activities
|
$
|
(23,678
|
)
|
$
|
(24,716
|
)
|
$
|
(2,257
|
)
|
$
|
(8,082
|
)
|
Year ended
December 31,
|
Three months ended
December 31,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
(Unaudited)
|
(Audited)
|
(Unaudited)
|
||||||||||||||
Cash flows from investing activities
|
||||||||||||||||
Purchase of property, plant and equipment
|
$
|
(1,171
|
)
|
$
|
(847
|
)
|
$
|
(199
|
)
|
$
|
(260
|
)
|
||||
Proceeds from sale of marketable securities
|
12,356
|
4,395
|
4
|
3,378
|
||||||||||||
Purchase of marketable securities
|
(911
|
)
|
(23,114
|
)
|
(252
|
)
|
(1,710
|
)
|
||||||||
Withdrawal from (investment in) bank deposits, net
|
3,000
|
(1,000
|
)
|
-
|
600
|
|||||||||||
Net cash provided by (used in) investing activities
|
13,274
|
(20,566
|
)
|
(447
|
)
|
2,008
|
||||||||||
Cash flows from financing activities
|
||||||||||||||||
Proceeds from issuance of ordinary shares, net of issuance expenses
|
21
|
29,582
|
21
|
-
|
||||||||||||
Proceeds from issuance of convertible SAFE
|
10,000
|
-
|
-
|
-
|
||||||||||||
Proceeds from exercise of options
|
7
|
484
|
-
|
8
|
||||||||||||
Repayment of lease liability
|
(803
|
)
|
(580
|
)
|
(437
|
)
|
(143
|
)
|
||||||||
Proceeds from government grants
|
149
|
824
|
60
|
32
|
||||||||||||
Repayment of government grants
|
(31
|
)
|
(34
|
)
|
-
|
-
|
||||||||||
Net cash provided by (used in) financing activities
|
9,343
|
30,276
|
(356
|
)
|
(103
|
)
|
||||||||||
Exchange rate differences - cash and cash equivalent balances
|
(2,284
|
)
|
1,102
|
180
|
869
|
|||||||||||
Decrease in cash and cash equivalents
|
(3,345
|
)
|
(13,904
|
)
|
(2,880
|
)
|
(5,308
|
)
|
||||||||
Cash and cash equivalents beginning of the period
|
32,325
|
46,229
|
31,860
|
37,633
|
||||||||||||
Cash and cash equivalents end of the period
|
$
|
28,980
|
$
|
32,325
|
$
|
28,980
|
$
|
32,325
|
||||||||
Significant non-cash activities
|
||||||||||||||||
Acquisition of property, plant and equipment
|
$
|
74
|
$
|
32
|
$
|
74
|
$
|
32
|
||||||||
Increase of right-of-use-asset recognized with corresponding lease liability
|
$
|
90
|
$
|
841
|
$
|
71
|
$
|
53
|
||||||||
Exercise of pre-funded warrants
|
$
|
-
|
$
|
4,365
|
$
|
-
|
$
|
-
|
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