Evogene Ltd.

For the first half of 2026, revenue was approximately $0.7 million versus approximately $2.9 million in the first half of 2025, with the decline mainly tied to lower Casterra revenue after the first half of 2025 included about $2 million of castor seed sales. Second-quarter 2026 revenue was approximately $0.3 million versus approximately $0.5 million in the second quarter of 2025. Second-quarter net loss improved to approximately $1.8 million from approximately $4.7 million a year ago, and first-half net loss was approximately $7.7 million, essentially unchanged year over year. R&D expenses for the first half were approximately $2.9 million versus $3.5 million; G&A was approximately $2.0 million versus $2.1 million; and consolidated cash and cash equivalents were approximately $9.3 million as of June 30, 2026. The company expects full-year 2026 cash usage of approximately $8.5 million to $9.5 million.

Ofer Haviv framed the quarter as evidence that Evogene’s strategic pivot is now showing up in operating execution, collaboration wins, and a more disciplined cost structure. He emphasized that the company is focused on small-molecule discovery in pharma and ag, with 6 collaborations, advancing internal programs, and a major upgrade to the ChemPass AI platform through Google Cloud and new AI agents. His tone was confident and forward-leaning, with repeated emphasis that the transformation is already happening and should support future commercialization.

Polina Ravzin focused on the balance sheet, cost reduction, and the financial impact of the company’s restructuring. She said consolidated cash and cash equivalents were approximately $9.3 million at June 30, 2026, quarterly cash usage was approximately $2.1 million, and full-year 2026 cash usage is expected at $8.5 million to $9.5 million. She also broke out noncore asset actions and proceeds: Lavie Bio’s court-approved $4.25 million dividend implied about $2.9 million to Evogene, Biomica received approval for a $2.7 million dividend with about $1.35 million to Evogene, and the company raised approximately $0.8 million through ATM in Q2 plus approximately $2.4 million in Q3. She highlighted that Q2 net loss improved to approximately $1.8 million, helped by lower operating expenses, a smaller loss from discontinued operations, and higher net financing income.

Analysts pressed management on ATM usage, monetization of IP with large strategic partners, timing for the Septoria field trial and the EVGR510 program, investor outreach, Biomica’s future form factor, and whether APH1/APTH1 is effectively dead. Management said the ATM is used cautiously depending on market conditions, expects broader investor outreach with more bankers and an IR firm, and sees collaboration monetization improving as more partners pay R&D fees. On the ag pipeline, Ofer said Septoria is moving through validation and greenhouse work before field trials, while EVGR510 is aiming first for preclinical work, possibly in the second half of next year for an initial program. For APTH1, he said the target itself was not essential enough for herbicide efficacy, so Bayer and Evogene stopped the program, though he believed the collaboration could lead to future work with Bayer.