Evogene Ltd. (NASDAQ:EVGN) (TASE: EVGN) Q2 2022 revenue was $312,000, an increase of 131% compared to $135,000 in the same period the previous year. Revenues were primarily due to the initial sales of Lavie Bio's Thrivus product (previously branded as Result) and sales of Canonic products in the Israeli market.
Q2 2022 Financial Highlights
-
Net loss was $9.8 million in comparison to a net loss of $6.9 million in the same period in the previous year.
-
R&D expenses for the quarter, which are reported net of non-refundable grants received, were $5.4 million, in comparison to $5.0 million in the same period the previous year. The increase in R&D expenses were primarily due to:
-
Biomica's ongoing phase I trial of its first-in-human proof-of-concept study in its immuno-oncology program.
-
Lavie Bio's activities supporting the production and commercialization of its inoculant product.
-
-
Operating loss for the second quarter of 2022 was $8.0 million in comparison to $7.4 million in the same period in the previous year.
-
Evogene continues to maintain a solid financial position for its activities with approximately $35.3 million in consolidated cash, cash related accounts and marketable securities as of June 30, 2022. Approximately $3.6 million of Evogene's consolidated cash is appropriated to its subsidiary, Lavie Bio. The company does not have bank debt. It is noted that these amounts do not include the recent $10 million investment of ICL (NYSE:ICL) in Lavie Bio, which was fully received in August 2022 and will be reflected in the financial statements of the company for the third quarter.
Ofer Haviv, Evogene's president and CEO, stated, "We are very pleased with the two recent important developments that have taken place at the Evogene group: namely, the strategic collaboration and $10 million investment by ICL, a leading global specialty minerals company, into our subsidiary, Lavie Bio; as well as the launch of the phase I first in human clinical trial, by our subsidiary, Biomica."
Haviv added, "Evogene today is at a key inflection point, whereby we are meeting critical milestones and the inherent value of our subsidiaries is becoming increasingly obvious. Evogene's goal in the near term, is to continue to bring high value-adding partners and investors at the subsidiary level, who understand and can value the potential from the products that our subsidiaries are developing. This we believe will demonstrate in a very public way, the significant untapped value contained within our activities. Our target is that each subsidiary will have its own financial resources to support its activities until its success, while we at Evogene, in addition to being a major shareholder, continue to play a major role in maintaining and building their competitive advantage through our tech-engines."
"In parallel, we are targeting and exploring the potential to establish new activities that can benefit from our technology. This is the main mission of our new EVP of business development, Eyal Ronen, and we are already starting to see some of his positive impact," concluded Haviv.
Photo by Richard T on Unsplash
Related News
Evogene Q1 Revenue Decreases 28.82% YoY, What About Debt?
Evogene Reports Wider Loss In 2021, $54M In Consolidated Cash
Medical-Grade Cannabis Developer Canonic Appoints Ex-SEO At Israeli Ministry Of Health To Its Board
