Evogene Stock Price, News & Analysis

Evogene (Nasdaq: EVGN) reported its Q2 2024 financial results, highlighting significant revenue growth and reduced losses. H1 2024 revenues reached $5.1M, up from $1.3M in H1 2023, while Q2 2024 revenues were $914K, up from $654K in Q2 2023. The company anticipates continued revenue growth in H2 2024, driven by Casterra's seed orders totaling over $8.0M. H1 2024 loss decreased to $9.8M from $14.8M in H1 2023, and Q2 2024 loss reduced to $6.0M from $7.8M in Q2 2023. Evogene projects 2024 cash usage (excluding Biomica & Lavie Bio) to be $8.0M, down 36% from 2023. The company implemented a 10:1 reverse stock split in July 2024.

Evogene (Nasdaq: EVGN) has successfully regained compliance with Nasdaq's minimum closing bid price rule. The company received formal notification from Nasdaq that it has met the requirement of maintaining a minimum bid price of $1.00 per share for its ordinary shares. This compliance was achieved after Evogene's closing bid price remained at or above $1.00 for 10 consecutive business days. As a result, Nasdaq has closed the prior bid price deficiency matter, and Evogene is now fully compliant with Listing Rule 5550(a)(2).

Evogene (Nasdaq: EVGN) (TASE: EVGN), a leading computational biology company focused on revolutionizing life-science product discovery and development, has announced the release date for its second quarter 2024 financial results. The results will be published on Thursday, August 22, 2024, followed by a conference call hosted by the company's management at 9:00 AM Eastern Time (4:00 PM Israel time) on the same day.

Interested parties can register in advance for the conference call using the provided Zoom link. The company will also make the entire conference available on its website a few days after the event, ensuring accessibility for those unable to attend the live call.

Casterra Ag , a subsidiary of Evogene (Nasdaq: EVGN) (TASE: EVGN), has successfully completed its castor growing and harvesting season in Brazil. The castor seeds are scheduled for shipment in Q3 2024. Additionally, the castor harvesting season in Africa has begun as planned, expected to provide the majority of seeds for 2024.

Casterra anticipates meeting all existing orders, totaling approximately $8.4 million, with the combined production from Brazil and Africa. CEO Yoash Zohar highlighted impressive improvements in production capabilities in Brazil and expects similar positive performance in African territories. Casterra is positioned as a leader in industrialized castor farming with its elite varieties, global seed production, and efficient large-scale farming protocols.

Evogene (Nasdaq: EVGN) (TASE: EVGN) has announced a 1-for-10 reverse share split of its issued and outstanding Ordinary Shares, expected to be implemented after market close on July 24, 2024. The company's shares will begin trading on a post-reverse split basis on Nasdaq on July 25, 2024, and on the Tel Aviv Stock Exchange on July 28, 2024. Following the split, Evogene will have approximately 5,079,000 Ordinary Shares outstanding, reduced from about 50,790,000. The company's registered share capital will be adjusted to consist of NIS 3,000,000 divided into 15,000,000 Ordinary Shares of NIS 0.2 par value each. No fractional shares will be issued, and proportionate adjustments will be made to outstanding options and RSUs.

ICL and Lavie Bio have made a significant breakthrough in developing bio-stimulants for key row crops facing abiotic stresses. Using artificial intelligence, Lavie Bio identified over a dozen novel microbial candidates with commercial potential as bio-stimulants for crops under extreme weather conditions, including drought. This process, typically taking years, was achieved in just 12 months using Lavie Bio's Biology Driven Design (BDD) technology platform.

The collaboration aims to deliver 5% to 10% yield increases for farmers. The identified microbes met requirements for efficacy, stability, shelf life, and fertilizer compatibility, with a prediction rate ten times higher than industry standards. Field trials in the U.S. and Brazil are planned for the second half of 2024, with results expected by year-end. The regulatory process is set to begin in 2026.

Lavie Bio, a subsidiary of Evogene (Nasdaq: EVGN), announced the commercial expansion of its bio-inoculant product, Yalos™, to winter wheat. Following successful trials, Yalos™ will be available to winter wheat growers across the US for the 2024-2025 season. This expansion doubles the potential market for Yalos™, making it accessible to the substantial winter wheat market, which has an estimated annual value of $5-$10 billion. The trials showed improved crop attributes such as early vigor, biomass, root and shoot development, and nutrient availability. Lavie Bio aims to enhance farm productivity and sustainability with Yalos™ and plans further expansions to other crops like soybean and canola, targeting a commercial launch in 2025.

Casterra Ag , a subsidiary of Evogene (NASDAQ: EVGN), announced a new purchase order valued at approximately $440K to supply castor seeds to a new African country. This expansion reflects confidence in Casterra's biofuel market capabilities and leverages Evogene's GeneRator AI tech. The company expects its 900-ton seed production to fulfill this order by Q4 2024. Unfulfilled orders from 2023 and new 2024 orders are anticipated to bring in around $8.4 million in revenue in the second half of 2024. The biodiesel market, estimated at $36.48 billion in 2022, is projected to grow significantly, favoring sustainable biofuel alternatives like Casterra's castor oil, which is compliant with stringent European standards.

Biomica , a subsidiary of Evogene, released promising preliminary data from a Phase 1 trial of BMC128, a microbiome-based immuno-oncology candidate, in combination with nivolumab. This trial involves patients with refractory NSCLC, melanoma, or RCC. Key findings include an exceptional safety profile with no major safety events, 72% of refractory cases showing positive clinical signals, and 64% of patients demonstrating stable disease. Additionally, 55% of patients showed sustained clinical benefits beyond 16 weeks, with some exceeding 80 weeks. The data will be presented at the 2024 ASCO annual meeting.