Evogene Stock Price, News & Analysis

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.

Evogene (NASDAQ: EVGN) reported its Q1 2024 financial results, showing significant improvements. Revenues increased to $4.2M from $0.6M in Q1 2023, driven by Lavie Bio's licensing agreement with Corteva and AgPlenus's collaboration with Bayer. Net loss reduced to $3.8M from $7.0M in the previous year. Projected 2024 cash usage is expected to decrease by 36% to $8.0M. Ceasing Canonic operations will save $1.5M annually. Key developments include Biomica's Phase 1 trial data presentation, Lavie Bio's new collaborations, and AgPlenus's agreement with Bayer.

Casterra Ag has signed new agreements with seed producers in Africa to meet the growing demand for its elite castor seeds. These agreements will support the production of approximately 500 tons of additional seeds, ensuring the fulfillment of orders received in 2023 by the end of 2024.

Together with previous agreements for 400 tons of seeds announced in February, this move positions Casterra to fulfill both current and future demands. The company leverages Evogene's 'GeneRator AI' technology to develop high-yielding, high-oil castor seeds, important for sustainable biofuel production.

Casterra aims to establish a reliable seed production infrastructure, mitigating production risks and reinforcing its market position in the biofuel industry.

Evogene (Nasdaq: EVGN) announces the release of its first quarter 2024 financial results on May 23, 2024. A conference call is scheduled for 9:00 AM ET to discuss the results. Register in advance to join the call.