Evogene (EVGN) Q1 2026 shows sharp revenue fall, wider loss and cash burn
Rhea-AI Filing Summary
Evogene Ltd. reported a weak first quarter of 2026 as it invests heavily in its AI-driven small-molecule platforms while revenue fell sharply. Revenue from continuing operations was $334 thousand for the quarter ended March 31, 2026, compared with $2.343 million in the same period of 2025, leading to a gross profit of $204 thousand.
The company recorded an operating loss of $3.15 million and a net loss of $5.9 million, versus a $2.99 million loss a year earlier, reflecting higher financing expenses tied in part to warrant-related items. Cash and cash equivalents declined to $8.5 million from $12.96 million at year-end 2025, as operating and investing activities used cash despite financing inflows from a warrant inducement share issuance. Strategically, Evogene expanded its pharma activity with three new collaborations, continued progress in its AgPlenus herbicide and fungicide programs, and entered a second AI collaboration with Google Cloud, while a herbicide project with Bayer was discontinued and its assets reverted to AgPlenus.
Positive
- None.
Negative
- Sharp revenue decline and higher losses: Q1 2026 revenue from continuing operations fell to $334 thousand from $2.343 million in Q1 2025, while net loss widened to $5.9 million, indicating materially weaker near-term financial performance.
- Ongoing cash burn and thin liquidity: Continuing operations used $2.994 million of operating cash and $4.486 million of investing cash in Q1 2026, reducing cash and cash equivalents to $8.511 million, which may pressure future funding needs if trends persist.
Insights
Q1 2026 shows revenue contraction, deeper losses, and cash burn despite strategic collaboration progress.
Evogene generated revenue of $334 thousand in Q1 2026, down sharply from $2.343 million a year earlier, and reported an operating loss of $3.15 million. Net loss widened to $5.9 million, driven partly by higher financing expenses linked to warrants and related accounting.
Cash and cash equivalents fell to $8.511 million from $12.956 million at December 31, 2025, as continuing operations used $2.994 million in operating cash and $4.486 million in investing cash, offset by $2.993 million from financing, mainly a warrant inducement share issuance. This pattern underscores dependence on external funding while the business remains loss-making.
On the strategic side, Evogene is broadening its collaboration base in pharma and ag-chem and deepening its ChemPass AI and Google Cloud relationships. However, the discontinuation of the herbicide collaboration with Bayer and the negative equity attributable to shareholders as of March 31, 2026 highlight execution and financing risks. Subsequent filings may provide more detail on how the new collaborations translate into revenue and whether cash levels are reinforced.
Key Figures
Key Terms
ChemPass AI technical
warrants and pre-funded warrants liability financial
Black-Scholes option pricing model financial
right-of-use-assets financial
discontinued operations financial
warrant inducement transaction financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2026
Commission File Number: 001-36187
EVOGENE LTD.
(Translation of Registrant’s Name into English)
13 Gad Feinstein Street, Park Rehovot, Rehovot 7638517, Israel
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
CONTENTS
On May 20, 2026, Evogene Ltd. (“Evogene”) announced its financial results for the first quarter ended March 31, 2026. A Copy of the press release announcing those results is furnished as Exhibit 99.1 to this Report of Foreign Private Issuer on Form 6-K (this “Form 6-K”) and is incorporated herein by reference.
Evogene is holding a conference call on May 20, 2026 to discuss its quarterly results for the quarter ended March 31, 2026 and, in connection with that call, will make available to its investors a slide presentation to provide additional information regarding its business and its financial results. That slide presentation is attached as Exhibit 99.2 to this Form 6-K and is incorporated herein by reference.
The GAAP financial statements tables contained in the press release attached to this Form 6-K are incorporated by reference in the registration statements on Form F-3 (Securities and Exchange Commission (“SEC”) File No. 333-277565), and Form S-8 (SEC File Nos. 333-193788, 333-201443, 333-203856, 333-259215, and 333-286197) of Evogene, and will be a part thereof from the date on which this Form 6-K is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: May 20, 2026 |
EVOGENE LTD. (Registrant) By: /s/ Ofer Haviv Ofer Haviv Chief Executive Officer |
EXHIBIT INDEX
| EXHIBIT NO. | DESCRIPTION |
| 99.1 | Press Release: Evogene Reports First Quarter 2026 Financial Results. |
| 99.2 | Slide presentation for conference call of Evogene held on May 20, 2026, discussing Evogene’s quarterly financial results for the first quarter of 2026. |
Exhibit 99.1
Evogene Reports First Quarter 2026 Financial Results
Conference call and webcast: today, May 20, 2026, 9:00 AM ET
Rehovot, Israel – May 20, 2026 – Evogene Ltd. (Nasdaq, TASE: EVGN), a pioneering company in computational chemistry specializing in the generative AI design of small molecules for the pharmaceutical and agricultural industries, today announced its financial results for the first quarter ended March 31, 2026.
Mr. Ofer Haviv, President & CEO of Evogene, stated: “Following the strategic transformation initiated in 2025, we are now focused on execution and advancing our tech engine for small-molecule discovery and optimization, ChemPass AI™, and expanding our product pipeline in pharma and agriculture, through collaborations and continued progress in our internal programs.
ChemPass AI™’s competitive advantage lies in its ability to generate novel molecules while optimizing multiple critical parameters from the earliest stages of design. We continue to enhance the platform through internal development and collaboration with tech companies. In February 2026, we were proud to announce a second collaboration with Google Cloud focused on integrating advanced AI agents into ChemPass AI™, aimed at automating the generation of unique datasets from complex scientific workflows, thereby enabling new capabilities in small-molecule discovery and optimization.
Our proprietary small-molecule candidates are designed to combine three key advantages: novel and diverse chemical structures, multi-parameter optimization from the earliest design stages, and high potency supported by targeted experimental validation.
In pharma, we significantly expanded our activity during the first quarter of 2026, announcing three new collaborations with biotech companies and academic institutions:
| - | Systasy Biosciences, together with LMU University Hospital Munich. The collaboration focuses on developing novel therapies for neutrophil-derived inflammatory diseases; |
| - | Queensland University of Technology (QUT). This collaboration is advancing AI-driven therapeutic discovery in inflammatory diseases and oncology; and |
| - | Unravel Biosciences. This collaboration is focused on a newly discovered target for demyelinating disorders such as multiple sclerosis (MS). |
These additions bring the total number of publicly disclosed collaborations in this domain to four.
In agriculture, our AgPlenus subsidiary continues to advance novel herbicide programs through our collaboration with Corteva. In parallel, our internal fungicide program has demonstrated strong progress and is advancing through lead optimization, highlighting the effectiveness of integrating AI-driven design with iterative experimental validation. Regarding our collaboration with Bayer, AgPlenus and Bayer have decided to discontinue their herbicide development project following determination that the target protein did not meet the required product criteria. Under the terms of the termination, all assets licensed to Bayer under the collaboration, including the APTH1 protein target and associated active molecules, will revert to AgPlenus.”
“Looking ahead, we expect continued progress across all three of the Company’s core business areas, supporting our growth trajectory and long-term value creation,” said Mr. Haviv. “We are expanding technological collaborations to strengthen our ChemPass AITM innovation capabilities, advancing our pharmaceutical and ag-chemical pipelines toward key milestones, establishing new strategic partnerships, and deepening relationships with leading industry players. Across all activities, we remain focused on execution, pipeline expansion, and long-term growth."
Financial Highlights:
| · | Status of Non-Core Subsidiaries - Consistent with our revised strategy, we continue to manage the wind-down or transition of our non-core business activities: |
| - | Lavie Bio - operations were discontinued at the end of the first quarter of 2026, and the company expects to receive two additional payments under the ICL transaction. During the first quarter of 2026, Lavie Bio received court approval for the distribution of a dividend in the amount of $4.25 million to its shareholders, of which Evogene is entitled to approximately $2.9 million. The distribution process is expected to be completed in the second quarter of 2026. |
| - | Biomica - licensed its lead oncology candidate, BMC128, to Lishan Pharmaceuticals and is currently completing a Phase 1 clinical trial. In April 2026, Biomica received court approval for the distribution of a $2.7 million dividend to its shareholders, of which Evogene will be entitled to approximately $1.35. The distribution process is expected to be completed in the second quarter of 2026. |
| - | Casterra - operations have been significantly reduced and realigned to focus exclusively on Brazil; we are conducting field trials and expect these activities to form the basis for seed sales in the 2027 growing season. |
| · | Fundraising - In February 2026, Evogene entered into a warrant inducement agreement with an existing investor for the immediate exercise of all August 2024 Series A and Series B warrants, resulting in gross proceeds of approximately $3.4 million, before fees and expenses. In consideration for the exercise, the investor received, in a private placement, new unregistered Series A-1 and Series B-1 warrants to purchase up to an aggregate of 5,076,924 ordinary shares. The new warrants are immediately exercisable at an exercise price of $1.25 per share. |
The Series A-1 and Series B-1 warrants were classified as a liability in the consolidated statements of financial position, initially recorded at fair value and subsequently remeasured at each reporting date using the Black-Scholes option pricing model. As of March 31, 2026, the warrants' liability totaled approximately $1.7 million.
| · | Cash Position - As of March 31, 2026, Evogene held consolidated cash, cash equivalents, and short-term bank deposits of approximately $13.1 million. The consolidated cash usage during the first quarter of 2026 was approximately $2.8 million. |
| · | Revenues for the first quarter of 2026 totaled approximately $0.3 million, compared to approximately $2.3 million in the same period of 2025, representing a decrease of approximately $2.0 million. The decrease is mainly attributable to lower revenue recognized from Casterra, which in the first quarter of 2025 included significant seed sales of approximately $2.0 million. |
| · | Cost of revenues for the first quarter of 2026 was approximately $0.1 million, compared to approximately $1.5 million in the corresponding period of 2025. The decrease in cost of revenues is consistent with the decline in revenues during the quarter. |
| · | Research and development expenses, net of non-refundable grants, for the first quarter of 2026 were approximately $1.8 million, compared to approximately $2.5 million in the corresponding period of 2025, representing a decrease of approximately $0.7 million. The decrease is mainly attributable to lower R&D expenses in Biomica, Casterra, and AgPlenus. The decrease in R&D expenses attributable to Evogene and its subsidiaries was substantially offset by the impact of exchange rate fluctuations between the U.S. dollar and the NIS of approximately $0.2 million. |
| · | Sales and marketing expenses for the first quarters of 2026 and 2025 were approximately $0.4 million, with no material change between the periods. |
| · | General and administrative expenses for the first quarter of 2026 remained stable at approximately $1.2 million, compared to the corresponding period of 2025. The decrease in G&A expenses attributable to Evogene and its subsidiaries was substantially offset primarily by the impact of transaction costs related to the warrant inducement transaction and other legal expenses, totaling approximately $0.2 million, as well as by exchange rate fluctuations between the U.S. dollar and the NIS of approximately $0.1 million. |
| · | Other income, net, of approximately $30 thousand was recorded in the first quarter of 2026, primarily attributable to the sale of fixed assets, compared to other income of approximately $191 thousand recorded in the first quarter of 2025, which was primarily related to the accounting treatment associated with Evogene’s sublease agreement. |
| · | Operating loss for the first quarter of 2026 was approximately $3.2 million, compared to approximately $3.0 million in the corresponding period of 2025. The increase in operating loss is primarily attributable to decreased revenues, partially offset by lower operating expenses, as described above. |
| · | Financing expenses, net, for the first quarter of 2026 were approximately $2.7 million, compared to financing income, net, of approximately $1.1 million in the corresponding period of 2025. The change was primarily attributable to the accounting treatment of the pre-funded warrants and warrants issued in the August 2024 fundraising and warrants issued in the February 2026 warrant inducement transaction. As part of the February 2026 warrant inducement transaction, the Company recorded financing expenses of approximately $3.8 million during the first quarter of 2026. In addition, the Company recorded a financing income of approximately $0.9 million related to the revaluation of warrants liability as of March 31, 2026. |
| · | Income from discontinued operations, net, for the first quarter of 2026 was approximately $14 thousand, compared to a loss from discontinued operations, net, of approximately $1.1 million in the corresponding period of 2025. These amounts primarily reflect the financial results of Lavie Bio’s operations, as well as expenses related to the development and maintenance of MicroBoost AI for Ag, which are presented as a single-line item in the consolidated statements of profit and loss. Following the sale of the majority of Lavie Bio’s assets, as well as Evogene’s MicroBoost AI for Ag, to ICL in July 2025, Lavie Bio no longer employs personnel, and its operating expense level has decreased significantly. |
| · | Net loss for the first quarter of 2026 was approximately $5.9 million, compared to approximately $3.0 million in the same period last year. The increase of approximately $2.9 million was primarily attributable to a decrease in revenues and an increase in net financing expenses, partially offset by a decrease in operating expenses and a reduced loss from discontinued operations, net. |
About Evogene Ltd.
Evogene Ltd. (Nasdaq/TASE: EVGN) is a pioneering company in computational chemistry, specializing in the generative design of small molecules for drug development and agchemical products.
At the core of its technology is ChemPass AITM, a proprietary generative AI designed to explore vast chemical space and generate novel, highly potent small molecules optimized across multiple critical parameters. Built on this powerful technological foundation, and through strategic partnerships alongside internal product development, Evogene is focused on creating breakthrough products for the pharmaceutical and agricultural industries, driven by the integration of scientific innovation with real-world industry needs.
For more information, please visit www.evogene.com.
Forward-Looking Statements
This press release contains "forward-looking statements" relating to future events. These statements may be identified by words such as “may,” “could,” “expects,” “hopes,” “intends,” “anticipates,” “plans,” “believes,” “scheduled,” “estimates,” “demonstrates” or words of similar meaning. For example, Evogene is using forward-looking statements in this press release when it discusses Evogene’s success in advancing its tech-engine for small-molecule discovery and optimization and expanding its product pipeline in pharma and agriculture, the success of Evogene’s collaborations with biotech companies and academic institutions, the progress of AgPlenus’ fungicide program, the expansion of technological collaborations, advancement of the Company’s pharmaceutical and ag-chemical pipelines, establishment of new strategic partnerships, deeper relationships with leading industry players, and Casterra’s seed sales in 2027 growing season. Such statements are based on current expectations, estimates, projections and assumptions, describe opinions about future events, involve certain risks and uncertainties which are difficult to predict and are not guarantees of future performance. Therefore, actual future results, performance or achievements of Evogene and its subsidiaries may differ materially from what is expressed or implied by such forward-looking statements due to a variety of factors, many of which are beyond the control of Evogene, including the aftermath of the recent war between Israel and each of (i) the terrorist groups, Hamas and Hezbollah, (ii) Iran, and (iii) other regional terrorist groups supported by Iran, and any destabilizations in Israel, neighboring territories or the Middle East region, as well as those additional risk factors identified in Evogene’s reports filed with the applicable securities authority. In addition, Evogene relies, and expects to continue to rely, on third parties to conduct certain activities, such as their field-trials and pre-clinical studies, and if these third parties do not successfully carry out their contractual duties, comply with regulatory requirements or meet expected deadlines, Evogene and its subsidiaries may experience significant delays in the conduct of their activities. Evogene and its subsidiaries disclaim any obligation or commitment to update these forward-looking statements to reflect future events or developments or changes in expectations, estimates, projections and assumptions.
Evogene Investor Relations Contact:
Email: ir@evogene.com
Tel: +972-8-9311901
CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
U.S. dollars in thousands
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Unaudited | ||||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 8,511 | $ | 12,956 | ||||
| Short-term bank deposits | 4,543 | - | ||||||
| Restricted cash | 32 | 32 | ||||||
| Trade receivables | 286 | 317 | ||||||
| Other receivables and prepaid expenses | 1,416 | 1,565 | ||||||
| Deferred expenses related to issuance of warrants | - | 551 | ||||||
| Inventories | 175 | 210 | ||||||
| 14,963 | 15,631 | |||||||
| LONG-TERM ASSETS: | ||||||||
| Long-term deposits and other receivables | 576 | 571 | ||||||
| Investment accounted for using the equity method | - | 43 | ||||||
| Deferred expenses related to issuance of warrants | - | 1,165 | ||||||
| Right-of-use-assets | 1,672 | 1,824 | ||||||
| Property, plant and equipment, net | 737 | 812 | ||||||
| 2,985 | 4,415 | |||||||
| TOTAL ASSETS | $ | 17,948 | $ | 20,046 | ||||
| LIABILITIES AND EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Trade payables | $ | 463 | $ | 639 | ||||
| Employees and payroll accruals | 922 | 861 | ||||||
| Lease liabilities | 654 | 716 | ||||||
| Liabilities in respect of government grants | 101 | 56 | ||||||
| Deferred revenues and other advances | 21 | 17 | ||||||
| Warrants and pre-funded warrants liability | 1,721 | 706 | ||||||
| Other payables | 1,482 | 449 | ||||||
| 5,364 | 3,444 | |||||||
| LONG-TERM LIABILITIES: | ||||||||
| Lease liabilities | 1,377 | 1,482 | ||||||
| Liabilities in respect of government grants | 3,149 | 3,073 | ||||||
| Deferred revenues and other advances | 68 | 72 | ||||||
| 4,594 | 4,627 | |||||||
| TOTAL LIABILITIES | $ | 9,958 | $ | 8,071 | ||||
| SHAREHOLDERS' EQUITY:s | ||||||||
| Ordinary shares of NIS 0.2 par value: Authorized – 30,000,000 ordinary shares; Issued and outstanding – 10,412,764 ordinary shares on March 31, 2026 and 6,672,173 ordinary shares on December 31, 2025 | 708 | 488 | ||||||
| Share premium and other capital reserves | 285,173 | 281,986 | ||||||
| Accumulated deficit | (288,426 | ) | (282,556 | ) | ||||
| Equity attributable to equity holders of the Company | (2,545 | ) | (82 | ) | ||||
| Non-controlling interests | 10,535 | 12,057 | ||||||
| TOTAL EQUITY | 7,990 | 11,975 | ||||||
| TOTAL LIABILITIES AND EQUITY | $ | 17,948 | $ | 20,046 | ||||
CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS
U.S. dollars in thousands (except share and per share amounts)
Three months ended March 31, | Year ended December 31, | |||||||||||
| 2026 | 2025(*) | 2025 | ||||||||||
| Unaudited | ||||||||||||
| Revenues | $ | 334 | $ | 2,343 | $ | 3,853 | ||||||
| Cost of revenues: | ||||||||||||
| Inventory impairment | - | - | 2,180 | |||||||||
| Other cost of revenues | 130 | 1,517 | 1,914 | |||||||||
| Total Cost of Revenues | 130 | 1,517 | 4,094 | |||||||||
| Gross profit | 204 | 826 | (241 | ) | ||||||||
| Operating expenses (income): | ||||||||||||
| Research and development, net | 1,839 | 2,471 | 7,994 | |||||||||
| Sales and marketing | 389 | 397 | 1,476 | |||||||||
| General and administrative | 1,156 | 1,176 | 4,286 | |||||||||
| Other expenses (income) | (30 | ) | (191 | ) | 37 | |||||||
| Total operating expenses, net | 3,354 | 3,853 | 13,793 | |||||||||
| Operating loss | (3,150 | ) | (3,027 | ) | (14,034 | ) | ||||||
| Financing income | 1,171 | 1,584 | 2,508 | |||||||||
| Financing expenses | (3,884 | ) | (458 | ) | (1,933 | ) | ||||||
| Financing income (expenses), net | (2,713 | ) | 1,126 | 575 | ||||||||
| Share of loss of an associate | 43 | 2 | 39 | |||||||||
| Loss before taxes on income | (5,906 | ) | (1,903 | ) | (13,498 | ) | ||||||
| Taxes on income | 4 | - | 1 | |||||||||
| Loss from continuing operations | (5,910 | ) | (1,903 | ) | (13,499 | ) | ||||||
| Income (loss) from discontinued operations, net | 14 | (1,086 | ) | 5,672 | ||||||||
| Loss | $ | (5,896 | ) | $ | (2,989 | ) | $ | (7,827 | ) | |||
| Attributable to: | ||||||||||||
| Equity holders of the Company | (5,870 | ) | (2,587 | ) | (8,485 | ) | ||||||
| Non-controlling interests | (26 | ) | (402 | ) | 658 | |||||||
| $ | (5,896 | ) | $ | (2,989 | ) | $ | (7,827 | ) | ||||
| Basic and diluted gain (loss) per share from continuing operations, attributable to equity holders of the Company | $ | (0.60 | ) | $ | (0.26 | ) | $ | (1.70 | ) | |||
| Basic and diluted gain (loss) per share from discontinued operations, attributable to equity holders of the Company | $ | 0.00 | $ | (0.12 | ) | $ | 0.62 | |||||
| Basic and diluted gain (loss) per share, attributable to equity holders of the Company | $ | (0.60 | ) | $ | (0.38 | ) | $ | (1.08 | ) | |||
| Weighted average number of shares used in computing basic and diluted loss per share | 9,738,434 | 6,798,173 | 7,874,039 | |||||||||
(*) Reclassified to conform to the current period presentation, following the classification of certain operations as discontinued operations.
CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
Three months ended March 31, | Year ended December 31, | |||||||||||
| 2026 | 2025(*) | 2025 | ||||||||||
| Unaudited | ||||||||||||
| Cash flows from operating activities: | ||||||||||||
| Loss from continuing operations | $ | (5,910 | ) | $ | (1,903 | ) | $ | (13,499 | ) | |||
| Adjustments to reconcile loss to net cash used in operating activities: | ||||||||||||
| Adjustments to the profit or loss items: | ||||||||||||
| Depreciation and amortization of property, plant and equipment and right-of-use-assets | 202 | 310 | 1,144 | |||||||||
| Share-based compensation | (9 | ) | 238 | 654 | ||||||||
| Remeasurement of Convertible SAFE | - | - | (371 | ) | ||||||||
| Net financing income | (234 | ) | 8 | (28 | ) | |||||||
| Gain from sale of equipment and deduction of right-of-use asset and subsequent investment in sub-lease asset | (23 | ) | (191 | ) | (209 | ) | ||||||
| Impairment of property, plant and equipment | - | - | 246 | |||||||||
| Inventory impairment | - | - | 2,180 | |||||||||
| Revaluation of government grants | 20 | - | 40 | |||||||||
| Amortization of deferred expenses related to issuance of warrants | 1,716 | 326 | 1,323 | |||||||||
| Expenses related to warrants inducement transaction | 2,095 | - | - | |||||||||
| Remeasurement of pre-funded warrants and warrants | (1,046 | ) | (1,477 | ) | (1,781 | ) | ||||||
| Share of loss of an associate | 43 | 2 | 39 | |||||||||
| Taxes on income (tax benefit) | 4 | - | (6 | ) | ||||||||
| 2,768 | (784 | ) | 3,231 | |||||||||
| Changes in asset and liability items: | ||||||||||||
| Decrease (increase) in trade receivables | 31 | (1,530 | ) | 665 | ||||||||
| Decrease in other receivables and prepaid expenses | 124 | 1,402 | 1,047 | |||||||||
| Decrease (increase) in inventories | 35 | (447 | ) | (1,019 | ) | |||||||
| Decrease in trade payables | (115 | ) | (306 | ) | (259 | ) | ||||||
| Increase (decrease) in employees and payroll accruals | 61 | (227 | ) | (756 | ) | |||||||
| Decrease in other payables | (70 | ) | (320 | ) | (570 | ) | ||||||
| Decrease in deferred revenues and other advances | - | (155 | ) | (361 | ) | |||||||
| 66 | (1,583 | ) | (1,253 | ) | ||||||||
| Cash received (paid) during the year for: | ||||||||||||
| Interest received | 137 | 95 | 338 | |||||||||
| Interest paid | (40 | ) | (46 | ) | (193 | ) | ||||||
| Taxes paid | (15 | ) | - | (11 | ) | |||||||
| Net cash used in continuing operating activities | (2,994 | ) | (4,221 | ) | (11,387 | ) | ||||||
| Net cash used in operating activities of discontinued operations | 40 | (961 | ) | (2,115 | ) | |||||||
| Net cash used in operating activities | (2,954 | ) | (5,182 | ) | (13,502 | ) | ||||||
CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
| Three months ended March 31, | Year ended | |||||||||||
| 2026 | 2025(*) | December 31, | ||||||||||
| Unaudited | 2025 | |||||||||||
| Cash flows from investing activities: | ||||||||||||
| Purchase of property, plant and equipment | (2 | ) | (121 | ) | (135 | ) | ||||||
| Proceeds from sale of property, plant and equipment | 23 | - | 78 | |||||||||
| Proceeds from finance sub -lease asset | 21 | 3 | 52 | |||||||||
| Withdrawal from (investment in) bank deposits, net | (4,528 | ) | (2,327 | ) | (1 | ) | ||||||
| Net cash provided by (used in) continuing investing activities | (4,486 | ) | (2,445 | ) | (6 | ) | ||||||
| Net cash provided by investing activities of discontinued operations | - | - | 17,744 | |||||||||
| Net cash provided by investing activities | (4,486 | ) | (2,445 | ) | 17,738 | |||||||
| Cash flows from financing activities: | ||||||||||||
| Proceeds from issuance of ordinary shares, net of issuance expenses | - | - | 4,283 | |||||||||
| Proceeds from issuance of ordinary shares in warrant inducement transaction, net of issuance expenses | 3,206 | - | - | |||||||||
| Repayment of lease liabilities | (121 | ) | (146 | ) | (526 | ) | ||||||
| Proceeds from government grants | 101 | - | - | |||||||||
| Dividend paid by subsidiary | (193 | ) | ||||||||||
| Repayment of convertible SAFE | - | - | (10,000 | ) | ||||||||
| Repayment of government grants | - | (122 | ) | (244 | ) | |||||||
| Net cash provided by (used in) continuing financing activities | 2,993 | (268 | ) | (6,487 | ) | |||||||
| Net cash provided by (used in) financing activities of discontinued operations | - | 109 | (115 | ) | ||||||||
| Net cash provided by (used in) financing activities | 2,993 | (159 | ) | (6,602 | ) | |||||||
| Exchange rate differences - cash and cash equivalent balances | 2 | (20 | ) | 21 | ||||||||
| Increase (decrease) in cash and cash equivalents | (4,445 | ) | (7,806 | ) | (2,345 | ) | ||||||
| Cash and cash equivalents at the beginning of the period | 12,956 | 15,301 | 15,301 | |||||||||
| Cash and cash equivalents at the end of the period | $ | 8,511 | $ | 7,495 | $ | 12,956 | ||||||
| Significant non-cash activities | ||||||||||||
| Acquisition of property, plant and equipment | - | - | 2 | |||||||||
| Increase of right-of-use-asset recognized with corresponding lease liability | 15 | 207 | 207 | |||||||||
| Exercise of pre-funded warrants | - | 229 | 389 | |||||||||
| Derecognition of property, plant and equipment under a finance lease | - | 13 | 13 | |||||||||
| Dividend declared by subsidiary but not yet paid | 1,129 | - | - | |||||||||
(*) Reclassified to conform to the current period presentation, following the classification of certain operations as discontinued operations.
Exhibit 99.2
˥ May 20 , 2026 EARNINGS CALL Q 1 2026 OFER HAVIV | PRESIDENT & CEO
FORWARD LOOKING STATEMENT This presentation contains "forward - looking statements" relating to future events, and Evogene Ltd. ( the “ Company ” ) , may from time to time make other statements, regarding our outlook or expectations for future financial or operating results and/or other matters regarding or affecting us that are considered “ forward - looking statements ” as defined in the U.S. Private Securities Litigation Reform Act of 1995 (the “ PSLRA ” ) and other securities laws , as amended. Statements that are not statements of historical fact may be deemed to be forward - looking statements . Such forward - looking statements may be identified by the use of such words as “ believe ” , “ expect ” , “ anticipate ” , “ should ” , “ planned ” , “ estimated ” , “ intend ” and “ potential ” or words of similar meaning. We are using forward - looking statements in this presentation when we discuss our value drivers, commercialization efforts and timing , product development and launches, estimated market size s and milestones , pipeline, as well as our capabilities and technology. Such statements are based on current expectations, estimates, projections and assumptions, describe opinions about future events, involve certain risks and uncertainties which are difficult to predict and are not guarantees of future performance. Readers are cautioned that certain important factors may affect the Company's actual results and could cause such results to differ materially from any forward - looking statements that may be made in this presentation. Therefore, actual future results, performance or achievements, and trends in the future may differ materially from what is expressed or implied by such forward - looking statements due to a variety of factors, many of which are beyond our control, including, without limitation, the aftermath of the recent war between Israel and each of ( i ) the terrorist groups, Hamas and Hezbollah, (ii) Iran, and (iii) other regional terrorist groups supported by Iran, and any destabilizations in Israel, neighboring territories or t he Middle East region, and those described in greater detail in Evogene's Annual Report on Form 20 - F and in other information Evogene files and furnishes with the Israel Securities Authority and the U.S. Securities and Exchange Commission, including those factors under the heading “ Risk Factors ” . Except as required by applicable securities laws, we disclaim any obligation or commitment to update any information contained in this presentation or to publicly release the results of any revisions to any statements that may be made to reflect future events or developments or changes in expectations, estimates, projections and assumptions. The information contained herein does not constitute a prospectus or other offering document, nor does it constitute or form part of any invitation or offer to sell, or any solicitation of any invitation or offer to purchase or subscribe for, an y securities of Evogene or the Company , nor shall the information or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any action, contract , commitment or relating thereto or to the securities of Evogene or the Company . The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of our products or services . 2
˧ EARNINGS CALL Q 1 2026 AGENDA - By Ofer Haviv CEO UPDATE - By Polina Ravzin VP FINANCE UPDATE Q&A
EVOGENE PIONEERS REAL - WORLD INNOVATION Using a proprietary generative AI engine, we design highly potent and novel small molecules, optimized across multiple - parameters, for the pharmaceutical and ag - chemical industries 4
5 PHARMA DIVISION – DRUGS EXTERNAL COLLABORATIONS Metabolic Disease EXTERNAL COLLABORATIONS Herbicides Herbicides INTERNAL PIPELINE Wheat Blotch Evogene – End Of 2025 AG DIVISION* – AG - CHEMICALS AG DIVISION ͐ – Operations in this field are conducted through our subsidiary, AgPlenus . First collaboration first - in - class foundation model
6 PHARMA DIVISION – DRUGS Evogene C ore Technology ChemPass AI - As Of Today ( 19.05.2026 ) AG DIVISION* – AG - CHEMICALS AG DIVISION ͐ – Operations in this field are conducted through our subsidiary, AgPlenus . Second collaboration advanced AI agents integration
7 TECHNOLOGICAL COLLABORATIONS WITH GOOGLE CLOUD FROM GENERATIVE MODELS TO AUTONOMOUS DISCOVERY FIRST COLLABORATION – FIRST - IN - CLASS FOUNDATION MODEL Successful completion of a proprietary generative AI model for novel molecular product candidates addressing multiple parameters, based on 38 billion molecular structures, delivered 90 % precision compared to approx. 30 % in traditional GPT models. SECOND COLLABORATION – ADVANCED AI AGENTS INTEGRATION Integration of AI agents into ChemPass AI using Google Cloud Vertex AI to decrease manual errors, accelerate design - make - test - analyze cycles, and enable scalable discovery of patentable small molecules with improved probability of development success for pharmaceutical and agricultural pipelines. Initiated Feb. 2026 “ This expanded collaboration with Evogene demonstrates the power of integrating cutting - edge artificial intelligence into scientific research . By leveraging our technology to deploy advanced AI agents, we are enabling Evogene to automate and scale their complex discovery workflows . This foundation accelerates the speed and precision of identifying small molecules, further cementing Evogene's role as a leader in next - generation molecular design for the pharmaceutical and agricultural industries ” BOAZ MAOZ, MANAGING DIRECTOR, GOOGLE CLOUD ISRAEL ( 10.02.2026 )
8 PHARMA DIVISION – DRUGS EXTERNAL COLLABORATIONS Metabolic Disease AG DIVISION* – AG - CHEMICALS AG DIVISION ͐ – Operations in this field are conducted through our subsidiary, AgPlenus . Neutrophil - Derived Inflammatory Diseases Demyelination Disorders Lung Cancer Second collaboration advancd AI agents integration Evogene Pharma Division - As Of Today ( 19.05.2026 )
PHARMA DIVISION 9 • Target : novel mechanism addressing large unmet needs in hyperinflammatory diseases such as inflammatory bowel disease (IBD) . • Addressable IBD market : valued at USD 20 billion in 2024 , with projections approximately USD 33 billion by 2032 * . • Combines ChemPass AI , Systasy ’ s patient - derived functional validation systems, and LMU ’ s leading clinical expertise . • Funded by the prestigious EUREKA bi - national grant . COLLABORATION WITH SYSTASY BIOSCIENCE, LUDWIG MAXIMILIAN UNIVERSITY HOSPITAL, MUNICH, GERMANY NOVEL THERAPIES FOR NEUTROPHIL - DERIVED INFLAMMATORY DISEASES “ This EUREKA - funded collaboration marks a pivotal step for Systasy in extending our PathwayProfiler platform to neutrophil biology . Partnering with Evogene ’ s AI innovation, LMU ’ s clinical expertise, and Weizmann ’ s validation strengths positions us to deliver breakthrough therapies addressing unmet needs in hyper - inflammatory diseases . Our hyper - multiplexed, patient - derived assays will provide the high - quality functional data essential for accelerating discovery and ensuring translational success . ” DR. SVEN WICHERT, CEO OF SYSTASY BIOSCIENCE ( 11.02.26 ) Target - Ligand complex * https://www.globenewswire.com/fr/news - release/ 2024 / 07 / 15 / 2913203 / 0 /en/Inflammatory - Bowel - Disease - Treatment - Market - Size - Expected - to - Reach - USD - 33 - 19 - Bn - by - 2032 .html
COLLABORATION WITH UNRAVEL BIOSCIENCES, BOSTON, USA NOVEL THERAPIES FOR DEMYELINATION DISORDERS PHARMA DIVISION 10 Molecular modelling of putative modulator (green) in its target (surface in grey and interacting protein residues in colored spheres) “ We are thrilled to partner with Evogene to design an optimized new therapeutic candidates to promote remyelination for MS and other neurodegenerative disorders . The synergistic combination of Evogene ’ s ChemPass AI platform and generative chemistry together with Unravel ’ s patient RNA - derived Living Molecular Twins demonstrates the acceleration of drug development driven by novel data and advanced algorithms since patients cannot wait . ” DR. RICHARD NOVAK, CEO OF UNRAVEL BIOSCIENCES ( 07.01.26 ) • Target : novel mechanism underlying neurodegenerative diseases . • Focused on demyelinating diseases such as MS, representing a global market exceeding $ 28 B* . • Combines ChemPass AI with Unravel ’ s patient - derived predictive biology technology to develop multi - parameter optimized therapies to improve neurological function . * https://www.strategicmarketresearch.com/market - report/multiple - sclerosis - therapeutics - market?utm_source=chatgpt.com
COLLABORATION WITH DR. MARK ADAMS, QUT, BRISBANE, AUSTRALIA NOVEL THERAPIES FOR CHEMOTHERAPY RESISTANCE IN CANCER TREATMENT PHARMA DIVISION 11 Different ligands interact with distinct residues and occupy the pocket with diverse orientations “ Partnering with Evogene is an exciting opportunity not only from a cell and molecular biology perspective, but also for its translational potential . Leveraging Evogene ’ s AI - driven technology allows us to accelerate a path from research to real - world outcomes . By working together, I look forward to seeing our collective innovation one day make a meaningful difference for people living with cancer . ” DR. MARK ADAMS, PI, QUEENSLAND UNIVERSITY OF TECHNOLOGY ( 17.02.26 ) • Target : cellular mechanism responsible for resistance to cancer treatments . • Global cancer drug resistance market is estimated at $ 5 . 4 B in 2025 * . • Combines ChemPass AI with cutting edge cancer genomics to restore treatment sensitivity in resistant tumors . • Designed to generate novel, brain - penetrant, small - molecule candidates addressing a major unmet need in oncology . * https://www.htfmarketinsights.com/report/ 4376307 - cancer - drug - resistance - market?utm_source=chatgpt.com
12 DIVERSIFIED SMALL MOLECULE PIPELINE ( 19.05.2026 ) PARTNER IND PRE - CLINICAL LEAD OPTIMIZATION HIT - TO - LEAD HIT ID INDICATION PROGRAM Immunology EVGI 110 Neurology EVGN 210 Oncology EVGO 310 Metabolism* EVGM 410 * Non - protein target
13 PHARMA DIVISION – DRUGS EXTERNAL COLLABORATIONS Metabolic Disease EXTERNAL COLLABORATIONS Herbicides INTERNAL PIPELINE Wheat Blotch AG DIVISION* – AG - CHEMICALS AG DIVISION ͐ – Operations in this field are conducted through our subsidiary, AgPlenus . Neutrophil - Derived Inflammatory Diseases Demyelination Disorders Lung Cancer EVOGENE – AS OF TODAY ( 19.05.2026 )
INTERNAL PIPELINE WHEAT BLOTCH 14 1 ) TResearch Summer 2019 2 ) Global Growth Insights DISRUPTING A $ 1.2 B PROBLEM AT RECORD SPEED • 70 % of EU fungicide usage in wheat is for Wheat Blotch 1 • EU market alone >$ 1.2 B annually 1 • Widespread resistance to current top products ( ‘ Strobilurins ’ ) with 2024 sales of $ 4.59 B 2 APTF - 1 PRESENTS STRONG POTENTIAL FOR REAL - WORLD INNOVATION • Shows clear concentration - dependent antifungal efficacy • Ongoing optimization to enhance potency • 18 months from target to optimized hit EVOGENE'S SUBSIDIARY
END - TO - END PROCESS – NOVEL, HIGHLY POTENT, OPTIMIZED MOLECULES WHEAT BLOTCH, DISRUPTING A $ 1.2 B PROBLEM AT RECORD SPEED* • 70 % of EU fungicides are used for Wheat Blotch • Widespread resistance to current products HIT SCREENING WITH POINTHIT TM LEAD OPTIMIZATION WITH LEADOP GPT TM Step 1 Step 3 HIT TO LEAD WITH ACTIVESEARCH TM 5 ( 3 ) 164 Step 2 38 ( ) In Vivo Activity ( .5 %) 11 ( .5 ) Enzymatic Activity 440 Ordered Compounds Ordered Compounds ( 6 ) ( ) PROPRIETARY PRODUCT CANDIDATE TARGET PROTEIN New MOA - no available crystallographic structure with limited computational data Enzymatic Activity In Vivo Activity Ordered Compounds Enzymatic Activity In Vivo Activity 15 * Performed by AgPlenus , Evogene ’ s wholly owned subsidiary
16 DIVERSIFIED SMALL MOLECULE PIPELINE ( 19.05.2026 ) PARTNER IND PRE - CLINICAL LEAD OPTIMIZATION HIT - TO - LEAD HIT ID INDICATION PROGRAM Immunology EVGI 110 Neurology EVGN 210 Oncology EVGO 310 Metabolism* EVGM 410 PARTNER FIELD TESTING SAFETY & ENVIRONMENT LEAD OPTIMIZATION HIT - TO - LEAD HIT ID INDICATION PROGRAM Herbicides APCO - 12 Internal Fungicide APTF 1 /APTF 4 * Non - protein target Stage confidential
17 PHARMA DIVISION – DRUGS EVOGENE – LOOKING FORWARD AG DIVISION* – AG - CHEMICALS AG DIVISION ͐ – Operations in this field are conducted through our subsidiary, AgPlenus . Additional tech collaborations to maintain our competitive advantage • Progress in existing pipeline ͅ • New collaborations with biotech companies and academic institution s. • Building relationships with pharmaceutical companies ͅ • Evaluation of projects for an internal pipeline ͅ • Progress in existing pipeline ͅ • New collaborations with ag - chem companies . • Evaluation of projects for expending internal pipeline ͅ
˥ˬ EARNINGS CALL Q 1 2026 AGENDA - By Ofer Haviv CEO UPDATE - By Polina Ravzin VP FINANCE UPDATE Q&A unique
˥˭ 19 EVOGENE SUBSIDIARIES ’ ACTIVITY
Evogene and Shanghai Lishan Biopharmaceuticals Co. Announce Exclusive Licensing Agreement for BMC 128 , a Microbiome - Based Therapeutic for Renal and Lung Cancer Evogene Announces Completion of Transaction for the Sale of Lavie Bio ’ s Activity to ICL 20 EVOGENE SUBSIDIARIES ’ ACTIVITY
˦˥ 21 EVOGENE SUBSIDIARIES ’ ACTIVITY
22 EVOGENE SUBSIDIARIES ’ ACTIVITY • Casterra Announces Successful Commercial Field Trials in Brazil, Positioning Castor Oil as a Promising Candidate for Economically Viable Biofuel Feedstock . • Casterra completed the 2026 planting of 13 trials across 7 Brazilian states : Bahia, Ceara, Goias, Maranhao, Mato Grosso, Minas Gerais, and Tocantins, covering most of Brazil ’ s key castor - growing regions .
˦˧ VP FINANCE UPDATE FINANCIAL HIGHLIGHTS
˦˨ VP FINANCE UPDATE FINANCIAL HIGHLIGHTS
˦˩ VP FINANCE UPDATE FINANCIAL HIGHLIGHTS
˦˪ EARNINGS CALL Q 1 2026 AGENDA - By Ofer Haviv CEO UPDATE - By Polina Ravzin VP FINANCE UPDATE Q&A
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