Core Insights - Evogene Ltd. reported financial results for Q4 and full year 2024, highlighting significant revenue growth and a strategic focus on AI-powered drug discovery and subsidiary exit events [2][3][4]. Financial Performance - Total revenues for 2024 reached approximately 5.6 million in 2023, driven by AgPlenus' collaboration with Bayer and increased seed sales from Casterra [4][11]. - Q4 2024 revenues were approximately 0.6 million in Q4 2023, primarily due to increased Casterra seed sales [4][11]. - R&D expenses for 2024 were approximately 20.8 million in 2023, reflecting reduced activities in several subsidiaries [4][12]. - General and administrative expenses increased to approximately 6.1 million in 2023, influenced by one-time fundraising costs [4][16]. - The net loss for 2024 was approximately 26.0 million in 2023, attributed to higher revenues and lower R&D expenses [20]. Strategic Focus - The company plans to enhance its ChemPass AI tech-engine for drug discovery and expects to announce collaborations with biotech firms and academic institutions [3]. - Evogene aims to create exit events for its subsidiaries to inject funds into its operations, with a focus on strengthening Casterra's market position [3][5]. - The company has initiated an expense reduction plan, targeting a 30% reduction in headcount by the end of Q1 2025 [4][10]. Subsidiary Developments - Casterra Ag Ltd. is focused on large-scale castor bean farming solutions using GeneRator AI [6]. - Lavie Bio Ltd. develops microbiome-based bio-stimulants and bio-pesticides powered by MicroBoost AI [7]. - AgPlenus Ltd. specializes in sustainable crop protection products utilizing ChemPass AI [8]. - Biomica Ltd. is advancing microbiome-based therapeutics powered by MicroBoost AI [9]. Cash Position - As of December 31, 2024, Evogene held approximately 4.6 million [10][27].
Evogene Reports Fourth Quarter and Full Year 2024 Financial Results