Evogene Ltd. ( (EVGN) ) has released its Q4 earnings. Here is a breakdown of the information Evogene Ltd. presented to its investors.
Evogene Ltd. is a computational biology company that leverages big data and artificial intelligence to develop life-science-based products, focusing on the discovery and development of products through its tech-engines: MicroBoost AI, ChemPass AI, and GeneRator AI. The company operates in the biotechnology sector and collaborates with various subsidiaries and partners to advance its innovations.
In its latest earnings report, Evogene Ltd. announced a significant increase in revenues for the year 2024, reaching approximately $8.5 million, up from $5.6 million in 2023. This growth was primarily driven by AgPlenus’ collaboration with Bayer and increased seed sales from Casterra. Despite challenges in delivery schedules, the company managed to overcome production bottlenecks and anticipates continued growth in 2025.
Key financial highlights include a notable reduction in research and development expenses, which decreased from $20.8 million in 2023 to $16.6 million in 2024. This reduction was mainly due to the cessation of Canonic’s activities and decreased R&D activities in other subsidiaries. Additionally, Evogene implemented an expense reduction plan, resulting in a 30% reduction in headcount by the end of Q1 2025. The company also reported a decrease in net loss for the year, from $26.0 million in 2023 to $18.1 million in 2024, attributed to increased revenues and financial income.
Looking ahead, Evogene’s management remains optimistic about the company’s prospects. The focus will be on enhancing its ChemPass AI tech-engine for AI-powered drug discovery and pursuing strategic collaborations. The company also aims to strengthen Casterra’s position in the castor oil market and create exit events for some subsidiaries to inject funds for further development. These strategic initiatives are expected to bolster Evogene’s financial position and drive future growth.