Evogene Ltd Overview
| Field | Detail | Source / note |
|---|---|---|
| Legal name | Evogene Ltd. | Form 20-F FY2025 cover |
| Former names | None at parent level identified. Subsidiary Casterra Ag Ltd. was historically linked to the company's castor activity previously associated with "Evofuel Ltd." (Evofuel remains listed as an entity chaired by the CEO) | MarketScreener insider profile; not confirmed as formal rename |
| Founded / incorporated | Incorporated 10 October 1999; founders Amir Barzilay and Hagai Karchi; operations commenced as a spin-off from Compugen Ltd. (CEO Ofer Haviv joined from Compugen as CFO in January 2002) | TradingView/CNN profile; 20-F FY2025 (Haviv biography) |
| Incorporation jurisdiction | Israel (Israeli Companies Law, 5759-1999) | 20-F FY2025 |
| Headquarters | 13 Gad Feinstein Street, Park Rehovot, Rehovot 7638517, Israel; Tel +972-8-931-1900 | 20-F FY2025 cover |
| Exchanges / tickers | Nasdaq Capital Market: EVGN; Tel Aviv Stock Exchange: EVGN | 20-F FY2025 |
| Security | Ordinary shares, par value NIS 0.2 (post 1-for-10 reverse split effected 24 July 2024) | 20-F FY2025 |
| ISIN | IL0011050551 | TradingView |
| CUSIP | — | — |
| SEC Commission File No. | 001-36187 (foreign private issuer; files 20-F / 6-K) | 6-K August 2026 |
| Filer status | Non-accelerated filer; not an emerging growth company | 20-F FY2025 |
| Fiscal year end | 31 December | 20-F |
| Shares outstanding | 8,718,193 (31 Dec 2025); approx. 12,103,764 (mid-2026, after February 2026 warrant inducement and ATM issuance) | 20-F FY2025; TipRanks (aggregator) |
| Employees | 117 (Dec 2024) → 38 (Aug 2026) | Q2 2026 release (via RTTNews) |
| Auditor | n/d in sources reviewed for this dossier (historically an Israeli Big-Four affiliate; verify against Item 16C of the FY2025 20-F) | — |
| Market capitalisation (current) | Approx. USD 6.6–10.0 million depending on date/price source; at ~USD 0.55 × ~12.1M shares ≈ USD 6.7M | Robinhood (21 Jul 2026: USD 6.59M); Motley Fool (USD 9.99M, undated); PitchBook (15 Jun 2026: USD 6.88M) |
| Listing status | Active, dual-listed; Nasdaq minimum-bid-price deficiency (compliance deadline extended to 29 March 2027) | 6-K / PR 30 Sep 2026 |
| Dividend | Never paid | Trendlyne / company |
The entity profiled is Evogene Ltd., the Israeli computational chemistry company headquartered in Rehovot, Israel, website www.evogene.com. This matches the name and type supplied: it is an active, publicly listed company (dual-listed on Nasdaq and the Tel Aviv Stock Exchange). No alternate entity needed to be substituted.
| Metric | FY2023 | FY2024 | FY2025 | Aug-2026 |
|---|---|---|---|---|
| Employees (headcount, period end) | — | 117 | — | 38 |
Aggregators show intermediate figures of 103 and 52, which are consistent with a progressive reduction during 2025–2026 but are not primary-source verified.
Evogene is a micro-capitalisation Israeli technology company that has spent 2025–2026 converting itself from a diversified "computational predictive biology" holding group — with subsidiaries spanning ag-biologicals, microbiome therapeutics, castor seeds, ag-chemicals and medical cannabis — into a narrowly focused generative-AI computational chemistry business. Its core asset is ChemPass AI™, a proprietary engine for designing and multi-parameter-optimising novel small molecules for pharmaceutical and crop-protection applications, built in part on a Google Cloud foundation model and now augmented with autonomous AI agents. Monetisation is collaboration-led (upfront, R&D, milestone and royalty economics, with Evogene retaining downstream rights) alongside an internal four-program drug pipeline and an ag-chemical pipeline run through subsidiary AgPlenus. The company has monetised non-core assets (Lavie Bio to ICL; BMC128 licensed to Lishan), cut cash burn by more than half, but remains revenue-light, going-concern-qualified, below Nasdaq's USD 1 bid-price threshold, and embroiled in an activist control contest.
Company's own description
In its current corporate boilerplate (press releases from late 2025 onward and the company website), Evogene describes itself as a pioneer in computational chemistry, specialising in the generative design of small molecules for the pharmaceutical and agricultural industries, with ChemPass AI™ — its proprietary generative AI engine — at the core of the offering, designed to produce novel, highly potent molecules optimised across multiple critical parameters, improving success rates while reducing development time and cost. The company labels its operating philosophy "Real-World Innovation", emphasising the integration of computation with industry partner needs (evogene.com/company).
The FY2025 20-F still describes the group structure as Evogene acting as a technology hub with divisions and subsidiaries beneath it that draw on the Computational Predictive Biology (CPB) platform and its engines (ChemPass AI and GeneRator AI), each subsidiary being responsible for its own pipeline, go-to-market and financing. However, the same filing makes clear that this hub-and-spoke model has been heavily pruned: Lavie Bio's activity was sold to ICL, Biomica was scaled down to complete one clinical trial, and Casterra and AgPlenus underwent dispositions and workforce reductions.
Independent characterisation
Stripped of legacy framing, Evogene in October 2026 is best characterised as:
-
An early-stage AI drug-discovery services-and-pipeline company with six disclosed pharma discovery collaborations (biotechs and academic institutions), no clinical-stage proprietary small molecules, and internal programs at hit-to-lead / lead-optimisation stage. Preclinical work on internal candidates is guided to begin in 2H 2027 (Q2 2026 call).
-
A small ag-chemical discovery business (AgPlenus) with one surviving big-ag collaboration (Corteva, herbicides) after Bayer terminated its herbicide project in May 2026, and an internal wheat fungicide program (Zymoseptoria tritici / Septoria) in lead optimisation.
-
A residual portfolio of monetised or wind-down subsidiaries — Lavie Bio (asset-sold shell distributing cash), Biomica (licensed BMC128 to Shanghai Lishan; no ongoing operations; reported as discontinued from Q2 2026), and Casterra (castor seeds, realigned exclusively to Brazil).
Economically, the company is pre-commercial in its core business. Historical revenue has been dominated by non-core sources — Casterra seed sales and collaboration payments in Lavie Bio and AgPlenus — which are now shrinking or gone.
Business and revenue model
| Revenue stream | Mechanics | Current significance |
|---|---|---|
| Discovery collaborations (pharma) | Partner brings biology/target; Evogene applies ChemPass AI to generate hits/leads; Evogene retains commercial rights/downstream economics to resulting discoveries | Strategic core; revenue contribution not separately disclosed and appears immaterial to date |
| Ag-chemical R&D collaborations (AgPlenus) | Upfront, R&D payments, development milestones, royalties (lower than pure licences) | Historically meaningful (Bayer one-time payment Q1 2024); Bayer project terminated May 2026; Corteva herbicide collaboration continues |
| Licensing of assets | Out-licensing of product candidates (e.g., BMC128 to Lishan) with potential future milestones/royalties to subsidiary | Economic value flows via subsidiary dividends (Biomica paid USD 2.7M dividend in Q2 2026; Evogene share ≈ USD 1.35M) |
| Product sales | Casterra castor seed sales to industrial (biofuel feedstock) buyers | Largest historical revenue driver in 2024–2025; declined sharply in 2026 |
| Asset monetisation | Sale of subsidiaries/tech engines (e.g., Lavie Bio + MicroBoost AI for Ag to ICL) | One-off; recognised in discontinued operations and dividends |
| Grants | Israeli Innovation Authority / EU grants netted against R&D | Offsets R&D (e.g., €1.2M EU grant to Ag-Seeds division announced 2024) |
Mix characterisation (FY2025, management commentary): the decline in revenue from ~USD 5.6M (restated FY2024) to ~USD 3.9M (FY2025) was attributed to lower AgPlenus milestone revenue, completion of the Corteva collaboration revenue stream recognised in 2024, and lower Casterra seed sales. Product sales (Casterra) therefore made up the majority of FY2025 revenue; licensing/collaboration constituted the balance. No subscription/SaaS revenue exists.
Value-chain position, customers and end-markets
Evogene sits at the very front of the value chain — target-to-hit and hit-to-lead small-molecule discovery — upstream of preclinical development, clinical trials, regulatory approval and commercialisation, all of which it expects partners to carry. In agriculture it sits upstream of formulation, field development, registration (EPA etc.) and distribution, which are controlled by a consolidated oligopoly (Bayer, Corteva, Syngenta, BASF).
Customer types: biotech companies and academic drug-discovery centres (pharma); multinational crop-protection companies (ag); an industrial castor-seed purchaser (described in filings and calls as a major oil-and-gas company) and seed growers (Casterra).
Customer concentration: extreme. In H1 2025, one customer (Customer B, Casterra-related) accounted for 63% of revenue, another 14%, and a subsidiary shareholder 11% (6-K, H1 2025 interim statements). In 2021–2023 a single subsidiary shareholder accounted for 35%, 48% and 62% of revenue respectively (20-F FY2023).
End-markets: AI-enabled small-molecule drug discovery (immunology, neurology, oncology, metabolism per pipeline slide); crop-protection chemicals (herbicides, fungicides); industrial castor oil / biofuel feedstock (Brazil).
Strategy
Stated strategy (themes from FY2025 20-F, 2026 releases and CEO letter)
-
Focus on ChemPass AI as the single core technology engine for small-molecule discovery and optimisation in pharma and ag.
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"Shift from AI models to autonomous discovery" — integrating AI agents (Google Cloud Vertex AI) to automate dataset generation, increase parallel program capacity and lower cost per program (Feb 2026 PR).
-
Collaboration-led pharma model with retained rights — partners supply biology/targets; Evogene supplies design; Evogene participates in downstream economics.
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Internal pipeline build-out — four internal drug programs (immunology, neurology, oncology, metabolism) toward preclinical entry in 2H 2027.
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Ag-chemicals via AgPlenus — advance Corteva herbicide collaboration and internal Septoria fungicide; seek partners.
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Monetise non-core assets — completed for Lavie Bio (ICL) and BMC128 (Lishan); Casterra minimised to Brazil.
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Capital efficiency — 2026 cash usage USD 8.5–9.5M, further reduction in 2027.
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Maintain Nasdaq listing — "key priority"; reverse split flagged as a potential tool.
Initiatives register (last 24 months)
| Date | Initiative | Type | Detail / target |
|---|---|---|---|
| Oct 2024 | Google Cloud collaboration I | Platform investment | Generative foundation model for ChemPass AI |
| 2024 (FY2023 call) | Cost programme | Cost | Consolidated burn cut from USD 23.1M (2023) to ~USD 21M target (2024); achieved USD 20.5M |
| Mar 2025 | 2025 burn guidance | Cost | USD 6–7M operating burn excluding subsidiary sale proceeds (call) |
| Apr–Q2 2025 | Lavie Bio / MicroBoost AI for Ag sale to ICL | Divestiture | USD 15.25M + ~USD 3.5M |
| Jun 2025 | Cloud migration of ChemPass AI | Platform | Completed |
| 2,025 | Group workforce reduction and structural change | Restructuring | 117 → 38 employees by Aug 2026 |
| Feb 2026 | Google Cloud collaboration II (AI agents) | Partnership / platform | AI agents integrated June 2026 |
| Feb 2026 | Scientific Advisory Board | Governance/science | Profs. Irwin and Major |
| Feb 2026 | Systasy / LMU Munich collaboration | New business | Neutrophil-derived inflammatory diseases |
| Q1 2026 | Two further pharma collaborations | New business | Inflammatory diseases & oncology; novel target program (partners not named in sources reviewed) |
| Feb 2026 | BMC128 licence to Lishan | Monetisation | Global rights |
| Q1–Q2 2026 | Casterra Brazil refocus | Restructuring | 13 trials, 7 states, aiming at 2027 seed sales |
| Jul 2026 | Tel Aviv University BCDD initiative | Partnership | Integrated DMTA workflow for academic projects |
| 2,026 | Virtual chemical space expansion | Platform | ~110 billion molecules |
Medium-term targets / guidance
| Item | Guidance |
|---|---|
| 2026 consolidated cash usage | USD 8.5–9.5M |
| 2027 cash usage | Further reduction expected (unquantified) |
| Internal drug programs | Preclinical initiation 2H 2027 |
| Casterra | Seed sales targeted for 2027 Brazilian season |
| Revenue / profitability targets | None provided |
ESG commitments: none quantified.
Products & Services
Technology platforms
| Platform | Description | Status | Notes |
|---|---|---|---|
| ChemPass AI™ | Proprietary generative-AI engine for de novo small-molecule design and multi-parameter optimisation (potency, selectivity, ADMET-type, novelty/IP). Built on a generative foundation model co-developed with Google Cloud (first collaboration announced Oct 2024); migrated to Google Cloud Platform June 2025; AI agents (Vertex AI) integrated under second Google Cloud agreement (Feb 2026; integrated June 2026). Virtual chemical space expanded to ~110 billion molecules (Q2 2026) | Core, active | Flagship asset; drives both pharma and ag pipelines |
| GeneRator AI | Computational engine for genetic elements (trait discovery, castor breeding) | Retained; supports Ag-Seeds division and historically Casterra | Secondary |
| MicroBoost AI (for Ag) | Microbe discovery/optimisation engine | Ag version sold to ICL (~USD 3.5M, 2025) | Divested |
| Computational Predictive Biology (CPB) platform | Umbrella platform hosting the engines plus data infrastructure (several petabytes) | Legacy framing in 20-F | — |
Pharma division — drug discovery pipeline (company slide, 19 May 2026)
| Program | Indication area | Stage (May–Aug 2026) | Partner |
|---|---|---|---|
| EVGI 110 | Immunology | Internal; furthest internal program reported as having completed hit-to-lead and moved to lead optimisation (exact program-level stage per slide not fully verified) | Internal |
| EVGN 210 | Neurology | Discovery stage (stage detail n/d) | Internal |
| EVGO 310 | Oncology | Discovery stage (stage detail n/d) | Internal |
| EVGM 410 | Metabolism (non-protein target) | Stage confidential | Internal |
| Partnered programs (six collaborations) | Inflammatory diseases (neutrophil-derived), oncology, others | Two of six completed Hit Identification with validation results described as exceeding partner expectations (Q2 2026) | Systasy Biosciences + LMU University Hospital Munich; Tel Aviv University BCDD (framework); other biotech/academic partners (names not all disclosed in sources reviewed) |
Guidance: preclinical studies for internal drug candidates expected to begin in 2H 2027 (Q2 2026 call, per StockTaper summary).
Ag division — AgPlenus (ag-chemicals)
| Program | Type | Stage | Partner / status |
|---|---|---|---|
| APCO-12 | Herbicides | Discovery/optimisation (stage per slide n/d) | Corteva — collaboration ongoing |
| APTF1 / APTF4 | Fungicides vs Zymoseptoria tritici (Septoria tritici blotch of wheat) — new mode of action announced 2025 | Lead optimisation; greenhouse testing expected; field-trial validation stage referenced on Q2 2026 call | Internal; partnering intended |
| APTH1 target program | Herbicide (novel protein target) | Terminated by Bayer, 18 May 2026 — target and active molecules revert to AgPlenus | Formerly Bayer; generated one-time payment in Q1 2024 |
Business model: R&D collaborations (upfront, R&D funding, milestones, royalties) and out-licensing of internal candidates (20-F FY2025).
Ag-Seeds division (parent-level)
Seed-trait discovery (including GM and genome-edited approaches) using GeneRator AI; €1.2M EU grant secured (announced with FY2023 results) to develop oil-seed crops with enhanced CO2 assimilation and drought tolerance. Commercial products: none.
Casterra Ag Ltd. — castor seeds (Industrial Applications)
| Item | Detail |
|---|---|
| Product | Proprietary high-yield castor bean seed varieties for non-edible industrial castor oil (biofuel feedstock) |
| Customer | A major oil-and-gas company (unnamed in filings); framework agreements June 2023 and June 2024 |
| Volumes | ≈215 t delivered in 2024 (≈76 t in Q4 2024); ≈250 t delivered Feb 2025 |
| 2025–2026 | USD 2.2M inventory impairment recorded in FY2025; operations reduced and realigned exclusively to Brazil; 13 trials planted in 2026 across 7 Brazilian states (Bahia, Ceará, Goiás, Maranhão, Mato Grosso, Minas Gerais, Tocantins); successful commercial field trials announced; partnership with Fantini for mechanised harvesting; trials intended to support seed sales for the 2027 season |
| Pricing | — |
| Risk note | Castor seeds contain ricin — handling, rotation and regulatory risks flagged in 20-F |
Biomica Ltd. — microbiome therapeutics (Human Health; discontinued)
| Asset | Description | Status |
|---|---|---|
| BMC128 (Lishan code LS-LBP-002) | Live biotherapeutic consortium of four human gut bacterial strains to enhance immunotherapy response; Phase 1 in renal cell carcinoma and NSCLC | Exclusive worldwide licence to Shanghai Lishan Biopharmaceuticals (4 Feb 2026); Lishan responsible for global development/manufacture/commercialisation, with Phase 2 plans; Phase 1 results (2 Jun 2026): favourable safety, preliminary activity signals |
| BMC426 / BMC427 | Live bacterial consortia for IBS visceral pain | Positive preclinical interim results (Jul 2023); current status n/d (Biomica no longer operating) |
Lavie Bio Ltd. — ag-biologicals (discontinued)
Majority of activity — core team, BDD (Biology Driven Design) platform, microbial bank and data, most development programs, commercial products — sold to ICL (closed Q2 2025). Existing partner agreements (not transferred) may still generate revenue for Lavie Bio shareholders. Lavie Bio distributed USD 4.25M dividend in Q2 2026 (Evogene ≈USD 2.9M).
Canonic — medical cannabis (exited)
Previously sold medical cannabis products in Israel (contributed to 2022 revenue growth). Company signalled in March 2024 a transition of cannabis operations to third parties; no longer part of the strategy.
Financial Narrative
Basis of presentation
Two bases coexist and must not be mixed casually:
As originally reported: (each year's own 20-F): FY2021–FY2024 include Lavie Bio and Biomica in continuing operations.
Re-presented continuing operations: (20-F FY2025): FY2023–FY2025 exclude Lavie Bio and MicroBoost AI for Ag (shown in discontinued operations). From Q2 2026 Biomica will also be excluded.
Income statement — as originally reported: notes and sources
Notes: FY2025 column is on the FY2025 20-F basis (continuing operations for lines through loss before tax; net loss includes USD 5.672M income from discontinued operations, of which a USD 6.4M gain on the ICL sale). FY2025 revenue (~USD 3.9M) per FY2025 release. FY2021 cost of revenue derived from 20-F FY2023 comparative table. FY2022 includes USD 3.5M other income. FY2024 financing income (≈USD 4.0–4.2M) reflects warrant revaluation gains. FY2021 R&D (≈USD 21.1M) per FY2022 release.
EBITDA and margins
EBITDA is not reported by the company. Depreciation has run at roughly USD 1–3M per year (aggregator roic.ai: ~USD 2–3M 2021–2022, ~USD 1M 2023–2025; not primary-verified), so EBITDA ≈ operating loss plus D&A, deeply negative throughout.
FY2025 margins computed on FY2025 20-F basis (revenue ≈3.9). FY2025 gross margin is negative because of the USD 2.2M Casterra inventory impairment charged to cost of revenue.
Revenue CAGR: FY2021–FY2025 (0.93 → ~3.9) ≈ +43% p.a. on a mixed basis; FY2023–FY2025 on the as-reported-then-re-presented basis is negative. The CAGR is not economically meaningful: revenue sources in 2021 (collaborations, cannabis) are almost entirely different from 2025 (castor seeds), and most of the 2023–2024 growth sources have since been divested or terminated.
Per-share data (split-adjusted for 1:10 reverse split, July 2024)
EPS from roic.ai (secondary; attributable-to-equity-holders basis presumed). Diluted EPS equals basic given losses (anti-dilution). Quarterly: Q1 2026 EPS ≈ -0.60 (Simply Wall St); Q2 2026 EPS ≈ -0.14 (StockTaper).
Balance sheet
Interim: cash and short-term deposits USD 13.1M at 31 Mar 2026 (after USD 3.4M gross warrant inducement) and USD 9.3M at 30 Jun 2026 (Q1 and Q2 2026 releases). The company carries no bank or bond debt; its liabilities consist mainly of lease liabilities (all facilities leased in Israel) and warrant liabilities measured at fair value (a source of large non-cash financing gains/losses — e.g., ~USD 0.9M expense Q3 2024, financing income ~USD 4.6M Q4 2024, warrant-related charges in Q1 2026). TipRanks (secondary) cites a current ratio of ~4.5 and a net cash position, consistent with the debt-free structure. Net debt is therefore negative (net cash) in every year.
Cash flow
FY2026 guidance shown at midpoint of USD 8.5–9.5M. Free cash flow per share (roic.ai, secondary): -6.32 (2021), -6.03 (2022), -4.85 (2023), -3.57 (2024), -1.73 (2025). Capex is small (lab/IT equipment; cloud migration shifted spend to opex) — not separately verified. No dividends paid; no buybacks. Equity raised: management cites USD 11.1M of new capital over the last 18 months (Aug 2026 shareholder letter) while another summary of the same period cites ~USD 14.2M — a discrepancy, possibly reflecting gross vs. net or inclusion of different instruments; both noted.
Commentary on trends, inflections and drivers
Revenue. The five-year arc is a rise and fall: from sub-USD 1M in 2021 to a peak of USD 8.5M (as reported) in 2024, then down to ~USD 3.9M in 2025 and an annualised run-rate of roughly USD 1.4M in 1H 2026 (USD 0.7M H1 2026 vs USD 2.9M H1 2025). The 2023–2024 peak was built on three pillars — Lavie Bio/Corteva collaboration revenue, an AgPlenus/Bayer one-time payment (Q1 2024), and Casterra seed deliveries — all of which have since ended or shrunk. The core ChemPass AI business is not yet a material revenue generator.
Cost base — the real inflection. The genuine inflection is in costs: total operating expenses fell from USD 30.5M (2023, as reported) to USD 13.8M (2025, continuing), R&D from USD 20.8M to USD 8.0M, and quarterly R&D to USD 1.4M by Q2 2026. Headcount fell ~68% (117 → 38). Consolidated cash usage is guided to USD 8.5–9.5M in 2026 versus USD 23.1M in 2023 — a >60% reduction — with further reductions anticipated in 2027.
Bottom line. Net loss fell from USD 30.4M (2021) to USD 7.8M (2025), but 2025 was flattered by the USD 6.4M gain on the ICL sale; loss from continuing operations was USD 13.5M. Q2 2026's USD 1.8M net loss (vs USD 4.7M in Q2 2025) reflects the leaner structure plus financing income, whereas Q1 2026 was burdened by warrant-related financing charges and inducement transaction costs.
Liquidity. Cash fell from USD 31.1M (end-2023) to USD 9.3M (mid-2026). At guided burn (~USD 2.1–2.8M per quarter), mid-2026 cash covers roughly 3–4 quarters before further subsidiary dividends, warrant exercises or ATM sales — consistent with the going-concern doubt disclosed in the FY2025 20-F.
Quarterly detail, 2025–2026 (USD M):
Note: Q1 2025 revenue/op. loss as originally reported (before Lavie Bio reclassification). H1 2025 net loss USD 7.7M; H1 2026 net loss also ≈USD 7.7M.
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Group Entities
| Entity | Activity | Status (Oct 2026) | Evogene interest |
|---|---|---|---|
Evogene Ltd. (parent) | ChemPass AI tech hub; Pharma division (internal drug programs and collaborations); Ag-Seeds division (GeneRator AI) | Core | — |
AgPlenus Ltd. | Ag-chemical discovery (herbicides, fungicides) using ChemPass AI | Active, downsized | Majority (exact % n/d) |
Casterra Ag Ltd. | Castor seed varieties for industrial oil/biofuel; Brazil only | Active, downsized; Haviv CEO from Apr 2026 | Majority (exact % n/d) |
Biomica Ltd. | Microbiome therapeutics; BMC128 licensed to Lishan | No ongoing operations; discontinued ops from Q2 2026 | Approx. 50% economic share implied by dividend (USD 1.35M of USD 2.7M) |
Lavie Bio Ltd. | Ag-biologicals; majority of activity sold to ICL | Shell holding residual partner agreements; discontinued ops since Q2 2025 | Approx. 68% economic share implied by dividend (USD 2.9M of USD 4.25M) |
Evogene, Inc. (US) | US subsidiary | — | 100% (assumed; n/d) |
Canonic (medical cannabis) | Medical cannabis products in Israel | Wound down / transitioned to third parties (2024) | — |
Segment revenue (USD K)
| Segment revenue (USD K) | FY2021 | FY2022 | FY2023 |
|---|---|---|---|
Agriculture | 628 | 876 | 3,791 |
Industrial Applications | 40 | 72 | 1,075 |
Human Health | 183 | 513 | 487 |
Unallocated | 79 | 214 | 287 |
Total | 930 | 1,675 | 5,640 |
Revenue by Segment
| Segment operating result (USD K) | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
Agriculture | -12,248 | -12,256 | -11,100 | -9,262 |
Industrial Applications | -169 | -220 | -39 | -2,411 |
Human Health | -10,087 | -8,875 | -10,349 | -7,240 |
Unallocated | -8,449 | -5,590 | -5,020 | -3,297 |
Total operating loss | -30,953 | -26,941 | -26,508 | -22,210 |
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View Subscription PlansSegment Margins & Growth (%) and Revenue by Segment (%)
| Metric (%) | FY2022 | FY2023 |
|---|---|---|
Agriculture revenue YoY growth | 39.5 | 332.8 |
Industrial Applications revenue YoY growth | 80.0 | 1,393.1 |
Human Health revenue YoY growth | 180.3 | -5.1 |
Agriculture share of total revenue | 52.3 | 67.2 |
Industrial Applications share of total revenue | 4.3 | 19.1 |
Human Health share of total revenue | 30.6 | 8.6 |
Segment Revenue
| Item | Original | Re-presented | Reason |
|---|---|---|---|
FY2024 revenue | USD 8,511K (20-F FY2024) | ≈USD 5.6M continuing operations (FY2025 release) | Lavie Bio and MicroBoost AI for Ag moved to discontinued operations |
FY2024 operating loss | USD -22,210K | USD -18,804K | Same |
FY2023 operating loss | USD -26,508K | USD -22,231K | Same |
FY2026 onward | — | Biomica to discontinued ops from Q2 2026 | Biomica ceased operations after licensing BMC128 |
Income Statement
| Metric (USD Mn, as originally reported) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue | 0.930 | 1.675 | 5.640 | 8.511 | 3.9 |
Cost of revenue | 0.767 | 0.909 | 1.692 | 2.683 | — |
Gross profit | 0.163 | 0.766 | 3.948 | 5.828 | -0.241 |
R&D expense, net of grants | 21.1 | 20.792 | 20.777 | 16.648 | 7.994 |
Sales & marketing expense | 2.7 | 3.9 | 3.6 | — | — |
G&A expense | 7.3 | 6.5 | 6.1 | — | — |
Total operating expenses, net | — | 27.707 | 30.456 | 28.038 | 13.793 |
Operating loss | -30.953 | -26.941 | -26.508 | -22.210 | -14.034 |
Net financing income (expense) | 0.521 | -2.813 | 0.521 | 4.2 | — |
Loss before tax | -30.432 | -29.754 | -25.987 | -18.045 | -13.498 |
Net loss (total, incl. NCI) | -30.4 | -29.844 | -25.954 | -18.054 | -7.827 |
Income Statement (FY2023–FY2025)
| Metric (USD Mn, continuing ops, 20-F FY2025) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Revenue | — | 5.6 | 3.9 |
Gross profit | 1.492 | 3.197 | -0.241 |
R&D expense, net | 16.196 | 12.511 | 7.994 |
Total operating expenses, net | 23.723 | 22.001 | 13.793 |
Operating loss | -22.231 | -18.804 | -14.034 |
Loss before tax | -21.946 | -14.808 | -13.498 |
Loss from continuing operations | -21.965 | -14.817 | -13.499 |
Income (loss) from discontinued operations | -3.989 | -3.237 | 5.672 |
Net loss | -25.954 | -18.054 | -7.827 |
Margin (%) (as originally reported)
| Margin (%) (as originally reported) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin | 17.5 | 45.7 | 70.0 | 68.5 | -6.2 |
Operating margin | -3,328 | -1,608 | -470 | -261 | -360 |
Net margin | -3,269 | -1,782 | -460 | -212 | -201 |
Per share (USD)
| Per share (USD) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Basic EPS (aggregator, split-adjusted) | -6.87 | -6.46 | -5.23 | -2.89 | -1.08 |
Dividends per share | 0 | 0 | 0 | 0 | 0 |
Key Financials
| Balance sheet (USD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Cash, equivalents and short-term deposits | — | — | 31.1 | 15.3 | — |
Total financial debt | 0 | 0 | 0 | 0 | 0 |
Shares outstanding (millions, split-adjusted) | — | — | — | — | 8.718 |
Cash flow (USD Mn)
| Cash flow (USD Mn) | FY2023 | FY2024 | FY2025 | FY2026 guidance |
|---|---|---|---|---|
Consolidated cash usage (company metric) | 23.1 | 20.5 | 14.4 | 9.0 |
Net cash used in operating activities | — | — | -13.5 | — |
Financial Analysis
| Ratio | FY2023 | FY2024 | FY2025 | Comment |
|---|---|---|---|---|
ROE | n/m | n/m | n/m | Persistent losses; aggregator ROE figures distorted by small/negative equity attributable |
ROA | n/m | n/m | n/m | Negative |
ROIC | n/m | n/m | n/m | TipRanks cites ≈ -81% (secondary) |
Debt / equity | 0 | 0 | 0 | No financial debt |
Net debt / EBITDA | n/m | n/m | n/m | Net cash; EBITDA negative |
Interest coverage | n/m | n/m | n/m | No interest-bearing debt |
Income Statement (Quarterly)
| Quarterly metric (USD Mn) | Q1-2025 | Q2-2025 | Q1-2026 | Q2-2026 |
|---|---|---|---|---|
Revenue | 2.4 | — | 0.3 | 0.347 |
Operating loss | -4.1 | — | -3.2 | — |
Net loss | -3.0 | -4.7 | — | -1.8 |
R&D expense, net | — | 1.7 | — | 1.4 |
Cash usage | — | — | 2.8 | 2.1 |
Cash & ST deposits, period end | 9.8 | — | 13.1 | 9.3 |
Revenue source
| Revenue source | Counterparty geography | Trend |
|---|---|---|
Casterra castor seeds | Seed production in Brazil (and earlier Africa); buyer is a major oil-and-gas company operating castor programs in African territories (company releases referenced purchase orders for "new African territories" and a "new African country") | Peaked 2024–Q1 2025; collapsed 2026; now Brazil-only |
AgPlenus collaborations | Bayer (Germany), Corteva (USA) | Bayer ended May 2026; Corteva ongoing |
Lavie Bio collaborations | Corteva (USA), ICL (Israel) | Discontinued ops |
Canonic cannabis | Israel | Exited |
Pharma collaborations | Germany (Systasy/LMU Munich), Israel (Tel Aviv University), others | Nascent |
Share price (USD, split-adjusted, October close)
| Share price (USD, split-adjusted, October close) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
EVGN October close | 26.10 | 7.30 | 4.80 | 2.28 | 1.26 |
Performance Details
| Performance (approx., to ~USD 0.55–0.63 current) | Return |
|---|---|
1-year (from Oct 2025 ~USD 1.26) | approx. -50% to -56% |
3-year (from Oct 2023 ~USD 4.80) | approx. -87% to -89% |
5-year (from Oct 2021 ~USD 26.10) | approx. -98% |
Valuation Multiples
| Multiple | Evogene | Comment |
|---|---|---|
Market cap | ~USD 6.6–10.0M | Aggregators (Jun–Jul 2026) |
Enterprise value | Near zero or slightly positive | Cash USD 9.3M (Jun 2026) ≈ market cap |
P/E | n/m (losses) | — |
EV/EBITDA | n/m | Negative EBITDA |
EV/Sales | n/m–very low | Revenue TTM ~USD 2M |
P/B | ~1.2 (Fintel, secondary) | Trading roughly at book/cash |
Source Details
| Source | Rating / target | Note |
|---|---|---|
ROTH Capital | Buy, PT USD 7.00 (initiation; date n/d) | Quantisnow |
Consensus (parqet) | 4 Buy / 0 Hold / 0 Sell; average PT €1.86 | Secondary |
Fintel | Average PT revised to USD 2.30, earlier USD 1.78 | Secondary; dates n/d |
TipRanks (TASE line) | Average PT ₪660.75 (agorot-based) | Secondary |
Capital Markets
| Item | Status |
|---|---|
Dividend history / policy | No dividends ever paid; none expected |
Credit ratings (Moody's/S&P/Fitch) | Not rated |
Debt maturity profile | No financial debt; lease liabilities only |
Capital instruments | Ordinary warrants (5,076,924 at USD 1.25 per 20-F; partly restructured via Feb 2026 inducement with new warrants issued); ATM up to ~USD 3.29M; proposed authorised capital increase to 150M shares |
Share actions | 1:10 reverse split (Jul 2024); another reverse split flagged as possible to cure bid deficiency |
Analyst Conclusions
Management guidance
-
2026 consolidated cash usage USD 8.5–9.5M (cash USD 9.3M at 30 Jun 2026), with further reduction in 2027.
-
Internal drug candidates to enter preclinical studies in 2H 2027.
-
Continued addition of pharma collaborations; advance Corteva herbicide and internal Septoria fungicide programs (greenhouse testing).
-
Casterra to support seed sales in the 2027 Brazilian season.
-
Maintain Nasdaq listing (potential reverse split).
-
No revenue or profitability guidance.
Consensus expectations
No reliable consensus revenue/EPS series for FY2026–FY2027 was verified. Aggregators show Q-level EPS estimates (e.g., Q1 2026 estimate -0.28 vs actual ≈ -0.60) but coverage is too thin for meaningful consensus growth figures.
Bull case
-
Costs now match a platform-company scale. Burn has fallen from USD 20.5M (2024) to a guided ~USD 9M (2026) with 38 staff; a single meaningful collaboration milestone or licence could materially extend runway.
-
Optionality priced at ~zero. Market cap roughly equals mid-2026 cash; investors receive ChemPass AI, six collaborations, four internal programs, AgPlenus, residual BMC128 economics and Casterra Brazil for little or nothing.
-
Corporate-control catalyst. A ~16.7% activist bloc with a special tender offer notice and a sub-USD 10M valuation make a value-crystallising transaction (sale, merger, reverse-merger or strategic investment) plausible.
Bear case
-
Funding gap and dilution. Going-concern doubt; cash ~USD 9.3M vs ~USD 9M annual burn; ATM, warrants and a 120M-share authorised capital increase point to heavy dilution, likely alongside a reverse split.
-
Validation setbacks. Bayer exited the APTH1 herbicide project; collaboration revenue has evaporated (Q2 2026 revenue ~USD 0.3M), and no ChemPass-derived molecule has entered preclinical development.
-
Governance and execution fragility. Disputed AGM, resignations, a pending tender offer, no disclosed permanent CFO and a departed BD head — while competing against far larger AI-chemistry players.
Catalysts and monitorables (next 12 months)
| Catalyst / monitorable | Timing |
|---|---|
| Resolution of AGM dispute and special tender offer; board reconstitution after two resignations | Q4 2026 |
| Reverse split / bid-price compliance | Before 29 Mar 2027 |
| Q3 2026 results (cash vs USD 8.5–9.5M guidance) | ~Nov 2026 |
| FY2026 results and 20-F (going-concern language) | ~Mar 2027 |
| New pharma collaborations; partner program progress beyond Hit ID | Rolling |
| Septoria fungicide greenhouse/field data; Corteva herbicide milestones; re-partnering of APTH1 assets | 2026–2027 |
| Lishan's Phase 2 initiation for BMC128 | 2027 (n/d) |
| Casterra 2026 trial results and 2027 seed orders | H1 2027 |
| Capital raises (ATM usage, warrant activity, authorised share increase) | Ongoing |
| CFO appointment | Near term |
Analyst verdict
Evogene has executed a genuine and painful transformation. In roughly eighteen months it sold or shut down every business that did not use its ChemPass AI engine, cut headcount by about two-thirds, more than halved cash burn, and reframed itself as a generative-chemistry company serving pharma and crop protection. On the cost side the story is credible: operating expenses fell from USD 22.0M to USD 13.8M in 2025, and quarterly R&D is now about USD 1.4M. The technology narrative — a Google Cloud foundation model, agentic workflows, a 110-billion-molecule virtual space, and six collaborations — is coherent and topical.
The problem is that the evidence of commercial validation is still thin while the balance sheet clock is short. Revenue has fallen to a few hundred thousand dollars a quarter, the one marquee ag partnership with Bayer ended because the target failed product criteria, internal drug programs remain at least a year from preclinical entry, and the company carries a going-concern qualification with roughly one year of cash at guided burn. Layered on top is a live control contest — a ~17% activist bloc disputing the AGM and signalling a special tender offer — plus two director resignations, no disclosed permanent CFO, and a Nasdaq bid-price deficiency that will likely require another reverse split.
At a market value roughly equal to cash, the equity is effectively an option on (a) ChemPass AI producing a partner milestone or licence, and (b) the governance contest catalysing a transaction. That asymmetry is real, but so is the probability of further dilution before any value inflection. On balance, Evogene is a speculative special situation rather than an investable growth story: suitable only for risk-tolerant holders able to underwrite dilution, with the near-term outcome likely to be determined by governance and financing events rather than by science. Key confirmation signals would be a funded pharma deal with disclosed economics and a resolved board.
Data gaps flagged (not publicly verified in sources reviewed): CUSIP; auditor name; FY2021–FY2025 total assets, equity, working capital, capex; FY2025 year-end cash; FY2025 segment table and geographic revenue; executive compensation; full post-AGM board list and committee structure; patent counts; names of all six pharma collaborators; financial terms of the BMC128 licence; final AGM vote tallies; current (October 2026) share price; peer financials (shown as approximate).
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure | Background |
|---|---|---|---|
Ofer Haviv | President & CEO; director; chair of subsidiaries; CEO of Lavie Bio, Biomica and (from 1 Apr 2026) Casterra | CEO since Dec 2004; joined Jan 2002 as CFO; director 2006–2007 and since Mar 2025 | CPA; B.A. Accounting & Economics, Tel Aviv University; formerly treasurer/finance director at Compugen |
Yaron Eldad | CFO (departed end-March 2026) | Apr 2022 – Mar 2026 | CFO roles at Yamba Group (2011–2021), Recoly NV, e-Sim; director at B.O.S. Better Online Solutions; B.A. Econ & Accounting (Ben-Gurion), EMBA (Hebrew University), M.A. Law (Bar-Ilan) |
CFO successor | — | — | Not identified in sources reviewed |
Olga Nissan | VP Business Development (stepped down 31 Jul 2026) | n/d – Jul 2026 | Co-founder & CEO of Protica Bio (precision oncology) |
Yoash Zohar | Former Casterra CEO (from 1 Jan 2024; succeeded by Haviv Apr 2026) | 2024–2026 | Agriculture executive |
Scientific Advisory Board | Prof. John Irwin; Prof. Dan Major (appointed Feb 2026) | 2026– | Computational chemistry academics |
Board of Directors
| Name | Role | Notes |
|---|---|---|
Nir Nimrodi | Chairman | Chairman & CEO of Accellix Inc. (cell & gene therapy QC); became chair in recent board refresh |
Sarit Firon | Director | Investor and former CEO/CFO/chair of venture-backed companies (evogene.com) |
Ofer Haviv | Director (CEO) | Since Mar 2025 |
Yoshinori Oikawa | Director — resigned 9 Sep 2026 | — |
Yael Margolin | Director — resigned 9 Sep 2026 | — |
Two new nominees (names n/d) | Company slate additions with industry expertise | Proposed for 4 Sep 2026 AGM |
Board & Management Changes
| Date | Event |
|---|---|
10 Jul 2026 | Schedule 13D: L.I.A. Pure Capital Ltd. & Kfir Silberman (1,526,100 shares, 12.61%) with Invest Pro Shukai Hon Ltd. & Yair Peled Ron (500,000 shares, 4.13%) — combined ~16.7% — demand a special meeting to remove all directors except CEO Haviv and elect their nominees |
24–27 Jul 2026 | Dissidents reject the board's offer of one discretionary seat and any standstill; threaten legal action and director personal liability; demand no out-of-ordinary-course actions |
25 Aug 2026 | ISS (report 23 Aug) and Glass Lewis recommend FOR company slate; ISS found no compelling case for change |
31 Aug 2026 | Company letter defending transformation (USD 11.1M raised, Lavie Bio monetised, cost cuts) |
4 Sep 2026 | AGM held (also proposed increasing authorised capital by 120M shares to 150M) |
8 Sep 2026 | Dissidents dispute the vote results and serve notice of a special tender offer under s.328 Israeli Companies Law (a mechanism for acquiring a controlling block) |
9 Sep 2026 | Directors Oikawa and Margolin resign |
Major Shareholders
| Holder | Stake | Date / source |
|---|---|---|
L.I.A. Pure Capital Ltd. & Kfir Silberman | 12.61% | 13D, 10 Jul 2026 |
Invest Pro Shukai Hon Ltd. & Yair Peled Ron | 4.13% | 13D, 10 Jul 2026 |
Virtu Financial LLC | 0.37% | Motilal Oswal (late 2025) |
Citadel Advisors LLC | 0.25% | same |
Two Sigma Securities | 0.24% | same |
Morgan Stanley (brokerage) | 0.17% | same |
Jane Street Group | 0.17% | same |
BNP Paribas Arbitrage | 0.16% | same |
P&S Renditefonds | 0.11% | same |
UBS Group | 0.08% | same |
Total institutional | ~3.9% | TipRanks |
Insider ownership | n/d (CEO holding n/d) | — |
Competitive Landscape
Key Competitors
| Competitor | Listing | Positioning vs Evogene |
|---|---|---|
Schrödinger | Nasdaq: SDGR | Physics-based + ML computational platform with software licensing and internal pipeline; vastly larger; Evogene presents at its user group — partly a tool provider, partly competitor |
Recursion Pharmaceuticals (merged with Exscientia, Nov 2024) | Nasdaq: RXRX | Integrated phenomics + generative chemistry with clinical-stage pipeline and big-pharma partnerships |
Insilico Medicine | Private / HK listing activity reported | End-to-end generative AI (target ID to chemistry) with clinical assets |
Isomorphic Labs (Alphabet) | Private | Deep-learning structure-based design with large pharma deals |
XtalPi | HKEX | AI + robotics chemistry platform; CRO-like service revenue |
Iambic Therapeutics | Private | Generative chemistry with clinical-stage oncology assets |
Absci | Nasdaq: ABSI | Generative AI for biologics (adjacent modality) |
Chemify, Genesis Therapeutics, Terray, Variational AI, etc. | Private | Venture-funded generative chemistry startups competing for the same biotech/academic collaborations |
Enko Chem | Private | Target-based, DNA-encoded library ag-chem discovery; partnered with majors |
Moa Technology | Private | Novel herbicide MoA discovery |
Micropep | Private | Peptide-based crop protection |
In-house R&D at Bayer, Corteva, Syngenta, BASF | Listed majors | Both customers and competitors |
Peer Comparison FY2024
| Metric | Evogene | Schrödinger | Recursion | Absci |
|---|---|---|---|---|
FY2024 revenue (USD Mn) | 8.5 (as reported) / 5.6 (re-presented) | ~208 (approx.) | ~59 (approx.) | ~5 (approx.) |
Revenue growth trend | Declining (FY2025: ~3.9) | Growing (software) | Volatile, milestone-driven | Small, volatile |
Operating margin | Deeply negative (~-360% FY2025) | Negative | Deeply negative | Deeply negative |
R&D intensity | ~200% of revenue | High | Very high | Very high |
Market cap (indicative) | ~USD 7–10M | Multi-billion range (n/v) | Multi-billion range (n/v) | Hundreds of millions (n/v) |
