The following is a summary of the Evogene Ltd. (EVGN) Q1 2024 Earnings Call Transcript:
Financial Performance:
Evogene reported total revenue of approximately $4.2 million in Q1 2024, a significant increase from $0.6 million in Q1 2023.
Loss reduced to $3.8 million in Q1 2024, showing a decrease of 46% from the $7 million in Q1 2023.
Estimated cash use for 2024 excluding Biomica and Lavie Bio is predicted to be around $8 million, a 36% decrease year-over-year.
The closure of Canonic's operation was finalized, resulting in an annualized saving of $1.5 million.
Business Progress:
Partnerships with Verb Biotics and The Kitchen FoodTech Hub have been established and Finally Foods has been set up.
Casterra secured agreements with African and Brazilian seed growers to fulfill standing orders by the end of 2024.
Launch of Phase I clinical trial results for Biomica's BMC128 microbiome therapeutics at the 2024 ASCO Conference is in pipeline.
Lavie Bio initiated a new collaboration with Syngenta and received $2.5 million from Corteva.
AgPlenus announced a new collaboration with Bayer as operations of Canonic ceased due to challenging market conditions in the medical cannabis sector.
Evogene is planning to build an inventory for 2025, resourced initially by Evogene and later by partners' revenues.
The company conveys confidence in the uniqueness and versatility of their Computational Biology Platform (CBP) technology, aiming to enhance it through increasing number of partnerships.
More details: Evogene IR
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