Evogene (EVGN) Q1 2026 earnings summary

Executive summary

• Focused on leveraging ChemPass AI for drug and ag chemical development, with strategic collaborations and internal pipeline advancement as core business models, following a 2025 strategic transformation.

• Streamlined operations to concentrate on pharma (small molecule drug discovery) and agriculture (next-gen ag chemicals), exiting or scaling down non-core subsidiaries, with dividend distributions expected from Lavie Bio and Biomica.

• Announced multiple new collaborations in pharma and ag chemicals, including with Google, Systasy Bioscience, Unravel Biosciences, and Queensland University of Technology.

• Terminated Bayer collaboration in ag chemicals due to biological target issues; assets reverted to AgPlenus and new opportunities are being explored.

Financial highlights

• Revenues for Q1 2026 were $0.3M, down from $2.3M in Q1 2025, mainly due to lower Casterra seed sales.

• Operating loss increased to $3.2M from $3M year-over-year, driven by decreased revenues.

• Net loss for Q1 2026 was $5.9M, up from $3M in Q1 2025, mainly due to lower revenues and higher net financing expenses.

• Cash and equivalents as of March 31, 2026, were $13.1M, with Q1 cash usage of $2.8M.

• Received $3.4M gross proceeds from warrant inducement agreement in February 2026.

Outlook and guidance

• Anticipates progress in all core areas, with ongoing expansion of technological collaborations and pipeline development.

• Expects to advance pharma pipeline, establish new collaborations, and deepen relationships with global pharma companies.

• Plans to continue ag chemical pipeline advancement and seek new collaborations with leading ag chem companies; Casterra's realigned operations in Brazil expected to support seed sales in the 2027 season.