Date: August 5, 2020 |
EVOGENE LTD.
(Registrant) By: /s/ Dorit Kreiner —————————————— Dorit Kreiner Chief Financial Officer |
EXHIBIT NO.
|
DESCRIPTION
|
|
1 https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4387409/
https://science.sciencemag.org/content/350/6264/1084.full
2 Baruch E.N et al., (2019) Fecal microbiota transplantation (FMT) and re-induction of anti-PD-1 therapy in refractory metastatic melanoma patients - preliminary results from
a phase I clinical trial. AACR; Cancer Res 2019;79(13 Suppl):Abstract nr CT042.
|
(i)
|
Certain measures the company took to mitigate the impact of the COVID-19 pandemic on the Company, including a temporary reduction in salary-based expenditure and a cut back in secondary
activities,
|
(ii)
|
Funds received attributed to the collaboration agreement AgPlenus entered with Corteva during the first quarter of the year, and
|
(iii)
|
Grant received attributed to the ongoing Phenomics consortium.
|
Evogene Investor Contact:
|
US Investor Relations:
|
Rivka Neufeld
Investor Relations and Public Relations Manager
E: IR@evogene.com
T: +972-8-931-1940
|
Joseph Green
Edison Group
E: jgreen@edisongroup.com
T: +1 646-653-7030
|
Laine Yonker
Edison Group
E: lyonker@edisongroup.com
T: +1 646-653-7035
|
June 30,
|
December 31,
|
|||||||
2020
|
2019
|
|||||||
Unaudited
|
Audited
|
|||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
31,074
|
$
|
34,748
|
||||
Marketable securities
|
-
|
2,128
|
||||||
Short-term bank deposits
|
7,000
|
10,000
|
||||||
Trade receivables
|
59
|
72
|
||||||
Other receivables and prepaid expenses
|
1,711
|
2,079
|
||||||
39,844
|
49,027
|
|||||||
LONG-TERM ASSETS:
|
||||||||
Long-term deposits
|
9
|
9
|
||||||
Operating lease right-of-use-assets
|
2,303
|
2,671
|
||||||
Property, plant and equipment, net
|
2,341
|
2,583
|
||||||
Intangible assets, net
|
16,609
|
17,074
|
||||||
21,262
|
22,337
|
|||||||
$
|
61,106
|
$
|
71,364
|
|||||
CURRENT LIABILITIES:
|
||||||||
Trade payables
|
$
|
718
|
$
|
1,001
|
||||
Employees and payroll accruals
|
1,596
|
2,079
|
||||||
Operating lease liability
|
829
|
895
|
||||||
Liabilities in respect of government grants
|
52
|
37
|
||||||
Deferred revenues and other advances
|
558
|
386
|
||||||
Other payables
|
1,068
|
1,348
|
||||||
4,821
|
5,746
|
|||||||
LONG-TERM LIABILITIES:
|
||||||||
Operating lease liability
|
1,787
|
2,076
|
||||||
Liabilities in respect of government grants
|
3,524
|
3,325
|
||||||
5,311
|
5,401
|
|||||||
SHAREHOLDERS’ EQUITY:
|
||||||||
Ordinary shares of NIS 0.02 par value:
Authorized - 150,000,000 ordinary shares; Issued and outstanding - 25,754,297 at June 30, 2020 and December 31, 2019, respectively
|
142
|
142
|
||||||
Share premium and other capital reserve
|
205,990
|
205,904
|
||||||
Accumulated deficit
|
(166,370
|
)
|
(155,902
|
)
|
||||
Equity attributable to equity holders of the Company
|
39,762
|
50,144
|
||||||
Non-controlling interests
|
11,212
|
10,073
|
||||||
Total equity
|
50,974
|
60,217
|
||||||
$
|
61,106
|
$
|
71,364
|
Six months ended
June 30,
|
Three months ended
June 30,
|
Year ended December 31,
|
||||||||||||||||||
2020
|
2019
|
2020
|
2019
|
2019
|
||||||||||||||||
Unaudited
|
Audited
|
|||||||||||||||||||
Revenues
|
$
|
373
|
$
|
540
|
$
|
298
|
$
|
192
|
$
|
753
|
||||||||||
Cost of revenues
|
153
|
172
|
114
|
101
|
334
|
|||||||||||||||
Gross profit
|
220
|
368
|
184
|
91
|
419
|
|||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Research and development, net
|
8,478
|
7,024
|
3,891
|
3,480
|
15,791
|
|||||||||||||||
Business development
|
1,438
|
970
|
468
|
477
|
2,029
|
|||||||||||||||
General and administrative
|
2,388
|
1,746
|
1,051
|
837
|
3,765
|
|||||||||||||||
Total operating expenses
|
12,304
|
9,740
|
5,410
|
4,794
|
21,585
|
|||||||||||||||
Operating loss
|
(12,084
|
)
|
(9,372
|
)
|
(5,226
|
)
|
(4,703
|
)
|
(21,166
|
)
|
||||||||||
Financing income
|
643
|
1,870
|
506
|
671
|
2,630
|
|||||||||||||||
Financing expenses
|
(584
|
)
|
(390
|
)
|
(97
|
)
|
(108
|
)
|
(555
|
)
|
||||||||||
Financing income, net
|
59
|
1,480
|
409
|
563
|
2,075
|
|||||||||||||||
Loss before taxes on income
|
(12,025
|
)
|
(7,892
|
)
|
(4,817
|
)
|
(4,140
|
)
|
(19,091
|
)
|
||||||||||
Taxes on income
|
7
|
3
|
1
|
1
|
24
|
|||||||||||||||
Loss
|
$
|
(12,032
|
)
|
$
|
(7,895
|
)
|
$
|
(4,818
|
)
|
$
|
(4,141
|
)
|
$
|
(19,115
|
)
|
|||||
Attributable to:
|
||||||||||||||||||||
Equity holders of the Company
|
$
|
(10,468
|
)
|
$
|
(7,803
|
)
|
$
|
(4,238
|
)
|
$
|
(4,094
|
)
|
$
|
(18,112
|
)
|
|||||
Non-controlling interests
|
(1,564
|
)
|
(92
|
)
|
(580
|
)
|
(47
|
)
|
(1,003
|
)
|
||||||||||
$
|
(12,032
|
)
|
$
|
(7,895
|
)
|
$
|
(4,818
|
)
|
$
|
(4,141
|
)
|
$
|
(19,115
|
)
|
||||||
Basic and diluted loss per share, attributable to equity holders of the Company
|
$
|
(0.41
|
)
|
$
|
(0.31
|
)
|
$
|
(0.16
|
)
|
$
|
(0.16
|
)
|
$
|
(0.70
|
)
|
|||||
Weighted average number of shares used in computing basic and diluted loss per share
|
25,754,297
|
25,754,297
|
25,754,297
|
25,754,297
|
25,754,297
|
Six months ended
June 30,
|
Three months ended
June 30,
|
Year ended
December 31,
|
||||||||||||||||||
2020
|
2019
|
2020
|
2019
|
2019
|
||||||||||||||||
Unaudited
|
Audited
|
|||||||||||||||||||
Cash flows from operating activities
|
||||||||||||||||||||
Loss
|
$
|
(12,032
|
)
|
$
|
(7,895
|
)
|
$
|
(4,818
|
)
|
$
|
(4,141
|
)
|
$
|
(19,115
|
)
|
|||||
Adjustments to reconcile loss to net cash used in operating activities:
|
||||||||||||||||||||
Adjustments to the profit or loss items:
|
||||||||||||||||||||
Depreciation
|
916
|
1,315
|
496
|
677
|
2,395
|
|||||||||||||||
Amortization of intangible assets
|
465
|
-
|
233
|
-
|
374
|
|||||||||||||||
Share-based compensation
|
2,792
|
447
|
857
|
244
|
1,578
|
|||||||||||||||
Net financing income
|
(69
|
)
|
(1,619
|
)
|
(470
|
)
|
(608
|
)
|
(2,414
|
)
|
||||||||||
Loss from sale of property, plant & equipment
|
-
|
-
|
-
|
-
|
12
|
|||||||||||||||
Taxes on income
|
7
|
3
|
1
|
1
|
24
|
|||||||||||||||
4,111
|
146
|
1,117
|
314
|
1,969
|
||||||||||||||||
Changes in asset and liability items:
|
||||||||||||||||||||
Decrease (increase) in trade receivables
|
13
|
13
|
2
|
(109
|
)
|
88
|
||||||||||||||
Decrease (increase) in other receivables
|
390
|
(656
|
)
|
547
|
102
|
(1,250
|
)
|
|||||||||||||
Increase in long-term deposits
|
-
|
-
|
-
|
-
|
(10
|
)
|
||||||||||||||
Increase (decrease) in trade payables
|
(234
|
)
|
(261
|
)
|
40
|
57
|
(122
|
)
|
||||||||||||
Increase (decrease) in employees and payroll accruals
|
(483
|
)
|
(364
|
)
|
156
|
40
|
(33
|
)
|
||||||||||||
Increase (decrease) in other payables
|
(229
|
)
|
(80
|
)
|
(17
|
)
|
(26
|
)
|
375
|
|||||||||||
Increase (decrease) in deferred revenues and other advances
|
172
|
(193
|
)
|
213
|
(135
|
)
|
(45
|
)
|
||||||||||||
(371
|
)
|
(1,541
|
)
|
941
|
(71
|
)
|
(997
|
)
|
||||||||||||
Cash received (paid) during the period for:
|
||||||||||||||||||||
Interest received
|
166
|
55
|
54
|
21
|
803
|
|||||||||||||||
Interest paid
|
(118
|
)
|
(138
|
)
|
(68
|
)
|
(67
|
)
|
(302
|
)
|
||||||||||
Taxes paid
|
(7
|
)
|
(3
|
)
|
(1
|
)
|
(1
|
)
|
(24
|
)
|
||||||||||
Net cash used in operating activities
|
$
|
(8,251
|
)
|
$
|
(9,376
|
)
|
$
|
(2,775
|
)
|
$
|
(3,945
|
)
|
$
|
(17,666
|
)
|
Six months ended
June 30,
|
Three months ended
June 30,
|
Year ended
December 31,
|
||||||||||||||||||
2020
|
2019
|
2020
|
2019
|
2019
|
||||||||||||||||
Unaudited
|
Audited
|
|||||||||||||||||||
Cash flows from investing activities:
|
||||||||||||||||||||
Purchase of property, plant and equipment
|
$
|
(415
|
)
|
$
|
(197
|
)
|
$
|
(124
|
)
|
$
|
(114
|
)
|
$
|
(900
|
)
|
|||||
Proceeds from sale of marketable securities
|
2,097
|
19,994
|
1,053
|
13,765
|
27,084
|
|||||||||||||||
Purchase of marketable securities
|
-
|
(1,637
|
)
|
-
|
(1,637
|
)
|
(1,637
|
)
|
||||||||||||
Proceeds from bank deposits, net
|
3,000
|
-
|
500
|
-
|
12,592
|
|||||||||||||||
Net cash provided by investing activities
|
4,682
|
18,160
|
1,429
|
12,014
|
37,139
|
|||||||||||||||
Cash flows from financing activities:
|
||||||||||||||||||||
Proceeds from government grants
|
175
|
287
|
-
|
90
|
493
|
|||||||||||||||
Issuance of subsidiary’s ordinary shares to non-controlling interests
|
-
|
-
|
-
|
-
|
10,000
|
|||||||||||||||
Repayment of operating lease liability
|
(329
|
)
|
(366
|
)
|
(152
|
)
|
(205
|
)
|
(597
|
)
|
||||||||||
Repayment of government grants
|
(11
|
)
|
(575
|
)
|
(11
|
)
|
(546
|
)
|
(590
|
)
|
||||||||||
Net cash provided by (used in) financing activities
|
(165
|
)
|
(654
|
)
|
(163
|
)
|
(661
|
)
|
9,306
|
|||||||||||
Exchange rate differences - cash and cash equivalent balances
|
60
|
157
|
572
|
101
|
159
|
|||||||||||||||
Increase (decrease) in cash and cash equivalents
|
(3,674
|
)
|
8,287
|
(937
|
)
|
7,509
|
28,938
|
|||||||||||||
Cash and cash equivalents, beginning of the period
|
34,748
|
5,810
|
32,011
|
6,588
|
5,810
|
|||||||||||||||
Cash and cash equivalents, end of the period
|
$
|
31,074
|
$
|
14,097
|
$
|
31,074
|
$
|
14,097
|
$
|
34,748
|
||||||||||
Significant non-cash activities
|
||||||||||||||||||||
Acquisition of property, plant and equipment
|
$
|
117
|
$
|
52
|
$
|
117
|
$
|
52
|
$
|
216
|
||||||||||
Increase of operating lease right-of-use-assets
|
-
|
-
|
-
|
-
|
$
|
3,437
|
||||||||||||||
Acquisition of intangible assets
|
-
|
-
|
-
|
-
|
$
|
17,448
|