Evogene Ltd. (NASDAQ:EVGN) (TASE:EVGN) released its financial results for the first quarter ended March 31, 2022, revealing revenue of $237,000 in comparison to $333,000 in the same period the previous year.
Q1 Financial Highlights
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The net loss for the quarter was $9.1 million in comparison to $7.1 million in the same period the previous year.
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During the first quarter of 2022, the consolidated cash usage was approximately $9.3 million, or approximately $7.6 million if excluding Lavie Bio.
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R&D expenses for the quarter, which are reported net of non-refundable grants received, were $5.6 million, in comparison to $4.3 million in the same period the previous year.
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Business and development expenses were approximately $908 thousand for the first quarter of 2022, in comparison to $570 thousand in the same period the previous year.
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Operating expenses were $8.1 million in the first quarter of 2022 versus $6.3 million in the same period the previous year.
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Evogene continues to maintain a strong financial position for its activities with approximately $44.6 million in consolidated cash, cash related accounts, bank deposits and marketable securities as of March 31, 2022. Approximately $6.6 million of Evogene's consolidated cash is appropriated to its subsidiary, Lavie Bio. The company does not have bank debt.
Ofer Haviv, Evogene's president and CEO, stated, "Evogene's overarching goal is to revolutionize the development process of new and novel life-science based products, via our cutting-edge technologies. Our three tech-engines, relying on our computational predictive biology platform, are the driving force behind our activities, and they serve as the underlying competitive advantage of each our subsidiaries. Our goal is to maximize the value we can capture from our technology, through the end-products developed by its use. We have built a business ecosystem around each of our tech engines, primarily in the form of separate subsidiaries, each of which empowers multiple product development, and in addition, through strategic collaborations. We believe that over the long-term, significant value will be generated through our equity stake in the subsidiaries and royalties generated from end-products developed in the framework of collaborations."
Photo: Courtesy of Louis Reed on Unsplash
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