Evogene (EVGN) 18 Nov 202020 Q3 Earnings call transcript

Ladies and gentlemen, thank you for standing by. Welcome to Evogene’s Third Quarter 2020 Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded, November 18, 2020.

Before we begin, I would like to caution that certain statements made during this earnings conference call by Evogene’s and Evogene's subsidiaries management will constitute forward-looking statements that relate to future events, risks and uncertainties regarding business strategy, operations and future performance and results of Evogene. These statements may be identified by words such as “may”, “could”, “expects”, “intends”, “anticipates”, “plans”, “believes”, “scheduled”, “estimates” or words of similar meaning.

expected using upcoming estimated discusses in targets, its continue sufficiency its and and is XXXX, its call earnings objectives, capturing of Evogene for support goals it to its its and technologies achieve and when and the its collaboration example, funding forward-looking usage subsidiaries, key subsidiaries, this statements milestones conference and pipeline to into computational of predictive to to For its the thereof, objectives value the timing its of alternatives cash expand enhance biology and entering platform, capitalize its subsidiaries’ Company's potential the agreements, on achievements. subsidiaries’ filings the review encourage to I U.S. with you Evogene’s their those Securities statements of this forward-looking states not and the facts Exchange releases and earnings earnings the Act are historical Commission similar be Litigation Securities in releases, may made conference earnings that read way in note Reform XXXX. in statements and meaning Private deemed the which that of on the within call forward-looking statements regarding made forward-looking of the of date only of speak results. All the announcement as herein statements is actual forward-looking in or risk which contained the COVID-XX, of various performance Evogene factors future control securities and of reports what restrictions and its achievements and implied subsidiaries authorities. limitation, the the the Coronavirus, applicable the factors, or beyond those Therefore, there subsidiaries, spread are may a from of materially filed without global by or including, deriving with from Evogene’s its such variety to statements differ of due Evogene of results, expressed many

factors whether any new as field-trials its if conduct rely, its are its Haviv, their That with expect ahead. and certain or as preclinical the obligation expected be and parties our potentially said, and with contractual activities, publicly not disclaim under Evogene these performance U.S. comply required Evogene adversely Evogene carry subsidiaries impacting including do can and to statements More the risk update significant in its detailed may to expressly Coronavirus, of third to otherwise effect the addition, like about found and so. result over meet subsidiaries Evogene’s Evogene otherwise, successfully on or activities. out duties, or in reports our and do third by please now the In forward-looking conduct a rely, requirements future studies, regulatory parties of alter the subsidiaries to obligation Ofer, their information, their such of to and would law. experience Exchange a deadlines result delays no CEO. and go except to our turn Ofer Commission. I events information as call filed Securities as of the subsidiaries

joining quarter good us you We and conference you appreciate XXXX to everyone. third our day call. Thank today

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amount like is received consolidated will cash consolidated an you, XX, not the our a I million cash September includes deposits as bank subsidiary, reviewing XXXX. by include XXth begin additional and balance Elran. its the of September million add by approximately investment cash, of I approximately million to $XX in $XX that company includes during investment received This to Evogene’s after of million Bio. related balance, would does financial the $XX.X Thank which cash appropriated date September. accounts of report. cash $XX.X Lavie The

During Bio. the cash consolidated XXXX, net million, million, X the first approximately months $XX.X usage $X.X or Lavie of was excluding if

the During excluding approximately cash net $X usage million, $X.X consolidated the or if Lavie million, third Bio. was quarter

net does to of year usage, our of subsidiary within the excluding cash Lavie Company estimate $XX $XX XXXX, continue For range have that to we will bank The cash usage be our million. million of full the Bio, debt. not

the in questions financing million in is XXXX. expenses net may loss call With a increase Operator? $X.X like third in technology quarter to the is and quarter loss expenses and company’s expenses XXXX expenses with The mainly in in of quarter to mostly turn said, you in in to attributed million operating to approximately of quarter to the Biomica, in loss comparison to for open to million of comparison Bio the an attributed the would trials we in that now $X of in and operating cost the capabilities. increase $X.X field strengthening XXXX. now comparison for attributed for XXXX of The Let’s were in third a for during the the quarter XXXX income. loss to Operating increase was up expenses. XXXX. any $X.X have. insurance. R&D Lavie of This the for $X.X statement of were in third third quarter $X.X R&D were XXXX D&O third million of the aforementioned million operations. of million, to Evogene’s third $X.X the million increase trials for is was of new preclinical increase the $X.X The to quarter decrease attributed General loss Administrative comparison third million.

first Please ahead. question go of Fitzgerald. from [Operator is Kluska Kristen Cantor The Instructions]

at time. Hi. all doing well healthy everyone. Hope Good afternoon, and you're this

So I few to had questions a Biomica. related

you're first you So, it think data. of remaining different to for that's discuss please early the the microbiome right example, what condition a to status the preclinical long you BMCXXX nature for work this regarding some think year? testing the BMCXXX now? of related So other takes patients, that to to think thoughts hoping disease And you is? medicine, are Could you then these then how how some is study system? about conduct therapies do proof-of-concept immune of the starting the lot given levels considering And of development do and dose of how based unique about limitation for a next in

Kristen. Sure. you, Thank

BMCXXX, conducted of far, So the a number dosing drug are evaluate we as in so the have of and aiming effectiveness BMCXXX additional candidate this types. tumor now to to for optimize studies for and mainly regimen preclinical we

this So trials. is preclinical are doing in we means of part what in

order XXXX, which of is doses, announced providing one humans, are approach for to the are we that be XXXX, to in the that certain patient things something in currently production to for of which obtain our is are half I the means related effect. are how strains direct we the therapeutic that we we minimize second unique think this I the the in the number to batch preparing of trying in is addressing this in clinical proof-of-concept As aimed study. the say proof-of-concept and would scaling and our of

in eventually are But are of drug number using product maintain we of basically the the to patient. something more since standard less dosing microbes. we could easily of be would means administered that be So strains, to trying a

So I think this is in part.

well of dosing preclinical as a evaluating are We number models. different in

in the near we future. some -- in -- is more we have are this that recent So will insights the

Thank I then initial on we at back. NSCLC, looking you. And the response look do unmet the might speaking, a include tumor So, step off greatest need immune low related for example, I to focus an types was view know you the different wondering based comment broadly for but could your rates cancer And as take that how of types if alone? are would checkpoint here, which having you inhibitors at landscape? observed

the that be low. lung needs So we cancer of this is obviously is of cancer unmet since also needs one are obviously response rate the non-small very types medical solid aiming type of cell tumors. to in for other tumor, the But addressed

know worked we are So one we we basically of results the on from the We the the effectiveness data evaluating based analyzed now the that that same us. cell and clinical obtain RCC is things that lung data RCC. source that cancer for in non-small

certain solid we other that So as additional could pretty pursue. are could types that could be Also we think indication I it an relevant. tumors of that melanoma be

tumors. So we are will cancer solid types not lung necessarily limited potentially patients we that proof-of-concept and the various of include from to non-small could conduct

great. Okay, taking much so Thanks for questions. the

Sure.

question next The is go Please from Steven Goldman. ahead.

I Biomica, trials And have when Biomica, to from preclinical the Lavie are last months. with It's data to respect impressive. Oh, regarding questions AgPlenus detailed a Bio. planning been yes. Hello your made few number and congratulations more on provide you've quite over conducted? of the you progress and you’ve

questions. the for you thank Steven, Hi,

And of the the also we've call new think presentation was one shared So additional by some shared today. the was updates that in Evogene. recent I data in

conference. received inhibitor the the we've this microbiome and checkpoint therapy. say, response would I one will in that largest we announced conference. important But in microbiome are in XX% results European presenting be be most, we to we've to the our additional space, it So will the It conferences January, in immune set comparison present are in of the planning of entire results

X as U.S? would provide hearing a to of pilot look to study data. little I Phase that sort explanation refer the of you you in similar proof-of-concept study. the a see forward thank I the Can you. Okay, take to Israel, just it process that it you in

dosed. small patients I similar it's, study. Basically of kind group Xa, identical, to that X, say would of be but Phase will we a will So have Phase not it's

and will will of centers the patients, our be them It Israel, immunotherapy. at not least The be prior them. them to treat one we XXX numbers medical leading combo with microbes of cancer treatment So XX health of will and of one the individuals. between it in patients, BMC take place immunotherapy in approximately XX failed will patients, to

now something discussion. Israel, that two in are We is extend additional evaluating maybe under currently but to this sites is

me have Let additional this. you if know questions regarding

No, plans U.S.? from I But take to to going the initial as process study you Israeli want I on. data guess, use more this in the have time you an your the about U.S., and IND the to are that's to do why learn goes get what just the, to

Yes. Absolutely.

this and think is one and believe, [indiscernible] not could the initiate safety, also it that our the FDA efficacy, XXXX. evaluate to discussions collect but our studies IND I to in the tolerability in objectives I of some extent U.S., will in So our with to data and we study be the use to just only

that's the idea. main So

I human the will to working as use us think the get to allow our Israel be the in first FDA. study advantages able quicker studies that to will the from to in one with data of of and collected be U.S. discussions

therapeutic example, observations four competitors your my also candidate think using for have strand guess would candidate Okay. or And immunotherapy. Thank is approach with can it's strand a [ph] you you. any make Elran microbiome as comments to Biomica's microbiome question single you better one I of than, you for for do is you last finally do why its,

Definitely, yes.

targeted single So patient ability working I think a to biotherapeutic combination, live combination. the advantages of is product functional method in comparison rationale the screen designs with microbial provide [ph] to functional one a with

[indiscernible] more it disease a combining single the of could aiming not higher And could a of strand modes is it affect us by a but and number number actions. providing by limited amount action providing with are the potential. that we of by actually training, because provide with affect risk certain of modes So to

enhancing the you You drug the the which microbe product effectiveness actions single to comparison this by of strand are a of that [indiscernible], method single of this could modes basically basically in in affect. limited number are

forward to questions I see. go Thank we Elran. seeing have Ofer? a it this comes you, I back data out. Well, regarding to AgPlenus. of your as couple look Does

Yes.

be your discussing used assume that seen, HERBXX perhaps the for a billion officially optimized the the an miss now of Is not of lead AgPlenus's release, I funds a press herbicide. But I you of HERBXX will discussed I lead? development from have in your its recently use some of lead. raised, -- that's and funds this. to In $XX

our We announce as So a lead. is no. officially the answer didn't candidate

collecting now based next by conducted finalize weeks. the USA. can this announce two third-party results, data hopefully phase. that experiment then hopefully field the including are the in we the on And hope I these the achieving the lead in are statistics we We from expecting And to process,

use to will lead what's lead mentioned and the assumption, we optimize we that part money candidates when a are get planning hopefully, positive from we this to So the these stage. based [indiscernible] we from the yet result. raised to was is on support included, It the

value of that feeling of because the lead on we lot We data. do. are -- I’m are is the comfortable There's have will because significant is that based analysis of be the lead lead result. Evogene's for what can a on if trial type can I efficacy step the Still that eyes to next I'm compared that going did, of this all it's of all assuming achieving safety more things to to optimize AgPlenus. support needed and market target, the expecting there lot would lead, because And achieve enthusiasm important we data, the to is to [indiscernible] to the there the step and any component. field see to financially phase, gap a going in a funding like especially year, is relying mentioned excitement because guys mention an We optimize data, we our them, next the achieve is lead that I was we this if support more big quite during was you between optimize lead, the more technology and like

assuming able also of is. we year. big, big are looking lead we optimize activity the be forward So summarize, to yes, this is hopefully something from achieve are are we going target, really didn't this which lead to yet this to where planning that lead AgPlenus We money till to the do, moving will achieve And we reached to support optimize phase. base to announce lead. It's end the we because that

replacement it? take is And Bayer my understanding. I -- like that's you that that a how potential Monsanto, my right? Yes, that it [indiscernible] candidate HERBXX advance for describe understanding, your is that's Is be correct? would

have disclose which again, to resistance of you herbicide, but [indiscernible] lot This receive developed is be is a ineffective, and also what the now on But [indiscernible] nice also mode are value. we come that feeling the level molecules there we things action is we that really result need different is the what that it's the looking Still of weed, not the small course, in I of what positive quite -- is and results ability are results, we our the product, effective? question, and really type you see if a about to able need really a should issue is just year. of on one geography our a the -- will weed we an Yes. need now also have the the validate to type type from of is this the next was validate Again, and address of efficacy what of of weeds. of we based additional different early to hope that forward

to look well of And forward Lavie I news when gets a Okay, regarding released. just couple it that questions finally, Bio.

plans at year bio be you if stimulant. product when is that And recall, now was XXXX. this, commercial a next But had is what for which for in XXXX are I advanced your last early would you -- LAVXXX, by hoped LAVXXX? most looking your Your in sales I

trials conduct So results two first, the now we field are where from for area LAVXXX. we collecting

North First Dakota. one is

Montana will results believe The give some the we and is statistics. of also that second programs end one this into spring again, we now and program, in other year, delivering are update that, until program the wheat [indiscernible] on I short a

that product, we to idea that regular the And commercial, is So year. next to year planning a are a LAVXXX to going this we in our that meaning big level do a LAVXXX distribute is is farmers one this are we ongoing the mentioned last phase before commercial thing the probably we to to initiate to which see and be can the activity in for activity will a we as results. hopefully is place And the take XXXX. expected, this their part of are start going going validate to be this to

this trials, year, going use next big farmers field summarize are commercial candidate. as a So to

able wheat after. able market going And spring Okay. you feedback size you're initially that's that? are provide provide are to the feedback that marketing the your And any markets any on on So and you that to of strategy?

significant. and smaller spring was but [indiscernible] winter that may there the aware? you to focusing to our wheat, the with it's can We -- we there the market number, spring wheat. didn't less but disclose There of We're work one of wheat quite So two types can still product. is big a how the reach was distributors market wheat, can be was winter with local or use We options it two this companies. compared on wheat,

in channels. There -- evaluating these the is directions from other distributors. side an or from interest local two both We now the big are companies -- from

can to believe commercial final what two and in the we in more So -- good close what launch. our when the disclose we detailed is opportunity are get decision. more is I we validating launch, shape that the in a information

LAVXXX, the guess, from pesticides, great. finally, use those I LAVXXX I Lav for that's [indiscernible] in and the I etcetera. Okay, ago, positive trial And results announced video guess are guess, and trial some weeks

next the terms in market are size, what's what the significance development and of stages etcetera there in and So timing?

Okay.

of first love with you’re mentioned they So the talking take commercialization start this than timing, time to in Here [indiscernible]. it that the the about last of product, we questions I place, will more let's think, X:X:

it's So process, bit relationship longer. little with there a

to the market XXXX. Please last we in XXXX. So expected at reach one. market to expect is this remember the One read-through

So that know XXXX. of first XXXX, second you all, product

you to So can most is year field location. to we are broader lucrative type with this vineyard. respect the expecting one product is conduct more timing. for tell trials of next in of this I And a that

not that and we to what we synthetic the results, and statement of to we didn't mention our would So is between respect you're very we the numbers. But comfortable using [indiscernible] with about disadvantage also are the this opportunity feel it a because disclose candidate again, performance excited when better we was [indiscernible] our showed that so, a specific compare gap claiming biological meaning is about if very same close to other to And important, in even is than if this products, strong there is usually reflect But and This that a am and a nice molecule. very for the showing are designs. to the strong very [indiscernible]. a the product this if performance our to what trying products the chemical, is me, or compared their statement what the even chemistry. I is market products today result, also be competitor, can we available talking mention, address we’re

press release. and really are we a also that I So today excited think we in picture nice had very

you was example picture it sometimes, from from these get And nice we a field just So that even very know, a one picture can trials. the message. send very,

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using of use And that exist versus chemicals. the nature. or to are idea to the ag greener need is Ag supposed are biological at be of a is microbes a is biological the that in of replace to chemistry The idea they a it reduce this whole they biological, because supposed

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Okay.

The Geoff next from ahead. Inukshuk Please question of go Investments. Gilbert is

questions I don't Good two Congratulations just for Ofer. you, mind. recent afternoon, on if your momentum. you have

comment your large after they any of from if each you Monsanto? to partners, Are the specifically, Bayer. or in have ag of And acquisition there of regard I'm interruptions could on engagement on wondering specifically pandemic? more stronghold also comment can If the you been engaged level

the and we time Bayer they also Monsanto by that we the to checked, acquired still share were Evogene. are been that their has Monsanto to Bayer. share were holding agreement committed Monsanto -- So Last they transferred holding

So engagement, holding the two collaboration with was and one company. nothing them. with This the to we in changed of question their respect have in your ongoing

situate of field One Fusarium. is in the them improving for of

So the annual their collaboration, chart this into they they is an time their so that look ongoing mentioned program. Actually, relationship with their in Evogene. ongoing Bayer report of when last describe the I

was a little The yield that the were [indiscernible] government GMO to it developing Bayer, sponsor we second between Monsanto for collaboration collaboration a product.

of BASF yield with in their drought Apart field report. annual via corn is professional still GMO So on -- reasons agreement confidential and them. can't some mentioned we I this genes of But this of because the is of the soybean also the this their working disclose was they're product. with them. from type deliver one of we the relationship to the also have and improving much in agreement that that tolerant

if answer hope correctly. I understand your that it question, So I

Yes, last digest it more like have sounds years Monsanto's might than trying in they engaged few the they're when they been were general, to effort.

such regular a But very we I Monsanto, of are is And in easy contact in on know in in major Bayer the I big now wasn't when think can and things acquired a some them the more beginning, we they smoothly role that today, [indiscernible] that are now, with imagine Bayer. it basis. well to we have Monsanto that a people are this company.

have also management relationship we So a these Bayer days. team with good

a the cover, overview of so and to beginning appreciate know the as well there's your general I hear. call. at I to great That's lot

my question. Just final

Is more direct more times then to commercialization bit going them Can mentioned you produce for plan there. the them. are You market, couple a that you and little of wondering license detail? was sell to could a traits if give detail I you and give Canonic.

family we are that are that think products I there So certain targeting.

we genomic broad plasm, line [indiscernible] product will based technology, first the would on they very be Israel. And the we even that a for product technology to without the produce Evogene market in seedling standard. sophisticated expected cannabis, a show can mainly that be to announced that greenhouses grow reach from can Actually, high first And a launched will quarter this deliver into this product sale. received approval is ready some be a -- them we human them we a and to identify and germ The a improving it could then XXXX. promising, in we grow very be third-party for to to a that

this saw we to in So commercialization. the a announcement we way, pathway complete -- full, a

be medical mutagenesis on and some what this into and to conducting or or type product necessarily product, to second second this using GMO of all could are also not identify how order compared type product genome this markers will already the called even be through the today is more a the just XXXX. XXXX pathways to modify specific what we a information -- And I'm Evogene editing to expecting show Evogene what which to later of system integrated unique expecting our in in study product, midterms technology. and product The see that market more unique is was the It is in exists on that that unique genomics, reach be that in will using technical will on. maybe we and far which around genomic breeding -- on a variety criteria In the that technology, not in will identified now approach, we the are but it of market. base based on technology. are

order cannabinoid specific need again again, manufacturing in or medical will specific specific improve cannabis to the that So area. address it in the

to will genomics be of the to products reach meaning the the technology mainly first existing the market based unique So on into called what the is on of identify phenotypic, based be immediately a genomic after markers is [indiscernible]. based also technology -- will the using needs. a and what fit unique to line Evogene crop, Then there on what market this, could

I'm growing And Canonic That's be just understanding correctly, and great so will detailing. selling.

and this in through channels? growth other we Will expect marketing etcetera. see sales licensed out be the some to So distributed team,

sort could or And are license to so they I that in we So the produce will them, with variety. we at third-party a and authority, the explain. the responsible we to cannabis can it in growing we channels we is sales. can then least unique flowers grow. the going or And or it's on then the in to will are directional in have be also greenhouses and use sell be responsible and we cannabinoids, the developing between will and be for a growers the already it for grow Canonic responsible now, we also are extract planning here fettling the And license on between these currently Israel. from consumer. through the seen. to but use week phase the have that we advanced will negotiation of distributors, And in They

other from quite a us can the the because [indiscernible] in responsible facility end is selling very, know be will pieces get first So Evogene is in do we there it economically will -- abroad not grower a prefer direction, of us. and reason maybe to the be in price money to this And for responsible telling high on to we we come use would decided or think the real I year. is If too invest use for prefer we always the us But way will it capital this to in in invest grow -- to conclusion always to there move a to for people the to and from that the margin. variety be cannabis and can Israel it are growing be Growers, value much and is product in we we product. because to so. into any look to advantage much I'm for might big or there for when [indiscernible] don't too really I in facility. best end we mainly level, no do the that do the excited third-party it growing this going developing competitive But that

Great. to you. your growth. We look Thank forward

like further at to would time. now investors this There the company received questions answer from The are prior questions call. to no

Hi, team. Investor the medicine Evogene's We this email submitted questions is of investors. group Kelly actually from part External Green Relations have two on over

one is week. question for financial the first a Our

Can Prefunded warrant. recent what terms the some of Your in you deal included on light this means shed company?

Yes, the actually, paid prefunded of and included ones were already money from. second received in we that deal, was for the already the the

price point the size two means was could actually they’re a that which the not was internal limits Evogene one the particular they the but the amount four this of of wish deal structure nine, share $X.XX So stock The on due in had discount is versus effectively X.X. willing. reason share investor own, to for price

problem. So technical solution actually a a and to technical basically, it was

overall to There So, is element as was was I in no there for. and no warrant said, future paid of company the the already dilution practically discount the deal.

to funds the to recently the or new you thank And programs next question Do areas? for raised use that. in Ofer. for programs Okay, existing into expect you accelerate is new

programs So established fund call, as and edge. Evogene's use for foremost filing and from existing intend we the in the support mentioned and to first on the maintain our competitive subsidiaries, to our proceeds of raising

That's questions Ofer. received. Okay. the Thank you, we

So back to the operator.

is you Haviv scheduled please hours Israel, Haviv, Mr. XX-XXXX-XXX. please call Ofer with I XXXXXXXXXXX. U.S., [Operator make like to statement. would begin that please conference. Instructions] two call Before ask In statements. like Mr. this the a I to remind the to closing X-XXX-XXX-XXXX. In participants go after to call ahead of concluding Internationally, call replay would his your

updating Thank our good you. and joining call for today. over you Thank forward the you months. few look with Yes, you to thank day. all the next progress We

Thank participation. conference call. XXXX Thank Evogene's you. quarter you third for results your This concludes

disconnect. ahead go and may You