Evogene (EVGN) 18 May 232023 Q1 Earnings call transcript

Ladies and gentlemen, thank you for standing by. Welcome to Evogene's First Quarter 2023 Results Conference Call. [Operator Instructions].

As a reminder, this conference is being recorded, May 18, 2023.

Before we begin, I would like to caution that certain statements made during this earnings conference call by evidence management will constitute forward-looking statements that relate to future events, risks and uncertainties regarding business, strategy, operations and future performance and results of Evergene.

review with to U.S. you encourage Evogene the filings I the note and statements the Reform states Securities call in they in may earnings Commission of historical deemed on the similar that release regarding of way, Act a made are which and Exchange meaning conference release, Litigation forward-looking read XXXX. statements forward-looking Private this the and Securities earnings in statements facts not earnings be today's within

grains call drug is when side Biomica sales Bio and I bio's Evogene forward-looking progress into and LAVXXX, fleet introduction its for European using Lavi in results registration Canadian trial in of trials. this preclinical to BMCXXX-advance discusses field of and example, and U.S. on EPA and a of it For Lavi Phase for powered like statements further with the the expansion its candidates. Phase clinical markets I oilseeds, rock trials, trials, immuno-oncology clinical small new microbiome crops BMCXXX's

Potential expand payments potential territorial to sales nomination goal Canonic division's AgPlenus’ Program. the AGC in licensing, Grant Corteva, value of weak expansion readout fungicide of its with achievement royalty AgPlenus' product product targets collaboration its first program, the of to collaboration receipt from in and and commercial increased second-generation the Cortera's APHX with variety sales, of new the achievement of milestone protein brnach and greenhouse of of candidate, respect

materially the results. herein Evogene anticipated results. will impact may made statements control statements as web the of that beyond to actual Many true results and forward-looking All factors announcement only of are differ cause come of the from of date speak of the forward-looking

the as our whether U.S. our update required of is More about otherwise publicly with Securities a to except by events future or risk obligation disclaim do result Commission. adversely Avogene found can be in to factors any or we law, Exchange forward-looking our reports performance otherwise, the no expressly potentially information obligation statements, alter new detailed filed information, so. as impacting under and

would Rachel of said, Relations. ahead. to like over turn Head go Rachel, Evident's call please to That Investor I now the Tamara,

earnings us. all is this I'm drive Welcome investor Eogene. Relations join name in growth Director quarter help Rachel, thank joining the effective for communication. Evogene's call I'm of the excited you solid My new and and and XXXX, innovative to Investor first through relationships and at team to

the and provide updates Product of Nir tech recent improvements who Evogene's CEO will business insight Starting engine. Also will today subsidiaries. the Ofer engines Evogene provide Chief Dr. we to of our today's Officer, joining on call Haviv Evogene's science our are and some into technological discussing of industry. life significance Arbel, President the and be is on who He the Evogene model made will AI the Ofer have call also

Dr. elaborate of Elran on achievement. will Haber, Evogene's follow Biomica's drugs review subsidiary, on microbiome Biomica, the and activity developing on and offers the human focusing CEO based

main our it Eldad introduce Yaron update. Ofer Haviv. the summary speaker, pleasure and Our either CFO, financial and my will Evogene, But a first, is of President CEO provide to

Rachel, future. update and and the product recent our power the an you, on with of potential subsidiaries activities leveraging expected development AI-driven value Thank our provide and will the some underlying review technology you Today, in and recent discuss everyone. of of accomplishments, process. near Avogene's engine will accomplishments good demonstrating catalysts tech day, also the I I our

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Thank you, Nir.

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and tech on they protection dominant like Still, as BASF, leveraging Bayer, Let's engine. active Major to AgPlenus candidates next-generation protection AgPlenus today's Corteva now exploring industry. discover is with and products, new major players. commercialize fungicides, of and AgPlenus. smaller such develop Syngenta, AI Ag and insecticides companies industry molecule campus to to crop these herbicides, aims chemical look action mode to minor the partnership including move crop AgPlenus companies

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the summary, the perspective, are Evogene subsidiaries well. In current we closely of and financial difficulties the its From in progressing financial market. a activity monitor

self-sufficient and foreseeable ensure We remain financially consistently future. advancing are our the for strategy we

Evogene. funds SHC and million This financial financial does XXXX. do amount balance for note the I the in Biomica $XX that additional sheet, and consolidated have March Biomica, which investors have million not raised include from now from $XX April are from not Avogene require Bio investment we Lavi XXXX. support received self-funding strategic On recently and

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to call Haber, hope elaborate success CEO, in announce future. the We invite I Elran? now additional Biomica's and Dr. Biomica's Elran to the achievement. join on

you, a Biomica that made space. financing the substantial capabilities Thank to you in microbrand I'm quarter Ofer. Halter by glad the of Capita. progress investment led round vote therapeutics Shanghai Biomica last confidence closing of FHC's is based significant a and update with

Israel, Science in were Biomica's Capital joined marks Dr. milestone it Institute Biomica and in With of the valuing was round closed Shanghai invested independent Evogene, This regulatory after $XX was growth $XX in in in million. at million at years Directors. for The in December, strategically endorsement Whiting significant was her partner for of an financing approvals positions as all round, investment a from of serves PhD Bao, that the us this external gas a obtained. officially ahead. and received us Jing Board and Biomica signed it and April,

to our research integrating excited us the new support company's enabling had to space. enhance development. is and lab we Establishing privilege about of and week, our our office these and facilities further their Last development. We're capabilities essential our to possibilities, and growth

want for programs I the future. our update into provide recent to you forward, moving and Before plans our on insights

The live Biomica BMCXXX rationally program the most in know, advanced is X proprietary a product. may is focused consorting on therapeutic BMCXXX. designed is therapeutic immuno-oncology, you programs. currently As

anti-PD-X solid our began in with The we and June, Opdivo, is checkpoint patients. an to POC combination to treat designed of Last tumors trial X Israel Phase in in evaluate in BMCXXX for of inhibitor, tolerability I clinical Phase BMCXXX humans. refractory trial I cancer types safety

the or the of and U.S. Ib/IIa XXXX an late trial We XXXX. several with file first our to enrolled in half the aim XXXX IND in FDA early and trial this patients to to have BMCXXX begin for study intending year. complete Phase the the We later plan in

Microban the PMC GMP where the XXXX. as reduced or for product and to lead is part program disease process bowel animal designed, production development aim second inflammatory live of IBD, and consortium in inflammation scale-up the being the U.S. significantly tissue in studies of the of damage Our expected strain. preparation therapeutic our clinical trial this we optimized bacterial Group irrationally on candidate focuses X, X preclinical several In start

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and will financial now we and results preclinical ends The Eldad as Yaron. encouraging, update Yaron advance. the That summary update. my are provide will you we

Evogene a April approximately cash, now amount financial will this This by does during the XX, consolidated and marketable XXXX. received $XX.X I SHC that investment give year. maintained equivalents financial position in was million securities in as the not Biomica overview. of $XX of million cash solid include March

Lavi million XXXX, of Evogene's as consolidated appropriated its is have do of debt. March $X.X Bio. not cash subsidiary, any Approximately XX, We to bank

net first During excluding quarter cash $X.X the Lavi was of or Bio. million, usage $X.X million consolidated approximately the XXXX, approximately

change from ahead cash $XX our any marketable foreign for to rate be expect to in Looking exchange securities, the million. excluding burn million between consolidated impact and differences we to value XXXX, $XX market

usage Bio, between Lavi $XX we $XX expect million. to XXXX or of Excluding cash cash Biomica our burn be million the to use during by consolidated

the agreement the highlight in Cononics were AgPlenus, $XXX,XXX revenue recognized primarily of year. Revenues items quarter $XXX,XXX to increase on previous compared the Israel. medical for sales The same to some with specific and with want Corteva to period in due Evogene's P&L. was subsidiary, revenues collaboration cannabis of the products first the I from

expenses. grants were to the year. to of of first primarily which for in inoculant $X.X $X.X its expenses decrease reported in due expenses Lavi personnel previous due nonrefundable are a received R&D period decrease The R&D is compared the XXXX, Bio the commercialization in net of in same and the economic quarter decreased million to product million

the same year. expenses and Sales for last main in personnel a this approximately to expenses period to at I The contributor decrease the $XXX,XXX marketing $XXX,XXX were Canonic. compared XXXX. quarter in first reduction was of in expenses

General previous administrative $X.X first million were expenses the $X.X in XXXX was to the quarter in the of The mentioned. the the loss year. in $X.X year. for period the in compared the same was in and previous operating million Operating loss XXXX quarter operating of an of to first compared loss to million same $X.X the decrease due million above in period

Net in million would XXXX any the With loss previous I $X.X quarter a questions year. million the that, Ofer for $X Operator? compared period and open for net to you call was the of the of in first same like to loss have. may

Instructions]. [Operator

Wright The first is from question ROTH. Brian of

patients A off with start to I there couple couple a BMCXXX. of mentioned that you on questions. enrolled Biomica were wanted in of just

or more like little little a that a more be parity it's just X on to X? wanted that. Or -- Just mean does

take Erlan, can this you question?

sure. Yes,

be is few estimated to patients. involved Yes, question. Phase mind patients XX in I you the that around study thank a we Keep I as mentioned, the for already. So entire

we have a enrolled of patients So so approximately handful far.

after poly reports, either pre-type our taken enrolled failed into are and previously with remember tumors, melanoma, all may our RCC patients cancer, be enroll to patients previous from objective study. immunotherapy lung main is failing previous non-multi of progressing that them treatments on or you just of As

Great. Okay.

of So that. I handleful

Okay.

We just really Sounds on kind one the like track of you there. on quick question driver. --

something Given price considered market next move test demand the matter year? or maybe even up? price it supply the prices and with a you dynamics, to just Or winning the increasing is that the is of

to compared as sales the sales understand sell The that -- quantity year. a sun the this that that we the the to this to think that way, previous we more next product going we we a but there year, experience that that and share we is go And compared with we months a a previous to season we think what some the produce sell respect production we are year, can year, a question, to I supply. few that struggles through campaign the quantity compared before with much the all a not gained big are year. I the to good is It I wasn't And mentioned, more can still, news what to started. we be to will the but going this be going significant And is significant year. process it's we captured see next very challenges to for what I'm the are producing higher drivers, we according sure in compared in demand demand And with to good, the introduced year. quantity higher we are is is produced. quite But what quantity job with

to are planning not the this year. we sell in like U.S., And just

in we Next sell hope to to year, Canada. also start

to near future. we to this it which the We in are Canadian sell for are receive waiting the to hope start approval product,

we Assuming this year. we and that are next the progressing course, better expectations expected for at of high it announce than will sales receive is we it, there XX. year, what And

think licensing now just about come from with your more split, that And the licensing-based genomics, I is revenue Great. going payout? wondered for sales with from direct we how like announcements agreement, should the or the your recent of to

cultivate itself. usually grow that engine very What for we which varieties. are about is Canonic, companies is are Israel, cultivators we and is in because facility activities. field doing We have product in to we only the a to from have that hold different what the potential that many And produces in conducting nice variety research we other is the don't greenhouses this

But one, tests, our company and doing they variety test, to the decided so, it promising we for be to can most So that so quality in the are choose product. variety. -- we the that of the of our the we exposed cultivates variety us, conduct we conductors, when a are

And we this then compared -- have of high that to decided they our believe a some some to quality what the situation they license not opt is there in varities exists the commercialize market. a still a where cases, is to to that in because

So we feel the situation we that very varieties and from that companies all this And we commercialization. that don't that marketing, grow can the way on the not to be on more positive to we the If variety get more will other responsible and between we maybe are take products. we through decided going still see will competition will we direct crop and those royalty. a benefit

I that business be could this for additional So a model interesting activity. Cononic very think

going we generate no there no is cost lower, risk, course, of the of revenue there be to and are sold. will is And but goods

that market. then commercial you as the will So developed is in a a And it's for it said, variety addition decided have to believe going and partner. to this we that take there the a they net get not variety every it that still way because dollar that we it, but all profit. from commercialize the avenue, to significant we to be to we'd value develop already, I not and are It's

faith they that cannabis, as this they variety. years, grow that will at I we can have there they and have a more high-quality be more opportunity, type and through of don't the a company have So but that think

and will be than capture for approach generate happy more we will they Canonic. us, if this more So revenue to opportunity

is Ben The of next from Lake Street Capital. question Klieve

and this couple on start with Castera. questions I'd I a on have the comment like Ofer, your to specifically. I appreciated of subsidiary emphasizing

referred to of expected, is few for inventory? year customers will end hundred question first production. in provide customers? Or few context that grain XXXX a of tons you to be Can as a producing your production expecting presentation a in speed -- my year to XXXX hundred is updated tons their a having So is you your that bit is that this a

about that to talking our we are So we partners. are to planning sales sell

We the are building inventory.

another We the group and us And to one seed numbers, seeds that grow Brazil, referring we same group if have have can in figure. go for us for that Africa. in are we

talking seed So we a generating we're about sale. that of for few a as tons are tens

Okay.

hundred a tons a as few sale? tons seeds that XXXX in hundred So for few year of

Yes.

considered and of great. deforestation And sale you the expecting land context of be negligible are is land products irrigation the cash on that would requirements. door like. deforestation that free. that that through? be regulators And to degree to Or also you able those the to regulators? something going to still the then In broadly going validate is that be That's if Okay. EU to you're that EU something really so, the recent the legislation, mentioned applied you of are from perspective to able marginal you're prove working benefit will That's

talking are about, what you products On sorry?

for capture. Yes, on

Okay.

where we It's is decision there from the the are what want you no crop, any understanding my limitation. growing in our really area least at grow. farmer So to

are South -- Africa. in see least And to I we significant product think don't we once check any but the need we variety process. doing can we -- Actually, I already expecting again, a mean our are I for America think to I we that registered in few a regulatory in especially sell small permission in so need and the or start growth, that now years in are Africa. to of last a it can All are selling don't start understanding, it we my -- we quantity. doing

to shift quarter. this a engage to expecting -- we only start recognize we as sold I start which them very we next grains, which in are quantity we this those that activity company think year, we publish, energy big and And receive, with to saw revenue we from them

it. Got Great.

Okay. helpful. Lavi Bio for me it on. I'll pass more Very then on and One

it are noted XXXX. you if online of that as names, have is the collaborators your one multinational but new what what this expected coming you also in is have? the this large and programs you you additional multinational in company biopesticides existing potentially a name is clarify Or note that You that can reiterated partner? know presentation, I can't

Lavi With we're Bio bio-pesticide. the talking about second and

is we we there than having more to share just the more I'm in there talking can our partners this with program other and that we potential with managing I one one program you are that more happy ongoing are than is that shareholders. are assure not decile. current So that than discussions

And There -- will work with believe can some in other be is do, to even that on what in we from there positive hopefully I as is companies. have this we companies free enough maybe coming but well. XXXX direction And we interest XXXX. and limitation are some other here an really there in and announcements freedom hope

are no further this at There Instructions]. time. questions [Operator

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

see. ask other who wanted think actually have question to we one as far we as -- Operator. a can person Well, have I I

Montgomery Reiss [Operator next question Scott. The Instructions]. of Yes. is Brett Janney from

marry Evogene, a stock reach it's you that you and can with own Reddit has reputation a They is they opinion prices, of could been of of firm the limited frowns the $X, of these leaders there's are stock And if products My have see And aware that this lot just considered. But type something that's they on sometimes right no buying the problem have the institutions an crowd. to my of The opportunity the folks pajority with of possess for I'm key power. debt, thinking out probably float. sexy enthusiastic. which wondering named yet entities Rachel. yes, the in themselves creative just and Rachel below have. some I'm a company that on doing to and a history, stock a right cash even challenged side economically stock. I'm if wondering to company things penny question they be is of limits lot for buy the

Thank Ofer let it. all for Is with you Thank your question. I that you, right answer will you.

just we that from Rachel type will next the starting question, will do will the company, quarter. joined since that I So she I address think this so and of prefer

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I together maybe probably with spend didn't think in it. we is was are attention expectation resources it Racheal that and enough that minus stake. this my to change And going direction, we

as this type Evogene. see going articles. are it, there our collaborations actually reflect really informs start that planning yes, with upfront be that in believe to start also thank I of articles investors. few this. more news And amazing news through subsidy I'm payments And even I meet for article There see there We more good to to these news, start milestone to is to hope And the start of when And you these and you the to payment more because conduct. think next from great described I more those is to the about come. all we'll a P&L in more quarters, and will have now

that of is I will this all assuming happen. think this

thus to -- I with with of think is and that if start and you additional our and doing. We'll capital start what then also to in changing see hope will shares. into will work, a and -- meeting doing and we momentum I direction and the Evogene understanding market PR right have investors the are have market, our also to subsidiary of the what IR and complication you with start the

So own now able to stronger yes, and attention. subsidiary the and the and see, to activity. hope our our staff I I we communicate put from probably And capital start activity aware And of most we these into are be same, start important thing, will the we more we guess, to market. Yes, start to a yes, to news this. resources all good

will and do So next a with to address big next quarter And it able hope I let's smile. this and the she see will be quarter after. question, Racheal

Welcome aboard Racheal.

you Thank much. so

so statement? you make Thank Haviv, would you like Mr. concluding a much. to

joining our Thank you to progress I be about. much for will call look the much. call, forward you to Thank next updating believe very that tell I you in all today. there and on our

Quarter Conference Evogene's Call. This Thank XXXX your concludes Results participation. you for Thank you. First

You may disconnect. ahead and go