Evogene (EVGN) 7 Mar 242023 Q4 Earnings call transcript

Ladies and gentlemen, thank you for standing by. Welcome to Evogene's Fourth Quarter and Full Year 2023 Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded, March 7, 2024.

Before we begin, I would like to caution that certain statements made during this earnings conference call by Evogene's management will constitute forward-looking statements that relate to future events. This investor call contains forward-looking statements relating to future events. identified anticipates, such or plans, similar be expects, may, words may meaning. intends, hopes, believes, statements by as words could, of These schedules, estimates

when increased statements Evogene current Evogene leaders, industry Group sectors, beyond and the of Casterra to this in XXXX, of using Lavie of AgPlenus transfer example, of like operations party, of sales the timing the forward-looking continued products caster and For the investor partnerships revenue potential a is increased call its elite it subsidiary with clinical Bio preclinical discusses further Canonic's and third products. trials for Biomica's expansion production results in varieties Bio's commercialization Casterra, and growth Lavie of trials and [indiscernible]

contained northern current Hamas of its situation are a of securities authority. between and control of based of Evogene's projections border those limitation, opinions Such as filed estimates, subsidiaries, in actual Israel. by are performance. statements is differ are factors war and certain and materially in expectations, expressed reports escalation and and guarantees current statements from future what future about performance the the and to achievements variety implied Israel including or which uncertainties, on not beyond future Israel due any may describe difficult are risks in such to Evogene worsening without with of subsidiaries which the involve of or Evogene events an or its many Therefore, forward-looking results, and assumptions factors, predict the Such of risk mobilizations applicable further and

expect statements delays parties subsidiaries and conduct do deadlines, not its such Evogene its in their comply certain to on to contractual and trials future conduct commitment successfully Evogene or assumptions. our requirements filed if reflect factors estimates, and Securities rely duties, and found or performance continue experience to Commission. information risk meet be with Evogene with parties to developments may disclaim its addition, field obligation about the and their or these third out carry significant and subsidiaries regulatory activities. expectations, expected their And in subsidiaries adversely activities any as our events can reports rely impacting studies. projections or detailed Exchange these preclinical and More in of the In the forward-looking to U.S. update potentially third changes

President of Yoash and call Eldad, Today's Evogene CFO and CEO alongside Haviv, Evogene will Casterra. of CEO Ofer Yaron feature of Zohar,

Q&A subsidiary present each the representative be will session. at a Additionally,

call to I said, would and to now That Mr. over turn President CEO ahead. please Haviv, go like the Evogene. Ofer of Haviv,

you today's of review everyone. like Hi, XX as an provide our and XXXX the to activities conference until day, with June today good start I months. and Evogene catalysts on In update would as well with next potential achievement the Group's call, a during

growing in and a technology been and update. facing Following CFO, and Casterra coming the number companies. we provide the are Israel, a Verb will oil company. Bayer translating The Shanghai collectively Biotics on impact MicroBoost we life Q&A session. What CPB financial partnered Zohar, collaborations my the AI, here and and investment last year and After Group the the relying Evogene Yaron our Despite expanding will Evogene collaborating the capital speaks the how activity board-leading campus open the that, generator platform, on for earnings year challenges this tech partnerships, value AI, AI have industry. Eldad views our then for Healthcare and highlight with and outline call summary Casterra engines, update Biomica caliber industry AgPlenus with and and momentum summarizing since growing XXXX. Evogene This Lavie our Syngenta. partnering been and marked ICL, in of introduce AI from shift Bio, science volumes. our a global company's years. subsidiaries of decade. gas with products, significant into in presence validate with of which for Evogene with review, new collaboration an our Yoash all Board Evogene's formed Corteva, have Casterra's partnering over provide and CEO, it's developing Corteva. Colors, securing will himself, we

our our caster industry products Yalos with varieties leaders of an bio-inoculant of ahead, anticipate such its and the as we streams efforts nondilutive our revenue from direct activity. Lavie's Looking current Evogene's our upfront expanding through and and strengthen also Casterra's reach milestones in sectors contribution, These financial of increase subsidiaries, fees, sales. directly R&D funding further sales collaboration payments, and validate behind or but by volume through not subsidiaries only product position

revenue the the million to in reports $X.X XXXX. company in reflected As approximately approximately $X.X million today totaling compared

continued XXXX. see the Group Evogene to revenue in growth We expect in

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innovative parties we Evogene of between generator At then and with like is to our Biotics, editing partnership the probiotics I technology subsidiaries. achievements more now review Ltd. would an company. gene through is detail announced XXXX, also proudly collaborating with on Color collaboration in of AI. Farms third in the engaged Evogene crustacean main Epogen briefly a of February the Verb beginning and review

growing Verb market probiotics Our AI tech-engine. collaboration with into using allows Evogene's tap Biotics the us MicroBoost to

and sustainable on of health probiotics produce vitality identifying working we to metabolites billion improve designing microbial to quantities with market XXXX. probiotic and to around known Together, bacteria the $XXX projected highly that human are double by

consumer worldwide. solutions for the revolutionize industry and this seizing opportunity to cutting-edge provide are We

technology Earlier generator aiming year, Color The this and we University Innovation collaboration collaboration enhance gene to crustacean traits. Evogene's the Gurion Israel reported tech by is engine. grant Ben powered crustacean AI utilize with and editing a Farm Authority to from

known worth Horizon Ag-seed grant that supports climate business as COX oilseed drought EUR X.X tolerance. division and and is crop crops milestone The with mentioning our the EIC XXXX Another sustainable development. addressing the simulation to program focus develop enhanced secured million program

products capabilities we this business these to AI demonstrate that the innovative engine all partnerships our not generator we to well. Evogene. generating bring It's by in exemplify market our revenue collaborations tech In use are These important emphasize and to our me approach utilize all how covered subsidiaries. as to for engines sectors program, tech Evogene's of

industry. global company, mainly the for the The past customer oil for cultivation of Casterra. totaling progresses pivotal biodiesel year achievements. from our owned Africa. player and castor in would I of engines. on award million becoming Evogene's varieties, a beans leading benefiting was castor integrated review Its its a in order with an Casterra seed subsidiary, oil significant listed biodiesel solution vision for utilizing tech developing demand like to the subsidiaries' fully which to start from commercial to and solutions address cultivation with Casterra. unique focuses let's Now large-scale AI industry for aim gas $XX.X generative enable stable supply,

to its seeds producers This the the delivered Africa African region are expected high-oil enable tons. with of support first orders. new and [indiscernible] XXXX, state seed increase existing castor successfully approximately castor production the of and seeds will Casterra in agreements and Expanding revenue shipment from existing its add Zambia signed capabilities high-yield an in September, XXX which Brazil company million. to to agreement of to $X recently In new approximately company generating Brazil

on securing expanding to and production XXXX, which to in Looking Africa additional through with forward seed to Casterra expect subcontractors agreements castor capacity committed update. is its Brazil we

enter will you himself. Yoash propel confident Casterra's as brings his present wish of welcome in to ability a we XXXX, company Casterra's of January luck. rest in experience Yoash projects, on and team forward. I global him CEO, who the would Zohar wealth new and I'm ad Finally, the

review the company smaller need. is Evogene partners. chemical inhibit aiming development. protection with wholly to and brought and its to AgPlenus herbicide, protection new AI target tech insecticide proteins, as crop fungicide to companies innovative accelerate Now and companies including [indiscernible] that AgPlenus our small to world-leading I discover this commercial that in Ag them owned AgPlenus collaboration crop addresses molecules target they direct look product through commercialize engine in protection dominate would tech industry. active today's such products, Major next-generation ingredient the product. like utilized and serving campus crop discover subsidiary, to Still,

interest their payment action an and will ongoing royalty herbicidal entitled APTHX of AgPlenus research developing based receive activity, to molecules and products within targeting exclusive license spectrum protein, for commercializing a developed new agreement broad be Under Crop on As AgPlenus Bayer technology modeling a product I in to a use announced fortunate previous signing AgPlenus and XXXX, collaboration the pipeline. stated February of that division. were we will interest AgPlenus the see design Science there computational In its and AI-driven the materialize. in payments the sales. upfront will growing Bayer's future milestone mode to identified AgPlenus. with the optimize by identified for funding, agreement, licensing the recently, is And collaboration. call, have product

the Corteva Another impressive was for ongoing development family the the of successful of the of new exhibiting of APCO-XX AgPlenus. novel novel and important effect collaboration announcement by [indiscernible] with achievement milestone herbicidal molecules through mode a a identification The in action, discovered herbicides.

the technology powered In products, collaborations phase, molecules financial the towards in commercial by collaboration AgPlenu's These tech Evogene's optimize utilizing computational overall next the strengthened engine. agriculture the X level cutting-edge perception position AI will AgPlenus and identified campus market.

Dr. guide we Business CEO, Jacob Last, positioned I to AgPlenus the AgPlenus to thank has to AgPlenus, experience in new February CEO, and former AgPlenus continuing place, new proven to well through introduced him March. and Dr. new innovation. with would as Bayer Officer. growth leadership in contribution I Dan towards like transitioned next but year and signed its and AgPlenus agreements Brian to Chief forward an the extensive phase our that's with work of Ember, track not exciting Corteva looking record and Gelvan maximum his Brian role. the together in look management collaborative for is collaboration in in reach least, his

advance continue AgPlenus to new XXXX bright Evogene's tech therapeutics discover pipeline campus for microbes with on accelerate the and partners. its AI to Bio. based Alongside to I the collaboration existing and engine like and is with now the specializing product those for their health, looking in development, utilizing AI developing subsidiaries optimize AI company. additional will to and seek therapeutic would tech engine MicroBoost human potential. and MicroBoost microbiome Biomica Biomica X continue with using direct Lavie

made patients Biomica This $XX therapy. assess million In Opdivo $XX is immune-oncology immune as Bristol-Myers at a served financing trial. campus flagship BMCXXX, product clinical trial targeting I combination validation candidate, Israel of undergoing valuation of investment Healthcare an round Biomica's $XX post-money external XXXX, long-term in initiated Shanghai BMCXXX potential. and a Healthcare Phase Biomica's investment million [indiscernible] Squibb’s durability April aims currently safety completed million. of Capital as in The with to with

opening bit reached its is milestone Biomica outcomes. readout facilitate to during site second XXXX. cancer for by and August I trial. promising patient the additional in trial In Phase a completing anticipated expanded for In with a enrollment Israel drug showing clinical of Initial recruitment January is center significant Biomica XXXX, microbiome-based preliminary immuno-oncology operations a XXXX, point its results data by

bacterial BMCXXX new symptom program In at Margolis Biomica from Lab results BMCXXX to These major for Professor treatment prepare intends consortia, reported the a and with conduct Biomica IBS, University. BMCXXX IPS alleviating on preclinical to collaboration promising further July conducted its BMCXXX XXXX, studies [indiscernible] positive preclinical clinical interim and New live efficacy of Biomica's studies in visceral pain, avenues. results demonstrate presenting York of on trials.

an its immuno-oncology for committed to Biomica IND submit ahead, Looking patients. application to efforts and targeting aim BMCXXX, remains advancing

the clinical in the a preparing of XXXX, pivotal quarter Phase trial During step in third U.S. II for

the to I addition, in the continue will and company towards its candidates trials. clinical programs expand IBD In IBS Phase

Now MicroBoost Evogene's who Bio, to to products. AI next-generation Lavie develop ag-biological leverages engine tech

ownership, for million minerals Bio and exclusive listed royalties Lavie follows with ad lead conducted will multinational addition tech advancing X to field considering giant company. York Corteva payment licensing rots. the In This the future initial also and Lavie commercializing future of independent milestone additional Evogene's global bio-fungicides, Lavie LAVXXX for years Bio In Corteva's fruit trial has Lavie a sales of for be received Bio’s additional major and agreement ICL both ad-tech New $X and Bio New July from Corteva, listed Corteva shareholders rights York LAVXXX of and and eligible XXXX, entered a companies. targeting Under payments an agreement agreement, by product. validation majority X

of the overall Lavie for for platform financial biological of perception The bioinsecticide identify collaborations was insecticide and announcement step optimize agreement new Bio X the February the Bio's recent with technology discovery collaboration Bio's the will to Lavie market. Syngenta These candidates. XXXX rapidly in major development Another Lavie agriculture strengthen solution. in and and position leverage

move first regulatory expansion durum expanding product approximately Yalos May across impressive demonstrating In Agency, the let's sales. to tripling an successful and bio-inoculant Food achieved the Yalos expanded and from collaborations Bio's Now territory XXXX, itself its several approval milestones. Lavie obtained Yalos Canadian reach. from In U.S. field barley scope and in significantly in to increase XXXX, and November Canada. its This barley. yield trials include of durum XXXX, varieties of X% followed Inspection average

agriculture and WinField as Lavie agreement In distribution with aiming December Bio Yalos United Canadian for to made Alberta The XXXX, on growth distribution secured focus Saskatchewan, sales tool the the regions Yalos product spring is Manitoba. including Canada wheat, and exclusive durum in drive it of distribution regulatory agriculture enhancing key industry. and significant an strides Overall, and agreement in expansion barley in approval, partnerships, positioning a crops. valuable environmental productions challenges for addressing

Looking focus grow sales will product X the the to pillars: the bio-inoculant forward main first to distribution in be XXXX, Lavie Canada. and to company's on of Bio the and U.S. will Yalos continue

new powered innovative second continue on pipeline The by company's partnership one technology the The is Corteva, ICL driving unique AI to including company's with be special with platform product MicroBoost towards [indiscernible] the will tools company's focus engine continue capabilities. Syngenta. advancing to strategic and commercialization, pillar last tech the with the recent of Evogene and

on tailored review which my cannabis Finalizing medical I would provides subsidiaries, to like our of products. update economics,

that to in my we we of investment market the Due relating no There which of transfer economics. to operations. have our recently reduce engaged in is medical party conditions that completed potential the QX we to challenging XXXX cannabis third previous Canonic's Following a to will discussions be transfer terms. sector, the assurance such in or decided have noted in update what advanced on

We to this will you better. update continue on

doubt, exciting No Evogene the an XXXX was filled achievements. with for year Group

growth approximately collaborations that from ended injections [indiscernible] from expect This activities. tech additional of solid to Looking expecting We Group are Evogene review and and sales. see $XX.X a of and continued to million cash concludes XXXX engines. with XXXX, cash we the collaborations benefiting my additional product AI forward Evogene balance

CEO, Yoash Now new Casterra's will Zohar, the leader. take

and good would my expressing Casterra for sincere team [indiscernible] at day, their Ofer, and the start company Evogene support. pivotal I this like exceptional by everyone. you, to the Thank moment the thanking gratitude to during for management for

see supply local reliable we contributing castor a customers' As demand ahead, and and while in challenges optimism, face Casterra. the to great potential is by we stable economies. positively meeting crucially the with of seeds Ensuring feel driven our

supply and technology Our sources. crucial in chain believe with strategic as and field. position Africa our Brazil, world shaping in Evogene's diversifying seeds, our change producers a I production Casterra's recently will in solidifying AI of strengthened signed agreements castor the seed leader innovative role a market future towards play the

Together, I'm maintain confident edge to that success the global [indiscernible] this achieve technology leverage we customers' will competitive market. in and

Thank you, Yash.

of of cash, As and million $XX.X cash, Evogene cash short-term equivalents $XX.X Evogene Biomica of bank Canonic Bio million. XXXX, approximately aggregate deposits million. Casterra, an had possessed consolidated $X AgPlenus with in and together million and $XX.X XX, Lavie December

offering in were into company $X.X approximately the institutional July registered the shares proceeds of XXXX, direct agreements purchase The In million. only. investors offering entered securities gross from with a

have not burn economic $XX XXXX We is to decline to to in $XX.X compared Lavie decrease activity. increase consolidated This Bio we XXXX, XXXX. bank $XX.X million in cash expected due to and in is XXXX to debt. million usage significant in attributable expected in expenses to of in any in compared million do revenue mainly is expect the ahead million Looking approximate Biomica, well decline an $X decline and XXXX. as excluding a The to decline which an rate total

activities licensing XXXX million to with expenses approximately P&L. of million frame $X.X revenues items recognized its XXXX. approximately Corteva collaboration by generated specific was highlight I for comparison increase would due The $X.X for like as in Bio as now from a in sales the Lavie direct in Casterra Revenues as XXXX revenues stable expenses the of $XX.X to net million $X.X and to contributors were primarily $X.X remained million R&D to the period R&D [indiscernible] on for approximately nonrefundable Lavie some to the fee expenses well were were in $X.X year million year. the Bio full previous comparison fourth were XXXX. the in of during The million Biomica's grants approximately reported in to XXXX main quarter development approximately XXXX, same compared which are R&D efforts. in and received

expenses the fourth decrease XXXX Sales in approximately compared previous to the and marketing of were million, for million approximately quarter a reflecting the $X.X same period $X slight year.

full approximately the sales comparison expenses in were year in XXXX, million $X.X $X.X For XXXX. approximately and million marketing to

administrative the of XXXX for and in approximately million $X.X to fourth comparison the in million previous same approximately quarter General were the period year. expenses $X.X in

general to full XXXX. the to For expenses the directors year the decrease officer's comparison and million attributed $X.X approximately XXXX, were in The $X.X was insurance. in approximately cost decrease mainly administrative and in of million

comparison an was operating for was XXXX. Financing the in due compared the in to in to XXXX, year. operating was approximately loss $X.X for year. of The XXXX, quarter of same mainly XXXX periods Financing $XX.X approximately received $X.X quarter in mainly a is million for approximately was fourth period approximately loss to maintenance and patent in income other by period loss $XXX,XXX $XX obligation in the XXXX $X.X mainly was the year. $X.X the net quarter previous mainly full to increase value income comparison as to release other an financing filing, income the compared approximately the full of in approximately to million XXXX income in net for XXXX from the significant restructuring loss million and $XXX,XXX comparison during XXXX, the approximately expenses loss under Operating other Bayer due above. of the between a Operating million quarter was fourth recorded $XX.X Net due XXXX. of marketable a the year of joint the year above. XXXX million difference in in offset XXXX, U.S. mentioned XXXX prosecution $X,XXX in year. recorded the approximately The of was agreement net collaboration. previous the Other in was received previous in the XXXX, for million in in previous as the the in XXXX securities the rate, million period same same to loss the year full interest [indiscernible] million the fourth same approximately the quarter approximately the in the increase dollar to period net the change $X.X Israeli for income in period the of the and to quarter revenue million net in mentioned of of the income in company for collaboration fourth of new fourth exchange to part the under in the of loss a same income million of loss previous approximately $X.X fourth comparison year. as to and in compared of Net the of $XX.X loss due The increase shekel

like open both to questions would now may With and you any the for have. call Ofer I that,

[Operator Lake Klieve Capital. of Instructions] Street The from first Ben question is

Casterra. the A couple first regarding few questions,

you of that of feel order that Do or confident inventory You talked there's wondering if about to seeds. you you farmers have supplying entirety characterize castor fill enough with that can comfortable to you're you to increased to you be there? you the with access the going in feel the I'm inventory going kind to million think if have initial $XX.X XXXX? guys variability the do

Yoash which able this in rest XXXX. to the production to the fraction that that be from also what last is [indiscernible] we received apart quarter. We announced was we initiated the will Yoash online. this are we during [indiscernible] we from come come CEO during orders during year, will And Casterra. only of XXXX that Ofer. the XXXX. it's A supply believe during is conduct Ben, is going from And production [indiscernible] now would

yes. your to answer is the So question

this a And you to follow-on to So regarding a for on question follow-up is in be received? needed you energy to order, Can about ongoing from need and a order the help around follow-on quarter. a deliver so before can they their guys follow-on that? order is characterize think follow-on discussions currently? this what is a us then to order fully expectations commit order you do timing about will What you understand

are already our starting XXXX. So to be that quantity still with to partners talk XXXX. to with the we challenge respect I year for is able to main produce orders year believe for needed the

existing So in order in to a not for received year order produce is way, seeds the plans the in castor XXXX. we to our supply just XXXX purchase

target the seed and support field also end in demand year for inventory production XXXX. will is to the with that the Our

will So next XXXX from during progressing we receive supplying the to seed as we start order in bottom line, and as part year, production our XXXX. for [indiscernible] year, expecting for also this for are

to a is one is maybe something you is retain Canonic. an in that is tipping coming hope quarters? about that noncore of looking at different here The in ownership will going potentially this still outside over prepared options, be remarks, structure today a of, going review kind and operation would it than strategic something but that that or be Evogene think your is and In Evogene there That's Canonic this on your helpful. your very that's for is talked to of you Ofer,

from is we this our stay But in under starting is but that year, Canonic in a in parties third that this are activity invest talking that the And material it's Canonic So that in to still to won't activity won't a integrate we the target final company, is -- I other years. we shareholder continue We our did by previous that to we that we with. way achieve way that are planning minority be P&L. the will discussion. activity think

start but invest -- line, with some industry. this through cannabis So bottom in will we might other in field, to equity we Canonic right stay the mechanism or the through

Lavie one in talking then for and were in me a And of had I'll this. you one here about call Bio. then [indiscernible] I back get last off hop to And and when queue

making material, supply last Bio launch in you I'm I But the through? of But challenges talk that if yourself, believe more that support commercial Or commercial Lavie supply and had of Yalos -- apologize. secure year. build So any to you in working that in chain the here I confirm supply can are still you about inventory know XXXX. can just some chain chain really I you that really repeat really there of have launch challenges you're enable place?

So I this think in a that case has good news.

were So more nice what it's were XXXX. season produced that we very a for we you that I'm challenges in targeting that targeting than sale -- little remember in to Yalos bit the some happy even but that to had we see XXXX producing and XXXX, really in report we of successfully the quantity

shape. quality very changed performance and of in the and So we are we are good happy the with We [indiscernible] this manufacturer, the product.

Ben Partners. from Haynor The next question Alliance is of Global

when do we time expect and line there? milestone agreements kind discuss development like the we of and APTHX. as Corteva and royalties, payments, how have And What of [indiscernible] a from of some and can you APCOXX [indiscernible] et these these on upfront part here. agreements cetera, there be large

Thanks, this for question. Ben,

ad to collaborating with year we're we working with of third all really with It's are that that masters buy AgPlenus industry, group, And subsidiary is working Bayer's. First, and Syngenta. we me Corteva in company. world the we the with to this participants of almost incredible let today our I type have are who's a in position use call, ICL, also and the share also in and and working Corteva with how [indiscernible] the that in Evogene [indiscernible] question first was asking proud

only the probably and is this company is time. we of only the [indiscernible] that only yet question working not that think I are

So I that's think worth that it is something to note.

few collaboration with But AgPlenus funding Well, years. There why and the of are an I both and can Bayer, part reason fee ongoing collaboration think next the important we with disclose, this Corteva question, report they of as course, activity payment a your upfront course, that to a from agreement of then, with agreement is the in milestone respect and on I format. we numbers. R&D payment, mentioned, royalty. X-day buyer includes for

important engine I the work first-tier AgPlenus industry that from the milestone. and the these another first the ag-chemical And X -- this that company products think you think confirmation of succeed a is announcements choosing time about in it, to develop to the is important with tech achieve to first the second a what have AgPlenus herbicide. announcement, most we one campus if third is our that in party

So this is very important I think news. a

I will collaborations as think and expect be that be will that there of portion I hope expect AgPlenus future present budget is that X significant Now the believe that more the in I covered in from will near we And by future. the should these additional achieving milestones the said, progress and what collaboration. this expense we

hit cetera, the are cetera. et take to value in important when lead arena, But it what in scheme is is you moving from the to respect With still a the will pipeline creation [indiscernible] some optimize et increase cetera, lead, is et time. advancing royalty, like to because rapidly

collaboration So great will them. achieved news in for challenges we AgPlenus which the this next milestones, first at Corteva and and looking achieve we milestone the believe that is a we are with to

this hit outlook follow-up expected then just the year? to a . on And near-term [indiscernible] maybe

Can you now? you what just repeat said

Sure.

said recognized Are I is that payments, on think milestone of near-term any upcoming those this expected [indiscernible] you be payments. to year? milestones, that

necessarily group So also but there in during other it to for, depends are we activity. agreements milestones targeting are reach are is on trying research this year, There the that we not in that some AgPlenus.

So believe that respect the In achieve our cases, some our we in forward bit yes, with little current will might progress. and able them. looking respect are are to in It take to hope to is we to see a longer. all estimate. with activities the There progress we see excited a R&D we But be subsidiaries. always to challenge fronts

the [indiscernible] I end earlier is can tons clarify this of enough the production current earlier, I the what of then XXX Or sufficient? to the That's for tons, capacity And of and the just to Is at -- on [indiscernible] response that XXXX? if fair one I enough. that XXX order can't supply questions. you thought that meet missed on

Okay.

the received in support from from XXXX order X avenues. So the in purchase is coming that to our target is order demand

The is last to are first from shipping them we the the and field place production now took our packaging, one year, partners. feed and harvesting

to supply Additional ongoing there existing we is but to the inventory to And start is for that that XXXX. quarter. also demand, an agreement agreement we planning production not additional to build announced now the avenue are the close seed just discussion this from

quantity but the So obligate or as plan, I responded expecting earlier, build able according last we the just future for for not to believe are to order to planning be year, expected an inventory we XXXX. deliver our to and also purchase we

The next Montgomery question Scott. is from Brett Janney Reiss of

to able Kenyan on based farmers have question, When seed we crop know been we of and sales? First the can will deliver group cycle. the Brazilian so new rotation consummate the successfully grow definitively and that

first, be to one are capture than of able that to the one to in we regions different growing is season grow more So reasons castor.

addition, issue are we in water areas of to address all order in system for the In castor. the [indiscernible] engaged, the the that now

of second we we to the we what during end need probably with I have And think going we'll are this close -- are we planning this respect for than to quarter second to engage or supply. to in the event, question. with more better that understanding quarter any our to year plan, much the

for for that half said, a at better have the least clarity. -- So doing I we'll the now, we year. this this next be are as I what that to think from quarter during second inventory the But think able we'll But second I [indiscernible] year, target. will achieve be

Somebody different -- one the about to XXX production. call the asked that tons ask it way. I'm of going of a prior

in tons with you're to of tons if you're production? revenues of what result XXX of generate capacity If able successfully come dollar -- able can XXX production, to would

doing our I in what price will we disclose can't are know information that this our is products. then because competitors the

So were keep this information disclose. -- And can hesitating prefer information this commercial to we confidential. I what is we

we taking send production issue. important care us message on was think it I the for the are to that

not with this the it's release. of we press share more for the why is because this information So not We prefer benefit came to company.

farmers and they're on what do? And themselves we're yourself monitor have and your Brazil and the sure marinated Kenyan marinated and contracted the team since selecting Have the monitoring last in -- so Kenya farmers, right business much they we're right you them to one, them. and deliver selecting depends Brazilian your in so culture that

question, are good very in we is to this This tackle trying different a and ways. challenge

are will are one Currently, to is X-seed numbers -- we than worked past, And regions. it's and the X in only we more that we the first producers. with if working different grow. in with The continue

have are significantly in in in employee, expand export, we all castor Brazil. a them the of that our and addition, Casterra from Africa the experience time In grower number portion seed they significant agronomies are growing the and of

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

you forward our your once again Yes. continue to ongoing long-term Thank and for for company value Thank create support. stakeholders. and all Together, we goodbye. you, drive will

you This participation. your and Results Fourth XXXX Year Call. concludes Evogene's for Thank Quarter Conference you. Full Thank

ahead You and may go disconnect.