Evogene (EVGN) 22 Aug 242024 Q2 Earnings call transcript

Welcome to Evogene's Second Quarter Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded August 22, 2024.

Before we begin, I would like to caution that this presentation contains forward-looking statements relating to future events and Evogene's Ltd., the company may, from time to time, make other statements regarding our outlook or expectations for future financial or operating results and/or other matters regarding or affecting us that are considered forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995 and other securities laws, as amended. Statements that are not statements of historical fact may be deemed to be forward-looking statements. Such forward-looking statements may be identified by the use of such words as believe, expect, anticipate, should, plan, estimated, intend and potential or words of similar meaning -- we are using forward-looking statements in this presentation when we discuss our value drivers: commercialization, efforts and timing, product development and launches estimated market sizes and milestones, pipeline as well as our capabilities and technology. and on future estimates, and events, are to based describe and uncertainties, are of difficult about guarantees opinions involve predict, statements current projections expectations, assumptions which future Such performance. not are certain risks

in actual in statements or by or may assumptions. situation what and achievements may statements may that the and update future to events in any expectations, or is actual this this mobilizations any be further beyond in required Securities Authority, be Factors. the such the to laws, publicly of future of northern of Evogene under including Israel such factors worsening made Israel, furnishes the border expressed disclaim presentation in U.S. detail other made factors with in in cause and any reflect developments release in XX-F our as escalation or from commitment files applicable Risk that Therefore, the differ of implied report company's described in Readers the those securities and information, or any are materially estimates, the materially Hezbollah any important to future and war Except are Israel. forward-looking current obligation greater due differ revisions factors, Form affect and or heading or Israel, on and we Evogene's Commission, Exchange Securities by forward-looking Those to and the to annual from cautioned information contained such changes results the which limitation, projections variety results to certain any trends results, results Hamas performance could a as statements without between control, may presentation. including and that many of

of any solicitation herein offer the offering the commitment invitation part of distribution form company. nor or information invitation to or to securities to it Evogene on the the of securities purchase or be any or or constitute other a relating or with subscribe or documents the offer of not prospectus contract, action, constitute part thereto any its sell or basis The contained any does of relied does or or any company. it of or shall the any form or information in Evogene nor of or connection for fact

services. herein as be only. of owners purposes not include trademarks hereof are should of Such are The and an the construed property used for use products or endorsement the our reference

Epogen. call and like Ofer turn the Now go President I would CEO Haviv, please to ahead. over to of Mr. Haviv,

the with subsidiaries In with and call. Hello, second quarter, of and conclude to review of I business would Evogene's continue start from overview last that financial activity like good day, and highlights everyone. place took for a call, an conference the today's with our the of achievements analyst

activities. I Casterra's provide on part, pleased will my update present open session. quarter Yaron CFO, Then the of CEO, company achievement have to future Casterra's Zohar, growth. that, we am Eldad, financial Q&A his view activity, Evogene's will the a Following After recent second and Yoash the

and XXXX. to compared half Let's first $X.X our $X first to XXXX, supply revenue the over totaling compared fulfill existing of in This expectation million the previous approximately the that Casterra year of starting the business start this with financial total seeds on the $X.X initiate anticipate revenues the the rest to months highlights. year. of month. reached million for X growth is continued in million of In based We orders,

continues. The QX loss to in decline first In X $XX.X compared of XXXX. loss $X.X In $X.X months XXXX, million half in million to million In QX the of the $X $XXX,XXX approximately QX XXXX, first XXXX, XXXX. loss of company's was to million QX approximately reached compared revenues approximately XXXX. in was total compared in the the $XXX,XXX

XXXX without XXXX year-over-year. $X notable Bio later change the shares a will $XX.X cash Lavie ratio compared last We into used this million The Biomica did fleet our the million projected decrease and and details call, for to recently XX% of in XX:X it and in in not of from go undertook reverse call. is on approximately our Yaron more

in highlight be growing order to quarter, supply XXXX. I subsidiaries Casterra seed starting to made would like with main Evogene's seeds purchase during existing African completed this to received harvesting valued to seed an at third customer with new season Brazil, plant a of approximately the from The and achievements Now shipped Casterra. country. by its an castor the castor $XXX,XXX additional company successfully quarter

both The enable territories and castor $X.X to produced African XXXX amounting in are in existing seeds meet all to to Casterra its Brazilian million. expected orders approximately

The The treating patients melanoma. preliminary to combined for lung Biomica. Phase These I a presented this best nivolumab, forward Meeting with cell were data in company's this in year. non-small carcinoma, renal at indicated refractory safety, marking therapeutic. cancer Moving results with development showed Micabio on efficacy ASCO a the potential cell step of May BMCXXX the crucial when promising and trial Annual and results in trend XXXX

achievement collaboration AI, in the [ Bio winter subsidiary expansion to By its increasing PDD Lavie Iceland under each The successful over product extreme ] commercial dozen significant presentation. later leveraging platform. identified bio Now of the company trial. Yalos novel I more of provide Bio the months, candidates will following announced yield a the on for Lavie Bio. in wheat achieved milestone crops its technology detail developing biostimulants the microbial within utilizing to for Lavie ICL row XX conditions. weather and in

concept data the big Evogene dedicated To and on merging rooted life, of performed knowledge vision, Evogene. life AI, In technologies. as quality optimization products our and GeneRator MicroBoost effective we creation and products. development elements. genomics and pioneering of groundbreaking for on and molecules X life improve which the to this genetic see of ChemPass longevity. AI company creating review based accelerate science to This molecule-based for science in computational products, cutting-edge on vision, following we small I Moving provide supported small achieve products tech microbes, directed our life discovery science of with micro-based engine, focused the and AI

AI-driven stem proposition breakthrough cost-efficient frame of probability in the efficient therefore, from a and time our promising increasing value tech finding successfully competitive the the engine reaching The and of optimization manner. candidates, most product within of

be product Our different only segments, development potential the one science of engines industries. is the life needs engine to compatible potential center tremendous Each limited addressing segment. of the market of were at to X not tech AI with various tech structured types, of many specific

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do how inherent value our we So technology. the in capture

innovative in our is engines covered partnership strategy of development Evogene while to business have X all maximum engines, of collaborative with establish risk. collaborations technology. This potential that diverse business we subsidiaries, the a our approach expert working aiming our product not tech snapshot science life companies, partner specific is this our by current life We with AI potential owning additional our development. value of we companies, to model the adopted to products. with in and financial subsidiary Our status reduce minimum on with our The and we aim complement targeting science To risk. segments developing capture leading for field market of the collaborate tech maximize

and of ad the Kitchen I'm by is beginning Evogene a disclosed the Syngenta of its protein engaged company Hub, achievement engagement announced and Finally reflected Food, with of proud Since group list our together Bayer. Bayer new in date, companies, and gas focused with. oil very with announced leading to partnering X on The Bio with ENI, XXXX, and AgPlenus board a commercial growing partnering the established production plant. financial additional partners, with company. itself Lavie Evogene Casterra world-leading

mainly accelerate stable Moving development I castor varieties. varieties. address subsidiaries solutions owned its would oil tech of large-scale castor cultivation its for like solution is start achievement. direct elite to to AI supply castor, Evogene's the the GeneRator with unique aim benefiting subsidiary, biodiesel enable on elite unique global an commercial for Casterra's Casterra. fully on utilizing focused seed our integrated from engine to developing The which to industry. and to the company of demand

of Casterra XX, and order completion This a country. receiving initiated $XXX,XXX be an XXXX. announced successful in is in customer, African the from order to new a growing harvesting June shipments third Brazil, seed to purchase July Casterra to announced On seed operations be order supplied with its The the expected XXXX. biofuel to of quarter expand from supply castor its existing XX, position castor market. strengthen and On the planned Casterra in season

scheduled. as Africa the castor harvest season Additionally, has begun in

of year. season Casterra XX, produced across Lavie next-generation market On developing utilizing expected with the trial million, On expansion self July its X, enable by intervene earlier, anticipate effectively XXXX territories its and U.S. 'XX-'XX and [ which its this Casterra African bio Agbiological Yalos commercial for will MicroBoost doubling the stated and the hear $X.X starting equivalent successful the following As completing products and Lavie castor weather announced ] in the both dozen potential. leader about in to approximately trajectory. Continuing from to conditions. meet seed solution platform. Lavie we a Bio July of Casterra CEO for its in leveraging Zohar, proprietary milestone Bio orders announced end developing technology more PDD microbes extreme a By significant Bio's AI existing Yoash Bio, in Later, global to XX are Evogene's a novel AI. we all over with facing row within crops Lavie months using Brazilian amounting to identify to biostimulant ICL

trials process. to to I'm the successful QX. in are company advancing is Lavie that QX Results initiated Bio's with programs happy in following optimization plan pipeline field of expected most according during share

ongoing combination ] BMCXXX, patients treating to cancer, announced MicroBoost disease therapeutics The length patients advanced prior Now immunotherapy human progression therapeutics, engine. includes results refractory melanoma with preliminary of of treatment. renal its and cell in despite nivolumab have [ non benefit experienced with for trial funding promising cell clinical for for utilizing health which tech trial suggested initial On small the microbiome-based diseases. X/XX, AI developing The Phase specialized I carcinoma. in potential microbiome-based for XX these who Biomica Biomica, Evogene's stages

field at June its the In microbiota. represented gut year. from York preclinical from results at of Annual a May, with Meeting evidence results results the cancer DDW conference. of positive the first of collaboration prestigious emerging University These Biomica leverage that ASCO program New the therapies presented prestigious were IBS Those this presented some in research

forward look data of understanding with the gain deeper continue and I therapeutic evaluation the few beneficial next in in will a of cancer of treatment. from nivolumab clinical study We in activity clinical to to through future cancer the potential become development. to combination analyzed available Phase Turning BMCXXX, the BMCXXX of months

I'm CEO, pleased to recent pass on Casterra Casterra company future the and to presentation present Zohar, growth. his Yoash to view achievements activity

to and joined good a year. with itself in sustainable perspective vision Casterra's day quarterly beginning you and global leading pleased Hello for participate to analyst provider on I'm vegoil bio-based Evogene's at of is this share the Casterra, industries. the of which I my as feedstock call establish

the We where for increasing. sector are focused particularly is rapidly resources and on contributing renewable sustainable the biofuel to demand

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development and value semi-arid content the yield, with castor slide. Next elite stresses The high cultivation high resistant of begins seed to marginal oil and/or targeting renal oil varieties, to castor in abiotic soils. chain

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castor we move produce the growing value are cultivation castor crucial scale commercial from professional seeds, this of high-quality to plant. to to the protocols In phase, maximum grains. Now capture

to as grain X products: The as harvesting obtained machines growth biofuel bio-based for the feedstock in by global castor oil used castor with is nitrogen and Castor and dehulling main such maximum of now by then castor industrial and agricultural mechanized for oil processing This shipped ensure industries increasing reach minimum yield resources. The facility solid cake fertilizer extraction the cost with is a and bio-based other oil efficiency cake. The from projected is to other $X.XX a residue The can is particularly grains as losses. market oil. be rich machinery Using can sustainable organic products. driven oil billion XXXX. renewable and for or castor demand

As shop oil contribute oil, used critical bio-based at in demand is keep sustainable from castor Addressing primarily these significantly are the not methods oil particularly is yields. as scalability. the is These the currently significant manually, these oil, supply increase traditional to and cultivation customer scalable India, where toll prevalent. a harvesting that in still low regions a supply Castor expected challenges the will supply castor factors challenges. for a methods we customer of result in resources. rapid global supply and look we global is up in traditional coming limits see Most chain their which future. chain for seek industry as done grown to of sustainable ensuring The process the with

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are methods. for and are supported These practices that and harvesting optimized proprietary large-scale including methods the development addressing the by agrotechnical and harvesting protocols castor growing that various specifically advanced Our dehulling, adaptability seeds approach better of elite growing to bread limitations grain directly varieties conditions. castor yield are seed cultivation production higher ensuring many elite includes mechanized of for

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slide. Next

market, I energy and operates we is reduce reliance a can several and customer sustainable that castor reviewed after X.X%. of highlight XXXX, fossil source as value on. growth for a So like Casterra's reach projected Casterra's over the the recognized the its opportunity $X.X increasingly presents Casterra chain, to rapidly are significant to market to growing billion This challenges annual a with help fuels. market oil offering, within points. global would capitalize derivatives by on compound rate This which

sources. bred of as energy as agricultural us effort castor which on high ENI's proposition customer with casters value This integrated performance formed a protocols the is enables elite process scale agricultural aligned platform, represent XXX, for leading and offers efficiency underscores an includes reliable commercial growing high-yield our Casterra's to superior sector. solution farmers the EVFXXX global efforts, improved and core environments. with and develop energy for large-scale for darvesting operations castor production. EVFXXX, ensures to to varieties that in of initiatives with and extends At and offering unique seed elite such varieties in Casterra's trades technology diverse transition the strategic suitable proprietary which varieties for tailored trades an that and gas partnership These the have to our technological scalability. Casterra biofuel global importance mitigation. solution is to the mechanized of been portfolio sustainable oil alliance resource varieties lumination farming ENI, company oil dehulling includes proud and support a option the are entire renewable EVF scientific a and and Casterra's to

castor summary, is value from comprehensive grain. oil Casterra's In chain involvement seed in to the

and market we that in aligned and supply to customer demand, are sustainability significantly the innovation efforts ensuring while with contribute global driving industry. the trends Our

key Next impact. of highlight slide. I to its some significant commercial achievements, economic would like underscoring Casterra's

journey. As our in in oil in a to first from order XXXX, previously million. announced milestone secured XX a gas USD our global represents we pivotal industry, This over and leader major amounting ENI, the

production plan only XXXX, cost within a was orders initial in in supply our delays While the unforeseen partial to in year. these challenges fulfill seed resulting

in the Casterra the seat the collaborate announced we half which stabilizing locations slide. of network supported its both subcontractors. by an seed a of of been Next our expansion growing production seed expanding infrastructure, geographical beginning the growers is dedicated number year, to with the first operations. has we and of Since In XXXX, of primarily and

for are and We growing over and are all XXXX. XXX backlog end our we the now on Brazil remaining active hectares. Africa, fulfill by addressing orders course covering already have in both the begun We to believe of year

Additionally, this deliver to further which within secured set in year. a XXXX, expect order, we we

high-quality proud successful with take for the completion are This Next from The growers. an ready seeds XXXX Combined, tons now Brazil of reflects of our accomplishment seeds our chains XXXX. and harvesting also of milestone over castor one the trusted seed value superior seed this successful in testament are execution XXX progress Africa. million the to slide. delivering I'm our shipment our planning have highlight capabilities. announce ground. practices driving to these our maintaining valued the strategic We and effectiveness further commenced in agricultural regions great in of from in the castor XXXX. on agriculture forward customers primarily momentum of fulfill These and innovation. Simultaneously, supply customers team They also support and for seeds X harvesting this to look season to our our in Africa, the order, sustainable we pride commitment will season dedication ongoing to we products. harvest expected a Casterra's in received to in as and dependable and $X.X into oil

to customers pleased XXXX a to able discussions requirements Next and sales we our the We for assess we have season for that XXXX. growing you the slide. comprehensive beyond. anticipated be by seed inform with I'm provide next initiated will quarter, forecast their to

cultivation customer increasingly interested in we expanding interested or participate production consumers the large oil, customer use Instead, of oil prefer are Additionally, but the themselves. oil in directly who not they in oil. are to castor encountering purchasing grain are

serve would in established to operation a and in look oil economic with potential. I have to economic very value honor forward will the In promising take updating Consequently, future any with the lead. you implications as matter where production Casterra, you we our Yaron on castor production, CFO, Thank a to collaborate now I of explore to expanding significant this much. Evogene's company producers. should make take lead we Casterra and progress. grain oil the the closing, begun chain of the CEO

bank cash during approximately As XX, the $XX.X open XXXX, million. include consolidated million. million This second Casterra. of $X.X usage consolidated orders The of amount expected payments of not equivalents short-term cash, $X.X of approximately the cash of June for XXXX purchase and deposits Evogene held does quarter was

Lavie Excluding in million Biomica, approximately Evogene subsidiaries $X.X and other cash. used its and Bio

half $X.X approximately million, excluding million approximately XXXX, marking $X licensing from revenues decrease driven of the for Lavie Biomica is in and usage XXXX AgPlenus first be for expected the were cash Revenues with million, Projected around Bio a Bayer. This XX% same previous the primarily notable a XXXX. million growth to by $XX.X year. significant from period increase was from collaboration $X.X recognized and in with Corteva agreement Bio new Lavie

seed XXXX attributable Revenues approximately for revenues the for to previous in based the to decrease growth million, of R&D expenses, for in the forecast were on mainly compared Lavie half of of to first half were anticipates $XXX,XXX million continued Evogene in half the year, previous first in supply. revenue of period increase $XXX,XXX net The the Bio. order the was $XX.X second compared a of mainly XXXX, the nonrefundable Casterra's $X.X quarter XXXX. year. same XXXX grants from approximately second increased

$X.X decreased expenses were the million The same net approximately grants mainly Research to significantly approximately compared for and in year. XXXX the -- development of period activities the second expenses million year. in the previous decrease in of certain and and development in is a nonrefundable $X cease period sorry to quarter economic compared the decrease the as XXXX, expenses Biomica previous to in as in of due same

for approximately million, attributable first marketing above. The slight to first compared year. the marketing approximately million in Biomica, period The were activities as in XXXX, $X.X and to and is from Casterra expenses mainly $X.X of decrease increase increase Canonic Sales half expenses the period a mentioned the as previous XXXX same mainly and is same sales attributable half to XXXX. the during in of in increased in the decreased

approximately previous Sales stable same of second to slightly million were for $X.X in the as $X.X remained to approximately administrative the $X.X compared of quarter from million and decreased year. approximately and million expenses $X.X million the in marketing XXXX period the period expenses approximately first XXXX half year. for the in General last same and

expenses period and administrative for the approximately the to the decreased of quarter previous same and compensation XXXX. Lavie to $X.X second quarter General in respectively, of Bio second the salary-related expenses XXXX, of decreased million noncash compared in due and $X.X to in year, approximately mainly Biomica, million

operations to XXXX. loss first mentioned the significant assets same in of half first the resulted XXXX Other previous decision million of period the was million, for in expenses, in a above. $XX.X million, half cease quarter fixed approximately first other of from as $X.X approximately the increased to due XXXX, expenses mainly operating mainly of $XX.X of decrease The Canonic of impairment year, the approximately to revenues, due the in

XXXX quarter was approximately mainly the to second first The $XX,XXX expenses $X.X previous increase increased primarily operating year. mentioned from net loss financing of as operating expenses for due convertible the interest decrease the in was of million, net to same $XXX,XXX above. a million same $X.X half period to for of the was and This year, of compared due in period of income the revaluation a decreased the sales. income XXXX the previous Financing of

expenses, The offset second Canonic's net by compared to period the operating approximately of financial income. last decrease related financing half million of net to income in and year. The to other same primarily million the XXXX revenues, an approximately $XXX,XXX previous of period of in million million was for $X of Financing expenses in ceasing $XXX,XXX loss income partially the increase same net $XX.X decreased XXXX operation $X.X $X.X the first net the in the increase year. due loss onetime was to the quarter compared was for

of approximately was decrease to the million for operating compared period the approximately loss was $X $X.X net net above. Operator? mentioned The as $X.X in expenses due to same in primarily million The year. decreased million second XXXX loss quarter last

the What you backlog soy processing. used [Operator based to be Instructions] is And seed facilities current XXXX production Casterra would this The if or first from production, noted its in Brazil, fulfill XXXX. to Casterra for question is crush your oil remarks, grain is In if evolves for growing in Brazil, can Africa backlog. from positioning prepared Ben. be

Ben, Ofer. is he me, question, great one. sit this the address Yoash will us. second address to and the you I have next with to It's first that will

as XXXX. backlog Yoash we do work its But numbers also will able for on to probably will started so. So next as mentioned, mentioned, call. believe Casterra -- analyst disclose we that we at we to only the And we yes, be

-- So we it's we and little quite and I that feel production a feel currently, sales. feel bit positive too yes, early. But year next about

I With under set to question, still take don't have want respect -- evaluation, even ask move lead to I to that the decided even any second to the like it's we we the I the production. oil to we future. in attention would will on. if emphasize if Yoash, business decided Again, to leave just

the So in addition. Yoash? and seed company the the could basic production production be be oil for the will always activity

-- say, Africa are I'm no talked will the do where you're in we problem least both question, the Brazil. in there about one possible. somewhat whether the not other castor we'd crushers are of then the and using I find it's chosen. to other regarding will The can't say be evaluating castor, In operation, for of is there's technically, operation locations yet couple same soy to But machinery. to There talking at rushing We've facilities your grow in regarding which currently can't of Ben, Yes, sure I Brazil. issues. will to crushers, castor. mean initial enough love oil. a stages of crush soy crushing solutions. incentivized be overcapacity such to currently,

Can question an Goldman. you Stephen AgPlenus? on update The provide next from

Ofer. is Stephen, this

this But and this is mainly focus Dan will releases it? AgPlenus prefer Yes, then, put milestones address significant report. take in you about sitting, can on we of reason the was to give in level, AgPlenus only update specific Next question. he But quarter, a activity. AgPlenus we can Galvan, on we me, AgPlenus because to my the there CEO no some Dan, the coming and high press information from is

for Yes. Thank and the you you much, very thank question.

entire busy Bayer. AgPlenus very partnered. our announced collaborative Essentially, that been have with agreement we at entered are we We has since pipeline

going of with couple projects and a have Corteva We with one Bayer.

very a the one did are these in giving them we which with of first we hit which Corteva limited in an active, milestone, quarter. about declared We in unless we was updates where also

to we any release data. So right able now, been have not

and are with parallel, happy. these Again, progress our programs, We be are believe we the In now partners partners when a to they we of happy new can. are starting also pipeline. we build

now Our on focus is right fungicides.

or are very it's thought press some something about blotches rust We excited have able or the doing. to biggest some be we to ] what programs. fungi we'll the are and after more We very, of going about share whether the [ releases these the We're block the diseases of smarts.

We are working on these.

partners this new candidates candidates. generating are and for these So say focused new finding on work the I on would

quarter, hope we'll give our own about detail next something or whether the able more that I collaborations be to So pipeline.

Casterra about XXXX. think material higher of margin should And of that XH How the what is in current castor next it and is the And AGP. XXXX? trajectory seed 'XX, launch castor revenue production capacity revenue Henry realization. we the Scott we contribution. in to seed what where the launch, scale? from The how expect change could should the Could of go the in the Casterra product? curve about you of profile could when And with Yalos And question for regard current gross with talk of timing a is launch

question. will maybe I address is first Ofer. to the this Scott, try

ask question. With last Lavie Bio, The he other And the X target we -- until year. our recognition, order had also all transfer of we purchase to questions is revenue the hopefully so to will us will here, go. to from help Yoash end the I me so from XXXX XXXX existing Amit, and be respect to have able this with with me with

So that meaning I of to second we hope the the XXXX. most able of recognize during half be billion will the amount, $X.X

in sowing the to will we a harvesting few to from from the slot. even And Africa. our the Kenya in shipping shift easier. to finish it mentioned seeds Africa, be it because when in in territory already that months partners be season start we already Brazil a to different because in we start that time are the easier process will other And will Africa much think be I it much to was in

all as hope but target and So able XXXX. this deliver during bottom is be our ourselves we second half There small could seeds intention. to said, be I least line, of delays, at the to the

seed XXXX? change question in for second the in Yoash question. I is address is to will And respect XXXX? With how castor ask production what this current could the capacity to it

we So that for together capacity a Brazil bit growing the X,XXX hectares and in Africa. XXXX are over actually current is

least significantly more at the expect of at XXX and seeds than We that. bare minimum, tonnes possibly

we if do XXXX, the and also easily to continue even we same double but For increase required. will posed quantity, can and be

I XXXX think in that And Casterra a on thanks the seed activity of think think focusing cetera. pricing, to company. from don't that is cetera, the quality, on more the I are et the good the the news we that is I company, now coming et production limitation

progress. really the in a it's So forward very, company's very step

it current scale. the margin and where respect third go what gross is higher to profile could With the Casterra for question, with

sales, ag With But the numbers, if gross I of into is the is significant is as seed jump nice there in highest according won't get investment. can't situation And evaluation. forward industry. it's this very case mentioned, we to this our with very, into this we still, a the margin under is course, calculation also probably, to production. to -- at oil the calculation with move to our direction, to in respect decided but of with Usually, respect least this I but So margin. the area a

we reality. The gross step became the to to We do it the money us compensate is of -- we have will our the years, on last lots in the in quality XX, margin that in assure projection And seed with today. today. a castor are long-time XX we this variety variety where bring investment in us to of main achieving that way, respect remember we step quite -- by invest please is margin because -- high reasons and

regard a think Amit curve revenue Moving take question on last we the this ask Yalos Amit? How the to contribution? to the should I to expect question, material lead So about for the we launch, product? the should launch with will when

Thanks for the question.

the a are just we launch. where Yalos about So in bit

And Yalos an So up year. a significant Canada retailers, it's few this in able line and we to we were market. launched adoption

So to able start farmers. we engaging were selling have retailers start

we Our did significant field trials additional more year, crops. plan for is this for

And curve a and -- North America. of the will XXXX, we canola that products in next expect by early growth the positive wheat, the product canola. adopters we So in adoption the to We be by soybean year in see end and year, is and of from we soybean will potential the expect barley next of if our these and soybean sales we the see to year, this the launch in results focus be Yalos And canola. see material canola ready for to we're see for to biggest doing move to is supposed Yalos. already soybean

question next Stephen The from Goldman.

in will of XXXX. the are $X.X by expect position be do caster by you received QX the by end Casterra. Assuming Evogene's million What cash seeds

is Yaron. this Thanks Stephen, the for question.

to Assuming million the expect of million the cost all received I the of the position million. our to $XX cash year. around received somewhere that the end seeds be cash are year, by we assume end will $XX of $X.X of not the be by

plus to cash million be the end somewhere receivables from the the $XX Casterra So sales $XX around of year. together position million by will the

like this would Mr. at time. questions statement? further you to no concluding are Haviv, your There make

Yes. our your quarter. the in all Wishing you to you coming look for a ahead. all great day We next today. Thank you. thank forward participating meeting

Second XXXX participation. concludes Thank Results your Thank Investor for you This Quarter Evogene's Webinar. you.

go ahead may and You disconnect.