Evogene Ltd.

What they do

Evogene Ltd. operates through subsidiaries focused on ag-biologicals (Lavie Bio), gut microbiome therapeutics (Biomica), and crop protection (Casterra, AgPlenus). The company uses its computational biology platform to discover and develop seed traits, microbial products, and small molecules. As of December 31, 2025, it has classified certain operations as discontinued, indicating a strategic refocus.

Revenue drivers

• Lavie Bio Ltd. — Ag-biologicals subsidiary; generated revenue through product development and collaborations, but recognized an impairment loss on property, plant, and equipment in 2025 due to no expected future economic benefits.
• Biomica Ltd. — Health-related microbiome subsidiary; also impaired assets in 2025, with no future economic benefits expected, indicating limited current revenue generation.
• Casterra Ag Limited — Castor seed business; part of the agricultural segment, but no revenue figures are provided in the excerpts.
• AgPlenus Ltd. — Crop protection subsidiary; involved in the development of herbicides/fungicides, but no revenue details are disclosed here.

Recent performance

Evogene reported a net loss for 2025, with diluted loss per share calculated after a 1-for-10 reverse share split. Grants from the EU Horizon program totaled $209 thousand in 2024 and $215 thousand in 2025, indicating minimal grant income. Impairment losses were recorded in 2025 for Biomica and Lavie Bio, suggesting declining asset values. The company had discontinued operations in 2025 and 2024, which may have affected comparability.

Strategy

Management has executed a reverse share split at a ratio of 1-for-10 to adjust share count and par value. The company has entered into ATM offerings and securities purchase agreements to raise capital. It continues to refinance through issuance of warrants and pre-funded warrants, with liabilities recognized for these instruments. The classification of certain operations as discontinued suggests a strategic shift away from underperforming units.

Risks

• Impairment risk — Assets at Biomica and Lavie Bio were written down to recoverable amount due to no expected future economic benefits.
• Dilution risk — Ongoing capital raises via ATM offerings and warrant issuances could dilute existing shareholders.
• Discontinued operations uncertainty — Classification of certain operations as discontinued may indicate divestiture or closure, with uncertain financial impact.
• Dependence on grants — EU Horizon grant income is relatively small ($215 thousand in 2025), leaving little cushion for funding operations.

Outlook

Management has not provided specific forward-looking guidance in the excerpts. The reverse share split and continued capital raises suggest a focus on strengthening the balance sheet. The discontinuation of certain operations points to a narrowed focus on remaining business lines. The company expects to continue developing its product pipeline, but without new funding or revenue, cash burn remains a concern.