Evogene Ltd. (NASDAQ:EVGN) (TASE:EVGN), a leading company for the
improvement of crop productivity and economics, announced today its
financial results for the second quarter ended June 30, 2017.
Ofer Haviv, Evogene's President and CEO,
stated: “2017 is proving to be a significant year in the
development of Evogene and we look forward with high expectations
to what the year has yet to bring. We were pleased to see progress
and achievements in our collaborations and internal programs,
across all areas of activities. In our on-going Fusarium
collaboration with Monsanto, we reached an important milestone, and
our newly initiated collaboration with DuPont-Pioneer1, is a
testament to the important achievements reached in our internal
bio-stimulant product program. This collaboration is an example of
the comprehensive abilities of our computational biology platform,
which is constantly evolving to now also include ‘artificial
intelligence’, allowing us to enter new areas of activity. Evogene
continues to lead innovation and, as we announced in the past, we
are actively seeking applications for our exciting technology, both
within and outside the agriculture world.
For the first time, in addition to our robust
internal programs, we now have collaborations with at least one
world leading company in each of our areas of activity:
DuPont-Pioneer in Ag-Biologicals, Monsanto in Seed Traits and BASF
in Ag-Chemicals. We believe this trend will continue and are
looking to strengthen our position as a world leading ag-biotech
company with additional collaborations.
Looking deeper into each area of activity, I
would like to emphasize the following:
In Ag-Biologicals, our most
important achievement in recent months is our strategic
collaboration with DuPont-Pioneer, a leader in the corn seeds
market, for the development of bio-stimulant seed coating products.
This collaboration is based on the achievements of an internal
product program in which positive results were achieved in corn
field trials under drought conditions. Additionally, we also have
an internal bio-stimulant program in wheat in which we reached
positive results on 1st year field trials on select microbial
strains that will be re-validated in field trials next year.
Bio-stimulant products present an exciting opportunity, as
product development is considered short, with time to market,
according to industry estimates, as short as 5 years, depending on
regulation.
We are also happy to announce the addition of a
product program for the development of microbial-based
bio-pesticides that address various insect and fungi control. This
market is expected to reach $8B in 20202.
In Seed Traits, we had three
important achievements during the past quarter:
(i) Gene advancement in our disease resistance
Fusarium collaboration with Monsanto - we reached an important
milestone with Evogene discovered genes showing resistance to
Fusarium in model plants, with the top prioritized genes advancing
to testing in Monsanto’s corn pipeline. (ii) Completion of
discovery in our yield and abiotic stress collaboration with
Monsanto - we successfully completed of the gene discovery phase,
with the discovery of ~4,000 genes and more than 1,000 genes
nominated to Monsanto’s product development pipeline, as disclosed
in the past. (iii) Advancement to phase I in our internal insect
control program - in our Coleopteran control product program we
have advanced a gene to phase I, having met all of phase
advancement criteria, including efficacy and lower risk of toxicity
to other organisms such as bees, animals and humans.
In Ag-Chemicals, we continue to
show good progress in our internal herbicide program as well as in
our collaboration with BASF. Additionally, I am very excited to
disclose that we recently initiated an insecticide product program.
The global insecticide market is currently estimated at $14B, and
is expected to reach $16B by 20203.
In conclusion, we are making important progress
in all three of our core activity areas: Ag-Biologicals, Seed
Traits and Ag-Chemicals. We look forward to the second half
of 2017, and we expect progress in our internal programs, as well
as our collaborations with world leading partners, and hope to
forge new partnerships in the future.”
Financial results for the period ending
June 30, 2017Cash Position: As of
June 30, 2017, the Company had $79.7 million in cash, short-term
bank deposits and marketable securities, as compared to $83.4
million at March 31, 2017. Evogene continues to expect that its net
cash usage for full-year 2017 will be in the range of $16 to $18
million.
Revenues primarily consist
of research and development payments, reflecting R&D cost
reimbursement under certain of our collaboration agreements. The
majority of these agreements also provide for development milestone
payments and royalties or other forms of revenue sharing from
successfully developed products.
Revenues for the first half of 2017 reached $1.9
million in comparison to $3.8 million, in the comparable period in
2016. Total revenues for the second quarter of 2017 were $1.2
million, compared to $1.8 million for the second quarter in 2016.
The decline in revenues reflects the net decrease in research and
development cost reimbursement, in accordance with the work plans
under Evogene's various collaboration agreements. This decline is
mainly due to the advancement of our collaboration agreement with
Monsanto, from gene discovery to pre-development efforts, resulting
in reduction of activity scope. As we look forward, we expect this
revenue trend to continue.
During the first half of 2017 we saw a negative
impact on our expenses due to the depreciation of the USD in
comparison to the Israeli Shekel. Our expenses, mostly salaries,
are denominated in Israeli Shekels while our reporting currency is
USD.
Cost of revenues consist of
collaboration related R&D expenses. Cost of revenues during the
first half of 2017 reached $1.7 million in comparison to $3.1
million in first half of 2016. During the second quarter of 2017
the cost of revenues reached $1.0 million, in comparison to $1.6
million for the same period in 2016. The decrease related primarily
to the decrease in revenues for such periods.
R&D expenses for the first
half of 2017 reached $8.0 million in comparison to $7.8 million in
the first half of 2016. During the second quarter of 2017, R&D
expenses remained stable at $4.0 million, in comparison to the
second quarter of 2016. R&D expenses were impacted by exchange
rate fluctuations, as mentioned above.
Operating loss during the
first half of 2017 reached $10.4 million, in comparison to a loss
of $9.8 million during the first half of 2016, due to the decrease
in revenues which was partially offset by a decrease in other
expense categories. Operating loss for the second quarter of 2017
remained stable at $5.2 million in comparison to the comparable
quarter in 2016.
The net financing income for the first half of
2017 reached $0.8 million in comparison to $1.9 million in the
corresponding period. The net financing income for the second
quarter of 2017 reached $0.4 million in comparison to $0.7 million
in the comparable quarter in 2016. This decrease is due to
relatively high capital gains derived from the company's marketable
securities in the first and second quarter of 2016. Net
Loss for the first half of 2017 reached $9.6 million in
comparison to $7.8 million in the first half of 2016. Net loss for
the second quarter of 2017 was $4.7 million compared to the net
loss of $4.5 million in the comparable quarter in 2016. The
increase in the net loss was primarily due to the decrease in
revenues and the decrease in net financing income, which was
partially offset by a net decline in other expense categories.
Conference Call & Webcast
Details:
Evogene management will host a conference call
to discuss the results at 09:00 AM Eastern time, 16:00 Israel time.
To access the conference call, please dial 1-888-668-9141 toll free
from the United States, or +972-3-918-0644 internationally. Access
to the call will also be available via live webcast through the
Company’s website at www.evogene.com.
A replay of the conference call will be
available approximately three hours following the completion of the
call. To access the replay, please dial 1-888-254-7270 toll free
from the United States, or +972-3-925-5940 internationally. The
replay will be accessible through August 12, 2017, and an archive
of the webcast will be available on the Company’s website through
August 20, 2017.
About Evogene Ltd.:Evogene
(NASDAQ:EVGN) (TASE:EVGN) is a leading biotechnology company for
the improvement of crop productivity for the food, feed and fuel
industries. The Company operates in three key target markets:
improved seed traits (addressing yield increase, tolerance to
environmental stresses and resistance to insects and diseases);
innovative ag-chemicals (developing novel herbicide solutions for
weed control); and ag-biologicals. Evogene has collaborations with
world-leading seed and ag-chemical companies. For more information,
please visit www.evogene.com or contact the Company at
info@evogene.com.
Forward Looking Statements:This
press release contains "forward-looking statements" relating to
future events. These statements may be identified by words such as
"may", "could", “expects”, "intends", “anticipates”, “plans”,
“believes”, “scheduled”, “estimates” or words of similar meaning.
Such statements are based on current expectations, estimates,
projections and assumptions, describe opinions about future events,
involve certain risks and uncertainties which are difficult to
predict and are not guarantees of future performance. Therefore,
actual future results, performance or achievements of Evogene may
differ materially from what is expressed or implied by such
forward-looking statements due to a variety of factors, many of
which beyond Evogene's control, including, without limitation,
those risk factors contained in Evogene’s reports filed with the
appropriate securities authority. Evogene disclaims any obligation
or commitment to update these forward-looking statements to reflect
future events or developments or changes in expectations,
estimates, projections and assumptions.
____________________________________
1 Please see Evogene DuPont-Pioneer
collaboration presentation, filed together with this press release
http://www.evogene.com/wp-content/uploads/2017/07/evogene-dupont-presentation-final.pdf
2 Dunham Trimmer (2015)
3 Phillips McDougall (2015)
|
CONSOLIDATED STATEMENTS OF FINANCIAL
POSITIONU.S. dollars in thousands (except share
and per share data) |
|
|
|
|
|
|
|
As of June 30, |
|
As of December 31, |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
Unaudited |
|
Audited |
CURRENT
ASSETS: |
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
5,758 |
|
|
$ |
5,533 |
|
|
$ |
3,236 |
|
Restricted cash |
|
|
47 |
|
|
|
47 |
|
|
|
47 |
|
Marketable securities |
|
|
65,878 |
|
|
|
74,801 |
|
|
|
71,738 |
|
Short-term bank deposits |
|
|
8,017 |
|
|
|
16,561 |
|
|
|
13,137 |
|
Trade
receivables |
|
|
1,063 |
|
|
|
80 |
|
|
|
169 |
|
Other
receivables |
|
|
1,058 |
|
|
|
1,542 |
|
|
|
1,163 |
|
|
|
|
|
|
|
|
|
|
|
81,821 |
|
|
|
98,564 |
|
|
|
89,490 |
|
LONG-TERM ASSETS: |
|
|
|
|
|
|
Long-term
deposits |
|
|
14 |
|
|
|
16 |
|
|
|
13 |
|
Property,
plant and equipment, net |
|
|
5,611 |
|
|
|
7,354 |
|
|
|
6,483 |
|
|
|
|
|
|
|
|
|
|
|
5,625 |
|
|
|
7,370 |
|
|
|
6,496 |
|
|
|
|
|
|
|
|
|
|
$ |
87,446 |
|
|
$ |
105,934 |
|
|
$ |
95,986 |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
|
Trade
payables |
|
$ |
947 |
|
|
$ |
1,364 |
|
|
$ |
1,330 |
|
Other
payables |
|
|
2,502 |
|
|
|
2,495 |
|
|
|
2,803 |
|
Liabilities in respect of government grants |
|
|
103 |
|
|
|
766 |
|
|
|
125 |
|
Deferred
revenues and other advances |
|
|
1,081 |
|
|
|
820 |
|
|
|
967 |
|
|
|
|
|
|
|
|
|
|
|
4,633 |
|
|
|
5,445 |
|
|
|
5,225 |
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES: |
|
|
|
|
|
|
Liabilities in respect of government grants |
|
|
3,416 |
|
|
|
2,614 |
|
|
|
3,303 |
|
Deferred
revenues and other advances |
|
|
30 |
|
|
|
157 |
|
|
|
138 |
|
Severance
pay liability, net |
|
|
32 |
|
|
|
30 |
|
|
|
31 |
|
|
|
|
|
|
|
|
|
|
|
3,478 |
|
|
|
2,801 |
|
|
|
3,472 |
|
SHAREHOLDERS' EQUITY: |
|
|
|
|
|
|
Ordinary
shares of NIS 0.02 par value: |
|
|
|
|
|
|
|
|
|
|
|
|
Authorized - 150,000,000 ordinary shares; Issued and outstanding –
25,745,371, 25,447,024 and 25,480,809 shares at June 30, 2017 and
2016 and December 31, 2016, respectively |
|
|
142 |
|
|
|
140 |
|
|
|
141 |
|
Share
premium and other capital reserve |
|
|
184,977 |
|
|
|
181,985 |
|
|
|
183,342 |
|
Accumulated deficit |
|
|
(105,784 |
) |
|
|
(84,437 |
) |
|
|
(96,194 |
) |
|
|
|
|
|
|
|
|
|
|
79,335 |
|
|
|
97,688 |
|
|
|
87,289 |
|
|
|
|
|
|
|
|
|
|
$ |
87,446 |
|
|
$ |
105,934 |
|
|
$ |
95,986 |
|
CONSOLIDATED STATEMENTS OF PROFIT OR
LOSS |
U.S. dollars in thousands (except share and
per share data) |
|
|
|
Six months endedJune
30, |
|
Three months endedJune
30, |
|
Year ended December 31, |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
Unaudited |
|
Audited |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
1,899 |
|
|
$ |
3,824 |
|
|
$ |
1,178 |
|
|
$ |
1,808 |
|
|
$ |
6,540 |
|
Cost
of revenues |
|
|
1,665 |
|
|
|
3,090 |
|
|
|
1,018 |
|
|
|
1,575 |
|
|
|
5,639 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
234 |
|
|
|
734 |
|
|
|
160 |
|
|
|
233 |
|
|
|
901 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development, net |
|
|
8,018 |
|
|
|
7,765 |
|
|
|
4,014 |
|
|
|
4,040 |
|
|
|
16,405 |
|
Business development |
|
|
821 |
|
|
|
790 |
|
|
|
370 |
|
|
|
428 |
|
|
|
1,696 |
|
General and administrative |
|
|
1,821 |
|
|
|
1,944 |
|
|
|
943 |
|
|
|
946 |
|
|
|
3,889 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating expenses |
|
|
10,660 |
|
|
|
10,499 |
|
|
|
5,327 |
|
|
|
5,414 |
|
|
|
21,990 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(10,426 |
) |
|
|
(9,765 |
) |
|
|
(5,167 |
) |
|
|
(5,181 |
) |
|
|
(21,089 |
) |
|
|
|
|
|
|
|
|
|
|
|
Financing income |
|
|
1,206 |
|
|
|
2,095 |
|
|
|
484 |
|
|
|
761 |
|
|
|
2,424 |
|
Financing expenses |
|
|
(359 |
) |
|
|
(165 |
) |
|
|
(57 |
) |
|
|
(43 |
) |
|
|
(891 |
) |
|
|
|
|
|
|
|
|
|
|
|
Loss
before taxes on income |
|
|
(9,579 |
) |
|
|
(7,835 |
) |
|
|
(4,740 |
) |
|
|
(4,463 |
) |
|
|
(19,556 |
) |
Taxes
on income |
|
|
11 |
|
|
|
- |
|
|
|
3 |
|
|
|
- |
|
|
|
36 |
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(9,590 |
) |
|
$ |
(7,835 |
) |
|
$ |
(4,743 |
) |
|
$ |
(4,463 |
) |
|
$ |
(19,592 |
) |
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted net loss per share |
|
$ |
(0.37 |
) |
|
$ |
(0.31 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.77 |
) |
CONSOLIDATED STATEMENTS OF CHANGES IN
EQUITY |
U.S. dollars in thousands |
|
|
|
Sharecapital |
|
Share premium and other capital
reserve |
|
Accumulated deficit |
|
Total |
|
|
|
|
Unaudited |
|
|
Balance as of January 1, 2017 (audited) |
|
$ |
141 |
|
$ |
183,342 |
|
$ |
(96,194 |
) |
|
$ |
87,289 |
|
Net
loss |
|
|
- |
|
|
- |
|
(9,590 |
) |
|
(9,590 |
) |
Exercise of options |
|
|
1 |
|
|
669 |
|
- |
|
|
670 |
|
Share-based compensation |
|
|
- |
|
|
966 |
|
- |
|
|
966 |
|
|
|
|
|
|
|
|
Balance as of June 30, 2017 |
|
$ |
142 |
|
$ |
184,977 |
$ |
(105,784 |
) |
$ |
79,335 |
|
|
|
Sharecapital |
|
Share premium and other capital
reserve |
|
Accumulated deficit |
|
Total |
|
|
|
|
Unaudited |
|
|
Balance as of January 1, 2016 (audited) |
|
$ |
140 |
|
$ |
180,214 |
|
$ |
(76,602 |
) |
|
$ |
103,752 |
|
Net
loss |
|
|
- |
|
|
- |
|
(7,835 |
) |
|
(7,835 |
) |
Exercise of options |
|
*) - |
|
|
114 |
|
- |
|
|
114 |
|
Share-based compensation |
|
|
- |
|
|
1,657 |
|
- |
|
|
1,657 |
|
|
|
|
|
|
|
|
Balance as of June 30, 2016 |
|
$ |
140 |
|
$ |
181,985 |
$ |
(84,437 |
) |
$ |
97,688 |
|
*) Represents an amount lower than $1
|
|
Sharecapital |
|
Share premium and other capital
reserve |
|
Accumulated deficit |
|
Total |
|
|
|
|
Unaudited |
|
|
Balance as of April 1, 2017 |
|
$ |
141 |
|
$ |
184,206 |
|
$ |
(101,041 |
) |
|
$ |
83,306 |
|
Net
loss |
|
|
- |
|
|
- |
|
(4,743 |
) |
|
(4,743 |
) |
Exercise of options |
|
|
1 |
|
|
321 |
|
- |
|
|
322 |
|
Share-based compensation |
|
|
- |
|
|
450 |
|
- |
|
|
450 |
|
|
|
|
|
|
|
|
Balance as of June 30, 2017 |
|
$ |
142 |
|
$ |
184,977 |
$ |
(105,784 |
) |
$ |
79,335 |
|
CONSOLIDATED STATEMENTS OF CHANGES IN
SHAREHOLDERS’ EQUITY |
U.S. dollars in thousands |
|
|
|
Sharecapital |
|
Share premium and other capital
reserve |
|
Accumulated deficit |
|
Total |
|
|
|
|
Unaudited |
|
|
Balance as of April 1, 2016 |
|
$ |
140 |
|
$ |
181,170 |
|
$ |
(79,974 |
) |
|
$ |
101,336 |
|
Net
loss |
|
|
- |
|
|
- |
|
(4,463 |
) |
|
(4,463 |
) |
Exercise of options |
|
*) - |
|
|
29 |
|
- |
|
|
29 |
|
Share-based compensation |
|
|
- |
|
|
786 |
|
- |
|
|
786 |
|
|
|
|
|
|
|
|
Balance as of June 30, 2016 |
|
$ |
140 |
|
$ |
181,985 |
$ |
(84,437 |
) |
$ |
97,688 |
|
*) Represents an amount lower than $1
|
|
Share capital |
|
Share premium and other capital
reserve |
|
Accumulated deficit |
|
Total |
|
|
|
|
Audited |
|
|
Balance as of January 1, 2016 |
|
$ |
140 |
|
$ |
180,214 |
|
$ |
(76,602 |
) |
|
$ |
103,752 |
|
Net
loss |
|
|
- |
|
|
- |
|
|
(19,592 |
) |
|
|
(19,592 |
) |
Exercise of options |
|
|
1 |
|
|
185 |
|
|
- |
|
|
|
186 |
|
Share-based compensation |
|
|
- |
|
|
2,943 |
|
|
- |
|
|
|
2,943 |
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2016 |
|
$ |
141 |
|
$ |
183,342 |
|
$ |
(96,194 |
) |
|
$ |
87,289 |
|
CONSOLIDATED STATEMENTS OF CASH
FLOWS |
U.S. dollars in thousands |
|
|
|
Six months endedJune
30, |
|
Three months endedJune
30, |
|
Year ended December 31, |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
Unaudited |
|
Audited |
Cash
flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(9,590 |
) |
|
$ |
(7,835 |
) |
|
$ |
(4,743 |
) |
|
$ |
(4,463 |
) |
|
$ |
(19,592 |
) |
|
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to the profit or loss items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
1,091 |
|
|
|
1,176 |
|
|
|
546 |
|
|
|
585 |
|
|
|
2,279 |
|
Share-based compensation |
|
|
966 |
|
|
|
1,657 |
|
|
|
450 |
|
|
|
786 |
|
|
|
2,943 |
|
Net
financing income |
|
|
(1,089 |
) |
|
|
(2,017 |
) |
|
|
(524 |
) |
|
|
(723 |
) |
|
|
(1,688 |
) |
Loss
from sale of property, plant and equipment |
|
|
- |
|
|
|
17 |
|
|
|
- |
|
|
|
17 |
|
|
|
39 |
|
Taxes on
income |
|
|
11 |
|
|
|
- |
|
|
|
3 |
|
|
|
- |
|
|
|
36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
979 |
|
|
|
833 |
|
|
|
475 |
|
|
|
665 |
|
|
|
3,609 |
|
Changes in asset and liability items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease (increase) in trade receivables |
|
|
(894 |
) |
|
|
2,595 |
|
|
|
(438 |
) |
|
|
545 |
|
|
|
2,506 |
|
Decrease (increase) in other receivables |
|
|
50 |
|
|
|
(477 |
) |
|
|
770 |
|
|
|
291 |
|
|
|
(100 |
) |
Decrease (increase) in long-term deposits |
|
|
(1 |
) |
|
|
6 |
|
|
|
(10 |
) |
|
|
- |
|
|
|
9 |
|
Increase (decrease) in trade payables |
|
|
(319 |
) |
|
|
(241 |
) |
|
|
110 |
|
|
|
54 |
|
|
|
(215 |
) |
Increase (decrease) in other payables |
|
|
(299 |
) |
|
|
(596 |
) |
|
|
(656 |
) |
|
|
160 |
|
|
|
(303 |
) |
Increase
in severance pay liability, net |
|
|
1 |
|
|
|
4 |
|
|
|
- |
|
|
|
4 |
|
|
|
5 |
|
Increase
(decrease) in deferred revenues and other advances |
|
|
6 |
|
|
|
119 |
|
|
|
(50 |
) |
|
|
- |
|
|
|
(81 |
) |
Increase
in liabilities in respect of government grants |
|
|
- |
|
|
|
115 |
|
|
|
- |
|
|
|
- |
|
|
|
115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,456 |
) |
|
|
1,525 |
|
|
|
(274 |
) |
|
|
1,054 |
|
|
|
1,936 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash
received (paid) during the period for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest received |
|
|
1,121 |
|
|
|
1,154 |
|
|
|
450 |
|
|
|
475 |
|
|
|
2,360 |
|
Taxes
paid |
|
|
(11 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(6 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net cash
used in operating activities |
|
|
(8,957 |
) |
|
|
(4,323 |
) |
|
|
(4,092 |
) |
|
|
(2,269 |
) |
|
|
(11,693 |
) |
CONSOLIDATED STATEMENTS OF CASH
FLOWS |
U.S. dollars in thousands |
|
|
|
Six months endedJune
30, |
|
Three months endedJune
30, |
|
Year ended December 31, |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
Unaudited |
|
Audited |
Cash
flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase
of property, plant and equipment |
|
$ |
(285 |
) |
|
$ |
(474 |
) |
|
$ |
(87 |
) |
|
$ |
(91 |
) |
|
$ |
(808 |
) |
Proceeds
from sale of marketable securities |
|
|
11,115 |
|
|
|
11,624 |
|
|
|
4,829 |
|
|
|
8,134 |
|
|
|
23,926 |
|
Purchase
of marketable securities |
|
|
(5,327 |
) |
|
|
(13,750 |
) |
|
|
(2,623 |
) |
|
|
(8,465 |
) |
|
|
(24,561 |
) |
Proceeds
from bank deposits, net |
|
|
5,120 |
|
|
|
2,042 |
|
|
|
4,000 |
|
|
|
4,042 |
|
|
|
5,466 |
|
Proceeds
from sale of property, plant and equipment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
provided by (used in) investing activities |
|
|
10,623 |
|
|
|
(558 |
) |
|
|
6,119 |
|
|
|
3,620 |
|
|
|
4,028 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash
flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds
from exercise of options |
|
|
670 |
|
|
|
114 |
|
|
|
322 |
|
|
|
29 |
|
|
|
186 |
|
Proceeds
from government grants |
|
|
266 |
|
|
|
258 |
|
|
|
165 |
|
|
|
150 |
|
|
|
802 |
|
Repayment of government grants |
|
|
(144 |
) |
|
|
(199 |
) |
|
|
(50 |
) |
|
|
- |
|
|
|
(333 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net cash
provided by financing activities |
|
|
792 |
|
|
|
173 |
|
|
|
437 |
|
|
|
179 |
|
|
|
655 |
|
|
|
|
|
|
|
|
|
|
|
|
Exchange
rate differences - cash and cash equivalent balances |
|
|
64 |
|
|
|
20 |
|
|
|
4 |
|
|
|
18 |
|
|
|
25 |
|
|
|
|
|
|
|
|
|
|
|
|
Increase
(decrease) in cash and cash equivalents |
|
|
2,522 |
|
|
|
(4,688 |
) |
|
|
2,468 |
|
|
|
1,548 |
|
|
|
(6,985 |
) |
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents, beginning of the period |
|
|
3,236 |
|
|
|
10,221 |
|
|
|
3,290 |
|
|
|
3,985 |
|
|
|
10,221 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents, end of the period |
|
$ |
5,758 |
|
|
$ |
5,533 |
|
|
$ |
5,758 |
|
|
$ |
5,533 |
|
|
$ |
3,236 |
|
|
|
|
|
|
|
|
|
|
|
|
Significant non-cash transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of property, plant and equipment |
|
$ |
109 |
|
|
$ |
225 |
|
|
$ |
53 |
|
|
$ |
225 |
|
|
$ |
150 |
|
|
|
|
|
|
|
|
|
|
|
|
Contact:
Nir Zalik
IR/PR Manager
E: IR@evogene.com
T: (+972)-8-931-1963
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