Evogene Ltd. (NASDAQ:EVGN) (TASE:EVGN), a leading biotechnology
company developing novel products for life science markets through
the use of a unique computational predictive biology platform,
announced today its financial results for the third quarter ending
September 30, 2017.
Ofer Haviv, Evogene's President and CEO,
stated: “This is an exciting time for Evogene, as we
rapidly advance the evolution of our company from a plant genomics
company to a company addressing a wide variety of biological
challenges and the development of novel products in and outside the
Ag world. This evolution, with a revised and expanded market focus
and new corporate structure, of which we recently announced, is
possible only due to the competitive advantages provided to us by
our broadly applicable predictive discovery and product
optimization platform."
"Under our new corporate structure, Evogene’s
core agricultural activities that had been previously divided into
two Crop Enhancement and Crop Protection units, are now part of
three product-oriented divisions: Ag-Biologicals, Ag-Seeds, and
Ag-Chemicals. Each division, managed by a General Manager, has its
own business development and R&D staff. All three are pursuing
an expanded market focus, including new product programs with a
clear path to commercialization."
“Additionally, Evogene has two subsidiaries –
Evofuel, which focuses on the development of castor seed varieties
and Biomica, our new subsidiary in the area of human microbiome,
which we recently announced. Biomica aims to discover and develop
human microbiome-based therapeutics and represents Evogene’s first
initiative to pursue activities outside the ag-world. The
subsidiary was co-founded, and is being led scientifically, by
Prof. Yehdua Ringel, a global authority on Gastroenterology and
will be funded by Evogene, for a period of up to two years, to
achieve its first key milestone."
“In order to guide the revision and expansion of
our market focus, within each operating entity we have established
criteria for the selection of specific product programs. These
include the opportunity for a more advanced, downstream, product
offering and a clear path to commercialization, in addition to the
absolute requirement that our unique technology platform is
anticipated to provide a substantial competitive advantage in the
product’s development."
Activity Highlights in Q3
2017:
Ag-Biologicals Division:
- In our collaboration with DuPont-Pioneer, for bio-stimulant
corn seed treatment, we are in the nomination process of Evogene
discovered microbial candidates for entry next year into
DuPont-Pioneer’s corn field trials in the US.
- Initiation of product development for two bio-pesticide product
offerings: (I) leveraging Evogene validated microbes with positive
results generated in our Ag Seeds insect control and fungi
resistance programs in corn & soy; (II) utilizing our proven
computational predictive biology platform, to discover new microbes
for additional pests in high-value specialty crops.
Ag-Seeds Division:
- Phase advancement in our insect control seed traits product
program: (I) in our Coleopteran control product program, targeting
Western Corn Rootworm in Corn, we have a second gene to advance to
Phase I, (II) in our Lepidopteran control product program,
targeting Fall Army Worm in Corn and Soy, we have a first gene to
advance to Phase I.
- As recently announced, Evogene and Rahan Meristem are
leveraging the collaboration’s positive results in banana traits,
addressing Black Sigatoka fungi disease, to develop a potentially
safer and healthier banana utilizing revolutionary genome editing
technology, with the goal of the end-product to be classified as
non-GMO.
Ag-Chemicals Division:
- Initiation of Insecticides product program, focusing on two
product offerings: (I) novel insecticides with a new site-of-action
and (II) optimization of an existing insecticide. Both product
offerings focus on key nerve & muscle targets – the farmers’
insecticide-of-choice. Several targets have already been identified
to undergo analysis by our computational platform.
Evofuel – subsidiary, focused on the development
and commercialization of castor seeds:
- A breakthrough in terms of mechanical harvesting capabilities,
which has been a major bottleneck in the commercialization of
castor seeds.
- In the upcoming year, our castor seed varieties are expected to
undergo field trials with potential customers in four different
countries in Central and South America.
Biomica - subsidiary, for the discovery and
development of human microbiome-based therapeutics:
- Initiation of work: Biomica has already tailored and enhanced
Evogene's computational predictive biology platform to create a
dedicated infrastructure for the discovery of live bacterial drug
candidates. In addition, it has begun establishing the relevant
databases for its needs.
Ofer Haviv concluded: “Looking
forward, we believe that the upcoming months will clearly
demonstrate how our revised market focus takes form in all activity
areas, creating true value for our evolving company.”
Financial results for the period ending
September 30, 2017
Cash Position: As of
September 30, 2017, the Company had $75.9 million in cash,
short-term bank deposits and marketable securities, representing a
net cash usage of $3.8 million for the third quarter and $12.3
million for the nine months ending September 30, 2017. Evogene
continues to expect that its net cash usage for full-year 2017 will
be in the range of $16 to $18 million.
Assuming the currently expected course of business
and no new revenue sources from existing or new collaborations, in
2018 Evogene expects net cash usage of $14 to $16 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 nine months of 2017 were
$2.6 million in comparison to $5.4 million, in the comparable
period in 2016. Revenues for the third quarter of 2017 were $0.7
million, in comparison to revenues of $1.5 million for the third
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. Looking forward,
we expect this revenue trend to continue.
During the first nine months 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 mainly consist
of collaboration related R&D expenses. Cost of revenues for the
first nine months of 2017 were $2.2 million in comparison to $4.5
million in the first nine months of 2016. Cost of revenues for the
third quarter of 2017 were $0.5 million, in comparison to $1.4
million in the third quarter of 2016. The decrease related
primarily to the decrease in revenues from R&D cost
reimbursement for such periods.
R&D expenses for the first
nine months of 2017 were $12.3 million in comparison to $11.7
million in the first nine months of 2016. R&D expenses for the
third quarter of 2017 were $4.3 million in comparison to $3.9
million in the third quarter in 2016. The increase in R&D
expenses was mainly due to an expansion of investments in internal
product programs and due to exchange rate fluctuations, as
mentioned above.
Operating loss for the first
nine months of 2017 was $15.9 million, in comparison to an
operating loss of $14.9 million for the first nine months of 2016.
Operating loss for the third quarter of 2017 was $5.5 million in
comparison to $5.2 million in the third quarter in 2016. The
increase in operating loss was mainly due to the decrease in
revenues and an increase in R&D expenses.
The net financing income for the first nine
months of 2017 was $1.3 million in comparison to $2.0 million in
the corresponding period. This decrease is due to relatively high
capital gains derived mainly from the company's marketable
securities in the first half of 2016.
The net financing income for the third quarter
of 2017 was $0.5 million in comparison to $0.1 million in the
comparable quarter in 2016.
Net loss for the first nine
months of 2017 was $14.6 million in comparison to $12.9 million in
the first nine months of 2016. The increase in the net loss was
primarily due to the decrease in revenues, an increase in R&D
expenses and the decrease in net financing income.
Net loss for the third quarter of 2017 was $5.0
million compared to the net loss of $5.1 million in the comparable
quarter in 2016.
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 1-888-281-1167 toll free
from the United States, or +972-3-918-0685 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 1-888-326-9310 toll free
from the United States, or +972-3-925-5927 internationally. The
replay will be accessible through November 24, 2017, and an archive
of the webcast will be available on the Company’s website through
December 4, 2017.
About Evogene Ltd.:Evogene
(NASDAQ:EVGN) (TASE:EVGN) is a leading biotechnology company
developing novel products for life science markets through the use
of a unique computational predictive biology platform. 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 (developing microbiome based ag-products). 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.
Contact:Nir Zalik IR/PR ManagerE:
IR@evogene.comT: (+972)-8-931-1963
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
|
|
|
|
U.S. dollars in thousands (except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
As of September 30, |
|
As of December
31, 2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
Unaudited |
|
Audited |
CURRENT
ASSETS: |
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
2,457 |
|
|
$ |
5,439 |
|
|
$ |
3,236 |
|
Restricted cash |
|
|
47 |
|
|
|
47 |
|
|
|
47 |
|
Marketable securities |
|
|
63,882 |
|
|
|
72,520 |
|
|
|
71,738 |
|
Short-term bank deposits |
|
|
9,517 |
|
|
|
15,058 |
|
|
|
13,137 |
|
Trade
receivables |
|
|
968 |
|
|
|
100 |
|
|
|
169 |
|
Other
receivables |
|
|
971 |
|
|
|
1,778 |
|
|
|
1,163 |
|
|
|
|
|
|
|
|
|
|
|
77,842 |
|
|
|
94,942 |
|
|
|
89,490 |
|
LONG-TERM ASSETS: |
|
|
|
|
|
|
Long-term
deposits |
|
|
15 |
|
|
|
14 |
|
|
|
13 |
|
Property,
plant and equipment, net |
|
|
5,248 |
|
|
|
6,829 |
|
|
|
6,483 |
|
|
|
|
|
|
|
|
|
|
|
5,263 |
|
|
|
6,843 |
|
|
|
6,496 |
|
|
|
|
|
|
|
|
|
|
$ |
83,105 |
|
|
$ |
101,785 |
|
|
$ |
95,986 |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
|
Trade
payables |
|
$ |
898 |
|
|
$ |
1,071 |
|
|
$ |
1,330 |
|
Other
payables |
|
|
2,676 |
|
|
|
2,695 |
|
|
|
2,803 |
|
Liabilities in respect of government grants |
|
|
81 |
|
|
|
680 |
|
|
|
125 |
|
Deferred
revenues and other advances |
|
|
1,006 |
|
|
|
1,126 |
|
|
|
967 |
|
|
|
|
|
|
|
|
|
|
|
4,661 |
|
|
|
5,572 |
|
|
|
5,225 |
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES: |
|
|
|
|
|
|
Liabilities in respect of government grants |
|
|
3,303 |
|
|
|
2,747 |
|
|
|
3,303 |
|
Deferred
revenues and other advances |
|
|
104 |
|
|
|
154 |
|
|
|
138 |
|
Severance
pay liability, net |
|
|
32 |
|
|
|
30 |
|
|
|
31 |
|
|
|
|
|
|
|
|
|
|
|
3,439 |
|
|
|
2,931 |
|
|
|
3,472 |
|
SHAREHOLDERS' EQUITY: |
|
|
|
|
|
|
Ordinary
shares of NIS 0.02 par value: |
|
|
|
|
|
|
Authorized - 150,000,000 ordinary shares; Issued and outstanding –
25,749,969, 25,459,809 and 25,480,809 shares at September 30, 2017
and 2016 and December 31, 2016, respectively |
|
|
142 |
|
|
|
140 |
|
|
|
141 |
|
Share
premium and other capital reserve |
|
|
185,671 |
|
|
|
182,693 |
|
|
|
183,342 |
|
Accumulated deficit |
|
|
(110,808 |
) |
|
|
(89,551 |
) |
|
|
(96,194 |
) |
|
|
|
|
|
|
|
|
|
|
75,005 |
|
|
|
93,282 |
|
|
|
87,289 |
|
|
|
|
|
|
|
|
|
|
$ |
83,105 |
|
|
$ |
101,785 |
|
|
$ |
95,986 |
|
CONSOLIDATED STATEMENTS OF PROFIT OR
LOSS |
U.S. dollars in thousands (except share and
per share data) |
|
|
|
|
|
|
|
|
|
Nine months endedSeptember
30, |
|
Three months endedSeptember
30, |
|
Year ended December 31, |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
Unaudited |
|
Audited |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
2,647 |
|
|
$ |
5,360 |
|
|
$ |
748 |
|
|
$ |
1,536 |
|
|
$ |
6,540 |
|
Cost
of revenues |
|
|
2,211 |
|
|
|
4,508 |
|
|
|
546 |
|
|
|
1,418 |
|
|
|
5,639 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
436 |
|
|
|
852 |
|
|
|
202 |
|
|
|
118 |
|
|
|
901 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development, net |
|
|
12,319 |
|
|
|
11,670 |
|
|
|
4,301 |
|
|
|
3,905 |
|
|
|
16,405 |
|
Business development |
|
|
1,264 |
|
|
|
1,225 |
|
|
|
443 |
|
|
|
435 |
|
|
|
1,696 |
|
General and administrative |
|
|
2,781 |
|
|
|
2,894 |
|
|
|
960 |
|
|
|
950 |
|
|
|
3,889 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating expenses |
|
|
16,364 |
|
|
|
15,789 |
|
|
|
5,704 |
|
|
|
5,290 |
|
|
|
21,990 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(15,928 |
) |
|
|
(14,937 |
) |
|
|
(5,502 |
) |
|
|
(5,172 |
) |
|
|
(21,089 |
) |
|
|
|
|
|
|
|
|
|
|
|
Financing income |
|
|
1,769 |
|
|
|
2,286 |
|
|
|
563 |
|
|
|
191 |
|
|
|
2,424 |
|
Financing expenses |
|
|
(444 |
) |
|
|
(277 |
) |
|
|
(85 |
) |
|
|
(112 |
) |
|
|
(891 |
) |
|
|
|
|
|
|
|
|
|
|
|
Loss
before taxes on income |
|
|
(14,603 |
) |
|
|
(12,928 |
) |
|
|
(5,024 |
) |
|
|
(5,093 |
) |
|
|
(19,556 |
) |
Taxes
on income |
|
|
11 |
|
|
|
21 |
|
|
|
- |
|
|
|
21 |
|
|
|
36 |
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(14,614 |
) |
|
$ |
(12,949 |
) |
|
$ |
(5,024 |
) |
|
$ |
(5,114 |
) |
|
$ |
(19,592 |
) |
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted net loss per share |
|
$ |
(0.57 |
) |
|
$ |
(0.51 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.77 |
) |
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF CHANGES IN
SHAREHOLDERS’ EQUITY |
U.S. dollars in thousands |
|
|
|
|
|
|
|
|
|
|
|
Share capital |
|
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 |
|
|
- |
|
|
- |
|
(14,614 |
) |
|
(14,614 |
) |
Exercise of options |
|
|
1 |
|
|
681 |
|
- |
|
|
682 |
|
Share-based compensation |
|
|
- |
|
|
1,648 |
|
- |
|
|
1,648 |
|
|
|
|
|
|
|
|
Balance as of September 30, 2017 |
|
$ |
142 |
|
$ |
185,671 |
$ |
(110,808 |
) |
$ |
75,005 |
|
|
|
Share capital |
|
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 |
|
|
- |
|
|
- |
|
(12,949 |
) |
|
(12,949 |
) |
Exercise of options |
|
*) - |
|
|
143 |
|
- |
|
|
143 |
|
Share-based compensation |
|
|
- |
|
|
2,336 |
|
- |
|
|
2,336 |
|
|
|
|
|
|
|
|
Balance as of September 30, 2016 |
|
$ |
140 |
|
$ |
182,693 |
$ |
(89,551 |
) |
$ |
93,282 |
|
*) Represents an amount lower than $1
|
|
Share capital |
|
Share premium and other capital
reserve |
|
Accumulated deficit |
|
Total |
|
|
|
|
Unaudited |
|
|
Balance as of July 1, 2017 |
|
$ |
142 |
|
$ |
184,977 |
|
$ |
(105,784 |
) |
|
$ |
79,335 |
|
Net
loss |
|
|
- |
|
|
- |
|
(5,024 |
) |
|
(5,024 |
) |
Exercise of options |
|
*) - |
|
|
12 |
|
- |
|
|
12 |
|
Share-based compensation |
|
|
- |
|
|
682 |
|
- |
|
|
682 |
|
|
|
|
|
|
|
|
Balance as of September 30, 2017 |
|
$ |
142 |
|
$ |
185,671 |
$ |
(110,808 |
) |
$ |
75,005 |
|
*) Represents an amount lower than $1
CONSOLIDATED STATEMENTS OF CHANGES IN
SHAREHOLDERS’ EQUITY |
U.S. dollars in thousands |
|
|
|
|
|
|
|
|
|
|
|
Share capital |
|
Share premium and other capital
reserve |
|
Accumulated deficit |
|
Total |
|
|
|
|
Unaudited |
|
|
Balance as of July 1, 2016 |
|
$ |
140 |
|
$ |
181,985 |
|
$ |
(84,437 |
) |
|
$ |
97,688 |
|
Net
loss |
|
|
- |
|
|
- |
|
(5,114 |
) |
|
(5,114 |
) |
Exercise of options |
|
*) - |
|
|
29 |
|
- |
|
|
29 |
|
Share-based compensation |
|
|
- |
|
|
679 |
|
- |
|
|
679 |
|
|
|
|
|
|
|
|
Balance as of September 30, 2016 |
|
$ |
140 |
|
$ |
182,693 |
$ |
(89,551 |
) |
$ |
93,282 |
|
*) 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 |
|
|
|
Nine months endedSeptember
30, |
|
Three months endedSeptember
30, |
|
Year ended December 31, |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
Unaudited |
|
Audited |
Cash
flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(14,614 |
) |
|
$ |
(12,949 |
) |
|
$ |
(5,024 |
) |
|
$ |
(5,114 |
) |
|
$ |
(19,592 |
) |
|
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to the profit or loss items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
1,624 |
|
|
|
1,763 |
|
|
|
533 |
|
|
|
587 |
|
|
|
2,279 |
|
Share-based compensation |
|
|
1,648 |
|
|
|
2,336 |
|
|
|
682 |
|
|
|
679 |
|
|
|
2,943 |
|
Net
financing income |
|
|
(1,579 |
) |
|
|
(2,168 |
) |
|
|
(490 |
) |
|
|
(151 |
) |
|
|
(1,688 |
) |
Loss
from sale of property, plant and equipment |
|
|
- |
|
|
|
17 |
|
|
|
- |
|
|
|
- |
|
|
|
39 |
|
Taxes
on income |
|
|
11 |
|
|
|
21 |
|
|
|
- |
|
|
|
21 |
|
|
|
36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,704 |
|
|
|
1,969 |
|
|
|
725 |
|
|
|
1,136 |
|
|
|
3,609 |
|
|
|
|
|
|
|
|
|
|
|
|
Changes in asset and liability items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease
(increase) in trade receivables |
|
|
(799 |
) |
|
|
2,575 |
|
|
|
95 |
|
|
|
(20 |
) |
|
|
2,506 |
|
Decrease
(increase) in other receivables |
|
|
177 |
|
|
|
(667 |
) |
|
|
127 |
|
|
|
(190 |
) |
|
|
(100 |
) |
Decrease
(increase) in long-term deposits |
|
|
(2 |
) |
|
|
8 |
|
|
|
(1 |
) |
|
|
2 |
|
|
|
9 |
|
Decrease
in trade payables |
|
|
(381 |
) |
|
|
(359 |
) |
|
|
(62 |
) |
|
|
(118 |
) |
|
|
(215 |
) |
Increase
(decrease) in other payables |
|
|
(122 |
) |
|
|
(415 |
) |
|
|
177 |
|
|
|
181 |
|
|
|
(303 |
) |
Increase
in severance pay liability, net |
|
|
1 |
|
|
|
4 |
|
|
|
- |
|
|
|
- |
|
|
|
5 |
|
Increase
(decrease) in deferred revenues and other advances |
|
|
5 |
|
|
|
422 |
|
|
|
(1 |
) |
|
|
303 |
|
|
|
(81 |
) |
Increase
in liabilities in respect of government grants |
|
|
- |
|
|
|
115 |
|
|
|
- |
|
|
|
- |
|
|
|
115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,121 |
) |
|
|
1,683 |
|
|
|
335 |
|
|
|
158 |
|
|
|
1,936 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash
received (paid) during the period for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest received |
|
|
1,682 |
|
|
|
1,838 |
|
|
|
561 |
|
|
|
684 |
|
|
|
2,360 |
|
Taxes
paid |
|
|
(14 |
) |
|
|
(2 |
) |
|
|
(3 |
) |
|
|
(2 |
) |
|
|
(6 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net cash
used in operating activities |
|
|
(12,363 |
) |
|
|
(7,461 |
) |
|
|
(3,406 |
) |
|
|
(3,138 |
) |
|
|
(11,693 |
) |
CONSOLIDATED STATEMENTS OF CASH
FLOWS |
U.S. dollars in thousands |
|
|
|
Nine months endedSeptember
30, |
|
Three months endedSeptember
30, |
|
Year ended December 31, |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
Unaudited |
|
Audited |
Cash
flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment |
|
$ |
(442 |
) |
|
$ |
(711 |
) |
|
$ |
(157 |
) |
|
$ |
(237 |
) |
|
$ |
(808 |
) |
Proceeds from sale of marketable securities |
|
|
13,812 |
|
|
|
17,192 |
|
|
|
2,697 |
|
|
|
5,568 |
|
|
|
23,926 |
|
Purchase of marketable securities |
|
|
(6,208 |
) |
|
|
(17,576 |
) |
|
|
(881 |
) |
|
|
(3,826 |
) |
|
|
(24,561 |
) |
Proceeds
from (investment in) bank deposits, net |
|
|
3,620 |
|
|
|
3,545 |
|
|
|
(1,500 |
) |
|
|
1,503 |
|
|
|
5,466 |
|
Proceeds
from sale of property, plant and equipment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
Net
cash provided by investing activities |
|
|
10,782 |
|
|
|
2,450 |
|
|
|
159 |
|
|
|
3,008 |
|
|
|
4,028 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash
Flows from Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise of options |
|
|
682 |
|
|
|
143 |
|
|
|
12 |
|
|
|
29 |
|
|
|
186 |
|
Proceeds from government grants |
|
|
266 |
|
|
|
404 |
|
|
|
- |
|
|
|
146 |
|
|
|
802 |
|
Repayment of government grants |
|
|
(208 |
) |
|
|
(333 |
) |
|
|
(64 |
) |
|
|
(134 |
) |
|
|
(333 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net cash
provided by (used in) financing activities |
|
|
740 |
|
|
|
214 |
|
|
|
(52 |
) |
|
|
41 |
|
|
|
655 |
|
|
|
|
|
|
|
|
|
|
|
|
Exchange
rate differences - cash and cash equivalent balances |
|
|
62 |
|
|
|
15 |
|
|
|
(2 |
) |
|
|
(5 |
) |
|
|
25 |
|
|
|
|
|
|
|
|
|
|
|
|
Decrease
in cash and cash equivalents |
|
|
(779 |
) |
|
|
(4,782 |
) |
|
|
(3,301 |
) |
|
|
(94 |
) |
|
|
(6,985 |
) |
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents, beginning of the period |
|
|
3,236 |
|
|
|
10,221 |
|
|
|
5,758 |
|
|
|
5,533 |
|
|
|
10,221 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents, end of the period |
|
$ |
2,457 |
|
|
$ |
5,439 |
|
|
$ |
2,457 |
|
|
$ |
5,439 |
|
|
$ |
3,236 |
|
|
|
|
|
|
|
|
|
|
|
|
Significant non-cash transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of property, plant and equipment |
|
$ |
122 |
|
|
$ |
50 |
|
|
$ |
122 |
|
|
$ |
50 |
|
|
$ |
150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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