Registration No. 333-282218
(to Prospectus dated September 27, 2024)
September 30,
|
December 31,
|
|||||||
2024
|
2023
|
|||||||
Unaudited
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
11,317
|
$
|
20,772
|
||||
Short-term bank deposits
|
8,636
|
10,291
|
||||||
Trade receivables
|
1,590
|
357
|
||||||
Other receivables and prepaid expenses
|
2,360
|
2,973
|
||||||
Inventories
|
1,456
|
76
|
||||||
25,359
|
34,469
|
|||||||
LONG-TERM ASSETS:
|
||||||||
Long-term deposits and other receivables
|
39
|
28
|
||||||
Investment accounted for using the equity method
|
95
|
-
|
||||||
Right-of-use-assets
|
619
|
980
|
||||||
Property, plant and equipment, net
|
1,562
|
2,455
|
||||||
Intangible assets, net
|
12,440
|
13,169
|
||||||
14,755
|
16,632
|
|||||||
$
|
40,114
|
$
|
51,101
|
|||||
CURRENT LIABILITIES:
|
||||||||
Trade payables
|
$
|
1,198
|
$
|
1,785
|
||||
Employees and payroll accruals
|
2,289
|
2,537
|
||||||
Lease liability
|
417
|
853
|
||||||
Liabilities in respect of government grants
|
782
|
388
|
||||||
Deferred revenues and other advances
|
742
|
362
|
||||||
Warrants and pre-funded warrants liability, net
|
6,382
|
-
|
||||||
Convertible SAFE
|
10,320
|
-
|
||||||
Other payables
|
1,158
|
1,019
|
||||||
23,288
|
6,944
|
|||||||
LONG-TERM LIABILITIES:
|
||||||||
Lease liability
|
269
|
285
|
||||||
Liabilities in respect of government grants
|
4,148
|
4,426
|
||||||
Deferred revenues and other advances
|
171
|
393
|
||||||
Convertible SAFE
|
-
|
10,368
|
||||||
4,588
|
15,472
|
|||||||
SHAREHOLDERS' EQUITY:
|
||||||||
Ordinary shares of NIS 0.2 par value:
Authorized − 15,000,000 ordinary shares; Issued and outstanding – 6,792,746 shares as of September 30, 2024 and 5,079,313 (*) shares as of December
31, 2023
|
301
|
286
|
||||||
Share premium and other capital reserve
|
269,854
|
269,353
|
||||||
Accumulated deficit
|
(274,498
|
)
|
(257,586
|
)
|
||||
Equity attributable to equity holders of the Company
|
(4,343
|
)
|
12,053
|
|||||
Non-controlling interests
|
16,581
|
16,632
|
||||||
Total equity
|
12,238
|
28,685
|
||||||
$
|
40,114
|
$
|
51,101
|
Nine months ended
September 30,
|
Three months ended
September 30,
|
Year ended
December 31,
|
||||||||||||||||||
2024
|
2023
|
2024
|
2023
|
2023
|
||||||||||||||||
Unaudited
|
||||||||||||||||||||
Revenues
|
$
|
6,900
|
$
|
5,062
|
$
|
1,796
|
$
|
3,767
|
$
|
5,640
|
||||||||||
Cost of revenues
|
1,928
|
1,294
|
1,081
|
511
|
1,692
|
|||||||||||||||
Gross profit
|
4,972
|
3,768
|
715
|
3,256
|
3,948
|
|||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Research and development, net
|
13,247
|
15,232
|
4,430
|
5,063
|
20,777
|
|||||||||||||||
Sales and marketing
|
2,775
|
2,578
|
855
|
850
|
3,611
|
|||||||||||||||
General and administrative
|
6,069
|
4,838
|
2,885
|
1,526
|
6,068
|
|||||||||||||||
Other expenses
|
524
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total operating expenses, net
|
22,615
|
22,648
|
8,170
|
7,439
|
30,456
|
|||||||||||||||
Operating loss
|
(17,643
|
)
|
(18,880
|
)
|
(7,455
|
)
|
(4,183
|
)
|
(26,508
|
)
|
||||||||||
Financing income
|
2,820
|
1,128
|
2,153
|
429
|
1,486
|
|||||||||||||||
Financing expenses
|
(3,198
|
)
|
(894
|
)
|
(2,910
|
)
|
(109
|
)
|
(965
|
)
|
||||||||||
Financing income (expenses), net
|
(378
|
)
|
234
|
(757
|
)
|
320
|
521
|
|||||||||||||
Share of loss of an associate
|
(26
|
)
|
-
|
(6
|
)
|
-
|
-
|
|||||||||||||
Loss before taxes on income
|
(18,047
|
)
|
(18,646
|
)
|
(8,218
|
)
|
(3,863
|
)
|
(25,987
|
)
|
||||||||||
Taxes on income (tax benefit)
|
2
|
(29
|
)
|
1
|
(5
|
)
|
(33
|
)
|
||||||||||||
Loss
|
$
|
(18,049
|
)
|
$
|
(18,617
|
)
|
$
|
(8,219
|
)
|
$
|
(3,858
|
)
|
$
|
(25,954
|
)
|
|||||
Attributable to:
|
||||||||||||||||||||
Equity holders of the Company
|
(16,912
|
)
|
(17,278
|
)
|
(7,630
|
)
|
(3,984
|
)
|
(23,879
|
)
|
||||||||||
Non-controlling interests
|
(1,137
|
)
|
(1,339
|
)
|
(589
|
)
|
126
|
(2,075
|
)
|
|||||||||||
$
|
(18,049
|
)
|
$
|
(18,617
|
)
|
$
|
(8,219
|
)
|
$
|
(3,858
|
)
|
$
|
(25,954
|
)
|
||||||
Basic and diluted loss per share, attributable to equity holders of the Company (*)
|
$
|
(3.17
|
)
|
$
|
(3.91
|
)
|
$
|
(1.31
|
)
|
$
|
(0.81
|
)
|
$
|
(5.20
|
)
|
|||||
Weighted average number of shares used in computing basic and diluted loss per share (*)
|
5,327,078
|
4,423,661
|
5,807,128
|
4,913,052
|
4,589,386
|
|||||||||||||||
Nine months ended
September 30,
|
Three months ended
September 30,
|
Year ended
December 31,
|
||||||||||||||||||
2024
|
2023
|
2024
|
2023
|
2023
|
||||||||||||||||
Unaudited
|
||||||||||||||||||||
Cash flows from operating activities:
|
||||||||||||||||||||
Loss
|
$
|
(18,049
|
)
|
$
|
(18,617
|
)
|
$
|
(8,219
|
)
|
$
|
(3,858
|
)
|
$
|
(25,954
|
)
|
|||||
Adjustments to reconcile loss to net cash used in operating activities:
|
||||||||||||||||||||
Adjustments to the profit or loss items:
|
||||||||||||||||||||
Depreciation
|
1,182
|
1,223
|
382
|
416
|
1,641
|
|||||||||||||||
Amortization of intangible assets
|
729
|
726
|
245
|
245
|
971
|
|||||||||||||||
Share-based compensation
|
1,478
|
1,764
|
479
|
545
|
1,877
|
|||||||||||||||
Remeasurement of pre-funded warrants and warrants
|
(1,940
|
)
|
-
|
(1,940
|
)
|
-
|
-
|
|||||||||||||
Revaluation of convertible SAFE
|
(48
|
)
|
177
|
(72
|
)
|
(43
|
)
|
254
|
||||||||||||
Net financing expenses (income)
|
943
|
(206
|
)
|
1,165
|
(212
|
)
|
(666
|
)
|
||||||||||||
Loss (gain) from sale of property, plant and equipment
|
524
|
(26
|
)
|
-
|
-
|
(26
|
)
|
|||||||||||||
Excess of initial fair value of pre-funded warrants over transaction proceeds
|
2,684
|
-
|
2,684
|
-
|
-
|
|||||||||||||||
Amortization of deferred expenses related to issuance of warrants
|
137
|
-
|
137
|
-
|
-
|
|||||||||||||||
Share of loss of an associate
|
26
|
-
|
6
|
-
|
-
|
|||||||||||||||
Taxes on income (tax benefit)
|
2
|
(29
|
)
|
1
|
(5
|
)
|
(33
|
)
|
||||||||||||
5,717
|
3,629
|
3,087
|
946
|
4,018
|
||||||||||||||||
Changes in asset and liability items:
|
||||||||||||||||||||
Increase in trade receivables
|
(1,233
|
)
|
(997
|
)
|
(1,214
|
)
|
(1,167
|
)
|
(9
|
)
|
||||||||||
Decrease (increase) in other receivables
|
601
|
(420
|
)
|
1,326
|
(504
|
)
|
(1,445
|
)
|
||||||||||||
Decrease (increase) in inventories
|
(1,380
|
)
|
453
|
(662
|
)
|
136
|
490
|
|||||||||||||
Decrease in deferred taxes
|
-
|
-
|
-
|
-
|
94
|
|||||||||||||||
Increase (decrease) in trade payables
|
(534
|
)
|
179
|
228
|
153
|
742
|
||||||||||||||
Increase (decrease) in employees and payroll accruals
|
(248
|
)
|
72
|
(44
|
)
|
(100
|
)
|
550
|
||||||||||||
Increase (decrease) in other payables
|
139
|
(467
|
)
|
353
|
(305
|
)
|
(534
|
)
|
||||||||||||
Increase (decrease) in deferred revenues and other advances
|
(96
|
)
|
190
|
(12
|
)
|
263
|
(288
|
)
|
||||||||||||
(2,751
|
)
|
(990
|
)
|
(25
|
)
|
(1,524
|
)
|
(400
|
)
|
|||||||||||
Cash received (paid) during the period for:
|
||||||||||||||||||||
Interest received
|
646
|
433
|
244
|
150
|
905
|
|||||||||||||||
Interest paid
|
(56
|
)
|
(92
|
)
|
(15
|
)
|
(26
|
)
|
(115
|
)
|
||||||||||
Tax paid
|
-
|
(15
|
)
|
-
|
(5
|
)
|
(31
|
)
|
||||||||||||
Net cash used in operating activities
|
$
|
(14,493
|
)
|
$
|
(15,652
|
)
|
$
|
(4,928
|
)
|
$
|
(4,317
|
)
|
$
|
(21,577
|
)
|
Nine months ended
September 30,
|
Three months ended
September 30,
|
Year ended
December 31,
|
||||||||||||||||||
2024
|
2023
|
2024
|
2023
|
2023
|
||||||||||||||||
Unaudited
|
||||||||||||||||||||
Cash flows from investing activities:
|
||||||||||||||||||||
Purchase of property, plant and equipment
|
$
|
(304
|
)
|
$
|
(699
|
)
|
$
|
(132
|
)
|
$
|
(216
|
)
|
$
|
(785
|
)
|
|||||
Proceeds from sale of marketable securities
|
-
|
6,924
|
-
|
-
|
6,924
|
|||||||||||||||
Purchase of marketable securities
|
-
|
(503
|
)
|
-
|
-
|
(503
|
)
|
|||||||||||||
Proceeds from sale of property, plant and aquipment
|
58
|
26
|
48
|
-
|
26
|
|||||||||||||||
Investment in short term bank deposits, net
|
1,110
|
(9,700
|
)
|
2,100
|
3,860
|
(10,200
|
)
|
|||||||||||||
Net cash provided by (used in) investing activities
|
864
|
(3,952
|
)
|
2,016
|
3,644
|
(4,538
|
)
|
|||||||||||||
Cash flows from financing activities:
|
||||||||||||||||||||
Issuance of a subsidiary preferred shares to non-controlling interests
|
-
|
9,523
|
-
|
-
|
9,523
|
|||||||||||||||
Proceeds from issuance of ordinary shares, pre-funded warrants and warrants, net of issuance expenses
|
4,854
|
-
|
4,854
|
-
|
-
|
|||||||||||||||
Proceeds from issuance of ordinary shares, net of issuance expenses
|
123
|
8,404
|
37
|
8,068
|
8,449
|
|||||||||||||||
Repayment of lease liability
|
(695
|
)
|
(624
|
)
|
(233
|
)
|
(211
|
)
|
(836
|
)
|
||||||||||
Proceeds from government grants
|
232
|
1,069
|
232
|
(20
|
)
|
1,089
|
||||||||||||||
Repayment of government grants
|
(298
|
)
|
(73
|
)
|
(156
|
)
|
(38
|
)
|
(73
|
)
|
||||||||||
Net cash provided by financing activities
|
4,216
|
18,299
|
4,734
|
7,799
|
18,152
|
|||||||||||||||
Exchange rate differences - cash and cash equivalent balances
|
(42
|
)
|
(344
|
)
|
11
|
(28
|
)
|
(245
|
)
|
|||||||||||
Increase (decrease) in cash and cash equivalents
|
(9,455
|
)
|
(1,649
|
)
|
1,833
|
7,098
|
(8,208
|
)
|
||||||||||||
Cash and cash equivalents beginning of the period
|
20,772
|
28,980
|
9,484
|
20,233
|
28,980
|
|||||||||||||||
Cash and cash equivalents end of the period
|
$
|
11,317
|
$
|
27,331
|
$
|
11,317
|
$
|
27,331
|
$
|
20,772
|
||||||||||
Significant non-cash activities:
|
||||||||||||||||||||
Acquisition of property, plant and equipment, net
|
$
|
28
|
$
|
35
|
$
|
28
|
$
|
35
|
$
|
81
|
||||||||||
Increase of right-of-use asset recognized with corresponding lease liability
|
$
|
279
|
$
|
135
|
$
|
95
|
$
|
-
|
$
|
194
|
||||||||||
Investment in affiliated Company with corresponding deferred revenues
|
$
|
120
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
Date: November 21, 2024 |
|
EVOGENE LTD.
(Registrant) By: /s/ Yaron Eldad Yaron Eldad Chief Financial Officer |
7