EVGN Evogene Ltd.
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Executive Summary
Evogene reported Q1 2026 results with a net loss of $5.9M, more than double the $3.0M loss in Q1 2025, driven by an 86% revenue decline to $0.3M (from $2.3M) and $2.7M in net financing expenses from a warrant inducement transaction. The company ended the quarter with $13.1M in cash, burning $2.8M in the quarter, while announcing three new pharma collaborations and the termination of its Bayer herbicide collaboration.
Actionable Insight
The 86% revenue decline and widening net loss signal a company in strategic transition with no near-term revenue visibility. With $13.1M cash burning at $2.8M/quarter (approximately 4.7 quarters of runway), watch for additional financing needs or further asset monetization. The Bayer collaboration termination is a setback for the ag division, while pharma collaborations remain early-stage with no near-term revenue. Monitor cash runway and any new partnership announcements.
Key Facts
- Revenue declined 86% YoY to $0.3M from $2.3M in Q1 2025, primarily due to lower Casterra seed sales
- Net loss widened to $5.9M from $3.0M in Q1 2025, driven by revenue decline and $3.8M in financing expenses from warrant inducement
- Cash and equivalents of $13.1M as of March 31, 2026, with quarterly cash burn of $2.8M
- Bayer herbicide collaboration terminated; assets revert to AgPlenus
- Three new pharma collaborations announced with Systasy Biosciences, QUT, and Unravel Biosciences
- Warrant inducement in February 2026 raised $3.4M gross proceeds; new warrants for 5,076,924 shares at $1.25 exercise price
- Lavie Bio operations discontinued; Evogene expects ~$2.9M dividend distribution
- Bioma licensed BMC128 to Lishan Pharmaceuticals; Evogene expects ~$1.35M dividend
Financial Impact
Revenue fell $2.0M YoY to $0.3M; net loss increased $2.9M to $5.9M; cash burn $2.8M in Q1
Risk Factors
- Cash runway of ~4.7 quarters at current burn rate; may require additional financing
- Bayer collaboration termination removes a key validation point for AgPlenus technology
- Revenue heavily dependent on lumpy seed sales from Casterra, which is winding down
- Dilution from warrant exercises: 5,076,924 new warrants exercisable at $1.25
- Pharma pipeline is pre-clinical; no near-term revenue catalysts
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001178913-26-002817 |
| Exhibit: exhibit_99-2.htm | 0001178913-26-002817 |
| Document: zk2635371.htm | 0001178913-26-002817 |
| Document: 0001178913-26-002817-index-headers.html | 0001178913-26-002817 |
| Document: 0001178913-26-002817-index.html | 0001178913-26-002817 |
| Document: 0001178913-26-002817.txt | 0001178913-26-002817 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 11, 2026
1d ago
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424B5
| $0.5980 awaiting T+5 | awaiting T+5 | — | $0.5800 (+3.01%) |
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Jun 11, 2026
1d ago
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6-K
| $0.5980 awaiting T+5 | awaiting T+5 | — | $0.5800 (+3.01%) |
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May 20, 2026
24d ago
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6-K
| $0.7200 $0.7200 | · 0.00% | ▲ +1.80% | $0.5800 (+19.44%) |
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May 18, 2026
25d ago
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6-K
| $0.7400 $0.7056 | ▲ +4.65% | ▲ +6.90% | $0.5800 (+21.62%) |
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Apr 16, 2026
8w ago
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EFFECT
| $0.8000 $0.7900 | ▼ −1.25% | ▼ −2.23% | $0.5800 (−27.50%) |
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Apr 6, 2026
9w ago
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EFFECT
| $0.7800 $0.8200 | ▲ +5.13% | ▲ +0.99% | $0.5800 (−25.64%) |
US Market Status
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