Evogene Ltd. EvGN EVGN released its financial results for the first quarter ended March 31, 2022, revealing revenue of $237,000, compared to $333,000 in the same period the previous year.
The net loss for the quarter was $9.1 million, compared to $7.1 million in the same period the previous year.
The cash usage was approximately $9.3 million in the first quarter of 2022, or about $7.6 million if you exclude Lavie Bio.
The quarter's R&D expenses, which are reported net of non-refundable grants received, were $5.6 million, compared to $4.3 million in the same period the previous year.
In the first quarter of 2022, business and development expenses were $508 thousand, compared to $570 thousand in the same period the previous year.
Operating expenses were $8.1 million in the first quarter of 2022 compared to $6.3 million in the same period the previous year.
Evogene has a strong financial position for its activities with approximately $44.6 million in consolidated cash, cash related accounts, bank deposits and marketable securities as of March 31, 2022. About $6.6 million of Evogene's consolidated cash is allocated to its subsidiary, Lavie Bio. Evogene's president and CEO, Ofer Haviv, stated that the overarching goal of the company is to revolutionize the development process of new and novel life science based products, via our cutting-edge technologies. Our three tech-engines, relying on our computational predictive biology platform, are the driving force behind our activities, and they serve as the underlying competitive advantage of each of our subsidiaries. Our goal is to maximize the value we can capture from our technology, through the end-products developed by its use. We have a business ecosystem around each of our tech engines, primarily in the form of separate subsidiaries, each of which empowers multiple product development and in addition, through strategic collaborations. We believe that significant value will be generated through our equity stake in the subsidiaries and royalties generated by end-products developed in the framework of collaborations over the long-term.