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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Evogene Ltd | NASDAQ:EVGN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0002 | -0.03% | 0.7098 | 0.7098 | 0.7316 | 1,650 | 13:00:02 |
99.1
|
Press Release: Evogene Reports 2014 Second Quarter Financial Results for the quarter ended June 30, 2014.
|
Date: August 20, 2014
|
EVOGENE LTD.
(Registrant)
By: /s/ Sigal Fattal
——————————————
Sigal Fattal
Chief Financial Officer
|
EXHIBIT NO.
|
DESCRIPTION
|
99.1
|
Press Release: Evogene Reports 2014 Second Quarter Financial Results for the quarter ended June 30, 2014.
|
|
(i)
|
Revenues from research and development payments for the six months ended June 30, 2014 were $7.5 million, compared to $7.3 million for the same period in 2013. Revenues for second quarter of 2014 were $3.7 million, compared to $3.5 million for the same period in 2013. These revenues include periodic payments for research and development services generated under the Company's various collaboration agreements with seed companies, as well as up-front payments made under the Company's agreements with collaborators, which are recognized as revenues over the duration of the relevant agreement.
|
|
(ii)
|
Share purchase related revenues result from the required accounting treatment for the past acquisitions of Evogene ordinary shares by Monsanto and Bayer, as well as the put option agreement entered into with Monsanto, all in conjunction with the research and development collaboration agreements signed with these partners. Share purchase related revenues for the six months ended June 30, 2014 were $165 thousand, compared to $1.6 million for the same period in 2013. The second quarter of 2014 includes $83 thousand respectively of share purchase related revenues, compared with $810 thousand for the second quarter of 2013.
|
As of June 30,
|
As of
December 31,
|
|||||||||||
2014
|
2013
|
2013
|
||||||||||
Unaudited
|
Audited
|
|||||||||||
CURRENT ASSETS:
|
||||||||||||
Cash and cash equivalents
|
$ | 8,716 | $ | 16,884 | $ | 95,454 | ||||||
Marketable securities
|
78,549 | 33,657 | 31,452 | |||||||||
Short-term bank deposits
|
24,000 | - | - | |||||||||
Trade receivables
|
1,864 | 1,853 | 1,913 | |||||||||
Other receivables
|
1,026 | 1,573 | 733 | |||||||||
114,155 | 53,967 | 129,552 | ||||||||||
LONG-TERM ASSETS:
|
||||||||||||
Long-term bank deposits
|
10,000 | - | - | |||||||||
Long-term deposits
|
20 | 33 | 28 | |||||||||
Plant, property and equipment, net
|
7,188 | 7,572 | 7,215 | |||||||||
Long-term investment
|
471 | 365 | 471 | |||||||||
Intangible assets, net
|
22 | 67 | 45 | |||||||||
17,701 | 8,037 | 7,759 | ||||||||||
$ | 131,856 | $ | 62,004 | $ | 137,311 | |||||||
CURRENT LIABILITIES:
|
||||||||||||
Trade payables
|
$ | 1,488 | $ | 1,873 | $ | 2,014 | ||||||
Other payables
|
2,840 | 2,677 | 4,363 | |||||||||
Liabilities in respect of grants from the Chief Scientist
|
603 | 528 | 625 | |||||||||
Deferred revenues and other advances
|
1,572 | 3,968 | 1,572 | |||||||||
6,503 | 9,046 | 8,574 | ||||||||||
LONG-TERM LIABILITIES:
|
||||||||||||
Liabilities in respect of grants from the Chief Scientist
|
2,939 | 3,101 | 3,008 | |||||||||
Deferred revenues and other advances
|
567 | 2,539 | 963 | |||||||||
Severance pay liability, net
|
19 | 19 | 19 | |||||||||
3,525 | 5,659 | 3,990 | ||||||||||
SHAREHOLDERS' EQUITY:
|
||||||||||||
Ordinary shares of NIS 0.02 par value:
Authorized - 150,000,000 ordinary shares; Issued and outstanding - 25,010,394 , 18,879,987 and 24,901,327 shares at June 30, 2014 and 2013 and December 31, 2013, respectively
|
138 | 103 | 137 | |||||||||
Share premium and other capital reserve
|
172,077 | 93,303 | 169,469 | |||||||||
Put option
|
- | (7,764 | ) | - | ||||||||
Accumulated deficit
|
(50,387 | ) | (38,343 | ) | (44,859 | ) | ||||||
121,828 | 47,299 | 124,747 | ||||||||||
$ | 131,856 | $ | 62,004 | $ | 137,311 |
Six months ended
June 30,
|
Three months ended
June 30,
|
Year ended December 31,
|
||||||||||||||||||
2014
|
2013
|
2014
|
2013
|
2013
|
||||||||||||||||
Unaudited
|
Audited
|
|||||||||||||||||||
Revenues:
|
||||||||||||||||||||
Research and development payments, including up-front payments
|
$ | 7,542 | $ | 7,313 | $ | 3,767 | $ | 3,508 | $ | 15,028 | ||||||||||
Share purchase related revenues
|
165 | 1,621 | 83 | 810 | 2,553 | |||||||||||||||
Total Revenues
|
7,707 | 8,934 | 3,850 | 4,318 | 17,581 | |||||||||||||||
Cost of revenues
|
4,988 | 4,688 | 2,425 | 2,458 | 10,114 | |||||||||||||||
Gross profit
|
2,719 | 4,246 | 1,425 | 1,860 | 7,467 | |||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Research and development, net
|
6,012 | 4,666 | 3,355 | 2,480 | 11,107 | |||||||||||||||
Business development
|
936 | 532 | 562 | 305 | 1,517 | |||||||||||||||
General and administrative
|
2,124 | 1,197 | 1,236 | 642 | 3,564 | |||||||||||||||
Total operating expenses
|
9,072 | 6,395 | 5,153 | 3,427 | 16,188 | |||||||||||||||
Operating loss
|
(6,353 | ) | (2,149 | ) | (3,728 | ) | (1,567 | ) | (8,721 | ) | ||||||||||
Financing income
|
1,353 | 776 | 703 | 317 | 1,179 | |||||||||||||||
Financing expenses
|
(528 | ) | (989 | ) | (166 | ) | (631 | ) | (1,336 | ) | ||||||||||
Net and Comprehensive loss
|
$ | (5,528 | ) | $ | (2,362 | ) | $ | (3,191 | ) | $ | (1,881 | ) | $ | (8,878 | ) | |||||
Basic and diluted loss per share
|
$ | (0.22 | ) | $ | (0.12 | ) | $ | (0.13 | ) | $ | (0.10 | ) | $ | (0.45 | ) |
Share
capital
|
Share Premium and other capital reserve
|
Accumulated Deficit
|
Total
|
|||||||||||||
Unaudited
|
||||||||||||||||
Balance as of January 1, 2014 (audited)
|
$ | 137 | $ | 169,469 | $ | (44,859 | ) | $ | 124,747 | |||||||
Total comprehensive loss
|
- | - | (5,528 | ) | (5,528 | ) | ||||||||||
Exercise of options
|
1 | 859 | - | 860 | ||||||||||||
Share-based compensation
|
- | 1,749 | - | 1,749 | ||||||||||||
Balance as of June 30, 2014
|
$ | 138 | $ | 172,077 | $ | (50,387 | ) | $ | 121,828 |
Share
capital
|
Share Premium and other capital reserve
|
Put Option
|
Accumulated Deficit
|
Total
|
||||||||||||||||
Unaudited
|
||||||||||||||||||||
Balance as of January 1, 2013 (audited)
|
$ | 102 | $ | 91,902 | $ | (7,764 | ) | $ | (35,981 | ) | $ | 48,259 | ||||||||
Total comprehensive loss
|
- | - | - | (2,362 | ) | (2,362 | ) | |||||||||||||
Exercise of options
|
1 | 827 | - | - | 828 | |||||||||||||||
Share-based compensation
|
- | 574 | - | - | 574 | |||||||||||||||
Balance as of June 30, 2013
|
$ | 103 | $ | 93,303 | $ | (7,764 | ) | $ | (38,343 | ) | $ | 47,299 |
Share
capital
|
Share Premium and other capital reserve
|
Accumulated Deficit
|
Total
|
|||||||||||||
Unaudited
|
||||||||||||||||
Balance as of April 1, 2014
|
$ | 138 | $ | 170,986 | $ | (47,196 | ) | $ | 123,928 | |||||||
Total comprehensive loss
|
- | - | (3,191 | ) | (3,191 | ) | ||||||||||
Exercise of options
|
* | ) | 168 | - | 168 | |||||||||||
Share-based compensation
|
- | 923 | - | 923 | ||||||||||||
Balance as of June 30, 2014
|
$ | 138 | $ | 172,077 | $ | (50,387 | ) | $ | 121,828 |
Share
capital
|
Share Premium and other capital reserve
|
Put Option
|
Accumulated Deficit
|
Total
|
||||||||||||||||
Unaudited
|
||||||||||||||||||||
Balance as of April 1, 2013
|
$ | 102 | $ | 92,661 | $ | (7,764 | ) | $ | (36,462 | ) | $ | 48,537 | ||||||||
Total comprehensive loss
|
- | - | - | (1,881 | ) | (1,881 | ) | |||||||||||||
Exercise of options
|
1 | 392 | - | - | 393 | |||||||||||||||
Share-based compensation
|
- | 250 | - | - | 250 | |||||||||||||||
Balance as of June 30, 2013
|
$ | 103 | $ | 93,303 | $ | (7,764 | ) | $ | (38,343 | ) | $ | 47,299 |
Share
capital
|
Share Premium and other capital reserve
|
Put Option
|
Accumulated Deficit
|
Total
|
||||||||||||||||
Audited
|
||||||||||||||||||||
Balance as of January 1, 2013
|
$ | 102 | $ | 91,902 | $ | (7,764 | ) | $ | (35,981 | ) | $ | 48,259 | ||||||||
Total comprehensive loss
|
- | - | - | (8,878 | ) | (8,878 | ) | |||||||||||||
Shares issued, net
|
32 | 76,764 | - | - | 76,796 | |||||||||||||||
Issuance and exercise of put options
|
- | (4,483 | ) | 7,764 | - | 3,281 | ||||||||||||||
Exercise of options
|
3 | 2,556 | - | - | 2,559 | |||||||||||||||
Share-based compensation
|
- | 2,730 | - | - | 2,730 | |||||||||||||||
Balance as of December 31, 2013
|
$ | 137 | $ | 169,469 | $ | - | $ | (44,859 | ) | $ | 124,747 |
Six months ended
June 30,
|
Three months ended
June 30,
|
Year ended
December 31,
|
||||||||||||||||||
2014
|
2013
|
2014
|
2013
|
2013
|
||||||||||||||||
Unaudited
|
Audited
|
|||||||||||||||||||
Cash flows from operating activities
|
||||||||||||||||||||
Net loss
|
$ | (5,528 | ) | $ | (2,362 | ) | $ | (3,191 | ) | $ | (1,881 | ) | $ | (8,878 | ) | |||||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||||||||||||||
Adjustments to the profit or loss items:
|
||||||||||||||||||||
Depreciation and amortization
|
1,055 | 1,007 | 536 | 501 | 2,042 | |||||||||||||||
Share-based compensation
|
1,749 | 574 | 923 | 250 | 2,730 | |||||||||||||||
Net financing expenses (income)
|
(12 | ) | 213 | (103 | ) | 314 | 157 | |||||||||||||
2,792 | 1,794 | 1,356 | 1,065 | 4,929 | ||||||||||||||||
Changes in asset and liability items:
|
||||||||||||||||||||
Decrease (increase) in trade receivables
|
49 | (323 | ) | 12 | 105 | (345 | ) | |||||||||||||
Decrease (increase) in other receivables
|
(293 | ) | (94 | ) | 5 | 175 | (81 | ) | ||||||||||||
Decrease in prepaid expenses
|
8 | - | 6 | - | 15 | |||||||||||||||
Increase (decrease) in trade payables
|
(606 | ) | (255 | ) | 14 | 104 | 292 | |||||||||||||
Increase (decrease) in other payables
|
(1,523 | ) | (502 | ) | (565 | ) | 425 | 940 | ||||||||||||
Increase in severance pay liability, net
|
- | 8 | - | 8 | 8 | |||||||||||||||
Increase (decrease) in deferred revenues
|
(396 | ) | (2,202 | ) | 172 | (1,112 | ) | (3,191 | ) | |||||||||||
(2,761 | ) | (3,368 | ) | (356 | ) | (295 | ) | (2,362 | ) | |||||||||||
Cash received during the period for:
|
||||||||||||||||||||
Interest received
|
226 | 634 | 143 | 596 | 1,041 | |||||||||||||||
Net cash used in operating activities
|
(5,271 | ) | (3,302 | ) | (2,048 | ) | (515 | ) | (5,270 | ) |
Six months ended
June 30,
|
Three months ended
June 30,
|
Year ended
December 31,
|
||||||||||||||||||
2014
|
2013
|
2014
|
2013
|
2013
|
||||||||||||||||
Unaudited
|
Audited
|
|||||||||||||||||||
Cash flows from investing activities
|
||||||||||||||||||||
Purchase of property, plant and equipment
|
$ | (925 | ) | $ | (731 | ) | $ | (622 | ) | $ | (582 | ) | $ | (1,613 | ) | |||||
Proceeds from sale of marketable securities
|
8,096 | 13,291 | 3,759 | 6,914 | 18,157 | |||||||||||||||
Purchase of marketable securities
|
(55,359 | ) | (16,831 | ) | (7,513 | ) | (8,253 | ) | (19,444 | ) | ||||||||||
Investment in bank deposits
|
(34,000 | ) | - | - | - | - | ||||||||||||||
Net cash used in investing activities
|
(82,188 | ) | (4,271 | ) | (4,376 | ) | (1,921 | ) | (2,900 | ) | ||||||||||
Cash flows from financing activities
|
||||||||||||||||||||
Proceeds from issuance of shares, net
|
- | - | - | - | $ | 77,014 | ||||||||||||||
Issuance expenses
|
- | (550 | ) | - | (550 | ) | - | |||||||||||||
Proceeds from exercise of warrants and options
|
860 | 828 | 168 | 393 | 2,559 | |||||||||||||||
Proceeds from the Chief Scientist grants
|
126 | 155 | 126 | 73 | 348 | |||||||||||||||
Repayment of the Chief Scientist grants
|
(272 | ) | (255 | ) | - | - | (513 | ) | ||||||||||||
Net cash provided by (used in) financing activities
|
714 | 178 | 294 | (84 | ) | 79,408 | ||||||||||||||
Exchange rate differences - cash and cash equivalent balances
|
7 | 17 | (12 | ) | 35 | (46 | ) | |||||||||||||
Increase (decrease) in cash and cash equivalents
|
(86,738 | ) | (7,378 | ) | (6,142 | ) | (2,485 | ) | 71,192 | |||||||||||
Cash and cash equivalents, beginning of the period
|
95,454 | 24,262 | 14,858 | 19,369 | 24,262 | |||||||||||||||
Cash and cash equivalents, end of the period
|
$ | 8,716 | $ | 16,884 | $ | 8,716 | $ | 16,884 | $ | 95,454 | ||||||||||
Significant non-cash transactions
|
||||||||||||||||||||
Acquisition of property, plant and equipment
|
$ | 379 | $ | 526 | $ | 379 | $ | 526 | $ | 299 | ||||||||||
Long-term investment
|
- | $ | 365 | - | - | $ | 471 | |||||||||||||
Issuance expenses
|
- | $ | 259 | - | $ | 259 | $ | 218 |
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