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.
Price Chart
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.
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
Investment Themes
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 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | 3 | $0.3641 | awaiting T+60 | — | $0.3600 (−1.13%) |
Oct 6, 2026 21d ago | SC 13D/A | $0.4106 | awaiting T+60 | — | $0.3600 (−12.32%) |
Oct 6, 2026 21d ago | 6-K | $0.4106 | awaiting T+60 | — | $0.3600 (−12.32%) |
Sep 30, 2026 27d ago | 6-K | $0.4000 | awaiting T+60 | — | $0.3600 (+10.00%) |
Sep 30, 2026 27d ago | EFFECT | $0.4000 | awaiting T+60 | — | $0.3600 (+10.00%) |
Sep 4, 2026 7w ago | 6-K | $0.5379 | awaiting T+60 | — | $0.3600 (−33.07%) |
Aug 18, 2026 10w ago | 6-K | $0.5826 | awaiting T+60 | — | $0.3600 (−38.21%) |
Aug 14, 2026 10w ago | Press Release | $0.6008 | awaiting T+60 | — | $0.3600 (−40.08%) |
Jul 31, 2026 12w ago | 6-K | $0.5400 $0.3466 | ▼ −35.81% | ▼ −37.60% | $0.3600 (−33.33%) |
Jun 16, 2026 19w ago | 6-K | $0.5600 $0.4806 | ▼ −14.18% | ▼ −15.18% | $0.3600 (−35.71%) |
US Market Status
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