Evogene Ltd (EVGN) 2025 Q2 法說會逐字稿

Welcome to Evogene's second quarter 2025 results conference call. (Operator Instructions) As a reminder, this conference is being recorded August 19, 2025. Before we begin, I would like to caution that certain statements made during this earnings conference call by Evogene's management will constitute forward-looking statements that relate to future events.

歡迎參加 Evogene 2025 年第二季業績電話會議。（操作員指示）提醒一下，本次會議將於 2025 年 8 月 19 日錄製。在我們開始之前，我想提醒一下，Evogene 管理層在本次收益電話會議上發表的某些聲明將構成與未來事件相關的前瞻性聲明。

This presentation contains forward-looking statements relating to future events, and Evogene Ltd, the company, may from time to time make other statements regarding our outlook or expectations for future financial or operating results, and or other matters regarding or affecting us that are considered forward-looking statements, as defined in the US Private Securities Litigation Reform Act of 1,995, the PSLRA.

本簡報包含與未來事件相關的前瞻性陳述，Evogene Ltd 公司可能會不時就我們對未來財務或經營業績的展望或預期，以及/或與我們有關或影響我們的其他事項做出其他陳述，這些陳述被視為前瞻性陳述，如 1995 年美國私人證券訴訟改革法案 (PSLRA) 所定義。

And other securities laws as amended statements that are not statements forward-looking statements. Such forward-looking statements may be identified by the use of such words as believe, expect, anticipate, should planned, estimated, intend, and potential, or words of similar meaning. We're using forward-looking statements in this presentation, when we discuss our value drivers commercialization efforts and timing product development and launches, estimated market sizes and milestones, pipelines as well as our capabilities and technology. Such statements are based on current expectations, estimates, projections, and assumptions.

以及其他經證券法修訂的聲明，這些聲明均不屬於前瞻性聲明。此類前瞻性陳述可透過使用諸如相信、期望、預期、應該計劃、估計、打算和潛在等詞語或類似含義的詞語來識別。在本次演示中，我們使用前瞻性陳述來討論我們的價值驅動商業化努力和產品開發和發布的時間、估計的市場規模和里程碑、管道以及我們的能力和技術。這些聲明是基於當前的預期、估計、預測和假設。

Describe opinions about future events involves certain risks and uncertainties, which are difficult to predict and are not guarantees of future performance factors may affect the company's actual results and could cause such results to differ material (technical difficulty) that may be made in this presentation. Therefore, actual future results, performance, or achievements and trends in the future may differ materially from what is expressed or implied by such forward-looking statements due to a variety of factors, many of which are beyond our control, including without limitation, the current war between Israel-Hamas and Hezbollah.

描述對未來事件的意見涉及某些風險和不確定性，這些風險和不確定性難以預測，並且不能保證未來的業績，這些因素可能會影響公司的實際結果，並可能導致此類結果與本簡報中可能提出的材料（技術難度）不同。因此，由於各種因素（其中許​​多因素是我們無法控制的，包括但不限於以色列與哈馬斯和真主黨之間的當前戰爭），未來的實際結果、業績或成就和趨勢可能與此類前瞻性陳述所表達或暗示的內容存在重大差異。

And any worsening of the situation in Israel, such as further mobilizations or escalation in the northern border of Israel, those described in greater detail in Evogene's annual report on Form 20-F and in other information, Evogene files and furnishes with the Israel Securities Authorities and the US Securities and Exchange Commission, including those factors under the heading Risk factors, except as required by applicable securities laws.

以及以色列局勢的任何惡化，例如以色列北部邊境的進一步動員或升級，這些在 Evogene 的 20-F 表年度報告和其他資訊中有更詳細的描述，Evogene 向以色列證券管理局和美國證券交易委員會提交並提供，包括「風險因素」標題下的那些因素，除非適用的證券法另有要求。

we disclaim any obligation or commitment to update any information contained in this presentation or to publicly release the results of any revisions to any statements that may be made to reflect future events or developments or changes in expectations, estimates, projections, and assumptions. The information contained herein does not constitute a prospectus or other offering document, nor does it constitute or form part of any invitation or offer to sell or any solicitation of any invitation to offer or purchase or subscribe for any securities of Evogene or the company, nor shall the information or any part of it or the fact of its distribution form the basis of -- or be relied on in connection with any action, contract commitment or relating thereto or to the securities of Evogene or the company.

我們不承擔任何義務或承諾來更新本簡報中包含的任何信息，或公開發布對任何陳述的任何修訂結果，以反映未來事件或發展或預期、估計、預測和假設的變化。本文所含資訊不構成招股說明書或其他發行文件，也不構成任何出售邀請或要約或任何邀請要約或購買邀請或認購 Evogene 或公司任何證券的一部分，該資訊或其任何部分或其散佈的事實也不構成任何行動、合約承諾或與之有關或與 Evogene 或公司證券有關的依據或依賴。

The trademarks included herein are the property of the owners thereof, and are used for reference purposes only. Such use should not be construed as an endorsement of our products or services.

此處包含的商標是其所有者的財產，僅供參考之用。此類使用不應被視為對我們的產品或服務的認可。

With us on the line will be Ofer Haviv, President and CEO of Evogene, and Yaron Eldad, CFO of Evogene. Now I will turn the call over to Ofer Haviv. Mr. Haviv, please go ahead.

與我們一起在線的有 Evogene 總裁兼首席執行官 Ofer Haviv 和 Evogene 首席財務官 Yaron Eldad。現在我將把電話轉給 Ofer Haviv。哈維夫先生，請繼續。

Hello everyone. Thank you for joining Evogene's second quarter 2025 analyst column. Today, I will provide an overview of significant developments during the second quarter and through August, resulting from the strategic transition we announced earlier this year. I will also share our outlook for the remainder of the year. Following my remarks, our CFO, Yaron Eldad, will present the financial results and we will then open the call for question. I will start with the financial highlights.

大家好。感謝您加入 Evogene 2025 年第二季分析師專欄。今天，我將概述我們今年稍早宣布的策略轉型在第二季和整個八月的重大進展。我還將分享我們對今年剩餘時間的展望。在我發言之後，我們的財務長 Yaron Eldad 將介紹財務結果，然後我們將開始提問。我先從財務要點開始。

In reviewing our financial results for the first half of 2025, it's important to note that Lavie Bio, Evogene's subsidiary, and MicroBoost AI for ad operations are presented as a single line item in the consolidated profit and loss statements. This appears under the line titled, Loss from operations held for sale, net. This accounting treatment follows the intention to sell the majority of Lavie Bio's activity and the MicroBoost AI for Ag as of June 30, 2025.

在回顧我們 2025 年上半年的財務表現時，值得注意的是，Evogene 的子公司 Lavie Bio 和用於廣告營運的 MicroBoost AI 在合併損益表中作為單獨的項目列出。這齣現在標題為「持有待售業務的淨損失」的行下。這種會計處理遵循了截至 2025 年 6 月 30 日出售 Lavie Bio 大部分業務和 MicroBoost AI for Ag 的意圖。

Moving to revenue performance. Total revenues for the first half of 2025 were approximately $3.2 million compared to $2.3 million in the first half of 2024. This increase was primarily driven by a strong speed sales from our subsidiary Casterra. In addition, During the first half of the year, Evogene initiated and executed a cost reduction plan. Most of this plan was completed by the end of the second quarter. While the financial impact is partially reflected in our first half results, we expect to see the full benefit of these reductions in the second half of 2025.

轉向收入表現。2025 年上半年的總收入約為 320 萬美元，而 2024 年上半年的總收入為 230 萬美元。這一成長主要得益於我們子公司 Casterra 的強勁速度銷售。此外，上半年，Evogene發起並執行了成本削減計劃。該計劃的大部分內容已於第二季末完成。雖然財務影響已部分反映在我們上半年的業績中，但我們預計這些削減措施將在 2025 年下半年全面顯現效益。

Turning to our operation expenses. Research and development expenses for the first half of 2025, were approximately $4.8 million compared to approximately $6.5 million in the same period last year. This decrease is primarily due to reduction in R&D activities at Biomica, and the discontinuation of operation at Canonic. Sales and marketing expenses totaled approximately $800,000 in the first half of 2025, down from approximately $1.1 million in the first half of 2024.

談到我們的營運費用。2025 年上半年的研發費用約為 480 萬美元，而去年同期約為 650 萬美元。這一下降主要是由於 Biomica 研發活動的減少以及 Canonic 的停止運作。2025 年上半年銷售和行銷費用總計約 80 萬美元，低於 2024 年上半年的約 110 萬美元。

The reduction reflects lower headcounts across several of our subsidiaries. Overall, total operating expenses net for the first half of 2025 were approximately $7.7 million compared to approximately $11.1 million in the same period last year. This significant decrease is mainly attributed to the reduced level of activity in our subsidiaries.

此次裁員反映了我們幾家子公司員工人數的減少。整體而言，2025 年上半年的總營運費用淨額約為 770 萬美元，而去年同期約為 1,110 萬美元。這一大幅下降主要歸因於我們子公司活動水準的下降。

As of the end of the first half of 2025, Evogene's cash and short-term bank deposit stood at approximately $11.7 million. It is important to note that this cash balance does not include the expected proceeds from the sales of Lavie Bio's assets and the MicroBoost AI for Ag tech-engine to ICL. This transaction was completed during the third quarter of 2025.

截至 2025 年上半年末，Evogene 的現金和短期銀行存款約為 1,170 萬美元。值得注意的是，該現金餘額不包括向 ICL 出售 Lavie Bio 資產和 MicroBoost AI for Ag 技術引擎的預期收益。該交易於2025年第三季完成。

Evogene is currently undergoing a strategic shift focused on maximizing the value of ChemPass AI, our proprietary platform for AI-driven discovery, and optimization of small molecules in both the pharmaceutical and agriculture industries. As we shared earlier this year, our strategic priorities include Strengthen ChemPass AI as core assets. Expanding collaboration efforts in small molecule drug discovery. Integrating AgPlenus, our subsidiary focused on crop protection, product development, based on small molecules into Evogene and expanding its business collaborations.

Evogene 目前正在進行策略轉變，專注於最大限度地發揮 ChemPass AI 的價值，ChemPass AI 是我們專有的 AI 驅動發現平台，以及製藥和農業行業小分子的優化。正如我們今年稍早所分享的，我們的策略重點包括加強 ChemPass AI 作為核心資產。擴大小分子藥物研發的合作力度。將我們專注於作物保護、基於小分子的產品開發的子公司AgPlenus整合到Evogene並擴大其業務合作。

Enhancing cash flow primarily from our subsidiaries and streamlining operational expenses across Evogene and its subsidiaries. We executed several impactful actions aligned with this strategy, during the second quarter and through August. We step to strengthening our ChemPass AI. In June, we announced the completion of version one of our first in class GeneRator AI foundation model for small molecule design developed in collaboration with Google Cloud.

主要增強我們子公司的現金流，並精簡 Evogene 及其子公司的營運費用。在第二季和整個八月，我們根據這項策略採取了幾項有影響力的行動。我們正努力加強我們的 ChemPass AI。6 月，我們宣布與 Google Cloud 合作開發的首個用於小分子設計的 GeneRator AI 基礎模型第一版已經完成。

This model significantly enhanced ChemPass AI's capability by addressing a major challenge across pharma and ag-tech, the identification of [small] molecules meeting multiple complex criteria. Trained on a proprietary data set of approximately 38 billion molecular structures, and deployed on Google's advanced AI infrastructure. This model lays the groundwork for continued technological leadership and future product development.

該模型解決了製藥和農業技術領域的一項重大挑戰，即識別符合多個複雜標準的[小]分子，從而顯著增強了 ChemPass AI 的能力。在約 380 億個分子結構的專有資料集上進行訓練，並部署在 Google 先進的 AI 基礎架構上。該模型為持續的技術領先地位和未來產品開發奠定了基礎。

As part of our efforts for collaboration in Pharma, last week we announced a collaboration with Professor Ehud Gazit from Tel Aviv University. A global expert in biomolecular self assembly to develop small molecule therapeutics. Targeting disease caused by the accumulation of metabolites such as gout and PKU. This collaboration leverages ChemPass AI to identify novel compounds that inhibit the self assembly of metabolites. A promising and largely untapped therapeutics area.

作為我們在製藥領域合作努力的一部分，上週我們宣布與特拉維夫大學的 Ehud Gazit 教授合作。生物分子自組裝領域的全球專家，致力於開發小分子療法。針對痛風和苯酮尿症等代謝物累積所引起的疾病。此次合作利用 ChemPass AI 來辨識抑制代謝物自組裝的新型化合物。一個充滿希望且尚未開發的治療領域。

(technical difficulty) To align our operation with the new strategic direction and as part of the integration of AgPlenus activity into Evogene, we implemented significant organizational change, including a reduction of over 40% in headcount at AgPlenus. We expect this change to allow for a more effective use of ChemPass AI to enhance AgPlenus pipeline.

（技術難題）為了使我們的營運與新的策略方向保持一致，並作為將 AgPlenus 活動整合到 Evogene 的一部分，我們實施了重大的組織變革，包括將 AgPlenus 的員工人數減少 40% 以上。我們希望這項變革能更有效地利用 ChemPass AI 來增強 AgPlenus 管道。

The most important event that took place, since our last analysis call was the transaction with ICL that significantly enhanced our cash flow. In April we announced the sale of most of Lavie Bio’s activity to ICL for a total consideration of $15.25 million. In addition, Evogene MicroBoost AI platform for agriculture was sold to ICL for $3.5 million.

自從我們上次分析電話會議以來發生的最重要的事件是與 ICL 的交易，這大大增強了我們的現金流。今年 4 月，我們宣布將 Lavie Bio 的大部分業務出售給 ICL，總價為 1,525 萬美元。此外，Evogene MicroBoost 農業人工智慧平台以 350 萬美元的價格出售給 ICL。

As part of the transaction, Lavie Bio redeemed the safe investment, which was made by an ICL affiliate. This transaction was completed in July and generated cash for Evogene both directly through the sale of MicroBoost AI for Ag and indirectly through dividends as Evogene remains a major shareholder in Lavie Bio’s. And preserve the upside from a continuing collaboration agreement between Lavie Bio. And one of its existing partners, which is excluded from the transaction.

作為交易的一部分，Lavie Bio 贖回了由 ICL 附屬公司進行的安全投資。該交易於 7 月完成，並透過出售 MicroBoost AI for Ag 直接為 Evogene 創造了現金，並透過股息間接為 Evogene 創造了現金，因為 Evogene 仍然是 Lavie Bio 的主要股東。並保留與 Lavie Bio 持續合作協議帶來的優勢。以及其現有合作夥伴之一，該合作夥伴被排除在交易之外。

As I stated, our strategic priorities included streamlining operational expenses across Evogene and its subsidiaries. I would like to share with you the steps taken in Biomica and Evogene. In the second quarter, we began a streamlining process at Biomica, which included a significant workforce reduction and organizational change at the management level. During this time, Mr. Elran Haber, CEO of Biomica, stepped down from his role due to health reasons. We extend our best wishes for his full, and speedy recovery in the interim.

正如我所說，我們的策略重點包括精簡 Evogene 及其子公司的營運費用。我想與大家分享 Biomica 和 Evogene 所採取的步驟。第二季度，我們開始對 Biomica 進行精簡，其中包括大幅裁員和管理層的組織變革。在此期間，Biomica執行長Elran Haber先生因健康原因辭職。我們衷心祝福他在此期間早日完全康復。

I have assumed direct responsibility for overseeing Biomica's operations. Biomica is now focused on two key goals. Completion of its clinical trial expected in early 2026, and securing partners to take the lead on its development programs. As of now, Biomica holds approximately $4 million in cash and enough to complete the clinical trial. We will share more updates as progress continues. With respect to Evogene, to support our new strategic focus, we implemented major organizational structuring, which included workforce reduction of approximately 30%. As stated, the effect of this organizational streamlining will be reflected in our financial report starting the third quarter of 2025.

我已承擔起監督 Biomica 營運的直接責任。Biomica 目前專注於兩個關鍵目標。預計其臨床試驗將於 2026 年初完成，並確保合作夥伴主導其開發計畫。截至目前，Biomica 持有約 400 萬美元現金，足以完成臨床試驗。隨著進展的繼續，我們將分享更多更新。對於 Evogene，為了支持我們的新策略重點，我們實施了重大的組織結構調整，其中包括裁員約 30%。如上所述，此次組織精簡的效果將反映在我們從 2025 年第三季開始的財務報告中。

In addition to this impactful action, we succeeded in strengthening the company's financial position by offering new shares, supporting our ability to implement our strategy over time. In June we successfully raised $4.4 million through our [Ag-tech] market facility with Lake Street Capital Market at an average price of approximately $2.31 per share based on our [shelf] registration.

除了這項有影響力的行動之外，我們還透過發行新股成功地加強了公司的財務狀況，支持了我們長期實施策略的能力。6 月份，我們透過與 Lake Street Capital Market 合作的 [農業科技] 市場工具成功籌集了 440 萬美元，根據我們的 [擱置] 註冊，平均價格約為每股 2.31 美元。

We have no further capacity under this ATM facility. The offer met with strong investor interest, signaling confidence in our strategic direction. Combined with the Lavie Bio transaction, I have already described, we now have a solid financial foundation, and operational runway of approximately 18 months.

該 ATM 設施已不再具備進一步的容量。該報價引起了投資者的強烈興趣，表明了他們對我們的策略方向的信心。結合我已經描述過的 Lavie Bio 交易，我們現在擁有堅實的財務基礎和大約 18 個月的營運跑道。

Let me now outline our expectation for the remainder of 2025. As stated earlier, our new strategy centers around a single computational engine, our ChemPass AI platform for accelerating small molecule based innovation. Our primary target is to continue investing in the unique offering of our engines cutting edge. To [intent] our competitive edge, we intend to continue advancing our technology, including partnership with global tech leaders such as Google aimed at elevating our platform performance to new heights.

現在讓我概述一下我們對 2025 年剩餘時間的期望。如前所述，我們的新策略圍繞著單一運算引擎，即用於加速基於小分子的創新的 ChemPass AI 平台。我們的主要目標是繼續投資於我們引擎的獨特尖端產品。為了增強我們的競爭優勢，我們打算繼續推進我們的技術，包括與Google等全球技術領導者合作，旨在將我們的平台性能提升到新的高度。

We intend for this platform to serve two key verticals pharma for the discovery and optimization of small molecules, therapeutics, [AgPlenus] crop protection products. With respect to the pharma vertical, the collaboration engagement with Tel Aviv University is part of a broader plan to establish Evogene partner ecosystem in pharma, across academic and industry in Israel and internationally. This is the first of several such initiatives we are currently advancing.

我們希望該平台能夠服務兩個關鍵的垂直製藥產業，即小分子、治療學和[AgPlenus]作物保護產品的發現和優化。在製藥垂直領域，與特拉維夫大學的合作是建立 Evogene 合作夥伴生態系統更廣泛計劃的一部分，該計劃旨在在以色列和國際範圍內建立製藥、學術和工業領域的合作夥伴生態系統。這是我們目前正在推進的幾項此類舉措中的第一項。

We will establish a dedicated business development arm led by a senior executive to accelerate growth in the pharma vertical. In agriculture, we will continue to operate through act plans which maintain strategic collaboration with Bayer and Corteva. We anticipate further growth in this area, including new partnerships, later this year with both existing and new partners.

我們將成立一個由高階主管領導的專門業務發展部門，以加速製藥垂直產業的成長。在農業領域，我們將繼續透過與拜耳和科迪華保持戰略合作的行動計畫來開展工作。我們預計今年稍後該領域將進一步發展，包括與現有合作夥伴和新合作夥伴建立新的合作夥伴關係。

Now let's continue with our expectation for our other subsidiaries in line with our strategic focus. Lavie Bio, following the sale of the majority of the company's activity, Lavie Bio will maintain only its existing collaboration agreement with its existing partner, and is expected to distribute funds to its shareholders with Evogene as the majority holder. No additional activity are expected.

現在，讓我們繼續根據我們的策略重點對其他子公司做出期望。Lavie Bio，在出售公司大部分業務後，Lavie Bio 將僅維持與現有合作夥伴的現有合作協議，並預計將向其股東分配資金，Evogene 為多數股東。預計不會有其他活動。

Biomica is expected to complete its clinical trial in early 2026, and continue efforts to secure partners to lead its current development programs. No additional activities are expected. Our plans for Casterra, our wholly owned subsidiary, offering an integrated solution for growing castor as a feedstock. Differ from our other subsidiaries, even though it's not directly tied to our strategy and core technology, we intend to continue supporting the company's activity in the future.

Biomica 預計將於 2026 年初完成臨床試驗，並繼續努力尋找合作夥伴來領導其目前的開發項目。預計不會有其他活動。我們計劃為我們的全資子公司 Casterra 提供以蓖麻為原料種植的綜合解決方案。與我們的其他子公司不同，儘管它與我們的策略和核心技術沒有直接關係，但我們打算在未來繼續支持該公司的活動。

Over the past few months, Casterra has begun entering new markets and marketing channels, and we see strong potential meet operations to build a sustainable revenue stream. The company is advancing multiple business initiatives, and we will update you as this develops. In summary, we are progressing steadily with the execution of our new strategy. The steps taken this quarter reflects a clear commitment to focus operational discipline and long-term value creation.

在過去的幾個月裡，Casterra 已經開始進入新的市場和行銷管道，我們看到了強大的潛力，可以建立可持續的收入來源。該公司正在推進多項業務計劃，我們將及時向您通報進度。總體來說，我們的新戰略實施正在穩步推進。本季採取的措施體現了對注重營運紀律和長期價值創造的明確承諾。

Beginning in September, I will have the honour of presenting Evogene update corporate strategy at selected industry conferences and professional events. I encourage you to follow our official publications for updates, and I would welcome the opportunity to connect with you at these engagements. We will continue to keep you, our shareholders, partners, and analysts informed as we advance toward our goals. Thank you for your continued support.

從九月開始，我將很榮幸在精選的行業會議和專業活動中介紹 Evogene 更新的公司策略。我鼓勵您關注我們的官方出版物以獲取最新動態，並且我很高興有機會在這些活動中與您聯繫。在我們朝著目標前進的過程中，我們將繼續向您、我們的股東、合作夥伴和分析師通報最新進展。感謝您一直以來的支持。

You're honoured that Evogene's CFO will now present our financial results for the second quarter. Thank you.

很榮幸 Evogene 的財務長現在將公佈我們第二季的財務表現。謝謝。

Thank you Ofer. As of June 30, 2025, Evogene had held consolidated cash equivalents, and short-term bank deposits of approximately $11.7 million. The consolidated cash usage during the second quarter of 2025 was approximately $2.4 million. Excluding the Lavie Bio and Biomica, Evogene and its other subsidiaries used approximately $1 million in cash during the second quarter of 2025.

謝謝你，奧弗。截至 2025 年 6 月 30 日，Evogene 持有合併現金等價物及短期銀行存款約 1,170 萬美元。2025 年第二季的合併現金使用量約為 240 萬美元。除了 Lavie Bio 和 Biomica 外，Evogene 及其其他子公司在 2025 年第二季使用約 100 萬美元現金。

Revenues for the first half of 2025 were approximately $3.2 million, compared to approximately $2.3 million in the same period the previous year, reflecting an increase of approximately $0.9 million. This increase was primarily driven by higher revenues recognized by Casterra, attributed to seed sales on the first half of 2025, partially offset by a decrease in AgPlenus revenues, mainly due to revenues from a licensing agreement with Bayer recognized in 2024.

2025 年上半年的收入約為 320 萬美元，而去年同期的收入約為 230 萬美元，增加了約 90 萬美元。這一增長主要得益於 Casterra 確認的收入增加，這歸因於 2025 年上半年的種子銷售，但部分被 AgPlenus 收入的減少所抵消，這主要是由於 2024 年與拜耳達成的許可協議的收入。

Revenues for the second quarter of 2025 were approximately $0.9 million a slight increase compared to approximately $0.6 million in the same period last year. Research and development expenses net of non-refundable grants for the first half of 2025 were approximately $4.8 million a decrease of approximately $1.7 million compared to $6.5 million in the first half of 2024.

2025 年第二季的營收約為 90 萬美元，與去年同期的約 60 萬美元相比略有增加。2025 年上半年扣除額不可退還補助金後的研發費用約為 480 萬美元，較 2024 年上半年的 650 萬美元減少約 170 萬美元。

The decrease was primarily due to reduced R&D expenses in Biomica and the cessation of Canonic’s operations at the beginning of 2024. In the second quarter of 2025, R&D expenses were approximately $2.3 million, down from $2.9 million in the same period of 2024. This decrease is mainly attributable to the decreased expenses in Biomica and Casterra.

下降的主要原因是 Biomica 的研發費用減少以及 Canonic 於 2024 年初停止營運。2025年第二季度，研發費用約230萬美元，低於2024年同期的290萬美元。這一下降主要歸因於Biomica和Casterra的費用減少。

Sales and marketing expenses for the first half of 2025 were approximately $0.8 million a decrease of approximately $0.3 million compared to approximately $1.1 million in the same period last year. The decrease was mainly due to reductions in Evogene. AgPlenus. Sales and marketing expenses for the second quarter of 2025 were approximately $0.4 million reflecting a decrease of approximately $0.2 million compared to approximately $0.6 million in the second quarter of 2024.

2025 年上半年銷售和行銷費用約為 80 萬美元，與去年同期的約 110 萬美元相比減少約 30 萬美元。下降的主要原因是 Evogene 的減少。AgPlenus。2025 年第二季的銷售和行銷費用約為 40 萬美元，與 2024 年第二季的約 60 萬美元相比減少約 20 萬美元。

The decrease was mainly attributable to reduced expenses in Evogene, Biomica, and AgPlenus as mentioned above. General and administrative expenses for the first half of 2025 decreased to approximately $2.3 million from approximately $2.9 million in the same period last year. The decrease is mainly attributable to lower personnel costs in Evogene, a decrease in D&O insurance costs, and lower non-cash compensation expenses in Casterra, Biomica, and AgPlenus.

下降的主要原因是上述 Evogene、Biomica 和 AgPlenus 的費用減少。2025年上半年的一般及行政開支從去年同期的約290萬美元減少至約230萬美元。下降主要歸因於 Evogene 的人員成本降低、D&O 保險成本降低以及 Casterra、Biomica 和 AgPlenus 的非現金薪酬費用降低。

General administrative expenses for the second quarter of 2025 decreased to approximately $1.1 million compared to approximately $1.4 million in the same period of the previous year. Mainly due to decreased expenses in Evogene as mentioned above. Other income of approximately $191,000 was recorded in the first quarter of 2025, as part of the accounting treatment related to a sublease agreement.

2025 年第二季的一般管理費用從去年同期的約 140 萬美元減少至約 110 萬美元。主要是因為上述 Evogene 的費用減少。2025 年第一季記錄了約 191,000 美元的其他收入，作為與轉租協議相關的會計處理的一部分。

The decision to cease Canonic’s operations in the first half of 2024 resulted in other expenses of approximately $0.5 million, primarily due to the impairment of fixed assets recorded in the first quarter of 2024. The operating loss for the first half of 2025 was approximately $6.1 million a significant decrease from approximately $9.4 million in the same period of the previous year, mainly due to decreased operating expenses as mentioned above.

決定在 2024 年上半年停止 Canonic 的運營，導致其他費用約為 50 萬美元，這主要是由於 2024 年第一季記錄的固定資產減值。2025年上半年的營業虧損約為610萬美元，較上年同期的約940萬美元大幅減少，主要原因是上述營業費用減少。

The operating loss for the second quarter of 2025 was approximately $3.1 million, a decrease from $4.6 million in the same period of the previous year, mainly due to decreased operating expenses as mentioned above. Financing income net for the first half of 2025 was $732,000 compared to financing income net of $373,000 in the same period of the previous year.

2025年第二季的營業虧損約為310萬美元，較上年同期的460萬美元有所減少，主要由於上述營業費用減少。2025 年上半年的融資收入淨額為 732,000 美元，而去年同期的融資收入淨額為 373,000 美元。

The increase is mainly associated with accounting treatment of pre-funded warrants and warrants issued in August 2024 fundraising. As a result, during the first half of 2025, the company recorded net financial income related to pre-funded warrants and warrants of approximately $663,000. Financing expenses were $393,000, compared to financing income net of $97,000 in the same period of the previous year.

此增加主要與預先出資認股權證和2024年8月募集資金所發行的認股權證的會計處理有關。因此，在 2025 年上半年，該公司記錄了與預付認股權證和認股權證相關的淨財務收入約 663,000 美元。融資費用為 393,000 美元，而去年同期的融資收入淨額為 97,000 美元。

The decrease is mainly associated with accounting treatment of pre-funded warrants and warrants issued in August 2024 fund raising. Loss from operations held for sale, net for the first half of 2025 was approximately $2.2 million compared to approximately $0.8 million in the same period of 2024. For the second quarter of 2025, the loss from operations held for sale net was approximately $1.2 million compared to approximately $1.4 million in the second quarter of the previous year.

減少主要與預先出資認股權證和2024年8月募集資金發行的認股權證的會計處理有關。2025 年上半年持有待售業務淨虧損約 220 萬美元，而 2024 年同期約為 80 萬美元。2025 年第二季度，持有待售業務淨虧損約 120 萬美元，去年同期第二季約 140 萬美元。

These amounts mainly reflect the financial results of Lavie Bio and expenses related to the development and maintenance of MicroBoost AI for Ag, which are presented as a single line item in the consolidated statements of profit and loss. This accounting treatment follows the intention to sell the majority of Lavie Bio's activities and the MicroBoost AI for Ag as of June 30, 2025. All prior period amounts were reclassified to conform to this presentation.

這些金額主要反映了 Lavie Bio 的財務表現以及與 MicroBoost AI for Ag 的開發和維護相關的費用，這些費用在合併損益表中作為單獨的項目列示。這種會計處理遵循了截至 2025 年 6 月 30 日出售 Lavie Bio 大部分業務和 MicroBoost AI for Ag 的意圖。所有前期金額均已重新分類以符合本列報。

The net loss for the first half of 2025 was approximately $7.7 million compared to approximately $9.8 million in the same period last year. The $2.1 million decrease in net loss was primarily due to decreased operating expenses and increased financing income net. Partially offset by the increased loss from operations, held for sales, net, and reduced revenues.

2025 年上半年淨虧損約 770 萬美元，而去年同期淨虧損約 980 萬美元。淨虧損減少 210 萬美元主要是因為營業費用減少和融資淨收入增加。部分被營業虧損增加、持有待售淨額和收入減少所抵銷。

The net loss for the second quarter of 2025 was approximately $4.7 million compared to approximately $6 million in the same period last year. The $1.3 million increase -- decrease in net loss was primarily due to decreased operating expenses, decreased loss from operations held for sale, and increased revenues partially offset by increased financing expenses, as mentioned above.

2025 年第二季淨虧損約 470 萬美元，去年同期淨虧損約 600 萬美元。淨虧損減少 130 萬美元主要是由於營業費用減少、持有待售業務損失減少以及收入增加但被融資費用增加部分抵消，如上所述。

(technical difficulty) Thank you, ladies and gentlemen. At this time, we will begin the question-and-answer session. (Operator Instructions) The first question, how much [castor] seed inventory do you have today, both finished and expected to be finished after the harvest? And if your current customer does not place a follow-on order, what are your plans to commercialize this inventory?

（技術難題）謝謝大家，女士們，先生們。現在，我們將開始問答環節。（操作員指示）第一個問題，今天您有多少蓖麻種子庫存，包括已完成的和預計收穫後完成的？如果您目前的客戶沒有下後續訂單，您會計劃如何將這些庫存商業化？

Hi, this is Ofer. Ben waiting to continue. So I won't disclose the specific amount of inventory we have, but we have a few hundreds of tons in Casterra seed, which they are ready, and, we have intention to sell those seeds to our partners. But in any event, as I mentioned in previous call, the Casterra is also focusing on using the -- our seeds in order to grow and then through subcontractors to grow grain and to sell the grain to our partners, because in some cases we feel that we have a better understanding how to utilize and to grow [castor] or in certain territory compared to what our partners are doing.

你好，我是 Ofer。本等待繼續。因此，我不會透露我們庫存的具體數量，但我們有幾百噸 Casterra 種子，它們已經準備好了，我們打算將這些種子出售給我們的合作夥伴。但無論如何，正如我在之前的電話中提到的，Casterra 也專注於使用我們的種子來種植，然後透過分包商種植穀物並將穀物出售給我們的合作夥伴，因為在某些情況下，我們覺得與我們的合作夥伴相比，我們對如何利用和種植 [蓖麻] 或在特定地區種植有更好的理解。

So I don't -- at least in this point of time, I don't have a question marks on how we are going to benefit from our core castor seed inventory. It could be through a direct sale or we are going to use it, to grow castor by ourselves and then to sell the grain. And in this area, we already conduct [screen trial] both in Brazil and in Kenya, evaluating our growth protocols in the way, that we believe we should -- the industry should grow faster, and it looks that we in Brazil.

所以我不知道——至少在目前這個時間點，我不清楚我們將如何從核心蓖麻籽庫存中獲益。可以透過直接銷售，或者我們將使用它，自己種植蓖麻，然後出售穀物。在這一領域，我們已經在巴西和肯亞進行了[螢幕試驗]，以我們認為應該的方式評估我們的成長協議——該行業應該增長更快，而且看起來我們在巴西。

We already have some initial results and look and the looks very promising and we are now waiting to see the results in Kenya, but I think that we are also in the right direction there as well. So I hope that I address your question.

我們已經取得了一些初步成果，而且看起來非常有希望，我們現在正在等待看到肯亞的結果，但我認為我們在那裡也朝著正確的方向發展。所以我希望我能回答你的問題。

The next question, what steps need to occur before you can announce a castor oil business?

下一個問題是，在宣布蓖麻油業務之前需要採取哪些步驟？

If I understand the question correctly. So it's meaning, that if you are going to enter into the oil business itself, so at least in this stage. We are putting ourselves, we are entering into the area of grain cultivation and selling grain to partners, and there is enough today both in Africa, but also in Brazil, crashing oil factories that are eager to receive more and more high and increasing actually.

如果我正確理解了這個問題。所以這意味著，如果你要進入石油業，至少在這個階段是這樣。我們正在投入精力，進入糧食種植領域並向合作夥伴出售糧食，今天，不僅在非洲，而且在巴西，都有足夠的糧食，石油工廠渴望獲得越來越高的價格，而且價格實際上還在不斷上漲。

So the [bottleneck] today is really in the cast of cultivation, and we believe that our variety with their uniqueness and the way that we want to use them as part of our growth protocol are going to address the demands in a very competitive, expenses and cost to grow the castle itself. So, I think that this is what -- as a show that you should wait to hear from us on the results coming from our, commercial field trials in growing a castor for grain, using our seed variety.

因此，今天的瓶頸實際上在於栽培品種，我們相信，我們的獨特品種以及我們希望將其用作增長協議的一部分的方式將以極具競爭力的價格滿足城堡本身的增長需求、費用和成本。所以，我認為這就是——表明您應該等待我們的消息，以了解我們使用我們的種子品種種植蓖麻進行商業田間試驗的結果。

The next question. The stock is still low. When will it start going up?

下一個問題。庫存仍然很低。什麼時候開始漲？

This is an interesting question. We can never control the stock market, but what I can say is that we are now at the end of a very -- at the end of a long process of analysing our strategy, which we presented today, I hope in a very clear way.

這是一個有趣的問題。我們永遠無法控制股市，但我可以說的是，我們現在已經完成了一個非常漫長的策略分析過程，我希望我們今天能夠以非常清晰的方式展示我們的策略。

We are now in the process of finalizing a new company presentation, and we're also going to have a new website that will reflect the new strategy. And we are planning to launch at least the presentation, during September and then other communication tools, through the end of the year. I'm planning to start to meet with investors and pitch the new company strategy and most important, when they will start to announce a new collaboration agreement both in pharma, and also in art that will strength and the value proposition of our business model and our technology.

我們目前正在完成新的公司介紹，我們還將建立一個反映新策略的新網站。我們計劃至少在九月推出演示文稿，然後在年底前推出其他溝通工具。我計劃開始與投資者會面並推銷新的公司策略，最重要的是，他們將開始宣佈在製藥和藝術領域的新合作協議，這將加強我們的商業模式和技術的價值主張。

I believe the show will start to react to this announcement. So, I am quite positive about the new [revenue] -- the company is focusing on. Our Board is standing behind management, and I believe that together, I'm expecting to start to see. And I hope and believe that the capital market will start to react, that the company and new strategy and the achievement ahead of us.

我相信節目組會對這個消息做出反應。因此，我對公司正在關注的新收入持非常樂觀的態度。我們的董事會支持管理階層，我相信，我們一起期待看到成果。我希望並相信資本市場會開始對我們公司和新策略以及我們即將取得的成就做出反應。

The next question, how representative are operating expenses in Q2 2025? Or going forward operations are all cost reductions fully reflected in the numbers.

下一個問題是，2025年第二季的營運費用有多大的代表性？或者未來的營運所有成本的降低都會充分反映在數字上。

So the answer is yes, and the third and the fourth quarter, we are expecting to see a continued decline in the company expenses. I believe in all different expense items R&D in business marketing itself, and also in the G&A. So actually we're even expecting to see a continued reduction in our expenses.

答案是肯定的，我們預計第三季和第四季公司支出將繼續下降。我相信企業行銷本身中的所有不同費用項目研發，以及一般行政費用。因此實際上我們甚至預計我們的開支將持續減少。

The next question, what was revenue in Q2 '25? How should we think about peak sales given recent results, and how long should it take to reach peak sales?

下一個問題是，2025 年第二季的營收是多少？鑑於最近的結果，我們應該如何看待銷售高峰，以及需要多長時間才能達到銷售高峰？

So I think that we are now and when we're talking about [sales] so it's this specific word is relevant for Casterra, because Casterra is currently our only activity that produce sales on a regular basis, because the other two areas of activity Ag and pharma, which are rely on our ChemPass A technology, it will be more the collaboration type of agreement, which will include R&D field milestone and royalty.

所以我認為我們現在，當我們談論[銷售]時，這個特定的詞與 Casterra 相關，因為 Casterra 目前是我們唯一定期產生銷售的活動，因為其他兩個活動領域 Ag 和 pharma 依賴於我們的 ChemPass A 技術，它將更多地是合作類型的協議，其中包括研發領域里程碑和特許權使用費。

But when you talk about sales, so probably it's referred to Casterra [50], which is selling seeds and in the future and we are expecting also to sell grain. So, I think that what we are now doing in Casterra is talking with few mega partners, not one, more than one. Which show interest to expand their activity in castor oil. They're all, looking for a way to solve which we -- what we believe is the main challenge in the castor industry, the cost to grow the grain that then you're using them as the source for the oil.

但是當你談到銷售時，很可能指的是 Casterra [50]，它正在銷售種子，我們預計未來還會銷售穀物。所以，我認為我們現在在 Casterra 所做的就是與幾個大型合作夥伴進行談判，不是一個，而是多個。他們對擴大蓖麻油業務表現出濃厚興趣。他們都在尋找一種方法來解決我們認為蓖麻產業面臨的主要挑戰，即種植蓖麻籽並將其用作油源的成本。

I think here this is the main limitation, and we believe that our variety and the growth protocol that we develop it, which is the target is to maximize yield versus expenses -- not just to maximize yield but maximize yield versus expenses. And this is the right approach. We are now in a quite advanced stage invalidated concept both in Brazil and in Africa. And I think that the from the initial indication, that we received at least in this stage in Brazil, there is a lot of in the -- those spirit trial create a lot of interest and I hope that we will be able to disclose more information, during the next quarters.

我認為這是主要的限制，我們相信我們開發的品種和增長協議的目標是最大化收益與費用 - 不僅要最大化收益，而且要最大化收益與費用。這是正確的方法。我們現在處於一個相當先進的階段，這個概念在巴西和非洲都無效。我認為，從我們在巴西目前階段收到的初步跡象來看，這些精神試驗引起了人們的極大興趣，我希望我們能夠在接下來的幾個季度披露更多資訊。

The next question for ChemPass (inaudible) what catalyst milestones should we expect in the next 12 to 18 months to evaluate progress?

ChemPass 的下一個問題（聽不清楚）是，我們應該在未來 12 到 18 個月內期待哪些催化劑里程碑來評估進展？

So ChemPass AI, this is the tech engine that both our divisions are using it, the Pharma division and the Ag division. So I can think about two types of catalysts. One which it can come from the pharma or from the Ag, and this is an announcement press releases on a new collaboration with a partner, that are interested in getting the benefits from the ChemPass AI, meaning that they would like to have a drug can targeting their (inaudible) of interest and they would like to benefit from ChemPass AI or strategic collaboration between a plans or subsidiary focusing on crop protection, with companies such as Bayer, Corteva, [BSF], Syngenta, [FMC], and other (inaudible) in mind that we already have, two strategic collaborations while one is Bayer and one is Corteva, that, I already engaging.

因此，ChemPass AI 是我們兩個部門（製藥部門和農業部門）都在使用的技術引擎。所以我可以考慮兩種類型的催化劑。其中一個可以來自製藥公司或農業公司，這是一份關於與合作夥伴進行新合作的新聞稿，這些合作夥伴有興趣從 ChemPass AI 中獲益，這意味著他們希望擁有一種可以針對他們感興趣的藥物，他們希望從 ChemPass AI 或專注於作物保護的計劃或子公司之間的戰略合作中受益，與拜耳、科迪華、[BSFFM 或專注於作物保護的計劃或子公司之間的戰略合作中受益，與拜耳、科迪華、[BSFFM 或專注於作物保護的計劃或子公司之間的戰略合作中受益，與拜耳、科迪華、[BSFFM 或專注於作物保護、[C]等公司以及其他（聽不清楚）我們已經有兩個策略夥伴，一個是拜耳，一個是科迪華，我已經在參與其中。

So this is the type of -- and type one of press releases that you, that we might release. During next year announcing more and more collaborations which demonstrate the value of our technology ChemPass AI. In addition, we continue to invest to develop ChemPass AI, the engine itself.

因此，這是我們可能發布的新聞稿類型之一。明年我們將宣布越來越多的合作，以證明我們的技術 ChemPass AI 的價值。此外，我們也將持續投資開發 ChemPass AI 引擎本身。

And we are doing it in some cases together with partners such as Google as we announced in May this year -- May or June this year. So, we are now talking with a big tech company, and we are exploring a different opportunity to continue the development of our tech engine together with them. And this is another type of announcement that can come, when we disclose new capabilities, breakthrough capabilities that we succeed to develop aspar from our ChemPass AI generative engine, and we are very proud to announce our foundation model, that was developed together with Google during the first half of this year.

在某些情況下，我們會與Google等合作夥伴一起進行這項工作，正如我們在今年 5 月或 6 月宣布的那樣。因此，我們現在正在與一家大型科技公司進行洽談，我們正在探索不同的機會，與他們一起繼續開發我們的技術引擎。這是另一種類型的公告，當我們披露新功能、突破性功能時，我們會成功開發出來自 ChemPass AI 生成引擎的功能，我們非常自豪地宣布我們的基礎模型，該模型是在今年上半年與谷歌共同開發的。

And we already see the positive effect, that we have in this that this development gave us in the ongoing discussion we are conducting with potential partners both in the pharma and in the eye as well.

我們正在與製藥和眼科領域的潛在合作夥伴進行持續討論，我們已經看到了這一發展對我們帶來的正面影響。

There are no further questions at this time, Mr. Haviv, would you like to make your concluding statement?

現在沒有其他問題了，哈維夫先生，您想做最後陳述嗎？

Yes. Thank you. I would like to thank you for taking the time to participate in this conversation, and I hope to see you all at our next meeting. Once again, thank you all.

是的。謝謝。感謝您抽空參加這次對話，希望在下次會議上見到大家。再次感謝大家。

Thank you. This concludes Evogene's second quarter 2025 quarter results conference call. Thank you for your participation. You may go ahead and disconnect.

謝謝。Evogene 2025 年第二季業績電話會議到此結束。感謝您的參與。您可以繼續並斷開連線。