Evogene Ltd. (NASDAQ:EVGN) reported first-quarter results on Wednesday that exceeded earnings expectations but missed analyst revenue forecasts.
Shares of the computational chemistry company fell 5.11% in pre-market trading following the earnings release.
Revenue Drops Sharply Year Over Year
The company posted an adjusted loss of $0.06 per share for the quarter, significantly better than the analyst consensus estimate calling for a loss of $0.32 per share.
Revenue totaled $334 thousand, well below expectations of $3 million and down sharply from $2.3 million recorded in the same quarter last year, representing an 86% year-over-year decline.
Evogene said the decrease in revenue was mainly linked to lower sales at subsidiary Casterra, which generated approximately $2.0 million in seed sales during the first quarter of 2025.
Company Focuses on AI-Driven Discovery Platform
“Following the strategic transformation initiated in 2025, we are now focused on execution and advancing our tech engine for small-molecule discovery and optimization, ChemPass AI, and expanding our product pipeline in pharma and agriculture,” said Ofer Haviv, President and CEO of Evogene.
The company reported an operating loss of $3.2 million for the quarter, compared with an operating loss of $3.0 million during the same period last year.
Net loss widened to $5.9 million, or $0.60 per share, versus a net loss of $3.0 million in the first quarter of 2025.
According to the company, the larger loss was primarily driven by lower revenue and increased net financing expenses totaling $2.7 million, partially offset by reduced operating costs.
New Pharmaceutical Partnerships Announced
During the quarter, Evogene entered into three new pharmaceutical collaborations involving biotech companies and academic institutions.
The partnerships include agreements with Systasy Biosciences, Queensland University of Technology, and Unravel Biosciences.
The company also completed a warrant inducement transaction in February 2026, generating approximately $3.4 million in gross proceeds.
Cash Position Remains Stable
As of March 31, 2026, Evogene reported cash, cash equivalents, and short-term bank deposits totaling approximately $13.1 million.