Q4 2025 Evogene Ltd Earnings Call

March 5, 2026

And the answer session you may send questions via chat. Please type your name and company before your question.

As a reminder, this conference is being recorded March 5th 2026.

Before we begin I would like to caution that certain statements made during this earnings conference call by evidence management will constitute forward looking statements that relate to future events. This presentation contains forward looking statements relating to future events and Epogen L. T D. 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 and defining the U S. Private Securities Litigation Reform Act of 19.

<unk> 95, the P. S L. A and other securities laws as amended statements that are not statements of historical fact may be deemed to forward looking statements such forward looking statements maybe identified by the use of such words as believe expect anticipate should planned este.

Made intend and potential although the similar meaning.

We are using forward looking statements in this presentation. When we discussed our value drivers commercialization efforts and timing of product development and launches estimate market sizes and milestones pipeline as well as our capabilities and technology such statements are based.

On current expectations estimates projections and assumptions describe opinions about future events involve certain risk and uncertainties, which are difficult to predict and are not guarantees of future performance.

The cautions that certain important factors may affect the company's actual results and could cause such results to differ materially from any forward looking statement 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.

Aftermath of the recent war between Israel and each of the terrorist groups Hamastan Hizbollah, Iran. And other you know terrorist groups supported by Iran, and any of this to realizations in Israel neighboring territories or the middle East region, and I'll describe in greater detail.

<unk> annual report on form 20-F, and in other information evidence filed and furnished with the Israel Securities Authority and the U S Securities and Exchange Commission, including those factors under the heading risk factors and expect as required by applicable security laws.

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 statement 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 offer to sell or any solicitation of any invitation will offer to purchase or subscribe for any securities.

Virgin or the company, nor shall there information or any part of it or the effect of feats of distributions from the basis of Ob relied on in connection with any action contract commitment relating there too or the securities of epogen or the company.

The trademarks include hearing are the property of the owners there off and they're used for reference purposes, only such use it should not be construed as an endorsement of our product or services with us on the line will be also have the president and CEO of Virgin and you won't have that.

CFO of evergreen.

Now I will turn the call over to offer hobby. Mr. Habayeb. Please go ahead.

Thank you for joining.

Fourth quarter and.

2025 on a risk score.

Today's call I would like to focus on the significant progress.

With me over the past year.

And outline the strategic transformation.

To position the company for long term value creation.

Following my remarks, our CFO Doug.

The financial results.

We will then open the call for questions.

2025.

What are we to copper.

Of our technology market.

Sure.

We made a deliberate choice.

Sharpen our focus and execution.

This transformation was guided by a strong objective.

So direct resources.

We believe we can create the greatest sustainable volume.

Okay.

Our mission is clear and focused.

Two design novel highly potent small molecule opt.

Optimize it across multiple departments.

For drug development and Akamai com.

By utilizing AI our competition on generic <unk>.

Thank you.

For this purpose.

Implemented two core strategic decisions.

First.

We spoke with our technology development.

Single computational engine campus.

Second.

We streamlined our business activities.

Great exclusively on two high impact market, where people say I offered strong differentiation human health centered on small molecule drugs.

And Avi culture focused on novel asking because.

This decision led to.

To determine action across the company.

We dedicated our competition has the capabilities to campus AI.

Discontinued noncore activities.

They visited the mis aligned assets.

Resize the organization.

And established a business development team.

With our refined strategy.

I would like to elaborate on campus AI and.

Emphasize is competitive advantage for small molecule generation.

I guess with AI.

Is designed to generate novel highly active molecules, while meeting the complex parameters required to meaningfully increase the probability of downstream development success.

<unk> competitive advantage lies in the powerful combination over the following two capabilities.

First gen.

Generating novel molecules.

Based on best chemical territories.

And the second and.

Ensuring they meet demanding multiple farmer Mac.

Requirement from day one.

Our platform Goldfarb beyond the chemical space.

Industry traditionally explorer.

Based on 38 billion molecules universe camp.

Camera.

Hi.

<unk> model navigate vast diversity because domain.

With others simply cannot access.

This enables us to design truly original molecular structure with a strong biological potential and highly defensible into restaurant property opening the door for breakthrough products and new IP landscape.

At the same time.

Precision is built into every molecules that we create.

Our AI engine.

Ultimately optimize the wide range of critical Keimig, Tyler biological and physical parameters.

Tailoring each compounds to the exact.

Constrained and success criteria of the specific target product.

The result is not just innovation.

See the sizable active molecules.

Engineered from the outset to meet real development requirements dramatically, increasing the probability of reward commercial success.

This differentiation is.

Supported by laboratory technological advancements.

Developed by our internal team.

Guided by World Class scientific adviser.

And reinforced through multiple collaborations with leading technology companies.

And Google Cloud with whom we are currently engaged in our second collaboration.

Our first announced collaboration with Google Cloud was successfully completed in mid 2025.

A first in class Foundation model for.

For the generation of novel molecular product candidates.

Optimized for multiple parameters.

By processing, Ed that's a base of 38 billion Raptors.

We tripled our benchmarks for accuracy.

Delivering 90% design precision.

Building on this we were pleased to announce our second collaboration with Google Cloud.

Initiated this February.

We are now integrating advanced AI agents into campus AI.

Using Google cloud vertical AI to.

To decrease.

Emmanuel arrows.

<unk> automates complex scientific work load.

Aiming to improve our novel small molecule candidate S probability of development success.

This move towards autonomous discovery.

Is key to advancing and scaling our capabilities.

With the support of future partnerships across the pharma and agriculture industries.

To summarize the uniqueness of epogen offering.

Our product candidates combined three powerful capabilities.

Novel Motor quota generated based on vast and diverse chemical space.

Simultaneous optimization for multi parameter requirements from the outset.

Highly potent molecule.

Optimized through targeted experimental validation.

We don't just design novel chemistry, we generate novel chemistry that perform.

Campus AI is built on fully integrated.

Partnership driven workflow.

Forming our business model X.

Express in collaboration and in house development toward proprietary product candidate.

Our partners are engaged at every stage.

From John Strategic review through rigorous experimental validation and.

And collaborative evaluation.

Each project is custom designed to align precisely with each specific scientific and strategic objectives.

I view this collaborative structure.

As a key strategic advantage for us.

Both in enhancing the likelihood of advancing proprietary candidate molecule with the highest potential to become successful product.

And in positioning epogen.

Through a development partner.

Enabling participation in the product future revenue stream.

That brings me to this slide demonstrating the implementation of our business model.

Summarizing averages current achievements.

Of which I'm very proud.

In the human health, we are advancing multiple partnered drug discovery program with biotechnology companies and academic institutions.

In this partnership.

<unk> AI is driving discovery and optimization of candidates that are progressing.

Into testing with our partners.

Wait we.

We have publicly disclosed for such collaborations.

And we expect such activity too.

Kell with additional collaborations.

These achievements were made within a very short timeframe.

Of several armani.

And we aimed to prevent similar advancement during the reminder of 2026 and beyond.

You are invited to visit <unk> website and review our company's presentation for additional details on each of these collaborations.

In agriculture, our subsidiary at panels.

<unk> continues to apply campus AI to development of novel Herbicides and fungicides.

The maturity and robustness of the platform are reflected through our strategic collaboration with buyer and core Teva.

Alongside a differentiated internal pipeline.

We expect continued growth through the expansion of those collaborations.

And the formation of new partnerships.

And our future quarterly analyst call.

I expect to go deeper into this business engagement and update on new ones.

To complete my part in today's call I would like to send a clear message.

The generation of proprietary small molecule product candidates is our mission.

With campus AI, our well differentiated derivative AI engine.

Disciplined capital allocation focused on two high potential markets.

And our strong strategic partnerships.

We believe.

Average and is now positioned.

And defined more focused path toward sustainable value creation.

Our business aim for short and midterm.

Is to become the partner of choice.

For small molecule discovery and optimization.

With pharma and big biotech companies for drug development and.

And with multinational agriculture companies for AG chemical development.

For the long term average and aims to develop its own product pipeline benefiting from the competitive edge of our proprietary technology.

This is evident.

Combining cutting edge AI with deep scientific expertise to generate real world innovation.

Thank you for your time and attention.

With this I.

Good my path.

And we'll now hand, the call to our CFO Jan and bad to present the financial results.

As part of the company's updated strategic plan management implemented an organizational realignment and cost reduction initiatives.

The six of these measures are reflected in the significant decrease in operating expenses net.

Which declined to approximately $13 $8 million.

For the year ended 2025.

Compared to approximately $22 million in 2024.

The impact is also evident in the fourth quarter results with total operating expenses net.

Of approximately $3 $2 million compared.

Compared to approximately $4 $3 million in the corresponding period of 2024.

The company expects this reduce expense level to be sustained in future periods.

In 2025 luxury buying oil can be a subsidiary of evergreen LCD.

Focused on agricultural Biologicals completed the sale of the majority of its operations to ICL.

As a result of this transaction.

We buy or no longer maintains employees and its operation.

This level has decreased significantly.

Let me buy your anticipates distributing the majority of its remaining cash to its shareholders, including Amgen during 2026.

During 2025 as part of the company's updated strategic plan with skilled down biomaterials operations and research and development activities and reduced its personnel to a minimal level.

In early 2026 biomarker entered into a license agreement with <unk> pharmaceuticals for.

For at least for its lead oncology candidate BMC 128.

Okay.

Following this transaction Miami, because it does not expect to conduct further material operational activities and anticipates distributing the majority of its remaining cash to shareholders, including including imaging.

With respect to add plans, we integrated Atlantis.

AG chemical subsidiary into the core operations of imaging.

With the objective of maximizing the value of our campus AI platform for the development of novel AG chemical products.

In alignment with the company's ambitious organizational structure Atlantis was resized and streamlined to reflect the revised approach operating model.

During 2025 due to a significant decline in demand for coastal <unk>.

If there are good cp's operations in Kenya.

Reduced its head count and overall expense level.

And is currently focusing its activities on the Brazilian market.

As a result of these developments instead are recorded an impairment of approximately $2 $2 million related to excess inventory.

This impairment is presented within cost of sales in the consolidated financial statements in a separate line item.

Okay.

In February 2026, and Virgin entered into a warrant inducement agreement with an existing investor.

Providing this immediate exercise in full.

August 2024 series, a and series B warrants.

Resulting in gross proceeds to the company of approximately $3 $4 million.

Before deducting.

Of placement agent fees and other offering expenses.

In consideration for such exercise the existing to the investor will receive in a private placement.

New unregistered series, one and series B warrants to purchase up to an aggregate.

5 million 76924 ordinary shares.

The New Orleans Oxy sizable immediately at an exercise price of $1 25 per ordinary share.

Cash position.

As of December 31, 2025.

Leveraging held consolidated cash cash equivalents and short term bank deposits of approximately $13 million.

The consolidated cash usage during the fourth quarter of 2025.

Was approximately $3 million.

Excluding luxury by you and by Omnicom.

<unk> and its subsidiaries used approximately $2 $4 million in cash during the fourth quarter of 2025.

Revenues for 2025 totaled approximately $3 $9 million.

Compared to approximately $5 $6 million in the same period, the previous year, reflecting a decrease of approximately $1 7 million.

The decrease was primarily driven by lower revenue recognized from Afghanistan activity with.

Which included onetime payments during the first quarter of 'twenty 'twenty four and revenues.

Recognize a collaboration agreement with Teva, which was completed during 2024.

Revenues for the fourth quarter of 2025 were approximately zero point $3 million, a decrease compared to approximately $1 $5 million in the same period last year.

The decrease was mainly due to reduced seat sales generated by <unk> during the fourth quarter of 2025.

Cost of revenues for the year, ending 2025 was approximately $4 $1 million compared to approximately $2 $4 million in the previous year.

The increase was primarily attributable to an inventory impairment of approximately $2 2 million Donuts recorded by casino during the fourth quarter of 2025.

Mainly due to its decision to cease operations in Kenya as noted above.

Cost of revenues for the fourth quarter of 2025 was $2 $3 million compared to zero point $7 million in the fourth quarter of the previous year.

The increase in quarterly cost of revenues was mainly driven by the same inventory impairment of Costa as noted above.

R&D expenses net of non refundable grants for the year 2025 were approximately $8 million, a decrease of approximately $4 $5 million compared to $12 $5 million in the Euro 2024.

The decrease was primarily due to reduced R&D expenses anybody omnicom, Castilla and <unk> plants.

In the fourth quarter of 2025, R&D expenses were approximately $1 $8 million down from approximately $2 $7 million in the same period of 2024.

This decrease is mainly attributed.

Decreased expenses in biomedical.

Sales and marketing expenses for the year of 2025 were approximately $1 $5 million.

A decrease of approximately zero point $5 million.

Compared to approximately $2 million in the same period last year.

The decrease was mainly due to reductions in ampligen and biomedical personnel cost.

Sales and marketing expenses for the fourth quarter of 2025, and 2024 were approximately zero point $3 million.

And zero point $4 million, respectively, respectively.

General and administrative expenses for the year 2025 decreased to approximately $4 $3 million from approximately $7 million in the same period last year.

This decrease is mainly attributable to expense expenses recorded during the year 2024 related to a provision for doubtful debt for one of casinos seed suppliers.

As well as transaction costs associated with evidence fundraising in August 2024.

Yeah.

Additional decrease is attributable to a reduction in <unk> activity and personnel costs due 2025.

General and administrative expenses for the fourth quarter of 2025 decreased to approximately zero point $9 million compared to approximately $1 $3 million in the same period of the previous year.

Primarily due to decreased expenses intelligent embryonic Tao as mentioned above.

Operating loss for 2025.

Was approximately $14 million.

A significant decrease from approximately $18 $8 million in the same period of the previous year.

Mainly due to decreased operating expenses, partially offset by the decreased revenues as mentioned above and the higher cost of revenues, mainly due to an inventory impairment of approximately $2 $2 million recorded by <unk> in the fourth quarter of 2025.

The operating loss for the fourth quarter was 2025 was approximately $5 $2 million, an increase from approximately $3 $5 million in the same period of the previous year.

Primarily due to the decreased revenues and increased cost of revenues mentioned above partially offset by decreased operating expenses.

Okay.

Financing income net for the year 2020 funds was approximately zero point $6 million compared to approximately $4 million in the previous year.

The decrease in financing income net was mainly associated with the accounting treatment of pre funded warrants and warrants issued in August 2020 for fundraising.

As a result during the 12 months of 2025, the company recorded financial income net related to pre funded warrants and warrants of approximately $458000 as compared to a financial income of approximately $3 $4 million in the same period of 2024.

Sure.

Financing expenses net for the fourth quarter of 2025, or approximately zero point $2 million compared to a financing income net of approximately $4 $5 million in the same period of the previous year.

The decrease in financing income is mainly associated with the accounting treatment of pre funded warrants and warrants.

Issued in August 2020, full fundraising as mentioned above.

Income from discontinued operations net for the 12 months of 2025 was approximately $5.7 million.

Compared to a loss of approximately $3 $2 million in the same period of 2024.

For the fourth quarter of 2025 loss from discontinued operations net was approximately $16000 compared to a loss of approximately $1 million in the fourth quarter of the previous year.

These amounts primarily reflect the financial results of Lockheed Martin's operations as well as expenses related to the development and maintenance of Microdose AI for edge.

Which are presented as a single line item in our consolidated statements of profit and loss.

Following the sale of the majority of the re borrowers exits as well as evidence Microsoft's AI for egg to ICL. The company recognized a gain on sale of approximately $6 $4 million.

Which is also included in the income from discontinued operations net.

For the year of 2025.

All prior period amounts have been reclassified to conform to this presentation.

Net loss for the 12 months of 2025 was approximately $7 million compared to approximately $18 $1 million in the same period last year.

The $10 3 million dollar decrease in net loss was primarily due to decreased operating expenses.

And then income derived from discontinued operations due to the asset sale to ICL net.

Partially offset by reduced revenues higher cost of revenues and a decrease financing income net.

The net loss for the fourth quarter of 2025 was approximately $5 $4 million compared to net loss of approximately $5000 in the same period last year.

This increase in net loss was primarily due to decreased financial income decreased revenues and increased cost of revenues, partially offset by decreased operating expenses as mentioned above.

Operator.

Thank you, ladies and gentlemen at this time well begin the question and answer.

In order to send the question using the chatbot and located in the dining room. Your screen. Please type your full name and your company's name beside the question.

Thank you for standing by.

The first question can you speak to the terms of skip BMC 128.

License agreement with <unk> Pharmaceuticals.

Yeah.

Alright, Thanks, a lot better.

So you are asking.

And you have to wait.

And then also in Europe.

Yes, Ed.

Yes.

Everybody that participated according to NOAA.

And was it all day long.

After this question so what.

Is that.

The agreement with.

Sean.

A milestone payments.

<unk>, which is expected.

Based on the best in the.

Yeah.

We have two one and 138 in the pipeline.

Or if there was any question of transaction.

That will generate.

The data for Asia, So we will do.

But in this amount and.

Of course revenue sharing revenue with the end product.

Generate.

So.

We can't disclose.

Barbara.

The knowledge that we acquired.

And so Wade.

Absolutely.

Our SME book, so it could be quite the contrary with them.

So it could be quite significant for bromine.

That's a major tier one everything by Omega.

Expected to benefit from it.

We can move to the next so next question.

Can you speak to the magnitude of cash protection potentially coming in from Levine, Daniel and Miami.

To summarize can you highlight investor catalyst over the coming 12 months.

So with respect to the cash expected from.

Yeah.

From Miami and.

And the <unk>, so we disclosed that.

The financial terms of the aim of.

The acquisition of the majority of.

That would be valuable.

ADT and they are selling game microdose.

And to ICL.

And what do you expect that is that the cash that they have.

After this.

And dividend distribution.

Satisfied our need or at least mid next year, maybe even more but the cost of operation and the expectation is that even without the traditional way.

<unk>.

But that's just transaction.

And we have sufficient cash flow volume.

Or is it more than a year ago.

And with respect to the catalyst.

Yes.

I'm, Mike took place so athene.

Try to describe in Marlborough LIFO, so we can envision suite.

The first one additional.

LNG collaboration with.

Companies such as Google.

What I can share with us how can we saw other companies the same sites like Google, where we're looking for a different.

So, let's get to work together and leverage their assets and knowledge to the.

Today.

Thanks for.

Yes.

And each time, such as soon as that Ben.

Hum.

They then.

The limitation that we are.

Vesting with our technology to further and further so this is quite important and of course, it's right in that fashion.

Yes about there.

Hum.

It can create.

Can create them.

The evidence that.

We are off right.

Something very unique all of this Mega Mega company.

He's working with us.

So this is one type of catalyst is an additional collaborations with pharma companies.

Always a biotech company.

Uh huh.

And we are going to use it and kept us AI.

To.

Identify small molecules.

<unk> bind to the protein of interest.

Addressing it and won't be parameter.

Criteria.

No Bill.

And in the cost.

And they always high potency.

Oh, it's been less than.

The first one is what I mentioned it in.

We engage was it swung back the company to that next to Shannon.

Targeting or more.

More.

Hi, Hey, guys.

The type of company.

And we are also expanding the base.

The transaction, we inject cash to the company to Amgen.

Even in the early early stage cooperating our expenses.

This is the first step of it.

Hey, Bob.

I just took a step up.

And the third is again collaboration agreement, but at this time.

You meet a company, we are talking with them in their company and the scale.

Okay.

And the industry in the last few years.

Hum.

It had a positive.

Our performance or.

Yeah.

And the market and it had a negative effect on their willingness and appetite to do it.

But I think things start to change now.

And understanding that there is a clear need for innovation.

And also I think that the performance of that.

Thanks, Dennis Chi.

In the last a year.

Hopefully it will help us to engage in some.

Significant collaboration agreement with Barrick.

Okay got it.

There.

So if the sunrise recap of catalyst.

Acknowledging collaboration with companies like Google and other.

Then.

Collaboration.

The mid size biotech and pharma companies and quite a bullish handedly.

Jimmy first company. This is the main catalyst are expecting.

And to share our findings from the <unk>.

<unk>.

The core business critical data as we see today.

We also have some other activities such as because there are some other legacy.

Activity.

I prefer not to.

To them today, because it's very important for me to make sure that it's very clear that.

What is the strategic M&A Aerojet and decided to go through.

And because I truly believe this is and we presented at ash potentially.

Our ship orders for the next few years.

There are no further questions at this time, Mr. <unk> would you like to make your concluding statement.

So with that too.

Thanks, everybody for participating today conference call.

We are hearing to M O J I am committed to achieve our targets.

I can assure you that.

We are working on are coming to our offices.

And I'm looking forward to continuing to update you and share with you additional great announcements.

In the last quarter.

Quarter. Thank you.

Thank you. This concludes <unk> fourth quarter 2025 results conference call.

Thank you for your participation you May go ahead and disconnect.

Okay.

Speaker #1: I would like to elaborate on campus AI and emphasize its competitive advantage for small molecules generation. Campus AI is designed to generate novel highly active molecules while meeting the complex parameters required to meaningfully increase the probability of downstream success.

Speaker #2: Hi, this is Ofer, and, sorry, for asking you to wait. it's not a regular time here in Israel. but we are, everybody that participated in the call is now in the same place at, Evogene offices.

Speaker #1: Welcome to Evogene's fourth quarter 2025 results conference call. All participants are present in listen-only mode. Following management. Former presentation, we will open the question-and-answer session.

Speaker #1: The net loss for the fourth quarter of 2025 was approximately $5.4 million, compared to a net loss of approximately $5,000 in the same period last year.

Speaker #1: You may send questions via chat. Please type your name and company before your question. As a reminder, this conference is being recorded. March 5th, 2026.

Speaker #2: with respect to this question, so what I can disclose is that, the, the agreement with, Lishan, is included, a milestone payment, which is expected, based on, advancing the, BMC 128 in, in the pipeline.

Speaker #1: Campus AI's competitive advantage lies in the powerful combination of the following two capabilities: first, generating novel molecules based on vast chemical territories; and second, ensuring they meet demanding multiple parameter requirements from day one.

Speaker #1: This increase in net loss was primarily due to decreased financial income decreased revenues and increased cost of revenues partially offset by decreased operating expenses as mentioned above.

Speaker #1: Before we begin, I would like to caution that certain statements made during this earning conference call by Evogene's management will constitute forward-looking statements that relate to future events.

Speaker #1: 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.

Speaker #1: Operator.

Speaker #2: Or, if there will be any commercial transaction. that will generate, value for Lishan. So we will, participate in this amount. And, of course, revenue sharing from revenue, the end product, will generate.

Speaker #1: Our platform goes far beyond chemical space; the industry traditionally explores. Based on 38 biomolecules universe, campus AI's foundational model navigates that diverse chemical domains that others simply cannot access.

Speaker #2: And there is a sign.

Speaker #3: Ladies and gentlemen, at this time we will begin the question and answer session. In order to send the question, use the chat button located in the bottom of your screen.

Speaker #3: Please type your full name and your company's name before the question.

Speaker #2: There is a siren in Israel. We will be back in a few minutes.

Speaker #2: so, this is what we can disclose, and, you know, in, in pharma, the numbers could be quite significant. So, when this, milestone will occur at, we hope so, it could be quite significant for Evogene.

Speaker #1: As defined in the US Private Securities Litigation Reform Act of 1995, the PSLRA, and other securities laws, as amended, statements that are not statements of historical facts may be deemed forward-looking statements, such forward-looking statements may be identified by the use of such words as belief, expect, anticipate, should, planned, estimate, intend, and potential, or words of similar meaning.

Speaker #1: This enables us to design truly original molecular structures with strong biological potential and highly defensible intellectual property—opening the door to breakthrough products and new IP landscape.

Speaker #2: it could be quite significant for Biomita and Evogene at, major shareholders in Biomita, is expected to benefit from it. We can move to the next slide, to the next question.

Speaker #1: At the same time, precision is built into every molecule we create. Our AI engine simultaneously optimizes a wide range of critical chemical biological and physical parameters tailoring each compound to the exact constraints and success criteria of the specific target product.

Speaker #1: We are 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, pipeline, as well as our capabilities and technology.

Speaker #1: Can you speak to the magnitude of cash protection potentially coming in from Laviv Bio and Biomica to summarize? Can you highlight investor catalysts over the coming 12 months?

Speaker #2: So with respect to the cash expected from, from Biomica, and, and, Laviv Bio, so, we disclose the, the financial terms of the, of the acquisition of, the majority of, Laviv Bio, activity and selling, microboost, ag, to, ICL.

Speaker #1: Such statements are based on current expectations, estimates, projections, and assumptions describe opinions about future events involve certain risks and uncertainties, which are difficult to predict and are not guarantees of future performance.

Speaker #1: The result is not just innovation but synthesizable active molecules engineered from the outset to meet real development requirements dramatically increasing the probability of real-world commercial success.

Speaker #1: Readers are cautioned that certain important factors may affect the company's actual results and could cause such results to differ materially from any forward-looking statement that may be made in this presentation.

Speaker #1: These proprietary technological advancements, developed by our internal team, guided by world-class scientific advisors, and reinforced through multiple collaborations with leading technology companies, including Google Cloud, with whom we are currently engaged in our second collaboration.

Speaker #1: 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.

Speaker #2: and, what we are expected is that, the cash that Evogene will have, after this, dividend distribution, will satisfy our need for, at least mid-next year, maybe even more.

Speaker #1: Due to a variety of factors, many of which are beyond our control, including, without limitation, the aftermath of the recent war between Israel and each of the terrorist groups Hamas and Hezbollah, Iran, and other regional terrorist groups supported by Iran, and any destabilizations in Israel, neighboring territories, or the Middle East region, and those described in greater detail in Evogene's annual report on Form 20-F and in other information Evogene has filed and furnished with the Israel Securities Authority and the U.S. Securities and Exchange Commission, including those factors under the heading 'Risk Factors.'

Speaker #2: But, the current level of operation and the expectation is that, even without additional, financial transaction, we, we have sufficient cash for more than, for a little bit more than a year and a half.

Speaker #1: Our first announced collaboration with Google Cloud was successfully completed in mid-2025 with a first-in-class foundation model for the generation of novel molecular product candidates optimized for multiple parameters.

Speaker #2: And with respect to the catalyst, that might take place. So I think that I did—I tried to describe it in Marfa, my part.

Speaker #1: By processing a database of 38 billion structures, which rippled our benchmarks for accuracy, delivering 90% design precision. Building on this, we were pleased to announce our second collaboration with Google Cloud, initiated this February.

Speaker #2: So you can envision three types of catalysts. The first one: additional technology collaboration with companies such as Google. What I can share is that we are talking with some other company in the same size as Google, where we are looking for different opportunities to work together and leverage their assets and knowledge to the field where we are active.

Speaker #1: Expect as required by applicable security laws, 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 development or changes in expectations, estimates, projections, and assumptions.

Speaker #1: We are now integrating advanced AI agents into campus AI using Google Cloud Vertex AI to decrease manual errors and automate complex scientific workflows aiming to improve our novel small molecule candidates' probability of development success.

Speaker #1: The information contained herein does not constitute a prospectus or other offering document, nor does or form part of any invitation or offer to sell or any solicitation or offer Across multiple parameters, for drug development and alchemicals.

Speaker #2: And, each time that such a thing happens, it really pushes the, the, the, the limitation that we are addressing with our technology further and further.

Speaker #1: This move toward autonomous discovery is key to advancing and scaling our capabilities for the support of future partnerships across the pharma and agriculture industries.

Speaker #2: So, this is quite important. And of of potential partners, because it's, it's it's increased the, it's increased the, the evidence that, what we are offering, is something very unique, if all of this, mega, mega company, is working with us.

Speaker #1: To summarize the uniqueness of EvoGen's offering, our product candidates combine three powerful capabilities: novel molecules generated based on vast and diverse chemical space; simultaneous optimization for multi-parameters requirements from the outset; high-quality molecules optimized through quality experimental validation.

Speaker #2: So, this is one type of catalyst. The second type of catalyst is additional collaboration agreements with pharma companies, or with biotech companies, where we are going to use Tempus AI to identify small molecules which bind to the protein of interest.

Speaker #1: Not just design novel chemistry, we generate novel chemistry that works. Workflow forming our business model. Express in collaboration and in-house development toward proprietary product candidates.

Speaker #2: addressing, multi-parameter, criteria. novel, chemical structure. And, with high potency. even the, the, the, the first set of collaboration that, we engage was, with a small biotech company in a institution.

Speaker #1: Our partners are engaged at every stage from joint strategic review through rigorous experimental validation and collaborative evaluation. Each project is custom-designed to align precisely with each specific scientific and strategic objectives.

Speaker #2: Now we are targeting for, more, high, bigger type of, companies. and we are also expecting that at least some of those transaction will inject cash to the company to Evogene.

Speaker #2: even in the early, early stage, covering our expenses. So, this is the first type of, catalyst that you can think of. and the second type of catalyst you can think of, and the third is, again, collaboration agreement, but this time, with, ag chemical companies.

Speaker #1: I view this collaborative structure as a key strategic advantage for us. Both in enhancing the likelihood of advancing proprietary candidate molecules with the highest potential to become successful products and in positioning EvoGen as a true development partner enabling participation in the product's future revenue stream.

Speaker #2: We are talking with some companies in this field. The ag industry in the last few years has had positive performance, or, or, in the market.

Speaker #1: That brings me to this slide demonstrating the implementation of our business model summarizing EvoGen's current achievements of which I'm very proud. In Human Health, we are advancing multiple partnered drug discovery programs with biotechnology companies and academic institutions.

Speaker #2: And this is has a negative effect on their willingness and appetite to enter into the collaboration. But things, things start to change now. and understanding that there is a clear need for innovation, increased.

Speaker #2: And also, I think that the performance that Ag Planners achieved in the last year hopefully will help us to engage in some significant collaboration agreements with the potential partners in this industry.

Speaker #1: In this partnership, campus AI is driving discovery and optimization of candidates that are progressing into testing with our partners. To date, we have publicly disclosed four such collaborations and we expect such activity to scale with additional collaborations.

Speaker #2: So, to summarize: three types of catalysts—technology collaboration with companies like Google and others; collaboration with mid-sized biotech and pharma companies; and collaboration with ag and chemicals companies.

Speaker #1: These achievements were made within a very short time frame of several months and we aim to present similar advancement during the remainder of 2026 and beyond.

Speaker #1: You are invited to visit EvoGen's website and review our company's presentation for additional details on each of these collaborations. In agriculture, our subsidiary AgPlanus continues to apply campus AI to development of novel herbicides and fungicides.

Speaker #2: This is the main catalyst I'm expecting, to share. coming from the, the core business, of Evogene, as we see today. we also have some other, activities such as Castera and, and some other, legacy.

Speaker #1: The maturity and robustness of the platform are reflected through our strategic collaboration with buyer Corteva alongside a differentiated internal pipeline. We expect continued growth through the expansion of the collaboration and the formations of new partnerships.

Speaker #2: Activity. But, I prefer not to refer to them today because it's very important for me to make sure that it's very clear what is the strategic avenue Evogene decided to go through.

Speaker #2: And, and because I would truly believe this is, represent the highest potential, for our shareholders, for the next few years.

Speaker #1: In our future quarterly analyst call, I expect to go deeper into this business engagement and update on new ones. To complete my part in today's call, I would like to send a clear message.

Speaker #1: There are no further questions at this time. Mr. Haviv, would you like to make a concluding statement?

Speaker #2: Yes, I would like to, thank everybody that participated in today, conference call. we are hearing Evogene committed, to achieve our targets. I can assure you that, all Evogene employees are working all from home or even coming to our offices.

Speaker #1: The generation of proprietary small molecule product candidates is our mission. With campus AI, our well-differentiated generative AI engine, disciplined capital allocation focused on two high-potential markets: and a strong strategic partnerships we believe EvoGen is now positioned on a defined more focused path toward sustainable value creation.

Speaker #2: And, I'm looking forward to continue to update you and share with you additional great announcements like in the last, quarter. Thank you.

Speaker #1: Our business aim for short and mid-term is to become the partner of choice for small molecule discovery and optimization with pharma and big biotech companies for drug development and with multinational agriculture companies for agrochemical development.

Speaker #1: For the long term, Evogene aims to develop its own product pipeline, benefiting from the competitive edge of our proprietary technology. This is Evogene—combining cutting-edge AI with deep scientific expertise to generate real-world innovation.

Speaker #1: Thank you for your time and attention. With this, I conclude my part and will now hand the call to our CFO, Yaron Eldad, to present the financial results.

Speaker #2: As part of the company's updated strategic plan, management implemented an organizational realignment and cost reduction initiative. The effects of these measures are reflected in the significant decrease in operating expenses net.

Speaker #2: Which declined to approximately 13.8 million dollars for the year ended 2025 compared to approximately 22 million dollars in 2024. The impact is also evident in the fourth quarter results with total operating expenses net of approximately 3.2 million dollars compared to approximately 4.3 million dollars in the corresponding period of 2024.

Speaker #2: The company expects to reduce expense level to be sustained in future periods. In 2025, Lavie Biowell will be a subsidiary of EvoGen Ltd. focused on agricultural biologicals completed the sale of the majority of its operations to ICL as a result of this transaction Lavie Biowell no longer maintains employees and its operation expense level has decreased significantly.

Speaker #2: Lavie Biowell anticipates distributing the majority of its remaining cash to its shareholders including EvoGen during 2026. During 2025, as part of the company's updated strategic plan, we scaled down biomica's operations and research and development activities and reduced its personnel to a minimal level.

Speaker #2: In early 2026, biomica entered into a license agreement with Lishan Pharmaceuticals for its lead for its lead oncology candidate BMC-128. Following this transaction, biomica does not expect to conduct further material operational activities and anticipates distributing the majority of its remaining cash to its shareholders including EvoGen.

Speaker #2: With respect to AgPlanus, we integrated AgPlanus' agrochemical subsidiary into the core operations of Evogene, with the objective of maximizing the value of our Campus AI platform for the development of novel agrochemical products.

Speaker #2: In alignment with the company's updated organizational structure, AgPlanus was resized and streamlined to reflect the revised approach operating model. During

[Company Representative] (Evogene Ltd.): Across multiple parameters for drug development and ag chemicals by utilizing ChemPass AI, our computational generative AI engine. For this purpose, we implemented two core strategic decisions. First, we focused our technology development on a single computational engine, ChemPass AI. Second, we streamlined our business activities to concentrate exclusively on two high-impact markets where ChemPass AI offers strong differentiation: human health, centered on small molecule drugs, and agriculture, focused on novel ag chemicals. These decisions led to determined actions across the company. We dis-dedicated our computational capabilities to ChemPass AI, discontinued non-core activities, divested misaligned assets, resized the organization, and established a business development team aligned with our refined strategy. I would like to elaborate on ChemPass AI and emphasize its competitive advantage for small molecules generation.

The decrease was primarily driven by lower revenue recognized for a premises activity, which included a one-time payment during the first quarter of 2024, and revenues recognized for the collaboration agreement, which was called Dia, that was completed during 2024.

revenues for the fourth quarter of 2025 were approximately 0.3 million increased compared to approximately 1.5 million dollars in the same period last year.

The decrease of mainly due to reduced seat sales generated by castera during the fourth quarter of 2025.

Cost of revenues for the year ending 2025 was approximately $4.1 million, compared to approximately $2.4 million in the previous year.

[Company Representative] (Evogene Ltd.): ChemPass AI is designed to generate novel, highly active molecules while meeting the complex parameters required to meaningfully increase the probability of downstream development success. ChemPass AI competitive advantage lies in the powerful combination of the following two capabilities. The first, generating novel molecules based on vast chemical territories. The second, ensuring they meet demanding multiple parameters requirement from day one. Our platform goes far beyond the chemical space the industry traditionally explores. Based on 38 billion molecules universe, ChemPass AI foundation model navigates vast, diverse chemical domains that others simply cannot access. This enables us to design truly original molecular structures with strong biological potential and highly defensible intellectual property, opening the door to breakthrough products and new IP landscape. At the same time, precision is built into every molecule we create.

The increase was primarily achievable to an inventory impairment of approximately 2.2 million dollars, recorded by Cassara during the fourth quarter of 2025.

Mainly due to its decision to seize its operations in Kenya as noted about.

Cost of revenues for the fourth quarter of 2025 was 2.3 million dollars compared to 0.7 million in the fourth quarter of the previous year.

The increase in quarterly cost revenues was mainly driven by the same inventory impairment of

The expenses, net of numbers for the year 2025, were approximately $8 million, a decrease of approximately $4.5 million compared to $12.5 million in the year 2024.

The decrease was primarily due to reduced R&D expenses in Byam.

Sarah and our plans.

In the fourth quarter of 2025 R&D expenses were approximately 1.8 million down from approximately 2.7 million dollars in the same period of 2024.

The to, to decrease kind of in by.

Sell the marketing expenses for the year 2025 were approximately 1.5 million dollars. A decrease of approximately 0.5 million dollars compared to approximately 2 million dollars in the same period last year.

[Company Representative] (Evogene Ltd.): Our AI engine simultaneously optimize a wide range of critical chemical, biological, and physical parameters, tailoring each compound to the exact constraints and success criteria of the specific target product. The result is not just innovations, but synthesizable active molecules engineered from the outset to meet real development requirements, dramatically increasing the probability of real-world commercial success. This differentiation is supported by proprietary technological advancements developed by our internal team, guided by world-class scientific advisors and reinforced through multiple collaborations with leading technology companies, including Google Cloud, with whom we are currently engaged in our second collaboration. Our first announced collaboration with Google Cloud was successfully completed in mid-2025 with a first-in-class foundation model for the generation of novel molecular product candidates optimized for multiple parameters. By processing a database of 38 billion structures, we tripled our benchmarks for accuracy, delivering 90% design precision.

The decrease of many due to reductions in evogen and Bionicle personal cost.

Sales and marketing expenses for the fourth quarter of 2025 and 2024, approximately 0.2 million.

And 0.4 million dollars respected respectively.

General and administrative expenses for year 2025 decreased approximately 4.3 million from approximately 7 million dollars in the same period last year.

this is mainly a suitable to extend because recall,

24.

related to a

For their full debt for 1 of those City suppliers as well as transaction costs associated with een fundraising in August 2024.

Additional decrease is suitable to a reduction in public health activity and Personnel costs during 2025.

General has been for the, for the

[Company Representative] (Evogene Ltd.): Building on this, we were pleased to announce our second collaboration with Google Cloud initiated this February. We are now integrating advanced AI agents into ChemPass AI using Google Cloud Vertex AI to decrease manual errors and automate complex scientific workflows, aiming to improve our novel small molecule candidate probability of development success. This move toward autonomous discovery is key to advancing and scaling our capabilities for the support of future partnerships across the pharma and agriculture industries. To summarize the uniqueness of Evogene's offering, our product candidates combine three powerful capabilities. Novel molecules generated based on vast and diverse chemical space. Simultaneous optimization for multi-parameter requirements from the outset. Highly potent molecules optimized through targeted experimental validation. We don't just design novel chemistry, we generate novel chemistry that performs.

[Company Representative] (Evogene Ltd.): CampusAI is built on fully integrated partnership-driven workflow, forming our business model expressed in collaboration and in-house development toward proprietary product candidates. Our partners are engaged at every stage, from joint strategic review through rigorous experimental validation and collaborative evaluation. Each project is custom-designed to align precisely with each specific scientific and strategic objective. I view this collaborative structure as a key strategic advantage for us, both in enhancing the likelihood of advancing proprietary candidate molecules with the highest potential to become successful products, and in positioning Evogene as a true development partner, enabling participation in the product's future revenue stream. That brings me to this slide demonstrating the implementation of our business model, summarizing Evogene's current achievements, of which I'm very proud. In human health, we are advancing multiple partnered drug discovery programs with biotechnology companies and academic institutions.

[Company Representative] (Evogene Ltd.): In this partnership, ChemPass AI is driving discovery and optimization of candidates that are progressing into testing with our partners. To date, we have publicly disclosed four such collaborations. We expect such activity to scale with additional collaborations. These achievements were made within a very short timeframe of several months. We aim to present similar advancements during the remainder of 2026 and beyond. You are invited to visit Evogene's website and review our company's presentation for additional details on each of these collaborations. In agriculture, our subsidiary, AgPlenus, continues to apply ChemPass AI to development of novel herbicides and fungicides. The maturity and robustness of the platform are reflected through our strategic collaboration with Bayer and Corteva alongside a differentiated internal pipeline. We expect continued growth through the expansion of those collaborations and the formations of new partnerships.

[Company Representative] (Evogene Ltd.): In our future quarterly analyst call, I expect to go deeper into these business engagements and update on new ones. To complete my part in today's call, I would like to send a clear message. The generation of proprietary small molecule product candidates is our mission. With ChemPass AI, our well-differentiated generative AI engine, disciplined capital allocation focused on two high-potential markets, and a strong strategic partnerships, we believe Evogene is now positioned on a defined, more focused path toward sustainable value creation. Our business aim for short and mid-term is to become the partner of choice for small molecule discovery and optimization with pharma and big biotech companies for drug development, and with multinational agriculture companies for ag chemical development. For the long term, Evogene aims to develop its own product pipeline, benefiting from the competitive edge of our proprietary technology. This is Evogene.

[Company Representative] (Evogene Ltd.): Combining cutting-edge AI with deep scientific expertise to generate real-world innovation. Thank you for your time and attention. With this, I conclude my part and will now hand the call to our CFO, Yaron Eldad, to present the financial results.

Yaron Eldad: As part of the company's updated strategic plan, management implemented an organizational realignment and cost reduction initiative. The effects of these measures are reflected in the significant decrease in operating expenses, net, which declined to approximately $13.8 million for the year ended 2025, compared to approximately $22.0 million in 2024. The impact is also evident in the Q4 results, with total operating expenses, net, of approximately $3.2 million, compared to approximately $4.3 million in the corresponding period of 2024. The company expects this reduced expense level to be sustained in future periods. In 2025, Lavie Bio LP, a subsidiary of Evogene Ltd., focused on agricultural biologicals, completed the sale of the majority of its operations to ICL. As a result of this transaction, Lavie Bio no longer maintains employees, and its operating expense level has decreased significantly.

[Company Representative] (Evogene Ltd.): Building on this, we were pleased to announce our second collaboration with Google Cloud, initiated this February. We are now integrating advanced AI agents into ChemPass AI using Google Cloud Vertex AI to decrease manual errors and automate complex scientific workflows, aiming to improve our novel small molecule candidate probability of development success. This move toward autonomous discovery is key to advancing and scaling our capabilities for the support of future partnerships across the pharma and agriculture industries. To summarize the uniqueness of Evogene's offering, our product candidates combine three powerful capabilities: novel molecules generated based on vast and diverse chemical space; simultaneous optimization for multi-parameter requirements from the outset; and highly potent molecules optimized through targeted experimental validation. We don't just design novel chemistry, we generate novel chemistry that performs.

Yaron Eldad: LavieBio anticipates distributing the majority of its remaining cash to its shareholders, including Evogene, during 2026. During 2025, as part of the company's updated strategic plan, we scaled down Biomica's operations and research and development activities and reduced its personnel to a minimal level. In early 2026, Biomica entered into a license agreement with Lishan Biotech for its lead oncology candidate, BMC128. Following this transaction, Biomica does not expect to conduct further material operational activities and anticipates distributing the majority of its remaining cash to its shareholders, including Evogene. With respect to AgPlenus, we integrated AgPlenus, our ag chemical subsidiary, into the core operations of Evogene, with the objective of maximizing the value of our ChemPass AI platform for the development of novel ag chemical products.

Yaron Eldad: In alignment with the company's updated organizational structure, AgPlenus was resized and streamlined to reflect the revised approach operating model. During 2025.

Yaron Eldad: As part of the company's updated strategic plan, management implemented an organizational realignment and cost reduction initiative. The effects of these measures are reflected in the significant decrease in operating expenses net, which declined to approximately $13.8 million for the year ended 2025, compared to approximately $22 million in 2024. The impact is also evident in the Q4 results, with total operating expenses net of approximately $3.2 million, compared to approximately $4.3 million in the corresponding period of 2024. The company expects this reduced expense level to be sustained in future periods. In 2025, Lavie Bio LP, a subsidiary of Evogene Ltd., focused on agriculture biologicals, completed the sale of the majority of its operations to ICL. As a result of this transaction, Lavie Bio no longer maintains employees, and its operation expense level has decreased significantly.

Yaron Eldad: In alignment with the company's updated organizational structure, AgPlenus was resized and streamlined to reflect the revised approach operating model. During 2025.

Q4 2025 Evogene Ltd Earnings Call

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