Company: EVGN
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001178913-25-001092
Chunk: 174

Company: Evogene Ltd.
Filing Date: 2025-03-27
Form: 20-F
Item: Item 5
Chunk 174
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90    
Loss                                                       $(18,054   )             $(25,954   )             $(29,844   )
Year Ended December 31, 2024 Compared to Year Ended December 31, 2023
 
Revenues
 
Our total revenues increased by approximately $2.9 million, or 51.8%, to approximately $8.5 million for the year ended December 31, 2024 from $5.6 million for the year ended December 31, 2023. This growth was primarily driven by revenues recognized from AgPlenus’s new license and collaboration with Bayer and increased Casterra revenues from the supply of castor seeds during this period.
Cost of Revenues
 
           Cost of revenues increased by approximately $1.0 million, or 58.8%, to approximately $2.7 million for the year ended December 31, 2024 from $1.7 million for the year ended December 31, 2023. The increase was primarily related to an increase in the revenues recognized from AgPlenus’s new collaboration with Bayer as well as to increased revenues recognized from Casterra's sale of castor seeds.
Gross Profit
 
Gross profit increased by approximately $1.9 million, or 48.7%, to approximately $5.8 million for the year ended December 31, 2024 from $3.9 million for the year ended December 31, 2023, due to the combined impact of changes in our revenues and cost of revenues, as described above.
Operating Expenses
 
Research and Development Expenses, Net. Research and development expenses decreased by approximately $4.2 million, or 20.2%, to approximately $16.6 million for the year ended December 31, 2024 from approximately $20.8 million for the year ended December 31, 2023. The decrease in expenses is mainly due to the cessation of Canonic’s activities and a decrease in certain development expenses in Biomica, Evogene and Lavie Bio as compared to the same period the previous year.
      Sales and Marketing Expenses. Sales and marketing expenses slightly decreased by approximately $0.2 million, or 5.6%, to approximately $3.4 million for the year ended December 31, 2024 from approximately $3.6 million for the year ended December 31, 2023. The decrease is mainly due to the cessation of Canonic’s activities, partially offset by increased sales and marketing expenses recorded in Casterra.
General and