Company: EVGN
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001178913-25-001092
Chunk: 105

Company: Evogene Ltd.
Filing Date: 2025-03-27
Form: 20-F
Item: Item 4A
Chunk 105
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 December 31, 2024, from $26.0 million for the year ended December
31, 2023. This decrease reflected the cumulative effect of all of the above-described line items from our consolidated statements of comprehensive
loss.

66

B. Liquidity
and Capital Resources

Our working capital requirements generally reflect the growth in
our business and have historically been provided by cash raised from our investors, payments from our collaborators and government grants.
As of December 31, 2024, we had cash, and cash equivalents and short-term bank deposits of approximately $15.3 million, and working capital
of approximately $4.6 million, which is calculated by subtracting our current liabilities from our current assets. As of December 31,
2024, we had approximately $4.3 million of outstanding long-term indebtedness related to government grants.

Capital Resources

In 2024, our primary sources of liquidity were cash on hand, proceeds
from the issuance of ordinary shares, pre-funded warrants and warrants, proceeds from collaboration and licensing agreements and revenues
from the selling of castor seeds.

Recent Public Offerings of Ordinary Shares

Sales Agreement

On March 28, 2024 we entered into a Sales Agreement, or the Lake
Street Sales Agreement, with Lake Street Capital Markets, LLC, or Lake Street, pursuant to which we may offer and sell, from time
to time, our ordinary shares, through Lake Street in an “at the market offering”, as defined in Rule 415(a)(4) promulgated
under the Securities Act of 1933, as amended, for an aggregate offering price of up to $7.3 million. In August 2024 we reduced the maximum
aggregate gross sales price of our ordinary shares that may be offered, issued and sold under the Lake Street Sales Agreement, including
ordinary shares previously sold, to $4,500,000. As of December 31, 2024 we had sold 10,000 ordinary shares with a weighted average
selling price of $8.50 per share, resulting in gross proceeds of approximately $85,000. As of March 19, 2025, we did not sell any additional
ordinary shares under this plan. We are not obligated to make any sales of ordinary shares under the Lake Street Sales Agreement and no
assurance can be given that we will sell any ordinary shares under such agreement, or, if we do, as to the price or number of such shares
that we will