Company: EVGN
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001178913-25-001092
Chunk: 102

Company: Evogene Ltd.
Filing Date: 2025-03-27
Form: 20-F
Item: Item 4A
Chunk 102
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       (26,941      )   
  Financing income                                              7,546                  1,486                516              
  Financing expenses                                            (3,342                 (965         )       (3,329       )   
  Share of loss of an associate                                 39                     -                    -                
  Loss before taxes on income                                   (18,045                (25,987      )       (29,754      )   
  Taxes on income (tax benefit)                                 9                      (33          )       90               
  Loss                                                $         (18,054      $         (25,954      )       (29,844      )   

64

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