EVGN

Welcome to Evogene's first quarter 2026 results conference call. All participants are at present in listen-only mode. Following management's formal presentation, we will open the question and 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 May 20, 2026. 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. This presentation contains forward-looking statements relating to future events. Evogene Ltd., the company, may from time to time make other statements regarding our outlook or expectation for future financial or operating results and/or other matters regarding or affecting us that are considered forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995, the PSLRA, and other securities laws as amended.

Statements that are not statements of historical fact may be deemed to be forward-looking statements. Such forward-looking statements may be identified by the use of such words as believe, expect, anticipate, should, plan, estimated, intend, and potential, or words of similar meaning. We are using forward-looking statements in this presentation when we discuss our value drivers, commercialization effort and timing, product development and launches, estimated market size and milestones, pipeline, as well as our capabilities and technology. Such statements are based on current expectation 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. 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.

Therefore, actual future events, 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, 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 files and furnish with the Israel Securities Authority and the U.S. Securities and Exchange Commission, including those factors under the heading Risk Factors.

Except as required by applicable securities 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 or offer to sell, or any solicitation of any invitation or offer to purchase or subscribe for any securities of Evogene or the company. Nor shall the information or any part of it or the fact of its distribution form the basis of, or be relied on in connection with any action, contract, commitment, or relating thereto, or the securities of Evogene or the company.

The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of our product or services. With us on the line will be Ofer Haviv, President and CEO of Evogene, and Polina Ravzin, VP Finance of Evogene. I would like to turn the call over to Ofer Haviv. Mr. Haviv, please go ahead.

Thank you for joining Evogene's first quarter 2026 analyst call. In today's call, I will focus on the significant progress Evogene has made over the past quarter and outline the company's key objectives for this year. Joining me for this part of the presentation are Dr. Gabi Tarcic, the company's Chief Development Officer, and Dr. Dan Gelvan, CEO of our subsidiary, AgPlenus, which focus on ag chemical development. Following our remarks, our VP Finance, Polina Ravzin, will present the financial results. We will open the call for questions. As I stated in our previous call, Evogene's mission is clear and focused: to design novel, highly potent small molecules optimized across multiple parameters for drug development and ag chemicals by leveraging ChemPass AI, our computational generative AI engine.

This mission is guided by a strong objective to direct Evogene's resources toward areas where we believe we can create the greatest substantial value. To execute this mission, we made two key strategic decisions. The first one was to focus all of our technology efforts on our proprietary computational engine, ChemPass AI. In this context, I would like to emphasize that we strongly believe that technological collaborations are essential for advancing our core platform. This belief was clearly demonstrated in the partnership we announced with Google in 2025. In this collaboration, we successfully developed a breakthrough generative engine capable of designing entirely new molecules structure, molecules that are not only highly novel, but also easier to synthesize and better align with multiple product development requirements. The second strategic decision was to streamline our business activity to concentrate on two highly impact markets where ChemPass AI provides a strong competitive advantage.

Pharma, focused on small molecule drug discovery, and agriculture, focused on next generation ag chemicals. To maximize the value of our technology, we adopt a clear and concise business model across both domains, which is built on two complementary channels. The first channel is establishing strategic collaborations with industry partners for early-stage product development. Those collaborations help reduce both our scientific and financial risk while accelerating innovation. The second channel is the advancement of our own internally funded product pipeline. In this channel, our goal is to mature those programs further before entering partnership, allowing us to secure stronger commercial terms with leading industry players. This slide highlights the collaboration and internal programs Evogene was advancing at the end of 2025. In agriculture, we established two strategic collaborations for herbicide development, one with Bayer and another one with Corteva.

At the same time, we continue advancing our internal funded program focused on novel Septoria fungicides. It is important to note that Evogene ag chemical activities began in 2018 and are carried out through our subsidiary, AgPlenus. In parallel, our pharmaceutical activity focused on small molecules drug discovery were launched only at the beginning of 2025 as a division of Evogene. At the end of 2025, our first and only announced collaboration in this field was with Tel Aviv University, targeting therapy for metabolic diseases linked to a protein aggregation in blood vessels. Now, I would like to present the company's achievements over the last quarter and to date across those three areas, our core technology platform, our pharma activities, and our ag chemical activities. We will begin by reviewing the achievements in the area of our core technology platform, ChemPass AI.

In February this year, we announced our second collaboration with Google, aimed at integrating agents into ChemPass AI. The collaboration is expected to enable capabilities that currently do not exist in the global small molecule discovery process. Our second collaboration with Google focused on developing advanced AI agents to solve complex scientific challenges. Succeeding this project will enable Evogene to automatically extract valuable insights from scientific publications and create proprietary data sets. These datasets will help us build highly accurate computational models for characterizing specific scientific parameters. We will use those models to support the development of new molecules designed in accordance with the requirements of our target product profiles. These new capabilities are expected to significantly strengthen Evogene's technological leadership and competitive advantage. We will now proceed to reviewing the achievement and activities in the company's Pharma Division, where the most significant growth occurred this year.

In the first quarter of the year, the company announced three new collaborations agreements, two with biotech companies and one with an academic institution. In the following slide, Dr. Gabi Tarcic, Evogene's CDO, will elaborate on each collaboration. Gabi?

Thank you, Ofer. I'm excited to share with you the progress in the Pharma Division that has taken place since the beginning of the year. In February, we announced a new collaboration with Systasy Bioscience and Ludwig Maximilian University Hospital in Germany. This collaboration focuses on a novel biological target involved in neutrophil-driven hyperinflammatory diseases such as inflammatory bowel disease, IBD, an area of significant unmet medical need. The collaboration, supported by the prestigious Eureka Grant, brings together three complementary capabilities, Evogene's ChemPass AI engine, Systasy's proprietary Pathway Profiler technology for high-content functional validation in patient-specific models, and the clinical expertise of Ludwig Maximilian University Hospital. By integrating AI-driven molecular design, advanced functional biology, and clinical insights from the earliest stages, we aim to accelerate the identification of high-quality drug candidates while building strong long-term therapeutic and commercial value.

In January this year, we announced a collaboration with Unravel Biosciences that focuses on a newly discovered target for demyelinating disorders, such as multiple sclerosis, to develop brain-penetrant therapies capable of restoring myelin and improving neurological function. Here, by combining Evogene's ChemPass AI drug design engine with Unravel's patient-derived molecular profiling capabilities, we are accelerating the identification of drug candidates and addressing a major unmet medical need in a neurodegenerative market exceeding $26 billion, thereby creating significant long-term partnering and commercial opportunities. This collaboration exemplifies the strategic partnerships we are pursuing by bringing together deep biological insight and Evogene's advanced computational chemistry platform to create differentiated first-in-class therapeutic opportunities with strong pharmaceutical licensing potential.

In mid-February, we announced an additional collaboration that focuses on addressing chemotherapy resistance, one of the major challenges that limits the effectiveness of current cancer treatments, in collaboration with Dr. Mark Adams and the Queensland University of Technology in Australia. Together, we are targeting a newly identified cellular detoxification pathway that enables tumors to resist cancer therapy. The collaboration integrates Evogene's ChemPass AI generative molecular design engine with advanced cancer genomic expertise to develop novel small molecule inhibitors designed to restore treatment sensitivity. By addressing a key resistance mechanism across multiple cancer types, including non-small cell lung cancer, this program has the potential to generate differentiated oncology candidates with strong clinical and commercial value. I am very proud to present, for the first time, the small molecule pipelines of Evogene's Pharma Division, a growing and highly promising portfolio that reflects the strengths of our technology, innovation, and strategic collaborations.

We are encouraged by the advancement of the molecules generated in collaboration with our partners, and we look forward to seeing these programs progress rapidly into more advanced preclinical and clinical stages. At the same time, we expect additional high-potential projects to join this exciting pipeline, further expanding the opportunities ahead of us. Looking ahead, I am excited to continue sharing updates on meaningful progress we are making across these programs. With that, I would like to conclude my remarks and hand over the call back to Ofer.

Thank you, Gabi. We will conclude the update on the corporate core business activities with the status in the field of agchemical development. Operations in this field are conducted through our subsidiary, AgPlenus. I will ask Dr. Dan Gelvan, AgPlenus' CEO, to elaborate on the company's activities.

Thank you, Ofer. I'm pleased to provide an update on the status of AgPlenus' activities since the beginning of 2026. The main progress has been in our internal project aimed at developing a fungicide for Septoria, and I will elaborate on this topic on the coming two slides. First, I would like to focus on an update regarding our collaboration with Bayer. While AgPlenus' collaboration with Bayer has yielded significant novel active compounds, thereby thoroughly validating our ability to optimize active molecules, it has now become evident that these candidates cannot be further developed due to issues pertaining to the biology of the target protein. As a result of this inherent target problem, we have amicably, together with Bayer, decided to terminate our research collaboration agreement.

Based on the strong professional relationship established during this collaboration, we are now exploring potential opportunities for future collaborations that would leverage AgPlenus' computational chemistry capabilities, discovery platforms, and module optimization expertise as demonstrated throughout this collaboration. I will be happy to update on the outcomes of these discussions in future updates. Within our internal development pipeline, we are making good progress in developing a new fungicide for tritici blotch as a disease caused by Zymoseptoria tritici. We are working to address a major problem representing an annual market value of over $1.2 billion. Approximately 70% of fungicides applied to wheat in Europe are aimed at fighting tritici blotch. Concurrently, many existing products, such as strobilurins, are experiencing diminished efficacy as the disease develops resistance. This underscores the critical need for a new and effective solution.

Our initial assessment was not promising, as no structural data was available for the target protein, a common challenge in ag chemistry research aimed at overcoming resistance. We used homology modeling and structure-based pharmacophore development to characterize the active site. Utilizing PointHit, the initial phase of module screening employing ChemPass AI, 440 candidates were selected for testing. Of these, only 11 met the enzymatic inhibition thresholds, and only two demonstrated antifungal activity. From these two in vitro and in vivo validated compounds, and incorporating the negative results, utilizing ActiveSearch, the subsequent phase of module screening that leveraged the data generated in the preceding stage, we selected 164 off-the-shelf molecules for purchase. Subsequently, 38 of these showed enzymatic inhibition, and five demonstrated antifungal activity, demonstrating a clear improvement over the initial screen.

Building on these insights, we moved to LeadOptGPT and generated 27 novel compounds, which were custom synthesized and tested over the past month. Of these, 25 met the enzymatic inhibition thresholds, and 15 also showed the desired biological activity, which represents a dramatic improvement. This progression illustrates how the integration of iterative experimental validation with AI-driven molecular design can transform limited early signals into a focused, high-quality lead set. We have high expectations for this program, and I will be pleased to update you on the progress we make in the coming quarters. I'm pleased to present and add AgPlenus's pipeline to that of Evogene's Pharma Division. I believe that consolidating these two activities under a single technological platform will create strong synergy and mutual enrichment, thereby accelerating product development in both areas and strengthening our competitive advantage and value proposition across the two industries in which we operate.

With that, I conclude my remarks and hand the presentation back to Ofer.

Thank you, Dan. Looking ahead, we anticipate meaningful progress across all three of the company's core areas of activity, reinforcing our growth trajectory and long-term value creation. With respect to our technology engine, we continue to strengthen our competitive edge through the expansion of additional technological collaborations designated to further enhance our innovation capabilities and sustain our unique market advantage. Looking at our drug development activity for the pharmaceutical industry, we're expecting to advancing our existing pipeline towards key value-creating milestones, establishing new strategic collaborations with leading biotech companies and academic institutions, deepening relationships with global pharmaceutical companies, and actively evaluating new opportunities to establish our internal drug development pipeline.

With respect to our ag chemical development activity for the agriculture industry, we expect to continued advancement of our existing pipeline assets, forming new collaboration with leading ag chem companies, and ongoing evaluation of opportunities to expand and strengthen our internal pipeline. Overall, we remain strongly focused on executing partnership extension and pipeline development across all business areas, positioning the company for sustained growth and long-term success. With this, I conclude my part and hand over the discussion to Polina. This is her first time participating in quarterly call, and I would like to wish her great success as the lead Evogene's finance department. Good luck, Polina.

Thank you, Ofer. Before I move on to the update regarding the first quarter financial statements, I would like to provide an update on the activities of Evogene's subsidiaries that, in line with our revised strategy, are no longer part of our core business focus. Three companies fall into this category, Lavie Bio, Biomica, and Casterra. We will begin with an update regarding the companies for the activities we have decided to discontinue or significantly scale down, Lavie Bio and Biomica. The Lavie Bio activity, Evogene subsidiary in the field of agro-biologicals, was acquired by ICL in 2025. The Lavie Bio's operations were discontinued at the end of the first quarter of 2026. We are distributing the remaining cash balance accumulated in the company as a result of the sale of its operations by ICL. The company expects to receive two additional payments under this transaction.

With respect to Biomica, Evogene subsidiary in the field of therapeutics based on the human microbiome, recent significant events have occurred since the beginning of the year. Biomica licensed its lead oncology candidate, BMC128, to Lishan Pharmaceuticals in early 2026. Biomica is currently completing a phase I clinical trial for BMC128. Biomica has recently received approval to distribute the company's remaining cash to its shareholders. We will continue to provide updates on these three matters in the coming quarter. We will now move on to the update regarding Casterra, our subsidiary in the castor cultivation sector for oil production, for by-products and alternative energy. As previously noted, although this activity is not part of our core business, this activity is ongoing, and we are evaluating its potential, primarily in Brazil.

I would like to note that Casterra's operations have also undergone a significant reduction in recent months in order to align its activities with Brazil only. As we noted in the previous quarter, we are evaluating the potential inherent in Casterra's operations in Brazil. As part of this activity, we are pleased to report two significant events. In April, we reported strong results in terms of the agronomic performance of our varieties in commercial scale trials in Brazil. In May, we reported that the company is conducting approximately 13 field trials of our commercial and new varieties in seven target regions in Brazil under different cultivation regimes. We expect that this activity will form the basis for the commencement of sales in Casterra seeds for the 2027 growing season.

Now we will move on to present the company's financial statements for the first quarter of the year, and we'll begin with the balance sheet. Let's start with our cash position. As of March 31st, 2026, Evogene held consolidated cash equivalents, and short-term bank deposits of approximately $13.1 million. The consolidated cash usage during the first quarter of 2026 was approximately $2.8 million. During the first quarter of 2026, Lavie Bio received court approval for the distribution of a $4.25 million dividend to its shareholders. In April 2026, Biomica received court approval for the distribution of $2.7 million dividend to its shareholders. Both the distribution processes are expected to be completed in the second quarter of this year.

In February 2026, Evogene entered into a warrants inducement agreement with an existing investor for the immediate exercise of all August 2024 Series A and Series B warrants, resulting in a gross proceeds of approximately $3.4 million before fees and expenses. As consideration for the exercise, the investor received in a private placement new unregistered Series A-1 and Series B-1 warrants to purchase up to an aggregate of 5,036,924 ordinary shares. The new warrants are immediately exercisable at an exercise price of $1.25 per share. The Series A-1 and Series B-1 warrants were classified as a liability in the consolidated statements of financial position, initially recorded at fair value, and subsequently remeasured at each reporting date using Black-Scholes option pricing model. As of March 31, 2026, the warrant liability totaled approximately $1.7 million. We will now focus on the income statement.

Revenues for the first quarter of 2026 totaled approximately $0.3 million, compared to approximately $2.3 million in the same period of 2025, representing a decrease of approximately $2 million. The decrease is mainly attributable to lower revenue recognized by Casterra, which in the first quarter of 2025 included significant seed sales of approximately $2 million. Cost of revenues for the first quarter of 2026 was approximately $0.1 million, compared to approximately $1.5 million in the corresponding period of 2025. The difference in cost of revenues is consistent with the decline in revenues during the quarter. Research and development expenses net of non-refundable grants for the first quarter of 2026 were approximately $1.8 million, compared to approximately $2.5 million in the corresponding period of 2025, representing a decrease of approximately $0.7 million.

The decrease is mainly attributable to lower R&D expenses in Biomica, Casterra, and AgPlenus. Sales and marketing expenses for the first quarter of 2026 and 2025 were approximately $0.4 million, with no material change between the periods. General administrative expenses for the first quarter of 2026 remained stable at approximately $1.2 million compared to the corresponding period of 2025. Although there was a material decrease in the company's G&A expenses, it was substantially offset by the impact of exchange rate fluctuations between the U.S. dollar and the NIS, as well as transaction costs related to the warrant issuance transaction. Other income net of approximately $30,000 was recorded in the first quarter of 2026, mainly attributable to the sale of fixed assets, compared to other income of approximately $191,000 recorded in the first quarter of 2025, which was mainly related to the accounting treatment associated with Evogene's sub lease agreement.

Operating loss for the first quarter of 2026 was approximately $3.2 million, compared to approximately $3 million in the corresponding period of 2025. The increases in operating loss is mainly due to decreased revenues, partially offset by lower operating expenses as described above. Financing expenses net for the first quarter of 2026 were approximately $2.7 million, compared to financing income net of approximately $1.1 million in the corresponding period of 2025. The change was primarily attributable to the accounting treatment of pre-funded warrants and warrants issued in the August 2024 fundraising and warrants issued in the February 2026 warrant issuance transaction. As part of the February 2026 warrant issuance transaction, the company recorded financial expenses of approximately $3.8 million during the first quarter of 2026, partially offset by financial income of approximately $0.9 million related to the revaluation of warrants.

Income from discontinued operations net for the first quarter of 2026 was approximately $40,000, compared to a loss from discontinued operations net of approximately $1.1 million in the corresponding period of 2025. This amount primarily reflects the financial results of the Lavie Bio's operations, as well as expenses related to the development and maintenance of MicroBoost AI for AG, which are presented as a single line item in the consolidated statements of profit and loss. Following the sale of majority of the Lavie Bio's assets, as well as Evogene MicroBoost AI for AG in July 2025, the Lavie Bio no longer maintains employees, and its operating expense level has decreased significantly. Net loss for the first quarter of 2026 was approximately $5.9 million, compared to approximately $3 million in the same period last year.

The increase of approximately $2.9 million was mainly due to decrease in revenues and increase in net financing expenses, partially offset by a decrease in operating expenses and a reduced loss from discontinued operations net. I now conclude my remarks. We will open the call for questions.

Thank you. Ladies and gentlemen, at this time, we will begin the question and answer session. In order to send a question, use the chat button located at the bottom of your screen. Please type your full name and your company's name before the question. The first question, when can you sign a strategic deal via tech partner, pharma partner, Ag partner that would include an investment into the shares?

This is Ofer, and it seems that this question came from Patrick, which I'm really happy to hear from him. It's been a while last time we were in contact. Well, I think that trying to project when such a transaction could took place, it really depends on the progress and results we achieve in the different areas that you mentioned, Ag, pharma or the technology itself. I think that since Evogene, through AgPlenus, is highly active in the AgTech world, we already have signed over there some very significant results, it was presented today by Dan. I intend to believe that this is one of the first places where we can see a strategic transaction that might, not necessarily, but might also include equity investment, but definitely should be something that is meaningful for AgPlenus and also for definitely for Evogene.

This is one of the areas that I believe could represent a catalyst the way that you described in the future. The next area actually is technology. I believe that over there, since we are working with some big names, companies such as Google, and I can also maybe disclose that we are talking with some other companies in the same size like Google, where we are looking for areas to collaborate with them and expand our technology advantage. I think that these type of companies or similar to the ones to Google could be another area that maybe after the ag, could lead to a significant transaction.

In the Pharma, once again, I would like to emphasize the point that we initiate our activity there only at the beginning of 2025, and the fact that today we have actually four ongoing collaborations in this area, and we are now talking with some other partners on additional collaboration. It's very, very impressive, and I'm really excited about it. In order to convince the big pharma or the big biotech companies to adopt our technology in a way that it will lead to a significant transaction and equity investment, it will take a while. I'm not talking about many years, but I'm not talking about, of course, it's not going to be in the next few quarters. The good news is that we are already start discussion with big pharma. I cannot disclose the name in this case.

There is an interest in what we are doing, and I believe that when we start to see results coming from our ongoing collaboration in this market segment, it will be much easier for us to start to build a relationship with the big pharma companies, which later on, hopefully, can lead to the type of strategic collaboration that can also involve equity investment. I think that we are in the right direction, and actually, each segment is feed the probability of success of the other segment. A success in the ag will feed the potential success in the technology segment. Of course, both of them is going to feed the probability of success for such an engagement with the big pharma in the big type of collaboration in the pharma industry. I hope that I addressed your question.

I repeat, in order to send a question, use the chat button located at the bottom of your screen. Please type your full name and your company's name before asking a question. There are no further questions at this time. Mr. Haviv, would you like to make a concluding statement?

Yes. Thank you. I really appreciate the time of all the people that participate in this analyst call. We are all looking forward to continue to update you on the company progress. I really hope that we continue with the same speed of new collaboration and agreement, like we did at the beginning of this year. Thank you very much.

This concludes Evogene's first quarter 2026 results conference call. Thank you for your participation. You may go ahead and disconnect.

Welcome to Evogene's Fourth Quarter 2025 Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded, March 5, 2026. Before we begin, I would like to caution that certain statements made during this earnings conference call by Evogene's management will constitute forward-looking statements that relate to future events. 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 as defined in the U.S. Private Securities Litigation Reform Act of 1995, the PSLRA 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 may be identified by the use of such words as believe, expect, anticipate, should, plan, estimate, intend and potential or words of similar meaning. We are using forward-looking statements in this presentation when we discuss our value drivers, commercialization efforts and timing, 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 risks and uncertainties, which are difficult to predict and are not guarantees of future performance. 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 statements 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, 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 files and furnished with the Israel Securities Authority and the U.S. Securities and Exchange Commission, including those factors under the heading Risk Factors. Except 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 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 or offer to sell or any solicitation of any invitation or offer to purchase or subscribe for any securities of Evogene or the company nor shall the information or any part of it or the fact of its distribution from the basis of or be relied on in connection with any action, contract, commitment or relating thereto or the securities of Evogene or the company. The trademarks include herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of our product or services. With us on the line will be Ofer Haviv, President and CEO of Evogene and Yaron Eldad, CFO of Evogene. Now I will turn the call over to Ofer Haviv. Mr. Haviv, please go ahead.

Thank you for joining Evogene's Fourth Quarter and Annual 2025 Analyst Call. In today's call, I would like to focus on the significant progress Evogene has made over the past year and to outline the strategic transformation we initiated to position the company for long-term value creation. Following my remarks, our CFO, Yaron Eldad, will present the financial results, and we will then open the call for questions. During 2025, following a comprehensive review of our technology, markets and capital allocation, we made deliberate choice to sharpen our focus and execution. This transformation was guided by a strong objective to direct Evogene resources where we believe we can create the greatest sustainable value. Today, our mission is clear and focused. to design novel, highly potent small molecules optimized across multiple parameters for drug development and ag chemicals by utilizing ChemPass AI, our computational generative AI engine. For this purpose, we implemented 2 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 2 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 dedicated our computational capabilities to ChemPass AI, discontinued noncore 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. 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 2 capabilities. The first, generating novel molecules based on vast chemical territories and the second, ensuring they meet demanding multiple parameters requirement from day 1. 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 molecules we create. 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 advisers 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. 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 towards 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 candidate combines 3 powerful capabilities: novel molecules generated based on vast and diverse chemical space, simultaneous optimizations for multiparameters 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. ChemPass AI is built on fully integrated partnership-driven workflow, forming our business model expressed in collaboration and in-house development towards proprietary product candidate. 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. 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. 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 4 such collaborations, and we expect such activity to scale with additional collaborations. 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. 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 formation of new partnerships. 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 high potential markets and a strong strategic partnerships, we believe Evogene is now positioned on a defined more focused path towards 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 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, 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.

As part of the company's updated strategic plan, management implemented an organizational realignment and cost reduction initiatives. 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 fourth quarter 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 Ltd, 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. Lavie Bio 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 Pharmaceuticals 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. In alignment with the company's updated organizational structure, AgPlenus was resized and streamlined to reflect the revised operating model. During 2025, due to a significant decline in demand for castor seeds, Casterra AG ceased its operations in Kenya, reduced its headcount and overall expense level and is currently focusing its activities on the Brazilian market. As a result of these developments, Casterra recorded an impairment of approximately $2.2 million related to its seed inventory. This impairment is presented within cost of sales in the consolidated financial statements in a separate line item. In February 2026, Evogene entered into a warrant inducement agreement with an existing investor, providing the immediate exercise in full of its August 2024 Series A and Series B warrants, resulting in gross proceeds to the company of approximately $3.4 million before deducting placement agent fees and other offering expenses. In consideration for such exercise, the investor will receive in a private placement, new unregistered Series A1 and Series B1 warrants to purchase up to an aggregate of 5,076,924 ordinary shares. The new warrants are exercisable immediately at an exercise price of $1.25 per ordinary share. Cash position. As of December 31, 2025, Evogene 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 Lavie Bio and Biomica, Evogene and its other 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 AgPlenus' activity, which included onetime payment during the first quarter of 2024 and revenues recognized from the collaboration agreement with Corteva that was completed during 2024. Revenues for the fourth quarter of 2025 were approximately $0.3 million, a decrease compared to approximately $1.5 million in the same period last year. The decrease was mainly due to reduced seed sales generated by Casterra 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 recorded by Casterra during the fourth quarter of 2025, mainly due to its decision to cease its operations in Kenya as noted above. Cost of revenues for the fourth quarter of 2025 was $2.3 million compared to $0.7 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 Casterra as noted above. R&D expenses net of nonrefundable grants 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 Biomica, Casterra and AgPlenus. 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 to decreased expenses in Biomica. Sales and marketing expenses for the year 2025 were approximately $1.5 million, a decrease of approximately $0.5 million compared to approximately $2 million in the same period last year. The decrease was mainly due to reductions in Evogene and Biomica's personnel costs. Sales and marketing expenses for the fourth quarter of 2025 and 2024 were approximately $0.3 million and $0.4 million, 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 expenses recorded during the year 2024 related to a provision for doubtful debt for one of Casterra's seed suppliers as well as transaction costs associated with Evogene's fundraising in August 2024. Additional decrease is attributable to a reduction in Biomica's activity and personnel costs during 2025. General and administrative expenses for the fourth quarter of 2025 decreased to approximately $0.9 million compared to approximately $1.3 million in the same period of the previous year. primarily due to decreased expenses in Evogene and Biomica, 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 Casterra in the fourth quarter of 2025. The operating loss for the fourth quarter of 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. Financing income net for the year 2025 was approximately $0.6 million compared to approximately $4 million in the previous year. The decrease in financing income net was mainly associated with accounting treatment of prefunded warrants and warrants issued in August 2024 fundraising. As a result, during the 12 months of 2025, the company recorded financial income net related to prefunded warrants and warrants of approximately $458,000 as compared to a financial income of approximately $3.4 million in the same period of 2024. Financing expenses net for the fourth quarter of 2025 were approximately $0.2 million compared to 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 accounting treatment of prefunded warrants and warrants issued in the August 2024 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 $16,000 compared to a loss of approximately $1 million in the fourth quarter of the previous year. These amounts primarily reflect the financial results of Lavie Bio's operations as well as expenses related to the development and maintenance of MicroBoost AI for Ag, which are presented as a single line item in the consolidated statements of profit and loss. Following the sale of the majority of Lavie Bio's assets as well as Evogene's MicroBoost AI for Ag 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 confirm to this presentation. Net loss for the 12 months of 2025 was approximately $7.8 million compared to approximately $18.1 million in the same period last year. The $10.3 million decrease in net loss was primarily due to decreased operating expenses and an income derived from discontinued operations due to the asset sale to ICL net, partially offset by reduced revenues, higher cost of revenues and a decreased financing income net. The net loss for the fourth quarter of 2025 was approximately $5.4 million compared to net loss of approximately $5,000 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?

[Operator Instructions] There is a siren in Israel. We will be back in a few minutes. Thank you for standing by. The first question, can you speak to the terms of the BMC128 license agreement with Lishan Pharmaceuticals?

This is Ofer. Sorry for asking you to wait. It's not a regular time here in Israel, we are -- everybody that participated in the call is in the same place at Evogene Office. With respect to this question, what I can disclose is that the agreement with Lishan includes a milestone payment, which is expected based on advancing the BMC128 in the pipeline 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. So this is what we can disclose. And in pharma, the numbers will be quite significant. So when this [indiscernible], it could be significant for Evogene. It could be quite significant for Biomica and Evogene as a major shareholders in Biomica is expected to benefit from it. We can move to the next question.

Can you speak to the magnitude of cash potentially coming in from Lavie Bio and Biomica. To summarize, can you highlight investor catalysts over the coming 12 months?

So with respect to the cash expected from Biomica and Lavie Bio. So we disclosed the financial terms of the acquisition of the majority of Lavie Bio -- and MicroBoost and to ICL and what we have 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. But the current operation, the expectation is that even without additional financial transaction, we have sufficient cash for a little bit more than 1.5 years. And with respect to the catalyst that might took place -- so I think that I tried to describe it in my part. So you can envision 3 type 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 like Google, where we are looking for a different opportunity to work together and leverage their assets and knowledge to the where we acted. And each time that such a thing happen, it really pushed the limitation that we are addressing with our technology to further and further. So this is quite important. And of course, it the attention of potential partners because it increased the evidence that what we are offering is something very unique if all of this mega, mega company is working with us. So this is one type of catalyst. The second type of catalyst is additional collaboration agreement with pharma companies or with biotech companies where we are going to use ChemPass AI to identify small molecules which bind to the protein of interest addressing multi actor criteria, novel chemical structure and with high potency. The first set of collaboration that we engaged with small biotech companies and institution. Now we are targeting for more and bigger type of tech companies. And we are also expecting that at least some of those transactions will inject cash to the company to Evogene even in the early stage to cover 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 other chemical companies -- we are talking with some companies in this field. The industry in the last few years didn't have a positive performance the market. And this has had a negative effect on their willingness and appetite to enter into a collaboration. But things start to change now and understanding that there is a clear need for innovation increase. And also I think that the performance that AgPlenus achieved in the last year, hopefully will help us to engage in some collaboration agreements with potential partners in this industry. So to summarize, 3 type of catalyst technology collaboration with companies like Google and others, then collaboration with midsized biotech and pharma companies and collaboration with other chemical companies. This is the main catalyst I'm expecting to share coming from the core business of Evogene as we see today -- we also have some other activities such as Casterra and some other legacy 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 that what is the strategic avenue Evogene decided to go through and we truly believe this represent the highest potential for our shareholders for the next few years.

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

Yes. I would like to thank everybody to participate in today's conference call. We are here in Evogene committed to achieve our targets I can assure you that all of Evogene employees are working from home or even coming to our offices. And I'm looking forward to continue to update you and share with you additional great announcement like in the last quarter. Thank you.

Thank you. This concludes Evogene's Fourth Quarter 2025 Results Conference Call. Thank you for your participation. You may go ahead and disconnect.