Evogene Ltd. (EVGN): Business Model Canvas [Dec-2025 Updated]

You're digging into Evogene Ltd. after its major late-2025 pivot to become a focused, AI-driven computational chemistry leader, and honestly, the new strategic blueprint is quite telling. The entire operation now centers on monetizing the proprietary ChemPass AI platform, which they claim hits discovery with 90% precision for pharma and ag partners. Financially, they've tightened the belt, reporting net operating expenses down to just $2.9 million in Q3 2025 while holding about $16.0 million in cash as of September 30, 2025, with early revenue driven by Casterra seed sales totaling $3.5 million over nine months. This canvas lays out exactly how Evogene Ltd. is structuring its key activities and partnerships to convert that deep tech into licensing milestones, so dive in to see the full, distilled map of their current strategy.

Evogene Ltd. (EVGN) - Canvas Business Model: Key Partnerships

You're looking at the core alliances that are shaping Evogene Ltd.'s strategy as of late 2025. These partnerships are critical for funding the shift toward computational chemistry and maximizing the value of the AI engines.

ICL Group, Sale of Lavie Bio Assets, and MicroBoost AI for Ag

Evogene Ltd. completed a significant divestiture in July 2025, transferring key agricultural assets to an affiliate of ICL Group Ltd.. This move was part of Evogene Ltd.'s strategic transition, allowing it to focus on its computational chemistry platform. The transaction included the transfer of Lavie Bio Ltd.'s core team, technology platform, and microbial bank.

Here's the quick math on the transaction proceeds, as reported in the Second Quarter 2025 results:

What this estimate hides is that the deal also involved the redemption of the simple agreement for future equity investment (SAFE) made by an ICL affiliate. By the end of the third quarter of 2025, Evogene Ltd.'s cash and short-term bank deposits stood at approximately $16 million, which reflects these proceeds. Lavie Bio Ltd. continues to maintain its collaboration agreement with an existing partner post-sale.

Google Cloud for Generative AI Foundation Model Development

Evogene Ltd. finalized version 1.0 of its generative AI foundation model for small molecule design in collaboration with Google Cloud in June 2025. This model enhances the ChemPass AI tech-engine. The infrastructure for training and deployment was provided by Google Cloud's advanced AI resources.

The scale and performance metrics for this partnership are concrete:

• Trained on a proprietary dataset of approximately 38 billion molecular structures.
• Internal analysis shows approximately 90% precision in successful novel molecule designs.
• Traditional GPT AI-models achieved approximately 29% precision in the same internal analysis.
• Development for version 2.0 of the foundation model is already underway.

Existing Agreements with Corteva and Syngenta from Lavie Bio Activity

The financial legacy of the former Lavie Bio Ltd. agreements impacts current revenue reporting. Revenues recognized in the first quarter of 2025 were down compared to the prior year, partly due to the absence of revenue from Lavie Bio Ltd.'s license agreement with Corteva, which was recognized in the first quarter of 2024. Similarly, revenue for the nine months of 2025 decreased due to lower revenue recognized from the collaboration agreement with Corteva, which was completed during 2024. Corteva previously held a 28% stake in Lavie Bio Ltd. following a $10 million investment in 2019. Lavie Bio Ltd. is expected to distribute funds to Evogene Ltd. as the majority shareholder from its continuing collaboration with an existing partner.

Professor Ehud Gazit (Tel Aviv University) for Small Molecule Co-development

Evogene Ltd. announced a collaboration with Professor Ehud Gazit of Tel Aviv University in August 2025. This partnership is focused on developing new therapeutics for metabolic diseases.

Tier 1 Pharmaceutical and Agricultural Companies for Future Licensing

Evogene Ltd. is positioning its AI platforms, particularly ChemPass AI, to drive future licensing deals across multi-billion-dollar markets. The completion of the generative AI foundation model is intended to accelerate R&D and attract major industry players for potential partnerships.

Evogene Ltd. (EVGN) - Canvas Business Model: Key Activities

You're looking at the core engine room activities for Evogene Ltd. as of late 2025, post-major restructuring. The focus has definitely sharpened around the AI platform, which is where the heavy lifting is happening now.

Operating and continuously refining the proprietary ChemPass AI platform.

The main operational activity is running and improving ChemPass AI, the proprietary generative AI engine for small molecule discovery. Evogene Ltd. completed version 1.0 of this foundation model, developed with Google Cloud, in June 2025. This platform is now built on a massive dataset comprising 38 billion molecular structures. Evogene Ltd. is already working on version 2.0, focusing on enhanced flexibility for multi-parameter optimization. This is the central piece of their strategy moving forward.

Generative design and optimization of novel small molecules for pharma and ag.

This activity is the direct output of the refined platform. The completed version 1.0 model demonstrates a significant leap in capability, achieving 90% precision in novel molecule designs. Honestly, that's a huge jump when you compare it to the 29% precision seen in traditional GPT AI models. Furthermore, as part of optimizing the agricultural offering, the activity of AgPlenus was integrated into Evogene Ltd., which included a 40% workforce reduction at AgPlenus to streamline this focus.

Here's a quick look at the expense structure reflecting these operational shifts through the first nine months of 2025:

Advancing Biomica's microbiome therapeutics through clinical trials (Phase 2 initiation planned).

Biomica Ltd. is driving its immuno-oncology program, BMC128, toward the next stage. The key activity here is completing the ongoing clinical trial. The expectation is that Biomica will complete its clinical trial by early 2026. The Phase 1 trial for BMC128, which was run in combination with nivolumab, involved 11 patients with refractory non-small cell lung cancer (NSCLC), melanoma, or renal cell carcinoma (RCC). Preliminary Phase 1 results showed a favorable safety profile, with no major safety events potentially associated with BMC128 reported during monotherapy or combination treatment.

Commercializing superior castor seed varieties via Casterra.

Casterra Ag Ltd. continues to commercialize its elite castor seed varieties, which are developed using Evogene Ltd.'s GeneRator AI tech. This activity is a direct revenue driver, partially offsetting other revenue declines. For instance, an increase in seed sales generated by Casterra partially offset the overall revenue decrease for the nine months of 2025. However, revenues for Casterra specifically in the third quarter of 2025 were approximately $300,000, which was a decrease compared to approximately $1.7 million in Q3 2024, mainly due to reduced seed sales in Q3 2025. On the partnership front, Casterra and Fantini partnered in November 2025 to advance agricultural mechanization for scalable commercial castor farming.

To give you some context on the pricing structure from earlier data, the selling price for their proprietary castor oil seeds was about $24.00 US/Kg. Back in 2024, Casterra anticipated around $8.4 million in revenue from unfulfilled 2023 orders and new 2024 orders in the second half of that year.

Executing organizational realignment and cost-reduction plan (completed Q2 2025).

This was a critical, completed activity that reset the operational cost base. The organizational realignment and cost-reduction plan was completed by the end of Q2 2025. A major component was Evogene Ltd. executing a 30% workforce reduction across the company. The impact of these measures is clearly visible in the third-quarter 2025 operating expenses. The company reported total operating expenses, net, of approximately $2.9 million for Q3 2025, down significantly from approximately $6.6 million in Q3 2024, with this new expense level expected to be maintained going forward.

The financial results for the nine months ending September 30, 2025, show the cumulative effect:

• Total operating loss for the nine months of 2025 was approximately $8.8 million, compared to approximately $15.3 million in the same period of 2024.
• Sales and marketing expenses for the nine months of 2025 were approximately $1.2 million, a decrease of approximately $0.4 million compared to approximately $1.6 million in the same period last year.

Finance: draft 13-week cash view by Friday.

Evogene Ltd. (EVGN) - Canvas Business Model: Key Resources

You're looking at the core assets Evogene Ltd. (EVGN) is relying on to drive its focused, AI-driven strategy as of late 2025. These aren't just line items; they are the engines of their current and future value proposition.

The most tangible resource right now is the capital base. As of September 30, 2025, Evogene Ltd. held consolidated cash, cash equivalents, and short-term bank deposits of approximately $16.0 million. This figure reflects the proceeds from recent strategic divestitures, which is key for funding the focused operations moving forward.

The technological bedrock is the proprietary ChemPass AI generative AI platform. This is the core engine for small molecule discovery and optimization across both pharma and agriculture. Here's what we know about its scale and capability:

• Proprietary generative AI engine for small molecule design.
• Completed its first-in-class foundation model, version 1.0, in collaboration with Google Cloud in June 2025.
• Utilizes advanced AI chemo-informatics tools.
• Can screen and identify small molecule candidates from an extensive >35B molecule database.

Evogene Ltd. also maintains a significant Intellectual Property (IP) portfolio, which is critical for securing the value generated by ChemPass AI. The platform is specifically designed to generate truly novel molecular structures that support the development of strong, defensible IP portfolios, addressing the challenge of securing patentability alongside efficacy.

The operational structure relies heavily on its specialized subsidiary companies, each representing a distinct area of focus, though the parent company is integrating them more closely. The table below summarizes the key subsidiaries and relevant 2025 data points we have:

Furthermore, the divestiture of Lavie Bio's majority activity and the MicroBoost AI for Ag tech-engine to ICL in July 2025 generated income, net, of approximately $7.9 million in the third quarter of 2025 alone. This cash generation event directly bolstered the current cash position. The focus is now clearly on the core, as evidenced by the cessation of Canonic's operations at the beginning of 2024 and expense reduction plans completed by Q3 2025 in subsidiaries like Biomica.

Evogene Ltd. (EVGN) - Canvas Business Model: Value Propositions

You're looking at the core promises Evogene Ltd. (EVGN) makes to its customers and partners as of late 2025, focusing on where their proprietary technology delivers tangible, measurable value across their key business units.

ChemPass AI: Accelerating small molecule discovery with 90% precision

The value proposition here is speed and accuracy in finding the right molecule. Evogene Ltd. completed version 1.0 of its generative AI foundation model for small molecule design, which is built upon a massive dataset comprising approximately 38 billion molecular structures. This engine directly addresses the challenge of finding novel molecules that meet multiple criteria simultaneously, a process that used to be sequential and low-probability. The result is a significant leap in efficiency for drug and chemical discovery.

Designing novel, multi-parameter optimized drug candidates for pharma is a major focus, leveraging this AI engine. Small molecule-based drugs currently represent nearly 60% of the global pharmaceutical market, so hitting that target with higher success rates is a huge value driver. The platform's proprietary model achieves 90% precision in novel molecule designs, which is a substantial improvement over the 29% precision seen in traditional GPT AI models for the same task.

Here's a quick look at the core performance metric for the AI engine:

Developing next-generation, sustainable crop protection chemicals (AgPlenus)

AgPlenus uses the ChemPass AI tech-engine to design sustainable crop protection chemicals. While specific product efficacy numbers aren't always public, the financial context shows the strategic shift. For the nine months ending September 30, 2025, revenue from AgPlenus activity was lower compared to the same period in 2024, which had included a one-time payment from Bayer in the first quarter of 2024. The company's focus is clearly on leveraging the AI to create better, more sustainable products for this multi-billion dollar market.

Providing high-yield, high-grade castor seed varieties for the biofuel industry (Casterra)

Casterra delivers superior castor seed varieties tailored for industrial-scale biofuel and biopolymer feedstock supply. The value is in the genetics, which are developed using Evogene Ltd.'s GeneRator AI tech-engine. You can see the commercial traction in the financials; seed sales from Casterra were the primary driver of Evogene Ltd.'s total revenue increase to approximately $3.2 million in the first half of 2025, up from approximately $2.3 million in the first half of 2024. The company has also executed on supply chain scaling, with an initial delivery of 250 tons of seed in Brazil as part of its expansion plans.

The genetics themselves offer clear advantages over non-optimized varieties:

• Exceptional germination rate of ~90%, exceeding industry benchmarks.
• High oil content, with some varieties reaching 48% to 50% oil content.
• Grain yield potential around 2.5 Ton/Ha for key varieties.
• Seed cycle time as short as 120 to 140 days from sowing to harvest for certain types.

The overall financial health supporting these value propositions as of the end of Q3 2025 was a consolidated cash position of approximately $16.0 million, with a streamlined operating expense base of approximately $2.9 million in Q3 2025, showing a commitment to maintaining runway while advancing core assets.

Evogene Ltd. (EVGN) - Canvas Business Model: Customer Relationships

You're looking at how Evogene Ltd. manages its relationships with the entities that buy its technology or products as of late 2025. The strategy has clearly shifted, emphasizing direct engagement and leveraging the core ChemPass AI engine, while Casterra continues to drive product sales.

Strategic, long-term co-development partnerships with revenue sharing.

Evogene Ltd. structures its most strategic relationships, particularly in the pharmaceutical vertical driven by ChemPass AI, around co-development models. The expected upside from these alliances is designed to be multi-faceted, capturing value throughout the product lifecycle, not just at the initial licensing stage. This approach is central to the company's 'Real-World Innovation' focus.

The structure of these potential long-term deals is laid out to capture value through several mechanisms:

A significant foundational collaboration supporting this strategy is the one with Google Cloud, which helped develop the ChemPass-AI foundation model. This model was trained on an unparalleled dataset of approximately 38 billion molecules, enhancing the platform's ability to discover clinically relevant compounds.

For the agricultural side, AgPlenus Ltd. will continue its strategic engagements with existing major partners, namely Bayer and Corteva, with expectations for new collaborations to emerge in the future.

Direct engagement with biotech and pharma R&D teams.

To accelerate the penetration of the ChemPass AI technology into the pharma vertical, Evogene Ltd. is actively building out its direct relationship management capabilities. This is a shift toward more hands-on, collaborative development rather than purely licensing out the engine.

Key elements defining this direct engagement include:

• Building a dedicated business development team in pharma.
• Planning to expand academic and industry collaborations globally.
• Announcing a collaboration in August 2025 with Professor Ehud Gazit of Tel Aviv University to develop new therapeutics for metabolic disease.

This direct approach helps ensure that the AI-designed molecules meet the maximum number of defined drug key parameters, aiming to improve the probability of successfully progressing through clinical trial stages.

Dedicated sales and marketing for Casterra's industrial seed customers.

Casterra Ag, Evogene Ltd.'s subsidiary focused on castor seed varieties for the biofuel and biopolymer industries, remains a key driver of current revenue, even as the parent company focuses on ChemPass AI. Sales and marketing efforts are dedicated to fulfilling these industrial seed orders.

Here are the concrete numbers related to Casterra's customer base and sales performance through the first three quarters of 2025:

For the nine months ending September 30, 2025, the increase in Casterra's seed sales partially offset lower revenue from AgPlenus' activities. The company's total Sales and Marketing expenses for the nine months of 2025 were approximately $1.2 million.

Evogene Ltd. (EVGN) - Canvas Business Model: Channels

You're looking at how Evogene Ltd. gets its technology and products to market as of late 2025, which is a mix of direct sales, partnerships, and validation through science. The company has been streamlining, which definitely changes the channel emphasis compared to previous years.

Direct licensing and collaboration agreements with global corporations

Evogene Ltd. continues to use its tech-engines, like ChemPass-AI, to enter into agreements with larger entities in the pharma and agriculture sectors. This channel is designed for upfront payments, R&D fees, and future royalties, though recent financial reporting shows a shift away from large, one-time license fees.

For the nine months ending September 30, 2025, total revenues were approximately $3.5 million. This compares to approximately $4.0 million in the same period in 2024. The year-over-year revenue decrease was primarily driven by lower revenue from AgPlenus' activity, which included a one-time payment from Bayer in the first quarter of 2024, and revenues recognized from the Corteva collaboration which was completed during 2024.

The strategic focus now includes signing additional collaboration agreements with biotech and later pharma partners for small molecule drug development, and expanding collaborations with existing and new leading ag-chem companies. A major channel shift involved the sale of most of Lavie Bio's activity and the MicroBoost AI for Ag tech-engine to ICL in July 2025, which generated a total of $18.71 million.

Here's a look at how revenue sources have changed across the reporting periods:

Subsidiary-led commercial sales channels for Casterra's seeds

Casterra Ag Ltd. uses a direct sales channel, focusing on integrated solutions for large-scale castor bean farming using the GeneRator AI tech-engine. This channel saw significant growth early in 2025, though it softened later in the year.

In the first quarter of 2025, Casterra delivered approximately 250 tons of castor seeds to a partner in Africa. This surpassed the approximately 215 tons delivered in the entire year of 2024. The company was also strengthening its sales team in Brazil and executing a new marketing and sales strategy. Casterra's increased seed sales were the main driver of Evogene Ltd.'s revenue in Q1 2025.

However, the channel faced headwinds by the third quarter of 2025. Revenues for Q3 2025 were only approximately $0.3 million, a sharp drop from approximately $1.7 million in Q3 2024, which was mainly attributed to reduced seed sales generated by Casterra during the third quarter of 2025. As of March 31, 2025, Casterra had approximately $2.0 million in outstanding customer receivables, with the majority expected in the second quarter of 2025.

Scientific publications and conference presentations for technology validation

Technology validation channels rely on peer review and industry visibility to support the value proposition of Evogene Ltd.'s AI platforms, which underpins future licensing deals.

The company is actively using conference presentations to communicate progress. Evogene Ltd. was scheduled to present at the H.C. Wainwright 27th Annual Global Investment Conference in New York.

Internal technology milestones serve as validation points for potential partners:

• Biomica is expected to complete its clinical trial for BMC128 by early 2026.
• Evogene Ltd. is focused on maintaining its technological edge with the ChemPass AI platform.

Finance: review Q4 2025 cash burn projections by next Tuesday.

Evogene Ltd. (EVGN) - Canvas Business Model: Customer Segments

You're looking at the core groups Evogene Ltd. targets with its AI-driven discovery platforms, especially after the strategic streamlining completed by late 2025.

Global pharmaceutical and biotech companies

This segment is central to the focus on the ChemPass AI tech-engine for small molecule drug discovery. Evogene Ltd. collaborates with these entities to co-develop innovative drugs, aiming to reduce development time and cost. A concrete example of this focus includes a collaboration announced in August 2025 with Professor Ehud Gazit of Tel Aviv University to develop new therapeutics for metabolic disease. The platform is designed to navigate uncharted chemical space to deliver finely optimized molecules. The company emphasizes capturing substantial value across multi-billion-dollar markets in human health.

Major agrochemical and crop protection corporations

Evogene Ltd. serves this market through its subsidiary AgPlenus Ltd., which develops next-generation ag chemicals powered by ChemPass AI. This segment has historically involved significant partnerships. For instance, revenue recognized in 2024 included a one-time payment of $1.0 million from AgPlenus's collaboration with Bayer. The global agriculture market, covering herbicides, insecticides, and fungicides, was valued at $79 billion in 2024. Revenue comparisons for 2025 reflect the absence of such large upfront payments from this segment compared to the prior year. The company is optimizing its agricultural offering around ChemPass AI, including a 40% workforce reduction at AgPlenus as part of integration efforts.

Industrial and biofuel producers requiring castor oil feedstock

The customer base here is served by Casterra Ag Ltd., which focuses on developing and marketing superior castor seed varieties. This segment contributes directly to Evogene Ltd.'s revenue through seed sales. For the nine months ending September 30, 2025, an increase in seed sales generated by Casterra partially offset revenue decreases from other areas. Specifically, Casterra's increased seed sales drove revenue in the first quarter of 2025, where total revenues were $2.4 million. Seed sales also contributed to the first half of 2025 total revenues of approximately $3.2 million.

Academic and research institutions for co-development

Evogene Ltd. engages with academic partners to advance its discovery engines. This segment is critical for early-stage validation and novel application development. The collaboration with Professor Ehud Gazit of Tel Aviv University to develop new therapeutics for metabolic disease is a direct engagement with a research institution. The company uses its tech-engines to develop products through strategic partnerships and collaborations. The overall strategy involves leveraging its AI platform to increase the probability of success in product development for these partners.

The revenue contribution and partnership activity related to these segments can be summarized as follows:

Evogene Ltd.'s focus on its core engine, ChemPass AI, means the structure of its customer engagement is shifting toward licensing and collaboration models that provide R&D fees, milestone payments, and revenue sharing on end products. The company's cash position as of September 30, 2025, stood at approximately $16.0 million, which supports continued focused engagement with these key customer groups.

• Focus on small molecule drug discovery for pharma.
• Advancing ag-biologicals and ag-chemicals via partnerships.
• Generating value from superior castor seed varieties.
• Co-developing therapeutics with academic experts.

Evogene Ltd. (EVGN) - Canvas Business Model: Cost Structure

You're looking at the cost base for Evogene Ltd. (EVGN) as they pivot hard into being a focused, AI-driven small molecule design company. The cost structure reflects significant streamlining efforts completed by the end of Q2 2025, which you see the full effect of in the Q3 numbers.

The company has been aggressive in cutting costs outside its core focus areas, which directly impacts the reported figures. For instance, the total operating expenses, net, were slashed to approximately $2.9 million in Q3 2025, a major drop from approximately $6.6 million in the same period of 2024. This new expense level is expected to be maintained going forward.

High R&D expenses for AI platform development and validation remain a core cost, even with overall reductions. The company is investing in its ChemPass AI tech-engine, which is central to its strategy.

Here's a breakdown of the key expense components for the first nine months of 2025 compared to the prior year:

The R&D spend for the third quarter of 2025 specifically was approximately $1.4 million, down from approximately $3.3 million in Q3 2024. This reduction was primarily due to decreased expenses in Biomica and the cessation of Canonic's operations.

Personnel costs for computational scientists and biologists are a significant component of the operating expenses, even after streamlining. Evogene initiated and executed a cost reduction plan, which included a workforce reduction of approximately 30%, with the full effect reflected starting in Q3 2025. Decreases in Sales and Marketing Expenses were mainly attributed to reductions in personnel costs across Evogene, AgPlenus, and Biomica.

Clinical trial and regulatory costs for Biomica's drug candidates are managed under the reduced R&D umbrella. Biomica is focused on completing its clinical trial for BMC128 by early 2026. The financial results for the nine months of 2025 showed a decrease in R&D expenses, which was partly due to reduced R&D expenses in Biomica.

You can see how the overall operating loss improved due to these cost controls:

• Operating Loss for the nine months of 2025 was approximately $8.8 million, a significant decrease from approximately $15.3 million in the same period of 2024.
• Operating Loss for Q3 2025 was approximately $2.7 million, down from approximately $5.9 million in Q3 2024.
• General and administrative expenses for Q3 2025 decreased to approximately $1.1 million compared to approximately $2.8 million in the same period last year.

Finance: draft 13-week cash view by Friday.

Evogene Ltd. (EVGN) - Canvas Business Model: Revenue Streams

You're looking at Evogene Ltd.'s (EVGN) revenue streams as of late 2025, which are heavily influenced by recent strategic divestitures and the core business's evolving performance. The company's reported revenue for the first nine months ending September 30, 2025, totaled approximately $3.5 million, marking a decrease from approximately $4.0 million in the corresponding nine-month period last year.

The primary components shaping Evogene Ltd.'s reported income streams reflect a transition period, with significant non-recurring income from asset sales dominating the Q3 results. The ongoing revenue from the core business is now more concentrated, especially in the agricultural technology segment.

Here is a breakdown of the key revenue and income elements impacting Evogene Ltd. as of the nine months ended September 30, 2025:

• Collaboration fees and milestone payments from licensing agreements.
• Revenue sharing/royalties on commercialized end-products.
• Seed sales revenue from Casterra, which partially offset a revenue decrease in the 9M 2025 period.
• Income from discontinued operations (Lavie Bio sale) of approximately $7.9 million in Q3 2025.

The income derived from discontinued operations is a major financial event for the period. This line item includes the financial impact of the sale of the majority of Lavie Bio Ltd.'s activities to ICL Group Ltd., which was finalized in July 2025, alongside the sale of the MicroBoost AI for Ag tech-engine to ICL. For the third quarter of 2025 alone, this generated income, net, of approximately $7.9 million, a significant swing from a loss of approximately $1.5 million in Q3 2024.

For the nine months ending September 30, 2025, the total income from discontinued operations, net, was approximately $5.7 million, compared to a loss of approximately $2.2 million for the same nine months in 2024. The overall revenue decrease of approximately $0.5 million for the nine months of 2025 was attributed to lower revenue from AgPlenus' activity, which had included a one-time payment from Bayer during the first quarter of 2024. This decline was partially counteracted by an increase in seed sales generated by Casterra.

To give you a clearer picture of the financial flow around the reporting date, here's a look at the key income/expense items for the nine months ending September 30, 2025, versus the prior year:

While specific figures for ongoing collaboration fees, milestones, or royalties aren't detailed separately in the top-line revenue figures, the overall $3.5 million in 9M 2025 revenue represents the current operational income base before considering the large, non-recurring income from the asset sales. Also, you should note the financial income related to warrants; for the nine months of 2025, this was approximately $674,000 in income, a positive shift from financing expenses net of approximately $881,000 in the same period of 2024. That's a swing of over $1.5 million just on that financing line.