Evogene Reports Q1 2026 Results as AgPlenus Herbicide and Fungicide Programs Advance

Key Takeaways

• Evogene Ltd. (NASDAQ: EVGN) reported a Q1 2026 net loss of approximately $5.9 million, compared to $3.0 million in Q1 2025, driven by lower revenues and higher net financing expenses.
• AgPlenus, Evogene's agriculture subsidiary, is advancing herbicide programs through its ongoing Corteva collaboration, while an internal fungicide program has entered lead optimization.
• The Bayer-AgPlenus herbicide collaboration was formally terminated after the APTH1 target protein failed to meet product criteria; all licensed assets, including the protein target and active molecules, revert to AgPlenus.
• Evogene's ChemPass AI platform underpins both its agricultural and pharma pipelines, with a second Google Cloud collaboration announced in February 2026 to integrate AI agents into the system.
• Revenue for Q1 2026 totaled approximately $0.3 million, down from $2.3 million in Q1 2025, largely reflecting the wind-down of Casterra seed operations.

Evogene Reports Q1 2026 Results With Agriculture Pipeline in Focus

Evogene Ltd. has released its financial results for the first quarter ended March 31, 2026, reporting a net loss of approximately $5.9 million compared to $3.0 million in Q1 2025. While headline figures reflect lower revenues and warrant-related financing charges, operational activity across the company's AgPlenus agriculture subsidiary remained active, with herbicide and fungicide programs advancing under Evogene's AI-driven ChemPass platform.

AgPlenus Agriculture Programs: Progress and a Bayer Setback

AgPlenus continues to advance herbicide discovery through its collaboration with Corteva Agriscience. Separately, an internal fungicide program has reached the lead optimization stage, with the company attributing progress to the integration of AI-driven molecular design with iterative experimental validation.

The quarter also brought a notable setback: AgPlenus and Bayer have agreed to terminate their joint herbicide development project after determining the APTH1 target protein did not meet the product criteria required to advance. Under the termination terms, all assets previously licensed to Bayer, including the APTH1 protein target and associated active molecules, revert fully to AgPlenus, preserving the intellectual property within the company for potential future programs.

ChemPass AI: The Platform Behind Agricultural Discovery

Both the AgPlenus herbicide and fungicide programs operate on Evogene's proprietary ChemPass AI platform, designed to generate novel small molecules while optimizing multiple parameters from the earliest design stages. In February 2026, Evogene announced a second collaboration with Google Cloud focused on embedding advanced AI agents into ChemPass AI to automate dataset generation from complex scientific workflows, with direct applications to agricultural chemistry discovery.

“Following the strategic transformation initiated in 2025, we are now focused on execution and advancing our tech engine for small-molecule discovery and optimization, ChemPass AI, and expanding our product pipeline in pharma and agriculture, through collaborations and continued progress in our internal programs,” said Ofer Haviv, President and CEO of Evogene.

Evogene Financial Results and Subsidiary Updates

Revenue for Q1 2026 came in at approximately $0.3 million, down from $2.3 million in Q1 2025, primarily due to the wind-down of Casterra's seed operations, which contributed roughly $2.0 million in the prior-year period. Casterra has refocused exclusively on Brazil, with field trials expected to support seed sales in the 2027 growing season. R&D expenses, net of grants, declined to $1.8 million from $2.5 million, partly reflecting lower spending at AgPlenus and Casterra. Operating loss was approximately $3.2 million. As of March 31, 2026, Evogene held approximately $13.1 million in consolidated cash and short-term deposits, with quarterly cash usage of $2.8 million. On the pharma side, three new collaborations were added in Q1 2026, bringing total disclosed pharmaceutical partnerships to four.

“Looking ahead, we expect continued progress across all three of the Company's core business areas, supporting our growth trajectory and long-term value creation. We are expanding technological collaborations to strengthen our ChemPass AI innovation capabilities, advancing our pharmaceutical and ag-chemical pipelines toward key milestones, establishing new strategic partnerships, and deepening relationships with leading industry players. Across all activities, we remain focused on execution, pipeline expansion, and long-term growth,” said Mr. Haviv.