Evogene Ltd.

Welcome to Evergen's second 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 August 18, 2026. Before we begin, I would like to caution that certain statements made during this earning conference call by Evergen's management will constitute forward-looking statements that relate to future events. This presentation contains forward-looking statements relating to future events and Evergen Ltd. 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 law 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, accept, anticipate, should, planned, estimated, intent and potential or words of similar meaning. We are using forward-looking statement in this presentation when we discussed our value drivers, commercialization efforts 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 expectations, estimates, projections and assumptions, describe opinions about future events, involve certain risks and uncertainties which are difficult to predict and are not guaranteed of future performance. Riddles 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 made different materially from what is expected 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, and Iran and other regional terrorist groups supported by Iran, and any destabilization in Israel, neighboring territories or the Middle East region. And those described in greater detail in Avogen's annual report on Form 20-F and in other information Avogen files and furnished with the Israel Securities Authorities and the US Securities and Exchange Commissions, 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 publicly release the results of any revisions to any statements that may be made to reflect future events or development 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 Avigen 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 to the securities of Avigen 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 Nir Nimrodi, Evogen's Chairman of the Board of Directors, Ofer Haviv, President and CEO of Evogen, and Polina Ravzin, VP Finance of Evogen. Now I will turn the call over to Ofer Haviv. Mr. Haviv, please go ahead.

Thank you for joining Evogen's second quarter, 2026, analyst call. Today's call will be somewhat different from our usual format. Joining me is Mr. Nir Nimrodi, chairman of Evogen's board of directors. Nir will begin by presenting the board's response to the recent demand by a group of dissident shareholders seeking to replace the company's board. Following Nir's remarks, I will discuss the company's achievement during the first half of the year and our new terms expectation. We will conclude with review by Mrs. Polina Ravzin, Evogen's VP Finance, of our financial results, followed by a Q&A session. Nir, please go ahead.

Thank you, Ofer. Good morning, everyone. As chairman, my primary responsibility, together with my fellow directors, is to position Evogen for long-term sustainable value creation. We share your frustration with the historical share price, and we acted with urgency and determination to address it. Over the past 18 months, we haven't just talked about change, we have delivered it. We have fundamentally transformed Evogen into a lean, AI-driven leader in computational chemistry for pharmaceuticals and crop protection. We have streamlined operations, reduced costs, and optimized our portfolio. The question today is not whether change is necessary, as change has already been executed. The question is how we accelerate the momentum we have created. Interrupting this transformation precisely as it enters its most promising phase is a risk we cannot afford. Our strategy is already delivering tangible results. We established Kempass as our core platform, building a first-in-class generative small molecule foundation model and integrating autonomous AI agents in partnership with Google Cloud. We secured six key drug development agreements with leading biotechnology companies and premier academic institutions, validating the commercial value of our AI-driven platform, Kempass AI. We reduced headcount from 117 to 38, creating a highly focused agile organization. We lowered cash burn from approximately 20.5 million in 2024 to an expected 8.5 to 9.5 million in 2026, with further reductions anticipated in 2027. We raised approximately $11.1 million in new capital, securing the financial runway to execute our plans. And lastly, we monetized LaviBio, selling it to ICL for $15.25 million, licensed Biomica Phase 1 asset to Lishan Biotech, focused Castera on Brazil SAF market, and advanced ActPlanis novel fungicides discovery. Another strong indication of the confidence in Evogen's long-term potential comes from Mr. Leon Recanati, a member of Evogen's Board of Director and a highly respected investor. Mr. Recanati recently made a significant investment in Evogen and today he is one of the largest shareholders of the company. This recent investment reflects his strong belief in Evogen's strategy, technology and long-term value creation potential. His commitment demonstrates the confidence he has in the substantial potential of the company and further aligns his interests with those of all other Evogen shareholders. As you may know, we were presented with a demand by a group of dissident investors who are seeking to replace the entire board. Following this recent demand, we approached them openly and in good faith and engaged in a dialogue with them to understand their vision for Evogen. We even offered to collaborate and add representatives of their choosing to our board. They rejected that proposal. More importantly, to date this group has failed to present any comprehensive strategic alternative, commercial roadmap, or credible operating plan. Let me be clear, replacing most of a public technology company board is an extremely consequential decision. It should only be considered when there is a superior, fully articulated roadmap on the table. Changing directors is not a strategy, it's a disruption. A vote for this group is a vote to hand the reins of your investment to individuals with no defined plan. The risks dismantling the very momentum derives our value creation today. While we believe in continuity, we also believe in evolution. This September, assuming that we prevail in the contested election, we will proactively strengthen our board by adding two highly accomplished industry leaders, Dr. Yael Margolin, a pharmaceutical innovation and commercialization expert, and Mr. Yoshinori Oyakawa, a veteran of international biotechnology. These additions ensure our board has the precise world-class expertise required for our next phase of growth, combining fresh perspectives with critical institutional knowledge. This upcoming vote is not about resisting change. On the contrary, it's about enhancing the future we are actively building. Removing a unified board at this critical juncture would destroy the strategic plan we have been implementing and would be a profound disservice to our shareholders. On a personal note, I want to emphasize that I deeply believe in open dialogue and constructive collaboration. My door is always open to all our shareholders. If you have thoughts, feedback or wish to discuss our path forward directly, I'm always ready and happy to listen. Our focus is singular, to ensure Evogen reaches its full potential and delivers the value you deserve. We ask for your continued trust and your support for the current board and its enhanced slate of nominees, including the new board members nominees, Dr. Margolin and Mr. Oyakawa in the coming vote. Thank you. Offer back to you.