Rankings Pharma & medtech Evogene

Evogene

Pharma & medtech · United StatesRank 635 of 829Prices 2 Nov 2026Model 1.4Penny

15070100

The model found several serious problems. That does not mean the stock will fall.

Biggest deductions

Margin−12
Multiples vs own history−10
Quality of growth−7

Strengths

Net cash+2

Speculative profile

A penny stock under DKK 3. The asymmetry rating is separate from the Bjarvik score and is not a recommendation.

All penny stocks

Asymmetry (1–10): 3
Price: 2.61 DKK
Market value: DKK 43m
Cash runway: 13 months
Cash / debt: 9.3 / 2.1m USD
Dilution, 12 months: +51%

Bull case

ChemPass lands a paid agreement with a larger pharmaceutical company (upfront of USD 3–5m plus milestones), Casterra gets SAF orders in Brazil, and the governance dispute is ended, e.g. with a takeover offer above the share price. As the market cap almost equals net cash, such a validation could give 3-5x up to USD 20–30m.

Bear case

The cash is burned on ChemPass with no paying customers, the governance dispute paralyzes management, and a new issue in 2027 happens at USD 0.2–0.3 with warrants. An outcome towards USD 0.1–0.2 (−50–75%) is realistic, but a full zero within a year is unlikely with 13 months of runway.

Catalysts

2026-11-19 (approx.)Q3 2026 results: cash burn and any paid ChemPass agreementsgradual stockanalysis.com
no date (autumn 2026)Special takeover offer from Pure Capital/Invest Pro and clarification of the contested general meeting – may change board and strategybinary theglobeandmail.com
29 Mar 2027Nasdaq's extended deadline to regain USD 1 (reverse split 1:2–1:15 approved)binary stocktitan.net

Risk of going to zeromedium – runway of approx. 13 months and net cash roughly equal to the market cap, but no real revenue, negative equity for the parent company and a long history of cash burn.

Next financingConsolidated cash USD 9.3m at 30/6-2026 and spending of 2.1m in Q2 (guidance 8.5-9.5m for 2026) give about 12-13 months of runway, i.e. a new issue around H2 2027 - earlier if the activists gain control or ChemPass requires investment. Part of the cash sits in subsidiaries with minority owners.

Warrants & convertiblesNot mapped in detail. USD 11.1m raised over about 18 months (share count +51% in a year); no convertible loans found. Debt consists of leases (USD 2.1m).

Insiders, last 12 monthsNot examined in detail; no insider purchases found in the sources read. Insiders own c. 8.5% according to stockanalysis.

Largest ownersL.I.A. Pure Capital and Invest Pro Shukai Hon combined 14.67% (2.31m shares, July 2026); insiders about 8.5%, institutions about 5.6% according to stockanalysis.

Circio check(1) Small market cap: yes – approx. USD 6.5m. (2) Hot theme: yes – AI in drug development. (3) Upcoming milestones: partial – purchase offer and governance, but no clinical data. (4) Major partner: no – only unnamed small biotech companies and universities (ICL bought Lavie Bio, but that is an exit). (5) Funding for 2+ years: no – approx. 13 months. (6) Price near the bottom: yes – −66% in a year and −98% from 2021 adjusted for splits.

Why this asymmetryThe price is close to the net cash, and the activists' purchase offer may provide a floor or a premium, while an AI theme gives upside on news. But the platform is unvalidated, revenue almost zero, and the cash disappears in about a year, so new dilution is likely.

How the score is built

From 100 to 44, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

44Score

Hover or select a step to see what drove it. Steps with findings open them below.

Key numbers

As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.

Price: 0.36 USD
Median analyst target: –
Upside to median: –
Analysts: none
Target range: –
52-week change: −71%
P/E (trailing): n/a
Forward P/E: n/a
PEG: n/a

Findings

Every deduction and every plus, with its source. Open a step to read them.

Business

Is the company getting stronger, not just bigger? · 4 findings−27 of −30

Margin
Operating result −USD 14.2m on revenue of 1.66m TTM and negative gross profit (−1.1m). The company has had losses every year and has an accumulated deficit of USD 290m.
stockanalysis.com
−12
Quality of growth
Revenue fell to USD 0.7m in H1 2026 from 2.9m the year before (-82% TTM), because Lavie Bio is closed after the sale of the assets to ICL. The new ChemPass AI business has no measurable revenue yet.
evogene.com
−7
Moat
AI-driven molecule design is a crowded field (Schrödinger, Recursion, Insilico and others). The six drug deals are with unnamed small biotech companies and universities with no amounts disclosed, so the platform is not commercially validated.
stocktitan.net
−4
Capital allocation
The share count has risen 51% over a year after USD 11.1m in new money, and the company has changed strategy several times (agriculture, ag-biologics, castor, now pharmaceuticals). Positive: employees cut from 117 to 38 and annual spending halved.
stockanalysis.com
−4

Price

Today's multiples against the company's own history and its peers. · 1 finding−10 of −35

Multiples vs own history
P/S 4.0 and EV/Sales 5.1 vs 2.1–2.3 and 1.8–2.9 in 2024–2025 on falling revenue; P/B 1.14 vs 0.69–0.88, and equity attributable to the parent's shareholders is negative (−USD 3.3m). The market value (approx. 6.5m) roughly equals net cash.
stockanalysis.com
−10

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−15 of −35

Management and governance
Contested vote at the general meeting on 4/9-2026: the activists Pure Capital and Invest Pro (14.67%) contest the result and have announced a special tender offer, and two board members (Oikawa and Margolin) resigned on 9/9-2026.
stocktitan.net
−6
Dilution and financing
With expected burn of USD 8.5–9.5m in 2026 and 9.3m in consolidated cash (partly in subsidiaries with minority owners), new money must be raised within approx. a year at a price far below earlier issues.
stocktitan.net
−6
Listing risk
Price below USD 1 since February 2026; Nasdaq granted an extra period to 29/3-2027. The general meeting has approved a reverse split of 1:2-1:15 within 18 months, so the risk of OTC delisting is moderate.
stocktitan.net
−3

Plus

Only documented strengths. · 1 finding+2 of +15

Net cash
Net cash of USD 7.2m (cash 9.3m, debt 2.1m in leasing) as of 30/6-2026 – roughly the entire market cap. Lavie Bio distributed USD 4.25m, of which Evogene received approx. 2.9m.
evogene.com
+2

Caveats

What the score does not capture, or where the data is weak.

Penny analysis (Under DKK 3 – USA). Israeli company (Nasdaq and Tel Aviv) shifting from agricultural biotech to AI-based computational chemistry for drugs (ChemPass AI); Lavie Bio has been sold to ICL, Casterra (castor for SAF in Brazil) has been retained. Placed in 'Medicine & medtech' as the closest category (AI platform for drug development); not cyclical. Figures from the Q2 2026 report, 6-Ks and stockanalysis. Consolidated cash (USD 9.3m) includes subsidiaries with minority owners (minority interests USD 9.1m in equity); the parent's share has not been calculated. The high turnover (about USD 4m/day vs a market cap of about 6.5m) is by all accounts linked to the fight over the board: the activists Pure Capital and Invest Pro (14.67%) are contesting the vote from 4/9-2026 and have announced a special tender offer under Israeli company law; price and stake have not been published. Warrant details, insider trades and the terms of the six ChemPass agreements have not been mapped. No stockanalysis analyst page (forecast 404).