Technology
Evogene Reports Fourth Quarter and Full Year 2024 Financial Results
Published
2 years agoon
By
Conference call and webcast: today, March 6, 2025, 9:00 am ET
Financial Highlights:
In the year 2024, total revenues reached approximately $8.5 million compared to approximately $5.6 million in the year 2023. The increase in revenues is mainly due to increase in AgPlenus’ revenues from its collaboration with Bayer and an increase in Casterra’s seed sales.In Q4 2024, total revenues reached approximately $1.6 million compared to approximately $0.6 million in Q4 2023. The increase in revenues is mainly due to the increase in Casterra’s seed sales.Revenues in Q4 2024 were originally expected to be higher, however, there was a change in delivery schedule of Casterra’s seeds from 2024 to 2025. In Q4 2024, Casterra delivered ~76 tons, while in February 2025 alone, the company already delivered ~250 tons of castor seeds.During 2024, Casterra delivered to its partner a total of ~215 tons of castor seeds, while in February 2025, Casterra already delivered ~250 tons. This reflects solving the bottle neck in seed production Casterra previously faced, that caused a delay in the delivery schedule and consequent price adjustments. Casterra expects to continue delivering castor seeds mainly from its existing inventory (~400 tons) to its partners throughout 2025, based on a new schedule and new orders to be received – some replacing previous 2023 orders.In the year 2024, total R&D expenses were approximately $16.6 million compared to $20.8 million in the previous year. In Q4 2024 total R&D expenses were approximately $3.4 million compared to $5.5 million in Q4 2023. These decreases are mainly due to the end of Canonic’s activity in Q2 2024 and decrease in Lavie Bio’s, Biomica’s and Evogene’s R&D activity mainly in Q4 2024.During Q4 2024 and the beginning of 2025, Evogene established an expense reduction plan, to better align with its strategic goals, leading to a reduction of ~30% in headcount, to be completed by the end of Q1 2025.In the year 2024, total G&A expenses were approximately $7.4 million compared to $6.1 million in the previous year. G&A expenses in the year 2024 included one-time expenses of $1.5 million resulting from Evogene’s fundraising and an allowance for a doubtful debt of one of Casterra’s seed suppliers.Cash usage for 2024, without Biomica and Lavie Bio, was approximately $10.4 million compared to $12.5 million in 2023.
REHOVOT, Israel, March 6, 2025 /PRNewswire/ — Evogene Ltd. (NASDAQ: EVGN) (TASE: EVGN), a leading computational biology company aiming to revolutionize the development of life-science-based products, today announced its financial results for the fourth quarter and full year period ended December 31, 2024.
Mr. Ofer Haviv, Evogene’s President and CEO, stated: “Today Evogene announced a change in the Chair position of its Board. I am pleased to welcome Mr. Nir Nimrodi as the new Chairperson of the Board and would like to express my gratitude to Ms. Sarit Firon for her invaluable contributions as Chairperson, I am pleased that she will continue to support Evogene in her role as a board member.”
“2024 was a year of topline growth, reduction in cash use and value creation. We expect this trend to continue. I would like to share with you Evogene’s prospects for the near future,” Mr. Haviv continued. “Evogene intends to direct its efforts by focusing further on the use of our ChemPass AI tech-engine in the field of AI powered drug discovery. We plan to enhance ChemPass AI tech-engine’s competitive advantage for the pharma market segment and expect these efforts to manifest in collaborations for small-molecule drug discovery, with bio-tech companies and academic institutions. I hope we’ll be able to announce such collaborations later this year. With respect to MicroBoost AI and GeneRator AI we intend to continue the support and development of these tech-engines based on the needs of our subsidiaries, with their funding.”
“With regard to Evogene’s subsidiaries our intention is to focus on creating exit events for part of our subsidiaries. An exit event is expected to inject funds to further support Evogene’s activities. In addition, we plan to strengthen Casterra’s position as a profitable world leader in the castor oil market. Since Evogene holds 100% of Casterra we intend to use its profits to support Evogene’s activities, as well. Last, Evogene will also support subsidiaries’ efforts in their strategic fundraising activities. Part of the funds will be used by the subsidiaries to finance the development of Evogene’s tech-engines according to their needs.”
“These strategic guidelines are expected to strengthen Evogene’s financial position. Through focus on a single engine and implementation of our expense reduction plan, we expect to substantially lower expenses, and through exit events, dividends, and technology license payments, we anticipate enhancing Evogene’s financials,” Mr. Haviv concluded.
Subsidiaries’ 2025 Targets:
Casterra Ag Ltd. – focuses on developing integrated solutions for large-scale castor bean farming, utilizing GeneRator AI tech-engine.
Increase castor seeds revenue in Africa with initial sales in Brazil and additional territories.Initiate PoC trials for grain farming for oil production, with a tier 1 partner in Kenya or Brazil.Develop new varieties addressing market needs; advance at least 2 new lines to the pre-commercial phase.Develop a solution for reducing ricin quantity in meal, to be used as organic fertilizer.Strengthen and improve seed production facilities in Kenya and Brazil.
Lavie Bio Ltd. – a leading ag-biologicals company that develops microbiome-based, novel bio-stimulant and bio-pesticide products, utilizing Evogene’s MicroBoost AI tech-engine.
Engage in a new collaboration agreement for fungicides (LAV311, LAV321).Increase Yalos® revenue with initial sales in soybean.Achieve R&D milestones in ICL collaboration toward commercial agreement.Achieve R&D milestones in Corteva collaboration toward licensing agreement.
AgPlenus Ltd. – specializes in developing novel and sustainable crop protection products, utilizing Evogene’s ChemPass AI tech-engine.
Achieve second milestone in Corteva collaboration agreement.Execute Bayer herbicide collaboration according to workplan.Discover and advance 2-3 small molecules (hits) with new MoAs in Zymoseptoria program.Engage in a new collaboration agreement for fungicide (Zymoseptoria).
Biomica Ltd. – a clinical-stage biopharmaceutical company developing innovative microbiome-based therapeutics, utilizing Evogene’s MicroBoost AI tech-engine.
Complete Phase 1 study in oncology program; obtain full results and additional supporting clinical data.Submit an IND application to the US FDA and obtain FDA approval for the Phase 2 study.Obesity and Longevity programs: complete discovery and in-vitro validations; seek partners for both programs.
Financial Highlights:
Cash Position: As of December 31, 2024, Evogene held consolidated cash, cash equivalents, and short-term bank deposits of approximately $15.3 million. The consolidated cash usage during the fourth quarter of 2024 was approximately $4.6 million. Excluding Lavie Bio and Biomica, Evogene and its other subsidiaries used approximately $1.5 million in cash during the fourth quarter of 2024. Cash usage for 2024, excluding Lavie Bio and Biomica, was approximately $10.4 million, marking a notable 17% decrease from approximately $12.5 million in 2023.
Revenue: Revenues for the 12 months of 2024 were approximately $8.5 million, an increase from approximately $5.6 million in the same period the previous year. This growth was primarily driven by revenues recognized from AgPlenus’s new collaboration with Bayer and increased Casterra’s revenues from the supply of castor seeds during the period. Revenues for the fourth quarter of 2024 were approximately $1.6 million, compared to approximately $0.6 million in the same period the previous year. The increase was mainly attributable to the increase in Casterra’s seed sales and the collaboration with Bayer, as mentioned above.
R&D Expenses: Research and development expenses, net of non-refundable grants, for the 12 months of 2024 were approximately $16.6 million, a significant decrease from approximately $20.8 million in the 12 months of 2023. The decrease in expenses is mainly due to the cease of Canonic’s activities and a decrease in certain development expenses in Biomica, Evogene and Lavie Bio as compared to the same period the previous year. Research and development expenses, net of non-refundable grants, for the fourth quarter of 2024 were approximately $3.4 million, and decreased as compared to approximately $5.5 million in the same period in the previous year. The decrease is mainly attributable to decreased expenses in Lavie Bio, Biomica, Evogene and the cease of Canonic’s operations as mentioned above.
Sales and Marketing Expenses: Sales and Marketing expenses for the 12 months of 2024 were approximately $3.4 million, a slight decrease from approximately $3.6 million in the same period in the previous year. Sales and Marketing expenses for the fourth quarter of 2024 were approximately $0.7 million, a slight decrease from approximately $1.0 million in the same period in the previous year. The decrease is mainly due to the cease of Canonic’s activities.
General and Administrative Expenses: General and administrative expenses for the 12 months of 2024 increased to approximately $7.4 million from approximately $6.1 million in the same period of the previous year. The increase is mainly attributable to expenses recorded in Casterra due to a provision on a doubtful debt of a seed supplier and transaction costs related to Evogene’s fundraising that occurred in August 2024, totaling approximately $1.5 million. General and administrative expenses for the fourth quarter of 2024 increased slightly to approximately $1.4 million compared to approximately $1.2 million in the same period of the previous year.
Other Expenses: The decision to cease Canonic’s operations in the first half of 2024 resulted in other expenses of approximately $0.5 million, mainly due to impairment of fixed assets in the first quarter of 2024.
Operating Loss: The operating loss for the 12 months of 2024 was approximately $22.2 million, a decrease from approximately $26.5 million in the same period of the previous year, mainly due to increased revenues and decreased research and development expenses, offset by increased general and administrative expenses and other expenses, as mentioned above. The operating loss for the fourth quarter of 2024 was approximately $4.6 million, a decrease from approximately $7.6 million in the same period of the previous year, mainly due to increased revenues and decreased research and development expenses as mentioned above.
Financing Income / Expenses: Financing income, net for the 12 months of 2024 was approximately $4.2 million, compared to approximately $0.5 million in the same period of the previous year. Financing income, net for the fourth quarter of 2024 was approximately $4.6 million, compared to approximately $0.3 million in the same period of the previous year. The increase in financial income, net, during the 12-month period and the fourth quarter of 2024 as compared to the respective periods of 2023 was mainly associated with accounting treatment of pre-funded warrants and warrants issued in August 2024 fund raising. Pre-funded warrants and warrants were classified as a liability on the consolidated statements of financial position, were initially recorded at fair value and subsequently remeasured at each reporting period using the Black – Scholes option pricing model. As a result, during 2024 the Company recorded net financial income, related to pre-funded warrants and warrants of approximately $3.4 million.
Net Loss: The net loss for the 12 months of 2024 was approximately $18.1 million, compared to approximately $26.0 million in the same period of the previous year. The net loss for the fourth quarter of 2024 was approximately $5 thousand, compared to approximately $7.3 million in the same period of the previous year. The $7.9 million decrease in net loss for the 12 months of 2024 as compared to the 12 months of 2023 was primarily due to increased revenues, decreased research and development expenses and increased financial income, net related to warrants, offset by increased general and administrative expenses as mentioned above. The $7.3 million decrease in net loss for the fourth quarter of 2024 as compared to the fourth quarter of 2023 was primarily due to increased revenues, decreased research and development expenses and increased financial income, net related to warrants as mentioned above.
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For the financial tables click here.
***
Conference Call & Webcast Details: Thursday, March 6, 2025. 9:00 AM EST 4:00 PM IDT
To join the Zoom conference, please register in advance here
Or join via audio
US: +1 507 473 4847 or +1 564 217 2000 or +1 646 558 8656 or +1 646 931 3860
Israel: +972-3-9786688
Webinar ID: 870 4653 3198
Webcast & Presentation link available at:
https://evogene.com/investor-relations/
About Evogene Ltd.
Evogene Ltd. (NASDAQ: EVGN, TASE: EVGN) is a computational biology company leveraging big data and artificial intelligence, aiming to revolutionize the development of life-science based products by utilizing cutting-edge technologies to increase the probability of success while reducing development time and cost.
Evogene established three unique tech-engines – MicroBoost AI, ChemPass AI and GeneRator AI. Each tech-engine is focused on the discovery and development of products based on one of the following core components: microbes (MicroBoost AI), small molecules (ChemPass AI), and genetic elements (GeneRator AI).
Evogene uses its tech-engines to develop products through strategic partnerships and collaborations, and its four subsidiaries including:
Biomica Ltd. (www.biomicamed.com) – developing and advancing novel microbiome-based therapeutics to treat human disorders powered by MicroBoost AI;Lavie Bio (www.lavie-bio.com) – developing and commercially advancing, microbiome based ag-biologicals powered by MicroBoost AI;AgPlenus Ltd. (www.agplenus.com) – developing next generation ag-chemicals for effective and sustainable crop protection powered by ChemPass AI;Casterra Ag (www.casterra.co) – developing and marketing superior castor seed varieties producing high yield and high-grade oil content, on an industrial scale for the biofuel and other industries powered by GeneRator AI.
For more information, please visit: www.evogene.com.
Forward-Looking Statements
This press release contains “forward-looking statements” relating to future events. These statements may be identified by words such as “may”, “could”, “expects”, “hopes” “intends”, “anticipates”, “plans”, “believes”, “scheduled”, “estimates”, “demonstrates” or words of similar meaning. For example, Evogene and its subsidiaries are using forward-looking statements in this press release when they discuss Evogene’s success with creating collaborations for small-molecule drug discovery, with mid-size bio-tech companies and academic institutions, creating exit events for part of Evogene’s subsidiaries, continuance of delivering castor seeds to its partners throughout 2025 and the subsidiaries’ success in their strategic fundraising activities. 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. Therefore, actual future results, performance, or achievements of Evogene and its subsidiaries 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 the control of Evogene and its subsidiaries, including, without limitation, the current war between Israel, Hamas and Hezbollah and any worsening of the situation in Israel such as further mobilizations or escalation in the northern border of Israel, and those risk factors contained in Evogene’s reports filed with the applicable securities authority. In addition, Evogene and its subsidiaries rely, and expect to continue to rely, on third parties to conduct certain activities, such as their field trials and pre-clinical studies, and if these third parties do not successfully carry out their contractual duties, comply with regulatory requirements or meet expected deadlines, Evogene and its subsidiaries may experience significant delays in the conduct of their activities. Evogene and its subsidiaries disclaim any obligation or commitment to update these forward-looking statements to reflect future events or developments or changes in expectations, estimates, projections and assumptions.
Evogene Investors Relations Contact:
Email: ir@evogene.com
Tel: +972-8-9311901
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
U.S. dollars in thousands
December 31,
2024
December 31,
2023
CURRENT ASSETS:
Cash and cash equivalents
$ 15,301
$ 20,772
Short-term bank deposits
10
10,291
Trade receivables
1,091
357
Other receivables and prepaid expenses
2,064
2,973
Deferred expenses related to issuance of warrants
3,039
–
Inventories
1,819
76
23,324
34,469
LONG-TERM ASSETS:
Long-term deposits and other receivables
12
28
Investment accounted for using the equity method
82
–
Right-of-use-assets
2,447
980
Property, plant and equipment, net
1,804
2,455
Intangible assets, net
12,195
13,169
16,540
16,632
$ 39,864
$ 51,101
CURRENT LIABILITIES:
Trade payables
$ 1,228
$ 1,785
Employees and payroll accruals
1,869
2,537
Lease liability
589
853
Liabilities in respect of government grants
323
388
Deferred revenues and other advances
360
362
Warrants and pre-funded warrants liability
2,876
–
Convertible SAFE
10,371
–
Other payables
1,079
1,019
18,695
6,944
LONG-TERM LIABILITIES:
Lease liability
1,914
285
Liabilities in respect of government grants
4,327
4,426
Deferred revenues and other advances
90
393
Convertible SAFE
–
10,368
6,331
15,472
SHAREHOLDERS’ EQUITY:
Ordinary shares of NIS 0.2 par value:
Authorized – 15,000,000 ordinary shares; Issued and outstanding – 6,795,589 shares on December 31, 2024
and 5,079,313 (*) shares on December 31, 2023
363
286
Share premium and other capital reserve
272,257
269,353
Accumulated deficit
(274,071)
(257,586)
Equity attributable to equity holders of the Company
(1,451)
12,053
Non-controlling interests
16,289
16,632
Total equity
14,838
28,685
$ 39,864
$ 51,101
(*) Shares and per shares amounts have been retroactively adjusted to reflect the reserve stock split
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
U.S. dollars in thousands (except share and per share amounts)
Year ended
December 31,
Three months ended
December 31,
2024
2023
2024
2023
Revenues
$ 8,511
$ 5,640
$ 1,611
$ 578
Cost of revenues
2,683
1,692
755
398
Gross profit
5,828
3,948
856
180
Operating expenses (income):
Research and development, net
16,648
20,777
3,401
5,545
Sales and marketing
3,425
3,611
650
1,033
General and administrative
7,441
6,068
1,372
1,230
Other expenses
524
–
–
–
Total operating expenses, net
28,038
30,456
5,423
7,808
Operating loss
(22,210)
(26,508)
(4,567)
(7,628)
Financing income
7,546
1,486
4,726
358
Financing expenses
(3,342)
(965)
(144)
(71)
Financing income (expenses), net
4,204
521
4,582
287
Share of loss of an associate
39
–
13
–
Gain (loss) before taxes on income
(18,045)
(25,987)
2
(7,341)
Taxes on income (tax benefit)
9
(33)
7
(4)
Loss
$ (18,054)
$ (25,954)
$ (5)
$ (7,337)
Attributable to:
Equity holders of the Company
(16,485)
(23,879)
427
(6,601)
Non-controlling interests
(1,569)
(2,075)
(432)
(736)
$ (18,054)
$ (25,954)
$ (5)
$ (7,337)
Basic and diluted loss per share, attributable to equity holders of the Company (*)
$ (2.89)
$ (5.20)
$ 0.06
$ (1.30)
Weighted average number of shares used in computing basic and diluted loss per share (*)
5,697,245
4,589,386
6,795,589
5,079,313
(*) Shares and per shares amounts have been retroactively adjusted to reflect the reserve stock split.
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
Year ended
December 31,
Three months ended
December 31,
2024
2023
2024
2023
Cash flows from operating activities:
Loss
$ (18,054)
$ (25,954)
$ (5)
$ (7,337)
Adjustments to reconcile loss to net cash used in operating activities:
Adjustments to the profit or loss items:
Depreciation and amortization
1,530
1,641
348
418
Amortization of intangible assets
974
971
245
245
Share-based compensation
1,795
1,877
317
113
Revaluation of convertible SAFE
3
254
51
77
Net financing income
(689)
(666)
(986)
(460)
Loss (gain) from sale of property, plant and equipment
524
(26)
–
–
Excess of initial fair value of pre-funded warrants over transaction proceeds
2,684
–
–
–
Amortization of deferred expenses related to issuance of warrants
471
–
334
–
Remeasurement of pre-funded warrants and warrants
(6,529)
–
(4,589)
–
Associated Company loss share
39
–
13
–
Taxes on income (tax benefit)
9
(33)
7
(4)
811
4,018
(4,260)
389
Changes in asset and liability items:
Decrease (increase) in trade receivables
(734)
(9)
499
988
Decrease (increase) in other receivables
925
(1,445)
324
(1,025)
Decrease (increase) in inventories
(1,743)
490
(363)
37
Decrease in deferred taxes
–
94
–
94
Increase (decrease) in trade payables
(596)
742
(62)
563
Increase (decrease) in employees and payroll accruals
(668)
550
(420)
478
Increase (decrease) in other payables
62
(534)
(77)
(67)
Decrease in deferred revenues and other advances
(559)
(288)
(463)
(478)
(3,313)
(400)
(562)
590
Cash received (paid) during the period for:
Interest received
934
905
288
472
Interest paid
(67)
(115)
(11)
(23)
Taxes paid
(11)
(31)
(11)
(16)
Net cash used in operating activities
$ (19,700)
$ (21,577)
$ (4,561)
$ (5,925)
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
Year ended
December 31,
Three months ended
December 31,
2024
2023
2024
2023
Cash flows from investing activities:
Purchase of property, plant and equipment
$ (626)
$ (785)
$ (322)
$ (86)
Proceeds from sale of marketable securities
–
6,924
–
–
Purchase of marketable securities
–
(503)
–
–
Proceeds from sale of property, plant and equipment
58
26
–
–
Proceeds from short term bank deposits, net
10,190
(10,200)
9,080
(500)
Net cash provided by (used in) investing activities
9,622
(4,538)
8,758
(586)
Cash flows from financing activities:
Issuance of a subsidiary preferred shares to non-controlling interests
–
9,523
–
–
Proceeds from issuance of ordinary shares, pre-funded warrants and warrants
5,500
–
–
–
Proceeds from issuance of ordinary shares, net of issuance expenses
123
8,449
–
45
Repayment of lease liability
(901)
(836)
(206)
(212)
Proceeds from government grants
232
1,089
–
20
Repayment of government grants
(298)
(73)
–
–
Net cash provided by (used in) financing activities
4,656
18,152
(206)
(147)
Exchange rate differences – cash and cash equivalent balances
(49)
(245)
(7)
99
Decrease in cash and cash equivalents
(5,471)
(8,208)
3,984
(6,559)
Cash and cash equivalents beginning of the period
20,772
28,980
11,317
27,331
Cash and cash equivalents end of the period
$ 15,301
$ 20,772
$ 15,301
$ 20,772
Significant non-cash activities
Acquisition of property, plant and equipment
$ 120
$ 81
$ 120
$ 81
Increase of right-of-use-asset recognized with corresponding lease liability
$ 2,307
$ 194
$ –
$ 59
Exercise of pre-funded warrants
$ 2,289
$ –
$ 2,289
$ –
Investment in affiliated Company with corresponding deferred revenues
$ 120
$ –
$ –
$ –
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OASE+ and Elsevier Agree Next-Phase Read and Publish Agreement to Expand Open Access Publishing in Japan
Published
36 minutes agoon
October 26, 2026By
A new three-year term removes the annual cap on open access publishing under the Read and Publish agreement and extends eligibility beyond universities
TOKYO, Oct. 26, 2026 /PRNewswire/ — OASE+ (Open Access for Scholarly Empowerment +), the collective negotiating body established with Japanese government support to advance the country’s national open access policy, and Elsevier, a global leader in advanced information and decision support, have agreed a read-and-publish agreement covering 2027 to 2029.
The agreement further develops the framework established by Elsevier in partnership with the Japan Alliance of University Library Consortia for E-Resources (JUSTICE) for 2024 to 2026. Under this framework Japanese research institutions are able to expand open access publishing at a pace suited to their individual circumstances while maintaining access to scholarly journals.
From 2027, researchers at participating institutions will be able to publish open access in eligible Core Hybrid journals, subject to the terms of the agreement and without an annual cap on the number of open access articles. The decision to publish open access will rest with the researcher and the research itself, giving researchers greater flexibility in choosing open access publishing and greater certainty in meeting their funders’ and institutions’ open access requirements.
A separate agreement applies the same approach to Cell Press. For institutions that subscribe to Cell Press Hybrid titles, reading access and open access publishing will cover the subscribed titles. The agreement will also have no annual cap on the number of open access articles and run from 2027 to 2029.
The agreement also extends eligibility for the first time beyond universities to national research and development agencies, opening participation to a substantial part of Japan’s publicly funded research base.
Japan is one of the world’s largest producers of scientific research. Wider open access publishing increases the international visibility of that research, supports collaboration across borders, and helps ensure Japanese findings inform science, practice and policy well beyond Japan. It also advances the objectives of the Japanese government’s National Policy on Promoting Open Access to Publicly Funded Scholarly Publications and Scientific Data.
The agreement follows extended discussions between OASE+ and Elsevier and reflects the findings of a survey of the needs of institutes that expressed interest in the Read and Publish agreement, as well as experience gained through the current framework.
Professor Yasuteru Shigeta of the University of Tsukuba, Chair of OASE+, said: “In 2024, OASE was established under the Japanese government’s ‘National Policy on Promoting Open Access to Publicly Funded Scholarly Publications and Scientific Data’. Through collaboration with JUSTICE, OASE has since strengthened its framework as OASE+. This enhanced structure enabled constructive negotiations with Elsevier, building upon the achievements and experience gained through the pilot proposal implemented for JUSTICE through 2026. As a result, we are pleased that researchers will be able to publish open access in Core Hybrid journals without any cap on the number of articles, and that Cell Press Hybrid journals are now also available under a Read and Publish agreement. While there should be multiple valid approaches to advancing open access, we hope that this agreement will serve as one of those pathways and help enhance the visibility of research from Japan to create positive impact.”
Gemma Hersh, Senior Vice President, Sales and Commercial Director, Primary Research, Elsevier, said: “We are delighted that this new agreement with OASE+ will enable us to further develop our long-standing partnership with the Japanese research community. We are grateful to OASE+ and the institutions that expressed interest in the agreement for the collaboration and pragmatism they brought to our discussions, and for helping to establish a framework with broader reach across Japan’s research base. Japan’s research is of global importance, and this agreement will help ensure more of it is openly available to researchers around the world.”
Further information is available from OASE+ and on Elsevier’s open access agreements page.
Notes to editors
A Read and Publish agreement combines, in a single contract, the subscription fees research institutions paid publishers for access to scholarly articles with the fees for publishing articles open access (article publishing charges, or APCs).
Core Hybrid journals are subscription-based journals that also give authors the option to publish individual articles open access. Under the 2027 to 2029 agreement, open access publishing in eligible Core Hybrid journals is available without an annual open access publishing limit.
Cell Press Hybrid journals are subscription-based Cell Press journals that also give authors the option to publish individual articles open access. A companion agreement covering 2027 to 2029 applies to Cell Press Hybrid journals, under which reading access and open access publishing are aligned to the Cell Press Hybrid journals an institution subscribes to, without an annual open access publishing limit.
Institutions that have expressed interest will not necessarily enter into the agreement immediately. Each institution reviews the terms and decides independently whether to participate, and contract commencement dates will vary. Institutions wishing to participate must submit an expression of interest through OASE+. As of October 21, 167 institutions have expressed interest in the agreement with Elsevier.
About OASE+
OASE+ (Open Access for Scholarly Empowerment +) is a team supported by the Japanese government working to establish a collective bargaining framework, led by universities and other research institutions, for negotiations with academic publishers. Through discussions with global academic publishers, OASE+ aims to contribute to the realization of the Japanese government’s National Policy on Promoting Open Access to Publicly Funded Scholarly Publications and Scientific Data.
OASE+ succeeds the activities of OASE, which was established in 2024, and operates as a joint initiative involving the Japan Alliance of University Library Consortia for E-Resources (JUSTICE) and OASE to promote open access to scholarly publications. For more information, visit the OASE+ website.
About Elsevier
Elsevier is a global leader in advanced information and decision support. For over a century, we have been helping advance science and healthcare to advance human progress. We support academic and corporate research communities, doctors, nurses, future healthcare professionals, and educators across 170 countries in their vital work. We help impact makers achieve better outcomes with research and clinical-grade solutions built on the world’s leading evidence-based scientific and medical content, precision AI, and expert human assessment. We champion inclusion and sustainability, working with the communities that we serve. The Elsevier Foundation supports research and health partnerships around the world.
Elsevier is part of RELX, a global provider of information-based analytics and decision tools for professional and business customers. For more information, visit www.elsevier.com and follow us on social media @elsevierconnect.
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Technology
uSMART and PIVOT Fintech Introduce GlobalSave Portfolios Balanced Strategy on FollowSmart
Published
36 minutes agoon
October 26, 2026By
SINGAPORE, Oct. 26, 2026 /PRNewswire/ — uSMART Securities (Singapore) Pte. Ltd. (“uSMART”) has announced the addition of the PIVOT- GlobalSave Portfolios Balanced Strategy to its FollowSmart platform. Managed by PIVOT Fintech Pte. Ltd. (“PIVOT”), the strategy is being made available through uSMART’s digital platform as part of the companies’ collaboration to provide investors with access to professionally managed investment strategies. Investors can find information about available strategies via the uSMART App at uSMART Securities.
Streamlining Operations for Fund Management Companies
Offering professionally managed investment strategies to a wider investor base can involve significant technology, operational and client servicing requirements. FollowSmart provides a digital workflow supporting account onboarding, trade implementation, position monitoring, valuation and client reporting. The platform is designed to help investment managers handle these operational processes while focusing on portfolio management.
Empowering Investors with a Digital Marketplace
For individual investors, FollowSmart provides a digital platform for exploring professionally managed investment strategies. Available strategies span different asset classes, global markets and risk profiles. Users can review information such as investment philosophy, historical performance and the credentials of the management team, and monitor their portfolios over time. These features may help investors assess which available strategies are relevant to their own objectives and circumstances.
The PIVOT- GlobalSave Portfolios Balanced Strategy
uSMART is acting as an authorized distributor of the PIVOT- GlobalSave Portfolios Balanced Strategy, which is managed by MAS-regulated PIVOT Fintech. The investment team is led by Victor Lye. The strategy uses a quantitative investment approach informed by Modern Portfolio Theory (MPT). It invests in U.S.-listed ETFs across equities, fixed income, commodities and real estate to build globally diversified portfolios. Asset allocation weights are adjusted in response to macroeconomic trends, with the objective of balancing expected returns and risk for medium- to long-term investors.
Expanding the FollowSmart Ecosystem
The addition of PIVOT Fintech is part of uSMART’s ongoing development of the FollowSmart platform and its network of investment managers. Other strategies recently added to the platform include the Global Quantitative Core Growth Strategy by Sunova Capital Management and the JMC Absolute Return Strategy by JMC Capital Asset Management. Together, these offerings provide investors with access to a range of professionally managed investment approaches.
About uSMART Securities (Singapore) Pte Ltd – uSMART Securities (Singapore) Pte Ltd, established on March 22, 2021, is the Singapore entity under uSMART Group (uSmart Holding Ltd.). The company holds a Capital Markets Services (CMS) Licence (Licence No. CMS101161) regulated by the Monetary Authority of Singapore (MAS). Based in Singapore, it provides financial services through the uSMART platform. Its products include US, Hong Kong, Singapore, Japan and UK stocks, options, futures, ETFs, funds, Contracts for Difference (CFDs) and forex products. Its services include trading tools, client account services, risk management arrangements and segregated client fund accounts.
About PIVOT Fintech – PIVOT Fintech Pte. Ltd. (UEN 201716150D) holds a Capital Markets Services Licence (CMS100806) regulated by the Monetary Authority of Singapore and serves as the Investment Manager of the Strategy. PIVOT’s investment team is led by its founder, Victor Lye, who has over 35 years of senior leadership experience across wealth management, insurance, fintech, and artificial intelligence. He holds a First-Class Honours Degree in Economics and Accounting from the University of Adelaide and is a Chartered Financial Analyst (CFA) and Certified Financial Planner (CFP).
Risk Disclaimer – Investment involves risks. Past performance is not indicative of future performance. Investors should carefully consider their investment objectives, financial situation and risk tolerance before making any investment decision. This material is provided for information and reference purposes only and does not constitute an offer, solicitation, recommendation or investment advice. This advertisement has not been reviewed by the Monetary Authority of Singapore.
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SOURCE uSMART Securities (Singapore) Pte Ltd
Technology
FFR to Hold Listing Ceremony and Investor Day on October 26; FFAI Announces Rescheduling of YT Jia’s Investor Weekly Report to October 26
Published
36 minutes agoon
October 26, 2026By
Faraday Future announced that this week’s Investor Weekly Report from FF Founder and Global CEO YT Jia has been rescheduled to October 26.FF EAI Robotics Ecosystem Inc. (NASDAQ: FFR) will hold its Listing Ceremony and Investor Day on October 26.FFR management will outline the company’s future strategic direction and business plans and engage with investors in attendance.The full event video will be available at 5:00 p.m. ET on October 26 at: https://www.ff.com/us/
LOS ANGELES, Oct. 25, 2026 /PRNewswire/ — FF EAI Robotics Ecosystem Inc. (NASDAQ: FFR) (“FFR” or the “Company”), a U.S.-listed Embodied AI (“EAI“) robotics ecosystem company, today highlighted an update from Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) (“Faraday Future” or “FF“) that this week’s Investor Weekly Report from FF Founder and Global CEO YT Jia has been rescheduled to October 26.
FF EAI Robotics Ecosystem Inc. (NASDAQ: FFR) will hold its Listing Ceremony and Investor Day on October 26, 2026. During the event, FFR management will outline the company’s future strategic direction and business plans and engage with investors in attendance.
The full event video will be available at 5:00 p.m. ET on October 26 at: https://www.ff.com/us/
About FF EAI Robotics Ecosystem Inc.
FF EAI Robotics Ecosystem Inc. (NASDAQ: FFR) (renamed from AIxCrypto Holdings, Inc. and AIXC, effective September 30, 2026) is a U.S.-based Embodied AI (EAI) robotics company that is in the process of acquiring the FF EAI Robotics business. Upon completion of the acquisition, the Company will focus on the research and development, manufacturing, commercialization, and deployment of intelligent robotic technologies, products, and industry solutions.
The Company is committed to building a “Four-Core Full-Stack” AI ecosystem covering the full lifecycle of robotics, consisting of EAI Brain & Developer Platform, EAI Devices, Industry Productivity Solutions, and EAI Data Factory. Guided by the technology and product philosophy of “One Brain, Multi-forms, Multi-capabilities,” the Company aims to empower humanoid, biomimetic, and other robotic form factors through a unified EAI Brain, while continuously expanding their multi-task and multi-scenario capabilities. The ecosystem is designed to support the full robotics lifecycle, including R&D, deployment, data collection and training, operations, and commercial applications.
The FF EAI Robotics business has already achieved commercial deliveries of humanoid and biomimetic robotic products. Through its multi-form-factor robotic products, EAI technology platform, closed-loop data capabilities, and industry solutions, the business continues to advance the scaled adoption of robotics across real-world applications. The Company also operates RoboShare, a robot-sharing and services platform designed to connect robotic assets, service capabilities, customer demand, and ecosystem partners, further strengthening its robotics commercialization and service ecosystem.
For more information, visit www.ff.com.
ABOUT FARADAY FUTURE
Founded in 2014, Faraday Future (FF) is a U.S.-based Physical AI ecosystem company dedicated to reshaping the future of robotics and mobility solutions through AI innovation and technologies. FF focuses on two major product strategies within the Embodied AI (EAI) robotics business: EAI humanoid and bionic robots, and EAI automotive-focused robots. By building a “Four-Core Full-Stack AI” ecosystem of EAI Brain and Developer Platform, EAI Devices, Industry Productivity Solutions and EAI Data Factory, FF aims to create an evolutionary flywheel: scaled device delivery, data collection and training, continuous evolution of the EAI Brain, stronger product capability, and even larger-scale delivery and deployment. Through this flywheel, FF seeks to maximize its commercial value and lead to the advancement of Physical AI. For more information, please visit Faraday Future’s official website: https://www.ff.com/
FFR Forward-Looking Statements
This communication, including any presentation, press release, investor materials or other document of which it forms a part (this “Communication”), contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended, and other securities laws, regarding FF EAI Robotics Ecosystem Inc. (“FFR,” the “Company,” “us,” “our,” or “we”) and our industry. All statements, whether written or oral, other than statements of historical fact, including any financial projections and any statements regarding future events, our strategy, our transition to robotics operations, our plans for RoboShare, our digital asset disposition plans, the proposed acquisition of the FF EAI Robotics business, the projections referenced in this communication, our name and ticker change, any related financing, and the anticipated benefits and timing of the foregoing, our objectives, expectations, or anticipated actions or results, are forward-looking statements. You can often identify forward-looking statements by words such as “may,” “might,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “objective,” “seeks,” “likely,” or “continue,” or the negative of these terms or other similar expressions; the absence of these words does not mean a statement is not forward-looking. These statements reflect our current expectations and projections about future events as of the date of this Communication and are necessarily based on estimates and assumptions that, while considered reasonable by management, are inherently uncertain. FFR can give no assurance that such forward-looking statements or financial projections will prove to be correct.
Actual results may differ materially from those expressed or implied by these forward-looking statements as a result of numerous risks and uncertainties, both general and specific, including, but not limited to:
The proposed acquisition transaction and PIPE. The definitive agreements may be terminated in accordance with their terms, and the proposed transactions may not be completed on the terms described or at all; the conditions to closing, including the completion of FFAI’s internal restructuring of the robotics business, the execution of key employee agreements and other customary conditions, and the parties’ ability to satisfy them; the risk that the stockholder approval required under Nasdaq listing rules for the conversion of the preferred stock issued as consideration is not obtained or is delayed, and the effect of the conversion restrictions and the information statement process on the timing of conversion; the timing of the transaction and the costs of pursuing it; the issuance of a substantial number of shares as consideration and the resulting dilution to existing stockholders; the fact that the counterparty is our controlling stockholder, that it will hold a substantial majority of our outstanding shares following closing, that certain members of management serve both companies, and the conflicts of interest inherent in the transaction; the risk that the agreed valuations do not reflect the market value of our shares or of the acquired business; our dependence on the counterparty for transition, supply and support following any closing; the scope and enforceability of the non-competition and governance arrangements; the consequences of the transaction under Nasdaq listing rules, including the possibility that Nasdaq determines that the transaction requires us to satisfy initial listing requirements in connection with a business combination, change of control or change in the nature of our business; the risk that the PIPE financing, on which the transaction is not conditioned, is not completed on the anticipated terms or at all; the risk of litigation relating to the transaction; our ability to integrate and operate the acquired business; and the risk that the acquired business performs differently than anticipated.
Projections. The projections referenced in this communication were prepared by FFAI management for the FF EAI Robotics business on a standalone basis and do not reflect our existing business, transaction-related expenses or the combined company. We have not independently verified them or adopted them as guidance. They were not prepared with a view toward public disclosure or toward compliance with the published guidelines of the Securities and Exchange Commission or the American Institute of Certified Public Accountants regarding prospective financial information, and no independent registered public accounting firm has examined, compiled or performed any procedures with respect to them, and none expresses an opinion or any other form of assurance with respect to them. The projections reflect estimates and assumptions that are inherently uncertain and subject to change, including through due diligence and the review of our special committee and its financial advisor. Actual results are likely to differ, and may differ materially.
Liquidity, capital and going concern. Our limited cash and liquidity position and our history of operating losses and negative operating cash flow; substantial doubt regarding our ability to continue as a going concern, as described in our periodic reports; our need to obtain additional financing on acceptable terms or at all, and the substantial dilution to existing stockholders that additional financing may cause, including any financing completed in connection with the proposed transaction, which may not be completed or may be on less favorable terms than anticipated; our ability to fund operations pending and following the disposition of our digital asset positions; and our ability to satisfy the continued listing requirements of The Nasdaq Stock Market, including stockholders’ equity, minimum bid price and other applicable standards.
Our strategic transition and the disposition of digital assets. Risks associated with a fundamental shift in our business strategy and the redeployment of resources from a digital asset treasury strategy to robotics operations; our ability to execute the disposition of our digital asset positions in an orderly manner and on acceptable terms; the risk that amounts realized on disposition are materially less than carrying value as a result of price volatility, market depth, execution timing, custody or transfer constraints, or other limitations; tax, accounting and regulatory consequences of the dispositions; the continued volatility and regulatory uncertainty associated with digital assets and cryptocurrencies during the wind-down period; the concentration of a substantial portion of our assets in a single equity investment, including an investment in a related party, and the illiquidity, valuation uncertainty, holding-period and transfer restrictions associated with that investment; and risks arising from our relationships and agreements with related parties and significant stockholders.
Our robotics operations business. Our limited operating history in robotics operations and commercialization and the absence of a meaningful revenue history; the early stage of RoboShare and the risk that customer demand, repeat demand, pricing, utilization or unit economics do not develop as anticipated; our dependence on a small number of customers, on a single initial geographic market, and on individual events or engagements, and the risk that the loss of, or a change in the terms of, any such relationship has a disproportionate effect; our dependence on third-party robot owners, operators, suppliers, original equipment manufacturers and local partners, and on their willingness to make robots available on our platform; risks relating to the availability, cost, quality, maintenance, transport, insurance and technological obsolescence of robots and related equipment, and to supply chains, tariffs and trade measures affecting them; and our ability to expand into additional markets and to attract and retain participants on both sides of our marketplace.
Operations, safety and liability. Risks of property damage, personal injury or death arising from the operation of humanoid robots, quadrupeds and other autonomous or semi-autonomous machines in proximity to performers, employees, guests and the public, including at live events and in uncontrolled environments; product liability, premises liability, negligence and related claims and the adequacy, scope, availability and cost of our insurance coverage and of contractual indemnities from customers, owners and suppliers; the allocation of responsibility among us, robot owners, venues, event producers and customers; permitting, licensing, occupational safety and event-specific regulatory requirements; and the reputational consequences of any safety incident.
Technology, data and intellectual property. Systems, network, telecommunications or service disruptions, failures, defects or cyber-attacks; the performance, reliability and autonomy limitations of robotic systems and of the software, models and networks that support them; our collection, use, storage, transmission and protection of personal information, including images and any biometric or biometric-adjacent data captured in the course of robot deployments, and evolving privacy, biometric and artificial intelligence laws and regulations across the jurisdictions in which we operate or intend to operate; our ability to obtain, maintain, protect and enforce our intellectual property rights and to defend against third-party claims of infringement or misappropriation; and our reliance on third-party technology, platforms and licenses.
Legal, regulatory and general. The regulated industries and jurisdictions in which we operate; current or future laws or regulations and new interpretations of existing laws or regulations, including those applicable to digital assets, robotics, autonomous systems, consumer protection, advertising and endorsements; the risk that our marketplace arrangements, or the manner in which they are described, are characterized differently than we intend by regulators or courts; the failure of counterparties to perform their contractual obligations; litigation, regulatory inquiries, investigations and enforcement actions, and their costs and outcomes; business, economic, market and capital-market conditions; competition in our industry; changes in market demand for, and the pricing of, our products and services; our ability to define, design and release new products and services in a timely manner that meet customer needs; our ability to attract, retain and motivate qualified personnel, including key management; our ability to manage our growth and our transition; and our ability to maintain effective internal control over financial reporting and disclosure controls and procedures.
This list of factors is not exhaustive. Additional risks and uncertainties are described more fully in our filings with the U.S. Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2025, our Quarterly Reports on Form 10-Q, and our subsequent filings, which are available on the SEC’s website at www.sec.gov. Investors are urged to review the liquidity, capital resources and going concern disclosures contained in those reports.
The forward-looking statements in this Communication speak only as of the date hereof. Except as required by law, neither FFR nor any other person undertakes any obligation to update or revise any forward-looking statement or financial projection set out herein, whether as a result of new information, future events or otherwise. This Communication is provided for informational purposes only, does not constitute an offer to sell or the solicitation of an offer to buy any security, and does not constitute investment, tax or legal advice or any investment recommendation, and does not take into account the investment objectives or financial situation of any person. FFR reserves the right to amend or replace the information contained herein, in whole or in part, at any time, and undertakes no obligation to notify any recipient thereof. Readers are cautioned not to place undue reliance on these forward-looking statements. This caution is made under, and these forward-looking statements are intended to be covered by, the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.
FFAI FORWARD LOOKING STATEMENTS
Important factors that may affect actual results or outcomes include, among others: the Company’s ability to continue as a going concern and improve its liquidity and financial position; the Company’s ability to pay its outstanding obligations, which it currently lacks; the availability of sufficient share capital to meet its current obligations and execute on its strategy; the willingness of convertible debt investors to fund the Company; demand for the Company’s robotics products; competition in the robotics industry, which includes companies with far superior experience, funding and name recognition; the ability of the Company to build an EAI education ecosystem that serves both the B2C consumer market and the B2B institutional education market; the acceptance by teachers and students of the Company’s robotics products in the education market; the ability of the Company to expand into additional markets for its robotics products; the Company’s reliance on a single OEM for most of its robotics products; the Company’s reliance on Chinese OEMs for all of its robotics products; the possibility of the federal government banning imports of Chinese robotics products; the Company’s ability to get the planned robotics products to comply with all applicable U.S. rules and regulations; the ability of the robotics OEM to timely supply robotics to the Company; tariff uncertainty for imported products, particularly from China; the ability of the Company to close its transaction with FF EAI Robotics Ecosystem Inc. (FFR) for the sale of its robotics business; demand from automobile dealers for robotics products; the Company’s ability to homologate FX vehicles for sale; the Company’s ability to secure the necessary funding to execute on the FX strategy, which is substantial; the Company’s ability to secure an occupancy certificate covering all of its Hanford facility; the Company’s ability to remediate its material weaknesses in internal control over financial reporting and the risks related to the restatement of previously issued consolidated financial statements; the Company’s limited operating history and the significant barriers to growth it faces; the Company’s history of substantial losses and expectation of continued losses; the success of the Company’s payroll expense reduction plan; the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company’s ability to execute on its plans to enter the robotaxi and cybercab industries; the Company’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the Company’s ability to cover future warranty claims; the success of other competing manufacturers; the performance and security of the Company’s vehicles; current and potential litigation involving the Company; the Company’s ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company’s indebtedness; the Company’s ability to use its “at-the-market” program; insurance coverage; general economic and market conditions impacting demand for the Company’s products; potential negative impacts of a reverse stock split; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; circumstances outside of the Company’s control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks, and civil unrest; risks related to the Company’s operations in China; the success of the Company’s remedial measures taken in response to the Special Committee findings; the Company’s dependence on its suppliers and contract manufacturer; the Company’s ability to develop and protect its technologies; the Company’s ability to protect against cybersecurity risks; and the ability of the Company to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings; the volatility of the Company’s stock price; the ability of the Company to maintain its stock price above $1.00; and the ability of the Company to maintain compliance with Nasdaq regulations for continued listing. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Form 10-Q for the quarter ended June 30, 2026, filed with the SEC on August 13, 2026; the quarter ended March 31, 2026, filed with the SEC on May 14, 2026; and Form 10-K filed with the SEC on March 31, 2026, and other documents filed by the Company from time to time with the SEC.
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SOURCE FF EAI Robotics Ecosystem Inc.
OASE+ and Elsevier Agree Next-Phase Read and Publish Agreement to Expand Open Access Publishing in Japan
uSMART and PIVOT Fintech Introduce GlobalSave Portfolios Balanced Strategy on FollowSmart
FFR to Hold Listing Ceremony and Investor Day on October 26; FFAI Announces Rescheduling of YT Jia’s Investor Weekly Report to October 26
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