Exhibit 99.1

Unaudited Pro Forma Condensed Balance Sheet

(Dollars in Thousands, except for share amounts)


    Historical              
  As of         As of  
    September 30,     September 30,           September 30,  
    2019     2019           2019  
    Orgenesis     Sale of
MaSTher
Cell

Note 2(c)
    Pro Forma
Adjustments
Notes
2(a)+(b)
    Pro Forma  
                         
 Assets                        
                         
CURRENT ASSETS:                        
Cash and cash equivalents $ 10,054   $ (9,951 ) $ 119,535   $ 119,638  
Restricted Cash   653     (189 )         464  
Accounts receivable, net   5,075     (6,769 )   2,533     839  
Prepaid expenses and other receivables   914     (587 )         327  
Grants receivable   2,218     (1,918 )         300  
Inventory   1,859     (1,686 )         173  
Total current assets  $ 20,773   $ (21,100 ) $ 122,068   $ 121,741  
NON-CURRENT ASSETS:                        
Deposits   615     (326 )         289  
Loans to related party   2,093                 2,093  
Other intercompany  receivables         (2,178 )   2,178     -  
Property, plant and equipment, net   17,742     (15,319 )         2,423  
Intangible assets, net   14,256     (10,924 )         3,332  
Operating lease right-of-use assets   9,595     (8,794 )         801  
Goodwill   14,489     (9,818 )         4,671  
Intercompany loan receivable         (2,489 )   2,489     -  
Other assets   36                 36  
Total non-current assets    58,826     (49,848 )   4,667     13,645  
                         
TOTAL ASSETS $ 79,599   $ (70,948 ) $ 126,735   $ 135,386  

 Liabilities and Equity                        
                         
CURRENT LIABILITIES:                        
Accounts payable $ 7,693   $ (3,226 ) $ -   $ 4,467  
Accrued expenses and other payables   1,719     (397 )   19,700     21,022  
Employees and related payables   3,618     (2,042 )         1,576  



Advance payments on account of grant   2,735     (2,246 )         489  
Short-term loans and current maturities of  long term loans   642     (359 )         283  
Contract liabilities   5,708     (5,536 )         172  
Current maturities of long-term debt and finance leases   227     (227 )         -  
Current maturities of operating leases   1,624     (1,253 )         371  
Current maturities of convertible loans   397                 397  
Total current liabilities $ 24,363   $ (15,286 ) $ 19,700   $ 28,777  
                         
LONG-TERM LIABILITIES:                        
Non-current operating leases   7,435     (6,931 )         504  
Loans payable   1,283     (1,283 )         -  
Convertible loans   8,465                 8,465  
Retirement benefits obligation   26                 26  
Deferred taxes   1,964     (1,795 )         169  
Long-term debt and finance leases   505     (505 )         -  
Other long-term liabilities   322                 322  
Total long-term liabilities   20,000     (10,514 )   -     9,486  
TOTAL LIABILITIES $ 44,363   $ (25,800 ) $ 19,700   $ 38,263  
                         
COMMITMENTS REDEEMABLE NON-CONTROLLING INTEREST   24,139     (24,139 )   -     -  
                         
TOTAL EQUITY   11,097     (21,009 )   107,035     97,123  
                         
TOTAL LIABILITIES AND EQUITY $ 79,599   $ (70,948 ) $ 126,735   $ 135,386  



Unaudited Pro Forma Statement of Operations

(Dollars in Thousands, except for share amounts)


    Historical        
  Nine Months Ended     Nine Months Ended  
    September 30,     September 30,     September 30,  
    2019     2019     2019  
    Orgenesis     Sale of
MaSTherCell

Note 2(d)
    Pro Forma  
REVENUES $ 24,179   $ (21,397 ) $ 2,782  
COST OF REVENUES   15,643     (12,706 )   2,937  
GROSS PROFIT   8,536     (8,691 )   (155 )
                   
RESEARCH AND DEVELOPMENT EXPENSES, net   7,597     659     8,256  
AMORTIZATION OF INTANGIBLE ASSETS   1,547     (1,224 )   323  
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES   17,448     (9,011 )   8,437  
OTHER INCOME, net   (104 )   89     (15 )
OPERATING LOSS   17,952     (796 )   17,156  
FINANCIAL EXPENSES , net   588     6     594  
LOSS BEFORE INCOME TAXES   18,540     (790 )   17,750  
TAX EXPENSES   649     (761 )   (112 )
NET LOSS   19,189     (1,551 )   17,638  
NET (INCOME) LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS (INCLUDING REDEEMABLE)   (1,128 )   1,075     (53 )
NET LOSS ATTRIBUTABLE TO ORGENESIS INC.   18,061     (476 )   17,585  
                   
LOSS PER SHARE:                  
Basic $ 1.35         $ 1.27  
Diluted $ 1.35         $ 1.27  
WEIGHTED AVERAGE NUMBER OF SHARES USED IN COMPUTATION OF BASIC AND DILUTED EARNINGS (LOSS) PER SHARE:                  
Basic $ 15,858,666         $ 15,858,666  
Diluted $ 15,858,666         $ 15,858,666  



Unaudited Pro Forma Statement of Operations

(Dollars in Thousands, except for share amounts)


    Historical        
    One Month Ended  
    December 31,     December 31,     December 31,  
    2018     2018     2018  
    Orgenesis     Sale of
MaSTherCell
Note 2(e)
    Pro Forma  
REVENUES $ 1,852     (1,709 )   143  
COST OF REVENUES   1,221      (1,078 )   143  
GROSS PROFIT   631     (631 )   -   
                   
RESEARCH AND DEVELOPMENT EXPENSES, net   1,431     66     1,497  
AMORTIZATION OF INTANGIBLE ASSETS   179     (141  )   38  
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES   1,984      ( 999   )   985  
OPERATING LOSS   2,963     (443   )   2,520  
FINANCIAL EXPENSES , net   27      (17    )   10  
LOSS BEFORE INCOME TAXES   2,990     (460   )   2,530  
TAX (INCOME) EXPENSES   (83 )   124     41  
NET LOSS   2,907     (336   )   2,571  
NET (INCOME) LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS (INCLUDING REDEEMABLE)   (163 )   152     (11 )
NET LOSS ATTRIBUTABLE TO ORGENESIS INC.   2,744      (184   )   2,560  
                   
LOSS PER SHARE:                  
Basic $ 0.19           0.17  
Diluted $ 0.19           0.17  
WEIGHTED AVERAGE NUMBER OF SHARES USED IN COMPUTATION OF BASIC AND DILUTED EARNINGS (LOSS) PER SHARE:                  
Basic $ 15,423,040           15,423,040  
Diluted $ 15,423,040           15,423,040  



Unaudited Pro Forma Statement of Operations

(Dollars in Thousands, except for share amounts)


    Historical        
    Year Ended     Year Ended  
    November 30,     November 30,     November 30,  
    2018     2018     2018  
    Orgenesis     Sale of
MaSTherCell
Note 2(f)
    Pro Forma  
REVENUES   18,655     (17,273 )   1,382  
COST OF REVENUES   10,824     (9,403 )   1,421  
GROSS PROFIT (LOSS)   7,831     (7,870 )   (39 )
                   
RESEARCH AND DEVELOPMENT EXPENSES, net   6,464     1,259     7,723  
AMORTIZATION OF INTANGIBLE ASSETS   1,913     (1,725  )   188  
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES   16,303     (6,196  )   10,107  
OTHER INCOME, net   (2,930 )   (1,600 )   (4,530 )
OPERATING LOSS   13,919     (392 )   13,527  
FINANCIAL EXPENSES , net   3,117     (185 )   2,932  
SHARE IN NET LOSS OF ASSOCIATED COMPANIES   731      -      731  
LOSS BEFORE INCOME TAXES   17,767     (577 )   17,190  
TAX EXPENSES   1,337     (1,185 )   152  
NET LOSS   19,104     (1,762 )   17,342  
NET (INCOME) LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS (INCLUDING REDEEMABLE)   (813 )   771     (42 )
NET LOSS ATTRIBUTABLE TO ORGENESIS INC.   18,291     (991 )   17,300  
                   
LOSS PER SHARE:                  
Basic   1.43           1.30  
Diluted   1.43           1.30  
WEIGHTED AVERAGE NUMBER OF SHARES USED IN COMPUTATION OF BASIC AND DILUTED EARNINGS (LOSS) PER SHARE:                  
Basic   13,374,103           13,374,103  
Diluted   13,374,103           13,374,103  



Unaudited Pro Forma Statement of Operations

(Dollars in Thousands, except for share amounts)


    Historical        
    Year Ended     Year Ended  
    November 30,     November 30,     November 30,  
    2017     2017     2017  
    Orgenesis     Sale of
MaSTherCell
Note 2(g)
    Pro Forma  
REVENUES   10,089     (10,089 )   -  
COST OF REVENUES   6,807      (6,807 )   -  
GROSS PROFIT (LOSS)   3,282     (3,282  )   -  
                   
RESEARCH AND DEVELOPMENT EXPENSES, net   2,478     757     3,235  
AMORTIZATION OF INTANGIBLE ASSETS   1,631     (1,631  )   -  
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES   9,189     (4,699 )   4,490  
OPERATING LOSS   10,016     (2,291 )   7,725  
FINANCIAL EXPENSES , net   2,447     (238 )   2,209  
SHARE IN NET LOSS OF ASSOCIATED COMPANIES   1,214      -     1,214  
LOSS BEFORE INCOME TAXES   13,676     (2,528 )   11,148  
TAX (INCOME) EXPENSES   (1,310 )   1,310     -  
NET LOSS   12,367     (1,219 )   11,148  
NET (INCOME) LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS (INCLUDING REDEEMABLE)   -     -     -  
NET LOSS ATTRIBUTABLE TO ORGENESIS INC.   12,367      (1,219 )   11,148  
                   
LOSS PER SHARE:                  
Basic   1.28           1.15  
Diluted   1.31           1.19  
WEIGHTED AVERAGE NUMBER OF SHARES USED IN COMPUTATION OF BASIC AND DILUTED EARNINGS (LOSS) PER SHARE:                  
Basic   9,679,964           9,679,964  
Diluted   9,714,252           9,714,252  


1. Basis of Presentation

The historical financial information has been adjusted to give pro forma effect to events that are (i) directly attributable to the divestiture, (ii) factually supportable and (iii) expected to have a continuing impact on the combined results. The pro forma adjustments are preliminary and based on estimates and have been prepared to illustrate the estimated effect of the divestiture. The pro forma financial information presented is not intended to reflect or be indicative of the Company's consolidated results of operations or financial position had the divestiture occurred as of the dates presented and should not be taken as a representation or projection of the Company's future consolidated results of operations or financial condition. The pro forma adjustments described below were based on management's assumptions and estimates, including assumptions relating to consideration received.

The Company's historical results are derived from its unaudited balance sheet as of September 30, 2019, unaudited statements of operations for the nine months ended September 30, 2019, unaudited statements of operations for the transition month ended December 31, 2018, and audited statements of operations for the years ended November 30, 2018 and November 30, 2017.

2. Notes to Unaudited Pro Forma Adjustments

(a)

Represents the anticipated cash proceeds from closing the Transaction, net of repayment of Orgenesis loans and intercompany balances to MaSTherCell

The net adjustment for cash is as follows (dollars in millions):

 

    Total  
Aggregate nominal purchase price from the sale $ 315.0  
Less: GPP liquidation preference and equity stake in Masthercell, SFPI - FPIM's interest in MaSTherCell S.A., distributions to Masthercell option holders, and transaction costs   (188.3 )
Estimated cash proceeds from the Transaction to the Company   126.7  
Less: Payment of intercompany loans and payables   (7.2 )
Net cash adjustment (including $1.4M to be released from Escrow) $ 119.5  

 

(b)

Represents the estimated tax effect of the Transaction assuming a combined statutory tax rate of 29% after utilizing accumulated net operating losses of approximately $29 million

(c)

Represents the historical balances of Masthercell at September 30, 2019


(d)

Represents the historical results of operations of Masthercell for the 9 months ended September 30, 2019


(e)

Represents the historical results of operations of Masthercell for the transition month ended December 31, 2018

   

(f)

Represents the historical results of operations of Masthercell for the year ended November 30, 2018


(g)

Represents the historical results of operations of Masthercell for the year ended November 30, 2017