Collaboration aims to accelerate the adoption of advanced gene editing technologies in and deliver high-performance traits that support more sustainable and productive rice production in IndiaSAN DIEGO, Oct. 16, 2025 (GLOBE NEWSWIRE) -- Cibus, Inc. (Nasdaq: CBUS), a leading agricultural technology company specializing in the development and licensing of gene-edited plant traits, today announced its agreement with AgVayā, a strategic growth advisory firm that partners with leading innovators, to develop stra ...

Core Insights - Soybean-related stocks surged significantly following President Trump's comments regarding trade tensions with China, particularly affecting small-cap oilseed and agricultural biotech stocks [1][2]. Trade Tensions - Trump accused China of an "Economically Hostile Act" for not purchasing U.S. soybeans, which he claimed was harming American soybean farmers [2]. - He suggested the U.S. might terminate business with China related to cooking oil and other trade elements, asserting that the U.S. could produce cooking oil independently [2]. Soybean Short Squeeze - Australian Oilseeds Holdings Limited (NASDAQ:COOT) experienced a dramatic increase of nearly 350% in stock price due to the short squeeze triggered by Trump's remarks [3]. - The stock had previously faced pressure from trade tensions and compliance issues, but the combination of high short interest and Trump's comments created ideal conditions for a short squeeze [3]. Stock Performance - Origin Agritech Limited (NASDAQ:SEED) saw a 63% increase, while Arcadia Biosciences, Inc. (NASDAQ:RKDA) rose by 46% in early trading on the same day [4]. - The rally in soybean-related stocks exemplified a textbook short squeeze, where low-priced stocks with significant short interest surged due to news, forcing short sellers to buy back shares at higher prices [4].

Core Insights - Cibus, Inc. has completed successful field testing of its second-generation herbicide tolerance (HT2) edited Canola, confirming its efficacy under real-world conditions [1][2] - The HT2 trait will be offered to potential seed licensing partners for commercial introduction, enhancing weed management options for Canola growers [1][2] Company Overview - Cibus is a leading agricultural technology company focused on developing and licensing advanced gene-edited plant traits aimed at improving productivity, yield, and sustainability in farming [1][4] - The company utilizes proprietary high-throughput gene editing technology to develop traits more quickly and cost-effectively than conventional breeding methods, licensing these traits to seed companies for royalties [4] Product Development - The HT2 trait has shown positive results in both greenhouse and field trials, indicating its potential to provide a more effective tool for weed management in the Canola industry [2][3] - Cibus aims to deliver crop seeds with tolerance to both existing and novel herbicides, allowing farmers greater flexibility in managing weed resistance [3] Technological Advancements - Cibus' Rapid Trait Development System™ (RTDS) significantly reduces the time required for trait development compared to traditional methods, supporting the company's strategy to build a diverse portfolio of herbicide tolerance traits across multiple crops [3]

Appointment strengthens governance and commercialization strategy expertise as Cibus continues preparations for launch of its advanced trait technologies delivering crop productivity and sustainability solutions to farmersSAN DIEGO, Sept. 25, 2025 (GLOBE NEWSWIRE) -- Cibus, Inc. (Nasdaq: CBUS), a leading agricultural technology company developing and licensing advanced plant traits that enable higher yields, lower input costs, and more sustainable farming, today announced the election of Kimberly A. Box to ...

Core Insights - Cibus, Inc. is participating in UN Climate Week 2025, highlighting its role in agricultural technology and gene editing [1][2] - The event focuses on innovation and investment in energy, food, water, and climate solutions, emphasizing the importance of biotechnology and AI [2][3] Company Overview - Cibus specializes in gene-edited plant traits, addressing productivity and sustainability challenges in agriculture, with an estimated global economic impact of $300 billion annually due to diseases and pests [6] - The company utilizes proprietary high-throughput gene editing technology to develop traits more efficiently than conventional breeding, licensing these traits to seed companies for royalties [6] Event Participation - Peter Beetham, Co-Founder and Interim CEO of Cibus, will participate in a panel discussion on innovation and policy pathways for resilient futures, alongside leaders from UNDP and the World Bank [3][4] - The session aims to explore how emerging technologies can enhance resilience in food, water, and energy systems while aligning with UN Sustainable Development Goals [3][4]

Core Viewpoint - Cibus has entered into a material transfer agreement with Centro Internacional de Agricultura Tropical (CIAT) to introduce its proprietary herbicide tolerance trait into elite rice germplasm for Latin America, aiming to enhance weed management solutions for rice growers in the region [1][2][3] Group 1: Agreement Details - The agreement allows Cibus to provide its HT3 clethodim herbicide tolerance trait to HIAAL's elite rice germplasm, which has shown strong performance in field trials in the United States [2][4] - This initiative is part of a broader effort to develop high-performance rice hybrids that can tackle challenges posed by herbicide-resistant weeds, including weedy rice [2][4] Group 2: Strategic Importance - Cibus views rice as a strategic focus with potential for near-term revenue generation, as the herbicide tolerance trait is critical for improving yield potential and addressing agronomic challenges [4] - The partnership with CIAT and FLAR leverages regional expertise and an extensive germplasm bank, supporting the development of climate-resilient, high-yielding rice varieties [4][6] Group 3: Organizational Goals - The mission of FLAR is to enhance rice productivity and sustainability in Latin America by providing growers access to superior genetics and technology [3] - Cibus aims to expand its market access in Latin America through this agreement, aligning with its strategy to deliver gene-edited traits that enhance productivity and sustainability for rice farmers [3][5]

Summary of Cibus (CBUS) Financial Performance Core Viewpoint - Cibus reported a quarterly loss of $0.61 per share, which was better than the Zacks Consensus Estimate of a loss of $0.69, indicating an earnings surprise of +11.59% [1] - The company’s revenue for the quarter was $0.93 million, missing the Zacks Consensus Estimate by 19.22% [2] Financial Performance - The loss per share improved from $1.14 a year ago to $0.61 this quarter, showing a significant reduction in losses [1] - Over the last four quarters, Cibus has surpassed consensus EPS estimates two times and topped revenue estimates two times [2] Stock Performance - Cibus shares have declined approximately 48.9% since the beginning of the year, contrasting with a 10% gain in the S&P 500 [3] - The current Zacks Rank for Cibus is 3 (Hold), suggesting that the stock is expected to perform in line with the market in the near future [6] Earnings Outlook - The consensus EPS estimate for the upcoming quarter is -$0.69 on revenues of $1.27 million, and for the current fiscal year, it is -$3.34 on revenues of $5.12 million [7] - The trend of earnings estimate revisions is mixed, which could influence future stock performance [6] Industry Context - Cibus operates within the Agriculture - Operations industry, which is currently ranked in the bottom 36% of over 250 Zacks industries, indicating potential challenges ahead [8] - The performance of Cibus may be affected by the overall outlook of the industry, as top-ranked industries tend to outperform lower-ranked ones significantly [8]

Financial Data and Key Metrics Changes - Cash and cash equivalents as of June 30, 2025, were $36.5 million, with an expectation that existing cash will fund operations into Q2 2026 [22] - Revenue for Q2 was $933,000, up from $838,000 in the same period last year, indicating increased activity in partner-funded programs [22] - Research and development expenses decreased to $12.2 million from $13 million year-over-year, reflecting cost reduction initiatives [23] - Selling, general, and administrative expenses were $6.6 million, down from $9.3 million in the prior year [24] - Net loss for the quarter was $26.6 million, compared to $28.5 million in the same period last year [24] Business Line Data and Key Metrics Changes - The RIOS herbicide tolerance traits HT1 and HT3 are projected to generate over $200 million in potential annual royalty revenue, with launches targeted for Latin America in 2027 and the U.S. in 2028 [5][9] - The biofragrance program is on track for nominal revenues beginning later this year, with commercial expansion expected to ramp up in 2026 [12][13] Market Data and Key Metrics Changes - The company is witnessing a favorable global regulatory environment that is enhancing market penetration opportunities [6][14] - The EU's regulatory discussions are progressing, with expectations for resolution within six months, which could significantly benefit the company [14][45] Company Strategy and Development Direction - The company is focused on advancing its rice herbicide tolerance traits and sustainable ingredients programs, with a disciplined approach to capital allocation [6][28] - The strategic operational focus aims to reduce annual cash usage to approximately $30 million by 2026, extending the cash runway while capturing significant revenue opportunities [7][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in executing the strategy that will deliver long-term value, emphasizing the importance of gene editing in agricultural innovation [27][28] - The company anticipates initial revenues from rice traits and biofragrance products starting in 2026, with meaningful expansion thereafter [28][29] Other Important Information - The company has signed agreements with multiple customers in Latin America, enhancing its market presence and customer engagement [10][11] - The successful completion of the FDA review for altered lignin alfalfa paves the way for U.S. commercialization, although it is not expected to be a significant revenue driver compared to priority programs [20] Q&A Session Summary Question: About the germplasm transfer and field trials - Management confirmed that the germplasm transfer involves a new customer who will use the HT3 trait in their field trials [34] Question: Initial revenue expectations for biofragrance - Management clarified that nominal revenues are expected this year, with full commercial runs starting in 2026 [36] Question: EU regulatory discussions and next steps - Management indicated that the EU is working on important amendments and expects resolution within six months, paving the way for commercialization [45][70] Question: Cash burn and expense reduction timeline - Management confirmed that they are on track to reduce operating expenses to $30 million by 2026, with a disciplined approach to capital allocation [56] Question: Scale-up of sustainable ingredients - Management noted that while biofragrance revenues will ramp up quickly, sustainable ingredients may take a couple of years to see significant commercial interaction [58] Question: Differentiation in gene editing technology - Management highlighted the unique single-cell editing system that allows for complex traits without needing a null segregate, setting them apart from competitors [72][73]

PART I. FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements](index=5&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) The company presents its unaudited condensed consolidated financial statements for the period ended June 30, 2025, reporting a net loss of **$76.0 million**, including a **$21.0 million** goodwill impairment, and highlighting a "Going Concern" issue due to the need for additional capital [Financial Statements Overview](index=6&type=section&id=Financial%20Statements%20Overview) This section provides an overview of the company's financial statements, showing a net loss of **$76.0 million** for the first half of 2025, a slight decrease in total assets, and increased cash from financing activities Condensed Consolidated Balance Sheet Highlights (in Thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $36,463 | $14,433 | | Total current assets | $39,839 | $16,946 | | Goodwill | $232,516 | $253,466 | | Total assets | $346,198 | $350,069 | | Total current liabilities | $22,423 | $19,878 | | Royalty liability - related parties | $216,487 | $199,442 | | Total liabilities | $271,722 | $252,238 | | Total stockholders' equity | $74,476 | $92,157 | Condensed Consolidated Statements of Operations Highlights (in Thousands) | Account | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | $1,967 | $1,383 | | Research and development | $24,027 | $25,006 | | Selling, general, and administrative | $16,507 | $16,312 | | Goodwill impairment | $20,950 | $0 | | Loss from operations | ($59,517) | ($39,935) | | Net loss | ($75,950) | ($55,450) | | Net loss attributable to Cibus, Inc. stockholders | ($72,258) | ($48,318) | | Basic and diluted net loss per share | ($1.88) | ($2.26) | Condensed Consolidated Statements of Cash Flows Highlights (in Thousands) | Account | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($25,431) | ($30,528) | | Net cash used in investing activities | ($384) | ($397) | | Net cash provided by financing activities | $47,831 | $28,252 | | Net increase (decrease) in cash | $22,030 | ($2,678) | [Note 1. Nature of Business & Summary of Significant Accounting Policies](index=13&type=section&id=Note%201.%20Nature%20of%20Business%20%26%20Summary%20of%20Significant%20Accounting%20Policies) This note describes the company's gene editing business, highlights a "Going Concern" issue due to historical losses and capital needs, and details recent restructuring and financing efforts - The company has incurred losses since inception and management has concluded there is **substantial doubt** about its ability to continue as a going concern for at least one year from the issuance of these financial statements without raising **additional capital**[41](index=41&type=chunk)[46](index=46&type=chunk)[49](index=49&type=chunk) - In late 2024 and June 2025, the company initiated **restructuring and streamlining initiatives** to **reduce costs** and focus capital on advancing its weed management traits for Rice[47](index=47&type=chunk)[48](index=48&type=chunk) - The company raised net proceeds of approximately **$21.4 million** in a January 2025 offering and **$25.0 million** in a June 2025 offering[45](index=45&type=chunk) [Note 4. Goodwill and Intangible Assets](index=23&type=section&id=Note%204.%20Goodwill%20and%20Intangible%20Assets) This note details a **$21.0 million** goodwill impairment charge in the first half of 2025, triggered by a stock price decline, leaving a remaining balance of **$232.5 million** - A goodwill impairment charge of **$21.0 million** was recorded for the six months ended June 30, 2025[106](index=106&type=chunk) - The impairment was the result of a Triggering Event, specifically the **decline in the company's stock price**, which indicated that the fair value of the reporting unit was likely below its carrying value[57](index=57&type=chunk)[107](index=107&type=chunk) [Note 5. Stockholders' Equity](index=25&type=section&id=Note%205.%20Stockholders%27%20Equity) This note outlines significant changes in stockholders' equity, including **$21.4 million** and **$25.0 million** raised from 2025 offerings and the reclassification of warrants due to an exercise price reduction - In January 2025, the company raised net proceeds of approximately **$21.4 million** by issuing **4.34 million shares** of Class A Common Stock and **4.7 million pre-funded warrants**[115](index=115&type=chunk)[116](index=116&type=chunk) - In June 2025, the company raised net proceeds of approximately **$25.0 million** by issuing **15.7 million shares** of Class A Common Stock at **$1.75 per share**[119](index=119&type=chunk) - The exercise price for 1,198,040 of the 2024 Common Warrants was reduced to **$2.50 per share**, and these warrants were subsequently **reclassified from a liability to stockholders' equity**[113](index=113&type=chunk)[114](index=114&type=chunk) [Note 12. Subsequent Events](index=32&type=section&id=Note%2012.%20Subsequent%20Events) This note reports a post-quarter workforce reduction of approximately **34** employees, expected to incur **$0.5 million** in one-time severance charges in the second half of 2025 - A workforce reduction of approximately **34 full-time employees** was approved on July 21, 2025, to be completed by December 31, 2025[155](index=155&type=chunk) - The company estimates it will incur approximately **$0.5 million** in one-time charges for severance and other payments related to the workforce reduction[155](index=155&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's strategic shift to focus on Rice traits and cost reductions, highlighting a wider net loss due to a **$21.0 million** goodwill impairment and reiterating going concern doubts with cash projected into Q2 2026 [Overview and Business Update](index=33&type=section&id=Overview%20and%20Business%20Update) This section outlines Cibus's streamlined focus on Rice weed management traits, aiming for **$200 million** in annual royalties and reducing net cash usage to **$30.0 million** by 2026, alongside key regulatory and collaboration achievements - The company has **streamlined its operational focus** to concentrate working capital on its weed management traits for Rice[159](index=159&type=chunk) - Cost reduction initiatives are expected to reduce the company's annual net cash usage to approximately **$30.0 million** by 2026[161](index=161&type=chunk) - Recent business developments include a **new collaboration with Semillano** to advance Rice traits in Latin America, with **initial commercial launches targeted for 2027**[165](index=165&type=chunk) - The company achieved **positive regulatory milestones**, including approval for the first planting of gene-edited Rice in California and a USDA-APHIS designation that two Canola traits are **not regulated as GMOs**[168](index=168&type=chunk) [Results of Operations](index=36&type=section&id=Results%20of%20Operations) Revenue increased **42%** to **$2.0 million** for the first half of 2025, but the net loss widened to **$75.95 million** primarily due to a **$21.0 million** goodwill impairment charge Results of Operations Comparison (Three Months Ended June 30, in Thousands) | In Thousands | 2025 | 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | $933 | $838 | $95 | 11% | | Research and development | $12,228 | $12,993 | ($765) | (6)% | | Selling, general, and administrative | $6,651 | $9,327 | ($2,676) | (29)% | | Loss from operations | ($17,946) | ($21,482) | $3,536 | 16% | | Net loss | ($26,558) | ($28,478) | $1,920 | 7% | Results of Operations Comparison (Six Months Ended June 30, in Thousands) | In Thousands | 2025 | 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | $1,967 | $1,383 | $584 | 42% | | Research and development | $24,027 | $25,006 | ($979) | (4)% | | Selling, general, and administrative | $16,507 | $16,312 | $195 | 1% | | Goodwill impairment | $20,950 | $0 | $20,950 | NM | | Loss from operations | ($59,517) | ($39,935) | ($19,582) | (49)% | | Net loss | ($75,950) | ($55,450) | ($20,500) | (37)% | - The increase in net loss for the first six months of 2025 was primarily driven by a **$21.0 million goodwill impairment charge**[189](index=189&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company held **$36.5 million** in cash, but management projects this is insufficient for 12 months, raising substantial doubt about its going concern ability, with cash expected to last into Q2 2026 - As of June 30, 2025, the company had **$36.5 million** in cash and cash equivalents[197](index=197&type=chunk) - Management believes that existing cash is **not sufficient to fund operations for 12 months** and that this raises **substantial doubt about the company's ability to continue as a going concern**[214](index=214&type=chunk)[215](index=215&type=chunk) - The company's current cash runway is expected to fund planned operating expenses into the **second quarter of 2026**[214](index=214&type=chunk) Cash Flow Summary (Six Months Ended June 30, in Thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($25,431) | ($30,528) | | Net cash used in investing activities | ($384) | ($397) | | Net cash provided by financing activities | $47,831 | $28,252 | [Item 4. Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - The company's principal executive officer and principal financial officer concluded that disclosure controls and procedures were **effective** as of June 30, 2025[221](index=221&type=chunk) - **No material changes** in internal control over financial reporting occurred during the three months ended June 30, 2025[222](index=222&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) The company is not a party to any material pending legal proceedings, but has accrued a **$3.0 million** liability for potential repayment of insurance proceeds - The company is **not a party to any material pending legal proceedings** as of June 30, 2025[223](index=223&type=chunk) - Despite no material pending proceedings, the company has **accrued an estimated $3.0 million** for a litigation liability related to a potential repayment of previously awarded insurance coverage proceeds[148](index=148&type=chunk)[218](index=218&type=chunk) [Item 1A. Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) This section introduces new risks associated with the company's streamlined business focus, including potential operational challenges and dependence on market demand assumptions - A **new risk factor** was added concerning the company's streamlined business focus, which may result in **operational and strategic challenges**[225](index=225&type=chunk) - Potential challenges include **loss of institutional knowledge**, adverse effects on operations, **unplanned attrition**, and **reduced employee morale** due to cost reduction actions[226](index=226&type=chunk) - The success of the streamlined strategy is **contingent on management's assumptions** regarding market demand and competition, which are **subject to uncertainty**[227](index=227&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the quarter ended June 30, 2025, the company neither issued any unregistered equity securities nor repurchased any of its own equity securities - The company **did not issue any unregistered equity securities** during the period covered by the report[228](index=228&type=chunk) - The company **did not repurchase any shares** of its Class A or Class B Common Stock during the quarter[229](index=229&type=chunk) [Item 5. Other Information](index=42&type=section&id=Item%205.%20Other%20Information) This section reports that no Rule 10b5-1 trading plans were adopted or terminated, and Mark Finn was appointed Chairman of the Board on August 6, 2025 - On August 6, 2025, the company's Board of Directors appointed **Mark Finn as its Chairman**[230](index=230&type=chunk) [Item 6. Exhibits](index=43&type=section&id=Item%206.%20Exhibits) This section provides an index of all exhibits filed with the Form 10-Q, including agreements related to recent financing, corporate governance documents, and required SEC certifications - The report includes a **list of filed exhibits**, such as agreements related to recent financing, corporate governance documents, and required SEC certifications[231](index=231&type=chunk)

[Q2 2025 Business and Financial Highlights](index=1&type=section&id=Cibus%20Reports%20Second%20Quarter%20Financial%20Results%20and%20Provides%20Year-to-Date%20Business%20Update%20for%202025) Cibus reports Q2 2025 business and financial highlights, focusing on Rice trait advancement, sustainable ingredients, and capital raising for cash runway extension - Operational focus is being streamlined to Rice herbicide tolerance traits and partner-funded programs, targeting a reduction in annual cash usage to **~$30 million** by 2026[1](index=1&type=chunk) - Commercial launch of Rice herbicide tolerance traits (HT1, HT3) is on track, targeting Latin America in 2027 and the U.S. in 2028, with potential annual royalties over **$200 million**[1](index=1&type=chunk) - Raised **$27.5 million** in gross proceeds from a public offering to extend the cash runway and advance toward initial revenues[1](index=1&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management emphasizes advancing Rice herbicide tolerance traits and sustainable ingredients, targeting 2027-2028 commercialization and reduced cash usage by 2026 - The company is focusing on two core priorities: Rice herbicide tolerance traits and a partner-funded sustainable ingredients program[2](index=2&type=chunk) - Cost streamlining initiatives are expected to reduce annualized cash usage to approximately **$30 million** by 2026[2](index=2&type=chunk) - A new collaboration agreement was signed with Colombian Rice producer Semillano, indicating progress in customer engagement and market penetration[4](index=4&type=chunk) [Operational Progress and Regulatory Update](index=2&type=section&id=Commercial%20Progress%20for%20Priority%20Programs%20and%20Global%20Regulatory%20Developments) The company details commercial progress for priority programs, advancements in opportunity pipeline traits, and favorable global regulatory developments for gene editing [Priority Pipeline Programs](index=2&type=section&id=Priority%20Pipeline%20Traits%20and%20Programs) Significant progress is reported for Rice herbicide tolerance traits and partner-funded sustainable ingredients, with commercial launches on schedule and nominal revenues anticipated - The Rice herbicide tolerance traits (HT1, HT3) program is on track for initial commercial launches in Latin America (2027-2028) and the U.S. (2028)[7](index=7&type=chunk) - Completed delivery of Rice lines with the HT3 trait to an existing US customer and signed a new collaboration agreement with Colombian Rice producer Semillano[7](index=7&type=chunk) - The sustainable ingredients program is on track for nominal revenues in 2025, with targeted commercial expansion in 2026[7](index=7&type=chunk) [Opportunity Pipeline Programs (Available for Partnership)](index=3&type=section&id=Opportunity%20Pipeline%20Traits%20and%20Programs) Cibus highlights a deep pipeline of traits available for partnership, including promising results in Canola, Soybean, and Wheat, alongside regulatory clearances - Canola traits, including pod shatter resistance and next-generation HT2, are showing promising results in trials and are available for partnership[12](index=12&type=chunk) - Successfully edited a Soybean cell for the HT2 trait, enabling expanded development of the Soybean platform[15](index=15&type=chunk) - Successfully regenerated plants from single cells in a wheat cultivar, creating potential for partner-funded development in wheat[15](index=15&type=chunk) - The FDA issued a "no-further-questions" letter for the altered lignin alfalfa trait, clearing the path for U.S. commercialization by partner S&W Seed Company[15](index=15&type=chunk) [Global Regulatory Developments](index=2&type=section&id=Global%20Regulatory%20Development) The global regulatory environment for gene editing remains favorable, with key approvals in Ecuador, USDA-APHIS, and California for Cibus' traits - Ecuador's Ministry of Agriculture determined that Cibus' HT1 and HT3 Rice traits are equivalent to conventionally bred seeds[11](index=11&type=chunk) - USDA-APHIS designated Cibus' HT2 herbicide-tolerance trait in canola as "not regulated," marking the 17th Cibus trait to receive this designation[11](index=11&type=chunk) - The California Rice Commission approved Cibus' field research proposal, marking the first time gene-edited Rice has been authorized for planting in California[11](index=11&type=chunk) [Expected 2025 Milestones](index=4&type=section&id=Expected%20Milestones%20for%20Priority%20Pipeline%20Traits%20and%20Programs) Cibus anticipates expanding Rice program customer relationships, conducting Latin American trials, and generating nominal revenues from biofragrance products in 2025 - **Rice Program:** Expect first trait validation trials and delivery of initial traits to a Latin American customer by the end of **2025**[18](index=18&type=chunk) - **Sustainable Ingredients:** Expect to receive nominal revenues in **2025** from the commercialization of biofragrance products[18](index=18&type=chunk) [Second Quarter 2025 Financial Results](index=5&type=section&id=Second%20Quarter%202025%20Financial%20Results) This section presents Cibus' Q2 2025 financial performance, detailing net loss, operating expenses, and cash position, alongside comprehensive financial statements [Financial Performance Summary](index=5&type=section&id=Financial%20Performance%20Summary) Cibus reported a reduced net loss in Q2 2025 due to lower operating expenses, ending the quarter with $36.5 million in cash, extending its runway into Q2 2026 - Cash and cash equivalents were **$36.5 million** as of June 30, 2025. This is expected to fund planned operating expenses into the second quarter of 2026[18](index=18&type=chunk) Financial Performance Summary (in Millions) | Financial Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | R&D Expense | $12.2M | $13.0M | ($0.8M) | | SG&A Expense | $6.6M | $9.3M | ($2.7M) | | Net Loss | ($26.6M) | ($28.5M) | $1.9M | | Net Loss Per Share | ($0.61) | ($1.14) | $0.53 | [Financial Statements](index=9&type=section&id=Financial%20Statements) The financial statements provide a detailed overview of the company's balance sheet, statement of operations, and cash flows for Q2 2025 and year-to-date [Condensed Consolidated Balance Sheets](index=9&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) The balance sheets present the company's financial position, detailing assets, liabilities, and equity as of June 30, 2025, and December 31, 2024 Condensed Consolidated Balance Sheets (in thousands) | Balance Sheet Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $36,463 | $14,433 | | Total current assets | $39,839 | $16,946 | | Total assets | $346,198 | $350,069 | | Total current liabilities | $22,423 | $19,878 | | Total liabilities | $271,722 | $252,238 | | Total stockholders' equity | $74,476 | $92,157 | [Condensed Consolidated Statements of Operations](index=11&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) The statements of operations detail revenue, expenses, and net loss for the three months ended June 30, 2025, and the prior year period Condensed Consolidated Statements of Operations (in thousands) | Statement of Operations Item | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | $933 | $838 | | Research and development | $12,228 | $12,993 | | Selling, general, and administrative | $6,651 | $9,327 | | Loss from operations | ($17,946) | ($21,482) | | Net loss | ($26,558) | ($28,478) | | Net loss per share | ($0.61) | ($1.14) | [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) The cash flow statements outline net cash used in operating and investing activities, and cash provided by financing activities for the six months ended June 30, 2025 Condensed Consolidated Statements of Cash Flows (in thousands) | Cash Flow Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($25,431) | ($30,528) | | Net cash used in investing activities | ($384) | ($397) | | Net cash provided by financing activities | $47,831 | $28,252 | | Net increase (decrease) in cash | $22,030 | ($2,678) | | Cash and cash equivalents – end of period | $36,463 | $30,021 | [Company Information](index=6&type=section&id=About%20Cibus) This section provides an overview of Cibus' business model as an agricultural technology company and includes standard forward-looking statements [About Cibus](index=6&type=section&id=About%20Cibus) Cibus is an agricultural technology company specializing in gene-editing plant traits, licensing them to seed companies for royalties - Cibus is a technology company that develops and licenses plant traits to seed companies for royalties, rather than being a seed company itself[23](index=23&type=chunk) - The company's core technology is its proprietary high-throughput breeding process (Trait Machine™), which is an application of its patented Rapid Trait Development System™ (RTDS®)[24](index=24&type=chunk) [Forward-Looking Statements](index=7&type=section&id=Forward%20Looking%20Statements) This section contains standard forward-looking statements, cautioning about risks and uncertainties that could cause actual results to differ materially - The press release contains forward-looking statements regarding operational performance, liquidity, cost savings, and future revenues, which are subject to significant risks and uncertainties[27](index=27&type=chunk) - Key risks include the need for additional near-term funding, competition, intellectual property protection, reliance on third-party partners, and regulatory developments[28](index=28&type=chunk)[30](index=30&type=chunk)