Financial Performance - Total revenue for Q2 2024 was $838,000, a significant increase from $197,000 in Q2 2023, representing a growth of 324% year-over-year[21] - The net loss for Q2 2024 was $28,478,000, compared to a net loss of $20,509,000 in Q2 2023, reflecting a 39% increase in losses[21] - For the three months ended June 30, 2024, Cibus, Inc. reported a net loss of $3,595,000, compared to a net loss of $1,819,000 for the same period in 2023, indicating an increase in losses year-over-year[23][24] - Cibus, Inc. reported a net loss of $55.5 million for the six months ended June 30, 2024, compared to a net loss of $25.9 million for the same period in 2023[27] - The net loss attributable to the company for the six months ended June 30, 2024, was $48.318 million, compared to a net loss of $24.084 million for the same period in 2023[60] Expenses - Research and development expenses for Q2 2024 were $12,993,000, up from $8,429,000 in Q2 2023, indicating a 54% increase[21] - The company reported a total operating expense of $22,320,000 for Q2 2024, compared to $19,508,000 in Q2 2023, which is an increase of 14%[21] - Stock-based compensation for the three months ended June 30, 2024, was $2,815,000, while for the same period in 2023, it was $5,014,000, showing a decrease in stock-based compensation expenses[23][24] - Stock-based compensation expense for stock options was $249,000 for the three months ended June 30, 2024, compared to $1,441,000 for the same period in 2023[110] - Stock-based compensation expense related to RSAs was $2,410,000 for the three months ended June 30, 2024, compared to $1,924,000 for the same period in 2023[114] - Stock-based compensation expense related to RSUs was $156,000 for the three months ended June 30, 2024, compared to $2,082,000 for the same period in 2023[116] Assets and Liabilities - Total assets as of June 30, 2024, were $553,380,000, an increase from $544,411,000 as of December 31, 2023[20] - Current liabilities increased to $28,972,000 as of June 30, 2024, compared to $21,323,000 at the end of 2023, marking a 36% rise[20] - The royalty liability related to parties increased to $182,330,000 as of June 30, 2024, from $165,252,000 at the end of 2023[20] - The company’s accumulated deficit increased to $(528,096,000) as of June 30, 2024, from $(479,778,000) at the end of 2023[20] - The total stockholders' equity decreased to $270,498,000 as of June 30, 2024, down from $293,470,000 at the end of 2023[20] Stock and Shares - The company issued 570,849 shares of common stock from the ATM facility, net of offering expenses, resulting in additional paid-in capital of $10,360,000 for the three months ended June 30, 2024[23] - Cibus, Inc. had 23,015,417 shares of Class A common stock outstanding as of June 30, 2024, an increase from 16,606,401 shares reported on June 30, 2023[25][26] - The company issued 927,326 shares of Class A Common Stock during the six months ended June 30, 2024, raising approximately $16.5 million from its ATM Facility[42] - The total number of potential dilutive securities, including common warrants and unvested restricted stock units, increased to 2,192,058 as of June 30, 2024, from 1,269,779 in the previous year[61] Future Outlook - Cibus, Inc. anticipates continued losses for the next several years and plans to finance future cash needs through various means, including commercialization activities and capital markets[41] - The company expects to continue generating cash flows from future product development agreements and technology licenses, including upfront and milestone payments[41] - There is substantial doubt about the company's ability to continue as a going concern for at least one year from the date of issuance of these financial statements[44] Mergers and Acquisitions - Cibus Global, LLC was formed as part of a merger transaction completed on May 31, 2023, consolidating the financial results of Cibus Global and its subsidiaries[30] - The purchase price for Cibus Global was approximately $634.75 million, based on 20,150,838 shares of Common Stock issued at a fair value of $31.50 per share[70] - The Company incurred approximately $8.2 million in expenses related to the Merger Transactions, with significant costs including $3.5 million in legal fees and $1.9 million in severance[77] - The acquisition of Cibus Global resulted in identifiable assets of $135.43 million and goodwill of $585.27 million[74] Cash Flow - Cash used by operating activities was $30.5 million for the six months ended June 30, 2024, up from $14.1 million in the prior year[27] - The company had $30.0 million in cash and cash equivalents as of June 30, 2024, down from $50.9 million at the end of June 30, 2023[27] Accounting and Valuation - The Company recorded a full valuation allowance against its net deferred tax assets as of June 30, 2024, indicating realizability concerns[81] - The weighted average amortization period for finite-lived intangible assets acquired was determined to be 20 years[76] - Fair value measurements as of June 30, 2024, included $1.04 million in money market funds classified as Level 1 assets[84] - The estimated fair value of the 2024 Common Warrants is $7.82 per warrant, based on a risk-free interest rate of 4.4% and expected volatility of 102.7%[87] Lease Obligations - The total right-of-use assets for leases as of June 30, 2024, amounted to $35,603,000[123] - Future minimum payments under operating leases total $36,686,000, with a current portion of $3,862,000 as of June 30, 2024[131]
Cibus(CBUS) - 2024 Q2 - Quarterly Report