Financial Performance - Cibus reported a net loss of $25.8 million for Q4 2024, a significant decrease from a net loss of $277.2 million in the same period last year, primarily due to a prior goodwill impairment[12] - Cibus reported total revenue of $1,212,000 for the three months ended December 31, 2024, compared to $1,103,000 for the same period in 2023, representing an increase of 9.9%[29] - For the year ended December 31, 2024, total revenue was $4,262,000, a significant increase of 134.8% from $1,817,000 in 2023[29] - The net loss attributable to Cibus, Inc. for the year ended December 31, 2024, was $251,388,000, compared to a net loss of $267,627,000 in 2023, reflecting an improvement of 6.0%[29] - The company incurred total operating expenses of $19,236,000 for the three months ended December 31, 2024, significantly lower than $270,415,000 in the same period of 2023, primarily due to a reduction in impairment charges[29] Research and Development - Research and development (R&D) expenses were $12.4 million for Q4 2024, down from $14.2 million year-over-year, attributed to lower non-cash stock compensation and a reduction in personnel costs[12] - Research and development expenses for the three months ended December 31, 2024, were $12,433,000, down from $14,208,000 in 2023, indicating a decrease of 12.5%[29] Cash and Liquidity - Cash and cash equivalents as of December 31, 2024, were $14.4 million, with expectations to fund operations into late Q3 2025[12] - Cash and cash equivalents decreased to $14,433,000 as of December 31, 2024, from $32,699,000 in 2023, a decline of 55.8%[31] - The company anticipates the need for additional near-term funding to finance its activities, highlighting ongoing liquidity challenges[21] Strategic Initiatives - Cibus expects to achieve $10 million in annualized cost savings through strategic initiatives, which will reduce monthly cash use by approximately 20%[9] Partnerships and Collaborations - The company has established a partnership with Biographica to enhance disease resistance in canola and oilseed rape using AI technology[6] Product Development and Market Expansion - The company is advancing its herbicide tolerance traits in rice, generating commercial interest across multiple markets, including the U.S. and Latin America[2] - Cibus has made significant progress in its soybean platform, achieving successful edits for the HT2 trait and targeting a 75 million accessible acre market[6] - Cibus received positive greenhouse data for canola plants containing multiple modes of action, enhancing disease resistance[8] Intellectual Property - The company expanded its intellectual property coverage with additional patents across 10 plant gene editing and trait families in 2024[9] Assets and Liabilities - Total assets decreased to $350,069,000 as of December 31, 2024, down from $544,411,000 in 2023, a reduction of 35.7%[27] - Total liabilities increased to $252,238,000 as of December 31, 2024, compared to $206,117,000 in 2023, an increase of 22.4%[27] Capital Structure - Cibus' additional paid-in capital increased to $825,298,000 as of December 31, 2024, from $775,017,000 in 2023, an increase of 6.5%[27]
Cibus(CBUS) - 2024 Q4 - Annual Results