Financial Performance - Cibus reported a net loss of $49.4 million for Q1 2025, an increase of $22.4 million compared to a net loss of $27.0 million in the same period last year[12]. - Total revenue for Q1 2025 was $1,034,000, a 90% increase from $545,000 in Q1 2024[32]. - Net loss for Q1 2025 was $49,392,000, compared to a net loss of $26,972,000 in Q1 2024, indicating a worsening financial position[32]. - The company had a basic and diluted net loss per share of Class A common stock of $1.34 in Q1 2025, compared to $1.12 in Q1 2024[32]. Expenses - Research and development (R&D) expenses for Q1 2025 were $11.8 million, slightly down from $12.0 million in the previous year, reflecting cost reduction initiatives[12]. - Selling, general, and administrative (SG&A) expenses rose to $9.9 million in Q1 2025, up from $7.0 million in the prior year, primarily due to a $3.0 million estimated litigation liability[12]. - Operating expenses for Q1 2025 totaled $42,605,000, compared to $18,998,000 in Q1 2024, reflecting a significant increase due to goodwill impairment of $20,950,000[32]. - The company reported a goodwill impairment of $20,950,000 in Q1 2025, which was not present in Q1 2024[32]. Cash and Assets - Cash and cash equivalents as of March 31, 2025, were $23.6 million, expected to fund operations into Q3 2025 without additional financing[12]. - Cash and cash equivalents increased to $23,587,000 as of March 31, 2025, up from $14,433,000 at the end of 2024[33]. - The total current assets increased to $25,884,000 as of March 31, 2025, compared to $16,946,000 at the end of 2024[29]. - Total liabilities rose to $261,088,000 as of March 31, 2025, compared to $252,238,000 at the end of 2024[31]. Regulatory and Product Development - Cibus achieved positive regulatory decisions for its HT1 and HT3 rice traits in Ecuador, confirming they are equivalent to traits developed through conventional breeding[1]. - The USDA-APHIS designated Cibus' canola disease resistance traits as not regulated, reinforcing the regulatory status of its RTDS technologies in the U.S.[1]. - Cibus is on track for the commercial launch of HT1 and HT3 traits by 2027, with customer germplasm integration already underway[1]. - The company expects to prepare delivery of initial traits to a California customer by mid-2025 and to a Latin American customer by the end of 2025[13]. - Cibus' Sclerotinia resistance program showed positive results, with advancements in multiple modes of action against Sclerotinia in canola[1]. Securities and Financing - Proceeds from issuances of securities amounted to $22,599,000 in Q1 2025, significantly higher than $6,534,000 in Q1 2024[33].
Cibus(CBUS) - 2025 Q1 - Quarterly Results