Financial Performance - Net loss for Q3 2025 was $24.3 million, significantly reduced from $201.5 million in the same quarter last year[16]. - Total revenue for Q3 2025 was $615,000, a decrease of 63.2% compared to $1,667,000 in Q3 2024[33]. - Net loss for Q3 2025 was $24,303,000, compared to a net loss of $201,459,000 in Q3 2024, reflecting a significant reduction in losses[33]. - Basic and diluted net loss per share of Class A common stock was $(0.44) for Q3 2025, compared to $(7.63) for Q3 2024[33]. Cash and Liquidity - Cash and cash equivalents as of September 30, 2025, were $23.9 million, expected to fund operations into early Q2 2026[16]. - Cash and cash equivalents increased to $23,886,000 as of September 30, 2025, from $14,433,000 at the end of 2024, marking a 65.7% increase[30]. - The company generated $50,100,000 in proceeds from issuances of securities during the nine months ended September 30, 2025[34]. Expenses - R&D expenses decreased to $10.8 million for Q3 2025, down from $13.0 million in the prior year, primarily due to cost reduction initiatives[16]. - SG&A expenses were $5.3 million for Q3 2025, compared to $7.7 million in the year-ago period, reflecting cost-saving measures[16]. - Research and development expenses for the nine months ended September 30, 2025, were $34,811,000, down from $37,996,000 in the same period of 2024[33]. Assets and Liabilities - Total assets decreased to $330,226,000 as of September 30, 2025, from $350,069,000 at the end of 2024, a decline of 5.7%[30]. - Total liabilities increased to $278,197,000 as of September 30, 2025, compared to $252,238,000 at the end of 2024, an increase of 10.3%[32]. - Cibus' royalty liability to related parties increased to $225,517,000 as of September 30, 2025, from $199,442,000 at the end of 2024, an increase of 13.1%[30]. - The company reported a goodwill impairment of $20,950,000 for the nine months ended September 30, 2025, compared to $181,432,000 in the same period of 2024[33]. Business Development - Cibus signed seven Rice customer agreements, representing approximately 5-7 million addressable acres and a potential annual royalty opportunity exceeding $200 million[2]. - Cibus expects to deliver HT traits to Latin American customers in Q4 2025, with field trials commencing by year-end[1]. - Positive field trial results for HT2 in Canola were reported, with traits available for seed licensing partners[1]. - The company completed pre-commercial pilot runs for biofragrance products, targeting commercial expansion in 2026[1]. - Cibus appointed Kimberly A. Box and Craig Wichner to its Board of Directors to enhance commercial expansion support[1]. Future Outlook - Cibus aims to achieve a reduced annual net cash usage of $30 million by 2026[1].
Cibus(CBUS) - 2025 Q3 - Quarterly Results