Financial Performance - Total revenue for Q3 2025 was $615,000, a decrease of 63.2% compared to $1,667,000 in Q3 2024[23] - 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[23] - The company reported a comprehensive loss of $24,301,000 for Q3 2025, compared to a comprehensive loss of $201,453,000 in Q3 2024[26] - For the three months ended September 30, 2025, Cibus, Inc. reported a net loss of $24.303 million, compared to a net loss of $179.968 million for the same period in 2024[28] - For the nine months ended September 30, 2025, Cibus, Inc. reported a net loss of $100.253 million, compared to a net loss of $256.909 million for the same period in 2024, indicating a significant improvement[32] - The net loss attributable to Cibus, Inc. stockholders for the three months ended September 30, 2025, was $23.541 million, compared to a net loss of $179.968 million for the same period in 2024[76] Expenses - Research and development expenses for Q3 2025 were $10,784,000, down from $12,990,000 in Q3 2024, indicating a 16.8% decrease[23] - Total operating expenses for Q3 2025 were $16,053,000, a substantial decrease from $202,104,000 in Q3 2024, primarily due to goodwill impairment in the prior year[23] - Stock-based compensation for the quarter was $1.886 million, reflecting an increase in employee incentives[28] - The company incurred stock-based compensation expenses of $6.363 million in 2025, down from $8.030 million in 2024, indicating a reduction in equity compensation costs[32] - Personnel expenses for the nine months ended September 30, 2025, were $20,189,000, a decrease of 9.0% from $22,129,000 in 2024[85] Assets and Liabilities - Cash and cash equivalents increased to $23,886,000 as of September 30, 2025, up from $14,433,000 at the end of 2024, representing a 65.5% increase[21] - The company's total assets decreased to $330,226,000 as of September 30, 2025, down from $350,069,000 at the end of 2024[21] - The royalty liability related to parties increased to $225,517,000 as of September 30, 2025, compared to $199,442,000 at the end of 2024, indicating a 13.1% increase[21] - The total stockholders' equity at September 30, 2025, was $52.029 million, a decrease from $74.476 million at June 30, 2025[28] - The accumulated deficit increased to $826.965 million as of September 30, 2025, compared to $803.424 million at June 30, 2025[28] Stock and Shares - The weighted average shares of Class A common stock outstanding increased to 52,925,776 in Q3 2025 from 23,586,746 in Q3 2024[23] - The balance of Class A Common Stock increased to 52,566,650 shares by September 30, 2025, from 52,480,413 shares at June 30, 2025[28] - The total number of shares outstanding increased to 52,566,650 as of September 30, 2025, from 26,429,630 as of September 30, 2024, reflecting significant equity financing activities[30] - The total potential dilutive securities as of September 30, 2025, amounted to 13,562,431, compared to 2,115,060 in 2024, indicating a substantial increase[77] Goodwill and Impairment - The company recognized a goodwill impairment of $20.950 million in 2025, a decrease from $181.432 million in 2024, reflecting a positive trend in asset valuation[32] - The Company experienced a goodwill impairment of $21.0 million for the three months ended March 31, 2025, and a total impairment of $181.4 million for the three and nine months ended September 30, 2024[59][60] - Goodwill as of September 30, 2025, was $585.266 million, with accumulated impairment losses totaling $352.750 million, resulting in a net goodwill balance of $232.516 million[106] - During the nine months ended September 30, 2025, the company recognized an impairment of goodwill amounting to $21.0 million, following a prior impairment of $181.4 million in the same period of 2024[106] Cash Flow and Financing - Cibus, Inc. generated $50.100 million in proceeds from issuances of securities during the nine months ended September 30, 2025, compared to $43.902 million in 2024[32] - The Company anticipates continued losses for the next several years and plans to finance future cash needs through various means, including commercialization activities and public or private equity or debt financings[44] - In January 2025 and June 2025, the Company raised approximately $21.4 million and $25.0 million, respectively, from registered direct offerings[46] - The Company recorded a nominal income tax provision for foreign jurisdictions for the three and nine months ended September 30, 2025, due to a history of net operating losses[140] Deferred Revenue - Deferred revenue balance as of September 30, 2025, is $932,000, reflecting an increase from $918,000 as of June 30, 2025[63] - For the nine months ended September 30, 2025, $2.582 million of deferred revenue was earned, with the same amount received, resulting in no change in the balance[63] - The collaboration agreement revenue for the three months ended September 30, 2025, was $386,000, compared to $1,447,000 in 2024, showing a significant decline[154] - The company had $0.9 million of deferred revenue from R&D activities under the P&G agreement as of September 30, 2025[153] Operational Changes - The Company implemented a restructuring initiative, including a workforce reduction of approximately 34 full-time employees, to preserve capital resources[50] - The Company terminated its at-the-market facility during the third quarter of 2025, having not issued any shares from it during the nine months ended September 30, 2025[45] Currency and Translation Adjustments - Cibus, Inc. experienced a foreign currency translation adjustment of $2 million during the quarter[28] - Cibus, Inc. reported a foreign currency translation adjustment of $31,000 for the nine months ended September 30, 2025, compared to a loss of $23,000 in 2024, indicating fluctuations in currency exchange rates[32] Other Financial Metrics - The company has not experienced any counterparty credit losses and maintains a diversified portfolio of high investment-grade securities[86] - The company is currently evaluating the impact of recently issued accounting standards on its financial statements[90] - The company recorded depreciation and amortization expense of $939,000 for the three months ended September 30, 2025, compared to $1.172 million for the same period in 2024[103]
Cibus(CBUS) - 2025 Q3 - Quarterly Report