Cibus(CBUS) - 2023 Q1 - Quarterly Report

FORM 10-Q Filing Information General Information Provides Calyxt, Inc.'s Q1 2023 Form 10-Q filing details, covering registration, exchange listing, and SEC compliance - Calyxt, Inc. filed a Quarterly Report on Form 10-Q for the period ended March 31, 2023[3] - The company's common stock is listed on The NASDAQ Stock Market LLC (Nasdaq Capital Market) under the symbol CLXT[2] - The registrant has filed all required reports during the preceding 12 months and has been subject to such filing requirements for the past 90 days[4] Filer Status and Shares Outstanding Calyxt, Inc. is a non-accelerated filer and not a shell company, with 4,973,687 common shares outstanding as of April 28, 2023 - Calyxt, Inc. is a non-accelerated filer[5] - The registrant is not a shell company[5] Common Stock Outstanding as of April 28, 2023 | Shares Outstanding | | :----------------- | | 4,973,687 | Explanatory Notes and Forward-Looking Statements Explanatory Note on Reverse Stock Split Calyxt, Inc. executed a one-for-ten reverse stock split on April 24, 2023, to meet Nasdaq's bid price rule, retroactively adjusting all share and per share amounts - A one-for-ten reverse stock split became effective on April 24, 2023, to comply with the Nasdaq Capital Market's $1.00 bid price rule[7] - All share and per share amounts in the consolidated financial statements have been retroactively adjusted for all periods presented[7] - No fractional shares were issued; instead, they were rounded up to the nearest whole share[7] Cautionary Note Regarding Forward-Looking Statements This section warns that the report contains forward-looking statements, particularly about the proposed merger with Cibus Global, LLC, future financial performance, and business strategies, which are subject to risks and uncertainties - Forward-looking statements include those about the proposed merger with Cibus Global, LLC, future financial performance, liquidity, capital resources, and ability to continue as a going concern[9] - Actual results may differ materially due to factors such as merger conditions, Nasdaq listing, competition, supply chain disruptions, and macroeconomic conditions[9][17] - The company does not assume any obligation to publicly revise or update forward-looking statements[11] Market Data and Website Disclosure Calyxt uses its website and social media as routine channels for company information, including material non-public data, advising investors to monitor these platforms - Calyxt uses its website (www.calyxt.com), corporate Twitter (@Calyxt_Inc), and LinkedIn (https://www.linkedin.com/company/calyxt-inc) as routine channels for distributing company information and complying with Regulation FD[18] - Information on these platforms is not incorporated into, or deemed part of, this Form 10-Q[19] PART I. FINANCIAL INFORMATION Item 1. Consolidated Financial Statements Presents Calyxt, Inc.'s unaudited consolidated financial statements for Q1 2023, including balance sheets, statements of operations, stockholders' equity, and cash flows, with detailed notes on accounting policies and interim funding Consolidated Balance Sheets Consolidated Balance Sheet Highlights (in Thousands) | Metric | March 31, 2023 | December 31, 2022 | | :-------------------------- | :------------- | :---------------- | | Cash and cash equivalents | $2,054 | $3,427 | | Total current assets | $2,583 | $4,132 | | Total assets | $20,285 | $22,421 | | Total current liabilities | $4,215 | $1,662 | | Total liabilities | $17,618 | $15,188 | | Total stockholders' equity | $2,667 | $7,233 | - Current liabilities increased significantly from $1,662k at December 31, 2022, to $4,215k at March 31, 2023, primarily due to increases in accrued expenses, common stock warrants, and short-term debt[24] Consolidated Statements of Operations Consolidated Statements of Operations Highlights (Three Months Ended March 31, in Thousands) | Metric | 2023 | 2022 | Change ($) | Change (%) | | :-------------------------------------- | :-------- | :-------- | :--------- | :--------- | | Revenue | $42 | $32 | $10 | 31% | | Gross profit | $42 | $32 | $10 | 31% | | Research and development | $2,209| $2,941| $(732) | (25)% | | Selling, general, and administrative | $2,296| $3,180| $(884) | (28)% | | Loss from operations | $(4,463)| $(6,089)| $1,626 | 27% | | Net loss | $(5,394)| $(5,619)| $225 | 4% | | Basic and diluted net loss per share | $(1.09)| $(1.34)| $0.25 | 19% | - Net loss improved by 4% year-over-year, primarily driven by a 25% reduction in R&D expenses and a 28% reduction in SG&A expenses[27][156] Consolidated Statements of Stockholders' Equity Consolidated Statements of Stockholders' Equity Highlights (in Thousands) | Metric | March 31, 2023 | December 31, 2022 | | :----------------------------------- | :------------- | :---------------- | | Total Stockholders' Equity | $2,667 | $7,233 | | Net loss (Q1 2023) | $(5,394) | N/A | | Stock-based compensation (Q1 2023) | $828 | N/A | - Total stockholders' equity decreased by $4,566k from December 31, 2022, to March 31, 2023, primarily due to the net loss incurred[32] Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows Highlights (Three Months Ended March 31, in Thousands) | Metric | 2023 | 2022 | Change ($) | Change (%) | | :----------------------------------------------------- | :-------- | :--------- | :--------- | :--------- | | Net cash used by operating activities | $(2,375)| $(6,404)| $4,029 | 63% | | Net cash used by investing activities | $0 | $(545) | $545 | 100% | | Net cash provided by financing activities | $903 | $10,411| $(9,508)| (91)% | | Net (decrease) increase in cash, cash equivalents, and restricted cash | $(1,472)| $3,462 | $(4,934)| (143)% | | Cash, cash equivalents, and restricted cash – end of period | $2,054| $17,883| $(15,829)| (89)% | - Net cash used by operating activities improved by 63% year-over-year, while net cash provided by financing activities decreased by 91% due to the absence of a large follow-on offering in 2023[37][170][175] [Notes to the Consolidated Financial Statements](index=10&