Core Insights - Cibus, Inc. is advancing its gene editing technologies and has made significant progress in commercializing herbicide tolerance traits in rice, with interest from markets in Uruguay, Colombia, Brazil, Asia, and the United States [2][3] - The company has established partnerships for disease resistance in canola and oilseed rape, and is making strides in developing multiple modes of action for disease resistance traits [3][7] - Cibus has reported a net loss of $25.8 million for the quarter ended December 31, 2024, a significant decrease from a net loss of $277.2 million in the same period the previous year, primarily due to a prior goodwill impairment [10][12] Regulatory and Market Developments - The California Rice Commission approved Cibus' field research proposal, marking the first authorization for gene-edited rice planting in California [1][8] - The EU is progressing towards finalizing legislation on New Genomic Techniques (NGTs), which could facilitate international trade and improve crop varieties for EU growers [1][8] Financial Performance - Cibus reported revenue of $1.2 million for the quarter ended December 31, 2024, compared to $1.1 million in the same quarter of 2023 [10][26] - Research and development expenses decreased to $12.4 million from $14.2 million year-over-year, reflecting cost-saving measures [12][26] - The company had cash and cash equivalents of $14.4 million as of December 31, 2024, down from $32.7 million in the previous year [12][29] Strategic Initiatives - Cibus is focused on expanding its partnerships with rice seed companies across North and South America, with plans for initial trait validation trials in Latin America [9] - The company aims to achieve $10 million in annual cost savings through strategic realignment and facility consolidation [9] - Cibus is developing a fully operational soybean platform, with expectations for HT2 trait edits in soybean plants in 2025 [9][12]
Cibus Reports Fourth Quarter Financial Results and Provides Business Update