Group 1 - Cibus, Inc. is a leading agricultural biotechnology company focused on developing plant traits through proprietary gene editing technologies [1][3] - The company participated in the BofA Securities 2025 AgTech Virtual Conference, discussing its gene editing platform and productivity trait pipeline [2] - Cibus addresses significant agricultural challenges, with the United Nations estimating that diseases and pests cost the global economy approximately $300 billion annually [3] Group 2 - Cibus is not a seed company but a technology company that licenses traits to seed companies in exchange for royalties [3] - The company has a pipeline of five productivity traits, focusing on weed management in rice, pod shatter reduction, and disease resistance [3] - Cibus aims to develop and commercialize plant traits more efficiently and cost-effectively than conventional breeding methods [3]

Summary of Cibus (CBUS) Conference Call - May 21, 2025 Company Overview - **Company Name**: Cibus (Ticker: CBUS) - **Industry**: Agricultural Biotechnology - **Focus**: Development of gene-edited crop traits in canola, rice, and soy using a rapid trait development system - **Current Rating**: Buy with a price target of $23.50 [1] Core Points and Arguments Gene Editing vs. GMO - **Definition**: Gene editing involves making precise changes to an organism's DNA, while GMOs involve transferring genes from one organism to another [3][4] - **Regulatory Recognition**: Global regulators have acknowledged that gene-edited crops are indistinguishable from natural occurrences, leading to recent approvals in various countries, including Ecuador and the EU [6] Rapid Trait Development System (RTDS) - **Technology**: Utilizes a gene repair oligonucleotide to make precise edits at the single-cell level, allowing for multiple changes within genes and across genomes [7][8] - **Speed Advantage**: Traditional plant breeding can take 10-30 years; Cibus aims to deliver new traits within 12 months, significantly improving time-to-market [9][11] Revenue Model - **Pre-Revenue Status**: Currently, Cibus is a pre-revenue company, planning to generate income through royalties from developed traits [12] - **Market Potential**: Traits developed for major crops like soy, which covers over 250 million acres in North and South America, can lead to substantial royalty income [13] - **Royalty Estimates**: Expected royalties of $10 to $15 per acre for traits related to weed management, with potential for significant revenue as traits are adopted [14][15] Developed and Developing Traits - **Current Traits**: - **Rice**: Two herbicide-tolerant traits for efficient weed management [20][21] - **Canola**: Pod shatter reduction trait to preserve yield during harvest [22] - **Future Traits**: Advanced traits in development include additional herbicide tolerance and disease tolerance for canola and soy [23][24] Farmer Value Proposition - **Cost Reduction**: Traits can reduce input costs for farmers, improving profit margins by decreasing the need for herbicides and other inputs [25][26] - **Market Dynamics**: Farmers are willing to pay a premium for traits that enhance productivity and reduce operational costs [27] Timeline for Revenue Generation - **Projected Start**: Traits expected to be planted and royalties to begin flowing in 2027, with a gradual increase through 2029 [28][29] Near-Term Catalysts - **Customer Announcements**: New customer acquisitions in the rice portfolio and advancements in field trials for advanced traits [30][31] - **Wheat Platform**: Expansion into wheat traits is also being explored [31] Bio Fragrance Business - **Overview**: Cibus has discovered a yeast that produces oil, which can be used to create bio fragrances for consumer packaged goods (CPG) companies [32][33] - **Revenue Potential**: Expected nominal revenues in 2025, with significant growth potential in the tens of millions of dollars annually [34] Key Drivers for Business Growth - **Predictability and Speed**: Ability to deliver traits within 12 months is a significant competitive advantage [36] - **Regulatory Environment**: Harmonization of regulations globally opens up markets, allowing Cibus to operate similarly to conventional breeding programs [36][37] Other Important Content - **Market Size**: Major crops involved cover over 500 million acres, indicating a vast market opportunity for Cibus [36] - **Investor Interest**: Recent press releases have generated significant interest from prospective partners and customers [36] This summary encapsulates the key points discussed during the Cibus conference call, highlighting the company's innovative approach to agricultural biotechnology and its potential for future growth.

Financial Performance - Total revenues were $60.6 million in 3Q25, a 28% year-over-year decrease compared to $84.0 million in 3Q24, primarily due to the Syngenta downpayment accrual in 3Q24[15, 17] - Net cash flow generated by operating activities reached $23.3 million in 3Q25, a $40.7 million improvement compared to the $(17.4) million in 3Q24, driven by efficiencies in working capital management[15, 24] - Operating profit was $0.9 million and net loss was $1.6 million, while Adjusted EBITDA was $9.0 million for the quarter[15] - Gross profit decreased by 44% year-over-year, from $42.6 million in 3Q24 to $23.8 million in 3Q25[20] Segment Performance - Crop Nutrition revenue decreased by 59%, Seed & Integrated Products revenue decreased by 19%, while Crop Protection revenue increased by 26%[17] - Crop Nutrition gross profit decreased by 72%, Seed & Integrated Products gross profit decreased by 17%, while Crop Protection gross profit decreased by 12%[20] - Crop Nutrition gross margin improved from 38% to 41% due to prioritization of high-margin proprietary adjuvants and bioprotection technologies[20] Balance Sheet and Cash Flow - Net debt decreased from $269.5 million in 1Q25 to $256.8 million in 2Q25 and further to $238.3 million in 3Q25[27] - Cash and equivalents increased from $31.2 million in 1Q25 to $39.3 million in 2Q25 and further to $217.4 million in 3Q25[27] Strategic Initiatives - Obtained EPA registration of RinotecTM insecticide and nematicide platform, a biological solution for integrated pest management[15] - Seed reorganization process is expected to result in annual savings of approximately $5 million[36]

Group 1 - Cibus, Inc. is a leading agricultural biotechnology company focused on gene editing technologies to develop specific traits in seeds [1][3] - The company will present its advancements in gene-editing technology, regulatory developments, and commercialization strategy at the AGP Annual Virtual Healthcare Company Showcase [2][3] - Cibus addresses significant productivity and sustainability challenges for farmers, with an estimated global economic cost of $300 billion annually due to diseases and pests [3] Group 2 - Cibus operates as a technology company rather than a seed company, licensing traits to seed companies in exchange for royalties [3] - The company has a pipeline of five productivity traits, focusing on weed management in rice, pod shatter reduction, and disease resistance [3] - Cibus aims to develop and commercialize plant traits more efficiently and cost-effectively than conventional breeding methods [3]

Financial Data and Key Metrics Changes - Cash and cash equivalents as of March 31, 2025, were $23.6 million, with net proceeds of $21.4 million from a registered direct offering in January 2025 [22] - Revenue for Q1 2025 was $1 million, an increase of $489,000 compared to $545,000 in the same period last year, attributed to increased activity in partner-funded projects [22] - R&D expenses were $11.8 million for Q1 2025, down from $12 million in the previous year due to cost reduction initiatives [23] - SG&A expenses rose to $9.9 million in Q1 2025 from $7 million in the prior year, primarily due to a $3 million litigation accrual [23] - Net loss for Q1 2025 was $49.4 million, compared to a net loss of $27 million in the same period last year, largely due to a $21 million non-cash goodwill impairment [23][24] Business Line Data and Key Metrics Changes - The rice platform secured agreements with four major rice seed companies, representing approximately 40% of estimated accessible rice acres across North and Latin America [7] - Progress in disease resistance traits for canola included successful edits for four different modes of action, with positive field trial results for the second mode of action [11] - The soybean platform achieved a significant milestone with successful editing of a soybean cell for the HT2 trait, enabling expanded platform development [12] Market Data and Key Metrics Changes - The regulatory environment has improved, with the California Rights Commission approving field research proposals for gene-edited rice, and Ecuador recognizing certain traits as equivalent to conventional breeding [16][17] - The USDA APHIS designated two disease resistance trait products for canola as not regulated, allowing for unrestricted product development in the U.S. [18] Company Strategy and Development Direction - The company is focused on optimizing operations and reducing cash burn in 2025 while pursuing strategic priorities in rice, canola, and soybean platforms [20][25] - The commercialization strategy is progressing, with anticipated trait validation trials in Latin America and continued development of bio-based fermentation products [19][15] - The company aims to maximize shareholder value by prioritizing investments in near-term commercial opportunities with developed traits [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the transformative potential of the RTDS technology platform and its ability to attract significant commercial interest [5][25] - The company is positioned at an important inflection point in the agricultural industry, with a focus on gene editing technologies that enhance crop adaptability and productivity [20][25] - Management highlighted the importance of regulatory advancements in supporting the commercialization of gene-edited traits [25] Other Important Information - The company anticipates nominal revenues from its sustainable ingredients program later in 2025, with ongoing partnerships with consumer packaged goods companies [15] - The company is taking a disciplined approach to resource allocation, ensuring financial flexibility to execute strategic priorities [20] Q&A Session Summary Question: Can you walk through the cash burn and the step up in SG&A in Q1? - Management indicated a cash burn of approximately $4.4 million gross in Q1, with the increase in SG&A primarily due to a litigation accrual [30][31] Question: What is the expected timeframe for EU regulatory discussions? - Management believes the trilogue discussions could conclude within six months, with secondary legislation expected within twelve months [33][34] Question: What are the working capital impacts when trait products hit commercial launch? - Management stated that there would not be a significant cash hit as they support customers from a stewardship standpoint [38][42] Question: What is the potential scale and ramp-up speed for biofragrance products? - Management noted strong demand for bio-based products, with a quick ramp-up expected from 2026 to 2028 [40] Question: Are there other Latin American countries with similar regulatory frameworks to Ecuador? - Management confirmed that several Latin American countries view gene-edited products as conventional breeding, following Ecuador's lead [66][68] Question: Is there existing usage data for clethodim by rice farmers in Latin America? - Management clarified that clethodim is an approved herbicide in South America, and the new trait will provide an additional tool for rice farmers [69][71]

Core Insights - Cibus is advancing its gene editing technologies, particularly in rice and canola, with a focus on herbicide tolerance and disease resistance traits, targeting a commercial launch by 2027 [1][2] - Positive regulatory developments in Ecuador and the U.S. validate Cibus' gene editing technologies, enhancing its commercial prospects [1][2][7] - The company reported a significant increase in net loss for Q1 2025, primarily due to a goodwill impairment, while also showing progress in revenue generation [8][9][24] Company Developments - Cibus has achieved positive results in its Sclerotinia resistance program, demonstrating multiple modes of action against the disease in canola [1][4] - The USDA-APHIS has designated Cibus' canola disease resistance traits as not regulated, reinforcing the regulatory status of its RTDS technologies [1][2][7] - The company is expanding its trait development pipeline, with successful field trials and customer agreements in rice, including collaborations with major rice seed companies [5][7] Financial Performance - For Q1 2025, Cibus reported revenue of $1.034 million, up from $0.545 million in the same period last year [23][24] - Research and development expenses were $11.8 million, slightly down from $12.0 million year-over-year, while selling, general, and administrative expenses increased to $9.9 million [8][24] - The net loss for the quarter was $49.4 million, compared to $27.0 million in the previous year, largely due to a $21.0 million goodwill impairment [8][9][24] Regulatory and Market Progress - The California Rice Commission approved the planting of gene-edited rice, marking a significant milestone for Cibus in the U.S. market [7][9] - EU member states have endorsed a negotiating mandate on the regulation of plants obtained by New Genomic Techniques, facilitating discussions for legislative adoption [1][7] - Cibus plans to deliver initial traits to customers in California and Latin America by mid-2025 and the end of 2025, respectively [7][9]

长沙晚报掌上长沙4月11日讯（通讯员 肖彦彬）近日，兴业银行长沙分行在绿色金融领域再添新举措， 成功向湖南某生物科技有限公司投放6000万元绿色项目贷款，贷款期限长达10年，专项用于绿色农用生 物肥料生产项目建设；同时，向湖南某科技有限公司投放1000万元绿色流贷，贷款期限1年，专项支持 低毒农药的生产采购。这一系列举措不仅展现了兴业银行长沙分行在绿色金融领域的持续深耕，更为湖 南绿色农业的转型升级注入了强劲的"绿色动能"。 在本次合作中，兴业银行长沙分行充分发挥"绿色金融+科技金融"双轮驱动模式的优势，为企业量身定 制融资方案。通过资源整合，助力企业打通"研发-生产-应用"全链条，为农户节本增收提供了可持续解 决方案。 近年来，兴业银行长沙分行持续深化绿色金融实践，围绕湖南农业大省的特色，不断加大绿色农业项目 的信贷支持力度。兴业银行长沙分行相关负责人表示，湖南省作为农业大省，正积极推进化肥减量增效 与耕地质量提升行动。兴业银行长沙分行将紧扣政策导向，通过投放绿色贷款，带动降碳减排，努力构 建覆盖'绿色种养、低碳加工、智慧流通'的农业全场景服务体系，致力于成为绿色农业价值链的共建 者，助力湖南从"农业大省" ...

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]

Core Insights - Cibus, Inc. will report its fourth quarter 2024 financial results on March 20, 2025, with a conference call scheduled for 4:30 p.m. ET to discuss these results and other updates [1][2] Company Overview - Cibus is a leading agricultural biotechnology company specializing in proprietary gene editing technologies to develop specific genetic traits in seeds [1][3] - The company focuses on addressing critical productivity and sustainability challenges for farmers, particularly diseases and pests, which cost the global economy approximately $300 billion annually according to the United Nations [3] - Cibus operates as a technology company rather than a seed company, licensing traits to seed companies in exchange for royalties on seed sales [3] - The long-term focus of Cibus is on productivity traits for major global row crops such as canola, corn, rice, soybean, and wheat [3] - Cibus has developed a pipeline of five productivity traits, including weed management in rice, pod shatter reduction, and sclerotinia resistance, which are its near-term focus areas [3]

Core Insights - Cibus has announced promising results from its third mode of action for Sclerotinia resistance in canola, which is expected to enhance crop yields and reduce fungicide usage for farmers [1][4] - The company's Rapid Trait Development System™ (RTDS) allows for efficient gene editing and development of plant traits that are indistinguishable from conventional breeding [2][7] - Cibus has completed edits in four modes of action for Sclerotinia resistance and anticipates completing field tests by the end of 2025 [3] Company Overview - Cibus is a technology company focused on gene editing to develop and license traits to seed companies, addressing productivity and sustainability challenges in agriculture [6][7] - The company is not a seed company but aims to improve productivity traits for major global crops such as canola, rice, and soybean [7] - Cibus has a pipeline of five productivity traits, including Sclerotinia resistance, which is a near-term focus [7] Industry Context - Sclerotinia sclerotiorum is a significant fungal pathogen affecting canola and other crops, causing yield losses of 7-15% and potentially up to 90% in severe cases [5] - The economic impact of diseases and pests in agriculture is estimated to cost the global economy approximately $300 billion annually [6][7] - The development of durable resistance traits is crucial as climate change affects the prevalence and distribution of crop diseases [4][5]