Core Insights - Cibus, Inc. has successfully closed a public offering of 15,714,285 shares of Class A Common Stock at a price of $1.75 per share, raising gross proceeds of $27.5 million [1][2] Company Overview - Cibus is a leading agricultural biotechnology company focused on developing plant traits through proprietary gene editing technologies, addressing productivity and sustainability challenges for farmers [6] - The company is not a seed company but a technology company that licenses developed crop traits to seed companies in exchange for royalties on seed sales [6] Use of Proceeds - The net proceeds from the offering will be utilized for the development of weed management productivity traits in rice, as well as for working capital and general corporate purposes [2] Offering Details - The offering was conducted under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission, with A.G.P./Alliance Global Partners acting as the sole placement agent [3][4]

Core Viewpoint - Cibus, Inc. has announced a public offering of 15,714,285 shares of its Class A Common Stock at a price of $1.75 per share, aiming to raise approximately $27.5 million for further development and working capital [1][2]. Company Overview - Cibus is a leading agricultural biotechnology company specializing in gene editing technologies to develop plant traits in seeds, focusing on productivity traits for major crops [6]. - The company addresses significant agricultural challenges, including diseases and pests, which the United Nations estimates cost the global economy around $300 billion annually [6]. - Cibus operates as a technology company rather than a seed company, licensing its developed traits to seed companies for royalties on seed sales [6]. Offering Details - The offering consists solely of shares sold by Cibus, with gross proceeds expected to be approximately $27.5 million before expenses [2]. - The offering is anticipated to close on or about June 6, 2025, pending customary closing conditions [2]. - A.G.P./Alliance Global Partners is acting as the sole placement agent for this offering [3]. Use of Proceeds - The net proceeds from the offering will be utilized to fund the development of weed management productivity traits in rice and for general corporate purposes [2]. Regulatory Information - The offering is made under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission, with a prospectus supplement to be filed [4].

Core Viewpoint - Cibus, Inc. plans to offer shares of its Class A common stock in a public offering, with the Chairman expressing interest in purchasing up to $10 million of shares [1][2]. Group 1: Offering Details - The offering will be conducted by Cibus and is subject to market conditions, with no assurance on the completion or terms of the offering [1]. - A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering [2]. - The securities will be offered under an effective shelf registration statement filed with the SEC [3]. Group 2: Use of Proceeds - The net proceeds from the offering are intended to fund the development of weed management productivity traits in rice and for general corporate purposes [2]. Group 3: Company Overview - Cibus is a leader in gene-edited productivity traits aimed at addressing significant agricultural challenges, with an estimated global economic cost of $300 billion annually due to diseases and pests [5]. - The company focuses on developing crop traits using proprietary gene editing technology, which is faster and more cost-effective than traditional breeding methods [5].

Group 1 - Bioceres (BIOX) reported seasonally light results for Q3 2025, indicating a challenging financial and liquidity situation [1] - The core market of Argentina is not showing signs of recovery, which is a concern for the company's future performance [1] - The absence of Syngenta payments and the presence of HB4 inventories are contributing factors to the company's difficulties [1] Group 2 - The investment approach focuses on operational aspects and long-term earnings power rather than market-driven dynamics [1] - The strategy emphasizes holding companies for the long term, with most recommendations being holds rather than buys [1]

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]