Financial Data and Key Metrics Changes - As of September 30, 2022, the company reported cash and cash equivalents of $7.2 million, with a cash burn of $4.7 million in Q3 2022, which is $1.2 million less than Q2 2022 [17][19] - The company achieved the lowest cash burn rate in recent years, indicating effective cash resource management [17] Business Line Data and Key Metrics Changes - The company received 37 new chemistries for evaluation in Q3 2022, bringing the total to 132, with 43 meeting target product profile criteria for further evaluation [10] - The pilot project for a major consumer packaged goods company is on track, with delivery expected by early 2023, potentially leading to a development agreement [11] Market Data and Key Metrics Changes - The global squalene market is identified as a significant and growing opportunity, driven by increasing demand for natural ingredients in cosmetics and vaccines [9] - The company is part of a Department of Defense-sponsored initiative, BioMADE, which connects it with other synthetic biology companies and enables access to federal grants [14] Company Strategy and Development Direction - The company is focused on optimizing shareholder value and is evaluating a range of strategic alternatives with the assistance of Canaccord Genuity [15] - The partnership with Evologic Technologies aims to scale the Plant Cell Matrix technology platform, supporting the company's speed-to-scale strategy [13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged unprecedented headwinds in capital markets and macroeconomic challenges but emphasized substantial progress in business development and partnerships [7][15] - The company believes in the potential of its technology and the progress made validates its efforts [15] Other Important Information - A settlement with a technology vendor will provide the company with $750,000 upon execution of an amended master services agreement and another $750,000 by January 31, 2023 [18] - The company has amended its open market sale agreement, allowing it to issue up to 15,661,000 shares, raising $0.1 million since October 3, 2022 [20] Q&A Session Summary Question: What are the company's future plans regarding its technology and market opportunities? - The company is focused on advancing its technology in plant-based chemistries and is optimistic about the growing demand for sustainable ingredients in various markets [9][14]
Cibus(CBUS) - 2022 Q3 - Earnings Call Transcript