Cibus (CBUS) Q1 2025 earnings summary

Executive summary

• Achieved significant validation of commercial strategy and RTDS gene editing platform, with strong customer and partner interest across rice, canola, and soybean platforms, including industry-first stacked gene edited herbicide tolerance traits in rice and commercial launch targeted for 2027.

• Advanced regulatory progress globally, including favorable designations and approvals in the U.S., EU, and Ecuador, supporting commercialization pathways for rice and canola traits.

• Raised $21.4 million in net proceeds from a registered direct offering in January 2025.

• CEO transition occurred in February 2025, with Peter Beetham appointed as Interim CEO.

• Standardized RTDS gene editing process enables trait delivery in under 12 months, enhancing commercial predictability.

Financial highlights

• Cash and cash equivalents were $23.6 million as of March 31, 2025, expected to fund operations into Q3 2025.

• Revenue for Q1 2025 was $1 million, up from $0.5 million year-over-year, driven by increased partner-funded project activity.

• R&D expense was $11.8 million, down from $12 million year-over-year due to cost-reduction initiatives.

• SG&A expense rose to $9.9 million from $7 million, mainly due to a $3 million litigation accrual.

• Net loss was $49.4 million, including a $21 million non-cash goodwill impairment; net loss per share was $1.34 versus $1.12 year-over-year.

Outlook and guidance

• Existing cash is expected to fund operations into Q3 2025, excluding potential new financing, and additional capital will be needed to continue as a going concern.

• Anticipates nominal revenues from sustainable ingredients program later in 2025, with commercial orders expected in Q4 for 2026.

• Focused on expanding commercial relationships, launching new field trials, and reducing cash burn rate throughout 2025.

• Board and advisors are evaluating strategic alternatives to maximize shareholder value.