Cibus (CBUS) Q4 2024 earnings summary

Executive summary

• Leadership transition with co-founder Peter Beetham stepping into an expanded role, maintaining strategic direction and focus on gene-edited trait commercialization.

• Achieved regulatory milestones: EU advanced gene editing legislation, California approved first gene-edited rice field trial, and Canadian guidelines updated for gene-edited feed products.

• Company is transitioning from trait development to commercial trait licensing, leveraging proprietary RTDS gene editing technology.

• Expanded commercial collaborations in rice, canola, and soybean platforms, with multiple customer agreements and field trials underway in North and South America, Europe, and Asia.

• Regulatory progress in the EU and California is opening new markets and accelerating customer interest.

Financial highlights

• Cash and cash equivalents were $14.4 million as of December 31, 2024, with an additional $21.6–$22.6 million raised in January 2025.

• R&D expense for Q4 2024 was $12.4 million, down from $14.2 million year-over-year due to cost reductions.

• SG&A expense remained flat at $6.8 million for Q4 2024.

• Net loss for Q4 2024 was $25.8 million, a significant improvement from $277.2 million in the prior year, mainly due to the absence of a $249 million goodwill impairment.

• Net loss per share improved to $0.87 from $12.59 year-over-year.

Outlook and guidance

• Existing cash is expected to fund operations into late Q3 2025, with further financing being pursued.

• Key 2025 milestones include completion of EU NGT legislation, operational soybean platform development, and multiple field trials for advanced traits.

• Initial nominal revenues from biofragrance products expected in 2024–2025, with meaningful revenues anticipated in 2026.

• Commercialization timelines for canola and winter oilseed rape remain on track for 2026–2028.

• Ongoing cost-saving initiatives expected to reduce monthly cash use by 20% by early 2025.