SAN DIEGO, Oct. 24, 2024 (GLOBE NEWSWIRE) -- Cibus, Inc. (Nasdaq: CBUS), a leading agricultural technology company that develops and licenses plant traits to seed companies for royalties, today announced that the company will report third quarter 2024 financial results on Thursday, November 7, 2024. Cibus’ management team will host a conference call and audio webcast at 4:30 p.m. ET on that day to discuss the financial results and other company updates. Title: Cibus, Inc. Third Quarter 2024 Results Conferen ...

SAN DIEGO, Oct. 21, 2024 (GLOBE NEWSWIRE) -- Cibus, Inc. (Nasdaq: CBUS) (the "Company"), a leading agricultural technology company that develops plant traits to license to seed companies for royalties, announced a restructuring and cost reduction initiatives, including a reduction in force (“RIF”), to optimize the Company’s business and cost structure in alignment with its strategic priority to advance its nearest-term commercial opportunities. The Company expects these actions, along with other initiatives ...

SAN DIEGO, Oct. 11, 2024 (GLOBE NEWSWIRE) -- Cibus, Inc. (Nasdaq: CBUS), a leading agricultural technology company that develops plant traits to license to seed companies for royalties, has been named a finalist for the Euroseeds2024 InnovActor Award and will have its technology showcased on the InnovAction Stage at the Euroseeds2024 Congress. Cibus' presentation will be given by Dr. Jim Radtke (SVP Product Development) who was recently honored by the American Seed Trade Association (ASTA) with a Lifetime A ...

SAN DIEGO, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Cibus, Inc. (Nasdaq: CBUS), a leading agricultural technology company that develops plant traits to license to seed companies for royalties, today announced that Peter Beetham, Co-Founder, President and Chief Operating Officer, will participate in a panel discussion titled "Sowing Solutions: Innovations in Climate-Resilient Seeds" at the Food+ Forum during the 79th session of the United Nations General Assembly ("UNGA") in New York, NY, on Thursday, September 26 ...

SAN DIEGO, Sept. 18, 2024 (GLOBE NEWSWIRE) -- Cibus, Inc. (Nasdaq: CBUS) (the "Company" or "Cibus"), a leading agricultural biotechnology company that uses proprietary gene editing technologies to develop plant traits (or specific genetic characteristics) in seeds, today announced the pricing of an underwritten public offering of 3,000,000 shares of its Class A Common Stock, par value $0.0001 per share ("Class A Common Stock") at a public offering price of $4.00 per share. The Company has granted the underw ...

SAN DIEGO, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Cibus, Inc. (Nasdaq: CBUS), a leading agricultural biotechnology company that uses proprietary gene editing technologies to develop plant traits (or specific genetic characteristics) in seeds, today announced that it intends to offer shares of its Class A common stock in an underwritten public offering. Cibus also expects to grant to the underwriters of the offering a 45-day option to purchase up to an additional 15% of the shares of Class A common stock offered ...

Initial data from Pod Shatter Reduction field trials show promising results The first gene edited trait to complete field trials in oilseed rape in the UK SAN DIEGO, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Cibus, Inc. (Nasdaq: CBUS), a leading agricultural technology company that develops and licenses plant traits to seed companies for royalties, today announced that it has completed initial field tests of its Pod Shatter Reduction (PSR) trait in the United Kingdom. The initial data from these trials support Cib ...

Cibus, Inc. (NASDAQ:CBUS) Q2 2024 Earnings Conference Call August 8, 2024 4:30 PM ET Company Participants Wade King - Chief Financial Officer Rory Riggs - Co-Founder, Chairman and CEO Peter Beetham - Co-Founder, President and COO Conference Call Participants Nick Anderson - ROTH Capital Matthew Venezia - Alliance Global Partners Austin Moeller - Canaccord Sameer Joshi - H.C. Wainwright Steve Byrne - Bank of America Operator I’d like to turn the conference over to Wade King, Chief Financial Officer. Sir, ple ...

Cibus (CBUS) came out with a quarterly loss of $1.14 per share versus the Zacks Consensus Estimate of a loss of $0.81. This compares to loss of $3.05 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -40.74%. A quarter ago, it was expected that this developer and licensor of plant traits for seed companies would post a loss of $1.01 per share when it actually produced a loss of $1.12, delivering a surprise of -10.89%. Over the ...

Financial Performance - Total revenue for Q2 2024 was $838,000, a significant increase from $197,000 in Q2 2023, representing a growth of 324% year-over-year[21] - The net loss for Q2 2024 was $28,478,000, compared to a net loss of $20,509,000 in Q2 2023, reflecting a 39% increase in losses[21] - For the three months ended June 30, 2024, Cibus, Inc. reported a net loss of $3,595,000, compared to a net loss of $1,819,000 for the same period in 2023, indicating an increase in losses year-over-year[23][24] - Cibus, Inc. reported a net loss of $55.5 million for the six months ended June 30, 2024, compared to a net loss of $25.9 million for the same period in 2023[27] - The net loss attributable to the company for the six months ended June 30, 2024, was $48.318 million, compared to a net loss of $24.084 million for the same period in 2023[60] Expenses - Research and development expenses for Q2 2024 were $12,993,000, up from $8,429,000 in Q2 2023, indicating a 54% increase[21] - The company reported a total operating expense of $22,320,000 for Q2 2024, compared to $19,508,000 in Q2 2023, which is an increase of 14%[21] - Stock-based compensation for the three months ended June 30, 2024, was $2,815,000, while for the same period in 2023, it was $5,014,000, showing a decrease in stock-based compensation expenses[23][24] - Stock-based compensation expense for stock options was $249,000 for the three months ended June 30, 2024, compared to $1,441,000 for the same period in 2023[110] - Stock-based compensation expense related to RSAs was $2,410,000 for the three months ended June 30, 2024, compared to $1,924,000 for the same period in 2023[114] - Stock-based compensation expense related to RSUs was $156,000 for the three months ended June 30, 2024, compared to $2,082,000 for the same period in 2023[116] Assets and Liabilities - Total assets as of June 30, 2024, were $553,380,000, an increase from $544,411,000 as of December 31, 2023[20] - Current liabilities increased to $28,972,000 as of June 30, 2024, compared to $21,323,000 at the end of 2023, marking a 36% rise[20] - The royalty liability related to parties increased to $182,330,000 as of June 30, 2024, from $165,252,000 at the end of 2023[20] - The company’s accumulated deficit increased to $(528,096,000) as of June 30, 2024, from $(479,778,000) at the end of 2023[20] - The total stockholders' equity decreased to $270,498,000 as of June 30, 2024, down from $293,470,000 at the end of 2023[20] Stock and Shares - The company issued 570,849 shares of common stock from the ATM facility, net of offering expenses, resulting in additional paid-in capital of $10,360,000 for the three months ended June 30, 2024[23] - Cibus, Inc. had 23,015,417 shares of Class A common stock outstanding as of June 30, 2024, an increase from 16,606,401 shares reported on June 30, 2023[25][26] - The company issued 927,326 shares of Class A Common Stock during the six months ended June 30, 2024, raising approximately $16.5 million from its ATM Facility[42] - The total number of potential dilutive securities, including common warrants and unvested restricted stock units, increased to 2,192,058 as of June 30, 2024, from 1,269,779 in the previous year[61] Future Outlook - Cibus, Inc. anticipates continued losses for the next several years and plans to finance future cash needs through various means, including commercialization activities and capital markets[41] - The company expects to continue generating cash flows from future product development agreements and technology licenses, including upfront and milestone payments[41] - There is substantial doubt about the company's ability to continue as a going concern for at least one year from the date of issuance of these financial statements[44] Mergers and Acquisitions - Cibus Global, LLC was formed as part of a merger transaction completed on May 31, 2023, consolidating the financial results of Cibus Global and its subsidiaries[30] - The purchase price for Cibus Global was approximately $634.75 million, based on 20,150,838 shares of Common Stock issued at a fair value of $31.50 per share[70] - The Company incurred approximately $8.2 million in expenses related to the Merger Transactions, with significant costs including $3.5 million in legal fees and $1.9 million in severance[77] - The acquisition of Cibus Global resulted in identifiable assets of $135.43 million and goodwill of $585.27 million[74] Cash Flow - Cash used by operating activities was $30.5 million for the six months ended June 30, 2024, up from $14.1 million in the prior year[27] - The company had $30.0 million in cash and cash equivalents as of June 30, 2024, down from $50.9 million at the end of June 30, 2023[27] Accounting and Valuation - The Company recorded a full valuation allowance against its net deferred tax assets as of June 30, 2024, indicating realizability concerns[81] - The weighted average amortization period for finite-lived intangible assets acquired was determined to be 20 years[76] - Fair value measurements as of June 30, 2024, included $1.04 million in money market funds classified as Level 1 assets[84] - The estimated fair value of the 2024 Common Warrants is $7.82 per warrant, based on a risk-free interest rate of 4.4% and expected volatility of 102.7%[87] Lease Obligations - The total right-of-use assets for leases as of June 30, 2024, amounted to $35,603,000[123] - Future minimum payments under operating leases total $36,686,000, with a current portion of $3,862,000 as of June 30, 2024[131]