Cibus(CBUS) - 2025 Q1 - Quarterly Report

Financial Performance - Total revenue for Q1 2025 was $1,034,000, a 90$545,000 in Q1 2024[23] - Net loss for Q1 2025 was $49,392,000, compared to a net loss of$26,972,000 in Q1 2024, indicating a worsening financial position[23] - Basic and diluted net loss per share of Class A common stock was $1.34 for Q1 2025, compared to$1.12 for Q1 2024[23] - Cibus, Inc. reported a net loss of $49,392,000 for the three months ended March 31, 2025, compared to a net loss of$26,972,000 for the same period in 2024, indicating an increase in losses of approximately 83.5% year-over-year[30] - The total segment loss for the three months ended March 31, 2025, was $(49,392,000), compared to$(26,972,000) in 2024, indicating a loss increase of 83.1%[84] Operating Expenses - Operating expenses for Q1 2025 totaled $42,605,000, compared to$18,998,000 in Q1 2024, reflecting a significant increase due to goodwill impairment of $20,950,000[23] - Total operating expenses for the three months ended March 31, 2025, were$42,605,000, up from $18,998,000 in 2024, reflecting a 124.4$8,377,000 related to parties during the first quarter of 2025, slightly up from $8,329,000 in the prior year[30] Cash and Assets - Cash and cash equivalents increased to$23,587,000 as of March 31, 2025, from $14,433,000 as of December 31, 2024[21] - Total assets decreased to$335,045,000 as of March 31, 2025, down from $350,069,000 as of December 31, 2024[21] - As of March 31, 2025, the Company had$23.6 million in cash and cash equivalents and $21.0 million in current liabilities[41] Liabilities - Total liabilities increased to$261,088,000 as of March 31, 2025, compared to $252,238,000 as of December 31, 2024[21] - The company reported a royalty liability of$207,819,000 as of March 31, 2025, up from $199,442,000 as of December 31, 2024[21] - The Royalty Liability related to parties increased to$207,819,000 from $199,442,000 as of December 31, 2024, reflecting an effective yield of 16.5$20,950,000 during the first quarter of 2025, which was not present in the same quarter of 2024[30] - Goodwill impairment for the three months ending March 31, 2025, was $20,950,000, with total accumulated impairment losses increasing to$352,750,000[103] Shareholder Information - The company had a total of 32,657,738 Class A common shares outstanding as of March 31, 2025, compared to 21,014,970 shares as of March 31, 2024, reflecting a significant increase in shares issued[28] - The weighted average shares of Class A common stock outstanding increased to 35,052,692 for the three months ended March 31, 2025, from 20,862,938 in 2024[74] Future Outlook - The company has not provided specific guidance for future performance, citing various risks and uncertainties in its operations[14] - The Company anticipates continued losses for the next several years and plans to finance future cash needs through various means, including commercialization activities and potential equity or debt financings[42] Stock-Based Compensation - Total stock-based compensation for the first quarter of 2025 was $2,499,000, compared to$2,528,000 in the same quarter of 2024[30] - The stock-based compensation expense for the three months ended March 31, 2025, was $232,000, compared to$19,000 for the same period in 2024[125] - Stock-based compensation expense related to RSAs decreased from $2,446,000 in Q1 2024 to$1,840,000 in Q1 2025, with unrecognized compensation expense of $6.0 million remaining[129] Revenue Recognition - Revenue for the three months ended March 31, 2025, was$1,034,000, compared to $545,000 for the same period in 2024, representing an increase of 89.5$172,000 in Q1 2024 to $869,000 in Q1 2025[148] Legal and Compliance - The Company has accrued an estimate of$3.0 million for litigation liability based on a recent court decision, although it is not a party to any material pending legal proceedings[143] - The Company has not experienced any counterparty credit losses as of March 31, 2025, maintaining a diversified portfolio of high investment-grade securities[100]