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Cibus(CBUS) - 2025 Q1 - Quarterly Results
CBUSCibus(CBUS)2025-05-08 20:19

Financial Performance - Cibus reported a net loss of 49.4millionforQ12025,anincreaseof49.4 million for Q1 2025, an increase of 22.4 million compared to a net loss of 27.0millioninthesameperiodlastyear[12].−TotalrevenueforQ12025was27.0 million in the same period last year[12]. - Total revenue for Q1 2025 was 1,034,000, a 90% increase from 545,000inQ12024[32].−NetlossforQ12025was545,000 in Q1 2024[32]. - Net loss for Q1 2025 was 49,392,000, compared to a net loss of 26,972,000inQ12024,indicatingaworseningfinancialposition[32].−ThecompanyhadabasicanddilutednetlosspershareofClassAcommonstockof26,972,000 in Q1 2024, indicating a worsening financial position[32]. - The company had a basic and diluted net loss per share of Class A common stock of 1.34 in Q1 2025, compared to 1.12 in Q1 2024[32]. Expenses - Research and development (R&D) expenses for Q1 2025 were 11.8 million, slightly down from 12.0 million in the previous year, reflecting cost reduction initiatives[12]. - Selling, general, and administrative (SG&A) expenses rose to 9.9 million in Q1 2025, up from 7.0millionintheprioryear,primarilyduetoa7.0 million in the prior year, primarily due to a 3.0 million estimated litigation liability[12]. - Operating expenses for Q1 2025 totaled 42,605,000,comparedto42,605,000, compared to 18,998,000 in Q1 2024, reflecting a significant increase due to goodwill impairment of 20,950,000[32].−Thecompanyreportedagoodwillimpairmentof20,950,000[32]. - The company reported a goodwill impairment of 20,950,000 in Q1 2025, which was not present in Q1 2024[32]. Cash and Assets - Cash and cash equivalents as of March 31, 2025, were 23.6million,expectedtofundoperationsintoQ32025withoutadditionalfinancing[12].−Cashandcashequivalentsincreasedto23.6 million, expected to fund operations into Q3 2025 without additional financing[12]. - Cash and cash equivalents increased to 23,587,000 as of March 31, 2025, up from 14,433,000attheendof2024[33].−Thetotalcurrentassetsincreasedto14,433,000 at the end of 2024[33]. - The total current assets increased to 25,884,000 as of March 31, 2025, compared to 16,946,000attheendof2024[29].−Totalliabilitiesroseto16,946,000 at the end of 2024[29]. - Total liabilities rose to 261,088,000 as of March 31, 2025, compared to 252,238,000attheendof2024[31].RegulatoryandProductDevelopment−CibusachievedpositiveregulatorydecisionsforitsHT1andHT3ricetraitsinEcuador,confirmingtheyareequivalenttotraitsdevelopedthroughconventionalbreeding[1].−TheUSDA−APHISdesignatedCibus′canoladiseaseresistancetraitsasnotregulated,reinforcingtheregulatorystatusofitsRTDStechnologiesintheU.S.[1].−CibusisontrackforthecommerciallaunchofHT1andHT3traitsby2027,withcustomergermplasmintegrationalreadyunderway[1].−ThecompanyexpectstopreparedeliveryofinitialtraitstoaCaliforniacustomerbymid−2025andtoaLatinAmericancustomerbytheendof2025[13].−Cibus′Sclerotiniaresistanceprogramshowedpositiveresults,withadvancementsinmultiplemodesofactionagainstSclerotiniaincanola[1].SecuritiesandFinancing−Proceedsfromissuancesofsecuritiesamountedto252,238,000 at the end of 2024[31]. Regulatory and Product Development - Cibus achieved positive regulatory decisions for its HT1 and HT3 rice traits in Ecuador, confirming they are equivalent to traits developed through conventional breeding[1]. - The USDA-APHIS designated Cibus' canola disease resistance traits as not regulated, reinforcing the regulatory status of its RTDS technologies in the U.S.[1]. - Cibus is on track for the commercial launch of HT1 and HT3 traits by 2027, with customer germplasm integration already underway[1]. - The company expects to prepare delivery of initial traits to a California customer by mid-2025 and to a Latin American customer by the end of 2025[13]. - Cibus' Sclerotinia resistance program showed positive results, with advancements in multiple modes of action against Sclerotinia in canola[1]. Securities and Financing - Proceeds from issuances of securities amounted to 22,599,000 in Q1 2025, significantly higher than $6,534,000 in Q1 2024[33].