Cibus Reports Q4 2024 Financials & Business Update

Key Takeaways

• Cibus’ HT traits in rice are gaining commercial traction in multiple global markets.
• Proprietary RTDS® platform enables gene editing in under 12 months.
• EU and California regulatory milestones indicate global progress in gene editing acceptance.
• Cash and cash equivalents total $14.4M, with expected funding through Q3 2025.
• Net loss for Q4 2024 reduced to $25.8M from $277.2M year-over-year, due largely to prior goodwill impairment.

Cibus Delivers Q4 2024 Results and Business Highlights

Cibus, Inc. (Nasdaq: CBUS), a biotechnology firm specializing in gene-edited plant traits, announced its financial results for the quarter ended December 31, 2024, and provided a comprehensive business update. Management is scheduled to host a conference call and webcast today at 4:30 p.m. ET.

Cibus Management Emphasizes Market Momentum

“I am energized by the momentum we’re building across our key markets,” said Peter Beetham, Co-Founder, Interim CEO, President, and COO. “The opportunities for our gene-edited traits are materializing now.”

Beetham highlighted the company’s proprietary Rapid Trait Development System™ (RTDS®), noting that the platform can return edited germplasm to seed company partners in less than a year. “This is the significant value of our standardized platform,” he added.

Cibus Trait Development and Commercialization Progress

Rice and Canola Trait Advancements

In Q4 2024, Cibus reported significant advances across its HT (herbicide tolerance) and PSR (pod shatter reduction) programs:

• Affirmed collaboration with RTDC Corporation Limited and Albaugh LLC to support commercialization of Cibus’ HT3 trait in rice.

• Agreements with four rice seed companies in North and Latin America are underway.

• Completed initial field trials for HT traits in rice, including stacked gene-edited traits believed to be industry firsts.

• In the UK, Cibus completed successful field trials for PSR in Winter Oilseed Rape (WOSR), with more data expected in the 2025 harvest.

Advanced Traits and Sustainable Ingredient Programs

Cibus is also progressing on disease resistance and sustainable ingredient platforms:

• In collaboration with Biographica, the company is exploring novel gene targets for sclerotinia resistance in canola.

• Field and greenhouse trials for multiple modes of action are ongoing, with results expected through 2025.

• Progress continues on partner-funded development of bio-based fragrance products for the CPG sector.

Cibus Developments in Soybeans and Platform Standardization

Soybean Platform and RTDS Expansion

In early 2025, Cibus successfully edited soybean cells for HT2 traits, supporting expanded development. Additionally, the company has set production standards for RTDS in rice and canola, establishing timelines for trait delivery to seed partners.

Global Regulatory Progress in Gene Editing

Cibus recorded regulatory milestones in multiple regions:

• California Rice Commission approved its first gene-edited rice planting proposal.

• EU member states endorsed a negotiating mandate on NGT (New Genomic Techniques) regulation, opening the door for trilogue discussions.

• In Canada, updated CFIA guidelines support gene-edited feed product development.

Cibus Financial Results: Q4 2024 Performance

Financial Overview

• Cash Position: $14.4 million as of Dec. 31, 2024; expected to support operations through Q3 2025.

• R&D Expenses: $12.4 million, down from $14.2 million YoY, due to cost-saving measures and reduced personnel expenses.

• SG&A: Stable at $6.8 million, with shifts in professional and personnel costs.

• Net Loss: $25.8 million, compared to $277.2 million in Q4 2023; largely influenced by a $249.4 million goodwill impairment in the prior year.

• Net Loss per Share: $0.87 vs. $12.59 in the year-ago quarter.

In January 2025, Cibus raised $22.6 million through a registered direct offering, aimed at supporting product development and operational funding.

Cibus Sets Development Milestones for 2025

Focus Areas for the Year Ahead

Cibus will report its routine development progress alongside quarterly results. Key 2025 targets include:

• Rice trait validation trials in Latin America and commercial delivery preparation.

• Soybean HT2 plant edits building on early 2025 cell-level success.

• Continued multi-mode field trials for sclerotinia resistance in canola.

• Field trial data for HT2 in canola and revenue generation from sustainable ingredient initiatives.

Read the complete financial results here.