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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cibus Inc | NASDAQ:CBUS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.92 | -9.17% | 9.11 | 8.93 | 10.04 | 10.10 | 9.10 | 9.98 | 254,312 | 01:00:00 |
Management Commentary
"2023 was a pivotal year for Cibus, both in terms of our evolution as a public company following the merger with Calyxt and the implementation of our commercial strategy as we transformed from our research and development origins," stated Rory Riggs, Co-Founder, Chairman, and CEO of Cibus. "The centerpiece of our commercialization goals are the commercial advancement of each of our three developed traits — Pod Shatter Reduction in Canola, and our two herbicide tolerance traits in Rice, HT1 and HT3. We've made significant progress on the commercial front with several advancements of these developed traits, including transfers to customers. We also continued the progression of our advanced traits — Sclerotinia resistance, and our HT2 trait in Canola and Winter Oilseed Rape — and our efforts to extend our proprietary RTDS platform to the world's major crops. Furthermore, we celebrated a key catalyst for our industry in February when the EU Parliament voted to advance new regulations that, when adopted, will treat the applications of gene editing technology like ours in a similar fashion as conventional hybridization techniques that have been in existence for centuries. This vote was a significant milestone for our entire industry and is a crucial step that will help Cibus usher in the gene editing era."
Mr. Riggs added, "At Cibus, we are building a leading agricultural biotech company that uses proprietary gene editing technologies to develop complex plant traits in customers' seeds to address farmers' most pressing productivity and yield challenges. We develop these productivity traits using our gene editing platform – the Rapid Trait Development System™ or RTDS, which is the core technology driving our Trait Machine™ process. Our technologies enable us to efficiently and directly edit traits into our customers' elite germplasm and form the cornerstone of our strategy to revolutionize the speed, precision, scale and range of new trait development. This is how we are leading the charge into the gene editing era. The incredible commercial momentum we have achieved so far is as strong an endorsement of our technology as it is of our ability to partner with the breeding operations of some of the largest seed companies in the world. We truly believe Cibus is at the forefront of agriculture's analog to digital moment and we are excited about our continued commercial progress in the months and quarters to come."
Commercial Progress
Progress of Cibus' Three Developed Traits – Launching with Customers1
Progress of Cibus' Two Advanced Productivity Traits - Sclerotinia Resistance and Herbicide Tolerance (HT2)
Progress on Platform Development
Corporate and Industry Progress
1 See "About the Cibus Trait Machine™ process and Rapid Trait Development System™" for information regarding our initial customer relationships.2 Cibus Powered™ is the internal Cibus trait standard that ensures each Cibus trait meets minimum efficacy and quality assurance commercial requirements.
Expected 2024 Milestones
Cibus has several important development and commercial milestone targets for 2024:
Fourth Quarter 2023 Financial Results
Conference Call and Webcast Information
Cibus will host a live webcast, Thursday, March 21, 2024, at 4:30 p.m. Eastern Standard Time to discuss its fourth quarter 2023 financial results and provide a business update. The conference call can be accessed live over the phone by dialing (877) 704-4453 or for international callers by dialing (201) 389-0920. A replay of the call will be available through April 4, 2024 by dialing (844) 512-2921 or for international callers by dialing (412) 317-6671; the passcode is 13743898.
A live audio webcast of the call will be available under "News & Events" in the Investor section of the Company's website, investor.cibus.com. An archived webcast will be available on the Company's website for 90 days after the event.
About Cibus
Cibus is a leader in gene edited productivity traits that address critical productivity and sustainability challenges for farmers such as diseases and pests which the United Nations estimates cost the global economy approximately $300 billion annually. Cibus is not a seed company. It is a technology company that uses gene editing to develop and license traits to seed companies in exchange for royalties on seed sales. Cibus' focus is productivity traits for the major global crops such as canola, corn, rice, soybean, and wheat. Cibus is a technology leader in high throughput gene editing technology that enables Cibus to develop and commercialize plant traits at a fraction of the time and cost of conventional breeding. Cibus has developed a pipeline of five productivity traits including important traits for Pod Shatter Reduction, Sclerotinia resistance, and weed management. Its initial traits for Pod Shatter Reduction and weed management are developed in collaborations with leading seed companies. Its other pipeline traits including Sclerotinia resistance are in advanced greenhouse and field trial stages.
About the Cibus Trait Machine™ process and Rapid Trait Development System™
A key element of Cibus' technology breakthrough is its high-throughput breeding process (referred to as the Trait Machine™ process). The Trait Machine process is a crop specific application of Cibus' patented Rapid Trait Development System™ (RTDS®). The proprietary technologies in RTDS integrate crop specific cell biology platforms with a series of gene editing technologies to enable a system of end-to-end crop specific precision breeding. It is the core technology platform for Cibus' Trait Machine process: the first standardized end-to-end semi-automated crop specific gene editing system that directly edits a seed company's elite germplasm. Each Trait Machine process requires a crop specific cell biology platform that enables Cibus to edit a single cell from a customer's elite germplasm and grow that edited cell into a plant with the Cibus edits. Cibus has a Trait Machine process developed for canola and rice and has already begun transferring their elite germplasm with Cibus edits back to customers.
The traits from Cibus' RTDS-based high-throughput breeding system are indistinguishable from traits developed using conventional breeding or from nature. RTDS does not use any foreign DNA or transgenes. Under the European Commission's current proposals, it is expected that products from Cibus' RTDS gene editing platform such as its Pod Shatter Reduction trait and Sclerotinia resistance traits for Canola and Winter Oilseed Rape would be considered 'Conventional-like'.
Cibus believes that RTDS and the Trait Machine process represent the technological breakthrough in plant breeding that is the ultimate promise of plant gene editing: "high-throughput gene editing systems operating as an extension of seed company breeding programs."
Because the Trait Machine process is intended to be integrated into seed companies' breeding operations, the customer relationship between Cibus and seed companies with which it engages is a progressive relationship. Typically, the customer relationship is initiated with Cibus through the entry into a material transfer agreement pursuant to which seed companies transfer elite germplasm lines to Cibus for gene editing and delivery back to the seed company for pre-commercialization testing and validation. Accordingly, Cibus refers to seed company "customers" in its disclosure once such a customer relationship has been initiated. At present, all of the Company's customers discussed in this press release are at this initial stage of a relationship. While this initial stage of such customer relationships is a necessary prerequisite to the entry into a revenue generating commercial contract with such seed companies, currently, Cibus has certain customer relationships which include commercial contract terms, as well as others that are in various stages of development, including some in trait evaluation and/or field testing, however these have not yet generated revenue.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of applicable securities laws, including The Private Securities Litigation Reform Act of 1995. All statements, other than statements of present or historical fact included herein, including statements regarding Cibus' operational and financial performance, Cibus' strategy, future operations, prospects, and plans, including the anticipated regulatory environment are forward-looking statements. Forward-looking statements may be identified by words such as "anticipate," "believe," "intend," "expect," "plan," "scheduled," "could," "would" and "will," or the negative of these and similar expressions.
These forward-looking statements are based on the current expectations and assumptions of Cibus' management about future events, which are based on currently available information. These forward-looking statements are subject to numerous risks and uncertainties, many of which are difficult to predict and beyond the control of Cibus. Cibus' actual results, level of activity, performance, or achievements could be materially different than those expressed, implied, or anticipated by forward-looking statements due to a variety of factors, including, but not limited to: Cibus' need for additional near-term funding to finance its activities and challenges in obtaining additional capital on acceptable terms, or at all; changes in expected or existing competition; challenges to Cibus' intellectual property protection and unexpected costs associated with defending intellectual property rights; increased or unanticipated time and resources required for Cibus' platform or trait product development efforts; Cibus' reliance on third parties in connection with its development activities; challenges associated with Cibus' ability to effectively license its productivity traits and sustainable ingredient products; the risk that farmers do not recognize the value in germplasm containing Cibus' traits or that farmers and processors fail to work effectively with crops containing Cibus' traits; challenges that arise in respect of Cibus' production of high-quality plants and seeds cost effectively on a large scale; Cibus' dependence on distributions from Cibus Global, LLC to pay taxes and cover its corporate and overhead expenses; regulatory developments that disfavor or impose significant burdens on gene-editing processes or products; Cibus' ability to achieve commercial success; commodity prices and other market risks facing the agricultural sector; technological developments that could render Cibus' technologies obsolete; changes in macroeconomic and market conditions, including inflation, supply chain constraints, and rising interest rates; dislocations in the capital markets and challenges in accessing liquidity and the impact of such liquidity challenges on Cibus' ability to execute on its business plan; risks associated with the possible failure to realize certain anticipated benefits of the Merger Transactions; the effect of the completion of the Merger Transactions on the Company's business relationships, operating results, and business generally; the outcome of any litigation related to the Merger Transactions; the Company's assessment of the period of time through which its financial resources will be adequate to support operations; and other important factors discussed in the "Risk Factors" section of Cibus' Annual Report on Form 10-K which is being filed with the Securities and Exchange Commission (the "SEC") on March 21, 2024. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Cibus' assessment of the period of time through which its financial resources will be adequate to support its operations is a forward-looking statement and involves such risks and uncertainties. Accordingly, the Company could use its available capital resources sooner than it currently expects.
In addition, the forward-looking statements included in this press release represent Cibus' views as of the date hereof. Cibus specifically disclaims any obligation to update such forward-looking statements in the future, except as required under applicable law. These forward-looking statements should not be relied upon as representing Cibus' views as of any date subsequent to the date hereof.
CIBUS CONTACTS:
INVESTOR RELATIONSKaren Troeberktroeber@cibus.com858-450-2636
Jeff Sonnek – ICR jeff.sonnek@icrinc.com
MEDIA RELATIONSColin Sanfordcolin@bioscribe.com203-918-4347
CIBUS, INC.CONSOLIDATED BALANCE SHEETS(In Thousands, Except Par Value and Share Amounts) | |||||||
As of December 31, | |||||||
2023 | 2022 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 32,699 | $ | 3,427 | |||
Restricted cash | — | 99 | |||||
Accounts receivable | 530 | — | |||||
Prepaid expenses and other current assets | 1,991 | 606 | |||||
Total current assets | 35,220 | 4,132 | |||||
Property, plant, and equipment, net | 15,775 | 4,516 | |||||
Operating lease right-of-use assets | 21,685 | 13,615 | |||||
Intangible assets, net | 35,411 | 158 | |||||
Goodwill | 434,898 | — | |||||
Other non-current assets | 1,422 | — | |||||
Total assets | $ | 544,411 | $ | 22,421 | |||
Liabilities, redeemable noncontrolling interest, and stockholders’ equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 6,127 | $ | 340 | |||
Accrued expenses | 1,747 | 173 | |||||
Accrued compensation | 3,858 | 107 | |||||
Due to related parties | — | 175 | |||||
Deferred revenue | 1,210 | 107 | |||||
Current portion of notes payable | 833 | — | |||||
Current portion of financing lease obligations | 187 | 97 | |||||
Current portion of operating lease obligations | 5,927 | 367 | |||||
Class A common stock warrants | 1,418 | 291 | |||||
Other current liabilities | 16 | 5 | |||||
Total current liabilities | 21,323 | 1,662 | |||||
Notes payable, net of current portion | 536 | — | |||||
Financing lease obligations, net of current portion | 113 | — | |||||
Operating lease obligations, net of current portion | 17,025 | 13,447 | |||||
Royalty liability - related parties | 165,252 | — | |||||
Other non-current liabilities | 1,868 | 79 | |||||
Total liabilities | 206,117 | 15,188 | |||||
Redeemable noncontrolling interest | 44,824 | — | |||||
Stockholders’ equity: | |||||||
Class A common stock, $0.0001 par value; 210,000,000 shares authorized; 21,240,379 shares issued and 20,567,656 shares outstanding as of December 31, 2023, and 275,000,000 shares authorized; 978,915 shares issued and 976,908 shares outstanding as of December 31, 2022 | 8 | 5 | |||||
Class B common stock, $0.0001 par value; 90,000,000 shares authorized; 3,142,636 shares issued and outstanding as of December 31, 2023, and no shares authorized; and no shares issued and outstanding as of December 31, 2022 | — | — | |||||
Additional paid-in capital | 775,017 | 220,422 | |||||
Class A common stock in treasury, at cost; 32,663 shares as of December 31, 2023, and 2,007 shares as of December 31, 2022 | (1,785 | ) | (1,043 | ) | |||
Accumulated deficit | (479,778 | ) | (212,151 | ) | |||
Accumulated other comprehensive income | 8 | — | |||||
Total stockholders’ equity | 293,470 | 7,233 | |||||
Total liabilities, redeemable noncontrolling interest, and stockholders' equity | $ | 544,411 | $ | 22,421 | |||
CIBUS, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(Three Months Ended December 31 Unaudited)(In Thousands, Except Share and Per Share Amounts) | |||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Revenue: | |||||||||||||||
Revenue | $ | 1,103 | $ | 42 | $ | 1,817 | $ | 157 | |||||||
Total revenue | 1,103 | 42 | 1,817 | 157 | |||||||||||
Operating expenses: | |||||||||||||||
Research and development | 14,208 | 2,346 | 42,367 | 11,553 | |||||||||||
Selling, general, and administrative | 6,788 | 1,009 | 28,914 | 10,974 | |||||||||||
Goodwill and intangible assets impairment | 249,419 | — | 249,419 | — | |||||||||||
Total operating expenses | 270,415 | 3,355 | 320,700 | 22,527 | |||||||||||
Loss from operations | (269,312 | ) | (3,313 | ) | (318,883 | ) | (22,370 | ) | |||||||
Royalty liability interest expense - related parties | (8,139 | ) | — | (18,892 | ) | — | |||||||||
Other interest income (expense), net | 168 | (7 | ) | 527 | (87 | ) | |||||||||
Non-operating income (expenses) | 71 | 483 | (395 | ) | 5,566 | ||||||||||
Loss before income taxes | (277,212 | ) | (2,837 | ) | (337,643 | ) | (16,891 | ) | |||||||
Income tax benefit (expense) | 4 | — | 4 | — | |||||||||||
Net loss | $ | (277,208 | ) | $ | (2,837 | ) | $ | (337,639 | ) | $ | (16,891 | ) | |||
Net loss attributable to redeemable noncontrolling interest | (60,094 | ) | — | (70,012 | ) | — | |||||||||
Net loss attributable to Cibus, Inc. | $ | (217,114 | ) | $ | (2,837 | ) | $ | (267,627 | ) | $ | (16,891 | ) | |||
Basic and diluted net loss per share of Class A common stock | $ | (12.59 | ) | $ | (2.93 | ) | $ | (25.95 | ) | $ | (18.36 | ) | |||
Weighted average shares of Class A common stock outstanding – basic and diluted | 17,244,665 | 968,871 | 10,314,554 | 919,959 | |||||||||||
CIBUS, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(In Thousands) | ||||||||
Year Ended December 31, | ||||||||
2023 | 2022 | |||||||
Operating activities | ||||||||
Net loss | $ | (337,639 | ) | $ | (16,891 | ) | ||
Adjustments to reconcile net loss to net cash used by operating activities: | ||||||||
Royalty liability interest expense - related parties | 18,892 | — | ||||||
Goodwill and intangible assets impairment | 249,419 | — | ||||||
Depreciation and amortization | 4,693 | 1,534 | ||||||
Stock-based compensation | 16,092 | 3,998 | ||||||
Loss on disposal of property, plant, and equipment | 224 | — | ||||||
Change in fair value of liability classified Class A common stock warrants | 1,127 | (5,120 | ) | |||||
Other | 21 | — | ||||||
Changes in operating assets and liabilities, net of acquisitions: | ||||||||
Accounts receivable | 1,704 | — | ||||||
Due to/from related parties | (95 | ) | 3 | |||||
Prepaid expenses and other current assets | 1,150 | 389 | ||||||
Accounts payable | 2 | (229 | ) | |||||
Accrued expenses | (2,065 | ) | (166 | ) | ||||
Accrued compensation | 891 | (2,415 | ) | |||||
Deferred revenues | (89 | ) | (56 | ) | ||||
Right-of-use assets and lease liabilities, net | (106 | ) | 199 | |||||
Other assets and liabilities, net | (431 | ) | (610 | ) | ||||
Net cash used by operating activities | (46,210 | ) | (19,364 | ) | ||||
Investing activities | ||||||||
Cash acquired from merger with Cibus Global, LLC | 59,381 | — | ||||||
Purchases of property, plant, and equipment | (4,321 | ) | (1,520 | ) | ||||
Net cash provided by (used in) investing activities | 55,060 | (1,520 | ) | |||||
Financing activities | ||||||||
Proceeds from Class A common stock and pre-funded warrants issuance | 20,306 | 11,538 | ||||||
Costs incurred related to the issuance of Class A common stock and pre-funded warrants | (1,550 | ) | (1,173 | ) | ||||
Proceeds from draws on revolving line of credit from Cibus Global, LLC | 2,500 | — | ||||||
Payment of taxes related to vested restricted stock units | (742 | ) | — | |||||
Proceeds from issuance of notes payable | 1,378 | — | ||||||
Repayments of financing lease obligations | (297 | ) | (376 | ) | ||||
Repayments of notes payable | (1,275 | ) | — | |||||
Net cash provided by financing activities | 20,320 | 9,989 | ||||||
Effect of exchange rate changes on cash and cash equivalents | 3 | — | ||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 29,173 | (10,895 | ) | |||||
Cash, cash equivalents, and restricted cash – beginning of period | 3,526 | 14,421 | ||||||
Cash, cash equivalents, and restricted cash – end of period | $ | 32,699 | $ | 3,526 | ||||
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