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Mar 31, 2024
Cibus Q1 2024 Earnings Report
Cibus reported first quarter financial results and provided a business update.
Key Takeaways
Cibus reported a net loss of $27.0 million for the quarter ended March 31, 2024. The company signed three agreements for Rice across North and Latin America and achieved a breakthrough in Wheat platform development. Cibus expects that existing cash and cash equivalents will fund planned operating expenses and capital expenditure requirements into the third quarter of 2024.
Signed three agreements in Rice across North and Latin America, including with Loveland Products Inc., a subsidiary of Nutrien Ltd., and Interoc S.A., for Cibus' two proprietary Herbicide Tolerance traits (HT1 and HT3).
Completed single cell regeneration platform for Wheat, marking a major breakthrough for Cibus and for the seed industry.
The EU Parliament voted to support proposed regulation of gene edited products similarly to conventional breeding, building upon global momentum in many major countries.
Continued progress with customers toward commercializing Pod Shatter Reduction (PSR) trait in Canola.
Cibus
Cibus
Forward Guidance
Cibus has several important development and commercial milestone targets for 2024.
Positive Outlook
- Expect 8 of 10 PSR customers in Canola to have their elite germplasm edited with Cibus' trait either transferred to the customer or ready to be transferred to the customer
- Expect to collect HT3 field testing data for Rice in Latin America
- Expand customer base with existing developed productivity traits
- Expect greenhouse results for a third mode of action for Sclerotinia resistance
- Expect greenhouse results for HT2
Challenges Ahead
- Need for additional near-term funding to finance its activities
- 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