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Jun 30, 2023
Cibus Q2 2023 Earnings Report
Announced financial results for the quarter ended June 30, 2023, and provided a business update.
Key Takeaways
Cibus reported its second quarter 2023 financial results, highlighting progress on key milestones including the closing of the merger with Calyxt, commercialization of first three trait products, opening of high-throughput trait development facility, and a collaboration agreement with Bayer Ag.
Closed merger with Calyxt, Inc. on May 31, 2023, establishing a high-throughput plant breeding platform.
Began commercializing first three trait products by sending customers initial transfers of their elite germplasm with Cibus traits.
Opened the world’s first stand-alone high-throughput trait development facility for editing plants to support the commercial expansion of the trait business.
Entered into a collaboration agreement with Bayer Ag to evaluate Cibus’ Trait Machine and capabilities.
Forward Guidance
Cibus expects to accomplish several important milestones in the second half of 2023, including validating its Trait Machine process in a customer’s elite soybean germplasm, transferring up to five additional seed company partners its pod shatter reduction trait, initiating field trials in the UK for winter oilseed rape, releasing additional greenhouse and field data associated with its Sclerotinia resistance trait and its HT2 trait, initiating editing for its initial mode of action for nitrogen-use efficiency in canola, and entering into additional breeding collaborations in North America and South America for its HT1 and HT3 traits.
Positive Outlook
- Successfully validate its Trait Machine process in a customer’s elite soybean germplasm.
- Begin editing in its soybean platform in 2023.
- Transfer up to five additional seed company partners its pod shatter reduction trait in the customers’ elite germplasm.
- Initiate field trials in the UK for winter oilseed rape.
- Initiate editing for its initial mode of action for nitrogen-use efficiency in canola.
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