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Jun 30, 2024
Cibus Q2 2024 Earnings Report
Reported financial results for the quarter ended June 30, 2024, and provided a business update for the first half of 2024.
Key Takeaways
Cibus reported its second quarter financial results, highlighting progress in commercial, trait, and platform development, as well as advancements in the regulatory environment for gene editing technologies. The company reported a net loss of $28.5 million, with cash and cash equivalents totaling $30.0 million as of June 30, 2024.
Secured an agreement for Herbicide Tolerance traits in Rice with FEDEARROZ, marking the fourth customer collaboration.
Advanced trait development with successful trait edits in Sclerotinia and HT2, and initial editing for Nutrient Use Efficiency in Canola.
Continued progress in global regulatory landscape, with advances in Canada, the United Kingdom, and a positive vote in the European Union parliament.
Expanded intellectual property coverage across 10 plant trait and editing families.
Forward Guidance
Cibus has several important development and commercial milestone targets for 2024.
Positive Outlook
- Continue expansion of the customer base for Cibus’ herbicide tolerance platform in Rice
- Expect first European field trial results for PSR in WOSR in 2024
- Expect field trial results in Canola (Spring Oilseed Rape) in 2024
- Complete editing and expect greenhouse results for a third mode of action for Sclerotinia resistance
- Complete editing and expect greenhouse results for HT2
Challenges Ahead
- Expect Soybean single-cell regeneration platform to be operational and complete initial editing
- Expect to enter into initial development and commercial agreements related to Wheat
- Expect to initiate the first edits toward developing traits for Wheat
- Continue progress to develop sustainable low carbon ingredients or materials for the consumer packaged goods industry that do not negatively impact the environment during production, use, or disposal
Historical Earnings Impact
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Avg. Return Before/After Earnings
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