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Sep 30, 2023
Cibus Q3 2023 Earnings Report
Announced financial results for the quarter ended September 30, 2023, and provided a business update.
Key Takeaways
Cibus reported its Q3 2023 financial results, highlighting progress in commercializing its pod shatter reduction (PSR) trait in canola and winter oilseed rape (WOSR), as well as HT1 and HT3 traits in rice. The company is advancing its soybean single cell operating system and has seen positive developments in gene editing regulations.
Continued progress toward the commercialization of pod shatter reduction (PSR) trait in canola and winter oilseed rape (WOSR).
Continued progress toward the commercialization of HT1 and HT3 in rice, with a large increase in customer base in North and South America.
Continued progress in developing the Company's soybean single cell operating system, with key work expected in the fourth quarter of 2023.
Experienced continued positive developments in gene editing regulations, including approval in the UK and proposed regulations in the EU.
Forward Guidance
Cibus expects to enable regeneration of soybean plants from single cells in Q4 2023, with initial edits and improvements projected during 2024. They also plan to transfer their PSR trait in up to 4 additional elite germplasm of additional seed company customers and to gain additional rice customers for HT1 and HT3 in South America.
Positive Outlook
- Enabling regeneration of soybean plants from single cells is expected to be completed in the fourth quarter of 2023.
- Initial edits and improvements of soybean system projected during 2024.
- Transfer PSR trait in up to 4 additional elite germplasm of additional seed company customers.
- Attract additional rice customers for HT1 and HT3 in South America.
- Successful transfer of elite germplasm to Cibus from new rice customers.
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