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Sep 30, 2024
Cibus Q3 2024 Earnings Report
Financial results for the third quarter of 2024 and year-to-date business update were announced.
Key Takeaways
Cibus reported a net loss of $201.5 million for the third quarter of 2024, which included a $181.4 million non-cash goodwill impairment. The company is focusing on advancing its weed management platform, pod shatter reduction, and sclerotinia resistance, and expects its Soybean platform to be operational by year-end 2024. They are also implementing cost-saving initiatives expected to reduce monthly cash usage by approximately 20%.
Strategic realignment to focus on weed management platform, pod shatter reduction, sclerotinia resistance, and soybean platform development.
Progress in Rice with agreements with four major seed company customers and successful field trials with HT3.
Initial UK field trial completed for Pod Shatter Reduction in Winter Oilseed Rape, and continued progress in Sclerotinia resistance.
Actions initiated to achieve $10 million in cost savings on an annualized run-rate basis.
Forward Guidance
Cibus intends to report ordinary course development progress and achievements in connection with its quarterly reporting process. Cibus presents below the most significant development and commercial milestone targets for its priority programs for the remainder of 2024 and 2025
Positive Outlook
- Soybean single-cell regeneration platform to be operational and complete initial editing by end of 2024.
- Canola greenhouse testing results for third mode of action expected in 2024, with field trials planned for 2025.
- Expect results from greenhouse testing for fourth mode of action in Canola in first quarter 2025.
- Expect initial field trial data in 2025 for HT2 in Canola.
- Continue progress on partner-funded project to develop sustainable low carbon ingredients or materials
Historical Earnings Impact
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Avg. Return Before/After Earnings
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