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Dec 31, 2022
Cibus Q4 2022 Earnings Report
Announced proposed merger with Cibus Global and filed initial registration statement on Form S-4.
Key Takeaways
Calyxt reported its Q4 2022 financial results, highlighting a merger agreement with Cibus Global and advancements in customer projects. The quarter saw nominal revenue due to the wind-down of the soybean product line, but also a decrease in operating expenses due to management actions. The company's cash runway is sufficient to fund operations through the second quarter of 2023, considering interim funding from Cibus.
Announced a definitive merger agreement with Cibus Global, expected to close in Q2 2023.
Continued progress on customer projects, including a pilot project for a major consumer packaged goods company.
Achieved a milestone payment for the development of its soybean-based palm oil alternative plant trait.
Signed an agreement with Evologic Technologies to further develop and scale its Plant Cell Matrix and BioFactory technologies.
Cibus
Cibus
Forward Guidance
Calyxt's merger with Cibus is expected to create an industry-leading company, leveraging synergies to drive innovation and shareholder value. The combined company, renamed Cibus Inc., is expected to trade on the Nasdaq Capital Market under the ticker symbol CBUS. Corporate headquarters will be located in San Diego, California, with Calyxt’s facilities in Roseville, Minnesota remaining operational.
Positive Outlook
- Merger expected to create an industry-leading company.
- Synergies expected to drive innovation and shareholder value.
- Combined company expected to trade on Nasdaq Capital Market.
- Calyxt’s facilities in Roseville, Minnesota to remain operational.
- Current customer projects under development are on track.
Challenges Ahead
- Conditions to the closing of the Transactions are not satisfied or if consummation of the Transactions is delayed
- Calyxt’s ability to realize anticipated benefits of the proposed Transactions
- Calyxt’s ability to maintain its continued listing on the Nasdaq Capital Market
- Impact of increased competition, including competition from a broader array of synthetic biology companies
- Disruptions at its key facilities, including disruptions impacting its BioFactory production system