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Dec 31, 2023
Cibus Q4 2023 Earnings Report
Cibus reported its financial results for the fourth quarter ended December 31, 2023, and provided a business update.
Key Takeaways
Cibus reported a net loss of $277.2 million for Q4 2023, driven by a $249.4 million non-cash goodwill and intangible assets impairment. The company raised $20.3 million in gross proceeds via a registered direct offering and highlighted commercial progress with its developed traits.
Completed successful transfers of gene edited elite germplasm back to customers for commercialization for each of its three developed productivity traits.
Signed collaboration agreements for trait development with multiple major seed companies, including Bayer, Loveland Products, Nuseed, and Interoc.
Reported achievement of successful greenhouse results for two different modes of action for Sclerotinia (White Mold) Resistance in Canola.
Opened industry's first standardized high-throughput end-to-end gene editing production facility.
Forward Guidance
Cibus has several important development and commercial milestone targets for 2024
Positive Outlook
- Expect 8 of 10 PSR customers in Canola to have their elite germplasm edited with Cibus' trait either transferred to the customer or ready to be transferred to the customer by year end 2024
- Expand customer base with existing developed productivity traits
- Expect greenhouse results for a third mode of action for Sclerotinia resistance
- Expect greenhouse results for HT2
- Complete editing discovery efforts for alternative oils for CPG industry
Historical Earnings Impact
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