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- **$200M+ Rice Royalty Potential**: 7 partnerships across Americas and India drive long-term revenue growth.
- **EU Regulatory Breakthrough**: 100M acres of new opportunity for gene-edited crops in Europe.
- **12-15 Month Gene Editing Timeline**: Enables rapid integration into seed companies' breeding programs.
- **First Fragrance Payment**: Sustainable ingredients program demonstrates commercial viability, targeting $20M-$40M annual royalties.
- **Financial Stability**: $22.3M capital raise and $10M cost savings extend cash runway to late 2026.

**【Management Opening Remarks】**
- CFO Carlo Broos welcomed participants, reminded of forward-looking statements, and noted the availability of the webcast and press release.

**【CEO Commentary】**
- **Landmark Year Achievements**: 2025 saw advancements in gene editing technology, commercialization, and regulatory progress, including EU's new genomic techniques legislation.
- **Rice Program Momentum**: 7 rice customers across the Americas represent $200M+ annual royalty potential. Key partnerships include Interoc (Latin America), Semillano (Colombia), and AgVaya (India), with initial commercial launches targeted for 2027-2030.
- **Gene Editing Efficiency**: Cibus can deliver edited elite genetics to customers within 12-15 months, enabling integration into seed companies' breeding programs.
- **Sustainable Ingredients Breakthrough**: Received first payment from biofragrance program, with commercial scale production expected later in 2026.
- **Regulatory Wins**: EU political agreement on genomic techniques, U.K. PBO framework, and U.S. APHIS approvals support global expansion.

**【CFO Financial Commentary】**
- **Cash Position**: $9.9M as of Q4 2025, with $22.3M raised in January 2026, extending cash runway to late Q3 2026.
- **Cost Savings**: Full-year 2025 operating expenses reduced by $10M (R&D: $3M, SG&A: $1.7M), supporting $30M+ annual cash usage target.
- **Financial Performance**: Net loss of $31.9M for Q4 2025, driven by royalty liability interest and reduced revenue recognition.

**【Q&A Highlights】**
- **EU Regulatory Impact**: 100M acres of opportunity in Europe, with interest from major seed companies in Winter Oilseed Rape traits.
- **Latin America Commercialization**: Interoc partnership progressing toward 2027 launch, with field trials and chemical registrations underway.
- **Gene Editing Scale**: Streamlined workflows and AI integration enable multiple crop trait development without significant R&D expansion.
- **Fragrance Expansion**: Targeting $20M-$40M annual royalties, with potential to expand beyond initial partnership.
- **Financing Flexibility**: Focus on near-term rice and fragrance revenue, with no immediate need for additional funding beyond current runway.

Cibus, Inc.(CBUS)-20260318-2025 Q4 Earnings call transcript

- **Rice Trait Milestone**: 7 customer agreements across 3 continents, $200M+ annual royalty potential from herbicide-tolerant rice.
- **Biofragrance Breakthrough**: Pre-commercial scale-up complete, first R&D offset payments received in Q4 2025.
- **Cost Efficiency**: $5M YoY operating expense reduction, annual cash burn target of $30M by 2026.
- **Regulatory Momentum**: EU gene editing legislation nearing completion; India completes first gene-edited rice trials.
- **HT2 Trait Expansion**: Canola herbicide tolerance trait shows strong field results, multi-crop development underway.

**【CEO Summary Section】**
- Signed 7 Rice customer agreements across USA, Latin America, and India, representing 5-7 million addressable acres and $200M+ annual royalty potential.
- Launched HT1/HT3 herbicide-tolerant rice traits in Latin America (2027) and U.S. (2028), with India targeted for 2030.
- Completed pre-commercial biofragrance scale-up, receiving first R&D offset payments in Q4 2025.
- Streamlined operations reduced annual net cash usage to $30M by 2026, extending runway to Q2 2026.
- Expanded Board with Kimberly Box (HP exec) and Craig Wichner (sustainable ag expert) to support commercialization.

**【CFO Financial Commentary】**
- Q3 2025 cash balance: $23.9M, sufficient for operations into early Q2 2026.
- Operating expenses reduced by $5M YoY (Q3 2025 vs Q3 2024): 
  - R&D: $10.8M (-$2.2M)
  - SG&A: $5.2M (-$2.5M)
- Net loss narrowed to $24.3M (vs $201.5M YoY), driven by $181M goodwill impairment in Q3 2024.
- Consolidated Oberlin facility and reduced workforce to achieve $30M annual cash burn target.

**【Q&A Highlights】**
- **Regulatory Progress**: EU new breeding technologies legislation nearing finalization; India completed first gene-edited rice field trials.
- **HT2 Trait Expansion**: Canola herbicide tolerance trait showing strong field results, seeking seed company partnerships for multi-crop development.
- **Biofragrance Ramp-Up**: 2026 revenue expected in single-digit millions, targeting $20-40M long-term in $65B fragrance market.
- **India Strategy**: Collaborating with AgVaya to access 120M acres of rice, targeting 2030 commercial launch.
- **Capital Allocation**: Exploring all financing options to support 2026 commercialization, prioritizing non-dilutive solutions.

Cibus, Inc. (CBUS) Q3 2025 Earnings Call Transcript

- **Rice Traits on Track for $200M Royalty Revenue:** Latin America launches in 2027, U.S. in 2028, with 5 customers signed.
- **Biofragrances to Generate $M in 2026:** Scale-up complete, nominal 2025 revenue, full commercialization in 2026.
- **Cost Discipline Extends Runway:** $30M annual net cash usage by 2026, $36.5M cash as of Q2.
- **Gene Editing Regulatory Momentum:** EU resolution expected in 6 months, enabling global trait commercialization.
- **Soybean Platform Breakthrough:** 125M-acre opportunity with $10-15/acre royalty potential.


**【Interim CFO Opening Remarks】**
- Provided regulatory and financial updates, emphasizing the company's focus on near-term revenue drivers and capital discipline.
- Highlighted the importance of maintaining a runway through 2026 while positioning for commercialization.

**【Interim CEO, Peter Beetham - Strategic Update】**
- **Rice Herbicide Tolerance Traits (HT1/HT3):** 
  - Potential annual royalty revenue of $200M across U.S. and Latin America.
  - On track for Latin America launches in 2027 and U.S. in 2028.
  - Signed 5th customer in Latin America, with field trials progressing as planned.
  - Delivered HT3 traits to a U.S. partner, enabling customer-led field trials.
- **Biofragrances Program:** 
  - Nominal revenues expected in late 2025, scaling to $M in 2026.
  - Completed first-stage scale-up of 2 products, meeting milestones.
- **Capital Allocation:** 
  - Streamlined operations to reduce annual net cash usage to ~$30M by 2026.
  - Focused on rice and biofragrances as highest-priority programs.

**【Chief Scientific Officer, Greg Gocal - Pipeline Update】**
- **Canola Programs:** 
  - HT2 field trials show promising results; Sclerotinia resistance program attracts partner interest.
- **Soybean Platform:** 
  - Demonstrated proof of concept for HT2 trait, targeting 125M acres with $10-15/acre royalty potential.
- **Alfalfa Program:** 
  - FDA-cleared altered lignin trait commercialized in 2025, offering higher-value alfalfa for livestock.
- **Regulatory Progress:** 
  - USDA AFIS designations of multiple traits as not regulated; positive EU trialogue momentum expected to resolve within 6 months.

**【Interim CFO, Cornelis Broos - Financial Update】**
- **Q2 2025 Financials:** 
  - Revenue: $933K (vs. $838K YoY), driven by partner-funded programs.
  - Net Loss: $26.6M (vs. $28.5M YoY), with cost-saving initiatives reducing R&D and SG&A expenses.
  - Cash: $36.5M as of Q2, with $27.5M raised in June public offering.
- **2026 Outlook:** 
  - Annual net cash usage reduced to ~$30M through workforce reduction and operational streamlining.
  - One-time severance charges of ~$0.5M in Q3.

**【Q&A Highlights】**
- **EU Regulatory Timeline:** 
  - Expected resolution of gene editing legislation within 6 months, enabling U.K.-style commercialization by late 2027.
- **Biofragrance Revenue Model:** 
  - 2025: Nominal revenue from scale-up material; 2026+: Royalty-based commercial sales.
- **Cash Burn Reduction:** 
  - Q2 2025: $26.6M net loss; 2026: ~$30M annual net cash usage.
- **Sustainable Ingredients Expansion:** 
  - Long-term opportunities in bio-based products (e.g., nonallergenic crops), but 2026 focus on rice and biofragrances.


Cibus, Inc. (CBUS) Q2 2025 Earnings Call Transcript

- **Rice Platform Momentum**: 40% market share secured in North/Latin America, with 2027 commercial launch for stacked herbicide tolerance traits. 
- **Canola Disease Resistance Breakthrough**: 3rd mode of action Sclerotinia resistance shows promise, with field trials for modes 3/4 and stacked traits in 2025. 
- **Soybean Platform Progress**: Successful HT2 cell edits, positioning for 125M-acre market with $10-$15/acre royalties. 
- **Sustainable Ingredients Scaling**: 2025 nominal revenues, 2026-2028 ramp-up for biofragrance products, with minimal Cibus working capital needs. 
- **Regulatory Wins**: USDA non-regulation designation, Ecuador approval for HT rice, and EU regulatory modernization advancing. 
- **Financial Discipline**: $4M/month cash burn, $23.6M cash on hand, and focus on cost optimization and partner-funded growth. 


**【CEO Summary Section】**
- **Rice Platform Expansion**: Secured agreements with 4 major seed companies, representing ~40% of accessible rice acres in North and Latin America. Field trials for stacked herbicide tolerance traits in rice achieved a milestone, with commercial launch anticipated in 2027. 
- **Canola Disease Resistance**: Announced positive greenhouse data for a third mode of action for Sclerotinia resistance, with field trials for modes 3 and 4 planned for 2025. Stacked disease resistance traits are being tested in controlled environments. 
- **Soybean Platform Progress**: Achieved successful cell edits for HT2 trait in January, with plant edits expected later this year. Soybean platform development could access 125M acres with potential royalties of $10-$15/acre. 
- **Sustainable Ingredients Growth**: Completed first-stage scale-up for 2 biofragrance products, with nominal revenues expected in 2025 and ramp-up in 2026-2028. 
- **Regulatory Milestones**: USDA-APHIS designated 2 disease resistance traits as not regulated, Ecuador approved HT1/HT3 rice traits as equivalent to conventional breeding, and EU regulatory modernization efforts advancing. 

**【CFO Financial Commentary】**
- **Cash Position**: $23.6M as of Q1 2025, with $21.4M from January registered direct offering. Current cash sufficient to fund operations into Q3 2025. 
- **Revenue Growth**: $1M (Q1 2025) vs. $0.5M (Q1 2024), driven by partner-funded projects. 
- **Cost Optimization**: R&D expenses down 2% YoY to $11.8M, SG&A up 41% YoY to $9.9M due to $3M litigation accrual. Net loss narrowed to $28.4M (excluding $21M goodwill impairment). 
- **Burn Rate**: ~$4.4M/month post-cost-cutting initiatives, with focus on reducing further in 2025-2026. 

**【Q&A Key Takeaways】**
- **Regulatory Outlook**: EU trilogue discussions expected to finalize NGT legislation within 6 months, enabling secondary regulations for commercialization. U.K. trials for European-adapted crops underway. 
- **Sustainable Ingredients Scaling**: Fermentation-based products require minimal Cibus working capital, with inventory built by partners. Multiple pipeline molecules beyond initial 2 fragrances. 
- **Rice Commercialization**: Ecuador determination clears path for registration and commercialization, with first trait deliveries to Latin American customers by year-end. 
- **Cash Management**: $4M/month burn rate projected for 2025, with focus on optimizing partner-funded programs to reduce reliance on cash reserves. 
- **Soybean Platform Risk**: Complex trait development (e.g., white mold resistance) requires ongoing R&D investment, but early cell edits validate technical feasibility. 


Cibus (CBUS)-8 May 25-2025 Q1 Earnings call transcript

- **Gene Editing Breakthrough**: Cibus' RTDS platform enables indistinguishable-from-nature traits, bypassing GMO regulations and unlocking $300B global ag market.
- **Rice Trait Momentum**: 40% of North/Latin American rice acres under license for HT3; field trials show stacked herbicide tolerance success.
- **Canola Leadership**: 10 customers for disease-resistant traits; 2025 field trials for Sclerotinia resistance in North America.
- **Soybean Expansion**: Targeting 125M acres with HT2 and white mold resistance; soybean platform development on track.
- **Regulatory Win**: EU NGT legislation nearing adoption, opening European market for gene-edited crops.
- **Financial Strength**: $14.4M cash + $21.6M Q1 2025 raise; 20% cost reduction; no funding needs until Q3 2025.

**【Interim CEO Peter Beetham Opening Remarks】**
- Cibus is transitioning from a trait development company to a commercial trait company, with a focus on gene-edited traits that bypass GMO regulatory hurdles.
- Key achievements:
  - 40% of North and Latin American rice acres under agreements for HT3 herbicide tolerance traits.
  - Field trials for stacked herbicide tolerance in rice show breakthrough results.
  - 10 customers for canola traits, including 6 progressing PSR (Pod Shatter Reduction) for 7M acres.
  - Soybean platform development progressing, targeting 125M acres with HT2 and white mold resistance.
- Regulatory progress: EU NGT legislation nearing final adoption, treating gene-edited crops like conventional breeding.
- New collaborations: AI partnership with Biographica for disease resistance gene discovery.

**【Interim CFO Carlo Broos Financial Update】**
- Cash balance: $14.4M as of Q4 2024, with $21.6M raised in Q1 2025, sufficient to fund operations into late Q3 2025.
- R&D expenses: $12.4M (Q4 2024) vs $14.2M (Q4 2023), down 12% due to cost-cutting.
- Net loss: $25.8M (Q4 2024) vs $277.2M (Q4 2023), excluding $249M goodwill impairment.
- Operating expenses reduced by 20% through strategic realignment.

**【Q&A Highlights】**
1. **EU Regulatory Impact**: 
   - Final NGT legislation expected to open European market for gene-edited crops.
   - 5 European customers already engaged on canola traits.
2. **Commercialization Timelines**:
   - Rice HT3: Field trials in US, Brazil, Colombia; commercial launch in key markets by 2026.
   - Canola PSR: UK field trials in 2025, potential 2026 royalties.
   - Soybean: Platform development on track, first trait data in 2025.
3. **Sustainability Progress**:
   - Biofragrance product expected to generate nominal revenue in 2025, scaling in 2026.
   - CPG partner-funded sustainable ingredient project advancing.
4. **Financial Sustainability**:
   - Current cash position supports all R&D activities through Q3 2025.
   - No need for additional funding beyond existing plans.


Actual										-17	-16.5	-14	-16.5	-12	-10.5	-10	-9	-7	-2.5	-6.5	-3	-5.45	-3.05	-1.59	-12.59	-1.12	-1.14	-7.63	-0.87	-1.34	-0.61	-0.44	-0.59
Forecast										-16	-14.1429	-14	-12.4	-12.6667	-9.5	-9.3333	-13.125	-8.75	-6.8333	-7	-5.5	-3	-0.3	-1.17	-1.43	-1.01	-0.8133	-0.8733	-0.6767	-0.5833	-0.6025	-0.4375	-0.3525
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-6.25%	-16.67%	0.00%	-33.06%	+5.26%	-10.53%	-7.14%	+31.43%	+20.00%	+63.41%	+7.14%	+45.45%	-81.67%	-916.67%	-35.90%	-780.42%	-10.89%	-40.17%	-773.70%	-28.57%	-129.73%	-1.24%	-0.57%	-67.38%

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