Cibus, Inc. (Nasdaq: CBUS) (the "Company"), a
leading agricultural biotechnology company that uses proprietary
gene editing technologies to develop plant traits (or specific
genetic characteristics) in seeds, today announced its financial
results for the quarter ended June 30, 2024, and provided a
business update for the first half of 2024. Management will host a
conference call and webcast today at 4:30 p.m. ET.
Management Commentary
“The past six months have been some of the most
important in our history, marked by the successful progress of many
commercial, trait and platform development milestone achievements,
and critical developments in the regulatory environment for gene
editing technologies,” stated Rory Riggs, Co-Founder, Chairman, and
CEO of Cibus. “This quarter, we successfully completed our edit for
a third mode of action for our Sclerotinia resistance trait and our
initial edit for a multi-crop Nutrient Use Efficiency trait –
marking solid progress toward the development of our pipeline of
gene edited traits. We have also gained significant momentum this
year in Rice, our first grain platform, with an additional
collaboration for our herbicide tolerance traits with FEDEARROZ,
one of the largest rice seed companies in Latin America. We now
have collaboration agreements with four major rice seed companies
in North America and Latin America. These agreements position us
well to be a leader in licensing a new generation of gene edited
herbicide tolerance traits in Rice.”
Mr. Riggs continued, “Our progress is
underpinned by our proprietary gene editing platform, which
represents a paradigm shift in breeding complex traits, built on
over 25 years of rigorous research and development and backed by
our extensive patent portfolio. Unlike traditional GMO breeding,
our Trait Machine process can produce specific genetic traits that
are indistinguishable from traits of conventional breeding, with
greater accuracy in materially less time and cost. Although we are
still waiting for final agreement and approval in the EU, the
recent progress in 2024 with the UK approval to enable development
and marketing of gene edited crops in England, the favorable
European Union parliament vote on its position on New Genomic
Techniques, and approval in Canada of updated feed guidelines that
will regulate Cibus' gene editing technologies similar to
conventional breeding, is further confirmation of the global
movement to regulate traits from our Trait Machine process similar
to traits from conventional breeding.”
Mr. Riggs concluded, “As you can see from our
milestone achievements and year-to-date progress, this year has
been about our continued transformation from an R&D-focused
company to the first commercial stage gene editing company in
agriculture. Our focus is on developing traits with specific
genetic attributes to drive productivity. The development of new
proprietary traits, the scaling of our Trait Machine process,
coupled with increasing global regulatory support, is setting the
stage for this new industry of gene edited traits."
Commercial Progress
Progress of Cibus' Three Developed Traits – Transferring Traits
to Customers1
- Herbicide Tolerance (HT1 and HT3) in Rice
- Including an additional agreement with FEDEARROZ in the second
quarter, Cibus now has agreements with four major Rice seed
companies in North and South America to have Cibus' HT traits
placed in their elite germplasm for commercialization.
- Cibus believes that these four Rice customers, taken together,
represent approximately 40% of the Company's estimated accessible
Rice acres across North and Latin America (i.e., acres that would
be potentially accessible to Cibus' HT1 and HT3 traits).
- Pod Shatter Reduction (PSR) in Canola and Winter Oilseed Rape
(WOSR)
- Continued progress in working with customers toward
commercializing PSR in Canola.
- PSR field trials for WOSR are ongoing in the UK with results
expected in 2024, starting Cibus’ commercialization efforts for
WOSR in Europe.
Progress of Cibus' Three Advanced Traits and Sustainable
Ingredients
- Sclerotinia Resistance
- Successfully made edits in Canola for the third mode of action
for its White Mold (Sclerotinia) resistance trait, an important
milestone for providing durable resistance to White Mold disease in
Canola and subsequently other crops, including Soybean.
- Now that editing is confirmed for the third mode of action, the
plants will be evaluated in a controlled environment with results
expected later this year.
- As a reminder, Sclerotinia is a multi-crop trait, meaning that
the efficacy achieved in Canola can be translated to other crops,
including Soybean, and eventually, the Company will have the
opportunity to earn royalties across multiple crops for the same
trait.
- Herbicide Tolerance (HT2)
- Successful completion of edits for HT2 in Canola.
- Nutrient Use Efficiency (NUE)
- Successful initial editing in Canola for its Nutrient Use
Efficiency (NUE) trait, believed to be the first NUE gene edits in
a major crop in North America.
- NUE traits are part of a very large category of traits relevant
globally to all crops that can make fertilizer use more efficient,
without compromising the yield that farmers expect.
- Cibus' editing of its NUE trait in Canola is Cibus' first entry
into the NUE field.
- This NUE trait is Cibus' first use of its Trait Machine process
to operationalize a third party developed trait, demonstrating the
Company’s ability as a development partner to take third party
identified gene targets and successfully make edits in Cibus'
platforms to develop a trait.
- Sustainable Ingredients
- Material increase in funding for its sustainable ingredients
effort in 2024 and 2025.
Progress within Crop Platforms
- Wheat Platform (Operational)
- Successfully achieved major breakthrough of operationalizing
Cibus' Wheat platform, which is one of the world's two major grain
crops.
- Cibus is actively engaged in initial discussions with potential
seed company partners.
- Soybean Platform (Advanced)
- Expect Soybean platform to be operational in 2024, allowing for
penetration of this large market of over 200 million addressable
acres.
- Development of the Soybean platform is a key point of
inflection for Cibus' productivity trait and sustainable
ingredients business.
Corporate and Industry Progress
- Expansion of IP coverage for plant gene editing and traits
- In the first six months of 2024, Cibus received additional
patents across 10 plant gene editing and trait families, further
strengthening the Company’s IP portfolio in its Pod Shatter
Reduction, Herbicide Tolerance, High Fiber Wheat, and Improved
Quality Alfalfa trait families.
- The IP expansion covers gene editing, productivity traits and
quality traits that strengthen Cibus’ patent coverage in
geographies including, but not limited to, Europe, Asia, Latin
America, and North America.
- Canada added to growing list of countries regulating Cibus’
gene editing technologies similar to conventional breeding
- In May 2024, the Canadian Food Inspection Agency (CFIA), Animal
Feed Division published updated feed guidelines confirming that
CFIA will regulate products from gene editing like those developed
through conventional breeding.
- Other global markets: The movement of other countries approving
gene editing as similar to conventional breeding techniques
continues to expand as momentum builds globally.
1 See "About the Cibus Trait MachineTM process and Rapid Trait
Development SystemTM" for information regarding Cibus' initial
customer relationships.
Expected Milestones
Cibus has several important development and
commercial milestone targets for 2024:
- Developed Productivity Traits:
- Continue expansion of the customer base for Cibus’ herbicide
tolerance platform in Rice
- Expect our first European field trial results for PSR in WOSR
in 2024
- Expect field trial results in Canola (Spring Oilseed Rape) in
2024
- Advanced Productivity Traits:
- Complete editing and expect greenhouse results for a third mode
of action for Sclerotinia resistance
- Complete editing and expect greenhouse results for HT2
- Platform Development:
- Expect Soybean single-cell regeneration platform to be
operational and complete initial editing
- Expect to enter into initial development and commercial
agreements related to Wheat
- Expect to initiate the first edits toward developing traits for
Wheat
- Sustainable Ingredient Development:
- Continue progress to develop sustainable low carbon ingredients
or materials for the consumer packaged goods industry that do not
negatively impact the environment during production, use, or
disposal
- Launch first sustainable ingredient in 2025
Second Quarter 2024 Financial Results
As a reminder, the business combination of
Cibus, Inc. (formerly known as Calyxt, Inc. prior to the business
combination) (Legacy Calyxt) and Cibus Global, LLC was completed on
May 31, 2023, thus the first five months of the 2023 information
provided in the Financial Results, Condensed Consolidated
Statements of Operations, and Condensed Consolidated Statements of
Cash Flows is that of Legacy Calyxt only. Year-over-year
comparisons are not comparable as 2024 includes the combined
company whereas 2023 only includes Legacy Calyxt for the first five
months.
- Cash position: Cash and cash
equivalents as of June 30, 2024, was $30.0 million. Taking
into account the impact of implemented cost saving initiatives and
without giving effect to potential financing transactions that
Cibus is pursuing, Cibus expects that existing cash and cash
equivalents will fund planned operating expenses and capital
expenditure requirements into the fourth quarter of 2024.
- Research and development (R&D)
Expense: R&D expense was $13.0 million for the quarter
ended June 30, 2024, compared to $8.4 million in the year-ago
period. The increase of $4.6 million is primarily related to
increased lab supply and facility expenses, an increase in employee
headcount, and an increase in stock-based compensation expense for
restricted stock award grants. These expenses were partially offset
by $1.3 million in one-time expenses due to the closing of the
Merger Transactions in the year-ago period.
- Selling, general, and
administrative (SG&A) expense: SG&A expense was $9.3
million for the quarter ended June 30, 2024, compared to $11.1
million in the year-ago period. The decrease of $1.8 million is
primarily related to $6.5 million in one-time expenses due to the
closing of the Merger Transactions in the year-ago period. This
decrease is offset by an increase in headcount, increased
consulting and legal fees, and an increase in stock-based
compensation expense for restricted stock award grants.
- Royalty liability interest expense
- related parties: Royalty liability interest expense - related
parties was $8.7 million for the quarter ended June 30, 2024,
compared to $2.6 million in the year-ago period. The increase of
$6.1 million is the result of two additional months in the second
quarter of 2024 vs the second quarter of 2023. This is a non-cash
expense.
- Non-operating income, net:
Non-operating income, net was $1.6 million for the quarter ended
June 30, 2024, compared to $1.3 million in the year-ago
period. The increase of $0.3 million is driven by the fair value
adjustment of the liability classified common warrants.
- Net loss: Net loss was $28.5
million for the quarter ended June 30, 2024, compared to $20.5
million in the year-ago period.
- Net loss per share of Class A
common stock: Net loss per share of Class A common stock was $1.14
for the quarter ended June 30, 2024, compared to $3.05 in the
year-ago period.
Conference Call and Webcast
Information
Cibus will host a live webcast, Thursday, August
8, 2024, at 4:30 p.m. Eastern Time to discuss its second quarter
2024 financial results and provide a business update. The
conference call can be accessed live over the phone by dialing
(800) 343-5172 or for international callers by dialing (203)
518-9856. The conference ID is “CIBUS” or 24287. A replay of the
call will be available through August 22, 2024, by dialing (844)
512-2921 or for international callers by dialing (412) 317-6671;
the passcode is 11156392.
A live audio webcast of the call will be
available under "Events & Presentations" in the Investor
section of the Company's website, investor.cibus.com. An archived
webcast will be available on the Company's website for 90 days
after the event.
About Cibus
Cibus is a leader in gene edited productivity
traits that address critical productivity and sustainability
challenges for farmers such as diseases and pests which the United
Nations estimates cost the global economy approximately $300
billion annually. Cibus is not a seed company. It is a technology
company that uses gene editing to develop and license traits to
seed companies in exchange for royalties on seed sales. Cibus'
focus is productivity traits for farmers for the major global row
crops with large acreage such as canola, corn, rice, soybean, and
wheat. Cibus is a technology leader in high throughput gene editing
technology that enables Cibus to develop and commercialize plant
traits at a fraction of the time and cost of conventional breeding.
Cibus has developed a pipeline of five productivity traits
including important traits for Pod Shatter Reduction, Sclerotinia
(disease) resistance, and weed management. Its initial traits for
Pod Shatter Reduction and weed management are in commercial
development with leading seed companies such as Nuseed Americas
Inc. in Canola as well as Nutrien Ltd. and Interoc S.A. in Rice in
the United States and Latin America. Its other pipeline traits
including Sclerotinia resistance are in advanced greenhouse and
field trial stages.
About the Cibus Trait
MachineTM process and Rapid Trait
Development SystemTM
A key element of Cibus' technology breakthrough
is its high-throughput breeding process (referred to as the Trait
Machine™ process). The Trait Machine process is a crop specific
application of Cibus' patented Rapid Trait Development System™
(RTDS®). The proprietary
technologies in RTDS integrate crop specific cell
biology platforms with a series of gene editing technologies to
enable a system of end-to-end crop specific precision breeding. It
is the core technology platform for Cibus' Trait Machine process:
the first standardized end-to-end semi-automated crop specific gene
editing system that directly edits a seed company's elite
germplasm. Each Trait Machine process requires a crop specific cell
biology platform that enables Cibus to edit a single cell from a
customer's elite germplasm and grow that edited cell into a plant
with the Cibus edits. Cibus has a Trait Machine process developed
for canola and rice and has already begun transferring their elite
germplasm with Cibus edits back to customers.
The traits from Cibus'
RTDS-based high-throughput breeding system are
indistinguishable from traits developed using conventional breeding
or from nature. RTDS does not integrate any
foreign DNA or transgenes. Under the European Commission's current
proposals, it is expected that products from Cibus'
RTDS gene editing platform such as its Pod Shatter
Reduction trait and Sclerotinia resistance traits for Canola and
Winter Oilseed Rape would be considered 'Conventional-like'.
Cibus believes that RTDS and
the Trait Machine process represent the technological breakthrough
in plant breeding that is the ultimate promise of plant gene
editing: "high- throughput gene editing systems operating as an
extension of seed company breeding programs." In 2024, the Trait
Machine process was cited by Fast Company Magazine as one of the
most innovative products in 2024.
Because the Trait Machine process is intended to
be integrated into seed companies' breeding operations, the
customer relationship between Cibus and seed companies with which
it engages is a collaborative relationship in which seed companies
transfer elite germplasm to have a specific validated trait placed
in the seed company's elite germplasm and expectation of delivery
back to the seed company of their elite germplasm with the Cibus
edit toward commercial development. Accordingly, Cibus refers to
seed company "customers" in its disclosure once such a customer
relationship has been initiated.
Forward Looking Statements
This press release contains "forward-looking
statements" within the meaning of applicable securities laws,
including The Private Securities Litigation Reform Act of 1995. All
statements, other than statements of present or historical fact
included herein, including statements regarding Cibus' operational
and financial performance, Cibus' strategy, future operations,
prospects, and plans, including the anticipated regulatory
environment are forward-looking statements. Forward-looking
statements may be identified by words such as "anticipate,"
"believe," "intend," "expect," "plan," "scheduled," "could,"
"would" and "will," or the negative of these and similar
expressions.
These forward-looking statements are based on
the current expectations and assumptions of Cibus' management about
future events, which are based on currently available information.
These forward-looking statements are subject to numerous risks and
uncertainties, many of which are difficult to predict and beyond
the control of Cibus. Cibus' actual results, level of activity,
performance, or achievements could be materially different than
those expressed, implied, or anticipated by forward-looking
statements due to a variety of factors, including, but not limited
to: Cibus' need for additional near-term funding to finance its
activities and challenges in obtaining additional capital on
acceptable terms, or at all; changes in expected or existing
competition; challenges to Cibus' intellectual property protection
and unexpected costs associated with defending intellectual
property rights; increased or unanticipated time and resources
required for Cibus' platform or trait product development efforts;
Cibus' reliance on third parties in connection with its development
activities; challenges associated with Cibus' ability to
effectively license its productivity traits and sustainable
ingredient products; the risk that farmers do not recognize the
value in germplasm containing Cibus' traits or that farmers and
processors fail to work effectively with crops containing Cibus'
traits; delays or disruptions in the Company’s platform or trait
product development efforts; challenges that arise in respect of
Cibus' production of high-quality plants and seeds cost effectively
on a large scale; Cibus' dependence on distributions from Cibus
Global, LLC to pay taxes and cover its corporate and overhead
expenses; regulatory developments that disfavor or impose
significant burdens on gene-editing processes or products; delays
and uncertainties regarding regulatory developments in the European
Union; Cibus' ability to achieve commercial success; commodity
prices and other market risks facing the agricultural sector;
technological developments that could render Cibus' technologies
obsolete; changes in macroeconomic and market conditions, including
inflation, supply chain constraints, and rising interest rates;
dislocations in the capital markets and challenges in accessing
liquidity and the impact of such liquidity challenges on Cibus'
ability to execute on its business plan; the outcome of any
litigation related to the Merger Transactions; the Company's
assessment of the period of time through which its financial
resources will be adequate to support operations; and other
important factors discussed in the "Risk Factors" section of Cibus'
Annual Report on Form 10-K which was filed with the Securities and
Exchange Commission (the "SEC") on March 21, 2024. Should one or
more of these risks or uncertainties occur, or should underlying
assumptions prove incorrect, actual results and plans could differ
materially from those expressed in any forward-looking statements.
Cibus' assessment of the period of time through which its financial
resources will be adequate to support its operations is a
forward-looking statement and involves such risks and
uncertainties. Accordingly, the Company could use its available
capital resources sooner than it currently expects.
In addition, the forward-looking statements
included in this press release represent Cibus' views as of the
date hereof. Cibus specifically disclaims any obligation to update
such forward-looking statements in the future, except as required
under applicable law. These forward-looking statements should not
be relied upon as representing Cibus' views as of any date
subsequent to the date hereof.
CIBUS CONTACTS:
INVESTOR RELATIONSKaren
Troeberktroeber@cibus.com858-450-2636
Jeff Sonnek – ICR jeff.sonnek@icrinc.com
MEDIA RELATIONSColin
Sanfordcolin@bioscribe.com203-918-4347
CIBUS, INC. CONDENSED CONSOLIDATED BALANCE
SHEETS (Unaudited and in Thousands, Except Par
Value and Share Amounts) |
|
June 30, 2024 |
|
December 31, 2023 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
30,021 |
|
|
$ |
32,699 |
|
Accounts receivable |
|
1,058 |
|
|
|
530 |
|
Prepaid expenses and other current assets |
|
2,020 |
|
|
|
1,991 |
|
Total current assets |
|
33,099 |
|
|
|
35,220 |
|
Property, plant, and
equipment, net |
|
13,764 |
|
|
|
15,775 |
|
Operating lease right-of-use
assets |
|
35,603 |
|
|
|
21,685 |
|
Intangible assets, net |
|
34,494 |
|
|
|
35,411 |
|
Goodwill |
|
434,898 |
|
|
|
434,898 |
|
Other non-current assets |
|
1,522 |
|
|
|
1,422 |
|
Total
assets |
$ |
553,380 |
|
|
$ |
544,411 |
|
Liabilities, redeemable
noncontrolling interest, and stockholders’ equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
6,196 |
|
|
$ |
6,127 |
|
Accrued expenses |
|
2,714 |
|
|
|
1,747 |
|
Accrued compensation |
|
3,682 |
|
|
|
3,858 |
|
Deferred revenue |
|
1,623 |
|
|
|
1,210 |
|
Current portion of notes payable |
|
404 |
|
|
|
833 |
|
Current portion of financing lease obligations |
|
105 |
|
|
|
187 |
|
Current portion of operating lease obligations |
|
3,862 |
|
|
|
5,927 |
|
Class A common stock warrants |
|
10,379 |
|
|
|
1,418 |
|
Other current liabilities |
|
7 |
|
|
|
16 |
|
Total current liabilities |
|
28,972 |
|
|
|
21,323 |
|
Notes payable, net of current
portion |
|
365 |
|
|
|
536 |
|
Financing lease obligations,
net of current portion |
|
119 |
|
|
|
113 |
|
Operating lease obligations,
net of current portion |
|
32,824 |
|
|
|
17,025 |
|
Royalty liability - related
parties |
|
182,330 |
|
|
|
165,252 |
|
Other non-current
liabilities |
|
1,700 |
|
|
|
1,868 |
|
Total
liabilities |
|
246,310 |
|
|
|
206,117 |
|
Redeemable noncontrolling
interest |
|
36,572 |
|
|
|
44,824 |
|
Stockholders’
equity: |
|
|
|
Class A common stock, $0.0001
par value; 210,000,000 shares authorized; 23,529,689 shares issued
and 23,015,417 shares outstanding as of June 30, 2024; 21,240,379
shares issued and 20,567,656 shares outstanding as of December 31,
2023 |
|
8 |
|
|
|
8 |
|
Class B common stock, $0.0001
par value; 90,000,000 shares authorized; 3,112,516 shares issued
and outstanding as of June 30, 2024, and 3,142,636 shares issues
and outstanding as of December 31, 2023 |
|
— |
|
|
|
— |
|
Additional paid-in
capital |
|
800,606 |
|
|
|
775,017 |
|
Class A common stock in
treasury, at cost; 45,177 shares as of June 30, 2024, and 32,663
shares as of December 31, 2023 |
|
(1,999 |
) |
|
|
(1,785 |
) |
Accumulated deficit |
|
(528,096 |
) |
|
|
(479,778 |
) |
Accumulated other
comprehensive income (loss) |
|
(21 |
) |
|
|
8 |
|
Total stockholders’
equity |
|
270,498 |
|
|
|
293,470 |
|
Total liabilities, redeemable
noncontrolling interest, and stockholders’ equity |
$ |
553,380 |
|
|
$ |
544,411 |
|
CIBUS, INC. CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (Unaudited and in
Thousands, Except Share and Per Share Amounts) |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue: |
|
|
|
|
|
|
|
Revenue |
$ |
838 |
|
|
$ |
197 |
|
|
$ |
1,383 |
|
|
$ |
239 |
|
Total revenue |
|
838 |
|
|
|
197 |
|
|
|
1,383 |
|
|
|
239 |
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
|
12,993 |
|
|
|
8,429 |
|
|
|
25,006 |
|
|
|
10,638 |
|
Selling, general, and administrative |
|
9,327 |
|
|
|
11,079 |
|
|
|
16,312 |
|
|
|
13,375 |
|
Total operating expenses |
|
22,320 |
|
|
|
19,508 |
|
|
|
41,318 |
|
|
|
24,013 |
|
Loss from operations |
|
(21,482 |
) |
|
|
(19,311 |
) |
|
|
(39,935 |
) |
|
|
(23,774 |
) |
Royalty liability interest
expense - related parties |
|
(8,749 |
) |
|
|
(2,617 |
) |
|
|
(17,078 |
) |
|
|
(2,617 |
) |
Other interest income,
net |
|
169 |
|
|
|
99 |
|
|
|
362 |
|
|
|
78 |
|
Non-operating income, net |
|
1,580 |
|
|
|
1,320 |
|
|
|
1,211 |
|
|
|
410 |
|
Loss before income taxes |
|
(28,482 |
) |
|
|
(20,509 |
) |
|
|
(55,440 |
) |
|
|
(25,903 |
) |
Income tax benefit
(expense) |
|
4 |
|
|
|
— |
|
|
|
(10 |
) |
|
|
— |
|
Net loss |
$ |
(28,478 |
) |
|
$ |
(20,509 |
) |
|
$ |
(55,450 |
) |
|
$ |
(25,903 |
) |
Net loss attributable to
redeemable noncontrolling interest |
|
(3,595 |
) |
|
|
(1,819 |
) |
|
|
(7,132 |
) |
|
|
(1,819 |
) |
Net loss attributable to
Cibus, Inc. |
$ |
(24,883 |
) |
|
$ |
(18,690 |
) |
|
$ |
(48,318 |
) |
|
$ |
(24,084 |
) |
Basic and diluted net
loss per share of Class A common stock |
$ |
(1.14 |
) |
|
$ |
(3.05 |
) |
|
$ |
(2.26 |
) |
|
$ |
(6.73 |
) |
Weighted average
shares of Class A common stock outstanding – basic and
diluted |
|
21,851,982 |
|
|
|
6,136,114 |
|
|
|
21,357,460 |
|
|
|
3,576,350 |
|
CIBUS, INC. CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited and in
Thousands) |
|
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
|
2023 |
|
Operating
activities |
|
|
|
|
Net loss |
|
$ |
(55,450 |
) |
|
$ |
(25,903 |
) |
Adjustments to reconcile net loss to net cash used by operating
activities: |
|
|
|
|
Royalty liability interest expense - related parties |
|
|
17,078 |
|
|
|
2,617 |
|
Depreciation and amortization |
|
|
3,554 |
|
|
|
1,191 |
|
Stock-based compensation |
|
|
5,343 |
|
|
|
5,842 |
|
Change in fair value of liability classified Class A common stock
warrants |
|
|
(1,190 |
) |
|
|
371 |
|
Other |
|
|
(28 |
) |
|
|
— |
|
Changes in operating assets and liabilities, net of
acquisitions: |
|
|
|
|
Accounts receivable |
|
|
(528 |
) |
|
|
1,377 |
|
Due to/from related parties |
|
|
— |
|
|
|
(95 |
) |
Prepaid expenses and other current assets |
|
|
(30 |
) |
|
|
47 |
|
Accounts payable |
|
|
(24 |
) |
|
|
(2,270 |
) |
Accrued expenses |
|
|
1,026 |
|
|
|
1,296 |
|
Accrued compensation |
|
|
(170 |
) |
|
|
1,411 |
|
Deferred revenue |
|
|
410 |
|
|
|
251 |
|
Right-of-use assets and lease obligations, net |
|
|
(184 |
) |
|
|
49 |
|
Other assets and liabilities, net |
|
|
(335 |
) |
|
|
(303 |
) |
Net cash used by operating activities |
|
|
(30,528 |
) |
|
|
(14,119 |
) |
Investing
activities |
|
|
|
|
Cash acquired from merger with Cibus Global, LLC |
|
|
— |
|
|
|
59,381 |
|
Purchases of property, plant, and equipment |
|
|
(397 |
) |
|
|
(560 |
) |
Net cash (used by) provided by investing activities |
|
|
(397 |
) |
|
|
58,821 |
|
Financing
activities |
|
|
|
|
Proceeds from issuances of securities |
|
|
30,256 |
|
|
|
— |
|
Costs incurred related to issuances of securities |
|
|
(1,130 |
) |
|
|
— |
|
Proceeds from draws on revolving line of credit from Cibus Global,
LLC |
|
|
— |
|
|
|
2,500 |
|
Payment of taxes related to vested restricted stock units |
|
|
(214 |
) |
|
|
(742 |
) |
Proceeds from issuance of notes payable |
|
|
— |
|
|
|
1,287 |
|
Repayments of financing lease obligations |
|
|
(60 |
) |
|
|
(110 |
) |
Repayments of notes payable |
|
|
(600 |
) |
|
|
(273 |
) |
Net cash provided by financing activities |
|
|
28,252 |
|
|
|
2,662 |
|
Effect of exchange rate
changes on cash and cash equivalents |
|
|
(5 |
) |
|
|
5 |
|
Net (decrease) increase in cash and cash equivalents |
|
|
(2,678 |
) |
|
|
47,369 |
|
Cash and cash equivalents –
beginning of period |
|
|
32,699 |
|
|
|
3,526 |
|
Cash and cash
equivalents – end of period |
|
$ |
30,021 |
|
|
$ |
50,895 |
|
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