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Cibus, Inc. (Nasdaq: CBUS) is a pioneering biotechnology company that focuses on developing and commercializing proprietary gene-editing technologies. At the heart of Cibus’ innovation is its Rapid Trait Development System (RTDS®), a cutting-edge gene-editing platform that integrates crop-specific cell biology with advanced gene-editing techniques. The company's mission is to enhance plant traits to address crucial farming challenges related to productivity, disease resistance, and environmental sustainability.
One of Cibus’ key projects includes the development of herbicide tolerance traits in rice. The recent field trials for the HT1 and HT3 traits have shown promising results, meeting or exceeding performance expectations. This success has led to the first transfer of customer seeds containing these traits, marking a significant step in the company's commercial journey.
In addition, Cibus has made notable progress with its Pod Shatter Reduction (PSR) trait in canola. The PSR trait aims to minimize yield losses due to pod shattering, a common issue in canola farming. The successful field trials have enabled the transfer of PSR traits to multiple seed developers, with commercial hybrid sales expected as early as 2025.
Cibus is also at the forefront of legislative changes in Europe, supporting new regulations for New Genomic Techniques (NGTs) that classify certain gene-editing methods as ‘Conventional-like’. This regulatory recognition is expected to facilitate the commercial adoption of Cibus’ gene-edited traits across the European Union.
Recently, Cibus announced a strategic partnership with Loveland Products Inc. to commercialize herbicide tolerance traits in rice for the southern US market. This collaboration underscores Cibus’ commitment to providing innovative solutions to pressing agricultural challenges.
Cibus’ proprietary Trait Machine™ System is integral to its technology breakthrough. This system standardizes the gene-editing process, allowing precise modifications in a seed company’s elite germplasm without using foreign DNA or transgenes. The Trait Machine is currently operational for canola and rice, with broader applications anticipated in the future.
Overall, Cibus is revolutionizing plant breeding with its high-throughput gene-editing technology, addressing critical agricultural challenges, and paving the way for more sustainable and productive farming practices globally.
Cibus (NASDAQ: CBUS) has successfully completed gene edits in Canola for its 4th mode of action targeting Sclerotinia (White Mold) resistance trait, with greenhouse results expected in Q1 2025. This achievement follows positive field trial results from their 2nd mode of action, which demonstrated enhanced disease resistance. Sclerotinia is identified as the most significant disease affecting Canola yields and the second most impactful in Soybean. The company's approach involves developing multiple modes of action for durable disease resistance, with potential applications beyond Canola to other crops like Soybean.
Cibus reported its third quarter financial results and provided a year-to-date business update for 2024. The company announced a strategic realignment focusing on commercial opportunities, particularly in weed management for rice, pod shatter reduction in canola, and sclerotinia resistance in canola and soybean.
Key achievements include agreements with four major seed companies, successful field trials for HT3 in rice, and positive greenhouse results for HT2 in canola. The soybean platform is on track to be operational by the end of 2024. The company initiated actions to achieve $10 million in annualized cost savings, reducing monthly cash usage by 20%.
Financially, the company reported a net loss of $201.5 million for Q3 2024, primarily due to a $181.4 million goodwill impairment. Cash and cash equivalents were $28.8 million as of September 30, 2024. R&D expenses decreased to $13.0 million, and SG&A expenses decreased to $7.7 million.
Cibus (NASDAQ: CBUS) announced successful greenhouse testing of its next-generation herbicide tolerance (HT2) trait in Canola, showing increased herbicide tolerance. The company plans to initiate field testing in 2025. This milestone demonstrates Cibus' capability in complex Canola editing and builds upon their previous HT1 and HT3 traits in rice. The HT2 trait is expected to provide farmers with additional herbicide options to combat resistant weeds, potentially reducing the number of herbicide applications needed. Cibus believes this trait can be translated to other crops like Soybean, representing part of their strategy to develop multiple herbicide-tolerant traits across various crops.
Cibus (Nasdaq: CBUS) announced it will release its third quarter 2024 financial results on Thursday, November 7, 2024, after market close. The agricultural technology company will host a conference call and audio webcast at 4:30 p.m. ET to discuss financial results and company updates. A replay will be available until November 21, 2024, and the webcast will be accessible on the company's investor website for 90 days after the event.
Cibus Inc. (Nasdaq: CBUS) has announced a restructuring and cost reduction plan, including a reduction in force (RIF), to optimize its business structure. The company expects to generate cost savings of approximately $10 million on an annualized run-rate basis and reduce monthly cash use by about 20% when fully implemented by early 2025.
The restructuring aligns with Cibus's focus on advancing its nearest-term commercial opportunities, particularly in herbicide-resistant traits in Rice, continuing development of its Soybean platform, and leveraging multi-crop traits including disease tolerance in Canola and Winter Oilseed Rape. The company will also pursue partner-funded projects opportunistically.
The RIF is expected to result in one-time charges of approximately $0.35 million in Q4 2024 for accrued vacation and severance. Cibus's CEO, Rory Riggs, stated that this restructuring is necessary for the company's transformation from an R&D-focused entity to a commercial-stage gene editing company in agriculture.
Cibus, Inc. (Nasdaq: CBUS), a leading agricultural technology company, has been named a finalist for the Euroseeds2024 InnovActor Award. The company's technology will be showcased on the InnovAction Stage at the Euroseeds2024 Congress in Copenhagen, Denmark, from October 13-16. Dr. Jim Radtke, SVP of Product Development, will present Cibus' technology. The event focuses on innovations in modern plant breeding, crop resilience, quality improvement, and data-driven decision-making in breeding.
Cibus' RTDS®-based high throughput breeding system is recognized for its potential to transform European agriculture. The technology aims to increase the speed and efficiency of bringing new plant traits to market, addressing challenges in agriculture such as disease resistance, climate change adaptation, nutrient use efficiency, and yield improvement.
Cibus, a leading agricultural technology company (Nasdaq: CBUS), announced its participation in the Food+ Forum during the 79th session of the United Nations General Assembly in New York. Peter Beetham, Co-Founder, President and Chief Operating Officer, will join a panel discussion on 'Sowing Solutions: Innovations in Climate-Resilient Seeds' on September 26, 2024, at 12:50 pm ET.
Beetham emphasized Cibus' role in addressing climate change's impact on global food systems through gene editing technology. The company's RTDS-based high throughput breeding system is developing improved crops that are more adaptive to changing environmental conditions, manage plant diseases, and optimize nutrient usage.
The Food+ Forum, hosted by Foreign Policy Magazine, will bring together experts, scientists, policymakers, investors, and entrepreneurs working on sustainable food systems, crop science, regenerative agriculture, and soil sustainability.
Cibus (Nasdaq: CBUS), a leading agricultural biotechnology company, has announced the pricing of its public offering of 3,000,000 shares of Class A Common Stock at $4.00 per share. The company expects to raise approximately $12.0 million in gross proceeds before deducting underwriting discounts and expenses. Cibus has granted underwriters a 45-day option to purchase an additional 450,000 shares to cover over-allotments.
The offering is set to close on September 19, 2024. Cibus plans to use the net proceeds to fund the development of new seed traits, improve existing ones, support Trait Machine operations, and for working capital and general corporate purposes. Roth Capital Partners and A.G.P./Alliance Global Partners are acting as joint book-running managers for the offering.
Cibus, Inc. (Nasdaq: CBUS), a leading agricultural biotechnology company, has announced a proposed public offering of its Class A common stock. The company plans to grant underwriters a 45-day option to purchase up to an additional 15% of the offered shares. Roth Capital Partners and A.G.P./Alliance Global Partners are acting as joint bookrunning managers for the offering. Cibus intends to use the net proceeds to fund the development of new seed traits, improve existing ones, support Trait Machine operations, and for working capital. The offering is subject to market conditions, and there is no guarantee of its completion or terms. Some existing investors and the CEO have shown interest in purchasing shares, but this is not binding.
Cibus (Nasdaq: CBUS) has completed initial field tests of its Pod Shatter Reduction (PSR) trait in winter oilseed rape in the UK, marking the first gene-edited trait to complete such trials in the country. The promising results support Cibus' ongoing commercial development of the PSR trait. This milestone was made possible by simplified UK regulations introduced in 2022, allowing for science-based testing of gene-edited traits.
Cibus utilizes its proprietary Rapid Trait Development System™ (RTDS®) to develop complex gene-edited traits. The PSR trait aims to address potential yield losses of 5% to 25% due to pod shatter in winter oilseed rape. The successful trials pave the way for a second season of testing, with Cibus looking to deliver the benefits of precision breeding to UK farmers and the broader European agricultural community.
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