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Company Overview
Cibus Inc is an agricultural biotechnology company specializing in the development and commercialization of advanced crop traits. Utilizing its proprietary Rapid Trait Development System (RTDS®), the company leverages cutting‐edge gene editing technologies to create and license plant traits that address critical challenges in modern farming. These include improved herbicide tolerance, enhanced disease resistance, optimized weed management, and better nutrient utilization, all of which contribute to increased productivity and sustainable farming practices.
Innovative Technology and Process
Cibus has revolutionized traditional breeding methodologies by introducing a highly efficient, high-throughput system that integrates crop-specific cell biology with sophisticated gene editing tools. The company’s technology allows for multiple gene modifications in a single developmental cycle—significantly reducing the time and cost associated with conventional breeding programs. This capability not only accelerates trait development but also ensures that the resultant genetic modifications are indistinguishable from those produced through natural processes, thereby positioning Cibus distinctively within the agricultural biotechnology landscape.
Business Model and Market Position
Unlike traditional seed companies, Cibus operates as a technology provider. Its core business model centers on developing novel crop traits and licensing them to seed companies, who then incorporate these traits into their breeding programs. This licensing model allows Cibus to generate revenue through royalties on seed sales, aligning its success with the productivity gains achieved by farmers worldwide. Emphasizing its industrialized approach to breeding, Cibus sets rigorous production standards that consistently deliver results in a predictable, time-bound manner.
Product Portfolio and Applications
The company’s robust portfolio includes multiple traits developed for major global row crops such as canola, rice, soybean, and others. Among its innovations are herbicide tolerance traits (such as HT1, HT2, and HT3) that provide farmers with additional tools for combating herbicide-resistant weeds, as well as traits designed to enhance resistance to significant crop diseases like Sclerotinia. These portfolio elements underscore Cibus’ commitment to addressing the productivity and sustainability challenges faced by modern agriculture.
Technological Integration and Collaborations
Cibus continues to push the boundaries of crop trait development through strategic collaborations. By partnering with leaders in artificial intelligence and machine learning, the company enhances its target discovery process, ensuring that its gene-editing efforts are both precise and scalable. These collaborations enable the identification of novel gene targets and streamline the application of complex edits, thereby reinforcing the company’s position as a pioneer in high-throughput gene editing.
Industry Impact and Expertise
Operating at the intersection of biotechnology and agriculture, Cibus provides a vital contribution to the farming sector by addressing issues that traditionally lead to significant economic losses. Through its innovative technology, the company plays a central role in modernizing plant breeding and delivering traits that can alleviate challenges such as pest infestations, plant diseases, and herbicide resistance. The scientific underpinnings of its RTDS® process not only embody a breakthrough in crop improvement but also exemplify the expertise and technical rigor that define Cibus’ approach to sustainable agriculture.
Conclusion
In summary, Cibus Inc stands out for its cutting-edge gene editing technology, streamlined trait development process, and strategic licensing model. Its comprehensive focus on enhancing crop resilience and yield through advanced plant trait innovations makes it a key player in the agricultural biotechnology industry. The company’s commitment to rapidly delivering impactful solutions underscores its potential as an instrumental force in addressing complex agricultural challenges.
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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