Cibus, Inc.

Management Commentary

"To date, we have signed seven Rice customer agreements. Together, we estimate that these seven customers represent approximately 5-7 million addressable acres (i.e., acres that would be potentially accessible to Cibus’ HT1 and HT3 traits in Rice) and, if fully developed, over $200 million in potential annual royalty opportunity, demonstrating the tangible impact on our commercial efforts from our streamlined strategic focus," said Peter Beetham, Interim Chief Executive Officer of Cibus. "Our enhanced Rice editing efficiency is an advantage for our customers, while our expanded partnerships in Latin America are positioning us well for initial commercial launch targeted for 2027, followed by targeted expansion to the U.S. in 2028. Our efforts are also extending beyond the Americas, most recently by our engagement of AgVayā to support our entry into the Indian market which represents another immense opportunity for our trait products. Further, we successfully completed a pre-commercial pilot for our Sustainable Ingredients program and remain on track for initial payments in the fourth quarter as we advance our Rice program toward commercialization."