Cibus, Inc.

Previous wording

In June of 2025, building on efficiencies from restructuring initiatives introduced in late 2024 to date, the Company announced further streamlining of its operational focus to preserve capital resources and concentrate its working capital expenditures on the commercial advancement of the Company’s weed management traits for Rice. The Company believes its Rice herbicide tolerance traits represent potential annual accessible royalties of over $200 million upon full commercialization across target markets.

Current wording

In June 2025, building on efficiencies from restructuring initiatives introduced in late 2024 to date, the Company announced further streamlining of its operational focus to preserve capital resources and concentrate its working capital expenditures on the commercial advancement of the Company’s weed management traits for Rice.

Previous wording

Gene-edited traits are importantly distinguishable from traits developed with genetically modified organism (GMO) technologies. While GMO technologies enabled major improvements in farming productivity, they have faced regulatory and adoption headwinds because of their use of foreign DNA, or transgenic material. For example, in the European Union (EU), GMO traits were essentially banned, and imports were heavily regulated. Numerous regulatory agencies in the Americas, including the United States, Canada, and Argentina, have confirmed that Cibus’RTDS-developed trait products are non-transgenic and are not subject to heightened GMO regulation in these markets.

Current wording

30 - their use of foreign DNA, or transgenic material. For example, in the European Union (EU), GMO traits were essentially banned, and imports were heavily regulated. Numerous regulatory agencies in the Americas, including the United States, Canada, and Argentina, have confirmed that Cibus’RTDS-developed trait products are non-transgenic and are not subject to heightened GMO regulation in these markets.

Previous wording

The first half of 2025 has marked significant progress across Cibus' key platforms and initiatives and saw key regulatory validation of Cibus’RTDS technologies in the United States and Ecuador. In January 2025, Cibus established production standards for its proprietary RTDS gene editing process across its Rice and Canola platforms, which the Company believes has the capability to edit and return customer elite germplasm with specific edits within 12 to 15 months. This important capability has been valuable with respect to advancing Cibus’ commercial strategies, particularly within Rice where the Company is engaging in discussions with prospective customers in geographies where Rice is cultivated globally.

Current wording

The first nine months of 2025 have marked significant progress across Cibus' key platforms and initiatives and saw key regulatory validation of Cibus’RTDS technologies in the United States and Ecuador. In January 2025, Cibus established production standards for its proprietary RTDS gene editing process across its Rice and Canola platforms, which the Company believes has the capability to edit and return customer elite germplasm with specific edits within 12 to 15 months. This important capability has been valuable with respect to advancing Cibus’ commercial strategies, particularly within Rice where the Company is engaging in discussions with prospective customers in geographies where Rice is cultivated globally.

Previous wording

In terms of Cibus’ progress within its product platforms, in January 2025, the Company successfully edited Soybean cells for its HT2 trait, achieving sufficiently high editing rates to enable expanded platform development. In March 2025, the Company announced the achievement of a milestone in its Rice platform, receiving field trial results for stacked gene edited herbicide tolerance traits, representing the first known trial utilizing stacked gene edited herbicide tolerance traits in Rice for improved weed management. In August 2025, the Company signed a new collaboration agreement with Semillano, a Colombian Rice seed company, to advance commercialization of Cibus' Rice herbicide tolerance traits in Latin America. The Company completed delivery of three Rice lines with the HT3 trait to an existing United States customer and remains on track for targeted initial commercial launches in Latin America beginning in 2027 and expanding to the United States in 2028.

Current wording

In terms of Cibus’ progress within its product platforms, in January 2025, the Company successfully edited Soybean cells for its HT2 trait, achieving sufficiently high editing rates to enable expanded platform development. In March 2025, the Company announced the achievement of a milestone in its Rice platform, receiving field trial results for stacked gene edited herbicide tolerance traits, representing the first known trial utilizing stacked gene edited herbicide tolerance traits in Rice for improved weed management. In July 2025, the Company signed a material transfer agreement with Semillano, a Colombian Rice seed company, to advance commercialization of Cibus' Rice herbicide tolerance traits in Latin America. In August 2025, the Company also signed a material transfer agreement with Centro Internacional de Agricultura Tropical (CIAT), which works with the Latin American Fund for Irrigated Rice (FLAR) and participates in the Hybrid Rice Consortium for Latin America (HIAAL), to provide its HT3 clethodim herbicide tolerance trait to be introduced into HIAAL's elite rice germplasm, representing significant expanded market access across Latin America. In October 2025, the Company entered an agreement engaging AgVayā to develop a comprehensive strategy to expand Cibus’ presence in India — the world’s second-largest producer and the largest exporter of rice, with approximately 125 million acres under cultivation. The engagement will focuses on enabling joint development and commercialization of advanced herbicide and sustainability traits, creating opportunities for Indian rice seed companies and public agencies to integrate cutting-edge gene editing solutions. The Company completed delivery of three Rice lines with the HT3 trait to an existing United States customer and remains on track for targeted initial commercial launches in Latin America beginning in 2027 and expanding to the United States in 2028.

Previous wording

Within its partner-funded and/or supported sustainable ingredients program, Cibus continues to meet development milestones and is on track for planned nominal revenues in 2025, with targeted commercial expansion planned in 2026.

Current wording

Within its partner-funded and/or supported sustainable ingredients program, Cibus successfully completed pre-commercial pilot runs with its fermentation contractor during the third quarter 2025. The Company received initial payments (partially offsetting related R&D expenses) in the fourth quarter 2025, marking the Company's first payment from this program and representing an important validation milestone. Cibus is positioned for targeted commercial expansion planned in 2026.

Previous wording

Achievements within Cibus’ opportunity programs also highlight the Company’s strong pipeline of traits available for partnerships.

Current wording

Achievements within Cibus’ opportunity programs also highlight the Company’s strong pipeline of traits available for partnerships. For instance, in the third quarter of 2025,the Company completed its 2025 North American field trials, initiated this past spring, for HT2 herbicide tolerance and pod shatter reduction (PSR) in Winter Oilseed Rape (WOSR - winter canola) initiated in the fall of 2024, demonstrating encouraging performance, positioning these traits for potential future partner development. In October 2025, Cibus announced positive field trial results for second-generation herbicide tolerance (HT2) edited Canola. Following successful greenhouse evaluations, Cibus conducted HT2 Canola field trials during the 2025 growing season at two United States locations, confirming both acceptable herbicide resistance of this improved version of the HT2 trait and similar yield to the unedited parent. The HT2 trait can be stacked with other herbicide resistance traits, giving growers additional options and greater flexibility in weed management. HT2 will be offered to potential seed licensing partners for introduction into commercial Canola seed products.

Previous wording

The Company also reported development progress, having competed edits in each of four modes of action (MOA) for its Sclerotinia resistance trait in Canola and continuing ongoing field tests for three of them.

Current wording

The Company also reported development progress, having completed edits in each of four modes of action (MOA) for its Sclerotinia resistance trait in Canola and field tests in small plots have been performed for three of them.

Previous wording

On the regulatory front, the Company achieved a historic milestone when the California Rice Commission's Rice Certification Committee approved Cibus' field research proposal on February 26, 2025, marking the first authorization for planting gene edited Rice in California. In April 2025, USDA-APHIS designated two of Cibus’ Canola traits as not regulated under USDA biotechnology regulations (7 CFR Part 340), including two Canola disease resistance traits. This determination with respect to Cibus’ most up-to-date RTDS technologies, as applied in these specific Canola traits, reiterated the regulatory treatment for RTDS precision gene editing technologies in the United States. In Latin America, the Company also saw a positive regulatory development in Ecuador related to Cibus’ HT1 and HT3 Rice traits in April 2025. The Ministry of Agriculture and Livestock in Ecuador determined that Cibus’ HT1 and HT3 Rice traits are equivalent to those developed through conventional breeding and subject to the same regulations as conventional seed in accordance with the provisions of the Organic Law of Agrobiodiversity, Seeds and Promotion of Sustainable Agriculture and its Regulations (LOASFAS). This determination was important since Ecuador strictly prohibits the commercial planting of transgenic (GMO) crops, reinforcing the Company’s view that the global regulatory environment is increasingly supportive of gene editing.

Current wording

On the regulatory front, the Company achieved a historic milestone when the California Rice Commission's Rice Certification Committee approved Cibus' field research proposal on February 26, 2025, marking the first authorization for planting gene edited Rice in California. In April 2025, USDA-APHIS designated two of Cibus’ Canola traits as not regulated under USDA biotechnology regulations (7 CFR Part 340), including both its improved weed management and plant disease resistance traits. In June 2025, USDA-APHIS further determined Cibus' HT2 herbicide-tolerance trait in Canola is "not regulated" under USDA biotechnology regulations (7 CFR Part 340), marking the 17th Cibus trait to be so designated by the agency, and thereby addressing a key commercialization hurdle in the United States. This confirmation with Cibus’ most recent trait products reiterated the regulatory treatment for RTDS precision gene editing technologies in the United States. In Latin America, the Company also saw a positive regulatory development in Ecuador related to Cibus’ HT1 and HT3 Rice traits in April 2025. The Ministry of Agriculture and Livestock in Ecuador determined that Cibus’ HT1 and HT3 Rice traits are equivalent to those developed through conventional breeding and subject to the same regulations as conventional seed in accordance with the provisions of the Organic Law of Agrobiodiversity, Seeds and Promotion of Sustainable Agriculture and its

Previous wording

On March 14, 2025, EU member states endorsed the EU Council's (Council) negotiating mandate on the regulation of plants obtained by New Genomic Techniques (NGTs). This important advancement enables the Council to engage in 3-way discussions (known as trilogue discussions) with the EU Parliament and the European Commission to agree on the final text of the legislation to be proposed for final adoption. The Polish Member State led these discussions and made important progress before handing off to the Danish leadership on June 30, 2025. The EU legislation is important as it has the potential to open a huge market and establishes a model for trade and cultivation guidelines for many countries around the world.

Current wording

On March 14, 2025, EU member states endorsed the EU Council's (Council) negotiating mandate on the regulation of plants obtained by New Genomic Techniques (NGTs). This important advancement enables the Council to engage in 3-way discussions (known as trilogue discussions) with the EU Parliament and the European Commission to agree on the final text of the legislation to be proposed for final adoption. The Polish Member State led these discussions and made important progress before handing off to the Danish leadership on June 30, 2025. The EU regulatory process for NGTs continues to advance toward resolution. Key language regarding NGT categorization and the ability to patent NGT plants, plant parts, or material has been agreed upon, with final text being refined across remaining amendment categories. The EU legislation is important as it has the potential to open a large market and establishes a model for trade and cultivation guidelines for many countries around the world.

Previous wording

In summary, 2025 to date has demonstrated clear advancement of the Company’s strategy and the transformative potential of its RTDS technology platform. Cibus’ time bound and predictable approach to trait development is continuing to resonate strongly with customers and partners alike, attracting commercial interest across its platforms. Cibus is positioned at an important inflection point in the agricultural industry with regulatory progress advancing globally, the Company’s Rice traits moving into customer germplasm, and its disease resistance program showing remarkable results.

Current wording

In summary, 2025 to date has demonstrated clear advancement of the Company’s strategy and the transformative potential of its RTDS technology platform. Cibus’ time bound and predictable approach to trait development is continuing to resonate with customers and partners alike, attracting commercial interest across its platforms. Cibus is positioned at an important inflection point in the agricultural industry with regulatory progress advancing globally, the Company’s Rice traits moving into customer germplasm, and continuing to advance newly edited genes in Canola and WOSR associated with different MOA in its disease resistance program.

Previous wording

The Company has incurred net losses since its inception. As of June 30, 2025, the Company had an accumulated deficit of $803.4 million. The Company’s net loss was $76.0 million for the six months ended June 30, 2025. As Cibus continues to develop its pipeline of productivity traits and as a result of its limited commercial activities, Cibus expects to continue to incur significant expenses and operating losses for the next several years. Those expenses and losses may fluctuate significantly from quarter-to-quarter and year-to-year.

Current wording

The Company has incurred net losses since its inception. As of September 30, 2025, the Company had an accumulated deficit of $827.0 million. The Company’s net loss was $100.3 million for the nine months ended September 30, 2025. As Cibus continues to develop its pipeline of productivity traits and as a result of its limited commercial activities, Cibus expects to continue to incur significant expenses and operating losses for the next several years. Those expenses and losses may fluctuate significantly from quarter-to-quarter and year-to-year.

Previous wording

31 - issued to Mr. Riggs and other investors, pre-funded warrants (2025 Pre-Funded Warrants) to purchase 4,700,000 shares of Class A Common Stock, in each case, together with an accompanying common warrant (2025 Common Warrants) to purchase up to 4,340,000 shares of Class A Common Stock and 4,700,000 shares of Class A Common Stock, respectively, in a registered direct offering (January 2025 Follow-On Offering). The combined offering price for each share of Class A Common Stock and the accompanying 2025 Common Warrant was $2.50. The combined offering price for each 2025 Pre-Funded Warrant and the accompanying 2025 Common Warrant was $2.4999. The 2025 Common Warrants have an exercise price of $2.50 per share of Class A Common Stock and became exercisable upon approval by Cibus’ stockholders on May 22, 2025. The 2025 Common Warrants are exercisable for five years following the May 22, 2025, stockholder approval, subject to beneficial ownership limitations included in the terms of such securities. The 2025 Pre-Funded Warrants were immediately exercisable upon issuance and are exercisable until fully exercised at their exercise price of $0.0001 per share of Class A Common Stock, subject to beneficial ownership limitations. The Company received net proceeds related to the January 2025 Follow-On Offering of approximately $21.4 million after deducting approximately $1.2 million for placement agent commissions and other offering expenses payable by the Company. During the six months ended June 30, 2025, 4,300,000 2025 Pre-Funded Warrants were exercised.

Current wording

In January 2025, the Company (i) issued 4,340,000 shares of its Class A Common Stock and (ii) in lieu of Class A Common Stock issued to Mr. Riggs and other investors, pre-funded warrants (2025 Pre-Funded Warrants) to purchase 4,700,000 shares of Class A Common Stock, in each case, together with an accompanying common warrant (2025 Common Warrants) to purchase up to 4,340,000 shares of Class A Common Stock and 4,700,000 shares of Class A Common Stock, respectively, in a registered direct offering (January 2025 Follow-On Offering). The combined offering price for each share of Class A Common Stock and the accompanying 2025 Common Warrant was $2.50. The combined offering price for each 2025 Pre-Funded Warrant and the accompanying 2025 Common Warrant was $2.4999. The 2025 Common Warrants have an exercise price of $2.50 per share of Class A Common Stock and became exercisable upon approval by Cibus’ stockholders on May 22, 2025. The 2025 Common Warrants are exercisable for five years following the May 22, 2025, stockholder approval, subject to beneficial ownership limitations included in the terms of such securities. The 2025 Pre-Funded Warrants were immediately exercisable upon issuance and are exercisable until fully exercised at their exercise price of $0.0001 per share of Class A Common Stock, subject to beneficial ownership limitations. The Company received net proceeds related to the January 2025 Follow-On Offering of approximately $21.4 million after deducting approximately $1.2 million for placement agent commissions and other offering expenses payable by the Company. During the nine months ended September 30, 2025, 4,300,000 2025 Pre-Funded Warrants were exercised.

Previous wording

Certain investors in the January 2025 Follow-On Offering were, at the time of that offering, holders of outstanding 2024 Common Warrants to purchase up to 1,198,040 shares of Class A Common Stock. The exercise price for the 2024 Common Warrants initially was $10.00 per share (or $10.07 per share, in the case of 2024 Common Warrants issued to Mr. Riggs). Concurrent with the January 2025 Follow-On Offering, the Company agreed to contractual amendments with those certain investors (Warrant Amendment Agreement) to (i) reduce the exercise price of those 2024 Common Warrants to $2.50 per share, (ii) reduce the threshold for satisfaction of the trading condition in respect of the redemption provisions from $20.00 per share to $5.00 per share as well as adding a redemption notice of 30 days, and (iii) extend the termination date of those 2024 Common Warrants held by those certain investors to five years following the closings of the January 2025 Follow-On Offering. The Warrant Amendment Agreement with respect to Mr. Riggs, was conditioned on, and was not effective until, the trading day after the Company obtained the requisite approval from its stockholders, which occurred on May 22, 2025.

Current wording

Certain investors in the January 2025 Follow-On Offering were, at the time of that offering, holders of outstanding 2024 Common Warrants to purchase up to 1,198,040 shares of Class A Common Stock. The exercise price for the 2024 Common Warrants initially was $10.00 per share (or $10.07 per share, in the case of 2024 Common Warrants issued to Mr. Riggs). Concurrent with the January 2025 Follow-On Offering, the Company agreed to contractual amendments with those certain investors (Warrant Amendment Agreement) to (i) reduce the exercise price of those 2024 Common Warrants to $2.50 per share, (ii) reduce the threshold for satisfaction of the trading condition in respect of the redemption provisions from $20.00 per share to $5.00 per share as well as adding a redemption notice of 30 days, and (iii) extend the termination date of those 2024 Common Warrants held by those certain investors to five years following the closings of the January 2025 Follow-On Offering. The Warrant Amendment Agreement with respect to Mr. Riggs, was conditioned on, and was not effective until, the trading day after the Company obtained the requisite approval from its stockholders, which occurred on

Previous wording

Revenue was $0.9 million in the second quarter of 2025, an increase of $0.1 million from the second quarter of 2024. The increase was driven byamounts earned from collaboration agreements related to contract research for Rice and Sustainable Ingredients.

Current wording

Revenue was $0.6 million in the third quarter of 2025, a decrease of $1.1 million from the third quarter of 2024. The decrease was driven byamounts earned from collaboration agreements related to contract research for Rice and Sustainable Ingredients.

Previous wording

R&D expense was $12.2 million in the second quarter of 2025, a decrease of $0.8 million from the second quarter of 2024. The decrease was primarily due to cost reduction initiatives.

Current wording

R&D expense was $10.8 million in the third quarter of 2025, a decrease of $2.2 million from the third quarter of 2024. The decrease was primarily due to cost reduction initiatives.

Previous wording

SG&A expense was $6.6 million in the second quarter of 2025, a decrease of $2.7 million from the second quarter of 2024. The decrease was primarily due to cost reduction initiatives.

Current wording

SG&A expense was $5.3 million in the third quarter of 2025, a decrease of $2.4 million from the third quarter of 2024. The decrease was primarily due to cost reduction initiatives.

Previous wording

Royalty liability interest expense - related parties was $8.7 million in the second quarter of 2025, a decrease of $0.1 million from the second quarter of 2024. The small decrease is driven by the recognition of interest expense on the Royalty Liability and is consistent with the prior year.

Current wording

Royalty liability interest expense - related parties was $9.0 million in the third quarter of 2025, an increase of $0.1 million from the third quarter of 2024. The increase is driven by the recognition of interest expense on the Royalty Liability and is consistent with the prior year.

Previous wording

Non-operating (expense) income, net was nominal in the second quarter of 2025, a decrease in income of $1.6 million from the second quarter of 2024. The decrease in income was driven by the fair value adjustment of Common Warrants (as defined in Note 1 to the accompanying condensed consolidated financial statements).

Current wording

Non-operating income, net was nominal in the third quarter of 2025, a decrease of $7.7 million from the third quarter of 2024. The decrease was driven by the fair value adjustment of Common Warrants (as defined in Note 1 to the accompanying condensed consolidated financial statements).

Previous wording

Net loss attributable to noncontrolling interest and redeemable noncontrolling interest was $1.2 million in second quarter of 2025, a decrease in net loss attributable to noncontrolling interest and redeemable noncontrolling interest of $2.4 million, from the second quarter of 2024. The decrease in net loss attributable to noncontrolling interest and redeemable noncontrolling interest is a result of less Up-C Units, as the amount for the period is based on the percentage of Cibus Global that is not owned by Cibus, Inc.

Current wording

Net loss attributable to noncontrolling interest and redeemable noncontrolling interest was $0.8 million in third quarter of 2025, a decrease in net loss attributable to noncontrolling interest and redeemable noncontrolling interest of $20.7 million, from the third quarter of 2024. The decrease in net loss attributable to noncontrolling interest and redeemable noncontrolling interest is a result of less Up-C Units, as the amount for the period is based on the percentage of Cibus Global that is not owned by Cibus, Inc.

Previous wording

RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2025, COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2024

Current wording

RESULTS OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025, COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 2024

Previous wording

A summary of the Company’s results of operations for the six months ended June 30, 2025, and 2024 follows:

Current wording

A summary of the Company’s results of operations for the nine months ended September 30, 2025, and 2024 follows:

Previous wording

Revenue was $2.0 million in the first six months of 2025, an increase of $0.6 million from the first six months of 2024. The increase was driven byamounts earned from collaboration agreements related to contract research for Rice and Sustainable Ingredients.

Current wording

Revenue was $2.6 million in the first nine months of 2025, a decrease of $0.5 million from the first nine months of 2024. The decrease was driven byamounts earned from collaboration agreements related to contract research for Rice and Sustainable Ingredients.

Previous wording

R&D expense was $24.0 million in the first six months of 2025, a decrease of $1.0 million from the first six months of 2024. The decrease was primarily due to cost reduction initiatives.

Current wording

R&D expense was $34.8 million in the first nine months of 2025, a decrease of $3.2 million from the first nine months of 2024. The decrease was primarily due to cost reduction initiatives.

Previous wording

SG&A expense was $16.5 million in the first six months of 2025, an increase of $0.2 million from the first six months of 2024. The increase was primarily due to a $3.0 million estimated litigation liability (see Note 8 for further details) partially offset by a decrease due to cost reduction initiatives.

Current wording

SG&A expense was $21.8 million in the first nine months of 2025, a decrease of $2.2 million from the first nine months of 2024. The decrease was primarily due to cost reduction initiatives partially offset by a $2.6 million litigation liability (see Note 8 for further details).

Previous wording

Goodwill impairment was $21.0 million in the first six months of 2025, an increase of $21.0 million from the first six months of 2024. The increase was due to the impairment of goodwill resulting from a fair value assessment, based on the decline of the Company’s stock price, performed in the first quarter of 2025 versus no impairment in the first six months of 2024.

Current wording

Goodwill impairment was $21.0 million in the first nine months of 2025, a decrease of $160.5 million from the first nine months of 2024. The decrease was due to the impairment of goodwill resulting from fair value assessments, based on the decline of the Company’s stock price, performed in the first quarter of 2025 and in the third quarter of 2024.

Previous wording

Royalty liability interest expense - related parties was $17.0 million in the first six months of 2025, a nominal decrease from the first six months of 2024. The nominal decrease is driven by the recognition of interest expense on the Royalty Liability.

Current wording

Royalty liability interest expense - related parties was $26.1 million in the first nine months of 2025, an increase of $0.1 million from the first nine months of 2024. The increase is driven by the recognition of interest expense on the Royalty Liability.

Previous wording

Other interest income, net was $0.2 million in the first six months of 2025, a decrease of $0.1 million from the first six months of 2024. The decrease was driven by lower cash balances.

Current wording

Other interest income, net was $0.4 million in the first nine months of 2025, a decrease of $0.1 million from the first nine months of 2024. The decrease was driven by lower cash balances.

Previous wording

34 - months of 2024. The decrease was driven by the fair value adjustment of Common Warrants (as defined in Note 1 to the accompanying condensed consolidated financial statements).

Current wording

Non-operating income, net was income of $0.4 million in the first nine months of 2025, a decrease of $8.5 million from the first nine months of 2024. The decrease was driven by the fair value adjustment of Common Warrants (as defined in Note 1 to the accompanying condensed consolidated financial statements).

Previous wording

Net loss attributable to noncontrolling interest and redeemable noncontrolling interest was $3.7 million in the first six months of 2025, a decrease in net loss attributable to noncontrolling interest and redeemable noncontrolling interest of $3.4 million from the first six months of 2024. The decrease in net loss attributable to noncontrolling interest and redeemable noncontrolling interest is a result of less Up-C Units, as the amount for the period is based on the percentage of Cibus Global that is not owned by Cibus, Inc.

Current wording

Net loss attributable to noncontrolling interest and redeemable noncontrolling interest was $4.5 million in the first nine months of 2025, a decrease in net loss attributable to noncontrolling interest and redeemable noncontrolling interest of $24.2 million from the first nine months of 2024. The decrease in net loss attributable to noncontrolling interest and redeemable noncontrolling interest is a result of less Up-C Units, as the amount for the period is based on the percentage of Cibus Global that is not owned by Cibus, Inc.

Previous wording

The Company’s liquidity funds its non-discretionary cash requirements and its discretionary spending. The Company has contractual obligations related to recurring business operations, primarily related to lease payments for its corporate and laboratory facilities. The Company’s principal discretionary cash spending is for salaries, capital expenditures, short-term working capital payments, and professional and other transaction-related expenses incurred as the Company pursues additional financing. Until the Company is able to obtain additional public or private financing, it currently expects to satisfy its near-term requirements with existing cash on hand and potential proceeds raised from the ATM Facility.

Current wording

The Company’s liquidity funds its non-discretionary cash requirements and its discretionary spending. The Company has contractual obligations related to recurring business operations, primarily related to lease payments for its corporate and laboratory facilities. The Company’s principal discretionary cash spending is for salaries, capital expenditures, short-term working capital payments, and professional and other transaction-related expenses incurred as the Company pursues additional financing. Until the Company is able to obtain additional public or private financing, it currently expects to satisfy its near-term requirements with existing cash on hand.

Previous wording

As of June 30, 2025, the Company had $36.5 million of cash and cash equivalents. Current liabilities were $22.4 million as of June 30, 2025. The Company incurred a net loss of $76.0 million for the six months ended June 30, 2025. As of June 30, 2025, the Company had an accumulated deficit of $803.4 million and expects to continue to incur losses in the future.

Current wording

As of September 30, 2025, the Company had $23.9 million of cash and cash equivalents. Current liabilities were $20.6 million as of September 30, 2025. The Company incurred a net loss of $100.3 million for the nine months ended September 30, 2025. As of September 30, 2025, the Company had an accumulated deficit of $827.0 million and expects to continue to incur losses in the future.

Previous wording

Net cash used in operating activities was $25.4 million in the first six months of 2025, a decrease in cash used of $5.1 million from the first six months of 2024. The decrease in cash used was primarily due to an increase of $5.0 million from the changes in operating assets and liabilities, which is a result of $3.0 million in higher accrued expenses balances, $1.1 million related to the rent free period of the San Diego, CA headquarters lease, and $0.6 million in lower accounts receivable balances.

Current wording

Net cash used in operating activities was $37.2 million in the first nine months of 2025, a decrease in cash used of $6.9 million from the first nine months of 2024. The decrease in cash used was primarily due to an increase of $4.2 million from the changes in operating assets and liabilities, which is a result of $2.2 million in higher accrued expenses balances, $0.8 million in higher right-of-use assets and lease liabilities, net balances due to the extension of the San Diego, CA headquarters lease in 2024, and $1.1 million in lower accounts receivable balances. The decrease in cash used is also driven by a $2.6 million decrease in net loss primarily due to cost reduction initiatives which included $0.6 million related to the rent free period of the San Diego, CA headquarters lease and $0.2 million from the exit of a lease in August 2025.

Previous wording

Net cash used in investing activities was $0.4 million in the first six months of 2025, a nominal decrease from the first six months of 2024. The decrease in cash used was driven by a decrease in purchases of property, plant, and equipment from the prior year.

Current wording

Net cash used in investing activities was $0.5 million in the first nine months of 2025, a decrease of $0.3 million from the first nine months of 2024. The decrease in cash used was driven by a decrease in purchases of property, plant, and equipment from the prior year.

Previous wording

Net cash provided by financing activities was $47.8 million in the first six months of 2025, an increase of $19.6 million from the first six months of 2024. The increase was primarily due to an increase of $19.0 million of net proceeds from additional capital raised in 2025, a reduction in repayments of notes payable of $0.3 million, and a reduction in payments of taxes related to vested restricted stock units of $0.2 million.

Current wording

Net cash provided by financing activities was $47.1 million in the first nine months of 2025, an increase of $6.2 million from the first nine months of 2024. The increase was primarily due to an increase of $5.9 million of net proceeds from additional capital raised in 2025 and a reduction in payments of taxes related to vested restricted stock units of $0.1 million.

Previous wording

During the six months ended June 30, 2025, the Company did not issue any shares of Class A Common Stock from the ATM Facility.

Current wording

During the nine months ended September 30, 2025, the Company did not issue any shares of Class A Common Stock from the ATM Facility, which the Company terminated during the third quarter of 2025.

Previous wording

The Company has incurred losses since its inception and its net loss was $76.0 million for the six months ended June 30, 2025, and it used $25.4 million of cash in operating activities for the six months ended June 30, 2025.

Current wording

The Company has incurred losses since its inception and its net loss was $100.3 million for the nine months ended September 30, 2025, and it used $37.2 million of cash in operating activities for the nine months ended September 30, 2025.

Previous wording

As of June 30, 2025, the Company had $36.5 million of cash and cash equivalents. Current liabilities were $22.4 million as of June 30, 2025.

Current wording

As of September 30, 2025, the Company had $23.9 million of cash and cash equivalents. Current liabilities were $20.6 million as of September 30, 2025.

Previous wording

In June of 2025, building on efficiencies introduced through the Restructuring Initiative to date, the Company announced further streamlining of its operational focus to preserve capital resources and concentrate its working capital expenditures on the commercial advancement of the Company’s weed management traits for Rice. The Company anticipates that contemplated cost reduction actions, including rationalizing human capital resources and certain non-core facilities, have the potential to reduce the Company’s annual net cash burn to approximately $30.0 million by 2026, which is expected to contribute to improved cash flow and financial stability.

Current wording

On July 21, 2025, the Board of Directors of Cibus approved a reduction in workforce of approximately 34 full-time employees as a pivotal step in implementing the Company’s streamlined business focus. The Company expects that the reduction in workforce will be completed by December 31, 2025. The Company anticipates that contemplated cost reduction actions, including rationalizing human capital resources and certain non-core facilities, have the potential to reduce the Company’s annual net cash burn to approximately $30.0 million by 2026, which is expected to contribute to improved cash flow and financial stability.

Previous wording

The Company’s ability to continue as a going concern will depend on its ability to obtain additional public or private equity or debt financing (including through the continued availability of the ATM Facility), obtain government or private grants and other similar types of funding, attain further operating efficiencies, reduce or contain expenditures, and, ultimately, to generate revenue. The Company believes that its cash and cash equivalents as of June 30, 2025, is not sufficient to fund its operations for a period of 12 months or more from the date of this filing. Taking into account the impact of cost saving initiatives implemented through the date of this report and without giving effect to potential financing transactions Cibus is pursuing, Cibus expects that existing cash and cash equivalents is sufficient to fund planned operating expenses and capital expenditure requirements into the second quarter of 2026. The Company’s 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 risks and uncertainties, and actual results could vary as a result of a number of factors. The Company has based this estimate on assumptions that may prove to be wrong. Circumstances and business conditions may change that would require the Company to use its cash resources for purposes beyond those that are currently forecast. For example, the recent decision of the Ninth Circuit Court of Appeals, as described under “Contractual Obligations, Commitments, and Contingencies,” resulted in an unplanned current liability in the amount of $3.0 million. Any such unexpected uses of cash resources necessarily shorten the Company’s cash runway, as projected without taking into account such matters. In addition, changes in market conditions, including market volatility arising out of dynamic and shifting global trade policies, may reduce the Company’s opportunities to raise additional capital, including through the ATM Facility.

Current wording

The Company’s ability to continue as a going concern will depend on its ability to obtain additional public or private equity or debt financing (which may include a future at-the-market financing facility or other continuous offering facility), obtain government or private grants and other similar types of funding, attain further operating efficiencies, reduce or contain expenditures, and, ultimately, to generate revenue. The Company believes that its cash and cash equivalents as of September 30, 2025, is not sufficient to fund its operations for a period of 12 months or more from the date of this filing. Taking into account the impact of cost saving initiatives implemented through the date of this report and without giving effect to potential financing transactions Cibus is pursuing, Cibus expects that existing cash and cash equivalents is sufficient to fund planned operating expenses and capital expenditure requirements into early in the second quarter of 2026. The Company’s 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 risks and uncertainties, and actual results could vary as a result of a number of factors. The Company has based this estimate on assumptions that may prove to be wrong. Circumstances and business conditions may change that would require the Company to use its cash resources for purposes beyond those that are currently forecast. For example, the recent decision of the Ninth Circuit Court of Appeals, as described under “Contractual Obligations, Commitments, and Contingencies,” resulted in an unplanned current liability in the amount of $2.6 million. Any such unexpected uses of cash resources

Previous wording

The Company is not a party to any material pending legal proceedings as of June 30, 2025. Notwithstanding the foregoing, based on an unexpected decision from the Ninth Circuit Court of Appeals, the Company has accrued an estimate of $3.0 million for litigation liability. This amount represents a potential repayment of insurance coverage proceeds previously awarded to the Company. The Company continues to evaluate its options in respect of the Ninth Circuit’s decision.

Current wording

The Company is not a party to any material pending legal proceedings as of September 30, 2025. Notwithstanding the foregoing, based on an unexpected decision from the Ninth Circuit Court of Appeals, the Company has accrued $2.6 million for litigation liability. This amount represents a repayment to be made in the fourth quarter of 2025 of insurance coverage proceeds previously awarded to the Company.