Cibus, Inc.
For the period ended Jun 30, 2025. Filed Aug 14, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 14, 2025
CBUS$1.18+3.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0001628280-25-023866
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-14.
0001705843-25-000012
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 75 previous paragraphs and 105 current paragraphs.
36 unchanged; 34 reworded; 27 added; 3 removed; 2 previous and 8 current paragraphs rearranged.
Tables are not compared: 4 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (27)
Current report
Cibus’ Primary Business
Current report
Priority Programs
Current report
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 report
Alongside its fully Company-funded Rice program, Cibus also continues to advance its bio-based fermentation biofragrance products program and its crop based sustainable ingredients work, the development of which are currently partially funded and/or supported by a consumer-packaged goods partner.
Current report
The Company anticipates that the cost reduction actions announced to date, including rationalizing human capital resources and certain non-core facilities, have the potential to reduce the Company’s annual net cash usage to approximately $30.0 million by 2026, which is expected to contribute to improved cash flow and financial stability. Cibus plans to complete the implementation of this streamlined approach and related cost reduction actions over the remainder of 2025.
Current report
Opportunity Programs
Current report
The Company retains the rights to the remainder of its productivity trait portfolio and will opportunistically pursue partner-funded projects in such traits until such time as the Company’s capital resources are sufficient to efficiently support a more robust development effort. Development activities to date, such as in-process field and greenhouse trials, will continue through completion.
Current report
Cibus’ Technologies
Current report
Business Developments Year to Date
Current report
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 report
Achievements within Cibus’ opportunity programs also highlight the Company’s strong pipeline of traits available for partnerships.
Current report
Regulatory Landscape
Current report
Management’s Summary
Current report
June 2025 SEC-Registered Public Offering
Current report
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 report
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 report
Non-Operating (Expense) Income, net
Current report
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 report
RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2025, COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2024
Current report
Revenue
Current report
Research and Development Expense
Current report
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 report
Selling, General, and Administrative Expense
Current report
Other Interest Income, net
Current report
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 report
Non-Operating Income, net
Current report
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.
Removed paragraphs (3)
Previous report
Within its sustainable ingredients program, Cibus advanced its bio-based fermentation biofragrance products supporting the Company’s goal of entering into commercialization agreements with consumer-packaged goods partners.
Previous report
Non-Operating Income (Expense), net
Previous report
The Company has an effective shelf registration on Form S-3 on file with the SEC; however, amounts available under the shelf registration statement, including pursuant to the ATM Facility, are significantly limited because the Company’s public float is less than $75,000,000. Subject to Instruction I.B.6 to Form S-3, which is referred to as the “baby shelf” rules, for so long as the Company’s public float is less than $75,000,000, it may not use the Form S-3 to sell more than the equivalent of one-third of its public float during any 12 consecutive months pursuant to the baby shelf rules.
Reworded paragraphs (34)
Previous wording
Cibus is a leading agricultural biotechnology company that uses proprietary gene editing technologies to develop plant traits, which are specific genetic characteristics in the DNA of a plant’s seed. These characteristics influence how a resulting plant functions and/or interacts with its environment. Its primary business is the development of plant traits for some of the world’s major agricultural food crops that help address specific productivity, profitability, sustainability, or yield challenges in farming. Cibus’ initial focus is on productivity traits, which can be associated with improving crop yields in the face of challenges such as weeds, pests, and diseases, can address environmental challenges with an overall reduction in the use of chemicals like fungicides, insecticides, or fertilizers, or can make crops more adaptable to environmental factors such as heat and drought in the face of climate change.
Current wording
Cibus’ primary business is the development of plant traits for some of the world’s major agricultural food crops that help address specific productivity, profitability, sustainability, or yield challenges in farming. These plant traits can be licensed to global seed companies where the licensee company will include these traits in their seed products and for that Cibus will receive an annual royalty for seed sold, usually structured as a per-acre planted royalty. This is not a new business model as many companies have developed traits that have been added to seed products and have garnered significant royalties for their developers over many years. Importantly, farmers are well acquainted with the value of these seeds with traits. Cibus’ initial focus is on productivity traits, which can be associated with improving crop yields in the face of challenges such as weeds, pests, and diseases, can address environmental challenges with an overall reduction in the use of chemicals like fungicides, insecticides, or fertilizers, or can make crops more adaptable to environmental factors such as heat and drought in the face of climate change. In the near term, Cibus’ priority pipeline program centers on Rice herbicide tolerance traits.
Previous wording
Cibus’ core technology is its propriety gene editing platform called the Rapid Trait Development System™ or RTDS®. It is the underlying technology for Cibus’ Trait Machine™ process, providing a standardized end-to-end, semi-automated, high-throughput gene editing system that directly edits seed companies’ elite germplasm. It is a time bound, reproducible, and predictable science-based breeding process. Over 500 patents or patents pending cover RTDS and many of the Company’s gene edited traits. The Company considers the Trait Machine process an important technological milestone that represents a breakthrough in the achievement of a standardized, high-throughput gene editing system that provides the speed, precision, and scale to develop a new class of high value productivity traits that is the promise of gene editing.
Current wording
Cibus’ core technology is its propriety gene editing platform called the Rapid Trait Development System™ or RTDS®. It is the underlying technology for Cibus’ Trait Machine™ process, providing a standardized end-to-end, semi-automated, high-throughput gene editing system that directly edits seed companies’ elite germplasm. It is a time bound, reproducible, and predictable science-based breeding process. The RTDS can accelerate a plant breeding system, leading to a more industrialized approach to traits like herbicide tolerance (HT), which provide farmers with novel weed management solutions to increase their productivity. Over 500 patents or patents pending cover RTDS and many of the Company’s gene edited traits. The Company considers the Trait Machine process an important technological milestone that represents a breakthrough in the achievement of a standardized, high-throughput gene editing system that provides the speed, precision, and scale to develop a new class of high value productivity traits that is the promise of gene editing.
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.
Current 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.
Previous wording
The first quarter of 2025 has marked significant progress across Cibus' key platforms and initiatives and saw key regulatory validation of Cibus’RTDS technology 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 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. Concurrently, this has attracted attention for prospective customers interested in disease tolerance traits in both Canola and Soybean.
Current 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.
Previous wording
In January 2025, the Company successfully edited Soybean cells for its HT2 trait, achieving sufficiently high editing rates to enable expanded platform development. The Company continues to work diligently toward a fully operational Soybean platform.
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 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.
Previous wording
In terms of Cibus’ progress within its product platforms, 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. 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 continuing ongoing field tests for two of them.
Current 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.
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
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 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.
Previous wording
In summary, the first quarter of 2025 has demonstrated clear validation of the Company’s commercial strategy and the transformative potential of its RTDS technology platform. Cibus’ time bound and predictable approach to trait development is resonating strongly with customers and partners alike, attracting significant commercial interest across its Rice, Canola, and Soybean 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 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.
Previous wording
The Company has incurred net losses since its inception. As of March 31, 2025, the Company had an accumulated deficit of $778.1 million. The Company’s net loss was $49.4 million for the three months ended March 31, 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 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.
Previous wording
In January 2025, the Company issued 4,340,000 shares of its Class A Common Stock and, in lieu of Class A Common Stock to one of the Company’s then executive officers 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 are only exercisable after the Company receives certain approvals from its stockholders. The 2025 Common Warrants will be exercisable for five years following the date of receipt of certain stockholder approvals, subject to beneficial ownership limitations. The 2025 Pre-Funded Warrants were immediately exercisable at the time of issuance and will be exercisable until they are fully exercised at an exercise price of $0.0001 per share of Class A Common Stock, subject to beneficial ownership limitations. Through the date of this filing, the Company has received net proceeds related to the January 2025 Follow-On Offering of approximately $21.4 million after deducting approximately $1.2 million for the underwriting discounts and commissions and other offering expenses payable by the Company.
Current 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.
Previous wording
Certain investors in the January 2025 Follow-On Offering are 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 one of the Company’s then executive officers). 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 one of the Company’s then executive officers, is conditioned on, and will not be effective until, the trading day after the Company obtains the requisite approval from its stockholders with respect to those 2024 Common Warrants held by one of the Company’s then executive officers.
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 May 22, 2025.
Previous wording
On February 24, 2025, Rory Riggs resigned as the Chief Executive Officer of the Company. Mr. Riggs continues to serve as a director and Chairman of the Board of Directors. Pursuant to the Company’s succession planning strategy, Peter Beetham, the Company’s President and Chief Operating Officer, was appointed as Interim Chief Executive Officer while the Company’s Board of Directors initiates a search for the Company’s next Chief Executive Officer.
Current wording
On February 24, 2025, Rory Riggs resigned as the Chief Executive Officer of the Company. Mr. Riggs continues to serve as a director. Pursuant to the Company’s succession planning strategy, Peter Beetham, the Company’s President and Chief Operating Officer, was appointed as Interim Chief Executive Officer while the Company’s Board of Directors initiates a search for the Company’s next Chief Executive Officer.
Previous wording
Revenue was $1.0 million in the first quarter of 2025, an increase of $0.5 million from the first quarter of 2024. The increase was driven byamounts earned from collaboration agreements related to contract research for Rice and Soybean.
Current 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.
Previous wording
R&D expense was $11.8 million in the first quarter of 2025, a decrease of $0.2 million from the first quarter of 2024. The decrease was primarily due to cost reduction initiatives.
Current 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.
Previous wording
Other interest income, net was $0.1 million in the first quarter of 2025, a decrease of $0.1 million from the first quarter of 2024. The decrease was driven by lower cash balances.
Current wording
Other interest income, net was $0.1 million in the second quarter of 2025, a decrease of $0.1 million from the second quarter of 2024. The decrease was driven by lower cash balances.
Previous wording
Net loss attributable to noncontrolling interest and redeemable noncontrolling interest was $2.5 million in the first quarter of 2025, a decrease in net loss attributable to noncontrolling interest and redeemable noncontrolling interest of $1.0 million from the first quarter of 2024. The decrease in net loss attributable to noncontrolling interest and redeemable noncontrolling interest is a result of less Up-C Units, and 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 $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.
Previous wording
SG&A expense was $9.9 million in the first quarter of 2025, an increase of $2.9 million from the first quarter 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 $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.
Previous wording
Goodwill impairment was $21.0 million in the first quarter of 2025, an increase of $21.0 million from the first quarter 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 quarter of 2024.
Current 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.
Previous wording
Royalty liability interest expense - related parties was $8.4 million in the first quarter of 2025, a nominal increase from the first quarter of 2024. The nominal increase is driven by the recognition of interest expense on the Royalty Liability.
Current 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.
Previous wording
Non-operating income (expense), net was income of $0.4 million in the first quarter of 2025, an increase in income of $0.8 million from
Current wording
Non-operating income, net was income of $0.4 million in the first six months of 2025, a decrease of $0.8 million from the first six
Previous wording
30 - the first quarter of 2024. The increase in income was driven by the fair value adjustment of the Common Warrants (as defined in Note 1 to the accompanying condensed consolidated financial statements).
Current 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).
Previous wording
As of March 31, 2025, the Company had $23.6 million of cash and cash equivalents. Current liabilities were $21.0 million as of March 31, 2025. The Company incurred a net loss of $49.4 million for the three months ended March 31, 2025. As of March 31, 2025, the Company had an accumulated deficit of $778.1 million and expects to continue to incur losses in the future.
Current 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.
Previous wording
Net cash used by operating activities was $11.8 million in the first three months of 2025, a decrease in cash used of $1.7 million from the first three months of 2024. The decrease in cash used was primarily due to $0.7 million related to the rent free period of the San Diego, CA headquarters lease, $0.2 million in lower accounts receivable balances, and a $0.7 million decrease in cash expenses within net loss, primarily the result of cost reduction initiatives.
Current 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.
Previous wording
The Company expects cash used by operating activities in 2025 to be lower than 2024 driven by the Restructuring Initiative (defined below under the heading Operating Capital Requirements).
Current wording
The Company expects cash used in operating activities in 2025 to be lower than 2024 driven by the Restructuring Initiative (defined below under the heading Operating Capital Requirements).
Previous wording
Net cash used by investing activities was $0.3 million in the first three months of 2025, an increase in cash used of $0.1 million from the first three months of 2024. The increase in cash used was driven by an increase from purchases of property, plant, and equipment from the prior year.
Current 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.
Previous wording
The Company expects cash used by investing activities in 2025 to be similar to 2024 driven by the Company’s focus to preserve capital resources for the advancement of its streamlined priority objectives.
Current wording
The Company expects cash used in investing activities in 2025 to be similar to 2024 driven by the Company’s focus to preserve capital resources for the advancement of its streamlined priority objectives.
Previous wording
Net cash provided by financing activities was $21.3 million in the first three months of 2025, an increase of $15.8 million from the first three months of 2024. The increase was primarily due to an increase of $15.4 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 $0.1 million.
Current 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.
Previous wording
Subject to market conditions, the Company expects cash provided by financing activities in 2025 to be similar to 2024 driven by the need to raise capital to fulfill the Company’s anticipated spending in 2025 and beyond.
Current wording
Subject to market conditions, the Company expects cash provided by financing activities in 2025 to be higher than 2024 driven by the need to raise capital to fulfill the Company’s anticipated spending in 2025 and beyond.
Previous wording
During the three months ended March 31, 2025, the Company did not issue any shares of Class A Common Stock from the ATM Facility.
Current 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.
Previous wording
The Company has incurred losses since its inception and its net loss was $49.4 million for the three months ended March 31, 2025, and it used $11.8 million of cash for operating activities for the three months ended March 31, 2025.
Current 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.
Previous wording
As of March 31, 2025, the Company had $23.6 million of cash and cash equivalents. Current liabilities were $21.0 million as of March 31, 2025.
Current 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.
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, subject to the applicable baby shelf limitations), 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 March 31, 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 third quarter of 2025. 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 (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.
Previous wording
The Company is not a party to any material pending legal proceedings as of March 31, 2025. Notwithstanding the foregoing, based on an unexpected recent 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 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.
Previous wording
The preceding discussion and analysis of the Company’s financial condition and results of operations are based upon its condensed consolidated financial statements and the related disclosures, which have been prepared in accordance with United States GAAP. The preparation of these condensed consolidated financial statements requires the Company to make estimates, assumptions, and judgments that affect the reported amounts in its condensed consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances, the results
Current wording
The preceding discussion and analysis of the Company’s financial condition and results of operations are based upon its condensed consolidated financial statements and the related disclosures, which have been prepared in accordance with United States GAAP. The preparation of these condensed consolidated financial statements requires the Company to make estimates, assumptions, and judgments that affect the reported amounts in its condensed consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. The Company believes the policies discussed in Note 1, Nature of Business & Summary of Significant Accounting Policies, are the most critical to an understanding of its financial condition and results of operations because they require it to make estimates, assumptions, and judgments about matters that are inherently uncertain.
Rearranged current paragraphs (8)
Current report — wording carried from elsewhere
Cibus is a leading agricultural biotechnology company that uses proprietary gene editing technologies to develop plant traits, which are specific genetic characteristics in the DNA of a plant’s seed. These plant traits, or characteristics, influence how a resulting plant functions and/or interacts with its environment.
Current report — wording carried from elsewhere
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
Current report — wording carried from elsewhere
In June 2025, the Company issued 15,714,285 shares of its Class A Common Stock including 5,714,286 shares issued to Mr. Riggs (June 2025 Follow-On Offering). The offering price for each share of Class A Common Stock was $1.75. The Company received net proceeds related to the June 2025 Follow-On Offering of approximately $25.0 million after deducting approximately $2.5 million for placement agent commissions and other offering expenses payable by the Company.
Current report — wording carried from elsewhere
A summary of the Company’s results of operations for the six months ended June 30, 2025, and 2024 follows:
Current report — wording carried from elsewhere
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 report — wording carried from elsewhere
Royalty Liability Interest Expense - Related Parties
Current report — wording carried from elsewhere
Net Loss Attributable to Noncontrolling Interest and Redeemable Noncontrolling Interest
Current report — wording carried from elsewhere
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.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
28 - discussions) with the EU Parliament and the European Commission to agree on the final text of the legislation to be proposed for final adoption.
Previous report — wording carried elsewhere
33 - of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. The Company believes the policies discussed in Note 1, Nature of Business & Summary of Significant Accounting Policies, are the most critical to an understanding of its financial condition and results of operations because they require it to make estimates, assumptions, and judgments about matters that are inherently uncertain.