Cibus reports Q2 2024 financials and provides operations update to investors

Cibus, Inc. (Nasdaq: CBUS), a pioneer in agricultural biotechnology, announced robust second-quarter financials and a business update for the first half of 2024. The company reported significant advances, particularly in the rice sector, where it secured a new agreement with Federacion Nacional de Arroceros (FEDEARROZ). This deal adds to previous collaborations in North and Latin America, including with Nutrien Ltd.’s Loveland Products and Interoc S.A.

Cibus’s rice initiative represents its initial foray into major global grain crops, offering substantial commercial prospects. Additionally, the company reported operational progress in its wheat platform, granting it access to the world’s largest grain crop in terms of planted acres.

Key developments in the period include the successful editing of traits for Sclerotinia and Herbicide Tolerance (HT2), and the introduction of a Nutrient Use Efficiency (NUE) trait in canola. This trait addresses a broad multi-crop category, further expanding Cibus’s impact on agriculture.

Regulatory progress was also notable, with advancements in Canada, the UK, and a positive development in the European Union, where gene-edited traits may soon be regulated similarly to conventional breeding. This regulatory momentum is complemented by an expansion in the company’s intellectual property portfolio, now encompassing ten plant trait and editing families.

Financially, Cibus reported a cash position of $30 million as of June 30, 2024. Research and development expenses for the quarter were $13 million, reflecting increased activity in trait and platform development. The company anticipates that its current financial resources will sustain operations and capital expenditure needs into the fourth quarter of 2024.

Cibus is now positioned as a commercial-stage gene editing company, focusing on the development of specific genetic traits to enhance agricultural productivity. With its innovative Trait Machine process, Cibus is setting the stage for a new era in crop improvement, supported by an expanding global regulatory framework and a robust patent portfolio.