Welcome to our dedicated page for CIBUS news (Ticker: CBUS), a resource for investors and traders seeking the latest updates and insights on CIBUS stock.
Cibus, Inc. develops and licenses gene-edited plant traits for seed companies rather than selling seed directly. Its proprietary high-throughput gene-editing technologies, including the Rapid Trait Development System™, are used to create productivity traits for major row crops that address yield, weed, disease, insect, nutrient-use and climate-related farming challenges.
Company news commonly covers rice herbicide-tolerance and weed-management traits, seed-company and research partnerships, sustainable ingredients work, regulatory developments for precision breeding, financial results, board composition, shareholder voting matters and capital-structure actions. Updates also describe how Cibus seeks royalty revenue from licensed traits included in customers' seed products.
Cibus (Nasdaq: CBUS) and Biographica have announced a collaborative pilot project to advance disease resistance in oilseed rape and Canola. The partnership combines Biographica's proprietary AI and machine learning platform for gene target identification with Cibus' expertise in crop trait development. Biographica will analyze gene targets associated with disease resistance, while Cibus will focus on developing crop varieties with enhanced resilience. The collaboration aims to identify multiple modes of action for developing durable disease resistance in plants, potentially accelerating the delivery of improved crop varieties to farmers worldwide.
Cibus (Nasdaq: CBUS), an agricultural technology company specializing in plant trait development and licensing, has announced its participation in the 13th Annual Roth Technology Conference. The event will take place in New York City on November 19-20, 2024. Rory Riggs, Co-Founder, CEO, and Chairman, will represent the company at the conference. Attendees interested in meeting with Cibus representatives during either day of the conference are encouraged to arrange appointments through their conference host representative or directly with the company.
Cibus (NASDAQ: CBUS) has successfully completed gene edits in Canola for its 4th mode of action targeting Sclerotinia (White Mold) resistance trait, with greenhouse results expected in Q1 2025. This achievement follows positive field trial results from their 2nd mode of action, which demonstrated enhanced disease resistance. Sclerotinia is identified as the most significant disease affecting Canola yields and the second most impactful in Soybean. The company's approach involves developing multiple modes of action for durable disease resistance, with potential applications beyond Canola to other crops like Soybean.
Cibus reported its third quarter financial results and provided a year-to-date business update for 2024. The company announced a strategic realignment focusing on commercial opportunities, particularly in weed management for rice, pod shatter reduction in canola, and sclerotinia resistance in canola and soybean.
Key achievements include agreements with four major seed companies, successful field trials for HT3 in rice, and positive greenhouse results for HT2 in canola. The soybean platform is on track to be operational by the end of 2024. The company initiated actions to achieve $10 million in annualized cost savings, reducing monthly cash usage by 20%.
Financially, the company reported a net loss of $201.5 million for Q3 2024, primarily due to a $181.4 million goodwill impairment. Cash and cash equivalents were $28.8 million as of September 30, 2024. R&D expenses decreased to $13.0 million, and SG&A expenses decreased to $7.7 million.
Cibus (NASDAQ: CBUS) announced successful greenhouse testing of its next-generation herbicide tolerance (HT2) trait in Canola, showing increased herbicide tolerance. The company plans to initiate field testing in 2025. This milestone demonstrates Cibus' capability in complex Canola editing and builds upon their previous HT1 and HT3 traits in rice. The HT2 trait is expected to provide farmers with additional herbicide options to combat resistant weeds, potentially reducing the number of herbicide applications needed. Cibus believes this trait can be translated to other crops like Soybean, representing part of their strategy to develop multiple herbicide-tolerant traits across various crops.
Cibus (Nasdaq: CBUS) announced it will release its third quarter 2024 financial results on Thursday, November 7, 2024, after market close. The agricultural technology company will host a conference call and audio webcast at 4:30 p.m. ET to discuss financial results and company updates. A replay will be available until November 21, 2024, and the webcast will be accessible on the company's investor website for 90 days after the event.
Cibus Inc. (Nasdaq: CBUS) has announced a restructuring and cost reduction plan, including a reduction in force (RIF), to optimize its business structure. The company expects to generate cost savings of approximately $10 million on an annualized run-rate basis and reduce monthly cash use by about 20% when fully implemented by early 2025.
The restructuring aligns with Cibus's focus on advancing its nearest-term commercial opportunities, particularly in herbicide-resistant traits in Rice, continuing development of its Soybean platform, and leveraging multi-crop traits including disease tolerance in Canola and Winter Oilseed Rape. The company will also pursue partner-funded projects opportunistically.
The RIF is expected to result in one-time charges of approximately $0.35 million in Q4 2024 for accrued vacation and severance. Cibus's CEO, Rory Riggs, stated that this restructuring is necessary for the company's transformation from an R&D-focused entity to a commercial-stage gene editing company in agriculture.
Cibus, Inc. (Nasdaq: CBUS), a leading agricultural technology company, has been named a finalist for the Euroseeds2024 InnovActor Award. The company's technology will be showcased on the InnovAction Stage at the Euroseeds2024 Congress in Copenhagen, Denmark, from October 13-16. Dr. Jim Radtke, SVP of Product Development, will present Cibus' technology. The event focuses on innovations in modern plant breeding, crop resilience, quality improvement, and data-driven decision-making in breeding.
Cibus' RTDS®-based high throughput breeding system is recognized for its potential to transform European agriculture. The technology aims to increase the speed and efficiency of bringing new plant traits to market, addressing challenges in agriculture such as disease resistance, climate change adaptation, nutrient use efficiency, and yield improvement.
Cibus, a leading agricultural technology company (Nasdaq: CBUS), announced its participation in the Food+ Forum during the 79th session of the United Nations General Assembly in New York. Peter Beetham, Co-Founder, President and Chief Operating Officer, will join a panel discussion on 'Sowing Solutions: Innovations in Climate-Resilient Seeds' on September 26, 2024, at 12:50 pm ET.
Beetham emphasized Cibus' role in addressing climate change's impact on global food systems through gene editing technology. The company's RTDS-based high throughput breeding system is developing improved crops that are more adaptive to changing environmental conditions, manage plant diseases, and optimize nutrient usage.
The Food+ Forum, hosted by Foreign Policy Magazine, will bring together experts, scientists, policymakers, investors, and entrepreneurs working on sustainable food systems, crop science, regenerative agriculture, and soil sustainability.
Cibus (Nasdaq: CBUS), a leading agricultural biotechnology company, has announced the pricing of its public offering of 3,000,000 shares of Class A Common Stock at $4.00 per share. The company expects to raise approximately $12.0 million in gross proceeds before deducting underwriting discounts and expenses. Cibus has granted underwriters a 45-day option to purchase an additional 450,000 shares to cover over-allotments.
The offering is set to close on September 19, 2024. Cibus plans to use the net proceeds to fund the development of new seed traits, improve existing ones, support Trait Machine operations, and for working capital and general corporate purposes. Roth Capital Partners and A.G.P./Alliance Global Partners are acting as joint book-running managers for the offering.