Cibus (NASDAQ: CBUS) posts wider Q4 loss and sees cash runway into Q3 2026

Rhea-AI Filing Summary

Cibus, Inc. reported continued heavy losses alongside commercial and regulatory progress. For the quarter ended December 31, 2025, revenue was $1.1 million while net loss widened to $31.9 million, reflecting $9.1 million of long‑lived asset impairment tied to winding down its Roseville, Minnesota facility.

Full‑year 2025 revenue was $3.6 million and net loss was $132.2 million, a substantial but still large loss compared with 2024, which included a major goodwill impairment. Cost‑saving initiatives reduced research and development and selling, general and administrative expenses year over year.

Cash and cash equivalents were $9.9 million at December 31, 2025. Including $19.8 million in net proceeds from a January 2026 public offering and expected savings, Cibus believes it can fund operations into late in the third quarter of 2026. The board and its financial advisor are evaluating strategic alternatives while the company advances its rice herbicide tolerance program, sustainable ingredients initiative, and broader gene‑editing trait pipeline.

Positive

• None.

Negative

• Liquidity runway is short: Year-end 2025 cash of $9.9 million plus $19.8 million net January 2026 proceeds are expected to fund operations only into late in the third quarter of 2026.
• Persistent large losses and leverage: 2025 net loss was $132.2 million, stockholders’ equity fell to $21.8 million, and related-party royalty liabilities rose to $234.9 million, highlighting ongoing financial pressure.
• Asset impairments and restructuring: A $9.1 million long-lived asset impairment related to the Roseville, Minnesota facility and consolidation of operations reflect restructuring driven by cost pressures rather than growth.

Insights

Biotech equity analyst

Cibus shows pipeline and cost progress but faces liquidity pressure and sustained losses.

Cibus combines promising gene‑editing programs with a still very early revenue base. Q4 2025 revenue was only $1.1 million against operating expenses of $23.6 million, producing a quarterly net loss of $31.9 million and full‑year loss of $132.2 million.

Management is cutting expenses: Q4 research and development and SG&A declined versus 2024, and facilities are being consolidated. However, the balance sheet shows a large related‑party royalty liability of $234.9 million and stockholders’ equity fell to $21.8 million as of December 31, 2025.

Liquidity is the key near‑term issue. With $9.9 million in cash at year‑end and $19.8 million of net offering proceeds received in January 2026, Cibus expects funding only into late Q3 2026. The board’s review of “strategic alternatives” underscores that additional capital or transactions will likely be needed if commercial revenues do not ramp meaningfully.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

0001705843FALSE00017058432026-03-172026-03-17

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________

FORM 8-K

______________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report: (Date of earliest event reported): March 17, 2026

______________________

Cibus, Inc.

(Exact name of registrant as specified in its charter)

______________________

Delaware			001-38161			27-1967997
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification No.)

6455 Nancy Ridge Drive San Diego, CA						92121
(Address of principal executive offices)						(Zip Code)

(858) 450-0008

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

______________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of exchange on which registered

Class A Common Stock, $0.0001 par value per share

CBUS

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02.     Results of Operations and Financial Condition.

On March 17, 2026, Cibus, Inc. (the “Company”) announced its financial results for the fourth quarter and year ended December 31, 2025, and provided a business update. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in Item 2.02 of this Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing, regardless of any general incorporation language in any such filing, unless the Company expressly sets forth in such filing that such information is to be considered “filed” or incorporated by reference therein.

Item 9.01.    Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number						Description
99.1						Press Release, dated March 17, 2026
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, Cibus, Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: March 17, 2026
			CIBUS, INC.
			By:			/s/ Peter Beetham
			Name:			Peter Beetham
			Title:			Interim Chief Executive Officer

Cibus Reports Fourth Quarter Financial Results and Provides Business Update

SAN DIEGO, March 17, 2026 – Cibus, Inc. (Nasdaq: CBUS) (the "Company"), a leading agricultural technology company that develops and licenses plant traits to seed companies, today announced its financial results for the quarter ended December 31, 2025, and provided a business update. Management will host a conference call and webcast today at 4:30 p.m. ET.

Management Commentary

Peter Beetham, Interim Chief Executive Officer of Cibus, commented, "2025 was a landmark year that validated our technology leadership and strategic vision. Our seven Rice partner customers continue to drive our near-term 2027 and 2028 commercial launch targets in our USA and LATAM geographic markets, which have the potential for more than $200 million annual addressable royalties at peak. In our Sustainable Ingredients program, we generated initial customer payments as we ramp up commercialization efforts for 2026. And, most recently, we were selected by the UK Government as a technology partner in its Farming Innovation Programme. Importantly, the regulatory environment we've been helping to shape for over a decade reached a critical inflection point with the EU's political agreement on New Genomic Techniques legislation. This advancement and the recently activated Precision Breeding Act in the United Kingdom have prompted the recent UK investment in precision breeding innovation. Gene editing can no longer be called an experiment—it's the present state of agricultural innovation, and Cibus is positioned ahead of this curve."

Dr. Beetham continued, "What makes 2026 particularly exciting is the continuing convergence of technology leadership and commercial potential. For years, speed and scale were obstacles for seed companies. Our highly efficient single-cell editing system, coupled with our time bound, predictable trait development has fundamentally altered that equation, and we're poised to capitalize on the results. As our Rice program advances toward our targeted 2027 and 2028 initial commercial launches, with our partners committing resources to access technology and accelerate their innovation timelines, we're also beginning to see opportunities beyond traditional trait licensing. This includes the potential for genomic editing for partners in opportunity-rich markets like India, Asia (outside of China), and Latin America and expanding opportunities for sustainable ingredient development primarily for the consumer packaged goods industry and secondarily for other industries looking for better-for-you products. As we explore these opportunities, while maintaining our core trait licensing and royalty model, I am more excited than ever about our ability to build a durable, high value cash flow stream that will underpin long-term shareholder value creation."

Dr. Beetham commented, "Finally, our recent successful public offering and continued streamlined focus and operational efficiency gains are providing a solid foundation for Cibus as we lead gene editing technologies in changing the scale and speed of plant breeding and advance toward near-term revenue catalysts."

Company Highlights

•Global regulatory framework reaches critical inflection point as EU achieves political agreement on gene editing legislation—a watershed moment that Cibus helped shape through over a decade of regulatory education and leadership

•Rice program advances with seven customers; executed a non-binding commercialization letter of intent with Interoc to advance Latin America market entry in Ecuador and Colombia (2027 targeted), followed by U.S. expansion (2028 targeted) and phased expansion into Peru, Central America and the Caribbean

•Cibus ramps targeted 2026 Sustainable Ingredients expansion following achievement of first customer payment in Q4 2025

•Selected as a technology partner in UK Government's Farming Innovation Programme, reinforcing Cibus' leadership in precision breeding innovation and regulatory engagement

•Technology platform with ability to deliver time bound, predictable trait development at unprecedented speed and scale, with single-cell editing system achieving up to 50-70% efficiency in some instances—fundamentally changing breeding economics for seed company customers and enabling accelerated pace of innovation across crop portfolios

•Streamlining and efficiency initiatives progressing — on target to achieve goal of reducing annual net cash usage to approximately $30 million or less during 2026, while maintaining focus on nearest-term commercial opportunities and pursuit of longer-term high value partnering opportunities

•In January 2026, raised $22.3 million in gross proceeds from public offering primarily to support advancement toward near term initial revenues

2025 and 2026 Year-to-Date Business Update

Commercial Progress for Priority Programs and Global Regulatory Developments

Priority Pipeline Traits and Programs

•Weed Management (HT1 and HT3) in Rice

◦Solidified Rice as the Company's priority pipeline program in 2025.

◦On track for targeted 2027 and 2028 launches in LATAM and USA, respectively, where Company sees 5-7 million peak addressable acres and an opportunity for over $200 million in annual addressable royalties at peak.

◦Continued development and commercialization progress with LATAM and USA partners, including Interoc, CIAT, Semillano, Fedearroz and others.

◦In January 2026, executed a non-binding LOI with Interoc establishing a framework for commercialization of co-developed herbicide tolerant rice traits across key Latin American markets following on the companies' successful 2024 material transfer agreement.

◦In March 2026, Interoc received an additional import permit to allow for future transfer of material bearing HT traits.

◦In August 2025, signed a material transfer agreement with CIAT, to provide HT3 clethodim herbicide tolerance trait targeting a significant portion of the LATAM Rice market. CIAT works with the Latin American Fund for Irrigated Rice (FLAR) and participates in the Hybrid Rice Consortium for Latin America (HIAAL).

◦In August 2025, signed a material transfer agreement with Colombian Rice producer Semillano.

◦In October 2025, engaged AgVayā to develop a comprehensive strategy supporting entry into India, the world's second-largest rice producer and largest exporter with approximately 125 million acres under cultivation.

◦Completed delivery of Rice lines with the HT3 trait to an existing US customer in March 2025.

◦Following 2024 field trial results for stacked gene edited herbicide tolerance traits in Rice, in March 2025 the Company expanded its efforts to include additional trait stacking to broaden weed management for crop protection with additional field testing underway.

•Sustainable Ingredients Program

◦Received its first customer payment from the Sustainable Ingredients program in the fourth quarter of 2025, representing a significant commercial milestone and confidence in the Company's business model in this high-value segment.

◦Successfully completed pre-commercial pilot runs with its contract partner for certain biofragrance products during the third quarter of 2025, demonstrating technical readiness for scale-up.

◦Continuing to target commercial expansion in 2026.

Global Regulatory Development

•Global regulatory environment for gene editing technologies remains positive, with momentum entering 2026

◦In December 2025, the European Union reached political agreement on New Genomic Techniques legislation, advancing the regulatory framework for gene edited plants and representing meaningful progress toward broader commercial acceptance of precision breeding technologies, excluding HT traits, in this key market. This development positions Cibus to potentially address European agricultural challenges as the regulatory pathway becomes clearer.

◦In June 2025, USDA-APHIS 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.

◦On May 6, 2025, the United Kingdom government made progress toward implementing its regulatory framework for Precision Bred Organisms (PBOs). The Department for Environment, Food and Rural Affairs (DEFRA) and the Food Standards Agency (FSA) have published guidelines for industry and Cibus has

participated as a test case for the UK's new review process, as the Company has been active in field testing for the past two years.

◦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. Ecuador strictly prohibits the commercial planting of transgenic (GMO) crops.

◦During the California Rice Commission's Rice Certification Committee Meeting on February 26, 2025, the Commission approved Cibus' field research proposal, marking the first time gene edited Rice has been authorized for planting in California.

2025 and 2026 Year-to-Date Progress within Opportunity Programs and Other Business Updates

In addition to Cibus' self-funded Rice herbicide tolerance trait program and its actively advancing sustainable ingredients program, which is partially partner-funded and/or supported, the Company's pipeline of developed and advanced traits provides several additional opportunities for partner-funded programs.

Opportunity Pipeline Traits and Programs (Available for Partnership)

•Traits in Canola

◦In the United Kingdom, Cibus was selected as a key technology partner in a landmark research and development project funded by DEFRA to develop durable resistance to Light Leaf Spot disease in oilseed rape, which has caused estimated yield losses of up to £300 million in recent years.

◦Completed 2025 UK field trials for Pod Shatter Reduction in Winter Oilseed Rape demonstrating encouraging performance and positioning these traits for potential future partner development.

◦In October 2025, announced positive field trial results for second-generation herbicide tolerance (HT2) edited Canola in North America. The HT2 trait can be stacked with other herbicide resistance traits, giving growers additional options and greater flexibility in weed management.

◦In March 2025, announced controlled environment testing of its third mode of action for Sclerotinia resistance in Canola demonstrated enhanced resistance.

•Nutrient-use Efficiency (Root Microbe Symbiosis)

◦In June 2025, confirmed its ongoing collaboration agreement with the John Innes Centre on a breakthrough nutrient use efficiency trait, which has the potential, with future external funding, to create significant commercial opportunities across Cibus' crop portfolio, by addressing a global fertilizer efficiency challenge where only one-third of applied fertilizer is typically absorbed by plants.

•Soybean Platform

◦In January 2025, the Company successfully edited a Soybean cell for its HT2 trait, achieving sufficiently high editing rates that enabled expanded development of its Soybean platform in conjunction with its partially partner-funded and/or supported Sustainable Ingredients program.

•Wheat Platform

◦The Company has successfully regenerated plants from single cells in a wheat cultivar, opening up the potential to accelerate trait partner funded development in one of the world's most cultivated crops.

Corporate and Industry Progress

•Capital Markets Activity

◦In January 2026, Cibus raised $22.3 million in gross proceeds, before deducting commissions payable in connection with the offering and offering expenses, from a public offering. This strengthened balance sheet supports continued trait development, particularly for Rice herbicide tolerance.

•Streamlined Focus and Operational Efficiency

◦Completed closing of Oberlin facility and consolidation of Oberlin operations into San Diego headquarters facility during the third quarter of 2025.

◦Substantially wound down activities at the Company's Roseville, Minnesota facility.

◦On target to deliver annual net cash usage of approximately $30 million or less during 2026.

•Standardized RTDS gene editing process for industrialized breeding

◦In January 2025, established production standards for its proprietary RTDS gene editing process. Cibus believes that it can edit a customer's elite germplasm or seed and return it to its customer with a specific edit within 12-15 months.

•Board Appointments

◦In September 2025, Cibus appointed Kimberly A. Box to its Board of Directors, strengthening the Company's governance and commercialization strategy leadership capabilities.

◦In November 2025, Cibus appointed Craig Wichner to its Board of Directors, strengthening the Company's agricultural sector expertise and strategic advisory capabilities.

Expected Milestones for Priority Pipeline Traits and Programs

Cibus intends to report ordinary course development progress and achievements in connection with its quarterly reporting process. Cibus presents below the most significant development and commercial milestone targets for its priority programs for 2026:

•Weed Management (HT1 and HT3) in Rice:

◦Continued expansion of existing, and developing new, customer relationships with Rice seed companies across the US, LATAM, and India during the course of 2026

◦Expand discussions with additional Rice seed companies in new Latin American countries, such as Brazil (with support from RTDC) and Argentina

◦Explore new opportunities with support from RTDC and AgVayā in the large Indian Rice market

◦Develop full commercial agreements for two existing Latin American Rice seed partners

•Sustainable Ingredients:

◦Expect additional scale-up orders of the Company's initial bio-fragrances in the second half of 2026; expect further development of other fragrances in 2026

Fourth Quarter 2025 Financial Results

•Cash position: Cash and cash equivalents as of December 31, 2025, was $9.9 million. Taking into account the $19.8 million net proceeds received in 2026 from the Company's offering in January 2026 and the impact of implemented cost saving initiatives, and without giving effect to potential financing transactions that Cibus may pursue from time-to-time, Cibus expects that existing cash and cash equivalents is sufficient to fund planned operating expenses and capital expenditure requirements into late in the third quarter of 2026. Cibus' Board of Directors, together with its financial advisor, continues to evaluate a full range of strategic alternatives to maximize shareholder value.

•Research and development (R&D) Expense: R&D expense was $9.4 million for the quarter ended December 31, 2025, compared to $12.4 million in the year-ago period. The decrease of $3.0 million is primarily due to cost reduction initiatives.

•Selling, general, and administrative (SG&A) expense: SG&A expense was $5.1 million for the quarter ended December 31, 2025, compared to $6.8 million in the year-ago period. The decrease of $1.7 million is primarily due to cost reduction initiatives.

•Long-lived assets impairment: Long-lived assets impairment was $9.1 million for the quarter ended December 31, 2025, compared to no impairment in the year-ago period. The increase of $9.1 million non-cash expense is due to the impairment of long-lived assets resulting from a fair value assessment related to its Roseville, Minnesota facility as the Company announced during the fourth quarter of 2025 plans to wind-down operations at this facility.

•Royalty liability interest expense - related parties: Royalty liability interest expense - related parties was $9.4 million for the quarter ended December 31, 2025, compared to

$8.2 million in the year-ago period. The increase of $1.2 million is due to the recognition of interest expense on the accumulating Royalty Liability.

•Non-operating (expense) income, net: Non-operating (expense) income, net was a nominal expense for the quarter ended December 31, 2025, compared to income of $0.4 million in the year-ago period. The decrease in income of $0.4 million is driven by the fair value adjustment of the Company's liability classified common warrants.

•Net loss: Net loss was $31.9 million for the quarter ended December 31, 2025, compared to $25.8 million in the year-ago period.

•Net loss per share of Class A common stock: Net loss per share of Class A common stock was $0.59 for the quarter ended December 31, 2025, compared to net loss per share of Class A common stock of $0.87 in the year-ago period. The decrease of $0.28 in net loss per share of Class A common stock is primarily driven by cost reduction initiatives described above and a year-over-year increase in weighted average shares outstanding partially offset by the non-cash long-lived assets impairment in the fourth quarter of 2025 which accounted for approximately $0.17 in net loss per share of Class A common stock.

Conference Call and Webcast Information
Cibus will host a live webcast, Tuesday, March 17, 2026, at 4:30 p.m. Eastern Time to discuss its fourth quarter 2025 financial results and provide a full year business update for 2025. The conference call can be accessed live over the phone by dialing (800) 343-5172 or for international callers by dialing (203) 518-9856. The conference ID is CIBUS (24287). A replay of the call will be available through April 2, 2026, by dialing (844) 512-2921 or for international callers by dialing (412) 317-6671; the passcode is 11160915.

A live audio webcast of the call will be available under "Events & Presentations" in the Investor section of the Company's website, investor.cibus.com. An archived webcast will be available on the Company's website for 90 days after the event.

About Cibus

Cibus is a leader in developing traits (characteristics) that address critical productivity, yield and sustainability challenges. Cibus' proprietary high-throughput gene editing technologies drive its long-term focus on productivity traits for farmers for the major global row crops. Cibus is not a seed company. It is a technology company that uses its gene editing technologies to develop plant traits at a fraction of the time and cost of conventional breeding and to license them to customers in exchange for royalties.

About the Cibus Trait MachineTM process and Rapid Trait Development SystemTM

A key element of Cibus' technology breakthrough is its high-throughput breeding process (referred to as the Trait Machine™ process). The Trait Machine process is a crop specific application of Cibus' patented Rapid Trait Development System™ (RTDS®). The proprietary technologies in RTDS integrate crop specific cell biology platforms with a series of gene editing technologies to enable a system of end-to-end crop specific precision breeding. It is the core technology platform for Cibus' Trait Machine process: the first standardized end-to-end semi-automated crop specific gene editing system that directly edits a seed company's elite germplasm. Each Trait Machine process requires a crop specific cell biology platform that enables Cibus to edit a single cell from a customer's elite germplasm and grow that edited cell into a plant with the Cibus edits.

Cibus believes that RTDS and the Trait Machine process represent the technological breakthrough in plant breeding that is the ultimate promise of plant gene editing: high- throughput gene editing systems operating as an extension of seed company breeding programs. In 2024, the Trait Machine process was cited by Fast Company Magazine as one of the most innovative products in 2024.

Forward Looking Statements

This press release contains "forward-looking statements" within the meaning of applicable securities laws, including The Private Securities Litigation Reform Act of 1995. All statements, other than statements of present or historical fact included herein, including statements regarding Cibus' operational and financial performance, Cibus' liquidity and capital resources, the implementation and execution of cost savings initiatives, Cibus' strategy, future operations, prospects, and plans, including the anticipated receipt of commercial revenues and additional funding and the achievement of commercial milestone targets, are forward-looking statements. Cibus' assessment of the period of time through which its financial resources will be adequate to support its operations is a forward-looking statement. Because this involves such risks and uncertainties, the Company could use its available capital resources sooner than it currently expects. Forward-looking statements may be identified by words such as "anticipate," "believe," "intend," "expect," "plan," "scheduled," "could," "would" and "will," or the negative of these and similar expressions.

These forward-looking statements are based on the current expectations and assumptions of Cibus' management about future events, which are based on currently available information. These forward-looking statements are subject to numerous risks and uncertainties, many of which are difficult to predict and beyond the control of Cibus. Cibus' actual results, level of activity, performance, or achievements could be materially different than those expressed, implied, or anticipated by forward-looking statements due to a variety of factors, including, but not limited to: Cibus' need for additional near-term funding to finance its activities and challenges in obtaining additional capital on acceptable terms, or at all; changes in expected or existing competition; challenges to Cibus' intellectual property protection and unexpected costs

associated with defending intellectual property rights; increased or unanticipated time and resources required for Cibus' platform or trait product development efforts; Cibus' reliance on third parties in connection with its development activities, including reliance on partner-funding and/or support for the advancement of its Sustainable Ingredients program; challenges associated with Cibus' ability to effectively license its productivity traits and sustainable ingredient products; the risk that farmers do not recognize the value in germplasm containing Cibus' traits or that farmers and processors fail to work effectively with crops containing Cibus' traits; delays or disruptions in the Company's platform or trait product development efforts, particularly insofar as they affect the Company's strategic priority programs; challenges that arise in respect of Cibus' production of high-quality plants and seeds cost effectively on a large scale; Cibus' dependence on distributions from Cibus Global, LLC to pay taxes and cover its corporate and overhead expenses; regulatory developments that disfavor or impose significant burdens on gene editing processes or products; Cibus' ability to achieve commercial success; commodity prices and other market risks facing the agricultural sector; technological developments that could render Cibus' technologies obsolete; changes in macroeconomic and market conditions, including inflation, supply chain constraints, and rising interest rates; dislocations in the capital markets and challenges in accessing liquidity and the impact of such liquidity challenges on Cibus' ability to execute on its business plan; the Company's assessment of the period of time through which its financial resources will be adequate to support operations; and other important factors discussed in the "Risk Factors" section of Cibus' Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the "SEC") on March 17, 2026, as may be updated from time-to-time in Cibus' subsequently filed Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements.

In addition, the forward-looking statements included in this press release represent Cibus' views as of the date hereof. Cibus specifically disclaims any obligation to update such forward-looking statements in the future, except as required under applicable law. These forward-looking statements should not be relied upon as representing Cibus' views as of any date subsequent to the date hereof.

CIBUS CONTACTS:

INVESTOR RELATIONS
Jeff Sonnek

jeff.sonnek@icrinc.com

MEDIA RELATIONS

Colin Sanford
colin@bioscribe.com
203-918-4347

CIBUS, INC.

CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Par Value and Share Amounts)

			December 31, 2025						December 31, 2024
Assets
Current assets:
Cash and cash equivalents			$	9,923					$	14,433
Accounts receivable			503						1,041
Prepaid expenses and other current assets			1,643						1,472
Total current assets			12,069						16,946
Property, plant, and equipment, net			6,300						11,439
Operating lease right-of-use assets			21,557						33,254
Intangible assets, net			31,679						33,578
Goodwill			232,516						253,466
Other non-current assets			926						1,386
Total assets			$	305,047					$	350,069
Liabilities, redeemable noncontrolling interest, and stockholders’ equity
Current liabilities:
Accounts payable			$	8,070					$	5,964
Accrued expenses			1,946						2,281
Accrued compensation			3,061						3,309
Deferred revenue			536						932
Current portion of notes payable			435						436
Current portion of financing lease obligations			—						113
Current portion of operating lease obligations			2,731						4,287
Class A common stock warrants			79						2,268
Other current liabilities			—						288
Total current liabilities			16,858						19,878
Notes payable, net of current portion			93						226
Operating lease obligations, net of current portion			29,783						31,224
Royalty liability - related parties			234,923						199,442
Other non-current liabilities			1,561						1,468
Total liabilities			283,218						252,238

			December 31, 2025						December 31, 2024
Redeemable noncontrolling interest			—						5,674
Stockholders’ equity:
Class A common stock, $0.0001 par value; 210,000,000 shares authorized; 54,604,232 shares issued and 54,325,852 shares outstanding as of December 31, 2025, and 28,258,258 shares issued and 27,939,023 shares outstanding as of December 31, 2024			11						9
Class B common stock, $0.0001 par value; 90,000,000 shares authorized; no shares issued and outstanding as of December 31, 2025, and 1,720,929 shares issued and outstanding as of December 31, 2024			—						—
Additional paid-in capital			882,171						825,298
Class A common stock in treasury, at cost; 193,195 shares as of December 31, 2025, and 45,177 shares as of December 31, 2024			(2,141)						(1,999)
Accumulated deficit			(858,251)						(731,166)
Accumulated other comprehensive income			39						15
Total stockholders’ equity			21,829						92,157
Total liabilities, redeemable noncontrolling interest, and stockholders’ equity			$	305,047					$	350,069

CIBUS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS
(Three Months December 31 Unaudited)

(In Thousands, Except Share and Per Share Amounts)

			Three Months Ended December 31,												Years Ended December 31,
			2025						2024						2025						2024
Revenue:
Revenue			$	1,057					$	1,212					$	3,639					$	4,262
Total revenue			1,057						1,212						3,639						4,262
Operating expenses:
Research and development			9,387						12,433						44,198						50,429
Selling, general, and administrative			5,129						6,803						26,905						30,797
Goodwill impairment			—						—						20,950						181,432
Long-lived assets impairment			9,115						—						9,115						—
Total operating expenses			23,631						19,236						101,168						262,658
Loss from operations			(22,574)						(18,024)						(97,529)						(258,396)
Royalty liability interest expense - related parties			(9,406)						(8,237)						(35,481)						(34,190)
Other interest income, net			55						109						438						631
Non-operating (expense) income, net			(17)						354						400						9,271
Loss before income taxes			(31,942)						(25,798)						(132,172)						(282,684)
Income tax expense			(6)						(6)						(29)						(29)
Net loss			$	(31,948)					$	(25,804)					$	(132,201)					$	(282,713)
Net loss attributable to noncontrolling interest and redeemable noncontrolling interest			(662)						(2,702)						(5,116)						(31,325)
Net loss attributable to Cibus, Inc. stockholders			$	(31,286)					$	(23,102)					$	(127,085)					$	(251,388)
Basic and diluted net loss per share of Class A common stock			$	(0.59)					$	(0.87)					$	(2.78)					$	(10.83)
Weighted average shares of Class A common stock outstanding – basic and diluted			53,154,451						26,546,817						45,757,376						23,222,256

CIBUS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

						Years Ended December 31,
						2025						2024
Operating activities
Net loss						$	(132,201)					$	(282,713)
Adjustments to reconcile net loss to net cash used in operating activities:
Royalty liability interest expense - related parties						35,481						34,190
Goodwill impairment						20,950						181,432
Long-lived assets impairment						9,115						—
Depreciation and amortization						5,923						6,859
Stock-based compensation						8,188						10,750
Loss on disposal of assets, net						41						335
Change in fair value of liability classified Class A common stock warrants						(447)						(9,301)
Other						38						22
Changes in operating assets and liabilities:
Accounts receivable						538						(512)
Prepaid expenses and other current assets						983						518
Accounts payable						720						(188)
Accrued expenses						(367)						608
Accrued compensation						(268)						(535)
Deferred revenue						(403)						(285)
Right-of-use assets and lease obligations, net						1,146						990
Other assets and liabilities, net						(28)						(213)
Net cash used in operating activities						(50,591)						(58,043)
Investing activities
Purchases of property, plant, and equipment						(578)						(808)
Net cash used in investing activities						(578)						(808)
Financing activities
Proceeds from issuances of securities						50,100						43,902
Costs incurred related to issuances of securities						(2,202)						(2,211)
Payment of taxes related to restricted stock units withheld from employees						(142)						(214)
Proceeds from issuance of notes payable						—						204
Repayments of financing lease obligations						(113)						(171)
Repayments of notes payable						(995)						(912)
Net cash provided by financing activities						46,648						40,598
Effect of exchange rate changes on cash and cash equivalents						11						(13)
Net decrease in cash and cash equivalents						(4,510)						(18,266)
Cash and cash equivalents – beginning of period						14,433						32,699
Cash and cash equivalents – end of period						$	9,923					$	14,433

FAQ

How did Cibus (CBUS) perform financially in Q4 2025?

Cibus posted a wider Q4 2025 loss despite cost cuts. Revenue was $1.1 million, while net loss reached $31.9 million, driven in part by a $9.1 million long‑lived asset impairment and ongoing royalty interest expense, reflecting an early-stage business model with high fixed costs.

What were Cibus (CBUS) full-year 2025 results?

For 2025, Cibus generated modest revenue and a large net loss. Full-year revenue was $3.6 million and net loss was $132.2 million. Operating expenses totaled $101.2 million, including goodwill and long-lived asset impairments, underscoring the gap between commercial scale and the company’s cost base.

What is Cibus (CBUS) cash position and funding outlook?

Cibus ended 2025 with limited cash and a short runway. Cash and cash equivalents were $9.9 million at December 31, 2025. Including $19.8 million in net proceeds from a January 2026 public offering, management expects existing resources to fund operations into late in the third quarter of 2026.

Is Cibus (CBUS) pursuing strategic alternatives?

Yes, the board is actively reviewing strategic alternatives. Cibus’ Board of Directors, working with its financial advisor, is evaluating a full range of strategic options to maximize shareholder value, reflecting ongoing losses, a limited cash runway, and the need to support commercialization of its gene‑editing trait pipeline.

How is Cibus (CBUS) managing its operating expenses?

Cibus has implemented cost reduction and consolidation initiatives. In Q4 2025, R&D expense fell to $9.4 million and SG&A to $5.1 million versus the prior-year quarter. The company closed its Oberlin facility and is winding down Roseville operations to target annual net cash usage of about $30 million in 2026.

What are the key programs driving Cibus (CBUS) future revenue potential?

Cibus is focused on rice traits and sustainable ingredients. Priority programs include herbicide-tolerant HT1 and HT3 rice traits targeting 2027–2028 launches and a Sustainable Ingredients program, which recorded its first customer payment in Q4 2025 and aims for commercial expansion in 2026.

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