Cibus (CBUS) narrows Q2 2026 loss as cash burn falls and regulatory tailwinds build
Rhea-AI Filing Summary
Cibus, Inc. reported second quarter 2026 results and a business update centered on commercial execution in Rice herbicide-tolerance traits and its Sustainable Ingredients program. The company expanded its relationship with Rice customer Interoc from two to five traits and now has seven Rice seed-company customers across Latin America and the United States, targeting initial Latin American launches around 2028 and a U.S. launch aligned with a 2029 herbicide-registration timeline.
Cibus highlighted favorable regulatory developments, including U.S. treatment of its traits as conventional breeding, completion of an FDA review of an altered-lignin Alfalfa trait, and new European Union legislation generally treating precisely edited, non-transgenic crops as conventionally bred. Cash and cash equivalents were $20.4 million as of June 30, 2026; the company expects this to fund operations into early in the first quarter of 2027. Quarterly net cash usage declined, and management now targets an annual net cash usage run-rate of about $35 million exiting 2026. Revenue was $0.994 million, R&D expense fell to $8.5 million, SG&A to $5.4 million, and net loss narrowed to $22.1 million, compared with $26.6 million a year earlier.
Positive
- Net loss improved to $22.1 million in Q2 2026 from $26.6 million a year earlier, reflecting reduced operating expenses.
- R&D expense declined to $8.5 million from $12.2 million, and SG&A to $5.4 million from $6.6 million, demonstrating meaningful cost reduction initiatives.
- Net cash used in operating activities for the first half fell to $20.9 million from $25.4 million, and management targets an annual net cash usage run-rate of about $35 million exiting 2026.
- Cash and cash equivalents increased to $20.4 million from $9.9 million at year-end 2025, aided by $37.3 million of securities issuance proceeds in the first half of 2026.
Negative
- Revenue remains very limited at $0.994 million for Q2 2026 and $2.7 million for the first half, against substantially higher operating costs.
- Net loss was still large at $22.1 million for Q2 2026 and $43.4 million for the first half, indicating ongoing significant cash burn.
- Royalty liability interest expense to related parties rose to $9.5 million in Q2 2026 from $8.7 million, with the related royalty liability reaching $253.5 million on the balance sheet.
- Liquidity runway is short: management expects existing cash to fund operations only into early in the first quarter of 2027, implying a need for additional financing.
Filing Explained
By June 30, Class A shares outstanding were 76,423,033 versus 54,325,852 at year-end; issuance terms are not provided.
The August 13 8-K reports Cibus recorded
Class A shares outstanding were 76,423,033 at
The balance sheet also reports a royalty liability to related parties of
The complete 8-K does not identify the securities’ type, pricing, conversion terms, or use of proceeds, so the issuance line does not establish the financing’s specific ownership economics; those details would need to appear in a later securities filing or related transaction document.
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.
Key Figures
Q2 2026 Revenue: $0.994 million
Q2 2026 Net Loss: $22.1 million
Cash and Cash Equivalents: $20.4 million
+5 more
8 metrics
Q2 2026 Revenue
$0.994 million
Revenue for the quarter ended June 30, 2026
Q2 2026 Net Loss
$22.1 million
Net loss for the quarter ended June 30, 2026
Cash and Cash Equivalents
$20.4 million
Balance as of June 30, 2026
Royalty Liability - Related Parties
$253.5 million
Balance sheet liability as of June 30, 2026
Net Cash Used in Operating Activities
$20.9 million
Six months ended June 30, 2026
Target Net Cash Usage Run-Rate
$35 million per year
Expected annual net cash usage run-rate exiting 2026
Q2 2026 R&D Expense
$8.5 million
Research and development expense for quarter ended June 30, 2026
Q2 2026 SG&A Expense
$5.4 million
Selling, general, and administrative expense for quarter ended June 30, 2026
Key Terms
Royalty liability - related parties, Precision Bred Organisms, Modified Living Organism (MVO), goodwill impairment, +1 more
5 terms
Precision Bred Organisms regulatory
"England | Precision Bred Organisms framework in place"
Organisms created through modern, targeted genetic methods that change specific traits—such as disease resistance, yield or nutritional content—without introducing genes from unrelated species. Think of it like editing a recipe to swap one ingredient or adjust a measurement rather than rewriting the whole cookbook. Investors care because these traits can lower costs, boost productivity, shorten development time, and affect regulatory approval and consumer acceptance, which influence market value and risk.
Modified Living Organism (MVO) regulatory
"for possible exclusion from its Modified Living Organism (MVO) classification"
goodwill impairment financial
"Goodwill impairment | — | | | — | | | — | | | 20,950"
Goodwill impairment occurs when a company’s valued reputation or brand strength, known as goodwill, is found to be worth less than previously recorded on its financial statements. This usually happens when the company's performance declines or market conditions change, signaling that the expected benefits from acquisitions or brand value are no longer as strong. It matters to investors because it can indicate that a company's assets are less valuable than initially thought, potentially affecting its overall financial health.
Class A common stock warrants financial
"Change in fair value of liability classified Class A common stock warrants"
Earnings Snapshot
Revenue: $0.994 million (Q2 2026); $2.675 million (six months) · Guidance included
Quarter and six months ended June 30, 2026
Revenue
$0.994 million (Q2 2026); $2.675 million (six months)
Increased from $0.933 million and $1.967 million in the prior-year quarter and six-month period.
Net loss
$22.1 million (Q2 2026); $43.4 million (six months)
Improved from $26.6 million and $76.0 million in the prior-year quarter and six-month period.
R&D expense
$8.5 million (Q2 2026); $17.2 million (six months)
Decreased from $12.2 million and $24.0 million in the prior-year quarter and six-month period.
SG&A expense
$5.4 million (Q2 2026); $10.5 million (six months)
Decreased from $6.7 million and $16.5 million in the prior-year quarter and six-month period.
Guidance
Management expects an annual net cash usage run-rate of approximately $35 million exiting 2026 and believes existing cash will fund operations into early in the first quarter of 2027.
FAQ
How did Cibus (CBUS) perform financially in Q2 2026?
Cibus reported a Q2 2026 net loss of $22.1 million on revenue of $0.994 million. Operating expenses declined year over year, improving the loss from $26.6 million in Q2 2025 as cost reduction initiatives lowered R&D and SG&A spending.
What is Cibus' (CBUS) cash position and runway after Q2 2026?
As of June 30, 2026, Cibus held $20.4 million in cash and cash equivalents. Based on current expectations and cost-saving measures, management believes this will fund planned operating and capital needs into early in the first quarter of 2027.
How is Cibus (CBUS) managing its expenses in 2026?
Cibus cut R&D expense to $8.5 million from $12.2 million and SG&A to $5.4 million from $6.6 million in Q2 2026 versus Q2 2025. Net cash used in operating activities for the first half fell to $20.9 million, and the company targets a $35 million annualized cash usage run-rate exiting 2026.
What regulatory developments affect Cibus (CBUS) and its traits?
Key regulators now generally treat Cibus' non-transgenic, gene-edited crops as conventionally bred. USDA-APHIS determined its traits are not regulated articles, the FDA completed review of an altered-lignin Alfalfa trait, and the European Union approved legislation favoring precise genomic edits without foreign DNA.
What progress did Cibus (CBUS) make in its Rice herbicide tolerance program?
Cibus advanced field trials for its HT1 and HT3 Rice traits, is testing traits in customer Interoc's seeds, and expanded its Interoc relationship from two to five traits. It targets initial Latin American launches around 2028 and a U.S. launch in 2029, aligned with herbicide registration.
How is Cibus' (CBUS) Sustainable Ingredients program performing?
The Sustainable Ingredients program is generating revenue and is in a commercial ramp-up with a consumer products partner after an initial pre-commercial scale-up payment. Cibus targets additional scale-up orders in the second half of 2026 and views biofragrance partnerships as a potential $20–$40 million peak annual opportunity.
What are Cibus' (CBUS) main financial risks highlighted in this update?
Cibus continues to incur large net losses and carries a substantial $253.5 million royalty liability with growing interest expense. Management also notes its cash resources fund operations only into early Q1 2027, indicating dependence on future financing or additional revenue.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): August 13, 2026
______________________
(Exact name of registrant as specified in its charter)
______________________
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (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:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| 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 | ||||||||||||
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 August 13, 2026, Cibus, Inc. (the “Company”) announced its financial results for the three months ended June 30, 2026, 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.
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 August 13, 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: August 13, 2026 | ||||||||
| CIBUS, INC. | ||||||||
| By: | /s/ Craig Wichner | |||||||
| Name: | Craig Wichner | |||||||
| Title: | Chief Executive Officer | |||||||
Cibus Reports Second Quarter Financial Results and Provides Business Update
Commercialization execution advances in Rice and Sustainable Ingredients
United States and European Union now aligned on generally treating crops with no added foreign DNA as conventionally bred
Quarterly net cash usage declined 19% sequentially and 31% year over year
SAN DIEGO, August 13, 2026 – Cibus, Inc. (Nasdaq: CBUS) (the "Company"), a technology company that uses biology to produce sustainable ingredients and helps farmers grow more food with fewer inputs, today announced its financial results for the quarter ended June 30, 2026, and provided a business update. Management will host a conference call and webcast today at 4:30 p.m. ET.
Management Commentary
Craig Wichner, Chief Executive Officer of Cibus, commented, "Cibus has spent 25 years building a scalable technology platform, protected by more than 500 patents and patent applications spanning which genes to edit, how to edit them, and the traits that result. The platform lets us develop several traits at once in a partner's own crop variety, and return the improved seeds to them in a fraction of the time conventional breeding takes. The regulatory environment is moving in our favor, most recently in Europe, where crops improved with precise edits to the plant's own genes, with no foreign DNA added, can in many cases be treated on the same basis as conventionally bred crops."
Mr. Wichner added, "After following Cibus for 10 years, I joined the board nine months ago. Over the past two months as Chief Executive Officer I have had the privilege of working closely with our teams, and what I found is traits and programs built up over 25 years, across many crops, with significant value. My job is to convert that into revenue, and our resources are prioritized toward the programs closest to it."
Mr. Wichner continued, "My primary focus as CEO will be converting our platforms into value for shareholders through disciplined commercial execution. We start as a platform partner, as our Sustainable Ingredients program shows today. We become the royalty partner as our traits reach acres, such as those we have developed in Rice, Canola and Alfalfa. And over time, with the right partners, our vision is to become a mission-critical part of their innovation pipeline. The first two open the door and fund the path to those larger relationships we aim to create."
Second Quarter and Recent Business Update
The following summarizes Cibus' commercial, regulatory, and corporate progress during the second quarter and through the date of this release.
Priority Pipeline Traits and Programs
•Weed Management (HT1 and HT3) in Rice
◦During the quarter, Cibus advanced development on both of its Rice herbicide tolerance traits. This included field trials of an improved first-generation trait, and work to identify the specific genetic changes responsible for herbicide tolerance and for fertility in that trait.
◦Testing of the traits transferred into customer Interoc's Rice seeds in May 2026 is underway, which if successful would support an initial launch of Interoc's enhanced seed products in Latin America.
◦Work with Interoc toward a full commercial agreement continues. In August 2026, the Company and Interoc amended their letter of intent to expand the contemplated scope of the relationship from two Rice traits to five, providing for the development of three additional traits and their potential commercialization. This multi-trait pipeline is made possible by the speed and quality of our technology, and is the model Cibus intends to build with seed company partners.
◦Cibus has seven Rice seed-company customers across Latin America and the United States. Latin America is the primary near-term thrust and represents the bulk of the roughly $200 million annual addressable royalty opportunity across a combined estimated 5-7 million peak addressable acres.
◦Advancing discussions with additional Rice seed companies in several Latin American countries, including Brazil and Argentina, and continuing discussions with several large participants in the Indian Rice market.
◦Updated initial commercial launch targets in LATAM, 2028 target launch with customer Fedearroz is on track and customer Interoc is strategically focusing on hybrid varieties with the potential for a limited launch in 2028 as well.
◦In the United States, the launch is paired with Albaugh's herbicide-registration timeline, and current planning targets a 2029 launch.
•Sustainable Ingredients Program (Partially partner-funded)
◦Generating revenue and continuing a commercial ramp-up phase with the Company's consumer-products partner, following the Company's first pre-commercial scale-up payment from the customer in the fourth quarter of 2025.
◦Targeting additional scale-up orders of other initial biofragrances in the second half of 2026, with additional fragrance sustainable ingredients in development on the same engineered yeast and the same process.
◦When fully commercialized, the Company believes its biofragrance partnerships could represent up to a $20 to $40 million peak annual revenue opportunity to Cibus.
◦The initial biofragrances are grown with engineered yeast and extracted after fermentation, rather than pumped from petroleum or harvested at scale from plants.
◦Continuing to advance a lauric oils program in soybean, funded by a consumer packaged goods partner.
Global Regulatory Development
Select Jurisdictions | Status | Significance for Cibus | ||||||
United States | Regulated as conventional breeding; USDA-APHIS has determined that Cibus traits are not "regulated articles" subject to its biotechnology regulations | Clear regulatory path to commercialize; supports targeted 2029 U.S. Rice launch | ||||||
United States (FDA) | Completed review of the Company's altered-lignin Alfalfa trait and issued a letter stating it has no further questions | An independent clearance from a second U.S. agency; supports the Company's partner-funded Alfalfa program | ||||||
European Union | In June 2026, following conclusion of trilogue negotiations in December 2025, the European Union approved legislation generally treating crops improved through precise genomic edits with genetic changes comparable to those achievable through conventional breeding (no foreign DNA added) on the same basis as conventionally bred crops; herbicide tolerant plants and plants engineered to produce insecticidal substances are excluded from this regulatory treatment. | Recognition by one of the world's most stringent markets; supports disease-resistance and pod-shatter programs | ||||||
Ecuador and Peru | Ecuador confirmed HT1 and HT3 Rice traits equivalent to conventional breeding and subject to the same regulations as conventional seed; Peru established guidelines for a case-by-case technical framework in which gene-edited products lacking foreign DNA are scientifically evaluated for possible exclusion from its Modified Living Organism (MVO) classification, and products excluded from that classification fall outside the country's GMO moratorium. | Supports LATAM Rice launch targets | ||||||
England | Precision Bred Organisms framework in place | Enables field advancement of Canola / Oilseed Rape programs | ||||||
Corporate and Industry Progress
•Capital discipline and operational efficiency: Now expect an annual net cash usage run-rate of approximately $35 million exiting 2026, reflecting continued cost discipline while making additional strategic investments geared toward growth, such as technology and personnel, in the Company's highest priority commercial programs.
•Quarterly net cash usage declined approximately 19% for the three month period ended June 30, 2026 as compared to the first quarter of 2026, and approximately 31% from the second quarter of 2025. Net cash used in operating activities was $20.9 million for the six months ended June 30, 2026, compared to $25.4 million in the year-ago period.
•Leadership: Craig Wichner was appointed Chief Executive Officer effective June 8, 2026. Peter Beetham, Co-Founder, who served as Interim Chief Executive Officer, continues as President and Chief Operating Officer with a focus on operations and commercial execution. Additionally, effective April 2026, Thomas Urban was appointed to the Company's Board of Directors.
Opportunity Pipeline Traits and Programs (Available for Partnership)
Cibus has operational crop platforms in four crops: Rice, Canola and Winter Oilseed Rape, Flax and Cassava. A platform is operational when edited cells have been regenerated into whole plants. Cibus has demonstrated regeneration from single cells in eight crops, adding Wheat, Peanut, Potato and Sugar Beet to those four; additional crop platforms, including Soybean, are under active development. Because the operational platforms are already built, a program in any of these crops can begin with trait work rather than with years of platform development. Cibus' work helps position partners to establish market leadership for their crops.
•Nutrient-Use Efficiency (Root Microbe Symbiosis): Cibus is continuing its partner-funded collaboration with the John Innes Centre to evaluate edited Canola materials, with material transfer expected in the third quarter of 2026. The work targets the root side of nutrient uptake and addresses the fertilizer package rather than nitrogen alone, with potential application across Rice, Wheat, and Canola.
•Canola: Light Leaf Spot disease resistance work under the DEFRA-funded UK Farming Innovation Programme is advancing. Following two years of encouraging UK field trials in customer germplasm, the Pod Shatter Reduction program is progressing toward UK planting under the Precision Bred Organisms framework.
•Soybean: Continuing to build toward an expected operational platform. In January 2025, Cibus edited a Soybean plant.
•Alfalfa: Continuing a partnership to advance an improved-quality alfalfa trait toward commercialization, a potential proof point for the partner-funded development model.
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 U.S., LATAM, and India during the course of 2026.
◦Expand discussions with additional Rice seed companies in additional 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 definitive commercialization agreements for at least one of the existing Latin American Rice seed partners.
•Sustainable Ingredients:
◦Expect additional scale-up orders of the Company's other initial biofragrances in the second half of 2026; expect further development of other fragrances in 2026.
Second Quarter 2026 Financial Results
•Cash position: Cash and cash equivalents as of June 30, 2026, was $20.4 million. Taking into account 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 early in the first quarter of 2027, reflecting current cash usage expectations.
•Research and development (R&D) Expense: R&D expense was $8.5 million for the quarter ended June 30, 2026, compared to $12.2 million in the year-ago period. The decrease of $3.7 million is primarily due to cost reduction initiatives.
•Selling, general, and administrative (SG&A) expense: SG&A expense was $5.4 million for the quarter ended June 30, 2026, compared to $6.6 million in the year-ago period. The decrease of $1.2 million is primarily due to a decrease of $1.0 million in professional fees and $0.5 million of cost savings related to personnel and facilities cost reduction initiatives. These decreases were partially offset by $0.3 million from increases in personnel costs from promotions, pay increases, and the addition of a permanent CEO as well as reduced allocations to R&D due to reductions in costs.
•Royalty liability interest expense - related parties: Royalty liability interest expense - related parties (non-cash) was $9.5 million for the quarter ended June 30, 2026, compared to $8.7 million in the year-ago period. The increase of $0.8 million is due to the recognition of interest expense on the accumulating Royalty Liability.
•Non-operating income (expense), net: Non-operating income (expense), net was income of $0.2 million for the quarter ended June 30, 2026, compared to a nominal expense in the year-ago period. The increase in income of $0.2 million is driven by grant income towards work Cibus performed and the fair value adjustment of the Company's liability classified common warrants.
•Net loss: Net loss was $22.1 million for the quarter ended June 30, 2026, compared to $26.6 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 $0.29 for the quarter ended June 30, 2026, compared to net loss per share of Class A common stock of $0.61 in the year-ago period. The decrease of $0.32 in net loss per share of Class A common stock is primarily driven by the cost reduction initiatives described above and a year-over-year increase in weighted average shares outstanding.
Conference Call and Webcast Information
Cibus will host a live webcast, Thursday, August 13, 2026, at 4:30 p.m. Eastern Time to discuss
Cibus will host a live webcast, Thursday, August 13, 2026, at 4:30 p.m. Eastern Time to discuss
its second quarter 2026 financial results and provide a year-to-date business update for 2026. The conference call can be accessed live over the phone by dialing (800) 420-1459 or for international callers by dialing (203) 518-9861. The conference ID is CIBUS (24287). A replay of the call will be available through August 27, 2026, by dialing (844) 512-2921 or for international callers by dialing (412) 317-6671; the passcode is 11162209.
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.
How Cibus does it
Cibus starts with a seed company's best existing varieties and makes precise improvements, often several at once, to a single cell from those varieties. It then grows that cell into a full plant carrying the new traits. The seed company keeps the variety it spent years perfecting; Cibus adds the improvements and licenses them back. Cibus' changes are precise edits to the plant's own genes, with no foreign DNA added, which is what separates them from transgenic GMOs. Cibus traits like disease resistance, and pod shatter reduction in canola and oilseed rape, are generally expected to qualify for conventional-breeding treatment in key jurisdictions.
About Cibus
Cibus (Nasdaq: CBUS) is a technology company that helps farmers grow more food with fewer inputs. Using its proprietary platform, Cibus improves a seed company's best crop varieties by making precise changes to the plant's own genes, with no foreign DNA added, then licenses those improvements back to the customer in exchange for royalties. Cibus is not a seed company. It develops crop traits at a fraction of the time and cost of conventional breeding, with a focus on higher yields, better quality, and reduced chemical use. For more information, visit www.Cibus.com.
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' market opportunities, Cibus' liquidity and capital resources, the implementation and execution of cost savings initiatives, Cibus' strategy, future operations, prospects, and plans, including the anticipated integration into partner pipelines, implementation of commercial agreements, 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 or to effectively negotiate commercial agreements; 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
jeff.sonnek@icrinc.com
MEDIA RELATIONS
Colin Sanford
colin@bioscribe.com
203-918-4347
colin@bioscribe.com
203-918-4347
CIBUS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited and in Thousands, Except Par Value and Share Amounts)
June 30, 2026 | December 31, 2025 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 20,429 | $ | 9,923 | |||||||
Accounts receivable | 838 | 503 | |||||||||
Prepaid expenses and other current assets | 2,189 | 1,643 | |||||||||
Total current assets | 23,456 | 12,069 | |||||||||
Property, plant, and equipment, net | 4,919 | 6,300 | |||||||||
Operating lease right-of-use assets | 21,015 | 21,557 | |||||||||
Intangible assets, net | 30,770 | 31,679 | |||||||||
Goodwill | 232,516 | 232,516 | |||||||||
Other non-current assets | 771 | 926 | |||||||||
Total assets | $ | 313,447 | $ | 305,047 | |||||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 5,612 | $ | 8,070 | |||||||
Accrued expenses | 1,893 | 1,946 | |||||||||
Accrued compensation | 2,606 | 3,061 | |||||||||
Deferred revenue | 627 | 536 | |||||||||
Current portion of notes payable | 812 | 435 | |||||||||
Current portion of operating lease obligations | 2,859 | 2,731 | |||||||||
Class A common stock warrants | 38 | 79 | |||||||||
Total current liabilities | 14,447 | 16,858 | |||||||||
Notes payable, net of current portion | 53 | 93 | |||||||||
Operating lease obligations, net of current portion | 29,018 | 29,783 | |||||||||
Royalty liability - related parties | 253,519 | 234,923 | |||||||||
Other non-current liabilities | 1,608 | 1,561 | |||||||||
Total liabilities | 298,645 | 283,218 | |||||||||
Stockholders’ equity: | |||||||||||
Class A common stock, $0.0001 par value; 210,000,000 shares authorized; 76,712,407 shares issued and 76,423,033 shares outstanding as of June 30, 2026, and 54,604,232 shares issued and 54,325,852 shares outstanding as of December 31, 2025 | 13 | 11 | |||||||||
Class B common stock, $0.0001 par value; 90,000,000 shares authorized; no shares issued and outstanding as of June 30, 2026, and December 31, 2025 | — | — | |||||||||
Additional paid-in capital | 918,639 | 882,171 | |||||||||
Class A common stock in treasury, at cost; 249,317 shares as of June 30, 2026, and 193,195 shares as of December 31, 2025 | (2,256) | (2,141) | |||||||||
Accumulated deficit | (901,618) | (858,251) | |||||||||
Accumulated other comprehensive income | 24 | 39 | |||||||||
Total stockholders’ equity | 14,802 | 21,829 | |||||||||
Total liabilities and stockholders’ equity | $ | 313,447 | $ | 305,047 | |||||||
CIBUS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited and in Thousands, Except Share and Per Share Amounts)
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Revenue | $ | 994 | $ | 933 | $ | 2,675 | $ | 1,967 | |||||||||||||||
Total revenue | 994 | 933 | 2,675 | 1,967 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 8,506 | 12,228 | 17,223 | 24,027 | |||||||||||||||||||
Selling, general, and administrative | 5,413 | 6,651 | 10,497 | 16,507 | |||||||||||||||||||
Goodwill impairment | — | — | — | 20,950 | |||||||||||||||||||
Total operating expenses | 13,919 | 18,879 | 27,720 | 61,484 | |||||||||||||||||||
Loss from operations | (12,925) | (17,946) | (25,045) | (59,517) | |||||||||||||||||||
Royalty liability interest expense - related parties | (9,475) | (8,668) | (18,596) | (17,045) | |||||||||||||||||||
Other interest income, net | 111 | 106 | 139 | 225 | |||||||||||||||||||
Non-operating income (expense), net | 150 | (23) | 148 | 416 | |||||||||||||||||||
Loss before income taxes | (22,139) | (26,531) | (43,354) | (75,921) | |||||||||||||||||||
Income tax expense | (6) | (27) | (13) | (29) | |||||||||||||||||||
Net loss | $ | (22,145) | $ | (26,558) | $ | (43,367) | $ | (75,950) | |||||||||||||||
Net loss attributable to noncontrolling interest | — | (1,186) | — | (3,692) | |||||||||||||||||||
Net loss attributable to Cibus, Inc. stockholders | $ | (22,145) | $ | (25,372) | $ | (43,367) | $ | (72,258) | |||||||||||||||
Basic and diluted net loss per share of Class A common stock | $ | (0.29) | $ | (0.61) | $ | (0.61) | $ | (1.88) | |||||||||||||||
Weighted average shares of Class A common stock outstanding – basic and diluted | 76,755,936 | 41,618,893 | 71,011,006 | 38,353,931 | |||||||||||||||||||
CIBUS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited and in Thousands)
Six Months Ended June 30, | ||||||||||||||
2026 | 2025 | |||||||||||||
Operating activities | ||||||||||||||
Net loss | $ | (43,367) | $ | (75,950) | ||||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||
Royalty liability interest expense - related parties | 18,596 | 17,045 | ||||||||||||
Goodwill impairment | — | 20,950 | ||||||||||||
Depreciation and amortization | 2,359 | 3,209 | ||||||||||||
Stock-based compensation | 3,055 | 4,477 | ||||||||||||
Loss on disposal of assets, net | 4 | 80 | ||||||||||||
Change in fair value of liability classified Class A common stock warrants | (41) | (455) | ||||||||||||
Other | (2) | 49 | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Accounts receivable | (335) | 88 | ||||||||||||
Prepaid expenses and other current assets | 149 | (44) | ||||||||||||
Accounts payable | (907) | 82 | ||||||||||||
Accrued expenses | (86) | 3,998 | ||||||||||||
Accrued compensation | (463) | (213) | ||||||||||||
Deferred revenue | 88 | (17) | ||||||||||||
Right-of-use assets and lease obligations, net | (95) | 1,141 | ||||||||||||
Other assets and liabilities, net | 151 | 129 | ||||||||||||
Net cash used in operating activities | (20,894) | (25,431) | ||||||||||||
Investing activities | ||||||||||||||
Proceeds from sales of property, plant, and equipment | 43 | — | ||||||||||||
Purchases of property, plant, and equipment | (73) | (384) | ||||||||||||
Net cash used in investing activities | (30) | (384) | ||||||||||||
Financing activities | ||||||||||||||
Proceeds from issuances of securities | 37,260 | 50,100 | ||||||||||||
Costs paid related to issuances of securities | (5,357) | (1,951) | ||||||||||||
Payment of taxes related to restricted stock units withheld from employees | (115) | (39) | ||||||||||||
Repayments of notes payable | (352) | (279) | ||||||||||||
Net cash provided by financing activities | 31,436 | 47,831 | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (6) | 14 | ||||||||||||
Net increase in cash and cash equivalents | 10,506 | 22,030 | ||||||||||||
Cash and cash equivalents – beginning of period | 9,923 | 14,433 | ||||||||||||
Cash and cash equivalents – end of period | $ | 20,429 | $ | 36,463 | ||||||||||