Cibus, Inc. Reports 90% Revenue Increase to $1.034 Million Amid Significant Operating Losses

Cibus, Inc. reported a significant increase in revenue for the first quarter of 2025, generating $1.034 million compared to $545,000 in the same period last year, marking an increase of 90%. This growth was primarily attributed to revenue from collaboration agreements related to contract research for Rice and Soybean. However, the company also faced substantial operating losses, with a net loss of $49.4 million for the quarter, up from a loss of $27.0 million in the first quarter of 2024. The increase in losses was largely driven by a $21.0 million goodwill impairment, reflecting a decline in the company's stock price.

Operating expenses surged to $42.6 million, up from $19.0 million in the prior year, largely due to increased selling, general, and administrative expenses, which rose by 41% to $9.9 million. The company also reported a nominal increase in royalty liability interest expense, which totaled $8.4 million. Despite these challenges, Cibus has been actively pursuing strategic initiatives, including a restructuring plan aimed at reducing costs and preserving capital resources. This plan includes workforce reductions and the non-renewal of its San Diego trait development facility lease.

Cibus has made notable advancements in its product development and regulatory approvals. The company achieved a milestone in its Rice platform with successful field trials for stacked gene-edited herbicide tolerance traits. Additionally, Cibus received regulatory validation for its RTDS technology in the U.S. and Ecuador, which is expected to enhance its commercial strategies. The company is also working on expanding its Soybean platform and has made progress in its sustainable ingredients program.

As of March 31, 2025, Cibus had $23.6 million in cash and cash equivalents, with current liabilities amounting to $21.0 million. The company anticipates continued losses in the coming years as it develops its pipeline of productivity traits. Cibus is exploring various funding options, including public or private equity financing, to support its operations. The company has expressed concerns about its ability to continue as a going concern if it cannot secure additional capital, emphasizing the need for strategic financial management in the face of ongoing operational challenges.