Cibus Inc

NASDAQ:CBUSUnited States

---------- --------- Revenue: Revenue $ 1,667 $ 475 $ 3,050 $ 714 ---------- ---------- ---------- --------- Total revenue 1,667 475 3,050 714 ---------- ---------- ---------- --------- Operating expenses: Research and development 12,990 17,521 37,996 28,159 Selling, general, and administrative 7,682 8,751 23,994 22,126 Goodwill impairment 181,432 -- 181,432 -- ---------- ---------- ---------- --------- Total operating expenses 202,104 26,272 243,422 50,285 ---------- ---------- ---------- --------- Loss from operations (200,437) (25,797) (240,372) (49,571) Royalty liability interest expense - related parties (8,875) (8,136) (25,953) (10,753) Other interest income, net 160 281 522 359 Non-operating income (expense), net 7,706 (876) 8,917 (466) ---------- ---------- ---------- --------- Loss before income taxes (201,446) (34,528) (256,886) (60,431) ---------- ---------- ---------- --------- Income tax expense (13) -- (23) -- ---------- ---------- ---------- --------- Net loss $ (201,459) $ (34,528) $ (256,909) $ (60,431) ---------- ---------- ---------- --------- Net loss attributable to redeemable noncontrolling interest (21,491) (8,099) (28,623) (9,918) ---------- ---------- ---------- --------- Net loss attributable to Cibus, Inc. $ (179,968) $ (26,429) $ (228,286) $ (50,513) ---------- ---------- ---------- --------- Basic and diluted net loss per share of Class A common stock $ (7.63) $ (1.59) $ (10.33) $ (6.33) ========== ========== ========== ========= Weighted average shares of Class A common stock outstanding -- basic and diluted 23,586,746 16,641,127 22,105,979 7,979,132 CIBUS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited and in Thousands) Nine Months Ended September 30, --------------------------------------- 2024 2023 ----------- Operating activities Net loss $ (256,909) $ (60,431) Adjustments to reconcile net loss to net cash used by operating activities: Royalty liability interest expense - related parties 25,953 10,753 Goodwill impairment 181,432 -- Depreciation and amortization 5,211 2,875 Stock-based compensation 8,030 11,670 Change in fair value of liability classified Class A common stock warrants (8,908) 1,221 Other (16) 17 Changes in operating assets and liabilities, net of acquisitions: Accounts receivable (660) 1,674 Due to/from related parties -- (95) Prepaid expenses and other current assets 412 1,111 Accounts payable 838 (61) Accrued expenses 1,304 1,357 Accrued compensation (628) 738 Deferred revenue (133) 340 Right-of-use assets and lease obligations, net 302 (28) Other assets and liabilities, net (276) (334) -------------- ----------- Net cash used by operating activities (44,048) (29,193) -------------- ----------- Investing activities Cash acquired from merger with Cibus Global, LLC -- 59,381 Purchases of property, plant, and equipment (752) (3,872) -------------- ----------- Net cash (used by) provided by investing activities (752) 55,509 -------------- ----------- Financing activities Proceeds from issuances of securities 43,902 -- Costs incurred related to issuances of securities (1,869) -- Proceeds from draws on revolving line of credit from Cibus Global, LLC -- 2,500 Payment of taxes related to vested restricted stock units (214) (742) Proceeds from issuance of notes payable -- 1,287 Repayments of financing lease obligations (174) (242) Repayments of notes payable (741) (760) -------------- ----------- Net cash provided by financing activities 40,904 2,043 -------------- ----------- Effect of exchange rate changes on cash and cash equivalents 2 (2) -------------- ----------- Net (decrease) increase in cash and cash equivalents (3,894) 28,357 Cash and cash equivalents -- beginning of period 32,699 3,526 -------------- ----------- Cash and cash equivalents -- end of period $ 28,805 $ 31,883 ============== ===========