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Cibus, Inc. (CBUS)·Q1 2025 Earnings Summary

Executive Summary

  • Q1 2025 revenue was $1.03M vs Wall Street consensus of $1.15M — a miss; Primary EPS came in worse than expected, driven by a $21.0M non-cash goodwill impairment and a $3.0M litigation accrual (Revenue: $1.03M ; impairment and accrual ; consensus $1.15M*, EPS -$0.51* vs actual Primary EPS -$0.74*). Values retrieved from S&P Global.
  • Operating loss widened to -$41.6M, and net loss rose to -$49.4M; management highlighted non-cash items (goodwill impairment) and reiterated focus on cash burn reduction and partner-funded work (Operating loss and net loss ; cost discipline and runway ).
  • Regulatory momentum continues: USDA-APHIS designated canola disease resistance traits as not regulated; Ecuador deemed HT1/HT3 rice traits equivalent to conventional breeding — strengthening commercialization paths (USDA-APHIS and Ecuador decisions ).
  • 2025 milestones reaffirmed: initial trait delivery to a California rice customer (mid-2025) and to a Latin American customer (by year-end 2025); sustainable ingredients expected to generate nominal 2025 revenues and ramp in 2026 (Milestones ; SI timing ).

Note: Asterisks denote S&P Global consensus/actuals. Values retrieved from S&P Global.

What Went Well and What Went Wrong

What Went Well

  • Regulatory tailwinds: USDA-APHIS “not regulated” designation for canola disease resistance traits and favorable EU NGT progress, plus Ecuador’s conventional-breeding equivalence for rice HT1/HT3 traits (“strengthens commercial pathway”) .
    Quote: “USDA-APHIS…designated…Canola disease resistance traits as not regulated…strengthens commercial pathway” .
  • Rice commercialization momentum: stacked herbicide tolerance trait trials expanded in 2025, customer germplasm integration across multiple markets; on track for 2027 launch .
    Quote: “first stacked gene edited herbicide tolerance traits…industry first…on track for 2027 targeted commercial launch” .
  • Disease resistance program advancing: positive greenhouse data for the third mode of action in canola; field trials for MOA 3 and 4 planned for summer 2025; multi-MOA approach targeting durable resistance .

What Went Wrong

  • Earnings miss and widening losses: revenue below consensus and deeper net loss due to $21.0M goodwill impairment and $3.0M litigation accrual (Revenue $1.03M ; goodwill impairment and accrual ).
  • Cash runway still limited: cash of $23.6M funds operations only “into the third quarter of 2025,” implying need for financing/strategic alternatives (cash and runway ).
  • Timeline slippage: early controlled-environment results for the fourth Sclerotinia mode of action moved from Q1 2025 (prior guidance) to Q2 2025 (current update) .

Financial Results

P&L and Key Metrics (USD Thousands, except per-share; periods oldest → newest)

MetricQ3 2024Q4 2024Q1 2025
Revenue$1,667 $1,212 $1,034
Loss from Operations (EBIT)$(200,437) $(18,024) $(41,571)
Royalty Liability Interest Expense - Related Parties$(8,875) $(8,237) $(8,377)
Non-Operating Income (Expense), Net$7,706 $354 $439
Net Loss$(201,459) $(25,804) $(49,392)
Net Loss Attributable to Cibus, Inc.$(179,968) $(23,102) $(46,886)
Basic & Diluted Net Loss per Share (Class A)$(7.63) $(0.87) $(1.34)
R&D Expense$12,990 $12,433 $11,799
SG&A Expense$7,682 $6,803 $9,856
Goodwill Impairment$181,432 $0 $20,950
Weighted Avg. Shares (Class A)23,586,746 26,546,817 35,052,692

Margins

MetricQ3 2024Q4 2024Q1 2025
EBIT Margin %-12,020.6% -1,488.1% -4,019.5%
Net Loss Margin %-12,086.0% -2,128.1% -4,776.2%

Balance Sheet Liquidity

MetricQ3 2024Q4 2024Q1 2025
Cash and Cash Equivalents$28,805 $14,433 $23,587
Deferred Revenue (Current)$1,082 $932 $863

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash Runway2025“late in the third quarter of 2025” “into the third quarter of 2025” Lowered (shorter runway)
Sclerotinia MOA 4 (controlled env. early results)2025Q1 2025 Q2 2025 Delayed
Rice initial trait delivery – California2025Not specified Mid-2025 New/Added (raised clarity)
Rice initial trait delivery – Latin America2025By end-2025 By end-2025 Maintained
Soybean platform (HT2 edits in plants)20252025 2025 Maintained
Sustainable Ingredients (biofragrance) revenues2025–2026Nominal 2025; 2026 ramp Nominal 2025; orders by Q4, ramp in 2026 Maintained/clarified

Earnings Call Themes & Trends

TopicPrevious Mentions (Q3 2024)Previous Mentions (Q4 2024)Current Period (Q1 2025)Trend
AI/technology initiativesBiographica AI partnership announced AI-powered gene discovery highlighted Continued emphasis on AI-driven target discovery Improving
Regulatory momentumCanada guidance, global approvals expanding EU NGT trilogue; CA Rice approval Ecuador equivalence for HT1/HT3; USDA-APHIS “not regulated” for canola Improving
Rice platform & stacked traitsFirst stacked HT trials; 4 seed customers, germplasm received Collaboration with Albaugh/RTDC; 40% accessible acres Expanded stacking; validation trials in LATAM; 2027 launch on track Improving
Sclerotinia (white mold)Positive MOA-2 field results; MOA-3 greenhouse upcoming MOA-4 edits completed; MOA-3 greenhouse positive MOA-3 greenhouse positive; MOA-3/4 field trials planned Improving
Sustainable IngredientsPartner-funded project progress Nominal revenues later 2025 First-stage scale-up complete; expect commercialization agreements; nominal 2025, ramp 2026 Improving
Cash burn/OpEx discipline20% monthly cash use reduction targeted Cost cuts; net cash funds ops into late Q3’25 Net burn around ~$4M/month; runway into Q3’25 Stable/Tight

Management Commentary

  • “Our RTDS…enabling us to edit a customer's elite germplasm and return it…in under 12 months…creating a predictable path to commercialization” — Peter Beetham, Interim CEO .
  • “USDA-APHIS…designated…canola disease resistance traits as not regulated…when coupled with regulatory advancement in the EU, validates our global market approach” .
  • “Net loss…was primarily due to the $21 million noncash…impairment…Net loss, excluding this goodwill impairment was $28.4 million” — Carlo Broos, CFO .
  • “We remain on track for our anticipated 2027 commercial launch [in rice]…Latin America momentum is particularly exciting” — Peter Beetham .

Q&A Highlights

  • Cash burn and SG&A: CFO reiterated burn around ~$4M/month and noted the $3M litigation accrual driving SG&A step-up; emphasized successful cost reduction execution .
  • EU NGT timeline: Management expects trilogue meetings through end of June and potential final text within ~6 months, enabling secondary legislation within ~12 months thereafter .
  • Working capital on launch: Trait delivery model minimizes Cibus’ inventory burden; partners shoulder inventory build; sustainable ingredients could scale quickly via fermentation .
  • Sclerotinia MOA-4 field expectations: Looking for clear resistance vs control; plan to stack multiple MOAs for durable resistance .
  • Sustainable Ingredients revenue timing: Nominal 2025 revenues, orders in Q4’25 into 2026; customer testing underway, demand strong .

Estimates Context

  • Q1 2025: Revenue $1.03M vs $1.15M consensus* — Miss; Primary EPS -$0.74* vs -$0.51* consensus — Miss (Revenue actual ; S&P values*).
  • Q4 2024: Revenue $1.21M vs $1.13M* — Beat; Primary EPS -$0.87 vs -$0.76* — Miss (Revenue actual ; EPS actual doc ; S&P values*).
  • Q3 2024: Revenue $1.67M vs $0.64M* — Beat; Primary EPS (S&P) actual differs materially from GAAP net loss/share due to normalization; GAAP EPS -$7.63 (impairment) (S&P values*).
MetricQ3 2024Q4 2024Q1 2025
Revenue Consensus Mean (USD)$0.636M*$1.130M*$1.1525M*
Revenue Actual (USD)$1.667M $1.212M $1.034M
Primary EPS Consensus Mean-$0.873*-$0.76*-$0.51*
Primary EPS Actual0.062*-$0.87 -$0.7399*

Note: Asterisks denote S&P Global consensus/actuals. Values retrieved from S&P Global.

Key Takeaways for Investors

  • Regulatory catalysts are real and near-term (USDA-APHIS “not regulated,” EU trilogue progress, Ecuador equivalence), supporting the commercial path for rice and canola traits through 2027; regulatory clarity is a key narrative driver .
  • Earnings miss reflects non-cash impairment and litigation accrual; excluding impairment, net loss was $28.4M, aligning with cost-cut focus; monitor cash runway and potential financing/strategic alternatives in 2025 .
  • Rice commercialization trajectory intact with expanded stacked traits and customer integrations; watch mid-2025 California delivery and LATAM validation trials as milestones potentially re-rating the stock on execution .
  • Sclerotinia program advancing to multi-MOA field trials this summer; durable resistance is a differentiated value proposition across crops; positive data could be a medium-term thesis anchor .
  • Sustainable ingredients (biofragrance) moving from scale-up to commercialization agreements, with nominal 2025 revenue and 2026 ramp — a potential diversification lever less dependent on ag trait cycles .
  • Cash discipline remains central; burn around ~$4M/month and runway into Q3’25 necessitate proactive capital planning; partnership funding can offset development intensity .
  • Estimate revisions likely skew modestly lower near term on revenue/EPS misses; upside hinges on regulatory milestones and 2025 delivery/trial execution. Values retrieved from S&P Global.

Additional Notes on Sources

  • Q1 2025 8-K 2.02 earnings press release and exhibits were read in full .
  • Q1 2025 earnings call transcript read in full –.
  • Prior quarters for trend analysis: Q4 2024 8-K and call – –; Q3 2024 8-K and call – –.
  • No standalone additional press releases labeled “press-release” in Q1 2025 beyond the 8-K release were found in the catalog (search returned none in 2025-01 to 2025-05).