Cibus (CBUS) Q1 2026 earnings summary

Executive summary

• Achieved significant commercial progress in Q1 2026, focusing on gene editing for plant traits, especially Rice herbicide tolerance and sustainable ingredients, with a 2027 LATAM launch and U.S. launch delayed to 2029 due to registration timing.

• Raised $37.3 million in gross proceeds from two public offerings, immediately supporting commercial objectives and strengthening the balance sheet.

• Revenue increased to $1.7 million for Q1 2026, reflecting progress in key programs and timing of payments.

• Continued cost reduction initiatives, including workforce reduction and consolidation of operations, contributed to narrowing net loss.

• Regulatory momentum continues globally, supporting future commercialization and positive developments in the EU for New Genomic Techniques.

Financial highlights

• Cash and cash equivalents stood at $30.3 million as of March 31, 2026.

• Revenue for Q1 2026 was $1.7 million, up 63% year-over-year, mainly from collaboration agreements.

• Net loss for Q1 2026 was $21.2 million, improved from $49.4 million year-over-year, with net loss per share at $0.33 compared to $1.34.

• R&D expenses decreased to $8.7 million from $11.8 million, and SG&A expenses dropped to $5.1 million from $9.9 million year-over-year.

• Royalty liability interest expense increased to $9.1 million from $8.4 million year-over-year.

Outlook and guidance

• Existing cash is expected to fund operations into late Q1 2027; annual net cash usage targeted at $30 million or less for 2026.

• Commercial revenue from rice and sustainable ingredients expected to ramp in 2026, with material revenue in 2027.

• U.S. rice launch delayed to 2029 due to herbicide registration, while LATAM remains the primary near-term focus.

• Board continues to evaluate strategic alternatives to maximize shareholder value.

• Additional capital will be needed to continue as a going concern beyond late Q1 2027.