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Cibus Reports First Quarter Financial Results and Provides Business Update

May 14, 2026 4:05 PM

SAN DIEGO, May 14, 2026 (GLOBE NEWSWIRE) -- Cibus, Inc. (Nasdaq: CBUS) (the "Company"), a leading agricultural technology company that develops and licenses plant traits to seed companies, today announced its financial results for the quarter ended March 31, 2026, and provided a business update. Management will host a conference call and webcast today at 4:30 p.m. ET.

Management Commentary

Peter Beetham, Interim Chief Executive Officer of Cibus, commented, "We are pleased to report continued momentum across our priority programs during the first quarter of 2026. We continue to work with our global seed company partners to change the scale and speed of breeding. Our Rice herbicide tolerance program is advancing on multiple fronts, including meaningful progress toward commercialization with our Latin American seed partners, including initially Interoc, as we continue to eye our targeted 2027 initial launch. Additionally, positive regulatory momentum continues to build around the world. For example, in April this year the Council of the European Union confirmed the agreed legislative text regulating New Genomic Techniques (NGTs), with that text now before the European Parliament for a plenary vote currently planned for an upcoming session. Combined with growing traction and an exciting expansion of activities leading to increased R&D funding in our Sustainable Ingredients program, these developments give us confidence in the near-term commercial potential of our platform and our ability to deliver tangible value to customers."

Mr. Beetham continued, "Today's agricultural landscape underscores the urgency of our mission. Ongoing disruptions in global fertilizer supply chains, including reduced nitrogen production and delivery, are creating real challenges for farmers worldwide—particularly in nitrogen-intensive crops like Rice, Wheat, and Canola. At Cibus, we are well positioned to help address agricultural challenges. While we are maintaining our near-term focus on Rice herbicide tolerance and Sustainable Ingredients, the current global agricultural environment highlights the significant value potential embedded across our broader opportunity pipeline—from Canola disease resistance to Wheat platform development—and reinforces why novel precision breeding solutions are essential to building a more resilient and productive agricultural system."

Carlo Broos, Chief Financial Officer of Cibus, commented, "Beyond our progress toward commercialization, we are executing well with respect to our cost discipline commitments of reducing operating expenses, and we are on track to deliver annual net cash usage of approximately $30 million or less in 2026. At the same time, revenue increased year-over-year, reflecting progressing activities and timing of payments across our programs. Combined with approximately $33 million in net proceeds raised from sales of equity during the quarter, we believe we are well-positioned to fund the advancement of our priority programs toward their near-term commercial milestones."

Company Highlights

2026 Year-to-Date Business Update

Commercial Progress for Priority Programs and Global Regulatory Developments

Priority Pipeline Traits and Programs

Global Regulatory Development

Review of Opportunity Programs and Other Business Updates

In addition to Cibus' priority programs, the Company's pipeline of other traits provides several opportunities for partner-funded programs. The current disruption of global crop input supplies—particularly in nitrogen fertilizer markets—underscores the value of these opportunities and the need for novel precision breeding solutions to help farmers manage volatility and protect yields.

Opportunity Pipeline Traits and Programs (Available for Partnership)

Corporate and Industry Progress

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:

First Quarter 2026 Financial Results

Conference Call and Webcast Information

Cibus will host a live webcast, Thursday, May 14, 2026, at 4:30 p.m. Eastern Time to discuss its first 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) 274-8461 or for international callers by dialing (203) 518-9814. The conference ID is CIBUS (24287). A replay of the call will be available through May 28, 2026, by dialing (844) 512-2921 or for international callers by dialing (412) 317-6671; the passcode is 11161515.

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.

About Cibus

Cibus is a leader in developing traits (characteristics) that address critical productivity, yield and sustainability challenges. Cibus' proprietary high-throughput gene editing technologies drive its long-term focus on productivity traits for farmers for the major global row crops. Cibus is not a seed company. It is a technology company that uses its gene editing technologies to develop plant traits at a fraction of the time and cost of conventional breeding and to license them to customers in exchange for royalties.

About the Cibus Trait Machine™ process and Rapid Trait Development System™

A key element of Cibus' technology breakthrough is its high-throughput breeding process (referred to as the Trait Machine™ process). The Trait Machine process is a crop specific application of Cibus' patented Rapid Trait Development System™ (RTDS®). The proprietary technologies in RTDS integrate crop specific cell biology platforms with a series of gene editing technologies to enable a system of end-to-end crop specific precision breeding. It is the core technology platform for Cibus' Trait Machine process: the first standardized end-to-end semi-automated crop specific gene editing system that directly edits a seed company's elite germplasm. Each Trait Machine process requires a crop specific cell biology platform that enables Cibus to edit a single cell from a customer's elite germplasm and grow that edited cell into a plant with the Cibus edits.

Cibus believes that RTDS and the Trait Machine process represent the technological breakthrough in plant breeding that is the ultimate promise of plant gene editing: high- throughput gene editing systems operating as an extension of seed company breeding programs. In 2024, the Trait Machine process was cited by Fast Company Magazine as one of the most innovative products in 2024.

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' liquidity and capital resources, the implementation and execution of cost savings initiatives, Cibus' strategy, future operations, prospects, and plans, including the anticipated 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; 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
[email protected]


MEDIA RELATIONS
Colin Sanford
[email protected]
203-918-4347

CIBUS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited and in Thousands, Except Par Value and Share Amounts)
March 31, 2026 December 31, 2025
Assets
Current assets:
Cash and cash equivalents$30,325 $9,923
Accounts receivable 1,703 503
Prepaid expenses and other current assets 1,041 1,643
Total current assets 33,069 12,069
Property, plant, and equipment, net 5,642 6,300
Operating lease right-of-use assets 20,927 21,557
Intangible assets, net 31,224 31,679
Goodwill 232,516 232,516
Other non-current assets 824 926
Total assets$324,202 $305,047
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$5,410 $8,070
Accrued expenses 2,027 1,946
Accrued compensation 3,011 3,061
Deferred revenue 449 536
Current portion of notes payable 194 435
Current portion of operating lease obligations 2,764 2,731
Class A common stock warrants 89 79
Total current liabilities 13,944 16,858
Notes payable, net of current portion 73 93
Operating lease obligations, net of current portion 29,076 29,783
Royalty liability - related parties 244,044 234,923
Other non-current liabilities 1,585 1,561
Total liabilities 288,722 283,218
Stockholders’ equity:
Class A common stock, $0.0001 par value; 210,000,000 shares authorized; 76,571,627 shares issued and 76,283,095 shares outstanding as of March 31, 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 March 31, 2026, and December 31, 2025 — —
Additional paid-in capital 917,136 882,171
Class A common stock in treasury, at cost; 225,891 shares as of March 31, 2026, and 193,195 shares as of December 31, 2025 (2,221) (2,141)
Accumulated deficit (879,473) (858,251)
Accumulated other comprehensive income 25 39
Total stockholders’ equity 35,480 21,829
Total liabilities and stockholders’ equity$324,202 $305,047


CIBUS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited and in Thousands, Except Share and Per Share Amounts)
Three Months Ended March 31,
2026 2025
Revenue:
Revenue $1,681 $1,034
Total revenue 1,681 1,034
Operating expenses:
Research and development 8,717 11,799
Selling, general, and administrative 5,084 9,856
Goodwill impairment — 20,950
Total operating expenses 13,801 42,605
Loss from operations (12,120) (41,571)
Royalty liability interest expense - related parties (9,121) (8,377)
Other interest income, net 28 119
Non-operating (expense) income, net (2) 439
Loss before income taxes (21,215) (49,390)
Income tax expense (7) (2)
Net loss $(21,222) $(49,392)
Net loss attributable to noncontrolling interest — (2,506)
Net loss attributable to Cibus, Inc. stockholders $(21,222) $(46,886)
Basic and diluted net loss per share of Class A common stock $(0.33) $(1.34)
Weighted average shares of Class A common stock outstanding – basic and diluted 65,202,244 35,052,692


CIBUS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited and in Thousands)
Three Months Ended March 31,
2026 2025
Operating activities
Net loss $(21,222) $(49,392)
Adjustments to reconcile net loss to net cash used in operating activities:
Royalty liability interest expense - related parties 9,121 8,377
Goodwill impairment — 20,950
Depreciation and amortization 1,197 1,634
Stock-based compensation 1,571 2,499
Loss on disposal of assets, net 4 80
Change in fair value of liability classified Class A common stock warrants 10 (462)
Other (4) 21
Changes in operating assets and liabilities:
Accounts receivable (1,200) 91
Prepaid expenses and other current assets 591 309
Accounts payable (1,288) 995
Accrued expenses (176) 3,135
Accrued compensation (57) (745)
Deferred revenue (89) (71)
Right-of-use assets and lease obligations, net (44) 688
Other assets and liabilities, net 100 64
Net cash used in operating activities (11,486) (11,827)
Investing activities
Proceeds from sales of property, plant, and equipment 43 —
Purchases of property, plant, and equipment (115) (291)
Net cash used in investing activities (72) (291)
Financing activities
Proceeds from issuances of securities 37,255 22,599
Costs incurred related to issuances of securities (4,950) (1,169)
Payment of taxes related to restricted stock units withheld from employees (80) (13)
Repayments of notes payable (261) (148)
Net cash provided by financing activities 31,964 21,269
Effect of exchange rate changes on cash and cash equivalents (4) 3
Net increase in cash and cash equivalents 20,402 9,154
Cash and cash equivalents – beginning of period 9,923 14,433
Cash and cash equivalents – end of period $30,325 $23,587

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