San Diego, California, USA
August 14, 2025

• Streamlining operational focus on Rice herbicide tolerance traits and partner-funded and/or supported programs, expected to reduce annual cash usage to approximately $30 million by 2026
• Commercialization of Rice herbicide tolerance traits HT1 and HT3 on track – targeting an initial commercial launch in Latin America beginning in 2027 and expanding to the U.S. in 2028, with potential annual accessible royalties of over $200 million
• Signed a collaboration agreement with the Colombia based Rice seed company Semillano
• Completed delivery of three germplasm lines with the Cibus HT3 trait to existing Rice customer
• Continue to meet development milestones as we seek commercialization of partner-funded and/or supported sustainable ingredients products; on track for planned nominal revenues in 2025 and targeted commercial expansion in 2026
• Global regulatory environment remains supportive of gene editing technologies, with positive year-to-date developments in EU, Ecuador, India, Asia and U.S. markets
• Raised $27.5 million in gross proceeds from public offering, extending cash runway as we advance toward near term initial revenues

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 June 30, 2025, and provided a year-to-date business update for 2025. Management will host a conference call and webcast today at 4:30 p.m. ET.

Management Commentary

"Our second quarter update demonstrates our continued execution toward initial commercial launch of our priority productivity traits and industrialization of plant breeding technologies," said Peter Beetham, Interim Chief Executive Officer of Cibus. "We remain laser-focused on our core priorities: advancing our Rice herbicide tolerance traits and our partner-funded and/or supported sustainable ingredients program. Our Rice traits are progressing on schedule toward targeted initial launches in Latin America beginning in 2027 and expanding to the United States in 2028, which would generate initial royalty revenue and set the stage for further opportunities in the immense Rice market. Also gaining momentum in the near-term is our partner-funded and/or supported sustainable ingredients program, where our biofragrance products are expected to generate nominal revenues yet this year, with targeted commercial expansion planned in 2026. These focused efforts, combined with our cost streamlining initiatives, the implementation of which is already underway, are expected to reduce our annualized cash usage to approximately $30 million by 2026."

"Our continued progress toward commercialization, our strong pipeline of traits available for partnerships, and the favorable position of global regulations for gene editing technologies create new opportunities for customer engagement and market penetration. In fact, we are excited to announce a new collaboration agreement with the Colombian Rice producer Semillano. We are moving the business forward with disciplined focus, driving operational efficiencies, and building a strong foundation for sustainable growth that we expect to generate long-term value for our shareholders as we advance toward revenue generation."

Commercial Progress for Priority Programs and Global Regulatory Developments

Priority Pipeline Traits and Programs

• Weed Management (HT1 and HT3) in Rice
  • Cibus continues to make significant progress with its Rice herbicide tolerance traits, which represent the Company's priority pipeline program. Trait editing and introgression, field trials, and registration of traits remain on track for targeted initial commercial launches in Latin America in 2027-2028, followed by targeted expansion into the U.S. in 2028 and India/Asia (excluding China) in 2030.
  • Completed delivery of Rice lines with the HT3 trait to an existing US customer.
  • In August, signed a new collaboration agreement with Colombian Rice producer Semillano
  • Following 2024 field trial results for stacked gene edited herbicide tolerance traits in Rice, in March 2025 the Company expanded its efforts to include additional trait stacking to broaden weed management for crop protection with additional field testing underway. The Company believes last year's activities represented the first trial use of stacked gene edited herbicide tolerance traits in Rice to improve weed management.
• Partner-Funded and/or Supported Sustainable Ingredients Program
  • Continue to meet development milestones as we seek commercialization of partner-funded and/or supported sustainable ingredients products; on track for planned nominal revenues in 2025 and targeted commercial expansion planned in 2026.
     

Global Regulatory Development

• Global regulatory environment for gene editing technologies remains positive
  • The EU regulatory process for New Genomic Techniques (NGTs) continues to advance through established legislative channels despite not reaching final agreement by June 30, 2025, as initially anticipated by the industry. This process remains ongoing, with committee discussions and negotiations among member countries continuing. We believe that the transition from Polish to Danish EU Council presidency brings fresh momentum, with Danish officials having clear visibility on specific outstanding items requiring resolution.
  • In April 2025, the Ministry of Agriculture and Livestock in Ecuador determined that Cibus’ HT1 and HT3 Rice traits are equivalent to those developed through conventional breeding and subject to the same regulations as conventional seed in accordance with the provisions of the Organic Law of Agrobiodiversity, Seeds and Promotion of Sustainable Agriculture and its Regulations. Ecuador strictly prohibits the commercial planting of transgenic (GMO) crops.
  • In June 2025, USDA-APHIS further determined Cibus’ HT2 herbicide-tolerance trait in canola is "not regulated" under USDA biotechnology regulations (7 CFR Part 340), marking the 17th Cibus trait to be so designated by the agency, and thereby removing a key U.S. commercialization hurdle.
  • During the California Rice Commission's Rice Certification Committee Meeting on February 26, 2025, the Commission approved Cibus' field research proposal, marking the first-time gene edited Rice has been authorized for planting in California.
     

Progress within Opportunity Programs and Other Business Updates

In addition to the Cibus' self-funded Rice herbicide tolerance trait program and its actively advancing a partner-funded and/or supported sustainable ingredients programs, the Company's deep trait pipeline provides several additional opportunities for partner funded programs.

Opportunity Pipeline Traits and Programs

• Traits in Canola (Available for Partnership)
  • As previously reported the Company has on-going field trials for its pod shatter resistance trait in Winter Oilseed Rape (WOSR - winter canola) in the UK in customer genetics.
  • Cibus' field trials for next generation HT2 in Canola demonstrated promising early results, confirming tolerance and demonstrating the effectiveness of the trait product, positioning this trait program for future partner development.
  • In March 2025, Cibus announced that controlled environment testing of its third mode of action for Sclerotinia resistance in Canola demonstrated enhanced resistance.
• Nutrient-use Efficiency (Root Microbe Symbiosis) (Available for Partnership)
  • In June, Cibus confirmed its ongoing collaboration agreement with the John Innes Centre on a breakthrough nutrient use efficiency trait, which has the potential, with future external funding, to create significant commercial opportunities across Cibus' crop portfolio, by addressing the global fertilizer efficiency challenge where only one-third of applied fertilizer is typically absorbed by plants.
• Soybean Platform (Available for Partnership)
  • In January 2025, the Company successfully edited a Soybean cell for its HT2 trait, achieving sufficiently high editing rates that enabled expanded development of its Soybean platform, for which the company continues to maintain development as part of its Sustainable Ingredients program.
• Wheat Platform (Available for Partnership)
  • In January 2024, the Company announced that it successfully regenerated plants from single cells in a wheat cultivar, opening up the potential to accelerate trait partner funded development in one of the world’s most cultivated crops.
• Enhanced Forage Digestibility (Altered-Lignin) in Alfalfa (In Partnership)
  • In June 2025, Cibus announced a regulatory milestone when the U.S. Food and Drug Administration issued a "no-further-questions" letter for the Company’s altered lignin alfalfa trait, developed in partnership with S&W Seed Company, clearing the path for U.S. commercialization by S&W Seed Company.
     

Corporate and Industry Progress Year-to-Date

• Standardized RTDS gene editing process for industrialized breeding
  • In January 2025, established production standards for its proprietary RTDS gene editing process for Cibus' developed traits in Rice and Canola. Cibus is making progress on editing customers elite germplasm in Rice as well as introgression of traits. In each of these cases, Cibus believes that it can edit a customer's elite germplasm or seed and return it to its customer with a specific edit within 12-15 months.
• Capital Markets Activity
  • In June, Cibus raised $27.5 million in gross proceeds, before deducting placement agent commissions and offering expenses, from a public offering. This strengthened balance sheet supports continued trait development, particularly for Rice herbicide tolerance and its Sustainable Ingredients program.
     

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 2025:

• Weed Management (HT1 and HT3) in Rice:
  • Continued expansion of existing, and developing new customer relationships with Rice seed companies across North and South America during the course of 2025.
  • Expect first trait validation trials in Latin America in late 2025.
  • Expect to deliver initial traits for testing to a Latin American customer by end of 2025.
• Sustainable Ingredients:
  • Expect to receive in 2025 nominal revenues associated with the ongoing commercialization efforts for the Company's sustainable ingredient biofragrance products.
     

Second Quarter 2025 Financial Results

• Cash position: Cash and cash equivalents as of June 30, 2025, was $36.5 million. Taking into account the impact of implemented cost saving initiatives, and without giving effect to potential financing transactions that Cibus is pursuing, Cibus expects that existing cash and cash equivalents is sufficient to fund planned operating expenses and capital expenditure requirements into the second quarter of 2026. Cibus' Board of Directors, together with its financial advisor, continues to evaluate a full range of strategic alternatives to maximize shareholder value.
• Research and development (R&D) Expense: R&D expense was $12.2 million for the quarter ended June 30, 2025, compared to $13.0 million in the year-ago period. The decrease of $0.8 million is primarily due to cost reduction initiatives.
• Selling, general, and administrative (SG&A) expense: SG&A expense was $6.6 million for the quarter ended June 30, 2025, compared to $9.3 million in the year-ago period. The decrease of $2.7 million is primarily due to cost reduction initiatives.
• Royalty liability interest expense - related parties: Royalty liability interest expense - related parties was $8.7 million for the quarter ended June 30, 2025, and in the year-ago period, which is due to the recognition of interest expense on the Royalty Liability.
• Non-operating (expense) income, net: Non-operating (expense) income, net was nominal for the quarter ended June 30, 2025, compared to income of $1.6 million in the year-ago period. The decrease in income of $1.6 million is driven by the fair value adjustment of the Company's liability classified common warrants.
• Net loss: Net loss was $26.6 million for the quarter ended June 30, 2025, compared to $28.5 million in the year-ago period.
• Net loss per share of Class A common stock: Net loss per share of Class A common stock was $0.61 for the quarter ended June 30, 2025, compared to net loss per share of Class A common stock of $1.14 in the year-ago period.

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Published: August 14, 2025