Cibus, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 09, 2023 at 04:32 pm EST
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Cibus, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 0.475 million compared to USD 0.042 million a year ago. Revenue was USD 0.475 million compared to USD 0.042 million a year ago. Net loss was USD 26.43 million compared to USD 5.95 million a year ago. Basic loss per share from continuing operations was USD 1.59 compared to USD 6.36 a year ago.
For the nine months, sales was USD 0.714 million compared to USD 0.115 million a year ago. Revenue was USD 0.714 million compared to USD 0.115 million a year ago. Net loss was USD 50.51 million compared to USD 14.05 million a year ago. Basic loss per share from continuing operations was USD 6.33 compared to USD 15.56 a year ago.
Cibus, Inc. is an agricultural technology company that uses gene editing technologies to develop plant traits in seeds. Its business is the development of plant traits that help address specific productivity or yield challenges in farming, such as traits addressing plant agronomy, disease, insects, weeds, nutrient-use, or the climate. It is also engaged in developing, certain alternative plant-based oils or bio-based fermentation products. Its technology is its gene editing platform called the Rapid Trait Development System (RTDS). It is the underlying technology in the Company's Trait Machine process, an end-to-end semi-automated high-throughput gene editing system that directly edits seed companies' elite germplasm. It has a pipeline of five productivity traits, four of which are applicable to multiple crops. These traits are PSR in Canola and HT1 and HT3 in rice. In addition, it also has two advanced traits for Sclerotinia resistance and another novel broadleaf HT trait, HT2.
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