The following is a summary of the Cibus, Inc. (CBUS) Q4 2023 Earnings Call Transcript:
Financial Performance:
At the close of December 2023, Cibus held $32.7 million in cash.
The monthly cash burn rates have been adjusted to $5 million, prolonging the company's cash runway until early Q3 2024.
R&D expenditures for Q4 2023 significantly increased to $14.2 million from $2.3 million in Q4 2022.
SG&A expense displayed a similar upward trend, reaching $6.8 million for Q4 2023 as opposed to $1 million in the same period a year earlier.
Predominantly due to a $249.4 million non-cash goodwill and intangible assets impairment charge, Cibus posted a net loss of $277.2 million for Q4 2023.
Business Progress:
Cibus has transitioned to a commercial stage gene editing firm after having an initial focus on R&D.
Commercialization of developed traits in rice and canola crops has begun, targeting productivity improvements.
With the opening of the industry's first semi-automated, high-throughput gene-editing facility, the company plans to enhance the precision, speed, and scale of gene-editing trait products.
In the longer-term perspective, the plan is to supplement seed breeding operations with new complex traits.
Promising potential traits were developed from the successful regeneration of wheat from single elite germplasm cells to address challenges faced by wheat farmers.
Their focus largely remains on the commercialization of developed traits and the further development of advanced traits.
In the realm of business development, significant momentum has been achieved due to their platform's proven viability and success.
Notable partnerships have been established for trait development with Nutrien and Bayer.
Cibus is expanding into the European market with field trials planned in England.
The company has aggressive milestones set for the upcoming year, including the commercialization of their traits and several new platforms.
More details: Cibus Inc IR
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