CBUS · Cibus, Inc.

Cibus reported a materially improved Q1 2026 net loss of $21.2 million versus $49.4 million in the prior-year quarter, reflecting disciplined cost management and the absence of a $21.0 million non-cash goodwill impairment that weighed heavily on Q1 2025 results. Operating expense reductions were substantial: R&D declined $3.1 million year-over-year to $8.7 million, and SG&A fell $4.8 million to $5.1 million—driven partly by a $3.0 million litigation expense in Q1 2025 and ongoing cost-saving initiatives. Royalty liability interest expense rose modestly to $9.1 million, consistent with accruals on the accumulating liability. The company ended the quarter with $30.3 million in cash and cash equivalents, and management affirmed this is sufficient to fund planned operations into late Q1 2027, absent additional financing. Capital markets activity was robust: Cibus raised $22.3 million in January and $15.0 million in March via public offerings of Class A Common Stock, totaling $37.3 million in gross proceeds—explicitly earmarked for advancing Rice weed management traits and other priority programs. Strategically, the Rice herbicide tolerance program remains on track for a 2027 Latin American commercial launch with Interoc following successful trait transfer in May 2026, though the U.S. launch has been reset to 2029 due to delays in Albaugh’s herbicide registration process. Meanwhile, the Sustainable Ingredients program advanced with its first customer payment in Q4 2025 and plans for additional biofragrance scale-up orders in H2 2026. Management emphasized that global fertilizer supply disruptions underscore the near-term value proposition of Cibus’ precision breeding solutions across Rice, Wheat, and Canola—reinforcing confidence in the broader pipeline despite continued pre-commercial investment.