Cibus, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable increase in revenue, with total revenue for the three months reaching $1.7 million, a 251% increase from $475,000 in the same period of 2023. For the nine months ended September 30, 2024, total revenue was $3.1 million, up from $714,000 in the prior year.
Despite the revenue growth, Cibus faced substantial losses. The net loss for the third quarter was $201.5 million, compared to a loss of $34.5 million in Q3 2023, marking a 483% increase. For the nine-month period, the net loss was $256.9 million, a 325% increase from $60.4 million in the same period of 2023. The losses were exacerbated by a goodwill impairment of $181.4 million recognized in Q3 2024, reflecting a significant decline in the company's stock price and overall valuation.
Total operating expenses for the third quarter surged to $202.1 million, up from $26.3 million in Q3 2023. This increase was primarily driven by the goodwill impairment and higher operational costs. Research and Development (R&D) expenses decreased to $13.0 million from $17.5 million year-over-year, while Selling, General, and Administrative (SG&A) expenses also saw a reduction to $7.7 million from $8.8 million.
Cibus's financial position showed a decrease in total assets, which fell to $367.9 million from $544.4 million at the end of 2023. Total liabilities increased to $247.0 million, up from $206.1 million, while stockholders' equity plummeted to $108.1 million from $293.5 million.
In terms of strategic developments, Cibus completed a merger with Cibus Global, LLC on May 31, 2023, which significantly altered its capital structure. The company has been actively raising capital, generating approximately $40.9 million from financing activities in the nine months ended September 30, 2024, compared to just $2.0 million in the same period of 2023. Cibus also initiated cost reduction measures, including workforce reductions and cuts in consultant expenditures, aiming for annual savings of approximately $10 million.
As of September 30, 2024, Cibus had $28.8 million in cash and cash equivalents, with current liabilities of $21.9 million. The company anticipates needing to raise additional capital to continue operations beyond early 2025, highlighting ongoing concerns about its financial sustainability.
About Cibus, Inc.
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