Cibus, Inc. Reports 135% Revenue Increase to $4.3 Million, Faces $282.7 Million Net Loss in 2024

Cibus, Inc. reported a significant increase in revenue for the fiscal year ending December 31, 2024, with total revenue reaching $4.3 million, up from $1.8 million in the previous year, marking a 135% increase. This growth was primarily attributed to the acquisition of Cibus Global, which contributed revenue from collaboration agreements related to research and development in Rice and Soybean. Despite this revenue growth, the company continued to face substantial net losses, reporting a net loss of $282.7 million for 2024, a slight improvement from the $337.6 million loss in 2023. The accumulated deficit as of December 31, 2024, stood at $731.2 million.

Cibus underwent significant organizational changes during the year, including a restructuring initiative announced in October 2024, which resulted in a workforce reduction of approximately 14%. This initiative aimed to streamline operations and focus on priority objectives, particularly the advancement of productivity traits in Rice and Canola. The company also implemented cost reduction measures, which are expected to save approximately $10 million annually. As of December 31, 2024, Cibus had 159 employees, with a notable portion engaged in research and development activities.

Operationally, Cibus has made strides in its product development pipeline, focusing on five productivity traits across major crops such as Canola and Rice. The company has established material transfer agreements with four leading rice seed companies, representing an estimated 40% of addressable acres for its herbicide tolerance traits in North and Latin America. Additionally, Cibus has achieved positive results in field trials for its productivity traits, including successful trials for its Pod Shatter Reduction trait in Canola and herbicide tolerance traits in Rice.

Looking ahead, Cibus anticipates continued challenges in achieving profitability, as it expects to incur significant operating losses for the foreseeable future. The company is actively pursuing additional financing options to support its operations, with cash and cash equivalents totaling $14.4 million as of December 31, 2024. Cibus has indicated that it may need to raise additional capital to sustain its business operations, particularly as it continues to invest in research and development and navigate the complexities of the agricultural biotechnology market. The company’s ability to generate revenue from its productivity traits will depend on successful commercialization efforts and the regulatory landscape surrounding gene editing technologies.