Key Highlights

  • Third-quarter 2026 Revenue was USD 0.8 million, against USD 0.6 million a year earlier.
  • Net loss was USD 21.9 million, against USD 24.3 million in the prior-year quarter.
  • Cash and cash equivalents were USD 10.7 million at September 30, 2026.
  • Research and development expense was USD 7.9 million, against USD 10.8 million.

Cibus (NASDAQ:CBUS) reported third-quarter 2026 revenue of USD 0.8 million, against an estimate of USD 1.30 million. Net loss per share was USD 0.29, against an estimate of a loss of USD 0.20. The company applies gene editing to plant breeding and describes its approach as Direct Breeding.

Chief Executive Officer Craig Wichner said a review of every program, expense and opportunity during his first 100 days confirmed the company's focus on the two programs closest to revenue, sustainable ingredients and rice, while keeping targeted Investment in programs such as nutrient use efficiency and disease resistance.

Financial Results

Management said revenue was USD 0.8 million for the quarter, against USD 0.6 million a year earlier. For the nine months, revenue was USD 3.5 million, against USD 2.6 million, an increase of 35%, primarily earned under collaboration agreements for the sustainable ingredients program.

Research and development expense was USD 7.9 million, against USD 10.8 million, a decrease of USD 2.9 million. Selling, general and administrative expense was USD 5.4 million, against USD 5.3 million. Noncash Royalty Liability interest expense to related parties was USD 9.8 million, against USD 9.0 million, which management described as the largest single driver of the gap between operating loss and net loss.

Net loss was USD 21.9 million, against USD 24.3 million in the prior-year quarter. The filing shows the royalty liability balance at USD 263,362 thousand at September 30, 2026, against USD 234,923 thousand at December 31, 2025, with USD 28,439 thousand of interest expense recognized in the nine months.

Cash and Financing

Cash and cash equivalents were USD 10.7 million at September 30, 2026. Management said cash used in Operating Activities for the first nine months of 2026 improved by approximately USD 7 million, or about 19%, against the same period of 2025, and that third-quarter operating cash use was USD 9.3 million. It projects exiting 2026 at approximately a USD 35 million annualized net cash usage run rate.

The company received net proceeds of approximately USD 13.6 million from its March 2026 follow-on offering, after approximately USD 1.4 million of Underwriting discounts and other offering expenses. On May 15, 2026, it entered into an Open Market Sale Agreement with Jefferies for an at-the-market facility. As of September 30, 2026, 76,634,354 Cibus Global Common Units were outstanding.

Management said the opportunity set across the platform is larger than the company can fund itself, and that it is balancing near-term Cash Management with selective investment in programs with potential for future growth.

Programs and Direct Breeding

On sustainable ingredients, Peter Beetham said the partner confirmed that both of the first two ingredients are approved for use in its products, that the company initiated the Manufacturing process to scale up for anticipated production runs and that the partner requested larger quantities of two additional biofragrances. He said the company's estimate of the opportunity changed: in August it described a USD 20 million to USD 40 million peak annual revenue opportunity, and it is now operating under a direct sales model rather than the royalty model it previously assumed.

On rice, management said royalties would be paid on acres planted with seed carrying the company's traits, beginning with the first commercial seed in Latin America, and that nothing about that model changed during the quarter.

Wichner described Direct Breeding as making changes in a single cell from a seed company's own variety, using editing tools that break down and are not inserted into the plant's DNA. He said the company can return a customer's canola germplasm with trait edits within 12 to 15 months and that it sells no seeds or chemicals.