Cibus, Inc.

Q2 revenue was $1 million, versus $900 thousand in the year-ago period. For the first 6 months, revenue was $2.7 million versus $2 million, up 35%, driven by collaboration agreements in sustainable ingredients. R&D expense was $8.5 million, down from $12.2 million a year ago; SG&A was $5.4 million, down from $6.6 million. Net loss was $22.1 million, or $0.29 per share, versus $26.6 million, or $0.61 per share, a year ago. Cash and cash equivalents were $20.4 million at June 30, 2026. Management said existing cash should fund planned operating expenses and capex into early Q1 2027, and it now targets net cash usage exiting 2026 of approximately $35 million. On commercial guidance, the company expects additional scale-up orders for initial biofragrances in the second half of 2026; Latin America rice launch timing was updated to 2028, with U.S. launch planning still targeting 2029; and royalties are expected to begin flowing in 2028 and build further in 2029.

Craig Wichner framed Cibus as a technology company with an IP-protected platform that can create value in three ways: near-term platform revenue, future trait royalties, and deeper multi-program partnerships. He emphasized that his priority is converting the company’s 25 years of work into revenue at scale, with capital discipline, more investment in AI, and a review of every program and expense through a near-term revenue and balance-sheet lens. His tone was confident and upbeat, but focused on execution rather than hype.

Cornelis Broos highlighted the operating leverage from cost cuts: R&D fell to $8.5 million from $12.2 million and SG&A to $5.4 million from $6.6 million, helping reduce quarterly cash usage by about 19% sequentially and 31% year over year. He said cash of $20.4 million should last into early Q1 2027, absent financing, and that the company is targeting a net cash usage run rate exiting 2026 of about $35 million while still investing in growth areas like technology and personnel. He also noted non-cash royalty liability interest expense of $9.5 million, which remains a major driver of the gap between operating and net loss.

Analysts focused on the shift toward being a ‘trait machine’ for specific seed companies, the implications of hybrid rice in Latin America, the EU implementation process, the scope of the sustainable ingredients opportunity, and the increase in expected cash burn to about $35 million. Management said the partnership model is about building a pipeline of traits for specific customers, especially in rice, rather than only licensing single traits to large conglomerates. On Europe, they said they already have people on the ground and deep industry relationships to engage in the implementation process, and on sustainable ingredients they said biofragrances are the initial commercial application but the platform can expand into other uses, including palm kernel oil-related opportunities. On cash burn, management attributed the higher run rate to continued cost discipline plus selective investments in technology and people, including companywide AI rollout and facility consolidation.