Calyxt, Inc.

Cibus did not report revenue, gross margin, or EPS in the prepared remarks. Cash and cash equivalents were $24.5 million as of March 31, 2024. For Q1 2024, the company used $13.5 million of cash from operations, about $4.5 million per month, and management said it has reduced operating cash burn to approximately $5 million per month, which should extend runway into the third quarter of 2024. Net proceeds from equity sales were $6.2 million in Q1 and a further $9.5 million in the second quarter to date. Q1 R&D expense was $12 million versus $2.2 million a year ago, SG&A was $7 million versus $2.3 million, royalty liability interest expense was $8.3 million versus none last year, and net loss was $27 million versus $5.4 million in the year-ago period. Management did not give formal next-quarter or full-year financial guidance, but said it expects to show further commercial progress this year, continue work on advanced traits, and aims for soybean platform operation by year-end.

Rory Riggs framed the quarter as a transformation from an R&D company into the first commercial-stage gene editing company. His tone was upbeat and strategically focused on the long-term business model: selling validated traits to seed companies for annual royalties. He emphasized the importance of the EU vote, the customer traction in canola and rice, and the promise of soybean and advanced traits as the next big value drivers.

Wade King focused on liquidity, burn, and the income statement. He said cash was $24.5 million at March 31, 2024, cash used in operations was $13.5 million for the quarter, and operating burn has been reduced to about $5 million per month, which should extend runway into Q3 2024. He also detailed that Q1 R&D rose to $12 million, SG&A to $7 million, royalty liability interest expense was $8.3 million, and net loss was $27 million, with the increases tied mainly to headcount, lab/facility spending, consulting/legal costs, and stock-based compensation.

Analysts pressed on the EU regulatory process, and management said the key first step has been completed with the Parliament vote; the remaining process is a trialogue over the next 6 months, with implementation guidance expected in early 2025. They were also asked about the next capital raise, and management pointed to soybean and the advanced traits as the most compelling milestones for investors, while noting they have been successful using open-market transactions so far. Other questions centered on IP protection and royalties in international markets, where management said they rely on contracts, hybrid biology, and a growing patent portfolio, and on whether HT1/HT3 can move into other crops, which management said is possible because the same edits can be used elsewhere.