Overview of Company’s Financial Performance

Cibus is an agricultural biotechnology company that uses gene editing to develop traits to improve crop productivity and sustainability. The company has incurred net losses since inception. As of March 31, 2024, Cibus had:

• An accumulated deficit of $503.2 million
• A net loss of $27.0 million for the 3 months ended March 31, 2024

Cibus expects to continue incurring losses over the next several years as it develops its pipeline of crop traits.

Revenue and Profit Trends

Metric	Q1 2024	Q1 2023	Change
Revenue	$0.5 million	$42,000	+1198%
Net Loss	$27.0 million	$5.4 million	+400%

• Revenue increased mainly due to acquisition of Cibus Global and collaboration agreements
• Higher net loss driven by full quarter impact of Cibus Global operating costs after merger

Balance Sheet and Liquidity

As of March 31, 2024, Cibus had:

• $24.5 million in cash and cash equivalents
• $21.7 million in current liabilities

Cibus has implemented cost reductions to preserve capital for priority objectives. The company will need to raise additional capital within 12 months to continue operations.

Cash Flows

Metric	Q1 2024	Q1 2023	Change
Operating Cash Used	$13.5 million	$2.4 million	+468%
Investing Cash Used	$0.2 million	$0	NA
Financing Cash Provided	$5.5 million	$0.9 million	+511%

• Higher operating cash used due to increased net loss
• Investing cash used increased due to capital expenditures
• More financing cash provided mainly from ATM facility proceeds

Strengths and Weaknesses

Strengths

• Leading gene editing platform (RTDS) with strong IP portfolio
• First high-throughput gene editing facility enabling speed and scale
• Five crop traits in development pipeline, three are developed
• Trait products regulated same as conventional breeding

Weaknesses

• No commercial products yet generating revenue
• History of net losses and negative cash flow
• Significant future capital needs to fund operations

Outlook

Cibus aims to commercialize crop traits to improve agricultural productivity and sustainability. Key areas of focus:

• Progress partnerships to commercialize PSR canola trait
• Advance herbicide tolerance traits HT1 and HT3 toward launch in rice
• Continue developing sclerotinia resistance and HT2 traits
• Establish wheat and soybean gene editing platforms
• Raise additional capital needed to fund operations

Regulatory changes enabling gene editing globally are opening opportunities for Cibus in major markets. However, the company faces challenges around achieving profitability given lack of commercial revenue and ongoing spending needs. Raising sufficient capital is imperative near-term.

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