Cibus — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue for the three months ended September 30, 2026, was $0.8 million, compared to $0.6 million in the year-ago period.
• Total revenue for the nine months ended September 30, 2026, was $3.5 million, compared to $2.6 million in the year-ago period.
• Net loss for the quarter ended September 30, 2026, was $21.9 million, compared to $24.3 million in the prior-year period.
• Net loss per share of Class A common stock for the quarter was $0.29, compared to $0.44 in the prior-year period.
• Net loss for the nine months ended September 30, 2026, was $65.3 million, compared to $100.3 million in the prior-year period.
• Research and development expense was $7.9 million for the quarter, down from $10.8 million in the prior-year period.
• Selling, general, and administrative expense was $5.4 million for the quarter, up from $5.3 million in the prior-year period.
• Royalty liability interest expense (non-cash) was $9.8 million for the quarter, up from $9.0 million in the prior-year period.
• Non-operating income, net, was $0.4 million for the quarter, compared to a nominal amount in the prior-year period.
• Cash used in operating activities for the nine months ended September 30, 2026, was $30.2 million, a 19% decrease from $37.2 million in the prior-year period.
• Cash and cash equivalents as of September 30, 2026, were $10.7 million.
• Deferred revenue was $7,000 as of September 30, 2026, down from $536,000 as of December 31, 2025.
• Total liabilities were $307.2 million as of September 30, 2026, including a royalty liability of $263.4 million.
• Stockholders' equity was a deficit of $5.7 million as of September 30, 2026, compared to a surplus of $21.8 million as of December 31, 2025.

Guidance and Future Outlook:

• The Company anticipates exiting 2026 with an annualized net cash usage run rate of approximately $35 million.
• Existing cash and cash equivalents are expected to fund planned operating expenses and capital expenditures into early 2027.
• The Company intends to limit incremental growth investments to its highest-priority opportunities and manage investments within cash usage objectives.
• Initial commercial launch for Rice traits with Interoc is targeted as early as 2028.
• U.S. launch for Rice traits is currently targeted for 2029 or 2030.
• Results of trait testing in Interoc's Rice varieties are expected in the first quarter of 2027.
• Completion of 2026 U.S. demonstration trials is expected in the fourth quarter of 2026.
• The transfer of edited Canola material to the John Innes Centre is expected in the fourth quarter of 2026.

Business Segments and Product Lines:

• Rice Traits (HT1 and HT3): Traits performed well in 2026 Latin American field trials and are currently being tested in customer Interoc's own varieties in Ecuador. Cibus has seven Rice seed-company customers across Latin America and the United States.
• Sustainable Ingredients: The Company initiated the manufacturing process for its initial two biofragrance products. The partner confirmed both ingredients are approved for use in its products. The biofragrance program represents an estimated $100 million peak annual revenue opportunity with eight products identified for potential commercialization. The business model is a direct-sales model rather than a royalty model.
• Mustard in India: A second partner-funded crop program for Mustard in India began work in the quarter.
• Alfalfa: The Company's improved-quality Alfalfa trait is licensed to a third party for commercialization in the United States.
• Soybean: The Company validated editing reagents for its Soybean program, a step preceding additional plant editing.
• Canola: Cibus filed a notification with DEFRA for precision bred pod-shatter-reduction plants and received approval for trial planting in England. Second-generation herbicide tolerance traits confirmed tolerance to target herbicides in 2026 field trials.

Market and Competitive Landscape:

• Latin America represents the bulk of the roughly $200 million annual addressable royalty opportunity for the Rice trait portfolio across an estimated 5-7 million peak addressable acres.
• India grows more Mustard than any other country, with yields running roughly a third below leading producing countries; the National Mission on Edible Oils targets doubling oilseed harvest by 2030-31.
• The UK Light Leaf Spot disease costs growers an estimated £300 million annually, with fungicides losing efficacy.
• The European Union approved legislation in June 2026 treating crops improved through precise genomic edits (without foreign DNA) on the same basis as conventionally bred crops, excluding herbicide-tolerant and insecticidal plants.
• Ecuador confirmed HT1 and HT3 Rice traits are equivalent to conventional breeding. Peru established guidelines for a case-by-case technical framework for gene-edited products lacking foreign DNA.

Risks and Challenges:

• The Company faces an acute need for additional near-term funding to finance its activities and challenges in obtaining additional capital on acceptable terms.
• Risks include challenges to intellectual property protection, unexpected costs associated with defending IP rights, and reliance on third parties for development activities.
• There is a risk that farmers may not recognize the value in germplasm containing Cibus' traits or that farmers and processors fail to work effectively with such crops.
• Regulatory developments that disfavor or impose significant burdens on gene editing processes or products remain a risk.
• The Company's ability to achieve commercial success or effectively negotiate commercial agreements is subject to uncertainty.

Management Commentary and Tone:

• CEO Craig Wichner stated that the three ways the platform creates value—revenue-generating programs, royalties, and deepening partnerships—moved closer this quarter.
• Management highlighted receiving requests for larger quantities of two biofragrance products to advance product development.
• Management emphasized capital discipline, noting the implementation of initiatives to structurally reduce the cost base, including workforce reductions, consolidating laboratory activities, and tightening controls over discretionary expenditures.
• The Company conducted a review of its cost structure and capital allocation, reinforcing a focus on Sustainable Ingredients and Rice while preserving targeted investment in nutrient-use efficiency and disease resistance.

Other Key Points:

• Cibus announced an agreement with Crystal Crop Protection Limited in September 2026 to develop gene-edited traits in Mustard in India.
• The Company began invoicing under a new partner-funded research program for Indian Mustard in the third quarter of 2026.
• Non-operating income included grant funding for the Light Leaf Spot research program in the United Kingdom and a grant supporting Soybean work.
• The Company implemented resource reallocations, consolidated laboratory activities at its primary Nancy Ridge facility in San Diego, and closed the Oberlin facility and wind-down operations at the Roseville, Minnesota facility.
• The Company simplified its legal-entity structure and improved integration of financial systems.
• The Company has demonstrated regeneration of whole plants from single cells in nine crops: Rice, Canola/Winter Oilseed Rape, Wheat, Flax, Peanut, Potato, Sugar Beet, Cassava, and Alfalfa.