Cibus, Inc. reported its financial results for the third quarter ended September 30, 2024. The company announced a net loss of $180.0 million for the quarter, a significant widening from the $26.5 million net loss in the prior year period. Revenue for Q3 2024 was $0.5 million, compared to $0.4 million in Q3 2023.
The company highlighted operational progress, including agreements with four major rice seed companies in North and Latin America, with germplasm received from all customers. Cibus also completed successful field trials with HT3 in customer germplasm and achieved initial UK field trials for Pod Shatter Reduction in Winter Oilseed Rape.
Despite operational momentum, Cibus faces significant liquidity challenges, with cash and cash equivalents of $23.6 million as of September 30, 2024. The company used $11.8 million in cash for operating activities in Q3 2024 and expects existing cash to fund operations only into the third quarter of 2025, raising substantial doubt about its ability to continue as a going concern without additional capital.
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