Q2 2024 Cibus Inc Earnings Call Transcript
Key Points
- Cibus Inc (CBUS) has successfully completed edits in their Sclerotinia resistant trait and initiated edits for a nutrient-use-efficiency trait, broadening their trait portfolio.
- The company has made significant progress in launching their herbicide tolerant trait platform in rice, signing agreements with major seed companies in the US and Latin America.
- Cibus Inc (CBUS) has expanded its developed rice platform and customer base, with successful field trials showing promising results for stacked gene edited traits.
- The company has achieved breakthroughs in canola, confirming edits for advanced traits such as Sclerotinia resistance and herbicide tolerance.
- Cibus Inc (CBUS) has made progress in regulatory approvals for gene editing, with recent approvals in Canada and the UK, enhancing their global market potential.
- The company reported a net loss of $28.5 million for the second quarter of 2024, an increase from the $20.5 million loss in the same period last year.
- R&D expenses increased to $13 million, primarily due to higher lab supplies, facility expenses, and employee headcount.
- There is a delay in the final regulatory approval in the EU, which could impact the company's expansion plans.
- SG&A expenses remain high at $9.3 million, with expectations of consistent spending levels in the upcoming quarters.
- The merger with Calyxt has led to increased royalty liability interest expenses, impacting the financial results.
Good day and welcome to the Cibus second-quarter 2024 results conference call. (Operator Instructions) Please also note, today's event is being recorded.
At this time, I'd like to turn the conference over to Wade King, Chief Financial Officer. Sir, please go ahead.
Thank you and good afternoon. This is Wade King, the Chief Financial Officer of Cibus. I would like to thank you for taking time to join us for Cibus' second-quarter Of 2024 financial results and corporate update conference call and webcast. Presenting with me today is Rory Riggs, our Co-Founder, Chief Executive Officer and Chairman; and Peter Beetham, Co-Founder, President and Chief Operating Officer.
Before we begin the call, I'd like to remind everyone that statements made on the call and webcast including those regarding future financial results and future operational goals and industry prospects, are forward-looking and may be subject to a number of risks and uncertainties that could cause actual results to differ materially from
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