Cibus NASDAQ: CBUS reported second-quarter 2026 revenue of $1.0 million, compared with $0.9 million a year earlier, as the agricultural biotechnology company advanced its Sustainable Ingredients program and updated the expected timing of its initial rice launch in Latin America.
For the first six months of 2026, revenue rose 35% to $2.7 million from $2.0 million in the prior-year period. Interim Chief Financial Officer Carlo Broos said the increase was earned under collaboration agreements for the company’s Sustainable Ingredients program.
The company also announced that Craig Wichner, who joined Cibus as chief executive officer about two months ago, is reviewing programs, expenses and capital allocation with an emphasis on near-term revenue generation, balance-sheet strength and capital discipline.
Financial Results and Cash Position
Cibus reported a net loss of $22.1 million, or $0.29 per Class A common share, for the second quarter, compared with a net loss of $26.6 million, or $0.61 per share, in the year-earlier quarter.
Research and development expense declined to $8.5 million from $12.2 million a year earlier, while selling, general and administrative expense fell to $5.4 million from $6.6 million. Broos said the reductions reflected cost-saving initiatives, with combined R&D and SG&A expense down by nearly $5 million year over year.
Non-cash royalty liability interest expense to related parties was $9.5 million, up from $8.7 million in the prior-year quarter. Broos said this expense, which reflects interest accruing on the royalty liability balance, was the largest driver of the difference between the company’s operating loss and net loss.
Cash and cash equivalents totaled $20.4 million as of June 30. Quarterly cash usage declined about 19% sequentially and 31% from a year earlier, according to Broos. The company expects existing cash to fund planned operating expenses and capital expenditures into early in the first quarter of 2027, excluding potential financing transactions.
Cibus said it is targeting an annualized net cash usage rate of approximately $35 million or less exiting 2026. Management said the plan includes further cost reductions, including facility consolidation, while making additional investments in technology and personnel intended to support priority programs and growth opportunities.
Sustainable Ingredients Revenue Ramp
Management identified Sustainable Ingredients as one of its two priority near-term programs, alongside rice. The program uses gene-engineered yeast to produce oils and ingredients, including biofragrances, for consumer-product applications.
Peter Beetham, Cibus’ co-founder, president and chief operating officer, said the program received its first customer payment in the fourth quarter of 2025 and is now in a commercial ramp-up phase with a consumer-products partner. Cibus said it has passed the initial stage in which its partner confirms that the ingredient performs in the finished product.
The company continues to expect additional scale-up orders for its initial biofragrances during the second half of 2026. Beetham said Cibus is also developing additional fragrance ingredients using similar edited yeast and the same production process.
When fully commercialized, Cibus estimates its biofragrance partnerships could represent annual revenue of $20 million to $40 million. The company is also advancing a partner-funded lauric oils program in soybean.
During the question-and-answer session, Wichner said Sustainable Ingredients is a broader platform spanning microbes and plants, with potential applications beyond biofragrances. He said the company is working with partners on additional uses, including palm kernel oil-related opportunities, and expects to provide further updates in coming quarters.
Rice Launch Timing Updated
Cibus updated its guidance for an initial commercial rice launch in Latin America, shifting the expected timing from late 2027 to 2028. The company said customer Fedearroz remains on track, while customer Interoc is focusing strategically on hybrid varieties and could have a limited launch in 2028.
Cibus has seven rice seed-company customers across Latin America and the U.S. and is continuing discussions with additional seed companies in Latin America and India. The company estimates an annual addressable royalty opportunity of roughly $200 million across the Americas, based on a combined 5 million to 7 million peak addressable acres.
Beetham said Cibus advanced field trials of its first-generation rice herbicide-tolerance trait during the quarter and continued work to identify genetic changes associated with higher herbicide tolerance and seed fertility. Testing is underway on traits transferred to Interoc’s rice seed in May.
In August, Cibus expanded its framework with Interoc from two rice traits to five, as the companies work toward a definitive commercial agreement. Beetham said the expanded arrangement is intended to move beyond licensing a single trait and toward providing an ongoing trait pipeline for Interoc’s rice varieties.
In the U.S., Cibus continues to target a 2029 rice launch, tied to partner Warbah’s herbicide-registration timeline. The company expects rice royalties to begin in 2028 and build in 2029 as planted acreage and customer adoption expand.
Platform Development and Regulatory Progress
Wichner said Cibus is positioning its gene-editing platform around three sources of value: current platform-program revenue, trait royalties from commercial crop launches, and deeper long-term relationships in which Cibus becomes an extension of seed companies’ breeding programs.
The company said it has demonstrated regeneration from single cells in eight crop platforms: rice, canola, wheat, flax, peanut, potato, sugar beet and cassava. Soybean is also under development. Cibus is advancing programs in nutrient-use efficiency, canola disease resistance, pod shatter reduction and second-generation herbicide tolerance.
On regulation, Cibus said the European Union finalized rules in June that generally treat crops improved without foreign DNA similarly to conventionally bred crops. The rules entered into force in July and are undergoing a two-year implementation period. Cibus plans its first submission under the framework for pod shatter reduction in winter oilseed rape.
The company also said Ecuador and Peru have confirmed that its first- and second-generation herbicide-tolerant rice traits are equivalent to conventionally bred products. In the U.S., the Food and Drug Administration completed its review of Cibus’ altered-lignin alfalfa trait and issued a letter stating it had no further questions, while USDA APHIS determined that Cibus’ traits are not regulated articles under its biotechnology regulations.
About Cibus (NASDAQ:CBUS)
Cibus, Inc is a biotechnology company specializing in precision gene editing for agricultural applications. Leveraging its proprietary Rapid Trait Development System (RTDS), Cibus develops improved crop traits without the introduction of foreign DNA. The company's platform enables targeted modifications to plant genomes, allowing for enhanced disease resistance, herbicide tolerance and yield optimization in key row crops.
The company's core business centers on trait development services and licensing partnerships.
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