• Qualcomm for plant traits
• Intel for agriculture

• Productivity Traits: These plant traits are developed and licensed to enable farmers to achieve higher crop yields and reduce the use of crop protection chemicals and fertilizers.
• Sustainable Ingredient Traits: These plant traits are designed to produce ingredients that help corporations replace fossil fuel-based components or those whose production results in increased greenhouse gases.

Based on the provided company description, Cibus (CBUS) primarily sells to other companies. However, specific major customer names are not identified in the background information provided.

The company's business model indicates that its direct customers fall into two main categories:

• Seed Companies: Cibus develops and licenses plant traits to seed companies for royalties. These companies integrate Cibus's traits into their seed products for sale to farmers.
• Corporations: Cibus also provides sustainable ingredients to corporations, enabling them to replace fossil-fuel-based ingredients or those whose production results in increased greenhouse gases.

Peter Beetham, Interim Chief Executive Officer

Peter Beetham is the Interim Chief Executive Officer of Cibus, appointed on February 24, 2025. He also serves as President, Chief Operating Officer, and a director of the company. Dr. Beetham is a co-founder of Cibus Global, the predecessor to Cibus Inc., and was instrumental in developing the core technologies associated with the Rapid Trait Development System (RTDS®). He led the research and product development teams at Cibus before initially becoming CEO in July 2014. With over 30 years of experience in agriculture, his previous roles include Research Director of the Plant and Industrial Products Division at ValiGen (formerly Kimeragen, Inc.), Senior Scientist at Kimeragen, Inc., and a postdoctoral scientist at the Boyce Thompson Institute at Cornell University, where he contributed to the early work leading to Cibus' RTDS technology.

Cornelis (Carlo) Broos, Chief Financial Officer

Cornelis (Carlo) Broos was appointed Chief Financial Officer of Cibus, Inc. on September 18, 2025, after serving as interim CFO since October 1, 2024. Mr. Broos joined Cibus in 2011 and has held various finance leadership positions within the company, including Senior Vice President of Finance and Vice President of Finance and Business Development. Before joining Cibus, he gained extensive experience in finance, accounting, and audit, working at Syngenta from 2005 to 2011 as Head of Finance for the Europe Africa Middle East region and CFO for the Netherlands and Belgium operations. He also served as Group Controller at Advanta from 2002 to 2005 and as an Audit Manager at Deloitte Netherlands from 1995 to 2002.

Greg Gocal, Chief Scientific Officer & Executive Vice President

Greg Gocal is a co-founder of Cibus and serves as the Chief Scientific Officer & Executive Vice President. He joined an innovative cross-disciplinary team at ValiGen, Cibus' predecessor, in 2000 as the lead molecular biologist. Within ValiGen's Plant and Industrial Products Division, his team began developing the RTDS suite of technologies, which later became central to Cibus' gene-editing efforts. Dr. Gocal previously headed the molecular biology group at ValiGen. He holds a PhD in Plant Molecular Biology from the Australian National University and conducted postdoctoral research at the Salk Institute for Biological Studies.

James Radtke, Head of Product Development

James Radtke, PhD, oversees product development for Cibus, bringing over 30 years of experience in the seed industry, encompassing both research and management roles. Prior to his tenure at Cibus, Dr. Radtke held the position of Global Temperate Corn Breeding Leader for Dow AgroSciences. He was also a key member of the Mycogen Seeds management team, where he was responsible for leading the plant breeding programs across multiple crops. Earlier in his career, he played a pivotal role at Agrigenetics, where he developed the work plan that led to the creation of the first corn Bt transgenic product sold in the United States.

The key risks to Cibus's business operations include significant financial challenges, the hurdles of commercialization and market acceptance amid intense competition, and evolving regulatory landscapes for its gene-edited products.

1. Significant Financial Challenges and Going Concern Risk: Cibus faces substantial financial difficulties, including ongoing operational losses and a current lack of significant revenue-generating commercial contracts. The company has expressed doubts about its ability to continue as a going concern without securing additional financing. As of December 31, 2024, Cibus reported $14.4 million in cash and cash equivalents against $19.9 million in current liabilities, underscoring an urgent need for capital. The company has implemented restructuring initiatives, including workforce reductions and cost-cutting measures, and is exploring strategic alternatives like equity or debt financing, which could lead to shareholder dilution or unfavorable terms. Analysts also note a high probability of bankruptcy for Cibus Inc..
2. Commercialization, Market Acceptance, and Competitive Risks: Cibus's business model relies on licensing its gene-edited plant traits to seed companies and subsequently generating royalties from seed sales. However, there is a risk that farmers may not recognize the value of the germplasm containing Cibus's traits, or that farmers and processors may not effectively work with crops containing these traits. The agricultural technology market is highly competitive, with established major agricultural chemical companies and smaller biotech firms often possessing greater financial resources and market networks, which could hinder Cibus's ability to gain market share. Past attempts at commercialization by its predecessor, Calyxt, involving gene-edited canola and soybean products, reportedly failed in the marketplace due to low crop yields and poor farmer uptake.
3. Evolving Regulatory Environment: The company operates in the gene-editing space, which is subject to complex and evolving regulatory frameworks globally. Changes in these regulations, particularly in regions like the European Union, could significantly impact Cibus's ability to commercialize its products, potentially opening new markets or imposing additional burdens. While there is a growing consensus among policymakers to regulate gene-edited crop varieties similarly to conventional varieties when genetic changes are comparable, the lack of consistent and predictable legislation has historically stifled innovation. Public perception of gene-editing technologies also remains a risk.

The rise of alternative sustainable ingredient production methods, such as precision fermentation and cellular agriculture, poses a clear emerging threat to Cibus's sustainable ingredients business. While Cibus focuses on developing plant traits to enable corporations to replace fossil fuel-based or high-GHG ingredients, these alternative technologies aim to produce similar target ingredients (e.g., proteins, fats, specialty chemicals) directly from microbes or cell cultures. If these alternative methods prove to be more cost-effective, scalable, or environmentally friendly, they could reduce or eliminate the need for agricultural crops and plant traits in certain sustainable ingredient markets, thereby impacting demand for Cibus's solutions in this segment.

Cibus, Inc. (CBUS), an agricultural technology company specializing in developing and licensing plant traits through gene editing, operates in several significant addressable markets for its productivity traits and sustainable ingredients.

For its **productivity traits**, which aim to deliver higher yields and reduce the need for crop protection chemicals and fertilizers, Cibus is focused on key crops across various regions:

• The market for **Canola traits**, including Pod Shatter Reduction (PSR) and Sclerotinia resistance, is estimated to cover approximately 50 million acres across North America and Europe. The potential royalties for Cibus's traits in this market are estimated at $542 million.
• For its **Rice weed management platform** (HT1/HT3 traits), the addressable market is estimated at 15 million acres across North America, Latin America, and Europe. Cibus anticipates over $200 million in potential annual royalty revenue from its HT1 and HT3 rice traits in the United States and Latin America. Specifically, seven existing Rice customer agreements represent approximately 5-7 million addressable acres, with a potential annual royalty opportunity exceeding $200 million.
• Cibus is also developing an editing platform for **Soybean**, targeting a market of roughly 250 million acres across North America, Latin America, and Europe. Potential royalties for its Sclerotinia resistance and HT2 traits in Soybean are estimated at $875 million.

In the area of **sustainable ingredients**, where Cibus uses gene editing to create crops that can generate specific oils for various applications, the company addresses broader chemical and ingredient markets:

• Cibus's gene-editing capabilities to control crop oil types open up opportunities in biopolymers, commodity chemicals (like household detergents and personal care products), and sustainable lubricants.
• The global market for renewable chemicals was estimated at $86 billion in 2020.
• The market for products made using fermentation, a related area, is forecasted to be between $72 billion and $80 billion globally in 2026, with an annual growth rate exceeding 5% from 2020.
• Cibus expects to recognize initial revenue from partner-funded sustainable ingredients, particularly biofragrances, starting in 2026.

Cibus, Inc. (CBUS) is poised for future revenue growth over the next 2-3 years, driven by the commercialization and expansion of its gene-edited plant traits and sustainable ingredient initiatives.

Here are the key expected drivers of future revenue growth:

1. Commercialization of Rice Herbicide Tolerance Traits (HT1 & HT3): Cibus is actively advancing the launch of its HT1 and HT3 traits for weed management in rice. Initial commercial launches are targeted for Latin America in 2027 and the U.S. by 2028. These traits represent a significant revenue opportunity, with potential annual royalties projected to exceed $200 million. The company has secured collaboration agreements with rice seed companies and is making progress with field trials and the transfer of customer seeds containing these traits.

2. Launch of Canola Traits: Cibus anticipates commercial launches for its canola traits, including Pod Shatter Reduction (PSR), HT1, HT3, and Sclerotinia resistance, in 2026. Field trials for the HT2 trait in canola are expected to be completed by the third quarter of 2025, further supporting the planned commercialization efforts.

3. Expansion of Sustainable Ingredients Program and Biofragrance Products: The company is strategically focused on its sustainable ingredients program, with initial revenues from its biofragrance products expected in late 2025 or 2026. This program aims for targeted commercial expansion in 2026 and is part of Cibus's broader effort to replace fossil fuel-based ingredients.

4. Strategic Partnerships and Licensing Agreements: As a technology company, Cibus's business model relies on licensing its proprietary gene-edited plant traits to seed companies for royalties. The company is focused on leveraging these licensing agreements and forming strategic collaborations to create new revenue streams and expand its market presence. Positive developments in regulatory harmonization in regions like the EU and India are expected to facilitate market entry for these gene-edited traits.

5. Advancement of Soybean Platform: Cibus plans to further develop its soybean platform, with a focus on traits such as herbicide tolerance (HT2) and white mold resistance. These initiatives are aimed at addressing a substantial market of 125 million soybean acres.

Share Repurchases

• On December 31, 2025, Cibus, Inc. repurchased 60,088 shares of its Class A common stock from an employee at a nominal price of $0.0001 per share, a transaction approved by the company's board of directors.

Share Issuance

• On January 29, 2026, Cibus priced a public offering of 13,333,333 shares of Class A common stock at $1.50 per share, generating gross proceeds of approximately $20.0 million, with board members agreeing to purchase 1,000,000 shares. The proceeds are intended for working capital and the development of weed management traits in rice.
• On June 9, 2025, Cibus closed a public offering of 15,714,285 shares of Class A Common Stock at $1.75 per share, resulting in gross proceeds of $27.5 million, with participation from institutional and strategic investors and the Chairman of the board. The net proceeds were designated for the further development of weed management productivity traits in rice and for general corporate purposes.
• On January 21, 2025, Cibus entered into agreements to sell 9,040,000 shares of Class A Common Stock (or pre-funded warrants) to existing investors, including its CEO, at $2.50 per share, expecting gross proceeds of approximately $22.6 million for advancing its pipeline of productivity traits and for general corporate purposes.
• On December 12, 2023, Cibus announced a registered direct offering of 2,106,723 shares of Class A Common Stock and pre-funded warrants, with estimated gross proceeds of approximately $20.3 million. The net proceeds were planned to fund the development of new and existing seed traits (Canola and Rice), Trait Machine maintenance, research and development, and working capital.

Capital Expenditures

• Cibus invested $108K in capital expenditures in Q3 2025, which was directed towards funding long-term assets and infrastructure.
• The company's capital allocation, particularly from share issuances, has consistently focused on advancing its biotechnology initiatives, including the development of weed management traits in rice and general research and development.