Cibus, Inc 10-Q for FY2026 Q3

Cibus, Inc. (CBUS)

10-Q 2026-11-12 For: 2026-09-30

Added on November 12, 2026

About this 10-Q

Cibus, Inc filed this 10-Q on November 12, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $800K; up 30.1% from $615K a year earlier
Net loss: $21.94M; compared with a net loss of $23.54M a year earlier
Diluted EPS: -$0.29; compared with -$0.44 a year earlier

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Delaware						27-1967997
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

6455 Nancy Ridge Drive San Diego, CA						92121
(Address of principal executive offices)						(Zip Code)


Table of Contents
PART I. FINANCIAL INFORMATION			4
Item 1. Condensed Consolidated Financial Statements			4
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			24
Item 4. Controls and Procedures			32
PART II. OTHER INFORMATION			33
Item 1. Legal Proceedings			33
Item 1A. Risk Factors			33
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			33
Item 5. Other Information			33
Item 6. Exhibits			34
SIGNATURES			35



	September 30, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	10,710	$	9,923
Accounts receivable	—		503
Prepaid expenses and other current assets	2,541		1,643
Total current assets	13,251		12,069
Property, plant, and equipment, net	4,299		6,300
Operating lease right-of-use assets	20,387		21,557
Intangible assets, net	30,315		31,679
Goodwill	232,516		232,516
Other non-current assets	715		926
Total assets	$	301,483	$	305,047
Liabilities and stockholders’ equity (deficit)
Current liabilities:
Accounts payable	$	5,423	$	8,070
Accrued expenses	1,995		1,946
Accrued compensation	2,803		3,061

Deferred revenue	7		536
Current portion of notes payable	547		435

Current portion of operating lease obligations	3,069		2,731
Class A common stock warrants	42		79

Total current liabilities	13,886		16,858
Notes payable, net of current portion	32		93

Operating lease obligations, net of current portion	28,242		29,783
Royalty liability - related parties	263,362		234,923
Other non-current liabilities	1,631		1,561
Total liabilities	307,153		283,218
Commitments and contingencies (See Note 8)

Stockholders’ equity (deficit):
Class A common stock, $0.0001 par value; 210,000,000 shares authorized; 76,949,430 shares issued and 76,634,354 shares outstanding as of September 30, 2026, and 54,604,232 shares issued and 54,325,852 shares outstanding as of December 31, 2025	13		11
Class B common stock, $0.0001 par value; 90,000,000 shares authorized; no shares issued and outstanding as of September 30, 2026, and December 31, 2025	—		—
Additional paid-in capital	920,174		882,171
Class A common stock in treasury, at cost; 293,232 shares as of September 30, 2026, and 193,195 shares as of December 31, 2025	(2,328)		(2,141)
Accumulated deficit	(923,559)		(858,251)
Accumulated other comprehensive income	30		39


Total stockholders’ equity (deficit)	(5,670)		21,829
Total liabilities and stockholders’ equity (deficit)	$	301,483	$	305,047


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Revenue:
Revenue	$	800	$	615	$	3,475	$	2,582
Total revenue	800		615		3,475		2,582
Operating expenses:
Research and development	7,913		10,784		25,136		34,811
Selling, general, and administrative	5,393		5,269		15,890		21,776
Goodwill impairment	—		—		—		20,950

Total operating expenses	13,306		16,053		41,026		77,537
Loss from operations	(12,506)		(15,438)		(37,551)		(74,955)
Royalty liability interest expense - related parties	(9,843)		(9,030)		(28,439)		(26,075)
Other interest income, net	44		158		183		383
Non-operating income, net	368		1		516		417
Loss before income taxes	(21,937)		(24,309)		(65,291)		(100,230)
Income tax (expense) benefit	(4)		6		(17)		(23)
Net loss	$	(21,941)	$	(24,303)	$	(65,308)	$	(100,253)
Net loss attributable to noncontrolling interest	—		(762)		—		(4,454)
Net loss attributable to Cibus, Inc. stockholders	$	(21,941)	$	(23,541)	$	(65,308)	$	(95,799)
Basic and diluted net loss per share of Class A common stock	$	(0.29)	$	(0.44)	$	(0.89)	$	(2.21)
Weighted average shares of Class A common stock outstanding – basic and diluted	76,893,302		52,925,776		72,993,318		43,264,590


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Net loss	$	(21,941)	$	(24,303)	$	(65,308)	$	(100,253)
Foreign currency translation adjustments	6		2		(9)		31
Comprehensive loss	(21,935)		(24,301)		(65,317)		(100,222)
Comprehensive loss attributable to noncontrolling interest	—		(762)		—		(4,453)
Comprehensive loss attributable to Cibus, Inc. stockholders	$	(21,935)	$	(23,539)	$	(65,317)	$	(95,769)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Class A Common Stock			Class B Common Stock
Three Months Ended September 30, 2026	Shares	Amount		Shares	Amount		Additional Paid-In Capital		Shares in Treasury		Accumulated Deficit		Accumulated Other Comprehensive Income		Total Stockholders’ Equity (Deficit)
Balance at June 30, 2026	76,423,033	$	13	—	$	—	$	918,639	$	(2,256)	$	(901,618)	$	24	$	14,802
Net loss	—	—		—	—		—		—		(21,941)		—		(21,941)
Stock-based compensation	—	—		—	—		1,535		—		—		—		1,535
Issuance of common stock upon vesting of restricted stock awards and units	161,615	—		—	—		—		—		—		—		—
Issuance of common stock from the ATM facility, net of offering expenses	93,621	—		—	—		—		—		—		—		—



Shares withheld for payment of minimum employee taxes withheld upon net share settlement of restricted stock units	(43,915)	—		—	—		—		(72)		—		—		(72)

Foreign currency translation adjustments	—	—		—	—		—		—		—		6		6
Balance at September 30, 2026	76,634,354	$	13	—	$	—	$	920,174	$	(2,328)	$	(923,559)	$	30	$	(5,670)


	Class A Common Stock			Class B Common Stock
Three Months Ended September 30, 2025	Shares	Amount		Shares	Amount		Additional Paid-In Capital		Shares in Treasury		Accumulated Deficit		Accumulated Other Comprehensive Income		Total Cibus, Inc. Stockholders’ Equity		Noncontrolling Interest		Total Stockholders’ Equity
Balance at June 30, 2025	52,480,413	$	11	1,712,373	$	—	$	877,531	$	(2,038)	$	(803,424)	$	43	$	72,123	$	2,353	$	74,476
Net loss	—	—		—	—		—		—		(23,541)		—		(23,541)		(762)		(24,303)
Stock-based compensation	—	—		—	—		1,886		—		—		—		1,886		—		1,886

Issuance of common stock upon vesting of restricted stock awards and units	94,325	—		—	—		—		—		—		—		—		—		—




Shares withheld for payment of minimum employee taxes withheld upon net share settlement of restricted stock units	(22,606)	—		—	—		—		(32)		—		—		(32)		—		(32)
Change in noncontrolling interest including issuance of common stock upon exchange of common units	14,518	—		(14,518)	—		(37)		—		—		—		(37)		37		—
Foreign currency translation adjustments	—	—		—	—		—		—		—		2		2		—		2
Balance at September 30, 2025	52,566,650	$	11	1,697,855	$	—	$	879,380	$	(2,070)	$	(826,965)	$	45	$	50,401	$	1,628	$	52,029


	Class A Common Stock			Class B Common Stock
Nine Months Ended September 30, 2026	Shares	Amount		Shares	Amount		Additional Paid-In Capital		Shares in Treasury		Accumulated Deficit		Accumulated Other Comprehensive Income (loss)		Total Stockholders’ Equity (Deficit)
Balance at December 31, 2025	54,325,852	$	11	—	$	—	$	882,171	$	(2,141)	$	(858,251)	$	39	$	21,829
Net loss	—	—		—	—		—		—		(65,308)		—		(65,308)
Stock-based compensation	—	—		—	—		4,590		—		—		—		4,590
Issuance of common stock upon vesting of restricted stock awards and units	498,451	—		—	—		—		—		—		—		—
Issuance of common stock from the ATM facility, net of offering expenses	96,680	—		—	—		—		—		—		—		—
Issuance of common stock in registered offering, net	21,813,408	2		—	—		33,413		—		—		—		33,415


Shares withheld for payment of minimum employee taxes withheld upon net share settlement of restricted stock units	(100,037)	—		—	—		—		(187)		—		—		(187)


Foreign currency translation adjustments	—	—		—	—		—		—		—		(9)		(9)
Balance at September 30, 2026	76,634,354	$	13	—	$	—	$	920,174	$	(2,328)	$	(923,559)	$	30	$	(5,670)


			Class A Common Stock			Class B Common Stock
Nine Months Ended September 30, 2025	Redeemable Noncontrolling Interest		Shares	Amount		Shares	Amount		Additional Paid-In Capital		Shares in Treasury		Accumulated Deficit		Accumulated Other Comprehensive Income		Total Cibus, Inc. Stockholders’ Equity		Noncontrolling Interest		Total Stockholders’ Equity
Balance at December 31, 2024	$	5,674	27,939,023	$	9	1,720,929	$	—	$	825,298	$	(1,999)	$	(731,166)	$	15	$	92,157	$	—	$	92,157
Net loss	—		—	—		—	—		—		—		(95,799)		—		(95,799)		(4,454)		(100,253)
Stock-based compensation	—		—	—		—	—		6,363		—		—		—		6,363		—		6,363

Issuance of common stock upon vesting of restricted stock awards and units	—		236,224	—		—	—		—		—		—		—		—		—		—

Issuance of common stock and pre-funded warrants in registered offering, net	—		20,054,285	2		—	—		46,384		—		—		—		46,386		—		46,386
Issuance of common stock upon exercise of pre-funded warrants	—		4,350,000	—		—	—		—		—		—		—		—		—		—
Reclassification of common warrant liability to stockholders’ equity	—		—	—		—	—		1,742		—		—		—		1,742		—		1,742
Shares withheld for payment of minimum employee taxes withheld upon net share settlement of restricted stock units	—		(35,956)	—		—	—		—		(71)		—		—		(71)		—		(71)

Reclassification of redeemable noncontrolling interest	(5,674)		—	—		—	—		—		—		—		—		—		5,674		5,674
Change in noncontrolling interest including issuance of common stock upon exchange of common units	—		23,074	—		(23,074)	—		(407)		—		—		—		(407)		407		—
Foreign currency translation adjustments	—		—	—		—	—		—		—		—		30		30		1		31
Balance at September 30, 2025	$	—	52,566,650	$	11	1,697,855	$	—	$	879,380	$	(2,070)	$	(826,965)	$	45	$	50,401	$	1,628	$	52,029


	Three Months Ended September 30,				Nine Months Ended September 30,
In Thousands, Except Share and Per Share Amounts	2026		2025		2026		2025
Numerator:
Net loss attributable to Cibus, Inc. stockholders	$	(21,941)	$	(23,541)	$	(65,308)	$	(95,799)
Denominator:
Weighted average shares of Class A common stock outstanding	76,493,302		52,525,776		72,593,318		40,825,945
Effect of pre-funded warrants	400,000		400,000		400,000		2,438,645
Weighted average shares of Class A common stock outstanding – basic and diluted	76,893,302		52,925,776		72,993,318		43,264,590
Basic and diluted net loss per share of Class A common stock	$	(0.29)	$	(0.44)	$	(0.89)	$	(2.21)


	As of September 30,
	2026	2025
Stock options outstanding	3,704,045	1,383,856
Unvested restricted stock units	2,633,063	1,566,701
Unvested restricted stock awards	21,844	115,351
Common warrants	10,496,523	10,496,523
Total	16,855,475	13,562,431


	Three Months Ended September 30,				Nine Months Ended September 30,
In Thousands	2026		2025		2026		2025
Revenue	$	800	$	615	$	3,475	$	2,582
Less:
Personnel expenses	5,355		6,641		16,367		20,189
Professional fees	1,118		1,027		4,442		9,158
Stock-based compensation	1,535		1,886		4,590		6,363
Goodwill impairment	—		—		—		20,950

Other segment expenses (1)	5,298		6,499		15,627		20,877
Total operating expenses	13,306		16,053		41,026		77,537
Loss from operations	(12,506)		(15,438)		(37,551)		(74,955)
Royalty liability interest expense - related parties	(9,843)		(9,030)		(28,439)		(26,075)
Other interest income, net	44		158		183		383
Non-operating income, net	368		1		516		417
Income tax (expense) benefit	(4)		6		(17)		(23)
Total segment loss	$	(21,941)	$	(24,303)	$	(65,308)	$	(100,253)


	September 30, 2026								December 31, 2025
	Fair Value of Liabilities								Fair Value of Liabilities
In Thousands	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Common warrants	$	—	$	—	$	42	$	42	$	—	$	—	$	79	$	79
Total	$	—	$	—	$	42	$	42	$	—	$	—	$	79	$	79



	As of September 30, 2026	As of December 31, 2025
Estimated fair value of common warrants per share	$0.00 - $0.42	$0.04 - $0.65
Assumptions:
Risk-free interest rate	4.5% - 4.9%	3.7%
Expected volatility	102.7% - 109.2%	113.2% - 114.7%
Expected term to liquidation (in years)	0.9 - 2.7	2.1 - 4.0



In Thousands, except useful life	Useful Life (Years)	As of September 30, 2026		As of December 31, 2025
Property, plant, and equipment, net:
Buildings	10 - 20	$	900	$	900
Leasehold improvements	shorter of lease term or useful life	2,458		2,458
Office furniture and equipment	5 - 10	15,085		15,091

Computer equipment and software	3 - 5	4,889		4,737
Assets in progress	N/A	—		155
Total property, plant, and equipment		23,332		23,341
Less accumulated depreciation and amortization		(19,033)		(17,041)
Total		$	4,299	$	6,300


In Thousands	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net

Developed technology	$	14,148	$	(2,358)	$	11,790
Trade name	22,230		(3,705)		18,525

Total	$	36,378	$	(6,063)	$	30,315


In Thousands	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net

Developed technology	$	14,148	$	(1,828)	$	12,320
Trade name	22,230		(2,871)		19,359

Total	$	36,378	$	(4,699)	$	31,679


In Thousands	Goodwill
Balance as of December 31, 2024	$	253,466
Goodwill impairment	(20,950)
Balance as of September 30, 2025	$	232,516


In Thousands	Amortization Expense
Remainder of 2026	$	455
2027	1,819
2028	1,819
2029	1,819
2030	1,819
2031	1,819
Thereafter	20,765
Total future amortization expense	$	30,315


	Pre-Funded Warrants	Weighted Average Exercise Price Per Share		Common Warrants	Weighted Average Exercise Price Per Share
Outstanding as of December 31, 2025	400,000	$	0.0001	10,496,523	$	3.58
Issued	—	—		—	—
Forfeited/canceled	—	—		—	—
Exercised	—	—		—	—
Outstanding as of September 30, 2026	400,000	$	0.0001	10,496,523	$	3.58
Exercisable as of September 30, 2026	400,000	$	0.0001	10,496,523	$	3.58


	Options Exercisable	Weighted Average Exercise Price Per Share		Options Outstanding	Weighted Average Exercise Price Per Share
Balance as of December 31, 2025	382,808	$	99.71	1,358,797	$	30.25
Granted	—	—		2,535,785	1.40
Vested	638,937	2.33		—	—
Exercised	—	—		—	—
Expired	(107,189)	60.80		(107,189)	60.80
Forfeited	(83,348)	5.22		(83,348)	5.22
Balance as of September 30, 2026	831,208	$	39.35	3,704,045	$	10.18


	Restricted Stock Awards	Weighted Average Grant Date Fair Value
Unvested balance as of December 31, 2025	85,185	$	31.50
Granted	—	—
Vested	(61,535)	31.50
Forfeited	(1,806)	31.50
Unvested balance as of September 30, 2026	21,844	$	31.50


	Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested balance as of December 31, 2025	1,359,207	$	3.73
Granted	1,799,861	1.35
Vested	(436,916)	3.58
Forfeited	(89,089)	2.60
Unvested balance as of September 30, 2026	2,633,063	$	2.17



	As of September 30, 2026				As of December 31, 2025
	Operating		Financing		Operating		Financing
Weighted average remaining lease term (years)	8.4		—		9.1		0.7
Weighted average discount rate	7.5	%	—	%	7.5	%	10.6	%


	Three Months Ended September 30,
In Thousands, except per share and percentage values	2026		2025		$ Change		% Change
Revenue	$	800	$	615	$	185	30	%
Research and development	7,913		10,784		(2,871)		(27)	%
Selling, general, and administrative	5,393		5,269		124		2	%

Loss from operations	(12,506)		(15,438)		2,932		19	%
Royalty liability interest expense - related parties	(9,843)		(9,030)		(813)		(9)	%
Other interest income, net	44		158		(114)		(72)	%
Non-operating income, net	368		1		367		36,700	%
Loss before income taxes	(21,937)		(24,309)		2,372		10	%
Income tax (expense) benefit	(4)		6		(10)		(167)	%
Net loss	$	(21,941)	$	(24,303)	$	2,362	10	%
Net loss attributable to noncontrolling interest	—		(762)		762		100	%
Net loss attributable to Cibus, Inc. stockholders	$	(21,941)	$	(23,541)	$	1,600	7	%
Basic and diluted net loss per share of Class A common stock	$	(0.29)	$	(0.44)	$	0.15	34	%


	Nine Months Ended September 30,
In Thousands, except percentage values	2026		2025		$ Change		% Change
Net loss	$	(65,308)	$	(100,253)	$	34,945	35	%
Royalty liability interest expense - related parties	28,439		26,075		2,364		9	%
Goodwill impairment	—		20,950		(20,950)		(100)	%

Depreciation and amortization	3,452		4,629		(1,177)		(25)	%
Stock-based compensation	4,590		6,363		(1,773)		(28)	%
Loss on disposal of assets, net	4		84		(80)		(95)	%
Change in fair value of liability classified Class A common stock warrants	(37)		(467)		430		92	%
Other	7		45		(38)		(84)	%
Changes in operating assets and liabilities	(1,346)		5,403		(6,749)		(125)	%
Net cash used in operating activities	$	(30,199)	$	(37,171)	$	6,972	19	%


Exhibit Number						Description

3.1						Second Amended and Restated Certificate of Incorporation of Cibus, Inc., dated May 31, 2023 (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed on June 1, 2023)

3.2						Amended and Restated Bylaws of Cibus, Inc., dated May 31, 2023 (incorporated by reference to Exhibit 3.3 to the Company’s Current Report on Form 8-K filed on June 1, 2023)

31.1*						Certification of the Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) of the Exchange Act

31.2*						Certification of the Chief Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) of the Exchange Act

32.1*						Certification of the Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS*						Inline XBRL Instance Document

101.SCH*						Inline XBRL Taxonomy Extension Schema Document

101.CAL*						Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF*						Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB*						Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE*						Inline XBRL Taxonomy Extension Presentation Linkbase Document

104*						The cover page for the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, has been formatted in Inline XBRL (contained in Exhibit 101)


			CIBUS, INC.

			By:						/s/ Craig Wichner
			Name:						Craig Wichner
			Title:						Chief Executive Officer (Principal Executive Officer)

			By:						/s/ Cornelis (Carlo) Broos
			Name:						Cornelis (Carlo) Broos
			Title:						Chief Financial Officer (Principal Financial and Accounting Officer)


Date: November 12, 2026

/s/ Craig Wichner
Craig Wichner
Chief Executive Officer