Cibus, Inc 10-Q for FY2023 Q2

Cibus, Inc. (CBUS)

10-Q 2023-08-10 For: 2023-06-30

Added on April 09, 2026

About this 10-Q

Cibus, Inc filed this 10-Q on August 10, 2023, covering the quarter ended June 30, 2023 (FY2023 Q2).

Headline figures

Quarter ended June 30, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $197K; up 380.5% from $41K a year earlier
Net loss: $18.69M; compared with a net loss of $2.49M a year earlier
Diluted EPS: -$3.05; compared with -$2.66 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)


PART I. FINANCIAL INFORMATION			3
Item 1. Consolidated Financial Statements			3
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			32
Item 3. Quantitative and Qualitative Disclosures About Market Risk			43
Item 4. Controls and Procedures			44
PART II. OTHER INFORMATION			45
Item 1. Legal Proceedings			45
Item 1A. Risk Factors			45
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			45
Item 5. Other Information			45
Item 6. Exhibits			45
SIGNATURE			48


	June 30, 2023		December 31, 2022
Assets
Current assets:
Cash and cash equivalents	$	50,895	$	3,427
Restricted cash	—		99
Accounts receivable	858		—
Prepaid expenses and other current assets	3,093		606
Total current assets	54,846		4,132
Property, plant, and equipment, net	14,989		4,516
Operating lease right-of-use assets	22,550		13,615
Intangible assets, net	135,379		158
Goodwill	585,266		—
Other non-current assets	1,238		—
Total assets	$	814,268	$	22,421
Liabilities, redeemable noncontrolling interest, and stockholders’ equity
Current liabilities:
Accounts payable	$	3,960	$	340
Accrued expenses	5,036		173
Accrued compensation	4,378		107
Due to related parties	—		175
Deferred revenue	1,547		107
Current portion of notes payable	1,562		—
Current portion of financing lease obligations	164		97
Current portion of operating lease obligations	5,102		367
Class A common stock warrants	662		291
Other current liabilities	34		5
Total current liabilities	22,445		1,662
Notes payable, net of current portion	719		—
Operating lease obligations, net of current portion	18,870		13,447
Royalty liability - related parties	148,977		—
Other non-current liabilities	2,078		79
Total liabilities	193,089		15,188
Commitments and contingencies (See Note 10)
Redeemable noncontrolling interest	136,866		—
Stockholders’ equity:
Class A common stock, $0.0001 par value; 210,000,000 shares authorized; 17,658,330 shares issued and 16,606,401 shares outstanding as of June 30, 2023, and 275,000,000 shares authorized; 978,915 shares issued and 976,908 shares outstanding as of December 31, 2022	8		5
Class B common stock, $0.0001 par value; 90,000,000 shares authorized; 4,642,636 shares issued and outstanding as of June 30, 2023, and no shares authorized; no shares issued and outstanding as of December 31, 2022	—		—
Additional paid-in capital	722,327		220,422
Class A common stock in treasury, at cost; 32,647 shares as of June 30, 2023, and 2,007 shares as of December 31, 2022	(1,785)		(1,043)
Accumulated deficit	(236,235)		(212,151)
Accumulated other comprehensive loss	(2)		—
Total stockholders’ equity	484,313		7,233
Total liabilities, redeemable noncontrolling interest, and stockholders' equity	$	814,268	$	22,421


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenue:
Revenue	$	197	$	41	$	239	$	73
Total revenue	197		41		239		73
Operating expenses:
Research and development	8,429		3,250		10,638		6,191
Selling, general, and administrative	11,079		3,556		13,375		6,736
Total operating expenses	19,508		6,806		24,013		12,927
Loss from operations	(19,311)		(6,765)		(23,774)		(12,854)
Royalty liability interest expense - related parties	(2,617)		—		(2,617)		—
Interest, net	99		(16)		78		(33)
Non-operating income (expenses)	1,320		4,296		410		4,783
Loss before income taxes	(20,509)		(2,485)		(25,903)		(8,104)
Income taxes	—		—		—		—
Net loss	$	(20,509)	$	(2,485)	$	(25,903)	$	(8,104)
Net loss attributable to redeemable noncontrolling interest	(1,819)		—		(1,819)		—
Net loss attributable to Cibus, Inc.	$	(18,690)	$	(2,485)	$	(24,084)	$	(8,104)
Basic and diluted net loss per share of Class A common stock	$	(3.05)	$	(2.66)	$	(6.73)	$	(9.14)
Weighted average shares of Class A common stock outstanding – basic and diluted	6,136,114		933,274		3,576,350		887,096


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net loss	$	(20,509)	$	(2,485)	$	(25,903)	$	(8,104)
Foreign currency translation adjustments	(2)		—		(2)		—
Comprehensive loss	(20,511)		(2,485)		(25,905)		(8,104)
Comprehensive loss attributable to redeemable noncontrolling interest	(1,819)		—		(1,819)		—
Comprehensive loss attributable to Cibus, Inc.	$	(18,692)	$	(2,485)	$	(24,086)	$	(8,104)


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 June 30, 2023	Redeemable Noncontrolling Interest		Shares	Amount		Shares	Amount		Additional Paid-In Capital		Shares in Treasury		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
Balance at March 31, 2023	$	—	994,626	$	5	—	$	—	$	221,250	$	(1,043)	$	(217,545)	$	—	$	2,667
Net loss	(1,819)		—	—		—	—		—		—		(18,690)		—		(18,690)
Stock-based compensation	—		—	—		—	—		5,014		—		—		—		5,014
Issuance of common stock resulting from merger with Cibus Global, LLC	—		15,508,202	3		4,642,636	—		634,748		—		—		—		634,751
Issuance of common stock and payment of minimum employee taxes withheld upon net share settlement of restricted stock units	—		136,220	—		—	—		—		—		—		—		—
Shares withheld for net share settlement	—		(32,647)	—		—	—		—		(742)		—		—		(742)
Redeemable noncontrolling interest resulting from merger with Cibus Global, LLC	138,685		—	—		—	—		(138,685)		—		—		—		(138,685)
Foreign currency translation adjustments	—		—	—		—	—		—		—		—		(2)		(2)
Balance at June 30, 2023	$	136,866	16,606,401	$	8	4,642,636	$	—	$	722,327	$	(1,785)	$	(236,235)	$	(2)	$	484,313


Three Months Ended June 30, 2022	Class A Shares Outstanding	Class A Common Stock		Additional Paid-In Capital		Shares in Treasury		Accumulated Deficit		Total Stockholders’ Equity
Balance at March 31, 2022	854,838	$	5	$	216,838	$	(1,043)	$	(200,879)	$	14,921
Net loss	—	—		—		—		(2,485)		(2,485)
Stock-based compensation	—	—		1,323		—		—		1,323
Issuance of Class A common stock and payment of minimum employee taxes withheld upon net share settlement of restricted stock units	1,889	—		—		—		—		—
Issuance of Class A common stock upon exercise of pre-funded warrants	77,600	—		—		—		—		—
Balance at June 30, 2022	934,327	$	5	$	218,161	$	(1,043)	$	(203,364)	$	13,759


			Class A Common Stock			Class B Common Stock
Six Months Ended June 30, 2023	Redeemable Noncontrolling Interest		Shares	Amount		Shares	Amount		Additional Paid-In Capital		Shares in Treasury		Accumulated Deficit		Accumulated Other Comprehensive Loss				Total Stockholders’ Equity
Balance at December 31, 2022	$	—	976,908	$	5	—	$	—	$	220,422	$	(1,043)	$	(212,151)	$	—	$	—	$	7,233
Net loss	(1,819)		—	—		—	—		—		—		(24,084)		—				(24,084)
Stock-based compensation	—		—	—		—	—		5,842		—		—		—				5,842
Issuance of common stock resulting from merger with Cibus Global, LLC	—		15,508,202	3		4,642,636	—		634,748		—		—		—				634,751
Issuance of common stock and payment of minimum employee taxes withheld upon net share settlement of restricted stock units	—		153,938	—		—	—		—		—		—		—				—
Shares withheld for net share settlement	—		(32,647)	—		—	—		—		(742)		—		—				(742)
Redeemable noncontrolling interest resulting from merger with Cibus Global, LLC	138,685		—	—		—	—		(138,685)		—		—		—				(138,685)
Foreign currency translation adjustments	—		—	—		—	—		—		—		—		(2)				(2)
Balance at June 30, 2023	$	136,866	16,606,401	$	8	4,642,636	$	—	$	722,327	$	(1,785)	$	(236,235)	$	(2)			$	484,313


Six Months Ended June 30, 2022	Class A Shares Outstanding	Class A Common Stock		Additional Paid-In Capital		Shares in Treasury		Accumulated Deficit		Total Stockholders’ Equity
Balance at December 31, 2021	775,480	$	4	$	211,263	$	(1,043)	$	(196,092)	$	14,132
Net loss	—	—		—		—		(8,104)		(8,104)
Stock-based compensation	—	—		1,855		—		—		1,855
Issuance of Class A common stock and payment of minimum employee taxes withheld upon net share settlement of restricted stock units	3,647	—		—		—		—		—
Issuance of Class A common stock from ATM facility, net of offering expenses	—	—		(7)		—		—		(7)
Issuance of Class A common stock and pre-funded warrants in registered offering, net of $0.5 million of offering costs	77,600	1		5,050		—		—		5,051
Issuance of Class A common stock upon exercise of pre-funded warrants	77,600	—		—		—		—		—
Cumulative effect of adoption of lease accounting standard	—	—		—		—		832		832
Balance at June 30, 2022	934,327	$	5	$	218,161	$	(1,043)	$	(203,364)	$	13,759


	Class A Common Stock	Class B Common Stock	Total Common Stock
Authorized	210,000,000	90,000,000	300,000,000
Issued	17,658,330	4,642,636	22,300,966
Outstanding	16,606,401	4,642,636	21,249,037


In Thousands	Deferred Revenue
Balance as of December 31, 2022	$	107
Acquired from merger with Cibus Global, LLC	1,186
Consideration earned	(239)
Consideration received	493
Balance as of June 30, 2023	$	1,547


	As of June 30,
	2023	2022
Stock options outstanding	109,551	118,760
Unvested restricted stock units	101	28,121
Unvested performance stock units	—	22,600
Unvested restricted stock awards	1,001,644	—
Common Warrants	158,483	158,483
Total	1,269,779	327,964


Number of shares of Common Stock received by Cibus Global, LLC equityholders as merger consideration (1)	20,150,838
Multiplied by the fair value per share of Cibus, Inc. Class A Common Stock (2)	$	31.50
Purchase price	$	634,751,397


In Thousands, except useful life	May 31, 2023		Estimated Average Useful Life (Years)
In-process research and development	$	99,051	Indefinite
Developed technology	14,148		20
Trade name	22,230		20
Total	$	135,429


	Three Months Ended June 30,				Six Months Ended June 30,
Unaudited and in Thousands	2023		2022		2023		2022
Pro forma revenues	$	443	$	300	$	679	$	685
Pro forma net loss	(31,026)		(2,948)		(53,946)		(41,638)
Pro forma net loss attributable to controlling interest	(27,352)		(21,683)		(46,280)		(36,302)
Pro forma net loss attributable to noncontrolling interest	$	(3,674)	$	(2,948)	$	(7,666)	$	(5,336)


	As of June 30, 2023			As of December 31, 2022
Estimated fair value of Common Warrants	$	4.18		$	1.87
Assumptions:
Risk-free interest rate	4.3		%	4.0		%
Expected volatility	100.0		%	85.0		%
Expected term to liquidation (in years)	4.2			4.6


In Thousands, except useful life	Useful Life (Years)	As of June 30, 2023		As of December 31, 2022
Property, plant, and equipment, net:
Buildings	10 - 20	$	900	$	900
Leasehold improvements	shorter of lease term or - 15	3,654		364
Office furniture and equipment	5 - 10	12,394		7,803
Office furniture and equipment under capital lease	4 - 20	373		414
Computer equipment and software	3 - 5	2,709		912
Assets in progress	N/A	1,801		—
Total property, plant, and equipment		21,831		10,393
Less accumulated depreciation and amortization		(6,842)		(5,877)
Total		$	14,989	$	4,516


	June 30, 2023								December 31, 2022
	Fair Value of Assets								Fair Value of Assets
In Thousands	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Money market funds (1)	$	22,260	$	—	$	—	$	22,260	$	—	$	—	$	—	$	—
Total	$	22,260	$	—	$	—	$	22,260	$	—	$	—	$	—	$	—


	June 30, 2023								December 31, 2022
	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	$	—	$	—	$	662	$	662	$	—	$	—	$	291	$	291
Total	$	—	$	—	$	662	$	662	$	—	$	—	$	291	$	291


In Thousands	Asset Retirement Obligations
Balance as of December 31, 2022	$	—
Acquired from merger with Cibus Global, LLC	264
Obligations incurred	—
Accretion expense	1
Balance as of June 30, 2023	$	265


In Thousands	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net
In-process research and development	$	99,051	$	—	$	99,051
Developed technology	14,148		59		14,089
Trade name	22,230		92		22,138
Other	150		49		101
Total	$	135,579	$	200	$	135,379


In Thousands	Amortization Expense
Remainder of 2023	$	917
2024	1,833
2025	1,833
2026	1,833
2027	1,833
2028	1,833


In Thousands	Annual Licenses		Financed Equipment		Insurance		Total Notes Payable
Remainder of 2023	$	185	$	278	$	593	$	1,056
2024	216		450		193		859
2025	—		351		—		351
2026	—		151		—		151
2027	—		89		—		89
2028	—		15		—		15
	401		1,334		786		2,521
Less: interest	(21)		(197)		(22)		(240)
Total	$	380	$	1,137	$	764	$	2,281
Current portion	380		418		764		1,562
Noncurrent portion	$	—	$	719	$	—	$	719


	Common Warrants	Weighted-Average Exercise Price Per Share
Outstanding as of December 31, 2022:	158,483	$	69.04
Issued	—	—
Forfeited/canceled	—	—
Exercised	—	—
Outstanding as of June 30, 2023:	158,483	$	69.04
Exercisable as of June 30, 2023:	158,483	$	69.04


	Options Exercisable	Weighted- Average Exercise Price Per Share		Options Outstanding	Weighted- Average Exercise Price Per Share
Balance as of December 31, 2022	67,978	$	496.83	116,860	$	367.58
Granted	—	—		—	—
Vested	41,971	152.05		—	—
Exercised	—	—		—	—
Forfeited or expired	(1,530)	441.63		(7,309)	369.43
Balance as of June 30, 2023	108,419	$	364.13	109,551	$	367.46


	Restricted Stock Awards	Weighted- Average Grant Date Fair Value
Unvested balance as of December 31, 2022	—	$	—
Granted	1,019,282	31.50
Vested	(17,200)	31.50
Forfeited	(438)	31.50
Unvested balance as of June 30, 2023	1,001,644	$	31.50


	Restricted Stock Units	Weighted- Average Grant Date Fair Value
Unvested balance as of December 31, 2022	24,575	$	99.36
Granted	69,753	21.68
Vested	(91,696)	39.28
Forfeited	(2,531)	127.84
Unvested balance as of June 30, 2023	101	$	283.78


			Performance Stock Units
Outstanding as of December 31, 2022:			22,600
Issued			24,800
Forfeited/canceled			(9,333)
Exercised			(38,067)
Outstanding as of June 30, 2023:			—


	Three Months Ended June 30,				Six Months Ended June 30,
In Thousands	2023		2022		2023		2022
Stock-based compensation (benefit) expense	$	(433)	$	161	$	(270)	$	307


	As of June 30, 2023			As of December 31, 2022
In Thousands, except remaining term	Remaining Term (years)	Right-of-Use-Asset		Remaining Term (years)	Right-of-Use-Asset
Roseville, Minnesota lease	14.8	$	13,369	15.3	$	13,613
San Diego, California laboratory lease	2.2	4,311		—	—
San Diego, California headquarters lease	1.9	4,233		—	—
Other leases	< 1.0 - 4.0	637		< 1.0 - 4.0	2
Total		$	22,550		$	13,615


	Three Months Ended June 30,				Six Months Ended June 30,
In Thousands, except for lease term and discount rate	2023		2022		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows (operating leases)	$	479	$	68	$	551	$	135
Financing cash flows (finance leases)	$	13	$	96	$	110	$	190


	As of June 30, 2023				As of December 31, 2022
	Operating		Financing		Operating		Financing
Weighted average remaining lease term (years)	10.8		0.9		15.3		0.4
Weighted average discount rate	7.4	%	9.0	%	7.9	%	8.1	%


	Three Months Ended June 30,
In Thousands, except per share and percentage values	2023		2022		$ Change		% Change
Revenue	$	197	$	41	$	156	380	%
Research and development	8,429		3,250		5,179		159	%
Selling, general, and administrative	11,079		3,556		7,523		212	%
Loss from operations	(19,311)		(6,765)		(12,546)		(185)	%
Royalty liability interest expense - related parties	(2,617)		—		(2,617)		NM
Interest, net	99		(16)		115		719	%
Non-operating income (expenses)	1,320		4,296		(2,976)		(69)	%
Net loss	$	(20,509)	$	(2,485)	$	(18,024)	(725)	%
Net loss attributable to redeemable noncontrolling interest	(1,819)		—		(1,819)		NM
Net loss attributable to Cibus, Inc.	$	(18,690)	$	(2,485)	$	(16,205)	(652)	%
Basic and diluted net loss per share of Class A common stock	$	(3.05)	$	(2.66)	$	(0.39)	(15)	%


	Six Months Ended June 30,
In Thousands, except percentage values	2023		2022		$ Change		% Change
Net loss	$	(25,903)	$	(8,104)	$	(17,799)	(220)	%
Royalty liability interest expense - related parties	2,617		—		2,617		NM
Depreciation and amortization	1,191		763		428		56	%
Stock-based compensation	5,842		1,855		3,987		215	%
Change in fair value of liability classified Class A common stock warrants	371		(4,723)		5,094		108	%
Changes in operating assets and liabilities	1,763		(1,067)		2,830		265	%
Net cash used by operating activities	$	(14,119)	$	(11,276)	$	(2,843)	(25)	%


In Thousands	Operating Lease Obligations		Financing Lease Obligations		Notes Payable		Total
Remainder of 2023	$	3,370	$	83	$	1,056	$	4,509
2024	6,788		90		859		7,737
2025	4,414		—		351		4,765
2026	1,580		—		151		1,731
2027	1,479		—		89		1,568
2028	1,553		—		15		1,568
Thereafter	15,438		—		—		15,438
	34,622		173		2,521		37,316
Less: interest	(10,650)		(9)		(240)		(10,899)
Total	$	23,972	$	164	$	2,281	$	26,417
Current portion	5,102		164		1,562		6,828
Noncurrent portion	$	18,870	$	—	$	719	$	19,589


Exhibit Number						Description

2.2						First Amendment to Agreement and Plan of Merger, dated as of April 14, 2023, by and among Calyxt, Inc. and Cibus Global, LLC (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed on April 14, 2023)

3.1						Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Calyxt, Inc., dated April 24, 2023 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on April 24, 2023)

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

3.3						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)

10.1†						Executive Employment Agreement, dated November 15, 2018, by and between Peter R. Beetham and Cibus Global, LLC (as successor to Cibus Global, Ltd.) (incorporated by reference to Exhibit 10.46 to the Company’s Registration Statement on Form S-4 filed on February 14, 2023)

10.2†						First Amendment to Executive Employment Agreement, dated September 17, 2021, by and between Peter R. Beetham and Cibus Global, LLC (as successor to Cibus Global, Ltd.) (incorporated by reference to Exhibit 10.47 to the Company’s Registration Statement on Form S-4 filed on February 14, 2023)

10.3†						Executive Employment Agreement, dated November 15, 2018, by and between Gregory F. Gocal and Cibus Global, LLC (as successor to Cibus Global, Ltd.) (incorporated by reference to Exhibit 10.48 to the Company’s Registration Statement on Form S-4 filed on February 14, 2023)


10.4†						First Amendment to Executive Employment Agreement, dated September 17, 2021, by and between Gregory F. Gocal and Cibus Global, LLC (as successor to Cibus Global, Ltd.) (incorporated by reference to Exhibit 10.49 to the Company’s Registration Statement on Form S-4 filed on February 14, 2023)

10.5†						Amended and Restated Executive Employment Agreement, dated December 17, 2021, by and between Wade Hampton King and Cibus US, LLC (incorporated by reference to Exhibit 10.50 to the Company’s Registration Statement on Form S-4 filed on February 14, 2023)

10.6†						Executive Employment Agreement, dated October 4, 2021, by and between Rory B. Riggs and Cibus Global, LLC (incorporated by reference to Exhibit 10.51 to the Company’s Registration Statement on Form S-4 filed on February 14, 2023)

10.7†						First Amendment to Executive Employment Agreement, dated December 2, 2021, by and between Rory B. Riggs and Cibus Global, LLC (incorporated by reference to Exhibit 10.52 to the Company’s Registration Statement on Form S-4 filed on February 14, 2023)

10.10						Warrant IP Security Agreement, dated December 31, 2014, by and among Cibus Global Ltd., Cibus International GP, Ltd., Cibus International, L.P., Cibus Netherland Partners, Ltd., Cibus Netherlands Holding Cooperatif U.A., Cibus Europe B.V., Cibus Europe Ltd., Cibus US LLC, Cibus Canada, Inc., Incima B.V., Incima IPCO B.V., and Incima US LLC as Grantors, and Rory Riggs, as the Secured Party (incorporated by reference to Exhibit 10.55 to the Company’s Registration Statement on Form S-4 filed on February 14, 2023)

10.11						Warrant Transfer and Exchange Agreement, dated December 31, 2014, by and among Cibus Global Ltd.; Richard Spizzirri, DTC CFBO Richard Spizzirri IRA, Rory Riggs, Rory Riggs Family Trust, Jean Pierre Lehmann, and New Venture Holdings, Inc. as Sellers; and Rory Riggs, as the Seller Representative (incorporated by reference to Exhibit 10.56 to the Company’s Registration Statement on Form S-4 filed on February 14, 2023)

10.12†						Second Amendment to Calyxt’s 2021 Executive Severance Plan (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on May 17, 2023)

10.13†						Calyxt, Inc. 2023 Short Term Incentive Plan (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on May 17, 2023)

10.14†						Form of Performance Stock Unit Agreement (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed with the SEC on May 17, 2023)

10.15†						Form of Restricted Stock Agreement (incorporated by reference to Exhibit 99.10 to the Company’s Registration Statement on Form S-8 filed with the SEC on June 30, 2023)

10.16						Registration Rights Agreement, dated May 31, 2023, by and among Cibus, Inc. and each of the persons identified on the Schedule of Investors attached thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on June 1, 2023)

10.17						Exchange Agreement, dated May 31, 2023, by and among Cibus, Inc., Cibus Global, LLC and each of the other persons identified on the signature pages thereto (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on June 1, 2023)

10.18						Tax Receivable Agreement, dated May 31, 2023, by and among Cibus, Inc., Rory Riggs and each of the other persons identified on the signature pages thereto (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed with the SEC on June 1, 2023)

10.19						Cibus Amended Operating Agreement, dated May 31, 2023, by and among Cibus, Inc., Cibus Global, LLC and the Members set forth on Exhibit A attached thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on June 1, 2023)

10.20						Form of Indemnification Agreement for Directors and Officers of Cibus, Inc. (incorporated by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K filed with the SEC on June 1, 2023)

10.21+						First Amendment to the License Agreement, dated May 31, 2023, by and between Cellectis S.A. and Calyxt, Inc. (incorporated by reference to Exhibit 10.6 to the Company’s Current Report on Form 8-K filed with the SEC on June 1, 2023)

10.22						Cibus, Inc. 2017 Omnibus Incentive Plan (As Amended) (incorporated by reference to Exhibit 10.7 to the Company’s Current Report on Form 8-K filed with the SEC on June 1, 2023)