Cibus, Inc. reported its financial results for the first quarter ended March 31, 2025. The company announced a net loss of $49.392 million, significantly wider than the $26.972 million loss in Q1 2024. Revenue for Q1 2025 was $1.034 million, an increase from $0.545 million in Q1 2024, driven by contract research.
The net loss included a $20.950 million goodwill impairment charge, triggered by a decline in the company's stock price. Excluding this non-cash impairment, the net loss was $28.4 million. R&D expenses decreased slightly to $11.799 million, while SG&A increased to $9.856 million due to a $3 million litigation accrual.
Liquidity remains a significant challenge, with $23.587 million in cash and cash equivalents as of March 31, 2025. The company used $11.827 million in cash for operating activities in Q1 2025. Management expects existing cash to fund operations only into the third quarter of 2025, raising substantial doubt about its ability to continue as a going concern without securing additional capital.
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