Cibus Reports $348.9M Loss After Merger

By Tamara Parker • Friday, March 22 06:02 • Permanent Link

Cibus, Inc. has released its unaudited pro forma combined financial information for the year ended December 31, 2023, following the completion of its business combination with Cibus Global, LLC. The following are the key figures and changes in the financial metrics:

Revenue: Cibus, Inc. reported revenue of $1,817,000, while Cibus Global, LLC reported revenue of $440,000 for the five months ended May 31, 2023. After the Mergers, the pro forma combined total revenue stood at $2,257,000.
Operating Expenses: The combined operating expenses after the Mergers amounted to $351,118,000, which includes research and development costs, selling, general, and administrative expenses, as well as goodwill and intangible assets impairment.
Loss from Operations: The unaudited pro forma combined financial information reported a loss from operations of $348,861,000, which includes the operating expenses and other related costs.
Net Loss: The net loss attributable to the combined company after the Mergers was $295,773,000.
Stock Issuance: Cibus, Inc. issued an aggregate of 20,150,838 shares of Common Stock to holders of Cibus Global equity instruments at the closing of the Mergers, representing approximately 95% of the aggregate number of outstanding shares of Common Stock at closing.
Purchase Price: The purchase price for the acquisition of Cibus Global was approximately $634.8 million, and the preliminary purchase price allocation included cash and cash equivalents, goodwill, intangible assets, liabilities, and consideration transferred.

These financial figures illustrate the significant impact of the business combination on the overall financial position and performance of Cibus, Inc. The pro forma combined financial information provides insights into the changes in revenue, expenses, and net loss following the Mergers, reflecting the company's consolidated financial position. As a result of these announcements, the company's shares have moved -9.0% on the market, and are now trading at a price of $18.68. Check out the company's full 8-K submission here.

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