Cibus, Inc. Q3 FY2024 earnings call

• Rory Riggs discussed the transformation of Cibus from an R&D-based business to a commercial gene editing company, highlighting the three cornerstones of their business: completion of the Trait Machine process, operationalizing the Trait Machine platform to develop a multi-trait pipeline, and collaborations with major seed company customers. • Peter Beetham provided details on commercial activities and technological updates, including progress in rice, canola, and soybean platforms. In rice, herbicide tolerance traits HT1 and HT3 were developed with field trials showing positive results and commercial agreements with major seed companies. In canola, Pod Shatter Reduction trait field trials and advancements in HT2 and Sclerotinia resistance traits were mentioned. For soybean, the platform is expected to be operational by end-2024 with improved editing efficiency.

No detailed financial performance by product segments provided in terms of absolute revenue and contribution percentages.

• Expected launch of herbicide-tolerant traits in rice in Latin America in 2026-2027 and in the U.S. by 2027-2028. • Anticipated commercial launch of Pod Shatter Reduction trait in canola in the U.S. in 2026 and in Europe thereafter. • Expectation to have first proof of the soybean platform by the end of 2024, with potential market opportunities in the soybean market over 200 million addressable acres.

• Statements made on the call are forward-looking and subject to risks and uncertainties that could cause actual results to differ materially from those described. Refer to Cibus SEC filings for a list of associated risks.

Q: Can you talk about the state of legislative or policy support for gene editing, including Europe, China?

A: In the Americas, major countries are set. In Europe, legislation passed but awaiting tripartite agreement, with positive movement expected early next year. In China, gene editing is seen as indistinguishable from traditional breeding.

Q: Can you remind on the timeline for rice commercial revenues and gene editing platform partner contributions?

A: Rice launches expected in Latin America in '26-'27, U.S. in '27-'28. The gene editing platform is seen as an extension of partners' operations to speed up and make their processes more efficient.

Q: Can you talk about time lines and analytical process involved in evaluating winter U.K. field trial results and greenhouse results for Sclerotinia resistance?

A: Sclerotinia field testing showed good infection for evaluation, mode of action three greenhouse results expected in Q4 2024. In U.K., PSR test had positive results, with more testing planned.

Q: Can you compare protoplast regeneration to other forms and how Trait Machine differentiates?

A: Protoplast system allows complex edits within a single cell, quick regeneration to fully regenerated plants, differentiating from others by not going through a segregation step, enabling faster time frames and clearer regulatory paths.