Cibus, Inc. Files 2023 Annual Report on Form 10-K
Ticker: CBUS · Form: 10-K · Filed: Mar 21, 2024 · CIK: 1705843
| Field | Detail |
|---|---|
| Company | Cibus, Inc. (CBUS) |
| Form Type | 10-K |
| Filed Date | Mar 21, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.0001, $10.50 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-K, Cibus, Agriculture Chemicals, Financial Report, Fiscal Year End
TL;DR
<b>Cibus, Inc. has filed its 2023 10-K report detailing its operations and financial standing for the fiscal year ending December 31, 2023.</b>
AI Summary
Cibus, Inc. (CBUS) filed a Annual Report (10-K) with the SEC on March 21, 2024. Cibus, Inc. filed its 2023 Form 10-K on March 21, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 6455 Nancy Ridge Drive, San Diego, CA 92121. Cibus, Inc. was formerly known as Calyxt, Inc., with a name change effective May 4, 2017. The SIC code for Cibus, Inc. is 2870 (AGRICULTURE CHEMICALS).
Why It Matters
For investors and stakeholders tracking Cibus, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Cibus, Inc.'s business, financial condition, and results of operations for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. The filing includes detailed financial statements, risk factors, and management's discussion and analysis, offering insights into the company's strategic direction and potential challenges in the agriculture chemicals sector.
Risk Assessment
Risk Level: medium — Cibus, Inc. shows moderate risk based on this filing. The company operates in the agriculture chemicals sector, which is subject to significant regulatory oversight and market volatility, as indicated by its SIC code and the nature of the industry.
Analyst Insight
Investors should review the detailed financial statements and risk factors in the 10-K to understand Cibus, Inc.'s operational performance and strategic outlook.
Key Numbers
- 2023-12-31 — Fiscal Year End (Period of report)
- 2024-03-21 — Filing Date (Date of filing)
- 0001705843 — Central Index Key (Company identifier)
Key Players & Entities
- Cibus, Inc. (company) — Filer name
- Calyxt, Inc. (company) — Former company name
- San Diego (location) — Business address city
- 2870 (industry_code) — Standard Industrial Classification
FAQ
When did Cibus, Inc. file this 10-K?
Cibus, Inc. filed this Annual Report (10-K) with the SEC on March 21, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Cibus, Inc. (CBUS).
Where can I read the original 10-K filing from Cibus, Inc.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Cibus, Inc..
What are the key takeaways from Cibus, Inc.'s 10-K?
Cibus, Inc. filed this 10-K on March 21, 2024. Key takeaways: Cibus, Inc. filed its 2023 Form 10-K on March 21, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company's principal business address is 6455 Nancy Ridge Drive, San Diego, CA 92121..
Is Cibus, Inc. a risky investment based on this filing?
Based on this 10-K, Cibus, Inc. presents a moderate-risk profile. The company operates in the agriculture chemicals sector, which is subject to significant regulatory oversight and market volatility, as indicated by its SIC code and the nature of the industry.
What should investors do after reading Cibus, Inc.'s 10-K?
Investors should review the detailed financial statements and risk factors in the 10-K to understand Cibus, Inc.'s operational performance and strategic outlook. The overall sentiment from this filing is neutral.
How does Cibus, Inc. compare to its industry peers?
Cibus, Inc. operates in the agriculture chemicals sector, which involves the development and production of chemicals used in farming and crop management.
Are there regulatory concerns for Cibus, Inc.?
The agriculture chemicals industry is subject to stringent regulations from bodies like the EPA (Environmental Protection Agency) concerning product safety, environmental impact, and usage.
Risk Factors
- Regulatory Environment [medium — regulatory]: The company operates within a highly regulated industry, subject to various governmental regulations and policies that could impact its operations and profitability.
- Market Competition [medium — market]: The agriculture chemicals market is competitive, and the company faces challenges from existing players and potential new entrants, which could affect market share and pricing.
- Operational Risks [medium — operational]: The company's success depends on its ability to effectively develop, manufacture, and distribute its products, with potential risks related to supply chain disruptions or production issues.
Industry Context
Cibus, Inc. operates in the agriculture chemicals sector, which involves the development and production of chemicals used in farming and crop management.
Regulatory Implications
The agriculture chemicals industry is subject to stringent regulations from bodies like the EPA (Environmental Protection Agency) concerning product safety, environmental impact, and usage.
What Investors Should Do
- Analyze the company's financial statements for revenue, net income, and cash flow trends.
- Review the risk factors section for potential threats to the company's business model and profitability.
- Assess management's discussion and analysis for strategic priorities and outlook.
Key Dates
- 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
- 2024-03-21: Filing Date — Date the 10-K was officially filed with the SEC.
Year-Over-Year Comparison
This is the initial 10-K filing for Cibus, Inc. under its current structure and name, so there is no prior filing to compare against for year-over-year changes.
Filing Stats: 4,494 words · 18 min read · ~15 pages · Grade level 15.8 · Accepted 2024-03-21 16:33:59
Key Financial Figures
- $0.0001 — hich registered Class A Common Stock, $0.0001 par value per share CBUS The NASDAQ Sto
- $10.50 — he registrant's Class A Common Stock of $10.50 on such date. As of March 20, 2024, t
Filing Documents
- cbus-20231231.htm (10-K) — 2089KB
- bdo10-kconsentxexx231.htm (EX-23.1) — 2KB
- cibus2022eyconsent-exx232.htm (EX-23.2) — 9KB
- cbus-20231231xexx311.htm (EX-31.1) — 10KB
- cbus-20231231xexx312.htm (EX-31.2) — 10KB
- cbus-20231231xexx32.htm (EX-32) — 5KB
- cibusclawbackpolicy-exx970.htm (EX-97) — 29KB
- cbus-20231231_g1.jpg (GRAPHIC) — 33KB
- cbus-20231231_g2.jpg (GRAPHIC) — 135KB
- cbus-20231231_g3.jpg (GRAPHIC) — 796KB
- cbus-20231231_g4.jpg (GRAPHIC) — 303KB
- cbus-20231231_g5.jpg (GRAPHIC) — 534KB
- cbus-20231231_g6.jpg (GRAPHIC) — 333KB
- cbus-20231231_g7.jpg (GRAPHIC) — 443KB
- 0001628280-24-012546.txt ( ) — 18967KB
- cbus-20231231.xsd (EX-101.SCH) — 92KB
- cbus-20231231_cal.xml (EX-101.CAL) — 157KB
- cbus-20231231_def.xml (EX-101.DEF) — 528KB
- cbus-20231231_lab.xml (EX-101.LAB) — 1054KB
- cbus-20231231_pre.xml (EX-101.PRE) — 823KB
- cbus-20231231_htm.xml (XML) — 1750KB
. A. Risk Factors
Item 1 . A. Risk Factors 24
B. Unresolved Staff Comments
Item 1.B. Unresolved Staff Comments 44
C. Cybersecurity
Item 1.C. Cybersecurity 44
Properties
Item 2. Properties 45
. L egal Proceedings
Item 3 . L egal Proceedings 45
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 45 PART II 46
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 46
[Reserved]
Item 6. [Reserved] 46
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 47
A. Quantitative and Qualitative Disclosures About Market Risk
Item 7.A. Quantitative and Qualitative Disclosures About Market Risk 59
Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data 59
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 59
A. Controls and Procedures
Item 9.A. Controls and Procedures 60
B. Other Information
Item 9.B. Other Information 60
C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections
Item 9. C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 60 PART II I 60
Directors, Executive Officers and Corporate Governance
Item 10. Directors, Executive Officers and Corporate Governance 60
Executive Compensation
Item 11. Executive Compensation 62
Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters
Item 12. Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters 62
Certain Relationships and Related Transactions, and Director Independence
Item 13. Certain Relationships and Related Transactions, and Director Independence 63
Principal Accounting Fees and Services
Item 14. Principal Accounting Fees and Services 63 PART I V 63
Exhibits and Financial Statement Schedules
Item 15. Exhibits and Financial Statement Schedules 63
Form 10-K Summary
Item 16. Form 10-K Summary 67 Terms When the terms "Cibus," the "Company" or "its" are used in this report, unless the context otherwise requires, those terms are being used to refer to Cibus, Inc. (formerly Calyxt, Inc.) and its consolidated subsidiaries (i) excluding Cibus Global, LLC and its consolidated subsidiaries, prior to the completion of the Merger Transactions (as defined under the heading "Explanatory Note" below) and (ii) the combined entity, including Cibus Global, LLC and its consolidated subsidiaries, as of and following the consummation of the Merger Transactions. When the term "Legacy Calyxt" is used, it is being used to exclusively refer to Calyxt, Inc. prior to the Merger Transactions. When the term "Cibus Global" is used, it is being used to refer to Cibus Global, LLC, both prior to and after the completion of the Merger Transactions. When the term "Cellectis," is used, it is being used to refer to Cellectis S.A. (socit anonyme), the Company's largest shareholder prior to the completion of the Merger Transactions. When the term "Class A Common Stock" is used, it is being used, unless the context requires otherwise, to refer prior to the Merger Transactions to Legacy Calyxt's common stock, par value $0.0001 per share (Legacy Common Stock) and following the Merger Transactions to the Class A Common Stock, $0.0001 par value per share (Class A Common Stock). Each share of Legacy Common Stock existing and outstanding immediately prior to the Merger Transactions remained outstanding as a share of Class A Common Stock without any conversion or exchange thereof. The Company owns or has the right to use the trademarks, service marks, and trade names that it uses in conjunction with the operation of its business. Some of the more important marks and names that it owns or has rights to use that may appear in this Annual Report on Form 10-K include: "Cibus ," " RTDS ," "Rapid Trait Development System TM ," "Nucelis TM ," "Trait Machine TM ," and "Fu