CBUSHIGH SIGNALFINANCIAL10-K

Cibus underwent a major corporate restructuring involving merger transactions that dramatically altered its capital structure, with outstanding shares more than doubling and stockholders' equity declining by over 76%.

The filing reveals completion of "Merger Transactions" that fundamentally transformed the company's structure, with Cibus Inc. (formerly Calyxt) now including Cibus Global LLC as a consolidated subsidiary. The massive increase in share count from 32.6 million to 69.2 million shares, combined with the collapse in stock price from $9.85 to $1.38, suggests significant dilution for existing shareholders and potential financial distress.

Comparing 2026-03-17 vs 2025-03-20View on EDGAR →
FINANCIAL ANALYSIS

While Cibus showed meaningful improvement in core operating performance with substantially reduced operating losses and lower interest expense, the company's balance sheet deteriorated significantly with stockholders' equity plummeting 76% to just $21.8 million. The dramatic decline in market capitalization from $160 million to $47 million, coupled with reduced cash reserves and accounts receivable, indicates the company faces continued financial challenges despite the operational improvements following its merger integration.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
-94.8%
$1.4M→$75K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Stockholders Equity
Balance Sheet
-76.3%
$92.2M→$21.8M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Operating Income
P&L
+62.3%
-$258.4M→-$97.5M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Accounts Receivable
Balance Sheet
-51.7%
$1.0M→$503K

Receivables declined — improved collection efficiency or conservative revenue recognition.

Net Income
P&L
+49.4%
-$251.4M→-$127.1M

Net income grew 49.4% — bottom-line growth signals improving overall business health.

Cash & Equivalents
Balance Sheet
-31.2%
$14.4M→$9.9M

Cash declined 31.2% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Current Assets
Balance Sheet
-28.8%
$16.9M→$12.1M

Current assets declined 28.8% — monitor working capital adequacy and short-term liquidity.

Capital Expenditure
Cash Flow
-28.5%
$808K→$578K

Capex reduced 28.5% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Total Debt
Balance Sheet
-20.2%
$662K→$528K

Debt reduced 20.2% — deleveraging strengthens balance sheet and reduces financial risk.

Current Liabilities
Balance Sheet
-15.2%
$19.9M→$16.9M

Current liabilities reduced — improved short-term financial position and working capital health.

LANGUAGE CHANGES
NEW — 2026-03-17
PRIOR — 2025-03-20
ADDED
o Yes x No Aggregate market value of the Class A Common Stock held by non-affiliates of the registrant: As of June 30, 2025, the last business day of the registrant s most recently completed second fiscal quarter, the aggregate market value of shares of Class A Common Stock held by non-affiliates of the registrant was 47,156,698 based upon the closing sale price of the registrant s Class A Common Stock of $1.38 on such date.
As of March 10, 2026, there were 69,196,122 shares of the registrant s Class A Common Stock, $0.0001 par value per share (Class A Common Stock) (excluding 71,652 restricted shares of Class A Common Stock, which remain subject to vesting), and no shares of the registrant s Class B Common Stock, $0.0001 par value per share, outstanding.
Form 10-K Summary 67 SIGNATURES 68 Terms When the terms Cibus, the Company or its are used in this Annual Report on Form 10-K, unless the context otherwise requires, those terms are being used to refer to Cibus, Inc.
When the term Cibus Global is used, it is being used to refer to Cibus Global, LLC, a direct, wholly-owned subsidiary of the Company.
This Annual Report on Form 10-K may also contain additional trade names, trademarks, and service marks belonging to other companies.
The Company does not intend its use or display of other parties trademarks, trade names, or service marks to imply, and such use or display should not be construed to imply a relationship with, or endorsement or sponsorship of these other parties.
The Company s streamlined business focus may result in operational and strategic challenges.
The agricultural industry is highly seasonal, which may cause Cibus sales and operating results to fluctuate significantly.
Cibus business could be materially affected by disruptions in the global economy caused by geopolitical and military conflicts.
The regulatory environment varies greatly from region-to-region and in many countries is less developed than in the United States.
REMOVED
o Yes x No Aggregate market value of the Class A Common Stock held by non-affiliates of the registrant: As of June 28, 2024, the last business day of the registrant s most recently completed second fiscal quarter, the aggregate market value of shares of Class A Common Stock held by non-affiliates of the registrant was $ 160,390,613 based upon the closing sale price of the registrant s Class A Common Stock of $9.85 on such date.
As of March 19, 2025, there were 32,638,411 shares of the registrant s Class A Common Stock, $0.0001 par value per share (Class A Common Stock) (excluding 211,615 restricted shares of Class A Common Stock, which remain subject to vesting), and 1,712,373 shares of the registrant s Class B Common Stock, $0.0001 par value per share, outstanding.
Form 10-K Summary 65 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.
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.
(soci t anonyme), the Company s former parent company and 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.
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