CBUSHIGH SIGNALFINANCIAL10-K

CBUS experienced massive shareholder dilution with outstanding shares doubling while market cap collapsed from $160M to $47M, indicating severe financial distress despite operational improvements.

The company's market value per share plummeted from $9.85 to $1.38 (an 86% decline) while simultaneously issuing 36+ million new shares, representing catastrophic shareholder value destruction. Despite improvements in operating losses and gross profit turning positive, the massive equity dilution suggests the company was forced to raise capital at extremely unfavorable terms, likely indicating liquidity pressures or distressed financing.

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

While operational metrics showed meaningful improvement with gross profit turning positive (+$2.8M swing), operating losses narrowing by 62%, and interest expense dropping 95%, these gains were overshadowed by a 76% collapse in stockholders' equity and severe cash burn (cash declining 31% to $9.9M). The company appears to have undergone significant dilutive financing to stay afloat, with share count more than doubling, suggesting investors should be concerned about the company's capital structure sustainability despite the operational improvements.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
+253.5%
$230K→$813K

Share repurchases increased 253.5% — management returning capital, signals confidence in intrinsic value.

Gross Profit
P&L
+106.1%
-$2.6M→$157K

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

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.

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.
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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.
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