Cibus Inc (CBUS) 2023 Q3 法說會逐字稿

Good afternoon and welcome to the Cibus third quarter 2023 results conference call. All participants will be in a listen-only mode. After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Please also note today's event is being recorded. At this time, I'd like to turn the conference over to Wade King, Chief Financial Officer. Sir, please go ahead.

下午好，歡迎參加 Cibus 2023 年第三季業績電話會議。所有參與者將處於僅聽模式。今天的演講結束後，將有機會提問。 （操作員說明）也請注意今天的活動正在錄製中。這次，我想把會議交給財務長 Wade King。先生，請繼續。

Thank you, and good afternoon. This is Wade King, the Chief Financial Officer of Cibus. I would like to thank you for taking time to join us for Cibus third quarter 2023 financial results and corporate update conference call and webcast. Presenting with me today is Rory Riggs, our Co-Founder, Chief Executive Officer and Chairman; and Peter Beetham, Co-Founder, President and Chief Operating Officer.

謝謝你，下午好。我是韋德金 (Wade King)，Cibus 的財務長。我要感謝您抽出時間參加 Cibus 2023 年第三季財務業績和公司更新電話會議和網路廣播。今天與我一起出席的是 Rory Riggs，我們的共同創辦人、執行長兼董事長；共同創辦人、總裁兼營運長 Peter Beetham。

Before we begin the conference call, I'd like to remind everyone that statements made on the call and webcast, including those regarding future financial results and future operational goals and industry prospects are forward-looking and may be subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the call. Please refer to Cibus' SEC filings for a list of associated risks. This conference call is being webcast. The webcast link, along with our press release and corporate presentation, are available on the Investor Relations section of cibus.com to assist in your analysis of the business.

在我們開始電話會議之前，我想提醒大家，在電話會議和網路廣播中所做的陳述，包括有關未來財務業績、未來營運目標和行業前景的陳述都是前瞻性的，可能會受到許多風險和影響。可能導致實際結果與電話中描述的結果存在重大差異的不確定性。請參閱 Cibus 向 SEC 提交的文件，以了解相關風險清單。本次電話會議正在網路直播。網路廣播連結以及我們的新聞稿和公司簡報可在 cibus.com 的投資者關係部分獲取，以幫助您分析業務。

With that, I would now like to turn the call over to Mr. Riggs. Go ahead, Rory.

現在，我想將電話轉給里格斯先生。繼續吧，羅裡。

Thanks, Wade, and welcome to everybody on the call. I'll begin by highlighting several of our recent business and commercial updates. Then Peter and I will walk you through where we are and where we are headed. Lastly, Wade will finish with a brief discussion of the financials. The goal of this format is to provide you with an educational overview of our business, its pipeline, and their prospects, so you're better equipped with a solid foundation to better understand our company and to track our events and progress.

謝謝韋德，歡迎大家參加電話會議。首先，我將重點介紹我們最近的一些業務和商業更新。然後彼得和我將引導您了解我們現在的處境以及我們的前進方向。最後，韋德將簡要討論財務狀況。這種形式的目標是為您提供有關我們的業務、管道及其前景的教育概述，以便您能夠更好地打下堅實的基礎，更好地了解我們的公司並追蹤我們的活動和進展。

With that, I'd like to discuss some of our recent business and commercial updates. Since going public in June of this year, we have been laser focused on driving our evolution from an R&D company to a commercial company. As parts of this transition, we underwent a strategic alignment in October, and it bring enhanced focus to our primary commercial goal, which is furthering the advancement of our commercial activities. All of our resources and operations are now centered on completing the launch of our initial traits, importantly, our three developed traits. Pod shatter reduction often referred to as PSR in canola; and then rice, HT1, herbicide tolerance #1; HT3, herbicide tolerance #3, as well as the advancement of our soybean platform and bolstering this development for its advanced traits, Sclerotinia resistance and HT2 in both canola and soybean.

在此，我想討論我們最近的一些業務和商業更新。自今年六月上市以來，我們一直致力於推動我們從研發公司轉向商業公司的演變。作為這一過渡的一部分，我們在 10 月進行了策略調整，這使我們更加關注我們的主要商業目標，從而進一步推進我們的商業活動。我們所有的資源和營運現在都集中在完成我們初始特徵的推出，重要的是我們的三個開發特徵。雙低油菜籽中結莢破碎率的降低通常稱為 PSR；然後是稻米、HT1、除草劑耐受性#1； HT3，除草劑耐受性 #3，以及我們大豆平台的進步，並支持油菜和大豆的先進性狀、核盤菌抗性和 HT2 的開發。

Notably, our realigned efforts have captured this focus and priority. I'll speak to our progress of these traits a little later on. Concurrent with our strategic realignment, we have also implemented some necessary cost-reduction measures with the objective of preserving capital resources for the advancement of these five traits. We believe that refocusing on our strengths and top priorities will position us well to achieve our strategic objectives in a more timely manner. We're working hard to make sure that happens.

值得注意的是，我們重新調整的努力已經抓住了這個重點和優先事項。稍後我將談論我們在這些特徵方面的進展。在策略調整的同時，我們也實施了一些必要的成本削減措施，目的是為這五個特徵的發展保留資本資源。我們相信，重新關注我們的優勢和首要任務將使我們能夠更及時地實現我們的策略目標。我們正在努力確保這一切發生。

So let me take you to our five traits three crop business model. Although royalties haven't started yet, our commercialization efforts are well underway. They are centered around advancing five traits with applications in three major crops, rice, canola, and soybeans. Combined, we believe this represents the addressable market opportunity of over 250 million acres and over $1 billion in potential royalties across canola, rice, and soybeans. We believe that this five trait three crop model is just the beginning of what our capabilities can ultimately address.

那麼，讓我帶您了解我們的五性三作物商業模式。儘管特許權使用費尚未開始，但我們的商業化工作正在順利進行中。它們的重點是提升五種性狀，並將其應用於三種主要作物：水稻、油菜和大豆。綜合起來，我們認為這代表了超過 2.5 億英畝的潛在市場機會以及油菜籽、水稻和大豆超過 10 億美元的潛在特許權使用費。我們相信，這個五性狀三作物模型只是我們的能力最終能夠解決的問題的開端。

One of our key accomplishments of our scientists has been their mastery of Oligonucleotide-Directed Mutagenesis, our single cell editing technology, and our production system supporting each crop platform. For many, with even bigger accomplishments is the fact that with this technology platform, the team who'd see this has been able to generate a product pipeline of five important traits. Three of these traits are fully developed, have multiple years successful field trials, and strong intellectual property. Important to three traits, we now have a strong customer base. In addition, Cibus has built two crop platforms of canola devices as well as being close to a third crop platform in soybeans. Our soybean platform has been under active development for several years, and we expect to have the soybean platform operational Q4 2023.

我們科學家的主要成就之一是他們掌握了寡核苷酸定向誘變、我們的單細胞編輯技術以及支援每個作物平台的生產系統。對許多人來說，更大的成就是，透過這個技術平台，看到這一點的團隊已經能夠產生具有五個重要特徵的產品管道。其中三個性狀已充分開發，經過多年成功的田間試驗，並擁有強大的智慧財產權。我們現在擁有強大的客戶群，這三個特徵很重要。此外，Cibus還建立了兩個油菜籽作物平台，以及接近第三個大豆作物平台。我們的大豆平台多年來一直在積極開發，我們預計大豆平台將於 2023 年第四季投入營運。

Now that we have these three traits developed and we are commercializing them through a high throughput editing process, accelerating our development timeline. We are very excited about the prospects for these three traits. In this process, we added our customers' proprietary germplasm and then transfer their germplasm back to them with our traits. We can now execute this process very quickly, allowing the customer to accelerate their commercialization process. Once satisfied and the results are confirmed, then the customer develops a registration dossier, initiates its marketing plan, bulks up his seed inventory, and ultimately distributes the seed to farmers at which point the royalties begin being paid to Cibus.

現在我們已經開發了這三個特徵，我們正在透過高通量編輯流程將它們商業化，從而加快了我們的開發時間表。我們對這三個特徵的前景感到非常興奮。在此過程中，我們添加了客戶的專有種質，然後將帶有我們性狀的種質轉移回給他們。我們現在可以非常快速地執行此流程，使客戶能夠加速其商業化進程。一旦滿意並且結果得到確認，客戶就會制定註冊檔案，啟動行銷計劃，增加種子庫存，並最終將種子分發給農民，此時開始向 Cibus 支付特許權使用費。

We consider our first trait product to be our pod shatter resistant traits, PSR. It strengthens the sheath around the canola seeds, which protects the crops in extreme weather conditions. We have shown PSR's efficacy in multiple field trials. Based on these field trials, we now have 10 different customers that we estimate represents over 20 million acres of canola, WOSR. We now have edited these crops and have started returning to customers, the elite germplasm with our PSR traits. As we have stated, we expect to complete transfers to six customers in 2023. And additionally, we expect in 2024 to transfer the remaining customers and our increase our market penetrations with additional customers.

我們認為我們的第一個性狀產品是我們的抗豆莢破碎性狀 PSR。它增強了雙低油菜種子周圍的外殼，從而在極端天氣條件下保護作物。我們已經在多個現場試驗中證明了 PSR 的功效。根據這些田間試驗，我們現在有 10 個不同的客戶，我們估計這些客戶代表了超過 2000 萬英畝的油菜籽 WOSR。現在，我們已經對這些作物進行了編輯，並開始將具有我們 PSR 特性的精英種質回饋給客戶。正如我們所說，我們預計在 2023 年完成向 6 個客戶的轉移。此外，我們預計在 2024 年轉移剩餘客戶，並增加更多客戶的市場滲透率。

We estimate that the annual trait royalty from PSR could be approximately $200 million annually. In addition to PSR, the two developed traits are HT1, HT3 in the rice. They're important genetic traits for herbicide tolerance or weed management. Over 95% of canola, soybean, and corn currently utilize GMO based herbicide traits for weeds management. Rice has never had GMO traits. This is why these two traits are in high demand in rice. We have already transferred our first HT1, HT3 traits in rice to Nutrien for the North American market. We now have three customers who we believe represent over 4 million acres in North and South America.

我們估計 PSR 每年帶來的特徵使用費約為 2 億美元。除PSR外，水稻中發育的兩個性狀是HT1、HT3。它們是除草劑耐受性或雜草管理的重要遺傳性狀。目前，超過 95% 的油菜籽、大豆和玉米都利用基因改造除草劑性狀進行雜草處理。水稻從來沒有基因改造特徵。這就是為什麼米對這兩個特性的需求很大。我們已經將米中的第一個 HT1、HT3 性狀轉移給 Nutrien，供應北美市場。我們現在有三個客戶，我們認為他們代表了北美和南美超過 400 萬英畝的土地。

We expect additional customers in North America and South America in 2024. We estimate that the annual trait royalties for HT1, HT3 in rice could be approximately $150 million a year. These HT traits are now fully developed and validated. And similar to our work in PSR we'll be tracking the progression to customers' commercial lines that will generate our future royalty streams. The progression of these three traits has accelerated significantly in 2023. We're shipping edited traits, back to customers and are also adding new customers across both canola and soybean. We look forward updating you on the progress of these three traits in these two crops of the preceding quarters.

我們預計到 2024 年，北美和南美將有更多客戶。我們估計，水稻中 HT1、HT3 的年度性狀特許權使用費可能約為 1.5 億美元。這些 HT 特徵現已充分開發和驗證。與我們在 PSR 方面的工作類似，我們將追蹤客戶商業產品線的進展，這些產品線將產生我們未來的版稅流。到 2023 年，這三個性狀的進展顯著加快。我們將編輯後的性狀發回給客戶，並在油菜籽和大豆上增加新客戶。我們期待向您通報前幾季這兩種作物這三個性狀的進展。

In addition to our developed traits, our two advance traits are critically important. They're both multi-crop traits, meaning they have potential efficacy across multiple crop types. The first advanced trait is HT2 or herbicide resistance #2 for weed management. Because of the extensive overuse of certain modes of action over the last 20 years, many weeds have become resistant to those herbicides. For crops like canola and soybean, there is extensive demand for new broad-spectrum herbicides and associated herbicide traits that target broadleaf weeds. That is the market for HT2. We expect important greenhouse results next summer for this trait. Because of its demand to both canola and soybean, we believe that there's a potential to be the first gene-edited trait to exceed 100 million acres. For perspective, the industry estimates a GMO based herbicide traits are utilized currently on our 300 million planted acres.

除了我們已發展的特質之外，我們的兩個高階特質也至關重要。它們都是多作物性狀，這意味著它們在多種作物類型中具有潛在功效。第一個高級性狀是 HT2 或用於雜草管理的除草劑抗性 #2。由於過去 20 年來某些作用方式的廣泛過度使用，許多雜草已經對這些除草劑產生了抗藥性。對於油菜和大豆等作物，對新型廣譜除草劑和針對闊葉雜草的相關除草劑性狀有著廣泛的需求。這就是HT2的市場。我們預計明年夏天這項特性將在溫室效應方面取得重要成果。由於對油菜籽和大豆的需求，我們相信有可能成為第一個超過 1 億英畝的基因編輯性狀。從長遠來看，業界估計目前我們 3 億英畝的種植面積中使用了基於基因改造生物的除草劑特性。

The second advanced trait is our Sclerotinia or white mold resistance. Sclerotinia is the most damaging disease in canola and one of the major diseases impacting soybeans. As a reduced trait, this is not a single mode of action trait. In order to be durable, this trait need to address multiple parts of disease condition. If successful, this would be the first major disease trait that would be applicable to multiple crops. If this trait successful and deployed across both canola and soybean, we believe that this trait has the potential to be the largest gene-edited trait to-date.

第二個高級特徵是我們的核盤菌或白黴菌抗性。菌核病是雙低油菜中最具破壞性的病害，也是影響大豆的主要病害之一。作為一種簡化特徵，這不是單一的行動模式特徵。為了持久，這種特性需要解決疾病狀況的多個部分。如果成功，這將是第一個適用於多種作物的主要疾病性狀。如果這一性狀成功並應用於油菜和大豆，我們相信該性狀有可能成為迄今為止最大的基因編輯性狀。

The development of these two traits have progressed well in 2023. Over the next years, we will track the progression of these two traits also and their advancement at customers commercial lines and to their royalty payments. These traits and their royalty payments will be a significant component of our economic base and profitability. We will follow this progress on a quarterly basis very closely.

這兩個特徵的發展在 2023 年進展順利。在接下來的幾年裡，我們還將追蹤這兩個特徵的進展以及它們在客戶商業線和特許權使用費方面的進展。這些特徵及其特許權使用費將成為我們經濟基礎和獲利能力的重要組成部分。我們將每季密切關注這一進展。

Soybean is the last component of our five trait three crop business plan. We've had significant progress in completing our soybean single cell operating platform. As we have stated, we still believe that we will complete development of this platform at FY 2023. Over the next few years, we will track the progression of our soybean business. Once we have achieved our platform, we expect a significant growth in soybean customers based on initial discussions we have had to date. This is a large 200 million plus acre crop in just North and South America. Many of the major soybean seed companies are already customers of Cibus and [other crops]. We believe that soybeans will be a major contributor of our economic base going forward. And a central pillar of the growth with gene-editing in agriculture.

大豆是我們五性狀三作物業務計畫的最後一個組成部分。我們在完成大豆單細胞操作平台方面取得了重大進展。正如我們所說，我們仍然相信我們將在 2023 財年完成該平台的開發。在接下來的幾年中，我們將追蹤我們大豆業務的進展。一旦我們實現了我們的平台，根據我們迄今為止的初步討論，我們預計大豆客戶將顯著成長。這是北美和南美面積達 2 億多英畝的大作物。許多主要大豆種子公司已經是 Cibus 和[其他作物]的客戶。我們相信，大豆將成為我們未來經濟基礎的主要貢獻者。農業基因編輯是成長的核心支柱。

As is clear, our five trait three crop model is the central focus of our corporate strategy. We intend to track the progression of each trait as it deploys an elite germplasm and the progression of each will be central to our quarterly updates going forward as each trait by crop combination starts generating royalty revenue.

顯而易見，我們的五性狀三作物模式是我們企業策略的核心焦點。我們打算在部署精英種質時追蹤每個性狀的進展，並且隨著作物組合的每個性狀開始產生特許權使用費收入，每個性狀的進展將成為我們未來季度更新的核心。

With that, I'd like to pass the call over to Peter for his remarks.

說到這裡，我想把電話轉給彼得聽他的講話。

Thank you, Rory, and good afternoon to everybody. As Rory just mentioned, Cibus' five trait three crops model is at the forefront of agriculture's analog-to-digital moment. We say that because we see gene-editing traits. We are fundamentally changing the scale and speed of trait development in crops. The technology behind our rapid trait development system, RTDS, allows us to edit a single cell extracted from plants that represent the best plant genetics in the industry. We turn this as elite germplasm. The edited cells from that elite germplasm are then regenerated into an identical elite germplasm with the targeted edits.

謝謝你，羅裡，祝大家下午好。正如Rory剛才提到的，Cibus的五性狀三作物模型處於農業類比數位時代的前沿。我們這麼說是因為我們看到了基因編輯特徵。我們正在從根本上改變作物性狀發育的規模和速度。我們的快速性狀開發系統 RTDS 背後的技術使我們能夠編輯從代表業界最佳植物遺傳學的植物中提取的單一細胞。我們將其作為優良種質。然後，來自該優良種質的編輯細胞被再生為具有靶向編輯的相同優良種質。

This really is the key point of differentiation at Cibus from other gene-editing technologies. We have significantly reduced the time and expense of bringing new trait innovations to seed companies. Our focus continues to be scaling and acceleration of customers' gene-edited elite [genomes] Here's how high throughput gene-editing aka our trait machine works. Once we secure approval from can the seed company to edit their germplasm and we physically receive the germplasm from them. The developing of a product begins as it enters the trait machine. As we shared last quarter, we opened the first high throughput semi-automated gene editing facility. And as Rory mentioned, we are excited to see our first customers edit their germplasm transfers in 2023. And this new facility is set to deliver additional product at scale and acceleration over the next 24 months.

這確實是 Cibus 有別於其他基因編輯技術的關鍵點。我們大幅減少了為種子公司帶來新性狀創新的時間和成本。我們的重點仍然是擴展和加速客戶的基因編輯精英[基因組] 以下是高通量基因編輯（又稱我們的性狀機器）的工作原理。一旦我們獲得種子公司的批准來編輯他們的種質，我們就會從他們那裡實際收到種質。產品的開發從進入性狀機器時開始。正如我們上季度分享的那樣，我們開設了第一個高通量半自動化基因編輯設施。正如 Rory 所提到的，我們很高興看到我們的第一批客戶在 2023 年編輯他們的種質轉移。這個新設施將在未來 24 個月內大規模和加速地提供更多產品。

It's important to note that when we add a new trait to our portfolio, we don't have to invest in an entirely new machine. Instead, we simply use a new set of editing reagents. When we add a new crop to the platform, we just add in plug-and-play automation solutions, while applying years of plant tissue culture experience to facilitate any changes that may be required. The relative simplicity of our design and the efficiency that it allows is the basis for our rapid development, while also helping curtail significant CapEx investments as we scale and inside our business. When we receive our customers' elite germplasm, it is processed and run through our trait machine. Once the molecular confirmation of the edit is complete, we validate the quality of that edit, the efficiency of the trait, and ensure the elite line is identical to what we initially received with the sole exception of the edits we made.

值得注意的是，當我們在產品組合中添加新功能時，我們不必投資購買全新的機器。相反，我們只是使用一套新的編輯試劑。當我們為平台添加新作物時，我們只需添加即插即用的自動化解決方案，同時應用多年的植物組織培養經驗來促進可能需要的任何更改。我們設計的相對簡單性及其所帶來的效率是我們快速發展的基礎，同時也有助於在我們規模擴大和業務內部減少大量資本支出。當我們收到客戶的優良種質時，它會透過我們的性狀機器進行處理和運作。一旦編輯的分子確認完成，我們就會驗證該編輯的品質、性狀的效率，並確保精英品系與我們最初收到的相同，唯一的例外是我們所做的編輯。

This quality assurance is absolutely critical for our customers. We then proceed to generate a small supply of seeds to hand back to the customer so they can begin their commercialization process. We envisioned this entire process lasting between 18 to 24 months. It is important to note, that at Cibus, our early work on our developed traits has been completed in growth rooms, greenhouses, and field trialing over many years to showcase the process prior to entering the high throughput editing process with customers today. This early work we have completed provides excellent guidance for our customers on how we can accelerate their commercial process. Cutting down what has historically been a decade-long process to a few years. It is truly revolutionary and underpins our strategy to build a scaled high margin, high free cash flowing business.

這種品質保證對我們的客戶來說絕對至關重要。然後，我們繼續生產少量種子並交還給客戶，以便他們可以開始商業化過程。我們預計整個過程將持續 18 至 24 個月。值得注意的是，在 Cibus，我們對開發性狀的早期工作已經在生長室、溫室和現場試驗中完成了多年，以在今天與客戶進入高通量編輯過程之前展示該過程。我們完成的這項早期工作為我們的客戶提供了關於如何加速他們的商業進程的極好的指導。將歷史上長達十年的過程縮短為幾年。它是真正的革命性的，支撐了我們建立規模化的高利潤、高自由現金流業務的策略。

Back to you, Rory. Thank you.

回到你身邊，羅裡。謝謝。

Thanks, Peter. In summary, our commercialization efforts are well underway and are centered around advancing five traits for the applications in the three major crops, rice, canola and soybean. Combined, we believe this represents an addressable market opportunity of over $1 billion in royalties. And our three crop five trait model is just the beginning of what our capabilities can ultimately address. In addition to the five traits three crop commercialization process, there are other elements that are also important to our commercialization efforts.

謝謝，彼得。總之，我們的商業化工作正在順利進行，重點是推進水稻、油菜和大豆這三種主要作物的五種性狀應用。綜合起來，我們相信這代表了一個超過 10 億美元特許權使用費的潛在市場機會。我們的三作物五性狀模型只是我們的能力最終能夠解決的問題的開端。除了五性狀三種作物商業化過程之外，還有其他因素對我們的商業化工作也很重要。

The summer in agriculture is a key time for field studies and this year we had an extensive field trial schedule for each of our traits. We also work with our customers in the field as we work together to launch our three developed traits. Additionally, in the third quarter, we established our first multi-locational field network for Sclerotinia white mold resistance testing of various modes of action that are progressing through our pipeline. This field performance network is critical to advance and demonstrate the efficacy of existing and additional modes of action for Sclerotinia resistance.

農業的夏季是田間研究的關鍵時期，今年我們對每個性狀都進行了廣泛的田間試驗。我們也與該領域的客戶合作，共同推出我們開發的三個功能。此外，在第三季度，我們建立了第一個多地點現場網絡，用於對正在通過我們的管道進行的各種作用模式進行核盤菌白黴菌抗性測試。此現場表現網絡對於推進和證明現有和其他作用模式對核盤菌抗性的功效至關重要。

2023 has also been a key year in the development of a new global regulatory regime for gene-editing technology, specifically gene-editing technology that does not use transgenes. In recent years, we have seen introduction of policy where they don't use gene-editing without the use of transgene in multiple countries around the world. Most recently on July 5, the EU College of Commissioners adopted the European Commission proposal and the regulation of plants obtained from new genomic techniques often referred to as NGTs. The post regulation identifies conventional light category of NGT products that would be regulated as conventional varieties, bringing EU closer to that trading partners in North and South America, Australia, and Japan.

2023 年也是針對基因編輯技術（特別是不使用基因改造的基因編輯技術）制定新的全球監管制度的關鍵一年。近年來，我們看到世界多個國家推出了政策，規定在不使用基因改造的情況下不使用基因編輯。最近的 7 月 5 日，歐盟委員會採納了歐盟委員會的提案以及對透過新基因組技術（通常稱為 NGT）獲得的植物的監管。後監管確定了NGT產品的傳統輕型類別將作為常規品種進行監管，使歐盟更接近北美、南美、澳洲和日本的貿易夥伴。

In the proposal, the commission highlights the potential of NGT is to contribute to a more sustainable agriculture, climate resilience, and food security. Under this proposal, products in Cibus' gene-editing platform would be considered conventional like. The EU is important for many reasons. First, it is a critical bellwether for the rest of the world. Second, it represents over 100 million acres and a dotted access to GMO trait technologies. And third, there are approximately 20 million acres of winter oilseed rape growing in Europe, which ties directly into our own strategy.

在提案中，委員會強調 NGT 的潛力是為更永續的農業、氣候適應能力和糧食安全做出貢獻。根據該提案，Cibus 基因編輯平台中的產品將被視為傳統產品。歐盟之所以重要有許多原因。首先，它是世界其他地區的重要風向標。其次，它代表了超過 1 億英畝的土地和零散的基因改造性狀技術。第三，歐洲大約有 2000 萬英畝冬季油菜種植面積，這與我們自己的策略直接相關。

Our PSR trait has been developed for this market and we began field trials for this trait in the UK in 2023. The market is also suitable for our other advanced traits within our canola pipeline. These are major steps in the progression of our products and technology on a global basis. We will continue to monitor and update the progress on the regulatory advances as they occur, but we're on target for gene-editing technology to be a globally approved methodology for advancing plant traits.

我們的 PSR 性狀是針對這個市場開發的，我們於 2023 年在英國開始對該性狀進行田間試驗。該市場也適合我們油菜籽管道中的其他高級性狀。這些是我們的產品和技術在全球發展的重要步驟。我們將繼續監測和更新監管進展，但我們的目標是使基因編輯技術成為全球認可的改善植物性狀的方法。

Now I'll pass the call on to Wade to briefly review our financials.

現在我將把電話轉給韋德，讓他簡單回顧一下我們的財務狀況。

Thank you, Rory. Looking at our financials for the third quarter. Cash and cash equivalents was $31.9 million as of September 30, 2023. We believe our cash and cash equivalents will enable us to fund planned operating expenses in capital expenditure requirements into the first quarter of 2024. R&D expense was $17.5 million for the third quarter of 2023 compared to $3 million in the year ago period. The increase was primarily related to increased lab supply and facility expenses and increase in employee headcount and an increase in stock-based compensation expense for restricted stock awards.

謝謝你，羅裡。看看我們第三季的財務狀況。截至2023 年9 月30 日，現金和現金等價物為3,190 萬美元。我們相信，我們的現金和現金等價物將使我們能夠為2024 年第一季資本支出要求中的計劃營運費用提供資金。第三季度的研發費用為1,750 萬美元。2023 年，去年同期為 300 萬美元。這一增長主要與實驗室供應和設施費用的增加、員工人數的增加以及限制性股票獎勵的股票補償費用的增加有關。

SG&A expense was $8.8 million for the third quarter of 2023 compared to $3.2 million in the year ago period. The increase was primarily related to an increase in headcount, increased consulting and legal fees, and the increase in stock-based compensation expense for restricted stock grants. Non-operating expense was $0.9 million for the third quarter of 2023 compared to nonoperating income of $0.3 million in the year-ago period. The decrease was due to changes in the fair value of liability classified Class A. common stock warrants. Net loss was $34.5 million for the third quarter of 2023 compared to a net loss of $6 million in the year ago period.

2023 年第三季的銷售管理及行政費用為 880 萬美元，去年同期為 320 萬美元。這一增長主要與員工人數增加、諮詢和法律費用增加以及限制性股票授予的股票補償費用增加有關。 2023 年第三季的營業外支出為 90 萬美元，而去年同期的營業外收入為 30 萬美元。減少的原因是分類為 A 類普通股認股權證的負債公允價值變動。 2023 年第三季的淨虧損為 3,450 萬美元，而去年同期的淨虧損為 600 萬美元。

For additional details about our financials for third quarter of 2023, please refer to our press release and filings with the SEC. That concludes our financial discussion. Rory, back to you for your closing remarks.

有關我們 2023 年第三季財務狀況的更多詳細信息，請參閱我們的新聞稿和向 SEC 提交的文件。我們的財務討論到此結束。羅裡，回到你的結束語。

Thanks, Wade, and many thanks to everyone for listening in. I can't tell you how excited we are to see what the future brings for Cibus. We believe that we are at a historic inflection point where we can for the first time bring rapid innovation to an industry that's hungry to solve the world's food shortages. With tailwinds from an approved regulatory environment and breakthroughs in trait development, our experienced team at Cibus is executing on the opportunities ahead of us as we continue to advance deployment of our traits to our customers' elite germplasm to enhance their product offerings for the benefit of their farmer customer. We really look forward to updating you on the next call.

謝謝 Wade，也非常感謝大家的收聽。我無法形容我們對於看到 Cibus 的未來有多興奮。我們相信，我們正處於一個歷史性的轉折點，我們可以首次為渴望解決世界糧食短缺的行業帶來快速創新。借助批准的監管環境和性狀開發方面的突破，我們經驗豐富的Cibus 團隊正在抓住我們面前的機遇，繼續推進將我們的性狀部署到客戶的精英種質中，以增強他們的產品供應，從而造福於他們的農民客戶。我們真誠地期待在下次通話時向您通報最新情況。

Operator, that concludes our prepared remarks. You may now open up the call for Q&A.

接線員，我們準備好的發言到此結束。您現在可以打開問答電話。

Thank you. (Operator Instructions)

謝謝。 （操作員說明）

Bobby Burleson, Canaccord.

鮑比·伯勒森，Canaccord。

Thank you. Hi, Rory and team. So I guess my first question is just around helping us understand how to prioritize some of the efforts currently underway. So if we can just look at some of the commercialization process -- progress that you guys announced that took place over the quarter. Maybe help us rank that in terms of significance by total addressable market opportunity or timeline or both?

謝謝。嗨，羅里和團隊。所以我想我的第一個問題只是幫助我們了解如何優先考慮當前正在進行的一些工作。因此，如果我們可以看看你們宣布的本季發生的一些商業化進程——進展。也許可以幫助我們根據總的可尋址市場機會或時間表或兩者的重要性對其進行排名？

Thanks, Bobby. That's a great question. We have these five traits; you totally realize they are prioritized. And are prioritized is really these three developed traits. And so the emphasis here I think, what happened in the last quarter to get rice further along and what happened in the last quarter to get pod shatter further along. And I'll let Peter talk to some of it. But because of the work we've done in rice, we now have really big (inaudible - sudden low microphone volume) Latin America. We've already signed one big customer, which we think represents plus or minus 3.5 million acres, and we have a number of others right in the target.

謝謝，鮑比。這是一個很好的問題。我們有這五個特質；你完全意識到他們是優先考慮的。優先考慮的實際上是這三個已發展的特徵。因此，我認為這裡的重點是，上個季度發生的事情使水稻進一步發展，以及上個季度發生的事情使豆莢進一步破碎。我會讓彼得談談其中的一些內容。但由於我們在大米方面所做的工作，我們現在擁有非常大的（聽不見的——麥克風音量突然變低）拉丁美洲。我們已經簽署了一位大客戶，我們認為該客戶代表了正負 350 萬英畝的土地，而且我們還有許多其他客戶正處於目標之中。

And so a real progress has been the development we've done in the commercial customers. So either customers who are now in the process of sending us their germplasm and us putting our traits in their germplasm. And so our goal is over the next year is to be able to take these germplasms to get it back to them with their traits so they could launch it. And the progress hopefully you'll follow is the contracts we're signing and acreage that go with it and how fast we can turnaround these germplasms. The goal in this business is to get these germplasms in people's crop so they can bulk up alone. And we're part of the launching process, wo when we ship back, we'll have a pretty good sense of the time when they bulk up and when they go.

因此，真正的進步是我們在商業客戶方面所做的開發。因此，現在要么客戶正在向我們發送他們的種質，要么我們將我們的性狀放入他們的種質中。因此，我們明年的目標是能夠利用這些種質將其特徵帶回給他們，以便他們可以發射它。希望您能關注的進展是我們正在簽署的合約和隨之而來的面積，以及我們能夠以多快的速度週轉這些種質。這項業務的目標是從人們的農作物中獲取這些種質，這樣它們就可以單獨生長。我們是發射過程的一部分，當我們返回時，我們會對它們何時增加以及何時離開有很好的感覺。

And then on pod shatter. What's really interesting about pod shatter is, first, we have 10 traits, we've added in our different process of launching back. But I'd like Peter to talk about the fixing in pod shatter is -- the building we were now able to do with field studies. And field studies with the customers and the combination of getting them their germplasm, their field studies. We have this model. Again, all three of these traits are going to be ready for planting around the same time, but for each one of these things, we need to be really clear about the things we're doing to get them ready for that time. And to be able to say whether the things got delayed, but more importantly, tell you why we're encouraged by where they are and how they think of our revenues.

然後豆莢破碎。 pod shatter 真正有趣的是，首先，我們有 10 個特徵，我們在不同的啟動過程中加入了這些特徵。但我想讓彼得談談吊艙破碎的解決辦法是——我們現在能夠透過實地研究來建造這座建築。與客戶進行實地研究，並結合為他們提供種質和實地研究。我們有這個模型。同樣，所有這三個特徵都將在大約同一時間準備好種植，但是對於其中的每一個特徵，我們都需要非常清楚我們正在做的事情，以便讓它們為那時做好準備。能夠判斷事情是否被推遲，但更重要的是，告訴你為什麼我們對他們的現狀以及他們如何看待我們的收入感到鼓舞。

Peter, you want to throw a little bit of plants and field studies.

彼得，你想進行一些植物和實地研究。

I do. Thanks, Bobby for the question and thanks, Rory. I think the best way to think about our progress -- I'm going to specifically talk about canola pod shatter -- is that, as Rory mentioned, we have 10 customers whose genetics and I've mentioned on the call elite germplasm in our hands, and we're in the midst of transferring back to that. So far in 2023, we've transferred two of our customer lines back. The whole group of elite genetics that we have in hand equates to accessing as much as 20 million acres over time.

我願意。謝謝鮑比的提問，也謝謝羅莉。我認為思考我們進展的最佳方式——我將專門談論雙低油菜籽莢破碎——是，正如羅裡提到的，我們有10 個客戶，他們的遺傳學和我在我們的所謂精英種質中提到過。手，我們正在回到那個狀態。 2023 年到目前為止，我們已經將兩條客戶線轉移回來。隨著時間的推移，我們手中擁有的整個精英遺傳學團隊相當於獲得了多達 2000 萬英畝的土地。

So what's exciting for us is that that transfers are starting to occur. And then the field trials that we're doing with the canola hybrids with pod shatter the trait in them were very successful this last summer. We're so excited to see the traits in the field in customer genetics. And then this winter will be looking at canola hybrids in winter nurseries and really move to that next level of pre-commercialization performance evaluation in 2024.

因此，令我們興奮的是轉移開始發生。去年夏天，我們對具有破莢特性的油菜雜交品種進行的田間試驗非常成功。我們很高興看到客戶遺傳學領域的特徵。然後今年冬天將在冬季苗圃中研究油菜雜交品種，並在 2024 年真正進入下一階段的商業化前性能評估。

Thanks, Peter.

謝謝，彼得。

And then by the other thing, we were so focused on these three crops -- three traits and two crops, we just can't ignore the fact that we're so excited about soybeans. And we're doing it in [TGN] germplasm, but we really are excited that we'll be able to finish that this year. And once we do that, it's really this big opportunity that suddenly we believe once people think we have this single cell model that regenerates back into a plant of soybean that we have a lot of customers where soybean being built. There's just a really big opportunity to build this business. Does that address --

另一方面，我們非常關注這三種作物——三種性狀和兩種作物，我們不能忽視我們對大豆如此興奮的事實。我們正在 [TGN] 種質中進行這項工作，但我們真的很高興今年能夠完成這項工作。一旦我們做到了這一點，這確實是一個巨大的機會，我們突然相信，一旦人們認為我們擁有這種可以再生為大豆植物的單細胞模型，我們就有很多正在生產大豆的客戶。建立這項業務的機會非常大。該地址是否——

Yes. Very helpful. Yes, that's great. And then just a follow-up. Obviously, this EU draft on their proposed regulatory treatment of -- what I was calling NBTs, but I guess there are lots of acronyms. Sounds very positive. And I'm wondering, can you kind of draw a parallel between what they're talking about doing it and what Canada is already done? And then what I guess, where's the demand coming from in the EU? Is this something that's been kind of in the works for a long time in order to change these regulations, are they constrained in some ways food security wise or reevaluating -- how they're regulating other aspects of their food system, and this is being pulled along with it.

是的。很有幫助。是的，那太好了。然後只是後續行動。顯然，這份歐盟草案是關於他們提議的監管處理的——我稱之為 NBT，但我猜有很多縮寫詞。聽起來非常積極。我想知道，您能否將他們正在談論的做法與加拿大已經採取的做法進行比較？然後我猜，歐盟的需求來自哪裡？這是為了改變這些法規而進行了很長時間的工作嗎？他們是否在某些方面受到食品安全方面的限製或重新評估——他們如何監管食品系統的其他方面，而這正在被考慮。跟著它一起拉。

Thanks. Peter, let me take the overview and let you go to specifics with the customer so that it'd be helpful for them to understand. The actual customers we have in canola and how broad or demands from the customers in canola and the fact that we can now do studies in the UK, but the biggest shock we have has been under a three-year process because have changed their laws. So the gene-editing that doesn't include transgenes gets treated as conventional breeding. And there is a really big consensus across Europe there. The productivity in Europe is so gone down, not having any GMOs at all, and so they need this law.

謝謝。彼得，讓我先概述一下，然後讓您向客戶介紹具體細節，以便他們理解。我們在油菜籽方面擁有的實際客戶以及油菜籽客戶的需求有多廣泛，以及我們現在可以在英國進行研究的事實，但我們最大的震驚是在三年的過程中，因為他們的法律發生了變化。因此，不包括轉基因的基因編輯被視為傳統育種。整個歐洲確實達成了極大的共識。歐洲的生產力如此下降，根本沒有任何基因改造生物，所以他們需要這項法律。

And we will do the safety study. They basically said our technology was safe and they drew it, but what has surprised us was this was probably three months before -- when we said that in our press release, three months before we thought it would happen. And in the press release, they talked about taking it to Parliament in February, with thinking of June. So we're pretty excited that there's really not just forward progression, but they're trying to speed up the process to get it behind us.

我們將進行安全研究。他們基本上說我們的技術是安全的，他們畫了它，但令我們驚訝的是，這可能是三個月前——當我們在新聞稿中這麼說時，三個月前我們認為這會發生。在新聞稿中，他們談到了二月將其提交給議會，並考慮了六月。因此，我們非常興奮，因為他們不僅取得了進展，而且還試圖加快這一進程，以使其落後於我們。

But Peter, you might go (inaudible - microphone cutout) if that's helpful. It's really quite an encouraging moment for all of us. And then in the UK have -- have passed this. So how we do field studies in the UK is a big deal because it allows us to start the progression of these products that are grown in Europe. Peter, you want to add to the customers.

但是彼得，如果有幫助的話，你可以去（聽不清楚－麥克風被切斷）。對我們所有人來說，這確實是一個令人鼓舞的時刻。然後在英國已經通過了這一點。因此，我們如何在英國進行實地研究是一件大事，因為它使我們能夠開始開發這些在歐洲種植的產品。彼得，你想增加客戶。

Yes, exactly, Rory. I think, Bobby your question around this is really on-point because it's clear that the EU is trying to accelerate this regulatory, which is not the normal state of affairs. And so a number of our customers are based in Europe and are very excited with the opportunity to bring traits to market. Now this is a -- the whole of Europe is a 100-million-acre market that hasn't had a lot of innovation in the last 30 years. To the point about improving sustainable agriculture, climate resilience, and food security, they are big drivers for regulatory.

是的，完全正確，羅裡。我認為，鮑比，你關於這個問題的問題確實很切題，因為很明顯，歐盟正在試圖加速這項監管，這不是正常情況。因此，我們的許多客戶都位於歐洲，他們對有機會將性狀推向市場感到非常興奮。現在，整個歐洲是一個佔地 1 億英畝的市場，在過去 30 年裡沒有太多創新。就改善永續農業、氣候適應能力和糧食安全而言，它們是監管的重要動力。

For these tailwinds for -- to bring improved products onto the marketplace is really seen by our customers as a huge step. The fact is we -- three of our customers, genetics and the trial in the UK over the winter into the spring of 2024. That is a first for our canola winter oilseed rape. And it's exciting to see that because I think that alignment globally, you mentioned Canada in your question is seeing a lot of progress on the regulatory front for harmonizing where the regulatory agencies are on [renewal cycles] and new genomic techniques for the [same gene products] from gene-edited technology, specifically ones like Cibus, where we have a non-transgenic process and a non-transgenic product. So they're harmonizing around the world. And that really opens up global markets for someone like Cibus.

對於這些順風車——將改進的產品推向市場確實被我們的客戶視為一個巨大的進步。事實是我們——我們的三位客戶、遺傳學和在英國進行的從冬季到 2024 年春季的試驗。這是我們雙低油菜冬季油菜的第一次。令人興奮的是，因為我認為全球範圍內的協調一致，您在問題中提到加拿大在監管方面取得了很多進展，以協調監管機構在[更新周期]和[同一基因的新基因組技術]方面的進展產品]來自基因編輯技術，特別是像 Cibus 這樣的技術，我們擁有非基因改造過程和非基因改造產品。所以他們在世界各地協調一致。這確實為 Cibus 這樣的公司打開了全球市場。

And then we have --

然後我們——

That's very helpful.

這非常有幫助。

Yes. Go ahead.

是的。前進。

(technical difficulty - choppy audio) under contract already. And the neat thing is to think about this 100 million acres has never had a weak trait ever. And we have three now, so it is just a big opportunity for us. I'm Sorry. I think of the instructions.

（技術困難 - 音訊斷斷續續）已經簽訂合約。有趣的是，這 1 億英畝土地從來沒有弱點。現在我們已經有了三個，所以這對我們來說是一個很大的機會。對不起。我想到了指示。

No, that's a great additional color and to be clear this also would cover imports into the EU?

不，這是一個很好的附加顏色，需要明確的是，這也涵蓋了歐盟的進口？

Yes.

是的。

That is correct.

那是對的。

The key in these laws are, once you do that, it means when we develop a trait, it'll be treated like conventional breeding coming into Europe. For people who aren't familiar with it, Europe treats GMO products almost like drugs, it takes three to five years to get approval. But suddenly, everything we develop, we'll have clear export approval. And then I think that it's going to be a big moment for the industry at the same point it would be a big moment for soybean field. (multiple speakers)

這些法律的關鍵是，一旦你這樣做，就意味著當我們發展出一種性狀時，它將被視為進入歐洲的傳統育種。對於不熟悉的人來說，歐洲對待基因改造產品幾乎就像對待藥品一樣，需要三到五年才能獲得批准。但突然間，我們開發的所有產品都會獲得明確的出口批准。然後我認為這將是該行業的一個重要時刻，同時這也將是大豆領域的重要時刻。 （多個發言者）

Yes, understood. So yes, this could be huge. And may be just looking at where there is GM technology, existing and germplasm. Is there interests simply just because of the speed at which you can introduce the trait and at a lower cost where you'll potentially be stacked on some of these GM seeds as a significant part of what you're doing overtime?

是的，明白了。所以是的，這可能是巨大的。可能只是關注哪裡有基因改造技術、現有技術和種質。是否僅僅因為您可以以較低的成本引入該性狀的速度而產生興趣，您可能會在其中一些轉基因種子上堆積起來，作為您加班工作的重要組成部分？

Totally is a pod shatter, they don't have that trait and that's not one that's all about speed. The fact of the matter -- our team has actually developed real traits. So the first part of this, there's actually real traits. And then the speed thing is, is the fact that literally, if you send us your germplasm in canola and how did Peter and Greg, figured out how to take a single cell from that germplasm, added it and grow it. That your germplasm in 18 to 24 months. We can have our trait in your germplasm ready to do field trials, and that's -- Peter do you want to add to that --

完全是豆莢粉碎，他們沒有這種特徵，而且這不是速度的全部。事實是——我們的團隊實際上已經發展出了真正的特質。所以第一部分，其實有真正的特徵。然後，速度的問題是，從字面上看，如果你把你的油菜種質寄給我們，彼得和格雷格是如何想出如何從該種質中取出單個細胞，添加它並培養牠的。那你的種質在18到24個月內。我們可以在你的種質中準備好我們的性狀，以便進行田間試驗，那就是——彼得，你想補充一下嗎——

It seems like that's an important distinction, right? Because people might be tempted to think this is purely gene-edited seeds. But the other market is much bigger, right? Because we're talking about pretty much all seeds where your technology has relevance.

這似乎是一個重要的區別，對吧？因為人們可能會認為這是純粹的基因編輯種子。但另一個市場大得多，對嗎？因為我們正在談論幾乎所有與您的技術相關的種子。

Bobby, because I think you hit on a really important point. For the last (technical difficulty - audio intermittence) takes us over 30 years. The recognition is that -- no, there was limitations to GMO major limitations on what you could do. It's in my mind is like Windows 95, it's very old technology. Bringing food gene-editing traits is just bringing food traits that are really valuable in the market. So there's markets where we can access that there's where there's been a complete barrier to getting GMOs where you're free and clear with gene-editing.

鮑比，因為我認為你說到了一個非常重要的點。最後（技術難度－音訊間歇）花了我們30多年的時間。人們認識到——不，基因改造生物有其局限性，主要限制是你能做的事情。在我看來它就像Windows 95，是非常古老的技術。帶來食品基因編輯特性只是帶來了市場上真正有價值的食品特性。因此，我們可以進入一些市場，但在獲得基因改造生物方面存在完全障礙，你可以自由且明確地進行基因編輯。

And then there's going to be other markets, more global markets, perhaps in North and South America. So we will be adding traits to genetics that already have traits. And so that's the expansion and opportunity is huge. Plus, the fact is the gene-editing can address traits like Sclerotinia, like white mold disease resistance where other technologies could not in the past. So not only does it open up global markets, it opens up opportunities and traits that were never able to be done with using other technology.

然後會有其他市場，更多的全球市場，也許在北美和南美。因此，我們將在已經具有特徵的遺傳學中添加特徵。這就是巨大的擴張和機會。另外，事實上，基因編輯可以解決核盤菌等特徵，例如白黴病抗性，而這是過去其他技術無法做到的。因此，它不僅打開了全球市場，而且打開了使用其他技術永遠無法實現的機會和特性。

Well, thank you, Peter. I'm going to let somebody else ask a question here on. Obviously, (multiple speakers) four or five in a row.

嗯，謝謝你，彼得。我要讓其他人在這裡問一個問題。顯然，（多個發言者）連續四、五個。

Thank you,

謝謝你，

All Good. But Peter with all this breaking can you tell him about India? India is such a big marketplace for both soybean and rice.

都好。但是彼得經歷了這一切，你能告訴他關於印度的事嗎？印度是大豆和大米的龐大市場。

Yes. I think India is nearly 100 million acres of rice. And it's a very fragmented market, but it has a huge appetite for traits. And just recently a buyer released -- that they are targeting 20% of that market so 20 million acres around, which is what they call direct seeded market in India. That's just the example of where you can -- a trait like herbicide tolerance is something you really need to be able to do direct seeded rice.

是的。我認為印度有近1億英畝的水稻面積。這是一個非常分散的市場，但對特性有著巨大的需求。最近，一位買家宣布，他們的目標是佔據該市場 20% 的份額，即 2000 萬英畝左右的土地，這就是他們所說的印度直播市場。這只是你可以做到的一個例子——像除草劑耐受性這樣的特性是你真正需要能夠做直播水稻的特性。

So there's an appetite not only for opening up the markets to better genetics, but also genetic to traits. So India is a classic example of an emerging market. I mean, agriculture that will take on traits in rice as well as canola and. It's a little bit different in India than the different genetics, then what's in North America, but it is a very close relative.

因此，人們不僅希望向更好的遺傳學開放市場，而且還希望向性狀遺傳開放。因此，印度是新興市場的典型例子。我的意思是，農業將具有水稻和油菜籽的特徵。在印度，它的基因與北美的有所不同，但它是一個非常近的親戚。

Thanks, Peter. Next. I apologize.

謝謝，彼得。下一個。我道歉。

Laurence Alexander, Jefferies.

勞倫斯·亞歷山大，杰弗里斯。

Hi. Good evening. This is Kevin Estok on for Laurence. Just one question from me. I just -- to what extent has the volatility in the AG market, I guess destructive customers from research partnerships or change your timetable and our milestones for next year?

你好。晚安.我是勞倫斯的凱文·埃斯托克。我只想問一個問題。我只是 - AG 市場的波動程度有多大，我猜研究合作夥伴關係具有破壞性，或者改變了你們的時間表和我們明年的里程碑？

I'll get that one and I'll leave it to Peter on the bulks on the markets. The good news is that we're really focused on traits that are already developed, right? And we're trying to sell to. So we're not trying to focus on new research agreements as much. We want to see where we can develop what we have go out there, and we haven't seen decreased but more increase because people see we actually have actual traits that they can buy.

我去買一個，然後把市場上的散貨留給彼得。好消息是我們真正關注的是已經開發的特徵，對嗎？我們正試圖賣給。因此，我們不會過度關注新的研究協議。我們想看看我們可以在哪裡開發我們現有的東西，我們沒有看到減少，而是更多的增加，因為人們看到我們實際上擁有他們可以購買的實際特徵。

Peter, you want to answer that.

彼得，你想回答這個問題。

No, I think the volatility is there for sure, I think where traits play a role is in the seed industry for increasing farmers' productivity. And so the appetite for our traits because is increasing, we see demand from our customers of additional genetics that they would like to have traits in, so that they can deliver better profits to farmers by increasing their productivity. So the volatility actually, in my mind, it accelerates the demand and requirements for technology's like Cibus is delivering to the same customers.

不，我認為波動性是肯定存在的，我認為性狀發揮作用的地方是在種子工業中，以提高農民的生產力。因此，對我們性狀的需求正在增加，我們看到客戶對他們希望具有性狀的額外基因的需求，以便他們可以透過提高生產力為農民帶來更好的利潤。因此，在我看來，波動性實際上加速了對 Cibus 等技術向相同客戶提供的需求和要求。

Got it. Okay. Thank you very much.

知道了。好的。非常感謝。

Is this distinction between strict yield stuff and specific trait stuff, right? Specific productivity aspects of the trait, which has been interesting, I think. But thanks so much.

這是嚴格產量和特定性狀之間的差異嗎？我認為該特質的具體生產力方面很有趣。但非常感謝。

Thank you.

謝謝。

And Mr. Riggs, there are no further questions at this time. I will now turn the call back to you for closing remarks.

里格斯先生，目前沒有其他問題。現在我將把電話轉回給您，請您發表結束語。

Thanks, Danna. Thanks for the questions. I think that our goal in these calls now is to help you understand the progression. We have actual traits and because of that every quarter like this is the field study quarter. Every quarter and there will be aspects to be able to track how well we are towards our goal of having these things in the field being accessed by farmers.

謝謝，丹娜。感謝您的提問。我認為我們現在這些電話會議的目標是幫助您了解進展。我們有實際的特徵，因此每個季度都是實地研究季度。每個季度都會有一些方面能夠追蹤我們實現讓農民在田間使用這些東西的目標的進展。

And so I think the things we've really talked about are one besides mapping our progression. The two big things everybody is going to see is can we do soybean getting off to because that's just a big value moment for us and two Europe seems to be accelerating. And so as quick as we can get Europe behind us, suddenly we become a real three crop five trait business model, and we've become truly global, and we're really excited by it. And the most important part is this is sort of understanding our progression and following on.

所以我認為我們真正討論的事情除了規劃我們的進展之外。每個人都會看到的兩件大事是我們能否開始做大豆，因為這對我們來說是一個重要的價值時刻，而兩個歐洲似乎正在加速。只要我們能夠盡快將歐洲拋在身後，我們就會突然成為真正的三作物五性狀商業模式，並且我們已經真正實現全球化，我們對此感到非常興奮。最重要的部分是了解我們的進展並繼續前進。

If you guys have any more questions, please call. It's a really exciting moment for us for us to be able to track. Peter, do you want to add anything or is that it?

如果大家還有什麼疑問，歡迎來電諮詢。對我們來說，能夠進行追蹤真是一個令人興奮的時刻。彼得，你想補充什麼嗎？僅此而已嗎？

I think that's a good summation Rory. Definitely made some points in where we are.

我認為這是一個很好的總結，羅裡。確實在我們所處的位置上提出了一些觀點。

Cool. Thanks, guys. Thanks, team. I think we're done.

涼爽的。多謝你們。謝謝，團隊。我想我們已經完成了。

That does conclude your conference call for today. We thank you for your participation and ask that you please disconnect your lines.

今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。