Cibus Inc (CBUS) 2024 Q2 法說會逐字稿

Good day and welcome to the Cibus second-quarter 2024 results conference call. (Operator Instructions) Please also note, today's event is being recorded.

美好的一天，歡迎參加 Cibus 2024 年第二季業績電話會議。（操作員說明）也請注意，今天的活動正在錄製中。

At this time, I'd like to turn the conference over to Wade King, Chief Financial Officer. Sir, please go ahead.

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' second-quarter Of 2024 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 2024 年第二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 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.

在我們開始電話會議之前，我想提醒大家，電話會議和網路廣播中的聲明，包括有關未來財務業績、未來營運目標和行業前景的聲明，都是前瞻性的，可能會受到許多風險和不確定性的影響這可能會導致實際結果與電話中描述的結果有重大差異。請參閱 Cibus SEC 文件以取得相關風險清單。

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.

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. I would like to begin this call with a high-level update on our business activities in this quarter and in this year. Following my remarks, Peter will walk you through our recent developments in more detail. In addition, he will review the value proposition for all of our developed trades and discuss how we're doing on our expected 2024 milestones to help you understand why we are so excited with our progress. Wade will then finish with a discussion of the financials.

謝謝，韋德。我想在本次電話會議開始時首先介紹我們本季和今年的業務活動的最新情況。在我的演講之後，彼得將向您詳細介紹我們最近的進展。此外，他還將審查我們所有已開發行業的價值主張，並討論我們在 2024 年預期里程碑方面的表現，以幫助您了解為什麼我們對我們的進展如此興奮。韋德隨後將討論財務狀況。

I'd like to start by reviewing the business we created last year when we merged Cibus and Calyxt. When we merged, we were the two leading gene editing companies in terms of owning the foundational patents and technology for gene editing in agriculture. These cover exclusive proprietary use of the foundational intellectual property in the agricultural gene-editing industry, including our GRON Editing Technology Platform, the exclusive use of TALENs in agriculture, and in certain geographies, the exclusive use of CRISPR Technology in agriculture.

首先，我想回顧一下去年我們合併 Cibus 和 Calyxt 時創建的業務。當我們合併時，我們是擁有農業基因編輯基礎專利和技術的兩家領先的基因編輯公司。這些涵蓋了農業基因編輯產業基礎智慧財產權的獨家專有使用，包括我們的 GRON 編輯技術平台、TALEN 在農業中的獨家使用，以及在某些地區的 CRISPR 技術在農業中的獨家使用。

When we created this gene editing powerhouse, we had a stated mission to become the leading independent gene edited trait developer for the major crops, canola, rice, soybean, wheat, and corn. Selling GMO based traits to seed companies is a huge industry in which seed companies on an annual basis pay billions of dollars in royalties to trait developers for specific traits.

當我們創建這個基因編輯巨頭時，我們有一個明確的使命：成為主要作物（油菜、水稻、大豆、小麥和玉米）領先的獨立基因編輯性狀開發商。向種子公司出售基於基因改造生物的性狀是一個巨大的行業，種子公司每年向性狀開發商支付特定性狀的數十億美元的特許權使用費。

These attributes are genetic expression in a plant that is associated with a specific plant attribute, such as herbicide tolerance or disease resistance. A great example of our trait strategy is the traits we have developed for herbicide tolerance. Herbicide tolerant traits are the mainstay of the GMO trait industry.

這些屬性是植物中與特定植物屬性相關的基因表達，例如除草劑耐受性或抗病性。我們的性狀策略的一個很好的例子是我們開發的除草劑耐受性性狀。耐除草劑性狀是基因改造性狀產業的支柱。

The principal attribute of a herbicide tolerant trait is that the trait enables plants to survive when a farmer sprays herbicides on the plant. In other words, these traits enable farmers to kill the weeds with herbicides without killing the crop. The GMO herbicide tolerant traits were developed using foreign materials from other plants. And as such they face severe regulations or banning, which virtually stop GMO trait innovation in crops such as rice and wheat.

除草劑耐受性性狀的主要屬性是，當農民向植物噴灑除草劑時，此性狀使植物得以存活。換句話說，這些特性使農民能夠用除草劑殺死雜草而不殺死農作物。基因改造除草劑耐受性狀是利用其他植物的外來材料開發的。因此，它們面臨嚴格的監管或禁令，這實際上阻止了水稻和小麥等農作物的基因改造性狀創新。

The difference is that with our gene editing technology, we can develop herbicide tolerant traits without using any foreign materials and that our traits are indistinguishable from traits developed using conventional breeding. This is why, globally, regulations are changing to regulate traits from our technology as traits from conventional breeding. This is why we're excited about the prospects for our rice and wheat crop platform. We can now develop families of herbicide-resistant traits in crops that did not have GMO traits.

不同之處在於，透過我們的基因編輯技術，我們可以在不使用任何外源材料的情況下開發出耐除草劑的性狀，我們的性狀與使用傳統育種開發的性狀沒有區別。這就是為什麼在全球範圍內，法規正在發生變化，將我們技術的性狀作為傳統育種的性狀進行監管。這就是為什麼我們對水稻和小麥作物平台的前景感到興奮。我們現在可以在不具有基因改造特性的作物中開發具有抗除草劑特性的家族。

In addition, gene editing has created opportunities in areas that have been difficult to develop using GMO technology because of the complexity required to develop specific traits. Disease resistant traits are a perfect example of complex traits. In disease resistant traits, we were initially focused on Sclerotinia white mold disease, that are critically important in canola and soybean.

此外，基因編輯在由於開發特定性狀所需的複雜性而難以使用基因改造技術開發的領域創造了機會。抗病性狀是複雜性狀的完美例子。在抗病性狀方面，我們最初關注的是核盤菌白黴病，這對油菜和大豆至關重要。

These are traits that have a direct, positive impact on farming yield, cost and efficiency. The promise of gene editing is that it can address areas like disease resistance. This is why traits that make plants resistant to disease is such an important focus for Cibus.

這些特徵對農業產量、成本和效率有直接、正面的影響。基因編輯的前景在於它可以解決諸如抗病性等領域的問題。這就是為什麼使植物抗病的性狀成為 Cibus 如此重要的關注點。

Agricultural trait royalties are very similar to the massive royalties paid in the pharmaceutical industry for technology associated with each drug. There are virtually no drug producers in the pharmaceutical industry, nor seed companies for the major crops that do not pay significant royalties to third parties for licensed technology for their products.

農業特性特許權使用費與製藥業為每種藥物相關技術支付的巨額特許權使用費非常相似。製藥業幾乎沒有藥品生產商，也沒有主要作物的種子公司不向第三方支付大筆專利費以獲得其產品的授權技術。

This is our business model. Using our proprietary technologies, we can develop complex seed traits in a fraction of the time and cost of conventional or GMO breeding. And that with our technologies, we are able to accelerate the path toward commercialization. When we announced our merger, we established major milestones to track our progress in becoming the leading trade developer to seed companies in these major crops.

這是我們的商業模式。利用我們的專有技術，我們可以用傳統或基因改造育種的一小部分時間和成本來開發複雜的種子性狀。憑藉我們的技術，我們能夠加速商業化之路。當我們宣布合併時，我們建立了重要的里程碑，以追蹤我們成為這些主要農作物種子公司領先貿易開發商的進展。

We divided our milestones into three categories. First, new crops. We track milestones that follow our progress in developing new crop platforms and technologies. This, for example, means providing updates on a recent development of an operational platform for wheat, our expected soybean platform in 2024, and our recent patent expansions for new technologies.

我們將里程碑分為三類。一是新作物。我們追蹤在開發新作物平台和技術方面取得進展的里程碑。例如，這意味著提供小麥營運平台的最新開發、我們預計在 2024 年建立的大豆平台以及我們最近的新技術專利擴展的最新資訊。

Second, new traits. We track milestones that follow our progress in developing new productivity traits and assigning agreements with seed companies. This means providing updates on the developments within our trait portfolio and the commercialization of these traits, such as our advances in commercializing herbicide tolerant traits in rice and the progress in our advanced traits for disease and herbicide tolerance in other crops.

二是新特點。我們追蹤里程碑，追蹤我們在開發新生產力特徵和與種子公司簽訂協議方面取得的進展。這意味著提供我們性狀組合的發展以及這些性狀商業化的最新信息，例如我們在水稻耐除草劑性狀商業化方面的進展以及我們在其他作物的疾病和除草劑耐受性先進性狀方面的進展。

Third, regulatory. We track milestones that follow our progress in gaining regulatory approvals for gene editing. Here, we have been tracking regulatory procedures for gene editing on a global basis, such as the recent Canadian approval, the approval in the UK, and the positive parliamentary vote in February.

三是監管。我們追蹤在獲得基因編輯監管批准方面取得進展的里程碑。在這裡，我們一直在追蹤全球基因編輯的監管程序，例如最近加拿大的批准、英國的批准以及二月議會的積極投票。

I'm disappointed in the delay in the final regulatory approval in the EU. Post the parliamentary vote, the EU process continues positively and other countries globally, like Canada and the UK are continuing to adapt their regulation for gene edited traits to be similar to traits developed using conventional breeding.

我對歐盟最終監管批准的延遲感到失望。議會投票後，歐盟進程繼續積極進行，加拿大和英國等全球其他國家正在繼續調整其對基因編輯性狀的監管，使其與使用傳統育種開發的性狀相似。

We continue to see a groundswell of support internationally for gene editing to be the technology that will be critical in solving the world's challenges to address food scarcity and the next generation. Most importantly, we are really excited because we have continued to meet our milestones. We are rapidly establishing ourselves as the leading trait innovator and developer that is addressing unique needs within these major crops.

我們繼續看到國際對基因編輯技術的支持不斷高漲，這項技術對於解決世界糧食短缺和下一代的挑戰至關重要。最重要的是，我們真的很興奮，因為我們繼續實現我們的里程碑。我們正在迅速確立自己作為領先性狀創新者和開發者的地位，致力於滿足這些主要作物的獨特需求。

Reflecting on our recent accomplishments, the second quarter was another strong quarter for our commercial and technological progress. It caps what has been a great first half for Cibus and frankly, a great launch of an important new company. Peter will take a deeper dive for the recent progress, but I want to highlight a couple of key accomplishments supporting our trait portfolio.

回顧我們最近的成就，第二季度是我們商業和技術進步的另一個強勁季度。它為 Cibus 上半年的輝煌畫上了圓滿的句號，坦率地說，這是一家重要新公司的偉大推出。彼得將更深入地了解最近的進展，但我想強調支持我們特質組合的幾個關鍵成就。

In the second quarter, we successfully completed edits in our important third mode of action for our Sclerotinia resistant trait and successfully completed an initial edit for our first mode of action for a nutrient-use-efficiency trait. Both of these are extremely important as we broaden our opportunities set for new traits.

在第二季度，我們成功完成了對核盤菌抗性性狀的重要第三種作用模式的編輯，並成功完成了對營養利用效率性狀的第一種作用模式的初步編輯。當我們擴大新特徵的機會時，這兩點都極為重要。

Commercially, we are making great progress in launching our herbicide tolerant trait platform in rice. In this quarter, we signed an agreement with FEDEARROZ, one of the largest rice seed companies in Latin America, which brings our rice partnerships to four leading companies in the US and Latin America, including Interoc in South America and Loveland Products, a new subseries of nutrients in the US.

在商業上，我們在推出水稻耐除草劑性狀平台方面取得了巨大進展。本季度，我們與拉丁美洲最大的稻米種子公司之一FEDEARROZ 簽署了一項協議，這將我們的稻米合作夥伴關係帶到了美國和拉丁美洲的四家領先公司，包括南美洲的Interoc 和新子系列Loveland Products美國的營養成分。

In addition, we recently reported important field data in support of tag-gene edited tolerant traits in rice. Building our herbicide tolerant platform in rice is important to us.

此外，我們最近報告了重要的田間數據，以支持標籤基因編輯的水稻耐受性狀。建立水稻耐除草劑平台對我們來說很重要。

We expect in '24 and '25 to continue to expand our presence in the Americas and in Asia, both in companies working with us and in new traits. These milestones will continue to demonstrate our progress commercially and our momentum in developing new traits and new technologies.

我們預計在 24 年和 25 年將繼續擴大我們在美洲和亞洲的業務，無論是在與我們合作的公司還是在新特性方面。這些里程碑將繼續展示我們在商業上的進步以及我們在開發新功能和新技術方面的動力。

With that, I'll pass the call over to Peter. Peter?

這樣，我會將電話轉給彼得。彼得？

Thank you, Rory. Good afternoon to everyone. It really has been a transformative first half of 2024 for Cibus, marking significant progress in our commercial development, our trait pipeline, and the global regulatory landscape.

謝謝你，羅裡。大家下午好。對 Cibus 來說，2024 年上半年確實是變革性的一年，標誌著我們的商業開發、特性管道和全球監管環境方面取得了重大進展。

I'd like to re-emphasize how far our business has come. While it can be challenging to appreciate the arduous path towards generating an annual recurring royalty stream, we believe we are really close. Importantly, we continue to move our customer's genetics through the development phase, and I would like to start by explaining how we see commercial development at Cibus.

我想再次強調我們的業務已經取得了多大進展。儘管體會到產生年度經常性特許權使用費流的艱辛道路可能具有挑戰性，但我們相信我們已經非常接近了。重要的是，我們在開發階段繼續推動客戶的遺傳學發展，我想先解釋我們如何看待 Cibus 的商業開發。

Commercial development at Cibus is defined by our ability to make gene edits in customer crop genetics, that provide them with a new desirable characteristic or trait, and to confirm our edits with multiple field trials. For each trait, field trials validating their effectiveness are a critical element and an important milestone toward ultimate commercialization.

Cibus 的商業發展取決於我們對客戶作物遺傳學進行基因編輯的能力，為他們提供新的理想特徵或性狀，並透過多次田間試驗確認我們的編輯。對於每個性狀，驗證其有效性的現場試驗是關鍵要素，也是最終商業化的重要里程碑。

In each case, our traits in the fields are compared with the customer's seeds without the trait. These first-hand observations of the trait's effectiveness are invaluable to our commercialization process. We've experienced this with each of our developed traits, with customers signing on after first reviewing our field test results.

在每種情況下，我們都會將田間的性狀與客戶沒有該性狀的種子進行比較。這些對此性狀有效性的第一手觀察對於我們的商業化過程非常寶貴。我們開發的每個特性都經歷過這種情況，客戶在第一次查看我們的現場測試結果後就簽約了。

You can see some photos of this on our website with one of our herbicide traits in rice. It's a clear example demonstrating the performance of our gene edited herbicide tolerant crops. On one side, you see a crop that has survived the herbicide application while the weeds do not. And on the other side, you see the control crop that didn't contain our edits and the crop was devastated by the herbicide.

您可以在我們的網站上看到一些照片，其中包含我們的水稻除草劑特性之一。這是一個明顯的例子，展示了我們的基因編輯的耐除草劑作物的表現。一方面，您會看到農作物在除草劑的作用下倖存下來，而雜草則不然。另一方面，您會看到對照作物不包含我們的編輯，並且該作物被除草劑破壞了。

Excitingly, earlier this week we announced yet another milestone in rice where we initiated the first stacked gene edited traits for herbicide tolerance. In this case, we reported that trait effectiveness was also promising after initial field trial.

令人興奮的是，本週早些時候，我們宣布了水稻的另一個里程碑，我們啟動了第一個針對除草劑耐受性的堆疊基因編輯性狀。在這種情況下，我們報告說，經過初步的現場試驗後，性狀有效性也很有希望。

These traits can provide an excellent weed management solution that creates value for Cibus, seed company customers, and more profit and sustainable options for farmers. Today, I'd like to focus on a couple of key areas of achievement.

這些特性可以提供優秀的雜草管理解決方案，為 Cibus、種子公司客戶創造價值，並為農民創造更多利潤和永續選擇。今天，我想重點討論幾個關鍵領域的成就。

First, being the further expansion of our developed rice platform and customer base as Rory just mentioned, and the second being breakthroughs in canola, which we confirmed edits in canola for our advanced traits. Sclerotinia resistance also known as white mold disease and herbicide tolerance, HT2.

首先，正如羅裡剛才提到的，我們開發的水稻平台和客戶群的進一步擴大，第二個是油菜籽的突破，我們確認了對油菜籽的先進性狀的編輯。核盤菌抗性也稱為白黴病和除草劑耐受性，HT2。

So let's start with the progress on our rice platform. We've gained significant commercial momentum in rice and are experiencing increasing customer demand for our HT1 and HT3 traits, which coincided with our reporting of successful field trials back in January 2024. Underscoring the significant market opportunity we see in rice.

那麼讓我們從我們的 Rice 平台的進展開始。我們在水稻領域獲得了巨大的商業動力，並且客戶對我們的 HT1 和 HT3 性狀的需求不斷增加，這與我們在 2024 年 1 月報告成功的田間試驗相吻合。強調了我們在大米中看到的巨大市場機會。

In addition, this last quarter, we have observed initial trials showing the amazing opportunity to further weed management solutions with the stacked gene edited traits I mentioned earlier. As we've discussed before, rice represents a major opportunity given the industry's continued challenges in developing conventional herbicide tolerance systems.

此外，在上個季度，我們觀察到初步試驗顯示了利用我之前提到的堆疊基因編輯性狀進一步推進雜草管理解決方案的絕佳機會。正如我們之前所討論的，鑑於該行業在開發傳統除草劑耐受系統方面持續面臨的挑戰，水稻代表著一個重大機會。

Remember, the widespread adoption of herbicide tolerant GMO traits in over 95% of canola, soybean, and corn crops highlights both the potential for similar uptake in rice farming and the limitations of current agricultural technologies. We are working with our rice customers to enable launching of our HT traits in rice as early as 2027.

請記住，95% 以上的油菜、大豆和玉米作物廣泛採用耐除草劑基因改造生物性狀，這凸顯了水稻種植中類似吸收的潛力以及當前農業技術的局限性。我們正在與稻米客戶合作，爭取最早於 2027 年在稻米中推出我們的 HT 性狀。

Our current partnerships could provide access to 6 million rice acres and an annual royalty opportunity target we currently estimate at approximately $120 million. The United States and Latin American markets are our primary focus for rice but have a developing strategic partnership for Asia as well.

我們目前的合作關係可以提供 600 萬英畝稻田的使用權，我們目前估計每年的特許權使用費目標約為 1.2 億美元。美國和拉丁美洲市場是我們大米的主要關注點，但我們也與亞洲建立了發展中的戰略合作夥伴關係。

In addition to our momentum in rice, we continue to make progress in canola. We are doing important field trials in canola and winter oilseed rape in the US, Canada, and the UK. In addition, we've successfully made significant progress in our advanced trait pipeline, which I'll turn to now.

除了水稻領域的勢頭外，我們在油菜籽領域也不斷取得進展。我們正在美國、加拿大和英國對油菜籽和冬季油菜進行重要的田間試驗。此外，我們在高級特徵管道方面成功取得了重大進展，我現在將轉向這一點。

Advanced traits in canola include disease resistance, new herbicide tolerance and Nutrient Use Efficiency, we call NUE. The enormous commercial opportunities of these three trait areas are not only the clear value of productivity and sustainability, but these traits also represent significant opportunity to be expanded to other crops like soybean.

雙低油菜籽的高級性狀包括抗病性、新除草劑耐受性和養分利用效率（我們稱之為 NUE）。這三個性狀領域的巨大商業機會不僅在於生產力和永續性的明顯價值，而且這些性狀也代表著擴展到大豆等其他作物的重要機會。

This quarter, we successfully completed our edit milestones in our canola franchise with a third mode of action for our Sclerotinia or white mold resistance trait. It's an incredibly important step to provide durable resistance to this disease in canola and other crops, including soybean.

本季度，我們透過針對菌核病或白黴抗性特性的第三種作用模式，成功完成了雙低油菜籽特許經營的編輯里程碑。這是為油菜籽和包括大豆在內的其他作物提供持久抵抗這種疾病的極其重要的一步。

With the editing complete, the plants containing these edits will be evaluated in controlled environment growth rooms with results expected later this year. For our herbicide tolerance trait, HT2, we've completed another generation of edits in canola and anticipate greenhouse results later this year.

編輯完成後，包含這些編輯的植物將在受控環境生長室中進行評估，預計今年稍後將得出結果。對於我們的除草劑耐受性性狀 HT2，我們已經完成了油菜籽的另一代編輯，並預計今年稍後的溫室結果。

We believe this trait, once available, has the potential in multiple crops to be the first gene-edited trait to achieve 100 million acres of yearly use, representing one of our largest opportunities. As a further reminder, Sclerotinia and HT2 are multi-crop traits, meaning that the efficacy we expect to achieve in canola would translate to other crops, including soybean, and eventually the company would have the opportunity to earn royalties across multiple crops for the same trait.

我們相信，這一性狀一旦可用，就有可能在多種作物中成為第一個基因編輯性狀，實現每年 1 億英畝的使用，這是我們最大的機會之一。進一步提醒一下，核盤菌和HT2 是多作物性狀，這意味著我們期望在油菜籽中實現的功效將轉化為其他作物，包括大豆，最終該公司將有機會在多種作物上賺取相同的特許權使用費特徵。

We also achieved an important milestone with the initial editing for Cibus' first Nutrient Use Efficiency, NUE trait in canola. We believe this to be the first NUE gene edit in a major crop in North America. This is a significant milestone not just for our company, but for the entire agricultural industry, as there is mounting pressure on crop production to use fewer fertilizers produced using fossil fuels.

我們也實現了一個重要的里程碑，對 Cibus 的第一個營養利用效率（油菜籽 NUE 性狀）進行了初步編輯。我們相信這是北美主要作物中的首次 NUE 基因編輯。這不僅對我們公司而且對整個農業產業來說都是一個重要的里程碑，因為農作物生產面臨越來越大的壓力，需要減少使用化石燃料生產的肥料。

Let me explain why this is so important. NUE traits are part of a very large category of traits relevant to all crops. These traits have the potential to make fertilizer use more efficient on a global basis without compromising the yield that farmers expect and rely on.

讓我解釋為什麼這麼重要。NUE 性狀是與所有作物相關的一大類性狀的一部分。這些特性有可能在全球範圍內提高肥料的使用效率，而不會影響農民期望和依賴的產量。

In essence, NUE traits would provide a solution to optimize farmers' agricultural practices while maintaining productivity. This achievement is also significant because it represents our first use of the trait machine process to operationalize a third-party developed trait. This demonstrates our company's ability as a development partner to take gene edits identified by third parties and successfully make edits in our platforms to develop a trait.

從本質上講，NUE 性狀將提供一種解決方案，在保持生產力的同時優化農民的農業實踐。這項成就也很重要，因為它代表了我們首次使用特徵機器流程來操作第三方開發的特徵。這表明我們公司作為開發合作夥伴有能力接受第三方識別的基因編輯，並在我們的平台上成功進行編輯以開發性狀。

In addition to the achievements within our pipeline of developed and advanced traits, we continue to make progress with our crop platforms. Earlier this year, we successfully completed our crop platform in wheat, providing us a potential access to the largest global grain crop as measured in planted acres. This enables us to develop productivity and sustainability traits addressing major challenges for wheat farmers worldwide.

除了我們在開發和先進性狀方面的成就外，我們還在作物平台方面不斷取得進展。今年早些時候，我們成功完成了小麥作物平台，使我們有可能獲得全球種植面積最大的糧食作物。這使我們能夠開發生產力和永續性特徵，解決全球小麥種植者面臨的主要挑戰。

Since achieving this breakthrough in wheat, we have been actively engaged in discussions with potential seed company partners, with herbicide tolerance and disease resistance traits being a key focus of those discussions. Based on these discussions, we believe we are on track to enter into initial development and commercial agreements related to wheat this year. We also expect to initiate the first edit toward developing traits for wheat.

自從在小麥方面取得這一突破以來，我們一直積極與潛在的種子公司合作夥伴進行討論，其中除草劑耐受性和抗病性狀是這些討論的重點。基於這些討論，我們相信今年我們有望達成與小麥相關的初步開發和商業協議。我們還期望啟動第一次編輯，以開發小麥的性狀。

Finally, our advanced soybean platform is another exciting opportunity for us and as I've mentioned before, one of the more challenging endeavors in plant biology. We are making steady progress and we still anticipate this platform will be operational with initial editing completed by the end of 2024.

最後，我們先進的大豆平台對我們來說是另一個令人興奮的機會，正如我之前提到的，這是植物生物學領域更具挑戰性的努力之一。我們正在穩步取得進展，我們仍然預計該平台將在 2024 年底前完成初步編輯並投入運作。

That achievement would allow us to penetrate the vast soybean market, which encompasses over 200 million addressable acres. But it's more than just about market size. We expect our soybean platform to serve as the foundation for our sustainable ingredients business, which is a key component of our company's long-term growth strategy.

這項成就將使我們能夠打入廣闊的大豆市場，該市場覆蓋面積超過 2 億英畝。但這不僅僅是市場規模的問題。我們預計我們的大豆平台將成為我們永續原料業務的基礎，這是我們公司長期成長策略的關鍵組成部分。

We see significant opportunity in being able to develop sustainable, low-carbon ingredients, and materials for the consumer packaged goods industry. Our goal with this business is to be able to create products that do not negatively impact the environment during production use or disposal.

我們看到了為消費品產業開發可持續、低碳成分和材料的巨大機會。我們這項業務的目標是能夠創造出在生產使用或處置過程中不會對環境產生負面影響的產品。

And with that, I'll pass the call to Wade to briefly review our financials. Wade?

接下來，我將把電話轉給韋德，讓他簡單回顧一下我們的財務狀況。韋德？

Thank you, Peter. Looking at our financials for the second quarter, cash and cash equivalents were $30 million as of June 30, 2024.

謝謝你，彼得。從我們第二季的財務數據來看，截至 2024 年 6 月 30 日，現金和現金等價物為 3,000 萬美元。

Moving to our income statement, I would like to start by noting that the second quarter of 2024 isn't directly comparable to that of the prior year's second quarter of 2023, given the merger with Calyxt that closed inter-quarter at the end of May 2023. Specifically, the prior year period only reflects one month of our combined company results. Please keep this in mind as I make reference to the prior year results.

轉向我們的損益表，我首先要指出的是，鑑於與 Calyxt 的合併於 5 月底完成了季度間交易，2024 年第二季度與上一年 2023 年第二季度無法直接比較2023 年。具體來說，去年同期僅反映了我們公司一個月的合併表現。當我參考上一年的結果時，請記住這一點。

R&D expense was $13 million for the second quarter of 2024, compared to $8.4 million in the year ago period. The increase was primarily related to increased lab supplies and facility expenses and increase in employee headcount and an increase in stock-based compensation expense for restricted stock award grants. These expenses were partially offset by $1.3 million in one-time expenses due to the closing of the merger transaction in the year-ago period.

2024 年第二季的研發費用為 1,300 萬美元，去年同期為 840 萬美元。這一增長主要與實驗室用品和設施費用的增加、員工人數的增加以及限制性股票獎勵授予的股票補償費用的增加有關。由於去年同期合併交易的完成，這些費用被 130 萬美元的一次性費用部分抵銷。

SG&A expense was $9.3 million for the second quarter of 2024, compared to $11.1 million in the year ago period. The decrease of $1.8 million is primarily related to $6.5 million in one-time expenses due to closing of the merger transaction in the year-ago period. This was partially offset by an increase in headcount, increased consulting and legal fees, and an increase in stock-based compensation expense for restricted stock award grants.

2024 年第二季的 SG&A 費用為 930 萬美元，去年同期為 1,110 萬美元。減少 180 萬美元主要與去年同期完成合併交易導致的 650 萬美元一次性費用有關。這部分被員工人數的增加、諮詢和法律費用的增加以及限制性股票獎勵授予的股票補償費用的增加所抵消。

Royalty liability interest expense, a non-cash item, was $8.7 million for the second quarter of 2024, compared to $2.6 million last year, an increase of $6.1 million. This was related to the liability assumed in the May 31, 2023, merger with Cibus Global, LLC.

2024 年第二季的非現金項目特許權使用費負債利息支出為 870 萬美元，較去年的 260 萬美元增加了 610 萬美元。這與 2023 年 5 月 31 日與 Cibus Global, LLC 合併時所承擔的責任有關。

Net loss was $28.5 million for the second quarter of 2024, compared to net loss of $20.5 million in the year-ago period. For additional details about our financials for the second quarter of 2024, please refer to our press release and filings for the SEC.

2024 年第二季的淨虧損為 2,850 萬美元，而去年同期的淨虧損為 2,050 萬美元。有關我們 2024 年第二季財務狀況的更多詳細信息，請參閱我們向 SEC 提交的新聞稿和文件。

That concludes our financial discussion. Rory, now back to you for your closing remarks.

我們的財務討論到此結束。羅裡，現在請您作結束語。

Thanks, Wade and Peter. As we explained, this quarter has been very important for a number of reasons. This has been an important period for building our weed management platform in rice. We ended the quarter with four leading seed company customers in rice, representing approximately 40% of the addressable acres.

謝謝，韋德和彼得。正如我們所解釋的，由於多種原因，本季非常重要。這是我們打造水稻雜草管理平台的重要時期。本季末，我們擁有四家領先的稻米種子公司客戶，約佔可尋址面積的 40%。

In addition, with our recent field studies for stacked traits, we've begun to build our product offering to establish ourselves as the leading weed management solution in the important rice industry. The progress in advanced traits is key, because they are the backbone of our current trade offering in canola, where we have 10 customers. In addition, these traits are expected to be the backbone of our product offerings in soybeans.

此外，透過最近對疊加性狀的實地研究，我們已經開始建立我們的產品系列，以將自己打造成重要水稻行業領先的雜草管理解決方案。先進性狀的進展是關鍵，因為它們是我們目前油菜籽貿易產品的支柱，我們有 10 個客戶。此外，這些性狀預計將成為我們大豆產品的支柱。

This concludes our remarks, Operator. Could you open the call for questions.

我們的發言到此結束，接線生。您可以打開提問電話嗎？

(Operator Instructions) Scott Fortune, ROTH Capital

（操作員指令）Scott Fortune，ROTH Capital

Hey, good afternoon. This is Nick on for Scott. Congrats on the quarter. The first one for me just on the soybean side, getting up to speed there, wanted to unpack that market opportunity a little more and just the timing around monetizing and maybe reaching some of the other milestones you've mentioned achieving in that segment. Just a little more color on the soybean side would be helpful. Thank you.

嘿，下午好。這是尼克替斯科特發言。恭喜本季。我的第一個目標是在大豆方面，加快速度，想要更多地挖掘這個市場機會，只是圍繞貨幣化的時機，也許達到你提到的在該領域實現的其他一些里程碑。只要在大豆一側多加一點顏色就會有幫助。謝謝。

Thanks. That's great. One, as we've said, we're making our conversion, our single-cell conversion and we're very close. It's one of those days we don't know when it's going to happen and then we're going to wake up. We're very comfortable it's going to happen in 2024. And when it happens it unlocks a bunch of opportunities.

謝謝。那太棒了。第一，正如我們所說，我們正在進行轉換，我們的單細胞轉換，而且我們非常接近。有一天我們不知道什麼時候會發生，然後我們就會醒來。我們對 2024 年實現這一目標感到非常放心。當它發生時，它會釋放大量機會。

First, it's a very concentrated crop. 200 million acres and the top, we believe the top four guys are all really interested in working with us on Sclerotinia and NQ1, but Sclerotinia importantly. So what we expect is as we get the pipeline approved, the pipeline validated, that we would one by one sign with each of the partners, have their germplasm.

首先，它是一種非常集中的作物。 2 億英畝和頂部，我們相信排名前四位的人都非常有興趣與我們在核盤菌和 NQ1 上合作，但更重要的是核盤菌。因此，我們期望的是，當我們獲得管道批准、管道驗證後，我們將與每個合作夥伴一一簽署，並擁有他們的種質。

We're already working with a company called GDM, which is the largest company in Latin America and they have interest in our crops. So we'll start by editing their crops. We expect to be editing them by year-end this year, to be in a position to work with them next year in developing a platform in soybean.

我們已經與一家名為 GDM 的公司合作，該公司是拉丁美洲最大的公司，他們對我們的作物感興趣。所以我們將從編輯他們的作物開始。我們預計將在今年年底前對它們進行編輯，以便明年能夠與他們合作開發大豆平台。

Additionally, there's a big movement by all the consumer product package goods companies in terms of changing some of their composite oils, which are resilient and challenged sources. And so we've just increased our -- the money paid to us to develop an alternative for the lauric oils and the soybean platform is going to be our key to that and so we think that soybean is really important.

此外，所有消費品包裝產品公司都在更換一些複合油方面採取了重大行動，這些複合油是有彈性且具有挑戰性的來源。因此，我們剛剛增加了開發月桂油替代品的資金，而大豆平台將成為我們實現這一目標的關鍵，因此我們認為大豆非常重要。

One, because the number of acres and the value of a crop like Sclerotinia. And secondly, building a brand new industry in sustainable ingredients is a really, really big opportunity and we're excited about that and so they'll both start happening together at the same time.

一是因為像核盤菌這樣的作物的英畝數和價值。其次，建立可持續成分的全新產業是一個非常非常大的機會，我們對此感到興奮，因此它們將同時開始發生。

Was that helpful?

這樣有幫助嗎？

Yes. Helpful. Thank you. Second one for me, just kind of piggybacking on the sustainable ingredients side, wanted to unpack that opportunity a little bit more. You mentioned targeting your launch in 2025, but can you just give us a little more color about what you believe this segment could look like longer term, and if there's any additional investment needed to kind of get this program up and running?

是的。有幫助。謝謝。對我來說第二個，只是在永續成分方面的一種順應，想要更多地挖掘這個機會。您提到您的目標是在 2025 年啟動，但您能否向我們提供更多信息，說明您認為該細分市場的長期前景如何，以及是否需要任何額外投資來啟動和運行該計劃？

So this is an investment that's being funded by the corporations. So we've been funded, P&G has funded us in this project to-date to develop these products, and the intent is to work with the other consumer product companies. So we think the sustainable ingredients is a really big category across many of the consumer product goods.

所以這是一項由公司資助的投資。所以我們已經獲得了資助，寶潔公司迄今為止在這個項目中資助了我們開發這些產品，目的是與其他消費品公司合作。因此，我們認為永續成分是許多消費品中的一個非常大的類別。

And the other side, they have a fragrance business and we have a business called Nucelis. We're very, very good at differentiating essence and editing of yeast and building products from it. And so we're working very closely with them to hopefully start shipping biofragrance-like products next year.

另一方面，他們有香水業務，我們有一家名為 Nucelis 的業務。我們非常非常擅長區分酵母的本質和編輯，並從中建立產品。因此，我們正在與他們密切合作，希望明年開始銷售類似生物香料的產品。

We think that the whole sustainable ingredients business could be a value of the same size as the rice. It's a really, really big opportunity and it will happen as soon as we have the soybean platform. We expect they're making edits in these platform and fermentation. We're already making the products and we're validating our process right now to be in the position to start shipping. And so it's a big category that will start with fragrances and then move to oils as opposed to soybean.

我們認為整個永續原料業務的價值可能與米相當。這是一個非常非常大的機會，一旦我們擁有大豆平台，它就會發生。我們預計他們正在對這些平台和發酵進行編輯。我們已經在生產產品，並且正在驗證我們的流程，以便能夠開始出貨。因此，這是一個很大的類別，將從香料開始，然後轉向油而不是大豆。

Thanks. That's it for me. I appreciate the color.

謝謝。對我來說就是這樣。我很欣賞它的顏色。

Thanks for taking the time.

感謝您抽出時間。

Matthew Venezia, Alliance Global Partners.

馬修威尼斯，聯盟全球合作夥伴。

Yes. Hi, guys. Congrats on the quarter. Very good to hear from you all. My one question for today is, are you planning on transferring HT1, HT3 stacked traits to customers only in the stacked version in rice or do you think you would be transferring them separately at all, just like HT1 by itself or HT3 by itself?

是的。嗨，大家好。恭喜本季。很高興收到大家的來信。我今天的一個問題是，你們是否打算僅將 HT1、HT3 堆疊性狀以大米堆疊版本的形式轉移給客戶，還是認為你們會單獨轉移它們，就像 HT1 本身或 HT3 本身一樣？

That's a great question. The bread and butter of the herbicide business is having stacked traits. That's what GMO made their name. And so if you go into rice and corn they have probably five different herbicide stacks. And what we're really saying is that the same thing is going to happen in the non-GMO crops, and we're going to be leading in that field.

這是一個很好的問題。除草劑行業的麵包和黃油具有多種特徵。這就是基因改造生物（GMO）的名字。因此，如果你研究水稻和玉米，它們可能有五種不同的除草劑組合。我們真正想說的是，同樣的事情也將發生在非基因改造作物中，我們將在該領域處於領先地位。

And so think of the stacked trait as one where we'll offer each of the traits individually and then we'll start developing stacked traits with each of them individually. And we have four different herbicides we're working on right now to try to complete the opportunity in stacks that we'd expect to have it available so that, depending on where you are, the farmer and the seed company can sell a seed that has the ability for the farmer to be able to pick the herbicide that works best for them.

因此，將堆疊特徵視為我們將單獨提供每個特徵，然後我們將開始單獨開發每個特徵的堆疊特徵。我們現在正在研究四種不同的除草劑，以嘗試成堆地完成我們期望提供的機會，這樣，根據您所在的位置，農民和種子公司可以出售種子農民有能力選擇最適合他們的除草劑。

It's the way you get it. We're not so much in the trait businesses, though. It's the weed management businesses. For the weed management business, you need to offer a seed that has a bunch of different ways for the farmer to manage the weeds.

這就是你得到它的方式。不過，我們不太熱衷於特質業務。這是雜草管理業務。對於雜草管理業務，您需要提供一種種子，該種子具有多種不同的方式供農民管理雜草。

And to do that for the different levels or pre-plant and fair plant, you need the ability to handle a bunch of different ones. And we're alone in this field and we're pretty excited about the ability to lead them by having a whole group of stacked traits.

要在不同等級或預種植和公平植物上做到這一點，您需要能夠處理一堆不同的植物。我們在這個領域是獨一無二的，我們對能夠透過擁有一整套堆疊的特質來領導他們感到非常興奮。

Was that helpful?

這樣有幫助嗎？

Yes, Rory. Thanks, Rory. I appreciate you taking the question.

是的，羅裡。謝謝，羅裡。我很感謝你提出這個問題。

Peter, do you want to add?

彼得，你想補充嗎？

Yeah. Let me add a little bit to that because I think this is such a great question. And it is one of the things that I'm most excited about, being able to bring to the market opportunities for farmers to control their weeds. As Rory said, this is the weed management business.

是的。讓我補充一點，因為我認為這是一個很好的問題。這是我最興奮的事情之一，能夠為農民帶來控制雜草的市場機會。正如羅裡所說，這就是雜草管理業務。

Weeds are a huge headache for farmers globally and it really sets their productivity. It costs a lot of money to actually use herbicides across the crop. They use diesel or they fly on using aerial sprayers, as I mentioned, it can be as much as $120 per acre just to control weeds.

雜草是全球農民頭痛的問題，它確實決定了他們的生產力。在農作物上實際使用除草劑要花很多錢。他們使用柴油，或使用空中噴霧器飛行，正如我所提到的，僅僅為了控制雜草，每英畝的費用就高達 120 美元。

So for us, bringing forward the opportunities, as Rory mentioned, one, it's exciting for the farmers, but the seed companies, being able to provide those offerings. So it helps with regards to weed resistance management and having the multiple stacked traits. And as Rory said, in soy and corn, this has been done for many years, and but it has been done with GMOs.

因此，對我們來說，正如羅裡提到的那樣，帶來機遇，第一，能夠提供這些產品對農民和種子公司來說都是令人興奮的。因此，它有助於雜草抗性管理和具有多種堆疊性狀。正如羅裡所說，在大豆和玉米領域，這種做法已經進行了很多年，而且是透過基因改造生物完成的。

So the non-GMO crops like wheat and rice haven't had those opportunities. So that's why I think bringing HT3, HT1, and others to the marketplace, not just in the US, but Latin America and into the Asian markets, is very exciting that we've made so much progress in such a short amount of time.

因此小麥和水稻等非基因改造作物沒有這些機會。因此，我認為將HT3、HT1 和其他產品推向市場（不僅是在美國，而且還推向拉丁美洲和亞洲市場）是非常令人興奮的，因為我們在如此短的時間內取得瞭如此大的進展。

Well, thank you, guys, much appreciate it.

嗯，謝謝你們，非常感謝。

Thank you. Yeah, great question.

謝謝。是的，很好的問題。

Austin Moeller, Canaccord.

奧斯汀·莫勒，Canaccord。

Hi, good afternoon. My first question here, can you go into detail about what processes will be undertaken in the second half to evaluate those edits made in canola for Sclerotinia and Nutrient Use Efficiency in HT2?

嗨，下午好。我的第一個問題是，您能否詳細介紹下半年將採取哪些流程來評估雙低油菜籽中對核盤菌和 HT2 養分利用效率的編輯？

Peter, let me go. In each of those, the first thing you're doing for Sclerotinia and HT2, in Sclerotinia, you have two different modes of actions we've had field studies on. And I'm really excited that our third, which I think is really going to be the blockbuster of the three, you're waiting first for just greenhouse data and growth room data and we'll get into the field until next year.

彼得，讓我走。在每一個方面，您為核盤菌和 HT2 所做的第一件事是，在核盤菌中，您有兩種不同的作用模式，我們對此進行了實地研究。我真的很興奮我們的第三個，我認為這真的將成為三個中的重磅炸彈，您首先等待溫室數據和生長室數據，我們將在明年之前進入該領域。

But we are -- the first thing is to look at the greenhouse data and the same thing is true of HT1. Because we've made the edits, the next step in the edit there's so many good assays right now is to validate the value of those things in the greenhouse and then because we have customers, how quickly we can move it as the customers are involved in here.

但我們 - 首先是查看溫室數據，HT1 也是如此。因為我們已經進行了編輯，所以編輯的下一步是驗證溫室中這些東西的價值，然後因為我們有客戶，所以當客戶參與時我們可以多快地移動它在這裡。

Yeah. Thanks, Rory. I think that, we talk about the modes of action for disease resistance. And it's important to understand that's the beauty of, and uniqueness of what Cibus is doing is, Rory often talks about antivirals as an analogy in the pharmaceutical business and this is the same for us. Having multiple modes of action for disease resistance is the ability to give durable resistance to crops against diseases like Sclerotinia.

是的。謝謝，羅裡。我認為，我們討論的是抗病的作用方式。重要的是要理解 Cibus 所做的事情的美妙之處和獨特之處在於，Rory 經常將抗病毒藥物比喻為製藥業，這對我們來說也是一樣。具有多種抗病作用模式意味著作物能夠持久抵抗菌核病等疾病。

So we're excited to see the second half of this year with the third mode of action, as Rory said, in our growth chambers and greenhouse to validate the trait. We know it's going to work. We've got good evidence already as the other modes of action. Bringing them all together is the next step for us.

因此，我們很高興看到今年下半年出現第三種作用模式，正如羅裡所說，在我們的生長室和溫室中驗證該性狀。我們知道它會起作用。對於其他行動方式，我們已經有了充分的證據。將它們整合在一起是我們的下一步。

And the customers that we talk to and that we have with our canola franchise, we see them very excited by this. It is one of the complex traits that we've talked about and the uniqueness of what we do to address those complex traits.

與我們交談的客戶以及擁有油菜籽特許經營權的客戶，我們看到他們對此感到非常興奮。這是我們討論過的複雜特徵之一，也是我們為解決這些複雜特徵所採取的獨特措施。

You asked about the herbicide tolerance and also NUE. And they're the same, we have assays already for HT. We understand what we do to address the next stage of showing that the crop is tolerant to that particular herbicide.

您詢問了除草劑耐受性和 NUE。它們是相同的，我們已經進行了 HT 檢測。我們了解我們要做什麼來解決下一階段的問題，以證明作物對特定除草劑具有耐受性。

And then with regards to NUE, we are at the that's come on faster than we expected. And we're excited because I think the, as I mentioned in my remarks it is one of the biggest opportunities we have globally and bringing forward the NUE traits. The first set of edits is just the first generation and we'll look forward to reporting on those later this year.

然後就 NUE 而言，我們的進展速度比我們預期的要快。我們很興奮，因為我認為，正如我在發言中提到的，這是我們在全球擁有的最大機會之一，並提出了 NUE 特徵。第一組編輯只是第一代，我們期待在今年稍後報告這些內容。

Great. And just a follow-up. Will the cost saving initiatives mentioned in the release to conserve capital slow down the rate at which further editing and development work on new traits will be completed and would that move like greenhouse and field testing to the right or not particularly?

偉大的。只是後續行動。新聞稿中提到的節省資金的成本節約措施是否會減緩新性狀進一步編輯和開發工作的完成速度，這是否會像溫室和田間測試一樣向右移動？

No. We have three big platforms. Weeds, disease, and NUE following that our focus right now is really to make sure these get going and these start making money and we can break out of them. And so our focus has really been on theirs. And there's nothing we're doing that's going to stop the growth and building of those.

不。我們有三大平台。接下來是雜草、疾病和 NUE，我們現在的重點實際上是確保這些能夠正常運轉，並開始賺錢，我們可以擺脫它們。所以我們的重點確實是他們的。我們所做的任何事情都無法阻止這些的成長和建設。

It's just sort of rationalizing and understanding what we need to build the rest of the business. But the big things we care about, which is getting this herbicide tolerance in rice and wheat is really just a really big category and we already have a bunch of herbicides to work with. And with disease, we have our patterns. It's really more a development process.

這只是一種合理化和理解我們需要什麼來建立業務的其餘部分。但我們關心的大事是讓稻米和小麥具有除草劑耐受性，這實際上是一個非常大的類別，我們已經有很多除草劑可以使用。對於疾病，我們有我們的模式。這實際上更像是一個開發過程。

Is that helpful?

有幫助嗎？

Excellent. Thanks for the details.

出色的。感謝您提供詳細資訊。

Sameer Joshi, H.C. Wainwright.

薩米爾‧喬希 (Sameer Joshi)，H.C.溫賴特。

Yeah. Thanks for taking my question. Just a few clarifications. It was a good presentation. The press release is pretty detailed. On the sustainable ingredients, you say there has been a material increase in funding for 2024 and for 2025. Is this a prospective thing or have you seen some initial funding increases already?

是的。感謝您提出我的問題。只是一些澄清。這是一個很好的演示。新聞稿非常詳細。關於永續成分，您說 2024 年和 2025 年的資金大幅增加。這是一個有前景的事情還是您已經看到一些初始資金的增加？

Could you repeat that just so I can get it clear? It's about the increase funding?

您能重複嗎，好讓我能清楚地了解清楚？是關於增加資金嗎？

Yeah. For the sustainable ingredients sort of milestones, you have a material increase in funding in this year and the next year?

是的。對於永續成分的里程碑，你們今年和明年的資金有實質增加嗎？

Yeah. I think our partners are as excited or more excited than we are. I think that we really have, really, we're all convinced that and we've made great progress in understanding the edit, that we can modify soybean in a way to really address the profitability if any of these things are trying to change and we're really excited about the biofragrance. And so this increase in funding was just the ability for us to accelerate and be sure we're ready as the soybean comes right out of that bear.

是的。我認為我們的合作夥伴和我們一樣興奮，甚至更興奮。我認為我們真的，真的，我們都相信，並且我們在理解編輯方面取得了很大進展，如果這些事情中的任何一個試圖改變並且我們可以以某種方式修改大豆，以真正解決盈利問題，而我們對生物香料感到非常興奮。因此，資金的增加只是我們加速並確保我們在大豆走出熊市時做好準備的能力。

Yeah. I agree, Rory. I think what's been exciting and encouraging over the last six months at Cibus is there's an appetite for plant-based solutions. And as Rory's mentioned, we've got some partnerships already with companies that want to fund this research. And so it's not just soybean. It's beyond that as well. I think we're seeing a real appetite in the market for people coming to us with a pull-through strategy of saying, we really need this sustainable ingredient and it really does meet their sustainability goals.

是的。我同意，羅裡。我認為過去六個月 Cibus 令人興奮和鼓舞的是人們對基於植物的解決方案的需求。正如羅裡所提到的，我們已經與想要資助這項研究的公司建立了一些合作關係。所以這不僅僅是大豆。也超出了這個範圍。我認為我們看到市場上對那些帶著拉動策略來找我們的人有真正的興趣，他們說，我們真的需要這種永續成分，而且它確實滿足了他們的永續發展目標。

And so part of that is to expand even things like different fuels or different oil profiles, as Rory mentioned. Soy is a really great basis for that. I think there is and we'd love to move forward on other crops that we've talked about before, like peanut, where we've got some plant-based opportunities that will be good for human health, non-allergenic peanuts.

因此，正如羅裡所提到的，其中一部分是擴大不同燃料或不同石油類型之類的範圍。大豆是一個非常好的基礎。我認為是有的，我們很樂意在我們之前討論過的其他作物上取得進展，例如花生，我們有一些對人類健康有益的植物性機會，即非過敏性花生。

There's lots of opportunities in this space and this is an area where we're getting funding towards some of these opportunities for sustainable ingredients. So a very exciting area that is part of our growth for long-term growth. (multiple speakers) Go ahead.

這個領域有很多機會，我們正在這個領域獲得資金，用於開發可持續成分的一些機會。這是一個非常令人興奮的領域，也是我們長期成長的一部分。（多個發言者） 繼續。

As you can see, they're funding the buy. They're funding because they want this and they're scoping out where do acres and how to build it, so this was a real development plan. And we decided we weren't going to go after output products unless customers are willing to fund it and build a business around it.

正如你所看到的，他們正在為購買提供資金。他們提供資金是因為他們想要這個，並且他們正在確定土地在哪裡以及如何建造，所以這是一個真正的開發計劃。我們決定，除非客戶願意為其提供資金並圍繞其建立業務，否則我們不會追求產出產品。

Yeah. And I also noted, Rory you say that this opportunity could be as big, if not bigger than the other businesses as well.

是的。我還注意到，羅裡，你說這個機會可能和其他企業一樣大，甚至更大。

Yeah. It's really interesting. I think we'd look at it as rice, canola, and wheat close behind soybean. They're all three really big platforms and both of them have the ability to take us to our expense, take us to our current expense level, but more importantly to build the business that we think we're going to build.

是的。這真的很有趣。我認為我們會將其視為緊隨大豆之後的大米、油菜和小麥。它們都是三個非常大的平台，它們都有能力讓我們承擔費用，讓我們達到目前的費用水平，但更重要的是建立我們認為我們將要建立的業務。

And I think we may have discussed this in previously, but the Canadian approval in May of this year. Can you talk about the size and the scale of the market that this opens up for you?

我想我們之前可能已經討論過這個問題，但加拿大在今年五月批准了。您能談談這為您打開的市場規模和規模嗎？

Well, Peter, I think the key use cases are very respected market. And so one by one, as these countries approve it, it's really just, obviously, it's big for canola. It saves time on increasing but it's a really good example of how around the world they're all starting to approve it and they're all passing the same things to put us in the category where we're regular, as I mentioned breeding.

好吧，彼得，我認為關鍵用例是非常受尊敬的市場。因此，隨著這些國家一一批准，這確實對油菜籽來說很重要。它節省了增加時間，但這是一個很好的例子，說明世界各地的人們都開始批准它，並且他們都通過了相同的事情，將我們歸入常規類別，正如我提到的育種。

And the UK may be small, but we're just doing our first field trial in the UK and we'll soon have results from a field trial in the UK So each of these approvals just build the whole idea that not only are we alone in this field, but we're alone in this field with technology that we can make these edits, and these edits are going to be regular, it's like breeding. So I think my team is excited about Canada, just because how respected our team thinks about Canada.

英國可能很小，但我們剛剛在英國進行第一次現場試驗，我們很快就會得到英國現場試驗的結果，所以這些批准中的每一個都只是建立了整個想法，即我們不僅是孤軍奮戰在這個領域，但我們是這個領域唯一擁有可以進行這些編輯的技術的人，而這些編輯將是定期的，就像育種一樣。所以我認為我的團隊對加拿大感到興奮，只是因為我們的團隊對加拿大的看法是多麼受尊重。

Yeah. I'll just add a little bit to that, because I love flying across Canada and seeing how much yellow flowering there is. There's 22 million to 25 million acres of canola in the prairies. And so -- but not only that, you've also got a really strong wheat market and soybeans move north as well. So you've got three of our crops that we're working on, and so Canada is one of our key markets for sure.

是的。我只想補充一點，因為我喜歡飛越加拿大，看看那裡有多少黃色的花。大草原上有 2,200 萬至 2,500 萬英畝油菜籽。不僅如此，小麥市場也非常強勁，大豆也向北移動。我們正在種植三種作物，因此加拿大肯定是我們的主要市場之一。

And they do have an environment where Sclerotinia resistance would be pretty important.

他們確實有一個環境，​​其中核盤菌抗性非常重要。

Great. That's good to see. And that you have tabs on this market, that's good to see as well. Last one for maybe Wade. The SG&A expense of $9.3 million on a GAAP basis, it is sequentially higher. Is there a reason for that and should we expect for the next two to four quarters similar levels of SG&A?

偉大的。很高興看到這一點。而且你在這個市場上有標籤，這也是很高興看到的。也許是韋德的最後一擊。以 GAAP 計算，SG&A 費用為 930 萬美元，比上一季更高。這其中有什麼原因嗎？

I think you'll see it be pretty consistent looking ahead. Remember, this is the last quarter we'll be reporting results whereby the comparable year, the comparable period from prior year is a mixed bag given the merger. We expect, frankly, our cash spend to be very consistently $5 billion above going forward.

我想你會發現展望未來它是相當一致的。請記住，這是我們將報告的結果的最後一個季度，考慮到合併，可比年度、上年可比期間的情況好壞參半。坦白說，我們預計未來的現金支出將持續保持在 50 億美元以上。

And so you've got a good blend of obviously development activity, production activity, and of course, the G&A supporting the fundamentals of the business. But may be that, I think you will see that SG&A spend to be rather consistent looking ahead with once again total cash spend approximating $5 million a month.

因此，您顯然可以很好地融合開發活動、生產活動，當然還有支援業務基本面的一般管理費用。但也許是這樣，我認為您會看到 SG&A 支出在未來相當穩定，每月現金支出總額再次接近 500 萬美元。

Understood. Thanks for that. Congratulations on all the progress and good luck.

明白了。謝謝你。祝賀所有的進步並祝你好運。

Thanks, Sam. And we're moving, each of the platforms are doing a pretty good job of signing on customers and pulling along. So thanks.

謝謝，山姆。我們正在採取行動，每個平台在吸引客戶和推動發展方面都做得很好。所以謝謝。

Steve Byrne, Bank of America.

史蒂夫伯恩，美國銀行。

Yes. Thank you. Just curious, what's the mechanism of action behind this nitrogen or Nutrient Use Efficiency? Is it reducing the nitrogen content in the crop or is this really more root system related better ability to assimilate nutrients that are in the soil?

是的。謝謝。只是好奇，這種氮或養分利用效率背後的作用機轉是什麼？是減少了作物中的氮含量，還是這確實與根係有關，具有更好的吸收土壤養分的能力？

Thanks, Steve. Let me start by saying that we've reported on this as one of our first times where we're working with a partner as a third-party to bring in edits to our canola platform. We're excited we made this very quickly.

謝謝，史蒂夫。首先我要說的是，這是我們第一次與合作夥伴作為第三方合作，對我們的油菜籽平台進行編輯，對此進行了報告。我們很高興我們很快就做到了。

It is more associated with nutrient uptake in the crop. There's many modes of action that we're going to go after, Steve. I won't go into the specifics today but fundamentally, it is not just nitrogen that we're looking at. It is more the whole NPK fertilizer opportunity. And I think that, like a lot of our opportunities in being able to do complex edits, we're looking at multiple ways to enhance the use of nutrients in crops.

它與作物的養分吸收關係較大。我們將追求多種行動模式，史蒂夫。今天我不會詳細討論，但從根本上來說，我們關注的不僅僅是氮氣。這更是全氮磷鉀肥料的機會。我認為，就像我們能夠進行複雜編輯的許多機會一樣，我們正在尋找多種方法來增強作物中養分的利用。

And so for us right now, it's more on the root side. But within the plant, we hope to also bring on other edits that have a multifactorial way of getting to Nutrient Use Efficiency. So yes, a really cool mode of action that is more nutrient-based.

所以現在對我們來說，更多的是在根方面。但在植物內部，我們也希望進行其他編輯，以多因素的方式提高養分利用效率。所以，是的，這是一種非常酷的行動方式，更基於營養。

Very good. And then one question on the Sclerotinia trait. Is there any risk that if you are successful at putting that edit into soybeans, that it might have a different effect on fungal resistance than it does in canola or are you confident in that ability?

非常好。然後是一個關於核盤菌特性的問題。如果您成功地將這種編輯引入大豆中，是否存在任何風險，它可能對真菌抗性產生與油菜籽不同的影響，或者您對這種能力有信心嗎？

Well, really, the work that we've done in our R&D team, Steve, would actually point to the opposite. That it's actually a little bit better in soybeans. We're able to do some early assays now. You have to get it in the plant. You have to get it in the greenhouse. You have to get it in the field to test it. But we are the work that we have done and the assays we've analyzed give us a lot of comfort that we are going to be successful.

好吧，實際上，我們的研發團隊所做的工作，史蒂夫，實際上指向相反的方向。事實上，大豆的效果要好一些。我們現在可以進行一些早期分析。你必須把它拿到工廠裡。你必須把它放在溫室裡。您必須將其帶到現場進行測試。但我們所做的工作和分析的分析給了我們很大的安慰，我們將會成功。

Very good. Thank you

非常好。謝謝

Thanks, Steve.

謝謝，史蒂夫。

And there are no further questions at this time. I'll turn the call to the management for any closing remarks.

目前沒有其他問題。我將把電話轉給管理階層，讓他們發表結束語。

Thanks. And thanks, everyone, for listening. I think, as I said at the end, we're most excited about how far we're moving this rice platform. And it's such a good example of weed management and the dollar value of it and the size of the rice market, iIt's such a big opportunity.

謝謝。感謝大家的聆聽。我想，正如我在最後所說，我們最興奮的是我們將這個大米平台移動了多遠。這是雜草管理的一個很好的例子，它的美元價值和大米市場的規模，這是一個巨大的機會。

And a lot of questions here on advanced traits, and for good reason. Both of our advanced traits are potential $1 billion royalties across the markets and so how they move and their inflection is really important and so we're tracking pretty closely how we build those into our platform. So thanks so much, guys, and look forward to next quarter. I'm all done, Operator.

這裡有很多關於高級特徵的問題，並且有充分的理由。我們的兩個高級特徵都可能在市場上獲得 10 億美元的特許權使用費，因此它們的移動方式和變化非常重要，因此我們正在密切追蹤如何將這些特徵建置到我們的平台中。非常感謝，夥計們，並期待下個季度。我已經完成了，接線員。

Thank you. This does conclude today's program. Thank you for your participation. You may disconnect at any time.

謝謝。今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。