Cibus Inc (CBUS) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to the Cibus first quarter 2026 earnings call. (Operator Instructions) Please also note today's event is being recorded.

下午好，歡迎參加 Cibus 2026 年第一季財報電話會議。(接線員指示) 也請注意，今天的活動將被錄音。

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

現在，我想把會議交給臨時財務長 Carlo Broos。先生，請開始。

Thank you, and good afternoon. I would like to thank you for taking time to join us for Cibus first quarter 2026 financial results and business update conference call and webcast. Presenting with me today is Peter Beetham, Co-Founder, Interim Chief Executive Officer, President and COO; and Greg Gocal, Co-Founder and our Chief Scientific Officer.

謝謝，下午好。感謝各位撥冗參加 Cibus 2026 年第一季財務結果與業務更新的電話會議與網路直播。今天與我一同出席的還有共同創辦人、臨時執行長、總裁暨營運長 Peter Beetham，以及共同創辦人兼首席科學長 Greg Gocal。

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.

在我們開始之前，我想提醒各位，電話會議與網路直播中所作的陳述（包括關於未來財務結果、未來營運目標以及產業前景的陳述）均屬前瞻性陳述，可能受到多項風險與不確定性影響，致使實際結果與會議中所述內容出現重大差異。相關風險清單請參閱 Cibus 向 SEC 提交的文件。

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 you in your analysis of our business.

本次電話會議將進行網路直播。網路直播連結以及我們的新聞稿與公司簡報，均可於 cibus.com 的投資人關係專區取得，以協助各位分析我們的業務。

And with that, I would now like to turn the call over to Peter.

接下來，我想把電話會議交給 Peter。

Thanks, Carlo, and good afternoon, everyone. I'm so pleased to report continued momentum toward our commercial goals across our priority programs during the first quarter of 2026. If I had to distill our message today into a single word, it would be execution. We raised significant capital over the last several months, approximately $37 million in gross proceeds across two public offerings. And we have immediately put that capital to work, advancing our commercial objectives for our priority programs.

謝謝你，Carlo，各位下午好。我很高興報告，在 2026 年第一季，我們在各項優先計畫上，朝向商業化目標持續展現動能。如果要把今天的訊息濃縮成一個字，那就是「執行」。過去幾個月我們透過兩次公開發行募集了可觀資金，總募集金額約 3,700 萬美元（毛額）。我們也立即將這些資金投入運用，推進優先計畫的商業化目標。

We are uniquely focused on changing the speed and scale of breeding. We're focused every day on moving materials through the system, advancing customer relationships and delivering on the milestones that we strongly believe will create value for our shareholders. 2025 was about building that foundation, which saw us sign up new seed company customers, establish material transfer agreements, complete pre-commercial pilot runs and importantly, position our priority programs for opportunities that Cibus is uniquely positioned to capitalize on. We executed on all those objectives, the mark of a successful year.

我們專注於改變育種的速度與規模。我們每天都專注於推動材料在系統中流轉、深化客戶關係，並達成我們堅信能為股東創造價值的里程碑。2025 年是建立基礎的一年：我們簽下新的種子公司客戶、建立材料移轉協議、完成商業化前的試點生產，並且重要的是，讓我們的優先計畫就位，以把握 Cibus 具備獨特優勢可加以掌握的機會。我們完成了所有這些目標，這是一個成功年度的標誌。

Now in 2026, our focus has shifted to executing on the commercial opportunities ahead of us, getting material back into the hands of our customers, negotiating pricing and volume agreements and converting our pipeline into revenue-generating opportunities. In fact, just last week, we delivered gene edited rice with herbicide tolerant traits back to Interoc, a perfect example of our commercialization progress as it is an important step toward the deployment of our commercial launch plans for the Rice royalty business. We look forward to executing more planned transfers to our Latin American partners this year.

進入 2026 年，我們的重點已轉向執行眼前的商業機會：把材料交回客戶手中、協商定價與供應量協議，並將我們的管線轉化為可帶來營收的機會。事實上，就在上週，我們已將具除草劑耐受性狀的基因編輯稻米交付給 Interoc，這是我們商業化進展的絕佳例證，因為這是推進稻米權利金業務商業上市計畫部署的重要一步。我們期待今年能對拉丁美洲合作夥伴執行更多已規劃的移轉。

So the backdrop for this work has never been more compelling. Today's agricultural landscape underscores the urgency and vital importance of our mission. Ongoing disruptions in global fertilizer supply chains, in terms of both nitrogen production, delivery and pricing are creating real financial challenges for farmers navigating the global geopolitical landscape, particularly in nitrogen-intensive crops within our portfolio like rice, wheat and canola. These disruptions highlight the significant value creation potential embedded across our trait development platform and reinforce why novel precision breeding solutions in elite seeds are essential to building a more resilient and productive agricultural system.

因此，這項工作的背景從未如此令人信服。當前的農業環境凸顯了我們使命的迫切性與關鍵重要性。全球肥料供應鏈在氮肥生產、運輸交付與價格方面持續受干擾，讓農民在全球地緣政治情勢下承受實質的財務挑戰，尤其是我們產品組合中對氮需求高的作物，如稻米、小麥與油菜籽。這些干擾凸顯了我們性狀開發平台所蘊含的重大價值創造潛力，也再次強化：在菁英種子中導入新穎的精準育種解決方案，對於建立更具韌性且更高產的農業系統至關重要。

Just remember, seeds are the engine room of production in agriculture. It is precisely why we exist to make each acre more productive. And this wave of disruption and uncertainty reemphasizes what we began to see earlier this year. The seed companies want to get more deeply integrated with our technologies rather than simply accessing a single trait. They are coming to us not for one edit in one crop, but to explore broader ongoing relationships where Cibus serves as a gene editing engine across their breeding programs.

請記住，種子是農業生產的引擎室。這正是我們存在的原因：讓每一英畝更具生產力。而這波干擾與不確定性，再次凸顯了我們今年稍早開始看到的趨勢。種子公司希望與我們的技術更深度整合，而不只是取得單一性狀。他們來找我們，不是為了在某一作物做一次編輯，而是探索更廣泛、持續的合作關係，讓 Cibus 成為其育種計畫中的基因編輯引擎。

Last quarter, I described how that evolution may map to our economics. The important update is that we are now seeing it play out in practice. The commercial discussions we are having today, whether it relates to a trait license opportunity in rice, a fragrance scale-up with our CPG partner or a new partner-funded development program in wheat or canola, all flow through the same structure. Cibus makes the edit and Cibus retains part of the value created through royalties. What has changed is the pace.

上個季度，我曾說明這種演進可能如何對應到我們的經濟模式。重要的最新進展是：我們現在正看到它在實務上逐步落地。我們目前進行的商業討論，無論是稻米性狀授權機會、與我們 CPG 合作夥伴的香味產品擴產，或是在小麥或油菜籽上由新合作夥伴出資的開發計畫，皆遵循相同的架構。Cibus 進行編輯，而 Cibus 透過權利金保留部分所創造的價值。改變的是速度。

The number of active conversations, the depth of those conversations and the proximity to revenue are all meaningfully advanced from where they were when we last spoke in March. That is what gives me confidence that this model is not just well designed, it is working.

活躍對話的數量、對話的深度，以及距離營收的接近程度，相較於我們上次在 3 月通話時，都有顯著進展。這讓我有信心：這個模式不僅設計良好，而且正在發揮作用。

Now I will dive into our priority pipeline updates, beginning with rice, where we have 7 active rice seed company customer relationships across LATAM and the United States, and we are advancing discussions with additional seed companies in new markets, including Brazil, with the support of RTDC, and Argentina. We are also continuing to explore opportunities in the large Indian rice market with support from RTDC and our partner, AgVaya.

接下來我將深入說明我們的優先管線更新，先從稻米開始。目前我們在拉丁美洲與美國共有 7 個活躍的稻米種子公司客戶合作關係，並在 RTDC 的支持下，與其他種子公司推進新市場（包括巴西）以及阿根廷的合作洽談。我們也在 RTDC 與合作夥伴 AgVaya 的支持下，持續探索印度龐大稻米市場的機會。

I'm really pleased to report that we are on track for our planned 2027 initial LATAM commercial launch. LATAM represents the primary thrust of our near-term efforts to build the rice business, representing the bulk of the $200 million annual addressable royalty opportunity across the Americas combined 5 million to 7 million peak addressable acres.

我很高興報告，我們正按計畫推進，預計於 2027 年在拉丁美洲進行首次商業上市。拉丁美洲是我們短期內建立稻米業務的主要著力點，涵蓋美洲地區每年約 2 億美元的可觸及權利金機會之大部分，並對應合計約 500 萬至 700 萬英畝的可觸及峰值種植面積。

With respect to the United States, over the past several weeks, we have refined our launch model with our chemistry partner, Albaugh. In the near term, Albaugh is working through its chemical registration workflow with regulators here in the USA, which is a key gating item for our US launch. While we have made great progress, the registration process for use of their clethodim herbicide in rice is behind the initial timeline we were working against, which pushes the estimated US launch from 2028 to 2029.

就美國而言，過去幾週我們已與化學品合作夥伴 Albaugh 進一步完善上市模式。短期內，Albaugh 正在美國與監管機關推進其化學品登記流程，這是我們在美國上市的一項關鍵門檻。雖然我們已取得很大進展，但其 clethodim 除草劑在稻米上的使用登記流程落後於我們原先的時程，因而將美國預估上市時間由 2028 年延後至 2029 年。

The work we are doing right now with elite seed from partners must align with herbicide registration. So getting materials through the system and into the hands of our seed company partners is the critical path for success.

我們目前與合作夥伴的菁英種子所進行的工作，必須與除草劑登記進度相互配合。因此，讓材料在系統中順利推進並交到種子公司合作夥伴手中，是成功的關鍵路徑。

In terms of our progress in Q1, in January, we executed a nonbinding letter of intent or LOI with Interoc, one of our lead Latin American seed partners, establishing a framework for the commercialization of co-developed herbicide-tolerant rice traits across key Latin American markets. This agreement targets initial market entry into Ecuador and Colombia in 2027, with phased expansion into Peru, Central America and the Caribbean, followed by US expansion now in 2029.

就我們第一季的進展而言，1 月我們與 Interoc（我們在拉丁美洲的主要種子合作夥伴之一）簽署了一份不具約束力的意向書（LOI），建立在拉丁美洲關鍵市場共同商業化共同開發之除草劑耐受稻米性狀的框架。該協議以 2027 年先進入厄瓜多與哥倫比亞市場為目標，並分階段擴展至秘魯、中美洲與加勒比地區，之後再於目前規劃的 2029 年擴展至美國。

In March, Interoc received an additional import permit to allow for the transfer of material bearing our HT traits. This was an extremely important regulatory step that clears the path for us to begin delivering gene edited trait material into the seed system in Latin America.

3 月，Interoc 取得額外的進口許可，以允許移轉帶有我們 HT 性狀的材料。這是一項極其重要的監管步驟，為我們開始將基因編輯性狀材料導入拉丁美洲的種子系統掃清道路。

And in May, we executed delivery of completed gene edited materials in Interoc's elite rice germplasm. This transition facilitates the immediate commencement of production and brings us one step closer to an agreement with Interoc to launch Cibus-enhanced seed products into the Latin American agricultural markets.

而在 5 月，我們完成交付在 Interoc 菁英稻米種原背景中的基因編輯材料。此一轉換促使生產得以立即啟動，並讓我們更接近與 Interoc 達成協議，將 Cibus 強化的種子產品推向拉丁美洲農業市場。

Turning now to Sustainable Ingredients. Last quarter, we reported receiving our first customer payment in Q4, representing a significant milestone. And as I shared with you last quarter, this sets us up to formalize our expanded partnership and target commercial scale production during 2026. The work on that front is progressing. I want to give you a sense of what that looks like inside the organization right now.

現在轉到永續成分。上季我們報告在第四季收到第一筆客戶付款，這代表一個重要里程碑。正如我上季與各位分享的，這讓我們得以正式化擴大合作夥伴關係，並以在 2026 年達到商業規模量產為目標。這方面的工作正在推進。我想讓各位了解一下，目前在組織內部看起來是什麼樣子。

With the successful scaling of our technology validated through our pre-commercial pilot runs and continued customer payments reinforcing that progress in Q1, the program is now firmly in a commercial ramp-up phase. The conversations we are having today are about further scale-up schedules, production volumes, pricing terms and finalization of product formulations with our CPG partner.

隨著我們的前商業化試點運行驗證了技術成功放大規模，且第一季持續的客戶付款進一步強化了這項進展，該計畫目前已穩固進入商業爬坡（ramp-up）階段。我們今天正在進行的對話，聚焦於進一步的放大時程、產量、定價條款，以及與我們的 CPG 合作夥伴完成產品配方的定案。

We expect additional scale-up orders of our initial biofragrances in the second half of 2026, and development of additional fragrance products is underway using the same yeast platform that produce our initial products. This extensible feature of our platform is important. It means we are able to leverage our prior work rather than building from scratch each time we target a new sustainable bio fragrance.

我們預期在 2026 年下半年會有更多針對我們初始生物香氛的放大量產訂單，同時也正使用同一套酵母平台開發更多香氛產品，以生產我們的初始產品。我們平台的可延展性很重要。這表示每當我們鎖定新的永續生物香氛時，都能運用既有成果，而不必每次都從零開始建構。

Stepping back, the addressable opportunity here is significant. The global fragrance market is estimated at over $65 billion. And when fully commercialized, we believe our natural biofragrance partnerships could represent up to a $20 million to $40 million annual royalty opportunity to Cibus. Our initial biofragrance royalties also serve as a near-term revenue bridge that will ramp as our rice royalty stream builds towards its 2027 LATAM launch.

退一步來看，這裡可觸及的機會相當可觀。全球香氛市場估計超過 650 億美元。而在全面商業化後，我們相信我們的天然生物香氛合作夥伴關係，可能為 Cibus 帶來每年約 2,000 萬至 4,000 萬美元的權利金機會。我們初始的生物香氛權利金也可作為近期的營收橋樑，並將隨著我們稻米權利金收入在 2027 年拉丁美洲（LATAM）上市前逐步建立而同步提升。

And it demonstrates something I think is underappreciated, the same core competencies that enable developing herbicide tolerance in rice is creating commercial value in the vast consumer products industry and is driving discussions across our entire opportunity pipeline. Beyond biofragrances, we also continue to advance our partner-funded crop-based oleic oils program as part of the broader Sustainable Ingredients portfolio.

這也證明了一點我認為常被低估的事：使我們能在稻米中開發除草劑耐受性的同一套核心能力，也正在龐大的消費性產品產業中創造商業價值，並推動我們整體機會管線中的各項討論。除了生物香氛之外，作為更廣泛永續成分組合的一部分，我們也持續推進由合作夥伴出資的作物來源高油酸油脂計畫。

And finally, I should note that the regulatory environment continues to be a tailwind at a moment when it matters most. As global supply chains face disruption and farmers look for new solutions, the doors for precision breeding are opening in the jurisdictions that matter. The EU's political agreement on New Genomic Techniques legislation is advancing with the EU Environment Committee, ENVI, and the European Commission formally endorsing language, which sets up the Parliament for a vote in the upcoming plenary session.

最後，我也要指出，監管環境在最關鍵的時刻仍持續帶來順風。在全球供應鏈面臨干擾、農民尋求新解方之際，精準育種在關鍵司法管轄區的機會之門正在開啟。歐盟就新基因體技術（New Genomic Techniques）立法的政治協議，正隨著歐盟環境委員會（ENVI）的推進而前進，且歐盟執委會已正式背書相關文字，為議會在即將到來的全體會議（plenary session）進行表決鋪路。

Within Latin America, Ecuador has confirmed that our HT1 and HT3 rice traits are equivalent to those developed through conventional breeding, which is directly enabling our LATAM launch timeline. And Peru has followed with a similar determination. Remember, in the United States, we now have a total of 17 positive USDA-APHIS determinations.

在拉丁美洲，厄瓜多已確認我們的 HT1 與 HT3 稻米性狀等同於透過傳統育種所開發的性狀，這直接支持我們的 LATAM 上市時程。秘魯也做出了類似的認定。請記得，在美國，我們目前累計已獲得 17 項 USDA-APHIS 的正面認定。

Our teams have been active players in these regulatory conversations for decades, and I want to emphasize the commercial significance of this momentum we are seeing. Regulatory harmonization across these jurisdictions is not just a policy headline, it is what is driving the commercial conversations we are having right now with seed companies across three continents. Without it, the technology readiness would not matter. With it, we have an increasingly clear runway.

我們的團隊數十年來一直積極參與這些監管對話，我想強調我們所看到這股動能的商業重要性。跨這些司法管轄區的監管一致化不只是政策新聞標題，而是正在推動我們此刻與三大洲種子公司進行的商業對話。沒有它，技術成熟度就不重要。有了它，我們的跑道愈來愈清晰。

I will now pass the call over to Greg to discuss the opportunity pipeline traits and programs. Greg?

接下來我把電話交給 Greg，請他談談機會管線中的性狀與計畫。Greg？

Thank you, Peter. I'll focus my remarks today on the key technical milestones that support our priority programs and our broader opportunity pipeline. Our scientific progress is directly enabling the commercialization momentum Peter described. In rice, last fiscal year, we achieved an order of magnitude improvement in editing efficiency, the results of systematic optimization across reagents, cell culture conditions, delivery mechanics and regeneration.

謝謝你，Peter。我今天的重點將放在支持我們優先計畫與更廣泛機會管線的關鍵技術里程碑。我們的科學進展正直接促成 Peter 所描述的商業化動能。在稻米方面，上一個會計年度我們在編輯效率上達成了數量級的提升，這是對試劑、細胞培養條件、遞送機制與再生流程進行系統性最佳化的成果。

We're compounding those gains through rapid deployment and strategic application of AI and machine learning, which is accelerating target identification, improving the precision of predictive edit outcomes and feeding continuous learnings back into each new campaign. The result is a trait machine process that is faster, more scalable and more consistent than ever.

我們透過快速部署並策略性運用 AI 與機器學習，持續疊加這些成果，加速標的辨識、提升對預測編輯結果的精準度，並將持續學習回饋到每一次新的專案中。其結果是一套性狀機器（trait machine）流程，比以往更快、更可擴展且更一致。

Combined with our semi-automated workflows and robotic assistance, we now have the throughput to support the kind of deeper ongoing partnerships Peter outlined, functioning not just as a trait provider, but as an editing capability, complementing our customers' breeding programs.

結合我們的半自動化工作流程與機器人協助，我們現在具備足夠的產能（throughput），以支援 Peter 所概述那種更深入、持續的合作夥伴關係；我們不僅是性狀提供者，更是一項編輯能力，能補強客戶的育種計畫。

Shifting to our opportunity pipeline programs, I'll keep my remarks focused on how the current environment is accelerating interest in what we've built. Peter described the disruption that farmers are facing. What I want to walk you through is why our pipeline is uniquely positioned to meet that moment, starting with nutrient use efficiency. Our nutrient use efficiency collaboration with the John Innes Centre has always been one of strategic importance in our pipeline, but the current environment makes the case even more clearly. Remember, only about a third of applied nitrogen fertilizer is typically absorbed by plants.

轉到我們的機會管線計畫，我會把重點放在目前環境如何加速市場對我們所建立能力的興趣。Peter 描述了農民正面臨的干擾。我想帶各位了解的是，為什麼我們的管線具備獨特優勢來把握這個時刻，首先從養分利用效率談起。我們與 John Innes Centre 在養分利用效率上的合作，一直是我們管線中具策略重要性的項目，但目前環境讓其必要性更為明確。請記得，通常施用的氮肥只有約三分之一會被植物吸收。

In a world where nitrogen supply is constrained and costs are rising, a trait that improves that uptake presents an amplified value proposition. And it has multi-crop potential within our portfolio across rice, wheat and canola. This is exactly the kind of complex biological challenge our RTDS platform was designed to solve. And it is exactly the kind of trait that generates significant commercial interest when farmers are under pressure.

在氮供應受限且成本上升的世界裡，能提升吸收效率的性狀，其價值主張被放大。而在我們的產品組合中，它也具備跨作物潛力，涵蓋稻米、小麥與芥花（canola）。這正是我們 RTDS 平台所設計用來解決的複雜生物學挑戰。而當農民承受壓力時，這也正是能引發顯著商業興趣的性狀類型。

In canola, we have several important developments to report. Work is now underway on the DEFRA-funded consortium within our UK farming innovation program, where we are the gene editing partner applying our RTDS platform to develop durable resistance to Light Leaf Spot disease in oilseed rape. The program is advancing as planned with an initial funding contribution expected in 2026.

在芥花方面，我們有幾項重要進展可報告。在我們的英國農業創新計畫中，由 DEFRA 資助的聯盟目前已開始運作；我們作為基因編輯合作夥伴，正運用 RTDS 平台開發油菜（oilseed rape）對 Light Leaf Spot 病害的持久抗性。該計畫按進度推進，預期在 2026 年收到第一筆資金挹注。

On Pod Shatter Reduction, following two years of encouraging UK field trials in customer germplasm, we are preparing to plant this fall in the UK under the Precision Bred Organisms framework. This is a significant commercial catalyst and is top of mind for seed companies we are working with in Europe.

在降低裂莢（Pod Shatter Reduction）方面，繼在客戶種質（germplasm）中進行兩年令人鼓舞的英國田間試驗後，我們正準備在今年秋季於英國依據「精準育種生物體」（Precision Bred Organisms）框架進行播種。這是一項重要的商業催化劑，也是我們在歐洲合作的種子公司最關注的議題之一。

On our wheat platform, we've previously disclosed successfully regenerated plants from single cells in a wheat cultivar. Single cell regeneration is the gateway to applying our full RTDS editing capability in a new crop. Having accomplished that, the entire trait development process for that crop opens up. This, in turn, spurs opportunity for future partner-funded development in one of the world's most cultivated crops. And as the European regulatory landscape becomes clearer, we're seeing increased interest.

在我們的小麥平台方面，我們先前已揭露在一個小麥品種中成功自單一細胞再生植株。單細胞再生是將我們完整 RTDS 編輯能力應用到新作物的入口。一旦達成這一步，該作物的整個性狀開發流程就會被打開。這也進一步在全球種植最廣泛的作物之一中，帶動未來由合作夥伴出資開發的機會。而隨著歐洲監管版圖愈加明朗，我們看到興趣正在升溫。

And in soybean, we continue to build on last year's successful edit for the HT2 trait, continuing our soybean platform development in conjunction with the Sustainable Ingredients program. The regeneration in wheat mirrors the actions we aim to make in soybean once the platform is operational and represents the potential to accelerate trait development in one of the world's most cultivated crops.

在大豆方面，我們延續去年對 HT2 性狀成功編輯的成果，並結合永續成分計畫，持續推進我們的大豆平台開發。小麥的再生進展，呼應了我們在大豆平台一旦運作後希望採取的作法，並代表有潛力加速全球種植最廣泛作物之一的性狀開發。

The key message I want to leave with you is this, our RTDS platform is performing across multiple crops and increasingly complex traits. Every one of these pipeline programs is available for partnership. And together, they represent significant optionality for the business.

我想留給各位的關鍵訊息是：我們的 RTDS 平台正在多種作物與日益複雜的性狀上展現效能。這些管線計畫中的每一項都可供合作。合在一起，它們為公司帶來顯著的選擇權（optionality）。

And with that, I'll hand the call over to Carlo for the financial update. Carlo?

接下來，我把電話交給 Carlo，請他進行財務更新。Carlo？

Thank you, Greg. Looking at our financials for the first quarter. Cash and cash equivalents as of March 31, 2026, was $30.3 million. During the quarter, we completed two public offerings, raising $22.3 million in gross proceeds in January and approximately $15 million in gross proceeds in March. Taking into account the net proceeds from these offerings and the impact of our implemented cost-saving initiatives, we expect that existing cash and cash equivalents are sufficient to fund planned operating expenses and capital expenditure requirements into late in the first quarter of 2027.

謝謝你，Greg。來看我們第一季的財務表現。截至2026年3月31日，現金及約當現金為3,030萬美元。本季期間，我們完成兩次公開發行，1月募集總收益2,230萬美元，3月募集總收益約1,500萬美元。綜合考量這些發行的淨收益以及我們已實施的節支措施所帶來的影響，我們預期現有的現金及約當現金足以支應已規劃的營運費用與資本支出需求，直至2027年第一季末期。

Moving now to our operating results for the first quarter. Research and development expense was $8.7 million, compared to $11.8 million in the year ago period. The $3.1 million decrease is primarily due to cost reduction initiatives. SG&A expense was $5.1 million, compared to $9.9 million in the year ago period. The $4.8 million decrease is primarily due to a $3 million litigation expense in the first quarter of 2025 as well as cost reduction initiatives.

接著來看第一季的營運結果。研發費用為870萬美元，較去年同期的1,180萬美元下降。減少的310萬美元主要來自成本削減措施。銷售、一般及管理費用（SG&A）為510萬美元，較去年同期的990萬美元下降。減少的480萬美元主要是因為2025年第一季有300萬美元的訴訟費用，以及成本削減措施所致。

Combined, operating expenses declined by nearly $8 million year-over-year, and we remain on target to deliver annual net cash usage of approximately $30 million or less during 2026. Royalty liability interest expense related parties was $9.1 million, compared to $8.4 million in the year ago period. The $0.7 million increase is due to the recognition of interest expense on the accumulating royalty liability.

合計而言，營運費用年減近800萬美元，我們仍按計畫在2026年達成全年淨現金使用約3,000萬美元或更低的目標。與關係人相關的權利金負債利息費用為910萬美元，較去年同期的840萬美元增加。增加的70萬美元係因對累積中的權利金負債認列利息費用所致。

Net loss was $21.2 million for the quarter, compared to $49.4 million in the year ago period. Net loss per share of Class A common stock was $0.33, compared to $1.34 in the year ago period. The improvement was primarily driven by a noncash goodwill impairment in the prior year, which accounted for approximately $0.57 in net loss per share of Class A common stock as well as the impact from our cost reduction initiatives and an increase in weighted average shares outstanding.

本季淨損為2,120萬美元，較去年同期的4,940萬美元改善。A類普通股每股淨損為0.33美元，較去年同期的1.34美元改善。改善主要來自去年同期的非現金商譽減損（約占A類普通股每股淨損0.57美元），以及成本削減措施的影響與加權平均流通股數增加。

The big picture here is that our streamlining efforts are translating directly to the P&L. Our runway is supported by the capital we raised in the quarter, and our focus remains on near-term revenue execution by Sustainable Ingredients.

整體而言，我們的精簡措施正直接反映在損益表上。本季募集的資金支撐了我們的資金跑道，而我們的重點仍是由Sustainable Ingredients推動的短期營收落地執行。

And with that financial overview, let me now turn it back to Peter for his closing remarks.

以上為財務概覽，接下來我把時間交還給Peter做結語。

Thank you, Carlo, and thank you, Greg. Let me close by putting the quarter in context. On our last call, I laid out what 2026 would look like. We would be advancing toward a definitive agreement with Interoc, expanding our biofragrance partnerships, seeing important regulatory momentum in the EU, witnessing continued progress in our opportunity pipeline and demonstrating disciplined cost management execution. Today, I'm really pleased with where we stand against those objectives.

謝謝你，Carlo，也謝謝你，Greg。我用幾點來為本季做個總結與脈絡說明。在上次電話會議中，我說明了2026年會是什麼樣子。我們將推進與Interoc達成最終協議、擴大我們的生物香氛合作夥伴關係、在歐盟看到重要的法規動能、在機會管線上持續取得進展，並展現嚴謹的成本管理執行。今天，我對我們在這些目標上的進展感到非常滿意。

The Interoc letter of intent sets the framework for our pending definitive agreement. Our Sustainable Ingredients program is moving toward commercial scale. The regulatory advances are as we expected. Our opportunity pipeline is generating new engagement with potential partners. And our cost discipline is translating to the P&L.

與Interoc的意向書為我們即將簽署的最終協議奠定了框架。我們的Sustainable Ingredients計畫正朝商業化規模邁進。法規方面的進展符合我們的預期。我們的機會管線正帶來與潛在合作夥伴的新互動。而我們的成本紀律也正反映在損益表上。

In an environment where farmers worldwide are looking for answers to some of the most fundamental challenges in agriculture, I believe Cibus is in the right place with the right technology at exactly the right time. There is more work ahead of us, but the trajectory is clear, and I'm proud of what our team is building.

在全球農民都在尋找農業最根本挑戰解方的環境下，我相信Cibus以正確的技術、在正確的時間、站在正確的位置。我們前方仍有更多工作要做，但方向清晰，我也為團隊正在打造的一切感到自豪。

Operator, we're now ready to take questions.

主持人，我們現在準備開始問答。

(Operator Instructions) Matthew Venezia, AGP.

(主持人指示) Matthew Venezia，AGP。

So first one, in the PR, you guys have a bullet about the amendment to your current contract with your Sustainable Ingredients partner to expand the R&D activities there. Can you give us a little color into whether that's related to the biofragrance program or Sustainable Ingredients in soy or both? And what those increased revenues might look like? And then I have a follow-up.

第一個問題，在新聞稿裡，你們有一點提到修訂了與Sustainable Ingredients合作夥伴的現有合約，以擴大那邊的研發活動。能否多說明一下，這是與生物香氛計畫有關、還是與大豆的Sustainable Ingredients有關，或兩者皆是？以及這些增加的營收大概會是什麼樣子？我後面還有一個追問。

Thank you, Matt. We are excited to put this in the press release because it is an extension of the hard work the team has been doing in the Sustainable Ingredients area. It is to do with the soybean oleic oils. And so with that, I think that -- the activities that we've been doing have been expanding that area and really making great advances. And the upshot of that is that we've seen the ability to amend that contract and have an expansion as part of our R&D revenue going forward.

謝謝你，Matt。我們很高興把這件事寫進新聞稿，因為這是團隊在Sustainable Ingredients領域努力成果的延伸。這與大豆高油酸油品有關。因此，我認為——我們正在進行的活動一直在擴展這個領域，並且取得了很大的進展。其結果是，我們看到有能力修訂該合約，並在未來把擴大部分納入我們的研發營收。

And I'll hand it to Carlo to add any additional color.

我把時間交給Carlo補充更多細節。

No, I think that's spot on, Peter. When you look at the last quarter, there was also some extra work done and that was recognized by a partner, and that's why we had a catch-up payment in this quarter. That's also why you see our revenue going up. Just happy with that recognition. Hope that covers it, Matt?

不，我覺得你說得很到位，Peter。回顧上一季，也有一些額外工作完成並獲合作夥伴認可，這就是為什麼我們在本季收到一筆追溯補付（catch-up payment）。這也是你看到我們營收上升的原因。我們對這項認可感到很高興。希望這樣有回答到你，Matt？

Great. Yes. Sorry, I don't know if you guys can hear me. I think my connection is a little off. But in terms of the burn rate right now. Is this where you guys are expecting it to level off? Or are you expecting it to go a little bit lower even further into the back half of this year? And then if you can give just a little bit more color on the delay in the launch for rice in the US, I know you mentioned the herbicide labeling process, but if you can give color if that's kind of more on Albaugh's side and if you have a lot of control over the timeline there at all. So those two would both be helpful.

很好。是的。抱歉，我不確定你們聽不聽得到我。我覺得我的連線有點不穩。但就目前的現金消耗率（burn rate）而言，你們預期會在這個水準趨於持平嗎？還是預期在今年下半年會再進一步下降一些？另外，若能再多說明一下美國稻米上市延後的原因也很好。我知道你們提到除草劑標示流程，但能否補充一下這是否比較偏向Albaugh那邊的因素，以及你們對時程是否有很大的掌控度。這兩點都會很有幫助。

Yes. Let me start. Thanks for the question. So first, on the burn. So we're working towards that target to be on a net annualized burn of $30 million or less, and we're in a transition.

好的。我先回答。謝謝你的問題。首先談現金消耗。我們正朝著年化淨消耗3,000萬美元或更低的目標努力，而我們目前正處於過渡期。

The reorg was late in quarter one. So you can imagine there's triple effect into even the second quarter. So what you will see happening is that the burn goes down from quarter one to quarter two, and that we're in better shape in quarter three and quarter four. I suspect in quarter three and four, we are very close to the targets we have mentioned so far.

重組是在第一季後段進行的。所以你可以想像，這會對第二季也產生連帶影響。因此你會看到現金消耗從第一季降到第二季，第三季與第四季的狀況會更好。我預期在第三季和第四季，我們會非常接近目前提到的目標。

Thanks, Carlo. Let me follow on with your second question, Matt. What I would like to -- everyone to remember is the Latin American market in our rice herbicide tolerance royalty business really is the bulk of our $200 million opportunity. The US is smaller acres. It is a higher dollar per acre, but it really is quite small compared to the Latin American market.

謝謝你，Carlo。我接著回答你的第二個問題，Matt。我希望大家記得，我們稻米除草劑耐受性權利金業務中的拉丁美洲市場，實際上占了我們2億美元機會的大宗。美國的種植面積較小。雖然每英畝的美元價值較高，但相較於拉丁美洲市場，規模確實小很多。

And where we are with the primary thrust in Latin America, and that's why we're excited about getting material back to our customers really is -- when it comes to the US shift that we've discussed today, Latin America will be in the commercial full swing by then. So really, what this update shares is that we're really sharpening the commercial plan rather than weakening it.

而我們在拉丁美洲的主要推進方向——這也是我們對把材料交回客戶手上感到興奮的原因——是：就我們今天討論的美國時程調整而言，屆時拉丁美洲將已全面進入商業化運作。因此，這次更新所傳達的是我們正在更精準地打磨商業計畫，而不是削弱它。

And I think it's really important to understand that with Albaugh, we've been working closely with them on clethodim registration over rice and it is a gating item to the commercial launch, but it doesn't constrain any of our other initiatives in the platform. And that when it comes to the timelines on chemical registration, working with the regulators in the US, there's a number of gap analysis that you have to do. And so the good news is we've really refined that process, and so we're really confident of, now, the timeline between here and '29. Hopefully, that answered your question.

我認為非常重要的是要理解，針對 Albaugh，我們一直與他們就 clethodim 在稻米上的登記密切合作，這是商業化上市的關鍵門檻項目，但它不會限制我們在該平台上的任何其他計畫。而在化學品登記的時程方面，與美國監管機構合作時，你必須進行多項缺口分析。因此好消息是，我們已經大幅精煉了這個流程，所以我們對從現在到 2029 年之間的時程非常有信心。希望這回答了你的問題。

Yes. No, very helpful. Congrats on the progress and skew toward commercialization.

是的。不，非常有幫助。恭喜你們的進展，以及更偏向商業化的推進。

Sameer Joshi, H.C. Wainwright.

Sameer Joshi，H.C. Wainwright。

Just a few quick ones. For the biofragrances customer, like who is the -- can you give us a flavor of what the end product is and who the end customers are for these biofragrances? Are these multiple fragrances or a particular type of fragrance?

我有幾個簡短的問題。關於生物香氛的客戶——你能否讓我們大致了解最終產品是什麼，以及這些生物香氛的終端客戶是誰？這是多種香氛，還是某一特定類型的香氛？

So thank you for the question. Look, the exciting thing about our fragrance work is that it is part of a huge global fragrance market. We've mentioned it, the $65 billion global fragrance market. And we're really working on and validating the commercial scale-up right now. And look, where we are, which is exciting is that we're really understanding the scale-up schedules, the production volumes, the pricing terms and the finalization of product formulations.

謝謝你的提問。你看，我們香氛工作的令人振奮之處在於，它是龐大全球香氛市場的一部分。我們提過，全球香氛市場規模為 650 億美元。而我們目前正著力於並驗證商業化放大的規模。而且，我們目前所處的位置令人興奮的是，我們正在真正掌握放大時程、產量、定價條款以及產品配方的最終定案。

We have not announced what the product formulations will be. And as we deliver that in the second half of the year, we'll keep you updated on that front. But the reality is that we're continuing that discussion around the really important commercial ramp-up agreements, but also the scale of that production in the second half of 2026. Really exciting for us because understanding that this is not just a one-off. There's -- we believe we can use the platform, which is extensible, this yeast platform to leverage our prior work to build additional fragrances into this marketplace.

我們尚未公布產品配方會是什麼。隨著我們在今年下半年交付相關內容，我們會在這方面持續向各位更新。但實際情況是，我們仍在就非常重要的商業化爬坡（ramp-up）協議進行討論，同時也在討論 2026 年下半年該產能的規模。這對我們而言非常令人振奮，因為我們理解這不只是一次性的合作。我們相信可以使用這個可延展的平台——這個酵母平台——利用我們先前的工作，在這個市場中開發更多香氛產品。

Okay. And then sort of a similar question on the ingredients portfolio. You mentioned you're working on several leads on that front. What is the potential market size of the opportunities that you're pursuing right now? And maybe also give us a sense of what kind of compounds or what kind of molecules are you working on?

好的。接著是關於成分產品組合的類似問題。你提到你們在那方面正推進幾個線索。你們目前正在追求的機會，其潛在市場規模有多大？另外也能否讓我們了解一下，你們正在做的是哪類化合物或哪類分子？

Thanks for the question. Let me share sort of in general terms, we're looking at Sustainable Ingredients that are fantastic with regards to replacing ingredients that have limited volume upside. And we've talked about oleic oils as one of the areas that we're being focused on. And that supply chain, as we know right now, are always tested. And I think in agriculture, the backdrop of where we are geopolitically have had impacts.

謝謝你的提問。我先用較概括的方式分享：我們正在關注永續成分（Sustainable Ingredients），其優勢在於可替代那些供應量成長空間有限的成分。我們談過高油酸油（oleic oils）是我們聚焦的領域之一。而我們也知道，目前供應鏈總是受到考驗。我認為在農業領域，我們所處的地緣政治背景也帶來了影響。

And so for us, when we're working with customers and potential clients in the future, we're looking at other sources, more sustainable sources, more consistent around that area of Sustainable Ingredients. And crops hold a great opportunity to build that out. And understanding that seeds and seed genetics using the Cibus technology, as Greg pointed out, we are the perfect technology for complex editing that allow you to get to those sorts of new characteristics in crops. That's -- hopefully, that helps on some of the overview of your question.

因此，當我們與客戶以及未來的潛在客戶合作時，我們會尋找其他來源、更永續的來源，以及在永續成分這一領域更穩定一致的來源。而作物在擴展這一點上具有很大的機會。並且要理解的是，利用 Cibus 技術進行種子與種子基因改造，如 Greg 所指出，我們的技術非常適合進行複雜編輯，讓你能在作物中獲得那類新的特性。希望這能在整體上回答你問題的一部分。

Alex Hantman, Sidoti & Company.

Alex Hantman，Sidoti & Company。

Congrats on the quarter. First question, just on rice. So now that Interoc has received additional import permit and you've transferred gene edited traits in their rice seeds. Could you talk a little bit about the remaining gating items before full commercial agreements and sort of the pacing of LATAM commercialization then based on that?

恭喜本季表現。第一個問題是關於稻米。既然 Interoc 已取得額外的進口許可，且你們已將基因編輯性狀轉入他們的稻種。你能否談談在達成完整商業協議之前，剩下的關鍵門檻項目有哪些？以及基於此，拉丁美洲商業化的推進節奏會是如何？

Thanks, Alex. Great question. Look, we -- that's what's exciting for us, getting part of the execution that I've talked about, and 2026 is all about commercial execution, is getting our edited materials that are in their elite genetics. We've done earlier transfers to start the deployment of rice herbicide tolerance into Latin America. But getting their elite genetics into their hands starts the whole deployment.

謝謝你，Alex。很好的問題。你看，這正是讓我們興奮的地方：如我所說，2026 年完全聚焦於商業執行，而其中一部分執行就是把我們編輯過的材料導入他們的菁英遺傳背景（elite genetics）。我們先前已完成一些轉移，以開始在拉丁美洲部署稻米除草劑耐受性。但把他們的菁英遺傳材料交到他們手上，才真正啟動整個部署。

In other words, there's a number of steps that are involved in that is getting their materials into production. And over the next 18 months, there will be a number of milestones that we'll announce over our reporting that will get it to registered seed, certified seed that then will go into a launch in 2027. The difference with Interoc in Latin America is the chemical registration is going concurrently. And we see a clear path to both that and the seed being ready in the latter half of 2027.

換句話說，這當中涉及多個步驟，包括讓他們的材料進入量產。在接下來 18 個月內，我們會在後續的定期揭露中公布多個里程碑，推進到已登記種子、認證種子，並在 2027 年進行上市。拉丁美洲與 Interoc 的不同之處在於，化學品登記是同步進行的。我們看到一條清晰的路徑，使化學品登記與種子準備都能在 2027 年下半年就緒。

Great context. And then just on the finances, so given the runway that you've spoken about, I'm curious how you think about the company's preference for sort of financing ahead of commercialization milestones and getting a timing buffer versus waiting for additional derisking events like the partnership agreements you've been accruing or the scale-up orders that it sounds like you're marching well towards.

很有幫助的背景說明。接著關於財務面，考量你們提到的資金跑道（runway），我想了解你們如何看待公司在商業化里程碑之前就先行融資、取得時間緩衝的偏好，與等待更多去風險事件（derisking events）——例如你們持續累積的合作夥伴協議，或聽起來你們正穩步推進的放大量產訂單——之間的取捨？

Thank you, Alex. Let me start and then Peter can fill me in. I think the good news is, it's $37 million gross in the first quarter. So over $33 million net. And as you've read, that gives us runway into the first quarter of 2027, commercial revenue starting this year, ramping up pretty material in '27.

謝謝你，Alex。我先回答，然後 Peter 可以補充。我認為好消息是，第一季募得 3,700 萬美元（總額）。因此淨額超過 3,300 萬美元。如你所讀到的，這讓我們的資金跑道可延伸到 2027 年第一季；商業營收將從今年開始，並在 2027 年顯著加速成長。

So the question is, is there still a gap? And how do you want to bridge that gap? And I don't think that's any different than it has been before. So I think a couple of ways to bridge such a gap. I think most important is that commercial revenue start this year and '27 looks good.

所以問題是，是否仍存在缺口？以及你想如何彌補這個缺口？我認為這與過去並沒有不同。因此，我認為彌補這類缺口有幾種方式。我認為最重要的是，商業營收今年就會開始，而 2027 年的前景看起來不錯。

So we'll -- yes, we have sufficient time to plan for that, Alex.

所以我們——是的，Alex，我們有足夠的時間來規劃。

At this time, there are no further questions in queue. I will now turn the meeting back to Mr. Beetham for any additional or closing remarks.

目前隊列中沒有其他問題。我現在把會議交回給 Beetham 先生，請他做任何補充或結語。

Thank you so much. As I stated, 2026 is all about execution. We've laid the foundation for a global commercial trait royalty machine, and we are on the verge of unleashing this coiled spring, and I feel really good about that. Not only that, I am so proud to lead this team into this commercial phase and really look forward to work with this great team, and you're going to see us deliver over the next few years.

非常感謝。如我所說，2026 年完全聚焦於執行。我們已為全球商業性狀權利金機器奠定基礎，而我們正處於釋放這股蓄勢待發力量的邊緣，我對此感到非常有信心。不僅如此，我也非常自豪能帶領這個團隊進入商業化階段，並非常期待與這個優秀團隊一起努力；在接下來幾年，你們將看到我們持續交付成果。

So what I'd like to do is thank you all for joining today on this call. And as I said earlier, we believe Cibus is in the right place with the right technology at exactly the right time. And with that, I thank you all again for joining.

所以我想做的是，感謝各位今天參與這通電話會議。正如我先前所說，我們相信 Cibus 在正確的時間、以正確的技術，處於正確的位置。再次感謝各位的參與。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝各位撥冗與會並參與。各位現在可以斷線。