CBUS

Cibus is a pre-commercial gene-editing platform that, by its own admission in the 10-K, 'presently does not have any revenue generating commercial contract' with its seed-company partners — and management has 'concluded that there is substantial doubt about its ability to continue as a going concern for at least 12 months.' That single disclosure dominates everything else. The income statement confirms it: FY2025 revenue of just $3.64M actually fell 14.6% YoY, against a $127M net loss, a -$97.5M operating loss, and a -$50.6M operating cash burn. Gross margin is a token 4.3% and the operating margin is -2680%. This is not a business with a valuation problem; it is a research program hoping to reach commercialization before the cash runs out.

The balance sheet makes the timing brutal. The company held only $9.92M of cash at year-end against $16.9M of current liabilities, while burning ~$50M a year from operations. To survive, it has been issuing stock relentlessly — weighted shares rose 97% YoY, and the MD&A details a January 2025 registered direct offering (4.34M shares plus pre-funded warrants at $2.50, ~$21.4M net), repriced 2024 warrants cut from $10.00 to $2.50, and a June 2025 public offering of 15.7M more shares. Stockholders' equity collapsed 76% to $21.8M while liabilities/equity sits at 12.97x and the accumulated deficit reached -$858M. The 10-K itself warns of 'substantial additional dilution' and securities 'with preferences over Cibus existing Common Stock.' Existing holders are the residual claimant being diluted to fund the burn.