Cibus Announced Restructuring And Cost Reduction Initiatives, Including A Reduction In Force, To Optimize The Company's Business And Cost Structure In Alignment With Its Strategic Priority To Advance Its Nearest-term Commercial Opportunities.

Benzinga · Oct 21 19:02

The Company expects these actions, along with other initiatives, to generate cost savings of approximately $10 million on an annualized run-rate basis. When these and other initiatives are fully implemented by early 2025, the Company expects them to translate to a reduction in monthly cash use by approximately 20%.

These initiatives are a result of the Company's realigned organization focused on its herbicide resistant traits in Rice, continuing development of its Soybean platform and leveraging its family of multi-crop traits that include disease tolerance in Canola and Winter Oilseed Rape. The Company will also continue to opportunistically pursue partner-funded projects. The RIF is expected to result in one-time charges for accrued vacation and severance of approximately $0.35 million in the fourth quarter of 2024.

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Cibus Announced Restructuring And Cost Reduction Initiatives, Including A Reduction In Force, To Optimize The Company's Business And Cost Structure In Alignment With Its Strategic Priority To Advance Its Nearest-term Commercial Opportunities.

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