Cibus, Inc. (CBUS): restructuring charge — Cibus cuts workforce 24%, focuses on key traits; Board member Jim Collins resigns; cash runway only to early Q1 2024

Cibus, Inc.

Strategic realignment focuses on launching PSR, HT1, HT3 traits in Canola, WOSR, Rice; advancing Soybean and Sclerotinia/HT2.
Workforce reduced from 242 to ~185 employees; one-time costs of ~$0.5M for severance and vacation.
Jim Collins resigned from Board effective Oct 17; not due to any disagreement with the Company.
Cash and equivalents expected to fund operations only into early Q1 2024 without new financing.
Company pursuing financing but no assurance; risk of substantial dilution, further cutbacks, or cessation.

item 2.05 item 8.01 item 5.02

Executive movements

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Departed

Jim Collins

Member of the Board of Directors and Nominating and Corporate Governance Committee

CBUS · Cibus, Inc.

Effective: 2023-10-17
Filed: October 18, 2023, 7:59 PM ET

On October 17, 2023, Jim Collins provided notice of his decision to resign, effective immediately, as a member of the Company’s board of directors and as a member of its Nominating and Corporate Governance Committee.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Jim Collins resigned as Member of the Board of Directors and Nominating and Corporate Governance Committee at Cibus, Inc..

Action: resigned
Role: Member of the Board of Directors and Nominating and Corporate Governance Committee

Exact text from the filing

On October 17, 2023, Jim Collins provided notice of his decision to resign, effective immediately, as a member of the Company’s board of directors and as a member of its Nominating and Corporate Governance Committee.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Cibus, Inc. announced a restructuring with charges of approximately $0.5 million affecting the Company (reduction in workforce in full time employees from 242 full-time employees as of October 17, 2023, to approximately 185).

Type: restructuring
Charge: approximately $0.5 million
Affected area: the Company
Headcount: reduction in workforce in full time employees from 242 full-time employees as of October 17, 2023, to approximately 185

Exact text from the filing

The Company estimates that it will incur approximately $0.5 million of one-time costs in connection with the reduction in workforce, primarily related to accrued vacation and severance payments.

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2 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

Cibus, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-23-034605

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