Cibus, Inc. (NASDAQ:CBUS) Q4 2023 Earnings Call Transcript

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Sameer Joshi: Yes, yes. No, it’s remarkable, the market size as well as your progress in trying to get to it. It’s really amazing. I just had one last one maybe for Wade. Is the goodwill impairment sort of out of the way? Or should we see, again at the end of the next year, some mark-to-market or some revaluation there?

Wade King: Well, thanks for the question. I think you can expect us every fourth quarter to reevaluate the goodwill impairment. This year was unusual in that following the merger, several things happened. Number one, you may recall the stock price at the time of the merger was up above 30. And then when we did the impairment analysis in the fourth quarter, it was actually closer to 10. And so that had a dramatic impact on the goodwill impairment analysis. And then secondly, as you know, back in the fall, in October, specifically, we right sized our spending plans based on the near-term trade opportunities. Those things contributed the majority of impact to the goodwill impairment charge. And so I think every year we’ll reevaluate this.

I think, I would expect this to be the one that most significant by far that jumps out. And obviously was largely related to a lot of merger dynamics and us rightsizing our spending plans going forward. And so, once again, in the fourth quarter, every year going forward, we’ll expect to reevaluate that and we’ll take it one step at a time in that regard.

Sameer Joshi :

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Operator: There are no further questions at this time. I’d like to hand the floor back over to Mr. Riggs for any closing comments.

Rory Riggs: Thanks so much. This has been such a big year for us. And I think the thing we’re most excited about is that we set out some really aggressive milestones that we thought were based on our technology and what we should accomplish, and we’re pretty excited that we hit those and that we set out some great milestones for next year, which will cement us being commercial. These are just customers having their traits, having a couple of new platforms. And so hopefully, our traits are not just us, they’re traits that signify where the industry is moving and the ability for the industry to actually have this extension of a conventional breathing that’s being done in a facility like the trade machine. So we’re we’d like to be known for having aggressive milestones be hitting them. And so I just thank you for your support. And then we’re really looking forward to this year as another year of amazing progression in the development of this industry. So thanks team.

Operator: This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation.

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