SAN DIEGO – Cibus, Inc. (NASDAQ:CBUS), a leader in agriculture chemicals, disclosed a transaction by Chief Scientific Officer & EVP, Gregory Francis William Gocal, involving the sale of company shares. According to the report, Gocal sold 2,000 shares of Class A Common Stock at a price of $10.00 per share, totaling $20,000.
The transaction took place on July 12, 2024, and was reported in a regulatory filing with the Securities and Exchange Commission (SEC) on July 15. The sale was conducted under a pre-arranged trading plan, known as a Rule 10b5-1 plan, which Gocal had adopted on March 27, 2024.
Following the sale, Gocal's direct ownership in Cibus stands at 316,844 shares. Rule 10b5-1 plans allow company insiders to sell a predetermined number of shares at a predetermined time, providing a legal defense against potential accusations of trading on nonpublic information.
Cibus, Inc., with its headquarters at 6455 Nancy Ridge Drive in San Diego, California, operates under the industrial classification of agriculture chemicals and is incorporated in Delaware. The company's fiscal year ends on December 31.
This transaction is part of the normal course of actions taken by executives and insiders of publicly traded companies, who regularly buy and sell shares in their own firms. These transactions are publicly disclosed to ensure transparency and maintain investor confidence in the market.
Investors and stakeholders in Cibus, Inc. can stay informed of such transactions, which are routinely filed with the SEC and are available for public review. The reported transaction by Gocal is a reflection of the ongoing financial activities within the company's executive team.
In other recent news, agricultural technology company Cibus Inc. has made significant advancements. The company recently expanded its patent portfolio, obtaining additional patents for its plant trait and gene editing technologies. This expansion covers ten different gene editing and trait families, including patents related to productivity and quality traits in crops such as canola, rice, wheat, and alfalfa.
Cibus Inc. has also announced a registered direct offering of its Class A Common Stock and accompanying warrants, with an expectation to raise approximately $13 million. The net proceeds from the offering are intended for the development of new and existing seed traits, support of the Trait Machine operations, and general corporate purposes.
In addition to these developments, Cibus has reported its Q1 2024 financial results, indicating a strategic shift from research and development to commercial operations. The company has $24.5 million in cash and is planning to raise additional capital to ensure its operations can continue into Q3 2024. Despite the necessity for additional capital raising in the near term, Cibus has made significant progress in gene editing, focusing on traits that provide economic benefits to farmers.
InvestingPro Insights
In the context of the recent share sale by Cibus, Inc.'s Chief Scientific Officer, investors might be interested in a broader financial perspective on the company. According to real-time data from InvestingPro, Cibus has a market capitalization of $258.99 million, indicating its size within the agricultural chemicals market. Despite a significant revenue growth rate of 1289.22% over the last twelve months as of Q1 2024, the company's P/E ratio stands at -0.8, reflecting investor skepticism about future earnings.
While the stock's price has seen a significant return over the last week, with a 19.9% price total return, InvestingPro Tips suggest caution due to the company's volatile stock price movements and the fact that analysts do not anticipate Cibus will be profitable this year. Additionally, the stock has experienced a considerable decline over the last six months, with a 45.17% drop in price total return, which could be a point of concern for potential investors.
For those considering a deeper dive into Cibus's financial health, InvestingPro offers additional tips on the company's cash burn rate, debt levels, and valuation multiples. With a moderate level of debt and trading at a high revenue valuation multiple, investors should assess these factors in their investment decisions. Moreover, Cibus does not pay a dividend, which might influence the investment strategies of income-focused shareholders.
To explore these insights further and gain access to all 10 InvestingPro Tips for Cibus, Inc., interested readers can visit Investing.com/pro/CBUS. Take advantage of the exclusive offer by using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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