Q4 2023 Cibus Inc Earnings Call

[music].

Operator: Good afternoon, and welcome to the Cibus Fourth Quarter 2023 Results Conference Call. All participants will be in a listen only mode. After today's presentation, there will be an opportunity to ask questions. Please also note today's event is being recorded. At this time, I'd like to turn the conference call to Wade King, Chief Financial Officer. Sir, please go ahead.

Good afternoon, and welcome to the fourth quarter of 2023 results Conference call. All participants will be in a listen only mode. After today's presentation, there will be an opportunity to ask questions. Please also note today's event is being recorded. At this time I'd like to turn the conference call to Wade King Chief Financial Officer, Sir. Please go ahead.

All participants will be in a listen only mode. After today's presentation, there will be an opportunity to ask questions. Please also note today's event is being recorded. At this time I'd like to turn the conference call to Wade King Chief Financial Officer, Sir. Please go ahead.

Please also note today's event is being recorded. At this time I'd like to turn the conference call to Wade King Chief Financial Officer, Sir. Please go ahead.

At this time I'd like to turn the conference call to Wade King Chief Financial Officer, Sir. Please go ahead.

Wade King: Thank you and good afternoon. This is Wade King, the Chief Financial Officer of Cibus. I would like to thank you for taking time to join us for Cibus' fourth quarter 2023 financial results and corporate update conference call and webcast. Presenting with me today is Rory Riggs, our Co-Founder, Chief Executive Officer and Chairman; and Peter Beetham, Co-Founder, President and Chief Operating Officer. Before we begin the call, I'd like to remind everyone that statements made on the call and webcast, including those regarding future financial results and future operational goals and industry prospects are forward-looking and may be subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the call.

Wade King: This way Kim Chief Financial Officer of cheapest I would like to thank you for taking time to join US for <unk> fourth quarter 2023 financial results and corporate update conference call and webcast for city would be today is worrying breaks our co founder Chief Executive Officer and Chairman. And Peter <unk> co founder President and Chief operating Officer. Before we begin the call I'd like to remind everyone that statements made on the call and webcast, including those regarding future financial results and future operational goals and industry prospects are forward looking and maybe subject to a number of risks and uncertainties that could cause. Actual results to differ materially from those described in the call. Please.

And Peter <unk> co founder President and Chief operating Officer. Before we begin the call I'd like to remind everyone that statements made on the call and webcast, including those regarding future financial results and future operational goals and industry prospects are forward looking and maybe subject to a number of risks and uncertainties that could cause. Actual results to differ materially from those described in the call. Please.

Before we begin the call I'd like to remind everyone that statements made on the call and webcast, including those regarding future financial results and future operational goals and industry prospects are forward looking and maybe subject to a number of risks and uncertainties that could cause. Actual results to differ materially from those described in the call. Please.

Actual results to differ materially from those described in the call. Please.

Wade King: Please refer to Cibus' SEC filings for a list of associated risks. This conference call is being webcast. The webcast link, along with our press release and corporate presentation are available on the Investor Relations section of cibus.com to assist in your analysis of the business. With that, I would now like to turn the call over to Mr. Riggs. Go ahead, Rory.

Conference call is being webcast the webcast link along with our press release and corporate presentation are available on the Investor Relations section of <unk> Dot com to assist in your analysis of the business with that I would now like to turn the call over to Mr. Rigs go ahead. Lori Thanks.

Rigs: Lori Thanks.

Rory Riggs: Thanks, Wade, and welcome to everyone on the call. Today, I will provide a high-level overview of our progress in 2023 and how the event for the last year differentiated us in this emerging industry. And Peter will walk you through our recent commercial progress with our products and some milestones we expect to achieve this year. Lastly, Wade will finish with a brief discussion of the financials. Our goal is to help you best understand our business, so you can measure and track our progress and achievements on both the corporate and the commercial basis. Above all, 2023 was the year we transformed from an R&D focused company to a commercial stage gene editing company, a company focused on the production and commercialization of a family of gene edited trait products.

Today, I will provide a high level overview of our. Our progress in 2043, and how the events of the last year differentiate us in this emerging industry. And Peter who will walk you through our recent commercial progress with our products have some milestones we expect to achieve this year lastly, Wade will finish with a brief discussion of the financials. Our goal is to help you better understand our business. So you can measure and track our progress and achievements in both corporate and the commercial basis. Above all 2023. It was the year, we transform from an R&D focused company to a commercial stage company. Company focused on the production and commercialization. Fans of gene edited trade products.

Our progress in 2043, and how the events of the last year differentiate us in this emerging industry. And Peter who will walk you through our recent commercial progress with our products have some milestones we expect to achieve this year lastly, Wade will finish with a brief discussion of the financials. Our goal is to help you better understand our business. So you can measure and track our progress and achievements in both corporate and the commercial basis. Above all 2023. It was the year, we transform from an R&D focused company to a commercial stage company. Company focused on the production and commercialization. Fans of gene edited trade products.

And Peter who will walk you through our recent commercial progress with our products have some milestones we expect to achieve this year lastly, Wade will finish with a brief discussion of the financials. Our goal is to help you better understand our business. So you can measure and track our progress and achievements in both corporate and the commercial basis. Above all 2023. It was the year, we transform from an R&D focused company to a commercial stage company. Company focused on the production and commercialization. Fans of gene edited trade products.

Our goal is to help you better understand our business. So you can measure and track our progress and achievements in both corporate and the commercial basis. Above all 2023. It was the year, we transform from an R&D focused company to a commercial stage company. Company focused on the production and commercialization. Fans of gene edited trade products.

Above all 2023. It was the year, we transform from an R&D focused company to a commercial stage company. Company focused on the production and commercialization. Fans of gene edited trade products.

It was the year, we transform from an R&D focused company to a commercial stage company. Company focused on the production and commercialization. Fans of gene edited trade products.

Company focused on the production and commercialization. Fans of gene edited trade products.

Fans of gene edited trade products.

Rory Riggs: Our transformation began with the first transfers of our partners edited elite germplasm early 2023 in both canola and rice. These transfers mark the beginning of the timetable for the commercialization of our pipeline of developed traits. In parallel, we opened the industry's first standardized semi-automatic high throughput gene editing facility that we call the trade machine. This facility is a huge breakthrough in the improvement of the precision, speed and scale of gene editing trait products for us and frankly for the industry.

These transfers mark the beginning the time to the commercialization of our pipeline of developed trades. Yes. In parallel we opened the industry's first standardized semi automated high throughput gene editing facility that we call the trade machine. Facility is a huge breakthrough and the improvement decisions and scale, a gene edited trade products for us and frankly for the industry.

Yes. In parallel we opened the industry's first standardized semi automated high throughput gene editing facility that we call the trade machine. Facility is a huge breakthrough and the improvement decisions and scale, a gene edited trade products for us and frankly for the industry.

In parallel we opened the industry's first standardized semi automated high throughput gene editing facility that we call the trade machine. Facility is a huge breakthrough and the improvement decisions and scale, a gene edited trade products for us and frankly for the industry.

Facility is a huge breakthrough and the improvement decisions and scale, a gene edited trade products for us and frankly for the industry.

Rory Riggs: What has made this breakthrough in trait development even more significant is the progress we have seen in global regulations to regulate the trait from gene editing similar to traits from conventional breeding. This shows there is increasing global support for this new gene editing industry to address the major sustainability challenges in our global food supply. Before Peter provides specifics on our products and their progress, I'd like to briefly discuss how our commercial progress has occurred in parallel with the evolution of the company and our vision of a commercial stage gene editing company in plants, which we define as an integrated commercial business model that connects research and the development of new traits to a standardized semi-automated trait production facility and lastly, through the commercial trait transfers into seed company customers for commercialization and sale of our traits.

This shows Theres a recent global support for this new team in the industry to address the major sustainability challenges and our global food supply. Before Peter for bi specifics of our products and your progress I'd like to briefly discuss our commercial progress has occurred in parallel with the evolution of the company and our vision and our commercial stage gene editing company and plants. We define it as an integrated commercial business model that connects one research and development of new trades to a standardized semi automated production facility. Lastly, through the commercial trade transfers as a seed company customers for commercialization. Our traits.

Before Peter for bi specifics of our products and your progress I'd like to briefly discuss our commercial progress has occurred in parallel with the evolution of the company and our vision and our commercial stage gene editing company and plants. We define it as an integrated commercial business model that connects one research and development of new trades to a standardized semi automated production facility. Lastly, through the commercial trade transfers as a seed company customers for commercialization. Our traits.

We define it as an integrated commercial business model that connects one research and development of new trades to a standardized semi automated production facility. Lastly, through the commercial trade transfers as a seed company customers for commercialization. Our traits.

Lastly, through the commercial trade transfers as a seed company customers for commercialization. Our traits.

Our traits.

Rory Riggs: To say it more simply, a commercial company focused on gene edited trait products that operates a gene editing trait supply system. A system that is industrial scale to process and deliver multiple traits for multiple customers across multiple crops. Above all, our first transfers and opening the trade machine represent the face of our transformation to this vision of a commercial stage company. In our vision, technology based trait companies operate as an extension of the seed companies breeding operation. In this model, see this augments the seed company's breeding operation with important new complex traits and in so doing accelerates the seed and trait development of our customers.

Our commercial company focused on gene edited trade products that operates a gene editing trade supply system. Our system is industrial. Process and deliver multiple trades for multiple customers across multiple crops above. Above all our first transfers of opening with great representing the face of our transformation. This vision of a commercial stage company. And our vision technology based trade companies operate. Tension the seed companies reading operation. In this model this augments the seed companies reading operation with important new complex traits in so doing accelerate the seed and trait development. Of our customers.

Our system is industrial. Process and deliver multiple trades for multiple customers across multiple crops above. Above all our first transfers of opening with great representing the face of our transformation. This vision of a commercial stage company. And our vision technology based trade companies operate. Tension the seed companies reading operation. In this model this augments the seed companies reading operation with important new complex traits in so doing accelerate the seed and trait development. Of our customers.

Process and deliver multiple trades for multiple customers across multiple crops above. Above all our first transfers of opening with great representing the face of our transformation. This vision of a commercial stage company. And our vision technology based trade companies operate. Tension the seed companies reading operation. In this model this augments the seed companies reading operation with important new complex traits in so doing accelerate the seed and trait development. Of our customers.

Above all our first transfers of opening with great representing the face of our transformation. This vision of a commercial stage company. And our vision technology based trade companies operate. Tension the seed companies reading operation. In this model this augments the seed companies reading operation with important new complex traits in so doing accelerate the seed and trait development. Of our customers.

And our vision technology based trade companies operate. Tension the seed companies reading operation. In this model this augments the seed companies reading operation with important new complex traits in so doing accelerate the seed and trait development. Of our customers.

Tension the seed companies reading operation. In this model this augments the seed companies reading operation with important new complex traits in so doing accelerate the seed and trait development. Of our customers.

In this model this augments the seed companies reading operation with important new complex traits in so doing accelerate the seed and trait development. Of our customers.

Of our customers.

Rory Riggs: Importantly, because our traits are indistinguishable from traits derived from conventional breeding or nature, more and more countries and regions have moved to adopt new regulations to encourage gene editing. The goal of these new regulations is to encourage gene editing by treating the traits from NGTs similar to traits from conventional breeding. The United States and South America were the leaders in adapting these new regulations. An important moment in the ongoing development of this new industry happened in February 2024, when even the EU voted to regulate traits from NGT Technology, similar traits from conventional breeding, bringing the EU in Miami Nevada, United States, South America and many others. These adoptions country-by-country have shown the importance of our technology in achieving a sustainable global food supply.

Our shuttle from trace derived from conventional breeding her nature, more and more countries and regions and move to adopt new regulations to encourage. The goal of these new regulations is to encourage gena I think by treating the trades gcu's similar to trade some conventional. The United States, and South America, with the leaders of adapting to new regulations. And importantly, the. And the ongoing developments. It happened in February 2024, and the end of the EU voted regulate trades GE technology similar to trade some. Breathing, bringing in the EU in mind. Mid States South America, and many others. These adoptions country by country has shown the importance of our technology and achieving a sustainable global.

The goal of these new regulations is to encourage gena I think by treating the trades gcu's similar to trade some conventional. The United States, and South America, with the leaders of adapting to new regulations. And importantly, the. And the ongoing developments. It happened in February 2024, and the end of the EU voted regulate trades GE technology similar to trade some. Breathing, bringing in the EU in mind. Mid States South America, and many others. These adoptions country by country has shown the importance of our technology and achieving a sustainable global.

The United States, and South America, with the leaders of adapting to new regulations. And importantly, the. And the ongoing developments. It happened in February 2024, and the end of the EU voted regulate trades GE technology similar to trade some. Breathing, bringing in the EU in mind. Mid States South America, and many others. These adoptions country by country has shown the importance of our technology and achieving a sustainable global.

And importantly, the. And the ongoing developments. It happened in February 2024, and the end of the EU voted regulate trades GE technology similar to trade some. Breathing, bringing in the EU in mind. Mid States South America, and many others. These adoptions country by country has shown the importance of our technology and achieving a sustainable global.

And the ongoing developments. It happened in February 2024, and the end of the EU voted regulate trades GE technology similar to trade some. Breathing, bringing in the EU in mind. Mid States South America, and many others. These adoptions country by country has shown the importance of our technology and achieving a sustainable global.

It happened in February 2024, and the end of the EU voted regulate trades GE technology similar to trade some. Breathing, bringing in the EU in mind. Mid States South America, and many others. These adoptions country by country has shown the importance of our technology and achieving a sustainable global.

Breathing, bringing in the EU in mind. Mid States South America, and many others. These adoptions country by country has shown the importance of our technology and achieving a sustainable global.

Mid States South America, and many others. These adoptions country by country has shown the importance of our technology and achieving a sustainable global.

These adoptions country by country has shown the importance of our technology and achieving a sustainable global.

Rory Riggs: These new regulations with gene editing represent a real point of inflection. The new regulations are globally enabling this new era of standardized high throughput trait development. In the seed industry, traits are a critical basis of competition. The need for faster scalable methods for reading cannot be understated. Establishing global regulatory standards are another important part of this puzzle. Because of the scale and speed enabled by our stabilized high throughput trait development technology, this moment is commonly referred to as agriculture's analog to digital moments. In other words, this era is going to materially speed up new trait development and enable new trait build to obtain timelines in a fraction of the time and cost of conventional breeding or GMO methodologies. This is why we believe that our vision for commercial stage gene editing company is the future of breeding and the future of commercial crop development.

Selection. The new regulations are globally, they just do. Standardized. <unk>. Yeah. Okay. And the scene industry Tradeshow, a critical basis of competition. Need for faster still methods for breathing cannot be understated. Obviously, the global regulatory standards. At this time. Because of this scale is enabled by our state of art. Trade development technology. This is more of a is commonly referred to as agriculture's analog to digital. In other words this era is going to materially speed up new trade development and enabled new trade deal. Timelines. A fraction of the time and cost of conventional breeding or GMO methodologies. This is why we believe that our vision for commercial stage. Is the future of reading the. The future commercial crop development.

The new regulations are globally, they just do. Standardized. <unk>. Yeah. Okay. And the scene industry Tradeshow, a critical basis of competition. Need for faster still methods for breathing cannot be understated. Obviously, the global regulatory standards. At this time. Because of this scale is enabled by our state of art. Trade development technology. This is more of a is commonly referred to as agriculture's analog to digital. In other words this era is going to materially speed up new trade development and enabled new trade deal. Timelines. A fraction of the time and cost of conventional breeding or GMO methodologies. This is why we believe that our vision for commercial stage. Is the future of reading the. The future commercial crop development.

Standardized. <unk>. Yeah. Okay. And the scene industry Tradeshow, a critical basis of competition. Need for faster still methods for breathing cannot be understated. Obviously, the global regulatory standards. At this time. Because of this scale is enabled by our state of art. Trade development technology. This is more of a is commonly referred to as agriculture's analog to digital. In other words this era is going to materially speed up new trade development and enabled new trade deal. Timelines. A fraction of the time and cost of conventional breeding or GMO methodologies. This is why we believe that our vision for commercial stage. Is the future of reading the. The future commercial crop development.

<unk>. Yeah. Okay. And the scene industry Tradeshow, a critical basis of competition. Need for faster still methods for breathing cannot be understated. Obviously, the global regulatory standards. At this time. Because of this scale is enabled by our state of art. Trade development technology. This is more of a is commonly referred to as agriculture's analog to digital. In other words this era is going to materially speed up new trade development and enabled new trade deal. Timelines. A fraction of the time and cost of conventional breeding or GMO methodologies. This is why we believe that our vision for commercial stage. Is the future of reading the. The future commercial crop development.

Yeah. Okay. And the scene industry Tradeshow, a critical basis of competition. Need for faster still methods for breathing cannot be understated. Obviously, the global regulatory standards. At this time. Because of this scale is enabled by our state of art. Trade development technology. This is more of a is commonly referred to as agriculture's analog to digital. In other words this era is going to materially speed up new trade development and enabled new trade deal. Timelines. A fraction of the time and cost of conventional breeding or GMO methodologies. This is why we believe that our vision for commercial stage. Is the future of reading the. The future commercial crop development.

Okay. And the scene industry Tradeshow, a critical basis of competition. Need for faster still methods for breathing cannot be understated. Obviously, the global regulatory standards. At this time. Because of this scale is enabled by our state of art. Trade development technology. This is more of a is commonly referred to as agriculture's analog to digital. In other words this era is going to materially speed up new trade development and enabled new trade deal. Timelines. A fraction of the time and cost of conventional breeding or GMO methodologies. This is why we believe that our vision for commercial stage. Is the future of reading the. The future commercial crop development.

And the scene industry Tradeshow, a critical basis of competition. Need for faster still methods for breathing cannot be understated. Obviously, the global regulatory standards. At this time. Because of this scale is enabled by our state of art. Trade development technology. This is more of a is commonly referred to as agriculture's analog to digital. In other words this era is going to materially speed up new trade development and enabled new trade deal. Timelines. A fraction of the time and cost of conventional breeding or GMO methodologies. This is why we believe that our vision for commercial stage. Is the future of reading the. The future commercial crop development.

Need for faster still methods for breathing cannot be understated. Obviously, the global regulatory standards. At this time. Because of this scale is enabled by our state of art. Trade development technology. This is more of a is commonly referred to as agriculture's analog to digital. In other words this era is going to materially speed up new trade development and enabled new trade deal. Timelines. A fraction of the time and cost of conventional breeding or GMO methodologies. This is why we believe that our vision for commercial stage. Is the future of reading the. The future commercial crop development.

Obviously, the global regulatory standards. At this time. Because of this scale is enabled by our state of art. Trade development technology. This is more of a is commonly referred to as agriculture's analog to digital. In other words this era is going to materially speed up new trade development and enabled new trade deal. Timelines. A fraction of the time and cost of conventional breeding or GMO methodologies. This is why we believe that our vision for commercial stage. Is the future of reading the. The future commercial crop development.

At this time. Because of this scale is enabled by our state of art. Trade development technology. This is more of a is commonly referred to as agriculture's analog to digital. In other words this era is going to materially speed up new trade development and enabled new trade deal. Timelines. A fraction of the time and cost of conventional breeding or GMO methodologies. This is why we believe that our vision for commercial stage. Is the future of reading the. The future commercial crop development.

Because of this scale is enabled by our state of art. Trade development technology. This is more of a is commonly referred to as agriculture's analog to digital. In other words this era is going to materially speed up new trade development and enabled new trade deal. Timelines. A fraction of the time and cost of conventional breeding or GMO methodologies. This is why we believe that our vision for commercial stage. Is the future of reading the. The future commercial crop development.

Rigs: Trade development technology. This is more of a is commonly referred to as agriculture's analog to digital. In other words this era is going to materially speed up new trade development and enabled new trade deal. Timelines. A fraction of the time and cost of conventional breeding or GMO methodologies. This is why we believe that our vision for commercial stage. Is the future of reading the. The future commercial crop development.

In other words this era is going to materially speed up new trade development and enabled new trade deal. Timelines. A fraction of the time and cost of conventional breeding or GMO methodologies. This is why we believe that our vision for commercial stage. Is the future of reading the. The future commercial crop development.

Timelines. A fraction of the time and cost of conventional breeding or GMO methodologies. This is why we believe that our vision for commercial stage. Is the future of reading the. The future commercial crop development.

A fraction of the time and cost of conventional breeding or GMO methodologies. This is why we believe that our vision for commercial stage. Is the future of reading the. The future commercial crop development.

This is why we believe that our vision for commercial stage. Is the future of reading the. The future commercial crop development.

Is the future of reading the. The future commercial crop development.

The future commercial crop development.

Rory Riggs: As discussed, the centerpiece of our commercial strategy is the advancement of our commercial pipeline integrated with our standalone high throughput trait facility and the initial transfers of our traits to leading seed companies for commercialization. This is why 2023 was a major point of inflection for our business and for the industry. Now, Peter will provide more specifics to our pipeline and our path to commercialization. Importantly, to provide some background on our trade products and our execution. Peter?

The pipeline is integrated with our stand alone. <unk> facility and the initial tranches of our trade still leading seed companies for commercialization. This is why 'twenty to 'twenty three is a major point of inflection FERC business and for the industry. Peter will provide more specifics on our pipeline and our pastor worst nutrition. With provide some background and trade products. And our executions Peter.

<unk> facility and the initial tranches of our trade still leading seed companies for commercialization. This is why 'twenty to 'twenty three is a major point of inflection FERC business and for the industry. Peter will provide more specifics on our pipeline and our pastor worst nutrition. With provide some background and trade products. And our executions Peter.

Peter will provide more specifics on our pipeline and our pastor worst nutrition. With provide some background and trade products. And our executions Peter.

With provide some background and trade products. And our executions Peter.

And our executions Peter.

Peter Beetham: Thank you, Rory, and good afternoon to everyone. As Rory highlighted, our commercialization efforts are well underway and are focused on launching our 3 developed productivity traits with customers. Pod Shatter Reduction, or as we call it, PSR in canola, and our herbicide tolerance traits in rice that we call HT1 and HT3. Before I launch into the product discussion, I would like to explain how we define developed traits, and why there are significant advantages to working with these traits in customers' elite genetics. Essentially, this helps to frame our vision for our developed trait products.

As already highlighted our commercialization efforts are well underway and are focused on launching app three developed productivity rates with customers. HUD shadow reduction or as we call it tsi into NOLA. And our herbicide tolerance traits in rice. <unk> <unk>, one and <unk>. That's right. Before I launch into the product discussion I would like to explain how we define develop strikes and why there are significant advantages to working with these traits in customers' elite genetics. Essentially this helps to frame our vision for al developed right products.

HUD shadow reduction or as we call it tsi into NOLA. And our herbicide tolerance traits in rice. <unk> <unk>, one and <unk>. That's right. Before I launch into the product discussion I would like to explain how we define develop strikes and why there are significant advantages to working with these traits in customers' elite genetics. Essentially this helps to frame our vision for al developed right products.

And our herbicide tolerance traits in rice. <unk> <unk>, one and <unk>. That's right. Before I launch into the product discussion I would like to explain how we define develop strikes and why there are significant advantages to working with these traits in customers' elite genetics. Essentially this helps to frame our vision for al developed right products.

<unk> <unk>, one and <unk>. That's right. Before I launch into the product discussion I would like to explain how we define develop strikes and why there are significant advantages to working with these traits in customers' elite genetics. Essentially this helps to frame our vision for al developed right products.

That's right. Before I launch into the product discussion I would like to explain how we define develop strikes and why there are significant advantages to working with these traits in customers' elite genetics. Essentially this helps to frame our vision for al developed right products.

Before I launch into the product discussion I would like to explain how we define develop strikes and why there are significant advantages to working with these traits in customers' elite genetics. Essentially this helps to frame our vision for al developed right products.

Essentially this helps to frame our vision for al developed right products. We define developed sites is having completed multiple years of successful field testing the Detroit's of Miss our service product specifications in the face of completed.

Essentially this helps to frame our vision for al developed right products.

Peter Beetham: We define developed traits as having completed multiple years of successful field-testing that the traits have met our Cibus product specifications and the traits have completed a product stewardship assessment, which includes quality assurance, regulatory, and intellectual property documentation. These developed traits are in customer elite genetics, providing Cibus customers with a significant time advantage to move traits to market and the potential to accelerate their pre-commercial pre-plant breeding activities.

Our products stewardship assessment, which includes quality issues regulatory and intellectual property documentation. These develop sites I mean customer elite genetics, providing service customers with a significant time advantage to move traits to market and the potential to accelerate the three commercial plant breeding activities.

These develop sites I mean customer elite genetics, providing service customers with a significant time advantage to move traits to market and the potential to accelerate the three commercial plant breeding activities.

Peter Beetham: Essentially, we are an extension of their own plant breeding programs. This acceleration is also impactful to any of our follow on products that mature from our advanced trait development. This integration of genetics and traits highlights why we see this analog to digital moment, Rory mentioned previously. Let me continue by further describing our first developed productivity trait PSR in canola. PSR strengthens the pod shatter around canola or winter oilseed rape seeds, protecting the crop yield in many typical to extreme weather conditions at harvest. In canola, farmers are moving to what they call direct harvest, where they can harvest canola without the need to mow it down first.

This acceleration is also impactful to any of the follow on products that mature from al advanced trait development. This integration of genetics and traits. That's why we see this analog to digital alignment Roy mentioned previously. Let me continue my further describing out first developed productivity Detroit CSI in canola. Tsi strengthens the pods shape around canola or winter oilseed rape seeds protecting the crop yields in many typical to extreme weather conditions at harvest in canola farmers are moving to what they call direct harvest, where they can harvest canola. The need to mow it down first.

This integration of genetics and traits. That's why we see this analog to digital alignment Roy mentioned previously. Let me continue my further describing out first developed productivity Detroit CSI in canola. Tsi strengthens the pods shape around canola or winter oilseed rape seeds protecting the crop yields in many typical to extreme weather conditions at harvest in canola farmers are moving to what they call direct harvest, where they can harvest canola. The need to mow it down first.

That's why we see this analog to digital alignment Roy mentioned previously. Let me continue my further describing out first developed productivity Detroit CSI in canola. Tsi strengthens the pods shape around canola or winter oilseed rape seeds protecting the crop yields in many typical to extreme weather conditions at harvest in canola farmers are moving to what they call direct harvest, where they can harvest canola. The need to mow it down first.

Let me continue my further describing out first developed productivity Detroit CSI in canola. Tsi strengthens the pods shape around canola or winter oilseed rape seeds protecting the crop yields in many typical to extreme weather conditions at harvest in canola farmers are moving to what they call direct harvest, where they can harvest canola. The need to mow it down first.

Tsi strengthens the pods shape around canola or winter oilseed rape seeds protecting the crop yields in many typical to extreme weather conditions at harvest in canola farmers are moving to what they call direct harvest, where they can harvest canola. The need to mow it down first.

The need to mow it down first.

Peter Beetham: This saves on fuel costs and allows greater flexibility to manage the timing of harvest on their farms. Multiple years of our field trials, including the most recent 2023 results, have shown that our trait across many genetic backgrounds has similar efficacy to the leading competitive product that is currently on the market. We have already achieved significant commercial traction with our PSR trait, demonstrated by our engagements with 10 seed company customers to have Cibus' PSR trait edited into their elite germplasm. We believe this current customer base, which includes names such as Bayer, Nuseed and Nutrien, represents over 20 million acres or approximately $150 million of potential annual royalties from canola and winter oilseed rape.

Multiple years of Al field trials, including the most recent 2023 results have shown that the outright across many genetic backgrounds has similar efficacy to the leading competitor product that is currently on the market. We have already achieved significant commercial traction without P. S ops right. Demonstrated by our engagements with pain seed company customers to have services P. S. That's right. It has it into their elite germplasm. We believe this customer base, which includes names such as buy a new state of nutrient represents over 20 million acres or approximately $150 million of potential annual royalties from canola and winter oilseed right.

We have already achieved significant commercial traction without P. S ops right. Demonstrated by our engagements with pain seed company customers to have services P. S. That's right. It has it into their elite germplasm. We believe this customer base, which includes names such as buy a new state of nutrient represents over 20 million acres or approximately $150 million of potential annual royalties from canola and winter oilseed right.

Demonstrated by our engagements with pain seed company customers to have services P. S. That's right. It has it into their elite germplasm. We believe this customer base, which includes names such as buy a new state of nutrient represents over 20 million acres or approximately $150 million of potential annual royalties from canola and winter oilseed right.

We believe this customer base, which includes names such as buy a new state of nutrient represents over 20 million acres or approximately $150 million of potential annual royalties from canola and winter oilseed right.

Peter Beetham: We achieved a major milestone in 2023 by completing transfers to multiple customers, signaling that PSR is getting closer to generating revenue for our company. We enter 2024 with significant momentum. And by the end of the year, we expect 7 to 8 out of our 10 current customers in canola will have their elite germplasm containing Cibus' trait either transferred or ready to be transferred back to them. As a reminder, the transfer of a lead germplasm containing the Cibus trait enables the start of the commercialization process. Moving on to our other 2 developed productivity traits, HT1 and HT3 in rice. This is another multinational expansion opportunity for Cibus. These HT traits targeting weed management in rice are fully developed and validated like our work in PSR. And our current customer base represents 3 million acres or approximately $70 million in potential annual royalties.

We enter 2020 full with significant momentum and by the end of the year, we expect 7% I add about 10000 customers in canola, we will have their elite germplasm containing C. This is tight either transferred or ready to be transferred back to them. As a reminder. Transfer of elite germplasm containing the save as trite enables the start of the commercialization process. Moving on to our other two developed productivity traits. H, one and H T 3 million Ross. This is another multinational expansion opportunity to see this these IHT traits targeting we'd manage but in raws are fully developed and validated like Albert in PSM and now powered customer base represents 3 million acres or approximately. $70 million in potential annual royalties.

As a reminder. Transfer of elite germplasm containing the save as trite enables the start of the commercialization process. Moving on to our other two developed productivity traits. H, one and H T 3 million Ross. This is another multinational expansion opportunity to see this these IHT traits targeting we'd manage but in raws are fully developed and validated like Albert in PSM and now powered customer base represents 3 million acres or approximately. $70 million in potential annual royalties.

Transfer of elite germplasm containing the save as trite enables the start of the commercialization process. Moving on to our other two developed productivity traits. H, one and H T 3 million Ross. This is another multinational expansion opportunity to see this these IHT traits targeting we'd manage but in raws are fully developed and validated like Albert in PSM and now powered customer base represents 3 million acres or approximately. $70 million in potential annual royalties.

Moving on to our other two developed productivity traits. H, one and H T 3 million Ross. This is another multinational expansion opportunity to see this these IHT traits targeting we'd manage but in raws are fully developed and validated like Albert in PSM and now powered customer base represents 3 million acres or approximately. $70 million in potential annual royalties.

H, one and H T 3 million Ross. This is another multinational expansion opportunity to see this these IHT traits targeting we'd manage but in raws are fully developed and validated like Albert in PSM and now powered customer base represents 3 million acres or approximately. $70 million in potential annual royalties.

This is another multinational expansion opportunity to see this these IHT traits targeting we'd manage but in raws are fully developed and validated like Albert in PSM and now powered customer base represents 3 million acres or approximately. $70 million in potential annual royalties.

Rigs: $70 million in potential annual royalties.

Peter Beetham: To help frame this opportunity in rice, take for example the success of GMO based traits have had in major crops such as canola, soybean and corn. Over 95% of these crops currently utilize GMO based HT traits for weed management. This is amazing penetration that speaks to the value those traits provide to producers. However, the rice industry has yet to achieve similar success, having only had conventionally produced HT systems that struggle to have the success of GMO based HT traits. This void presents a significant opportunity for Cibus' trait solutions, which have been shown to be very effective as demonstrated in our 2023 field trial results that indicated both HT1 and HT3 met or exceeded performance expectations when evaluated with proposed commercial herbicide application rate.

I've had in major crops, such as canola soybean and corn over 95% of these clubs currently utilized GMO based HD types to wait minutes with. This is amazing penetration that speaks to the value those traits provides reduces. However, the rice industry has yet to achieve similar success, having only had conventionally produced H T systems that struggle to have the success of GMO base H T shirts. This Boyd presents a significant opportunity for services trade solutions, which have been shown to be very effective as demonstrated in our 2023 field trial results that indicated both H T. One and H T three met or exceeded performance expectations when evaluated with Pip. Posed commercial herbicide application right.

This is amazing penetration that speaks to the value those traits provides reduces. However, the rice industry has yet to achieve similar success, having only had conventionally produced H T systems that struggle to have the success of GMO base H T shirts. This Boyd presents a significant opportunity for services trade solutions, which have been shown to be very effective as demonstrated in our 2023 field trial results that indicated both H T. One and H T three met or exceeded performance expectations when evaluated with Pip. Posed commercial herbicide application right.

However, the rice industry has yet to achieve similar success, having only had conventionally produced H T systems that struggle to have the success of GMO base H T shirts. This Boyd presents a significant opportunity for services trade solutions, which have been shown to be very effective as demonstrated in our 2023 field trial results that indicated both H T. One and H T three met or exceeded performance expectations when evaluated with Pip. Posed commercial herbicide application right.

This Boyd presents a significant opportunity for services trade solutions, which have been shown to be very effective as demonstrated in our 2023 field trial results that indicated both H T. One and H T three met or exceeded performance expectations when evaluated with Pip. Posed commercial herbicide application right.

Posed commercial herbicide application right.

Peter Beetham: These field trials are an important step improving the effectiveness of our technology and helping to drive commercial progress. To that point, we have secured agreements with 3 major rice seed company customers, including Nutrien and Interoc. To have Cibus' HT1 and HT3 traits incorporated into their elite germplasm. Excitingly, we have also successfully completed the first transfers of customers' elite germplasm containing our HT1 and HT3 traits. This marks the beginning of commercialization for our rice traits. Our commercial team is working hard to expand our customer base for canola and rice with all 3 of our existing developed productivity traits and we expect to secure additional customer agreements in 2024.

So it has services H T. One S T three traits incorporated into elite germplasm. Excitingly. We have also successfully completed the first tranche of <unk>. As the late Jim platinum containing Alex to you on an H. H T. Three traits. This marks the beginning of the commercialization throughout Ross trades. Our commercial team is working hard to expand our customer base, the canola and Ross with all three of our existing developed productivity trends and we expect to secure additional customer agreements in 2024.

Excitingly. We have also successfully completed the first tranche of <unk>. As the late Jim platinum containing Alex to you on an H. H T. Three traits. This marks the beginning of the commercialization throughout Ross trades. Our commercial team is working hard to expand our customer base, the canola and Ross with all three of our existing developed productivity trends and we expect to secure additional customer agreements in 2024.

As the late Jim platinum containing Alex to you on an H. H T. Three traits. This marks the beginning of the commercialization throughout Ross trades. Our commercial team is working hard to expand our customer base, the canola and Ross with all three of our existing developed productivity trends and we expect to secure additional customer agreements in 2024.

H T. Three traits. This marks the beginning of the commercialization throughout Ross trades. Our commercial team is working hard to expand our customer base, the canola and Ross with all three of our existing developed productivity trends and we expect to secure additional customer agreements in 2024.

Our commercial team is working hard to expand our customer base, the canola and Ross with all three of our existing developed productivity trends and we expect to secure additional customer agreements in 2024.

Peter Beetham: Let's move to progress of advanced traits. In addition to the incredible achievements within our developed traits, we continue to make progress with our 2 advanced traits. Sclerotinia Resistance, also known as white mold resistance, and our herbicide tolerance HT2 trait. Both are multi crop traits, meaning that they have potential efficacy across multiple crop types, including canola, winter oilseed rape, and soybean. This is an important distinction as we have the commercial opportunity to earn royalties across multiple crop types based on the same trait.

In addition to the incredible and shape, it's within our developed strikes we continued to make progress without too advanced threats. There are two new resistance also known as white mold resistance and now herbicide tolerance H T to try. Well, it's a multi crop traits, we need that they have potential efficacy across multiple crop types, including canola winter oilseed rape and soybean. This is an important distinction as we have the commercial opportunity to earn royalties across multiple crop types. On the same trial.

There are two new resistance also known as white mold resistance and now herbicide tolerance H T to try. Well, it's a multi crop traits, we need that they have potential efficacy across multiple crop types, including canola winter oilseed rape and soybean. This is an important distinction as we have the commercial opportunity to earn royalties across multiple crop types. On the same trial.

Well, it's a multi crop traits, we need that they have potential efficacy across multiple crop types, including canola winter oilseed rape and soybean. This is an important distinction as we have the commercial opportunity to earn royalties across multiple crop types. On the same trial.

This is an important distinction as we have the commercial opportunity to earn royalties across multiple crop types. On the same trial.

On the same trial.

Peter Beetham: Let's start with the first advanced trait, Sclerotinia Resistance. Sclerotinia is the most economically significant disease in canola and one of the major diseases impacting soybean. In canola alone, we estimate that approximately 30 million acres could be impacted by Sclerotinia. Sclerotinia is a fungal pathogen that causes a significant disease known as stem rot in crops. It affects 14% to 30% of canola and winter oilseed rape fields annually. And in 2016, the Canola Council of Canada reported that potentially up to 90% of the Canadian canola crop was affected. Sclerotinia can reduce canola yields by 7% to 15% with yield losses per infected plant being as great as 50%. The Canola Council of Canada calls Sclerotinia stem rot the most economically significant canola disease in Canada. It is also a significant disease in soybean, with the prevalence of the fungal pathogen detected in soybean production regions of between 33.3% in 2015 and 78.3% in 2020.

So there is a fungal pathogen that causes significant disease known as stimulus in crops. It affects 14% to 30% of canola and winter oilseed rape fields annually and in 2016, the Canola Council of Canada reported the potentially up to 90 per. St is the Canadian canola crop was affected. <unk> can reduce canola yields by 7% to 15% with yield losses per infected plant being as wide as 50%. The canola Council of Canada, Kohl's <unk> stem Ross they most economically significant canola disease in Canada. It is also a significant diseases soybean with the prevalence of the fungal pathogen detected in soybean production regions of between 33, 3% in 2015. 78, 3% in 2020.

St is the Canadian canola crop was affected. <unk> can reduce canola yields by 7% to 15% with yield losses per infected plant being as wide as 50%. The canola Council of Canada, Kohl's <unk> stem Ross they most economically significant canola disease in Canada. It is also a significant diseases soybean with the prevalence of the fungal pathogen detected in soybean production regions of between 33, 3% in 2015. 78, 3% in 2020.

<unk> can reduce canola yields by 7% to 15% with yield losses per infected plant being as wide as 50%. The canola Council of Canada, Kohl's <unk> stem Ross they most economically significant canola disease in Canada. It is also a significant diseases soybean with the prevalence of the fungal pathogen detected in soybean production regions of between 33, 3% in 2015. 78, 3% in 2020.

It is also a significant diseases soybean with the prevalence of the fungal pathogen detected in soybean production regions of between 33, 3% in 2015. 78, 3% in 2020.

78, 3% in 2020.

Peter Beetham: To be durable, this resistance trait, like other disease traits, need to address multiple parts of the disease condition, meaning it needs multiple modes of action. In 2023, we achieved a milestone in stacking 2 different modes of action against Sclerotinia in canola, and we were able to successfully prove effectiveness in greenhouse tests. This year, we expect greenhouse results for a third mode of action for Sclerotinia Resistance in Canola. We are also currently developing a plan to integrate Sclerotinia Resistance into soybean once that editing platform is fully developed. When successful, this would be the first major disease trait that would be applicable to multiple crops. Across canola and soybean alone, we believe this represents over $800 million of future annual royalty payments.

2023 we achieved a milestone in stacking two different modes of action against clarity into NOLA, and we were able to successfully proven effectiveness and greenhouse tests. This year, we expect greenhouse results for third mode of action for Celerity, New assistance in canola. We are also currently developing a plan to integrate stay with senior resistance into soybean once that editing platform is fully developed. When successful this would be the first major Disney's trade that would be applicable to multiple crops across canola and soybean alone. We believe this represents. $800 million of future annual royalty payments.

This year, we expect greenhouse results for third mode of action for Celerity, New assistance in canola. We are also currently developing a plan to integrate stay with senior resistance into soybean once that editing platform is fully developed. When successful this would be the first major Disney's trade that would be applicable to multiple crops across canola and soybean alone. We believe this represents. $800 million of future annual royalty payments.

We are also currently developing a plan to integrate stay with senior resistance into soybean once that editing platform is fully developed. When successful this would be the first major Disney's trade that would be applicable to multiple crops across canola and soybean alone. We believe this represents. $800 million of future annual royalty payments.

When successful this would be the first major Disney's trade that would be applicable to multiple crops across canola and soybean alone. We believe this represents. $800 million of future annual royalty payments.

$800 million of future annual royalty payments.

Peter Beetham: Let's move to our next advanced trait, HT2. Many weeds have become resistant to herbicides as a result of their extensive use over the last 20 years. Thus, for crops like canola and soybean, there is huge demand for broad spectrum herbicides and associated herbicide traits that target broad leaf weeds. This is where our HT2 trait can make a real difference in improving productivity in farming. We completed successful edits of HT2 in canola in 2023, demonstrating continued progress in its development. Because of demand in canola and soybean, we believe HT2 has the potential to be the first gene edited trait to achieve 100 million acres of yearly use. For perspective, the industry estimates that GMO based herbicide tolerant traits are utilized currently on over 300 million planted acres.

Many ways have become resistant to herbicides as a result of their extensive use over the last 20 years, thus food crops like canola soybean there is huge demand for broad spectrum herbicide and associated herbicide trades the target broadleaf weights. This is where our H T to fake can make a real difference. Proving productivity. In Tommy. We completed the successful edits of H T. Two in canola in 2023, demonstrating continued progress in its development. Because of demand in canola and soybean we believe HD two has the potential to be the first gene edited tried to achieve 100 million acres of yearly use. So this whole perspective, the industry estimates that GMO based herbicide tolerant traits. Utilized currently on over 300 million planted acres.

This is where our H T to fake can make a real difference. Proving productivity. In Tommy. We completed the successful edits of H T. Two in canola in 2023, demonstrating continued progress in its development. Because of demand in canola and soybean we believe HD two has the potential to be the first gene edited tried to achieve 100 million acres of yearly use. So this whole perspective, the industry estimates that GMO based herbicide tolerant traits. Utilized currently on over 300 million planted acres.

Proving productivity. In Tommy. We completed the successful edits of H T. Two in canola in 2023, demonstrating continued progress in its development. Because of demand in canola and soybean we believe HD two has the potential to be the first gene edited tried to achieve 100 million acres of yearly use. So this whole perspective, the industry estimates that GMO based herbicide tolerant traits. Utilized currently on over 300 million planted acres.

In Tommy. We completed the successful edits of H T. Two in canola in 2023, demonstrating continued progress in its development. Because of demand in canola and soybean we believe HD two has the potential to be the first gene edited tried to achieve 100 million acres of yearly use. So this whole perspective, the industry estimates that GMO based herbicide tolerant traits. Utilized currently on over 300 million planted acres.

We completed the successful edits of H T. Two in canola in 2023, demonstrating continued progress in its development. Because of demand in canola and soybean we believe HD two has the potential to be the first gene edited tried to achieve 100 million acres of yearly use. So this whole perspective, the industry estimates that GMO based herbicide tolerant traits. Utilized currently on over 300 million planted acres.

Because of demand in canola and soybean we believe HD two has the potential to be the first gene edited tried to achieve 100 million acres of yearly use. So this whole perspective, the industry estimates that GMO based herbicide tolerant traits. Utilized currently on over 300 million planted acres.

So this whole perspective, the industry estimates that GMO based herbicide tolerant traits. Utilized currently on over 300 million planted acres.

Rigs: Utilized currently on over 300 million planted acres. So there was a key place it is demonstrating adoption of value enhancing choice, which represents an immense opportunity for us. We are excited to see the important greenhouse results of this trial this summer.

Utilized currently on over 300 million planted acres.

Peter Beetham: So, there is a clear precedent demonstrating adoption of value enhancing traits, which represents an immense opportunity for us. We are excited to see the important greenhouse results for this trait this summer. Combined, our 3 developed and 2 advanced productivity traits represent a potential target market of over 250 million accessible acres, which translates to well over $1 billion in potential annual royalties. I would emphasize that we are just scratching the surface of what we have the potential to achieve with this business. Let's move on to other platforms and sustainable ingredients. Now, I'll touch on the development progress of our other crop platforms and our sustainable ingredients business, utilizing a set of quality traits that we are working on. We announced in January that we made a major industry breakthrough in completing what we believe to be the world's first successful regeneration of wheat plants from single cells of elite wheat germplasm.

Combined our three developed and two advanced productivity trades represent a potential target market of over 250 million accessible acres, which translates to well over $1 billion in potential annual royalties. I would emphasize that we are just scratching the surface of what we have the potential to achieve with this business. Let's move on to other platforms and sustainable ingredients. Now I'll touch on the development progress about other car platforms and a sustainable ingredients business utilizing a set of quality traits that we are working. We announced in January that we made a major industry breakthrough in completing what we believe to be the world's first successful degeneration of wheat plants from single cells of elite wheat germ plasm.

I would emphasize that we are just scratching the surface of what we have the potential to achieve with this business. Let's move on to other platforms and sustainable ingredients. Now I'll touch on the development progress about other car platforms and a sustainable ingredients business utilizing a set of quality traits that we are working. We announced in January that we made a major industry breakthrough in completing what we believe to be the world's first successful degeneration of wheat plants from single cells of elite wheat germ plasm.

Let's move on to other platforms and sustainable ingredients. Now I'll touch on the development progress about other car platforms and a sustainable ingredients business utilizing a set of quality traits that we are working. We announced in January that we made a major industry breakthrough in completing what we believe to be the world's first successful degeneration of wheat plants from single cells of elite wheat germ plasm.

Now I'll touch on the development progress about other car platforms and a sustainable ingredients business utilizing a set of quality traits that we are working. We announced in January that we made a major industry breakthrough in completing what we believe to be the world's first successful degeneration of wheat plants from single cells of elite wheat germ plasm.

We announced in January that we made a major industry breakthrough in completing what we believe to be the world's first successful degeneration of wheat plants from single cells of elite wheat germ plasm.

Peter Beetham: This amazing accomplishment demonstrates our company's continued success in developing scalable high throughput breeding platforms that can operate as extensions of seed Company breeding programs. We believe this new platform opens the potential for developing various productivity and sustainable traits that work to address the most significant challenges faced by wheat farmers globally. I'm extremely proud of our entire R&D and technical teams for making this breakthrough. Our success was completed well ahead of schedule and we expect to demonstrate initial edits toward developing productivity traits for wheat this year.

Seed company reading programs, we believe this new platform opens the potential for developing various productivity, it's sustainable traits that work to address the most significant challenges faced by weight pharma is globally I'm extremely proud of our entire R&D and technical teams to may. This breakthrough our success was completed well ahead of schedule and we expect to demonstrate initial edits towards developing productivity twice per week. This year.

This breakthrough our success was completed well ahead of schedule and we expect to demonstrate initial edits towards developing productivity twice per week. This year.

Peter Beetham: Turning to our soybean, single cell, regeneration platform. This is clearly one of the toughest cell biology challenges many institutions have faced. However, we continue to make progress on this challenge by refining many steps in this process to be successful for our standardized high throughput trait machine. We expect the platform to be operational and have initial editing completed in 2024. Continued development of our soybean platform is a key strategic initiative and is the foundation of our emerging sustainable ingredients business, which is focused on the development of plant based alternative oils for downstream customer applications. We anticipate completing discovery efforts for alternative oils this year, an initial step toward developing solutions utilizing our quality traits that increase our customers' ability to meet their sustainability targets.

Try it machine. We expect the platform to be operational and have initial editing completed in 2024. Continued development of our soybean platform is a key strategic initiative and is the foundation of our emerging sustainable ingredients business, which is focused on the development of plant based alternative oils to downstream customer applications. We anticipate completing discovery efforts for alternative oils this year. An initial step toward developing solutions utilizing our quality traits that increase our customers' ability to meet their sustainability targets

We expect the platform to be operational and have initial editing completed in 2024. Continued development of our soybean platform is a key strategic initiative and is the foundation of our emerging sustainable ingredients business, which is focused on the development of plant based alternative oils to downstream customer applications. We anticipate completing discovery efforts for alternative oils this year. An initial step toward developing solutions utilizing our quality traits that increase our customers' ability to meet their sustainability targets

Continued development of our soybean platform is a key strategic initiative and is the foundation of our emerging sustainable ingredients business, which is focused on the development of plant based alternative oils to downstream customer applications. We anticipate completing discovery efforts for alternative oils this year. An initial step toward developing solutions utilizing our quality traits that increase our customers' ability to meet their sustainability targets

We anticipate completing discovery efforts for alternative oils this year. An initial step toward developing solutions utilizing our quality traits that increase our customers' ability to meet their sustainability targets

An initial step toward developing solutions utilizing our quality traits that increase our customers' ability to meet their sustainability targets was particularly exciting for us.

An initial step toward developing solutions utilizing our quality traits that increase our customers' ability to meet their sustainability targets

Peter Beetham: What's particularly exciting for us is that we already have existing engagements with many of the world's largest seed companies across other crops and projects. As we continue to build trust and demonstrate value with these customers, we are also sowing the seeds for our future soybean platform as well, which we think really demonstrates the thoughtful approach that we've brought to our business model. The commercialization of our 3 developed traits and the progression of our 2 advanced traits remain the central focus of our corporate strategy. As such, we intend to track the progression of each trait as it is deployed into our customers' alleged germplasm. The progress of which will be central to our quarterly updates going forward, as each trait by crop combination starts generating royalty revenue.  I'll now pass the call to Wade to briefly review our financials. Wade?

Is that we already have existing engagements with many of the world's land see companies across other crops and projects as we continue to build trust and demonstrating value with these customers. We are also sowing the seeds for future soybean platform as well. Which we think really demonstrates the thoughtful approach that we've brought to our business model. The commercialization of our three develop traits. Progression of out to advanced rates remains a central focus of our corporate strategy. As such we intend to track the progression of H right as it is deployed into our customers delayed germ plasm, the progress of which will be central to our quarterly updates going forward is H tried by crop combination starts generating royalty revenue.

Which we think really demonstrates the thoughtful approach that we've brought to our business model. The commercialization of our three develop traits. Progression of out to advanced rates remains a central focus of our corporate strategy. As such we intend to track the progression of H right as it is deployed into our customers delayed germ plasm, the progress of which will be central to our quarterly updates going forward is H tried by crop combination starts generating royalty revenue.

The commercialization of our three develop traits. Progression of out to advanced rates remains a central focus of our corporate strategy. As such we intend to track the progression of H right as it is deployed into our customers delayed germ plasm, the progress of which will be central to our quarterly updates going forward is H tried by crop combination starts generating royalty revenue.

Progression of out to advanced rates remains a central focus of our corporate strategy. As such we intend to track the progression of H right as it is deployed into our customers delayed germ plasm, the progress of which will be central to our quarterly updates going forward is H tried by crop combination starts generating royalty revenue.

As such we intend to track the progression of H right as it is deployed into our customers delayed germ plasm, the progress of which will be central to our quarterly updates going forward is H tried by crop combination starts generating royalty revenue.

I'll now pass the call to wide to briefly review our financials Wade.

Wade King: Thank you, Peter. Looking at our financials for the fourth quarter, cash and cash equivalents were $32.7 million as of December 31, 2023. From a cash flow perspective for the 3 month period ended December, we used $17.1 million of cash for operations, which implies a monthly burn rate of approximately $5.7 million. Meanwhile, we've been working hard on optimizing our resources and have implemented cost saving measures that have reduced our operating cash flow burn rate down to $5 million per month.

Looking at our financials for the fourth quarter. Cash and cash equivalents were $32 7 million as. As of December 31st 2023. From a cash flow perspective for the three months period ended December we used $17 $1 million of cash for operations, which implies a monthly burn rate of approximately $5 7 million. Meanwhile, we've been working hard on optimizing our resources and have implemented cost saving measures that have reduced our operating cash burn rate down to $5 million per month.

Cash and cash equivalents were $32 7 million as. As of December 31st 2023. From a cash flow perspective for the three months period ended December we used $17 $1 million of cash for operations, which implies a monthly burn rate of approximately $5 7 million. Meanwhile, we've been working hard on optimizing our resources and have implemented cost saving measures that have reduced our operating cash burn rate down to $5 million per month.

As of December 31st 2023. From a cash flow perspective for the three months period ended December we used $17 $1 million of cash for operations, which implies a monthly burn rate of approximately $5 7 million. Meanwhile, we've been working hard on optimizing our resources and have implemented cost saving measures that have reduced our operating cash burn rate down to $5 million per month.

From a cash flow perspective for the three months period ended December we used $17 $1 million of cash for operations, which implies a monthly burn rate of approximately $5 7 million. Meanwhile, we've been working hard on optimizing our resources and have implemented cost saving measures that have reduced our operating cash burn rate down to $5 million per month.

Meanwhile, we've been working hard on optimizing our resources and have implemented cost saving measures that have reduced our operating cash burn rate down to $5 million per month.

Wade King: We believe this represents the appropriate level of cash burn needed to fund planned operating expenses and capital expenditure requirements going forward. This should extend our current cash runway into the early third quarter of 2024. In terms of financing activities, we raised $20.3 million of gross proceeds via a registered direct offering in the fourth quarter and have also been successful in raising additional proceeds via regular equity sales in the first quarter. Moving to our income statement, which I'd like to remind everyone isn't directly comparable to that of the prior year given the merger with Calyxt that closed in May of 2023. Please keep this in mind as I make reference to the prior year results. R&D expense was $14.2 million for the fourth quarter of 2023, compared to $2.3 million in the year ago period.

This should extend our current cash runway into early third quarter of 2024. Turning to financing activities, we raised $23 million of gross proceeds via a registered direct offering in the fourth quarter and have also been successful in raising additional proceeds P. M Breakover equity sales. The first quarter. Moving to our income statement, which I'd like to remind everyone isn't directly comparable to that of the prior year given the merger with calix that closed in may of 2023. Please keep this in mind as I make reference to the prior year results. R&D expense was $14 2 million for the fourth quarter 2023, compared to $2 3 million in the year ago period.

Turning to financing activities, we raised $23 million of gross proceeds via a registered direct offering in the fourth quarter and have also been successful in raising additional proceeds P. M Breakover equity sales. The first quarter. Moving to our income statement, which I'd like to remind everyone isn't directly comparable to that of the prior year given the merger with calix that closed in may of 2023. Please keep this in mind as I make reference to the prior year results. R&D expense was $14 2 million for the fourth quarter 2023, compared to $2 3 million in the year ago period.

The first quarter. Moving to our income statement, which I'd like to remind everyone isn't directly comparable to that of the prior year given the merger with calix that closed in may of 2023. Please keep this in mind as I make reference to the prior year results. R&D expense was $14 2 million for the fourth quarter 2023, compared to $2 3 million in the year ago period.

Moving to our income statement, which I'd like to remind everyone isn't directly comparable to that of the prior year given the merger with calix that closed in may of 2023. Please keep this in mind as I make reference to the prior year results. R&D expense was $14 2 million for the fourth quarter 2023, compared to $2 3 million in the year ago period.

Please keep this in mind as I make reference to the prior year results. R&D expense was $14 2 million for the fourth quarter 2023, compared to $2 3 million in the year ago period.

R&D expense was $14 2 million for the fourth quarter 2023, compared to $2 3 million in the year ago period.

Wade King: The increase was primarily related to increased lab supply and facility expenses, an increase in employee headcount and an increase in stock-based compensation expense for restricted stock awards. SG&A expense was $6.8 million for the fourth quarter 2023 compared to $1 million in the year ago period. The increase was primarily related to an increase in headcount, increased consulting and legal fees, and an increase in stock-based compensation expense for restricted stock grants. Royalty liability interest expense was $8.1 million for the fourth quarter of 2023 compared to no expense last year. This was related to the liability assumed in the May 31, 2023 merger with Cibus Global LLC. Non-operating income was $0.1 million for the fourth quarter of 2023 compared to non-operating income of $0.5 million in the year ago period. The decrease was due to $0.8 million received in the fourth quarter of 2022 from a legal settlement.

And an increase in stock based compensation expense for restricted stock awards. Cash G&A expense was $6 8 million for the fourth quarter 2023, compared to 1 million in the year ago period. The increase was primarily related to an increase in head count increased consulting and legal teams. And an increase in stock based compensation expense for restricted stock grants. We're already in liability interest expense was $8 1 billion for the fourth quarter of 2023 compared to no expense last year. This was related type of why you've got what have you assumed in the may 31st 2023 merger with cheapest Global L. L C. Non operating income was <unk> 1 million for the fourth quarter of 2023 compared to non operating income of <unk> 5 million in the year ago period. The decrease was due to 28 million received in the fourth quarter of 2022 from a legal settlement.

Cash G&A expense was $6 8 million for the fourth quarter 2023, compared to 1 million in the year ago period. The increase was primarily related to an increase in head count increased consulting and legal teams. And an increase in stock based compensation expense for restricted stock grants. We're already in liability interest expense was $8 1 billion for the fourth quarter of 2023 compared to no expense last year. This was related type of why you've got what have you assumed in the may 31st 2023 merger with cheapest Global L. L C. Non operating income was <unk> 1 million for the fourth quarter of 2023 compared to non operating income of <unk> 5 million in the year ago period. The decrease was due to 28 million received in the fourth quarter of 2022 from a legal settlement.

The increase was primarily related to an increase in head count increased consulting and legal teams. And an increase in stock based compensation expense for restricted stock grants. We're already in liability interest expense was $8 1 billion for the fourth quarter of 2023 compared to no expense last year. This was related type of why you've got what have you assumed in the may 31st 2023 merger with cheapest Global L. L C. Non operating income was <unk> 1 million for the fourth quarter of 2023 compared to non operating income of <unk> 5 million in the year ago period. The decrease was due to 28 million received in the fourth quarter of 2022 from a legal settlement.

Rigs: And an increase in stock based compensation expense for restricted stock grants. We're already in liability interest expense was $8 1 billion for the fourth quarter of 2023 compared to no expense last year. This was related type of why you've got what have you assumed in the may 31st 2023 merger with cheapest Global L. L C. Non operating income was <unk> 1 million for the fourth quarter of 2023 compared to non operating income of <unk> 5 million in the year ago period. The decrease was due to 28 million received in the fourth quarter of 2022 from a legal settlement.

We're already in liability interest expense was $8 1 billion for the fourth quarter of 2023 compared to no expense last year. This was related type of why you've got what have you assumed in the may 31st 2023 merger with cheapest Global L. L C. Non operating income was <unk> 1 million for the fourth quarter of 2023 compared to non operating income of <unk> 5 million in the year ago period. The decrease was due to 28 million received in the fourth quarter of 2022 from a legal settlement.

This was related type of why you've got what have you assumed in the may 31st 2023 merger with cheapest Global L. L C. Non operating income was <unk> 1 million for the fourth quarter of 2023 compared to non operating income of <unk> 5 million in the year ago period. The decrease was due to 28 million received in the fourth quarter of 2022 from a legal settlement.

Non operating income was <unk> 1 million for the fourth quarter of 2023 compared to non operating income of <unk> 5 million in the year ago period. The decrease was due to 28 million received in the fourth quarter of 2022 from a legal settlement.

The decrease was due to 28 million received in the fourth quarter of 2022 from a legal settlement.

Wade King: This was partially offset by a $0.3 million change in the fair value of the liability classified Class A common stock warrants. Net loss was $277.2 million for the fourth quarter of 2023, compared to net loss of $2.8 million in the year ago period. The increase in net loss was primarily the result of a $249.4 million non-cash goodwill and intangible assets impairment charge that we recorded in the fourth quarter that was associated with our May 2023 merger with Calyxt. For additional details about our financials for the fourth quarter of 2023, please refer to our press release and filings with the SEC. That concludes our financial discussion. Rory, now back to you for your closing remarks.

A liability cost upon class a common stock warrants. Net loss was $277.2 billion for the fourth quarter of 2023. <unk> to net loss of $2 $8 million since a year ago period. The increase in backlog was primarily the result of a $249.4 million non cash goodwill and intangible assets impairment charge that we recorded in the fourth quarter that was associated with our May 2023 merger. With K <unk>. For additional details about our financials for the fourth quarter of 2023. Please refer to our press release and filings with the F shoot. That concludes our financial discussion Rory now back to you for your closing remarks.

Net loss was $277.2 billion for the fourth quarter of 2023. <unk> to net loss of $2 $8 million since a year ago period. The increase in backlog was primarily the result of a $249.4 million non cash goodwill and intangible assets impairment charge that we recorded in the fourth quarter that was associated with our May 2023 merger. With K <unk>. For additional details about our financials for the fourth quarter of 2023. Please refer to our press release and filings with the F shoot. That concludes our financial discussion Rory now back to you for your closing remarks.

<unk> to net loss of $2 $8 million since a year ago period. The increase in backlog was primarily the result of a $249.4 million non cash goodwill and intangible assets impairment charge that we recorded in the fourth quarter that was associated with our May 2023 merger. With K <unk>. For additional details about our financials for the fourth quarter of 2023. Please refer to our press release and filings with the F shoot. That concludes our financial discussion Rory now back to you for your closing remarks.

The increase in backlog was primarily the result of a $249.4 million non cash goodwill and intangible assets impairment charge that we recorded in the fourth quarter that was associated with our May 2023 merger. With K <unk>. For additional details about our financials for the fourth quarter of 2023. Please refer to our press release and filings with the F shoot. That concludes our financial discussion Rory now back to you for your closing remarks.

With K <unk>. For additional details about our financials for the fourth quarter of 2023. Please refer to our press release and filings with the F shoot. That concludes our financial discussion Rory now back to you for your closing remarks.

For additional details about our financials for the fourth quarter of 2023. Please refer to our press release and filings with the F shoot. That concludes our financial discussion Rory now back to you for your closing remarks.

Please refer to our press release and filings with the F shoot. That concludes our financial discussion Rory now back to you for your closing remarks.

That concludes our financial discussion Rory now back to you for your closing remarks.

Rory Riggs: Thanks, Wade, and many thanks to everyone for listening in. I hope we accurately portrayed our excitement about our progress. The incredible commercial momentum we have achieved so far is a really strong endorsement of our industry leading gene editing technology, which uniquely positions us to partner with the breeding operations of some of the largest seed companies in the world. Furthermore, as Peter mentioned, our expected milestone for 2024 will further show our commercial progress with our customers for our developed products and the key milestones for advanced traits and new platforms.

I hope we accurately portrayed our excitement about our progress the incredible commercial momentum we have achieved so far is a really strong endorsement of our industry, leading gene editing technology, which uniquely positions us to partner with a breeding operations with some of the largest seed companies in the world. Furthermore, as Peter mentioned, our expected milestones for 2024 will further show our commercial progress with our customers. Developed products and the key milestones for advance trades and new platforms.

Furthermore, as Peter mentioned, our expected milestones for 2024 will further show our commercial progress with our customers. Developed products and the key milestones for advance trades and new platforms.

Rigs: Developed products and the key milestones for advance trades and new platforms.

Rory Riggs: Together, they show our business vision of building a large, high margin, agricultural trait royalty business based on a family of our high value trait products and our proprietary technology platform that will enable us to develop and deliver on an ongoing basis multiple complex traits for multiple seed companies across multiple crops. As I hope this is evident, Cibus is leading the charge into the new gene editing era. We truly believe that we are at the forefront of agricultural's analog digital moment. We are excited about our continued commercial success in the months and quarters to come. We look forward to updating you. Operator that concludes our prepared remarks.

Able us to develop and deliver on an ongoing basis multiple complex trades for multiple seed companies. Across multiple crops. I hope this was evident. This is leading the charge into the new gene editing. We truly believe that we are at the forefront of agricultural analog and digital moment. We're excited about our continued commercial success in the months and quarters to come we look forward to updating you operator that concludes our prepared remarks.

Across multiple crops. I hope this was evident. This is leading the charge into the new gene editing. We truly believe that we are at the forefront of agricultural analog and digital moment. We're excited about our continued commercial success in the months and quarters to come we look forward to updating you operator that concludes our prepared remarks.

I hope this was evident. This is leading the charge into the new gene editing. We truly believe that we are at the forefront of agricultural analog and digital moment. We're excited about our continued commercial success in the months and quarters to come we look forward to updating you operator that concludes our prepared remarks.

This is leading the charge into the new gene editing. We truly believe that we are at the forefront of agricultural analog and digital moment. We're excited about our continued commercial success in the months and quarters to come we look forward to updating you operator that concludes our prepared remarks.

We truly believe that we are at the forefront of agricultural analog and digital moment. We're excited about our continued commercial success in the months and quarters to come we look forward to updating you operator that concludes our prepared remarks.

Operator: Thank you. We will now be conducting a question and answer session. If you'd like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. One moment, please, while we poll for questions.  ur first question is from Bobby Burleson with Canaccord Genuity.  Please proceed with your question.

Core pricing with Archie. One moment, please while we poll for questions. Yeah. Our first question is from Bobby Burleson with Canaccord Genuity. Please proceed with your question.

One moment, please while we poll for questions. Yeah. Our first question is from Bobby Burleson with Canaccord Genuity. Please proceed with your question.

Yeah. Our first question is from Bobby Burleson with Canaccord Genuity. Please proceed with your question.

Our first question is from Bobby Burleson with Canaccord Genuity. Please proceed with your question.

Bobby Burleson: Hi, thanks for taking my question. So, yes, just curious, when we think about the cash runway, and the milestones that you guys have kind of set out for 2024, which ones do you think are kind of first half milestones? What can you kind of execute on prior to needing that infusion of cash to happen?

So. Yeah, Yeah, just curious. The cash runway. And the milestones that you guys have kind of set out for 2024. Which ones do you think are kind of first half milestones here, what can you kind of execute on. Prior to needing that infusion of cash to happen.

Yeah, Yeah, just curious. The cash runway. And the milestones that you guys have kind of set out for 2024. Which ones do you think are kind of first half milestones here, what can you kind of execute on. Prior to needing that infusion of cash to happen.

The cash runway. And the milestones that you guys have kind of set out for 2024. Which ones do you think are kind of first half milestones here, what can you kind of execute on. Prior to needing that infusion of cash to happen.

And the milestones that you guys have kind of set out for 2024. Which ones do you think are kind of first half milestones here, what can you kind of execute on. Prior to needing that infusion of cash to happen.

Which ones do you think are kind of first half milestones here, what can you kind of execute on. Prior to needing that infusion of cash to happen.

Prior to needing that infusion of cash to happen.

Rory Riggs: [inaudible]. The big milestone that we expect to do and it's just taking so long is trying to get soybean complete. It's been, we keep making progress. This is one of the toughest projects in biology and I think we're really close together and if we can accomplish this, it not only opens up 250 million acres, but it really opens up the sustainable ingredients business, and the ability to take soybeans and Procter & Gamble has worked with us, we have others working with us to be able to start that whole industry. So, those are the ones from most the big milestone that we focus on. The others is, we are shipping as much as we can or working to get our traits out into the marketplace and to me those are the derisking moments for us is to be able to get into people's hands they're germplasm with our traits [inaudible].

Yeah. The big milestone that we expect to do and it's just taken so long is trying to get soybean completes its been you know what. We keep making progress. This is one of the toughest projects in biology, and I think we're really close to getting out of the inventory. We can accomplish this and not only opens up 250 million acres, but it really opens up the sustainable ingredients business and your ability to take soybeans and <unk>. Procter and Gamble has worked with us for a while there is working with us to be able to start vessel industry. So those are the ones for most. The big milestone that we focus on the others. We are shipping as much as we can and are working to get our trades out into the marketplace. To me those are the derisking them almost for us is to be able to schedule in People's hands, there Jerome plus with our trade zone.

The big milestone that we expect to do and it's just taken so long is trying to get soybean completes its been you know what. We keep making progress. This is one of the toughest projects in biology, and I think we're really close to getting out of the inventory. We can accomplish this and not only opens up 250 million acres, but it really opens up the sustainable ingredients business and your ability to take soybeans and <unk>. Procter and Gamble has worked with us for a while there is working with us to be able to start vessel industry. So those are the ones for most. The big milestone that we focus on the others. We are shipping as much as we can and are working to get our trades out into the marketplace. To me those are the derisking them almost for us is to be able to schedule in People's hands, there Jerome plus with our trade zone.

We keep making progress. This is one of the toughest projects in biology, and I think we're really close to getting out of the inventory. We can accomplish this and not only opens up 250 million acres, but it really opens up the sustainable ingredients business and your ability to take soybeans and <unk>. Procter and Gamble has worked with us for a while there is working with us to be able to start vessel industry. So those are the ones for most. The big milestone that we focus on the others. We are shipping as much as we can and are working to get our trades out into the marketplace. To me those are the derisking them almost for us is to be able to schedule in People's hands, there Jerome plus with our trade zone.

We can accomplish this and not only opens up 250 million acres, but it really opens up the sustainable ingredients business and your ability to take soybeans and <unk>. Procter and Gamble has worked with us for a while there is working with us to be able to start vessel industry. So those are the ones for most. The big milestone that we focus on the others. We are shipping as much as we can and are working to get our trades out into the marketplace. To me those are the derisking them almost for us is to be able to schedule in People's hands, there Jerome plus with our trade zone.

Procter and Gamble has worked with us for a while there is working with us to be able to start vessel industry. So those are the ones for most. The big milestone that we focus on the others. We are shipping as much as we can and are working to get our trades out into the marketplace. To me those are the derisking them almost for us is to be able to schedule in People's hands, there Jerome plus with our trade zone.

The big milestone that we focus on the others. We are shipping as much as we can and are working to get our trades out into the marketplace. To me those are the derisking them almost for us is to be able to schedule in People's hands, there Jerome plus with our trade zone.

We are shipping as much as we can and are working to get our trades out into the marketplace. To me those are the derisking them almost for us is to be able to schedule in People's hands, there Jerome plus with our trade zone.

To me those are the derisking them almost for us is to be able to schedule in People's hands, there Jerome plus with our trade zone.

Bobby Burleson: Okay, great. And then I guess, just trying to understand, the importance to your partners of the programs that you're working on, especially as you have successes and kind of prove out the viability of the platform. Are there any kind of maybe qualitative things you can highlight in terms of how that's helping your business development efforts, the access to your prospective partners, existing partners or things are you seeing building momentum there based on tracking your successes and the overall kind of derisking of the viability of the platform?

Yeah. And then I guess. Just trying to understand. So it's important. To your partners of. The programs that you're working on especially as you. Have successes and kind of prove. Prove out. The viability of the platform. Are there any kind of maybe qualitative. The things you can highlight in terms of how that's helping your business development efforts. The access. To your gear you're. Prospective partners existing partners here things are you seeing building momentum there based on. Some tracking your successes and the overall kind of. Derisking of the viability of the platform.

And then I guess. Just trying to understand. So it's important. To your partners of. The programs that you're working on especially as you. Have successes and kind of prove. Prove out. The viability of the platform. Are there any kind of maybe qualitative. The things you can highlight in terms of how that's helping your business development efforts. The access. To your gear you're. Prospective partners existing partners here things are you seeing building momentum there based on. Some tracking your successes and the overall kind of. Derisking of the viability of the platform.

Just trying to understand. So it's important. To your partners of. The programs that you're working on especially as you. Have successes and kind of prove. Prove out. The viability of the platform. Are there any kind of maybe qualitative. The things you can highlight in terms of how that's helping your business development efforts. The access. To your gear you're. Prospective partners existing partners here things are you seeing building momentum there based on. Some tracking your successes and the overall kind of. Derisking of the viability of the platform.

So it's important. To your partners of. The programs that you're working on especially as you. Have successes and kind of prove. Prove out. The viability of the platform. Are there any kind of maybe qualitative. The things you can highlight in terms of how that's helping your business development efforts. The access. To your gear you're. Prospective partners existing partners here things are you seeing building momentum there based on. Some tracking your successes and the overall kind of. Derisking of the viability of the platform.

So it's important. To your partners of. The programs that you're working on especially as you. Have successes and kind of prove. Prove out. The viability of the platform. Are there any kind of maybe qualitative. The things you can highlight in terms of how that's helping your business development efforts. The access. To your gear you're. Prospective partners existing partners here things are you seeing building momentum there based on. Some tracking your successes and the overall kind of. Derisking of the viability of the platform.

To your partners of. The programs that you're working on especially as you. Have successes and kind of prove. Prove out. The viability of the platform. Are there any kind of maybe qualitative. The things you can highlight in terms of how that's helping your business development efforts. The access. To your gear you're. Prospective partners existing partners here things are you seeing building momentum there based on. Some tracking your successes and the overall kind of. Derisking of the viability of the platform.

The programs that you're working on especially as you. Have successes and kind of prove. Prove out. The viability of the platform. Are there any kind of maybe qualitative. The things you can highlight in terms of how that's helping your business development efforts. The access. To your gear you're. Prospective partners existing partners here things are you seeing building momentum there based on. Some tracking your successes and the overall kind of. Derisking of the viability of the platform.

Have successes and kind of prove. Prove out. The viability of the platform. Are there any kind of maybe qualitative. The things you can highlight in terms of how that's helping your business development efforts. The access. To your gear you're. Prospective partners existing partners here things are you seeing building momentum there based on. Some tracking your successes and the overall kind of. Derisking of the viability of the platform.

Prove out. The viability of the platform. Are there any kind of maybe qualitative. The things you can highlight in terms of how that's helping your business development efforts. The access. To your gear you're. Prospective partners existing partners here things are you seeing building momentum there based on. Some tracking your successes and the overall kind of. Derisking of the viability of the platform.

The viability of the platform. Are there any kind of maybe qualitative. The things you can highlight in terms of how that's helping your business development efforts. The access. To your gear you're. Prospective partners existing partners here things are you seeing building momentum there based on. Some tracking your successes and the overall kind of. Derisking of the viability of the platform.

Are there any kind of maybe qualitative. The things you can highlight in terms of how that's helping your business development efforts. The access. To your gear you're. Prospective partners existing partners here things are you seeing building momentum there based on. Some tracking your successes and the overall kind of. Derisking of the viability of the platform.

The things you can highlight in terms of how that's helping your business development efforts. The access. To your gear you're. Prospective partners existing partners here things are you seeing building momentum there based on. Some tracking your successes and the overall kind of. Derisking of the viability of the platform.

The access. To your gear you're. Prospective partners existing partners here things are you seeing building momentum there based on. Some tracking your successes and the overall kind of. Derisking of the viability of the platform.

To your gear you're. Prospective partners existing partners here things are you seeing building momentum there based on. Some tracking your successes and the overall kind of. Derisking of the viability of the platform.

Prospective partners existing partners here things are you seeing building momentum there based on. Some tracking your successes and the overall kind of. Derisking of the viability of the platform.

Some tracking your successes and the overall kind of. Derisking of the viability of the platform.

Derisking of the viability of the platform.

Rory Riggs: It's a great question. We have two big things. One is, because of our platform, we're able to make these products. And so, we actually have three developed products and they've been through their field trials. So, before anybody send us their seeds, they've already gone to the fields, they've seen the products work and that's the trait development business, right? The big part of our business where you see this amazing progress is the industrialization of the trait business. So, once we have the trait, you don't hand it to them. We have this trait machine, which allows them to bring in germplasm to us, edit it, and give it back to them.

Speaker Change: It's a great question is easy. We have two big things one is because of our platform, we're able to make these products and so we actually have three developed products and they've been through their field trials. So before anybody's scientists there sees. They've already gone to the field, so you've seen the products work and that's the trade development pencils right. The big part of our business, where you see this amazing progress is the industrialization of the trade business. So once we have the trained you don't hand, it to them. We have this trade machine, which allows them to bring in germplasm to us hesitant and give it back.

We have two big things one is because of our platform, we're able to make these products and so we actually have three developed products and they've been through their field trials. So before anybody's scientists there sees. They've already gone to the field, so you've seen the products work and that's the trade development pencils right. The big part of our business, where you see this amazing progress is the industrialization of the trade business. So once we have the trained you don't hand, it to them. We have this trade machine, which allows them to bring in germplasm to us hesitant and give it back.

They've already gone to the field, so you've seen the products work and that's the trade development pencils right. The big part of our business, where you see this amazing progress is the industrialization of the trade business. So once we have the trained you don't hand, it to them. We have this trade machine, which allows them to bring in germplasm to us hesitant and give it back.

Rory Riggs: And what we see is real momentum for the big seed companies to work with us so that each ongoing season, they can look at us as a cost effective way of updating their traits and getting them into the field. We weren't quite expecting this type of momentum this quickly. And you saw by having Nutrien or Bayer come out and say that they were working with us. And what that meant was, they were working with us more than just the traits we gave them. They were working with us as a seed partner and they're getting their crops ready. That's how we look at it. And the and the fact that the industry itself is accepting this model that we can take their lead elite germplasm and put traits and then give it back to them on a timely and cost effective basis.

Momentum this quickly and you saw by having nutrient or bear come out and say that they were working with us and what that meant was that we're working with is more than just a trace we gave them. They were working with us as a seed partner and they're getting their crops. Freddie that's how we'd look at it. The fact that the industry itself was accepting this model that we can take their lead elite germplasm traits shouldn't give it back to them. When it cost effective basis

The fact that the industry itself was accepting this model that we can take their lead elite germplasm traits shouldn't give it back to them. When it cost effective basis

When it cost effective basis I think when we first bought you Bobby I don't think we could have told you. It would have happened as fast it's clear that the industries.

When it cost effective basis

Rory Riggs: I think when we first met you, Bobby, I don't think we could have told you it would have happened as fast, It's clear that the industry is, as you start the second and third launches, are really buying into this model of us being able to cost effectively make these ends and give back their products. Does that make sense?

As you start to second or third launches are really party induced model of us being able to cost effectively to make these items and give back to their products does that makes sense.

Bobby Burleson: That makes a lot of sense.  And maybe I can just squeeze one more in on the royalty opportunity. You talked about some pretty big - hundreds of millions of prospective royalties and just kind of direction surface there. But maybe, can you revisit the kind of split that you're assuming, in terms of farmer, germplasm owner and the value enhancer being your role. In terms of how you arrive at that market? What's the kind of rough math that you guys are thinking in terms of how that value creation is split amongst stakeholders?

Royalty opportunity you talked about some pretty big hundreds of millions of perspective. Prospective royalties and just kind of scratching the surface there, but maybe can you revisit the. Kind of. Split that you're assuming in terms of you know. Farmer germ plasm owner. And you see. The value enhancer being your role. In terms of how you arrive at that market, what's the kind of rough math you guys are thinking in terms of how that value creation is split amongst stakeholders.

Prospective royalties and just kind of scratching the surface there, but maybe can you revisit the. Kind of. Split that you're assuming in terms of you know. Farmer germ plasm owner. And you see. The value enhancer being your role. In terms of how you arrive at that market, what's the kind of rough math you guys are thinking in terms of how that value creation is split amongst stakeholders.

Kind of. Split that you're assuming in terms of you know. Farmer germ plasm owner. And you see. The value enhancer being your role. In terms of how you arrive at that market, what's the kind of rough math you guys are thinking in terms of how that value creation is split amongst stakeholders.

Split that you're assuming in terms of you know. Farmer germ plasm owner. And you see. The value enhancer being your role. In terms of how you arrive at that market, what's the kind of rough math you guys are thinking in terms of how that value creation is split amongst stakeholders.

Farmer germ plasm owner. And you see. The value enhancer being your role. In terms of how you arrive at that market, what's the kind of rough math you guys are thinking in terms of how that value creation is split amongst stakeholders.

And you see. The value enhancer being your role. In terms of how you arrive at that market, what's the kind of rough math you guys are thinking in terms of how that value creation is split amongst stakeholders.

The value enhancer being your role. In terms of how you arrive at that market, what's the kind of rough math you guys are thinking in terms of how that value creation is split amongst stakeholders.

In terms of how you arrive at that market, what's the kind of rough math you guys are thinking in terms of how that value creation is split amongst stakeholders.

Rory Riggs: Thanks. I'm going to try this. This is one of the harder questions for us to answer in general about this business, because the trade businesses have been around for a long time. So, between the seed companies, there's $2 billion, $4 billion traits everybody's developed things and they entered license between each other and pay royalties. So, the knowledge base that royalties are quantifiable, so when you especially for productivity trades, when you notice that if you put a trait in, you can quantify the cost benefit and you share it with the seed company, with the farmer and with us, that for each of our traits. There really hasn't been much of a dispute as to what type of royalty you would have and how to launch them. And so, we're fairly encouraged by how well they've adopted it. We won't know until we launch them. But the fact is for each of the traits that are that we have, we are getting them into their hands and they have a real model for which, they're pricing these things.

Between the seed companies you know Theres, two $4 billion trace everybody's developed things in there. <unk> licensed to finish one and pay royalty so the knowledge base that royalties. Our quantifiable so when you search for productivity trace when you noticed that. You put a trader and you can quantify the cost benefit and you share it with the seed company. As a farmer and with us that for each of our trades. There really hasn't been much of a dispute as to what type of royalty you would have and then how to launch them and so where we've been. Fairly encouraged by how well they are adopted we won't know until we launch some what's the factors for each of the traits that are we have we are getting them into their hands and they have a real model for which. Their pricing these things

<unk> licensed to finish one and pay royalty so the knowledge base that royalties. Our quantifiable so when you search for productivity trace when you noticed that. You put a trader and you can quantify the cost benefit and you share it with the seed company. As a farmer and with us that for each of our trades. There really hasn't been much of a dispute as to what type of royalty you would have and then how to launch them and so where we've been. Fairly encouraged by how well they are adopted we won't know until we launch some what's the factors for each of the traits that are we have we are getting them into their hands and they have a real model for which. Their pricing these things

Our quantifiable so when you search for productivity trace when you noticed that. You put a trader and you can quantify the cost benefit and you share it with the seed company. As a farmer and with us that for each of our trades. There really hasn't been much of a dispute as to what type of royalty you would have and then how to launch them and so where we've been. Fairly encouraged by how well they are adopted we won't know until we launch some what's the factors for each of the traits that are we have we are getting them into their hands and they have a real model for which. Their pricing these things

You put a trader and you can quantify the cost benefit and you share it with the seed company. As a farmer and with us that for each of our trades. There really hasn't been much of a dispute as to what type of royalty you would have and then how to launch them and so where we've been. Fairly encouraged by how well they are adopted we won't know until we launch some what's the factors for each of the traits that are we have we are getting them into their hands and they have a real model for which. Their pricing these things

As a farmer and with us that for each of our trades. There really hasn't been much of a dispute as to what type of royalty you would have and then how to launch them and so where we've been. Fairly encouraged by how well they are adopted we won't know until we launch some what's the factors for each of the traits that are we have we are getting them into their hands and they have a real model for which. Their pricing these things

There really hasn't been much of a dispute as to what type of royalty you would have and then how to launch them and so where we've been. Fairly encouraged by how well they are adopted we won't know until we launch some what's the factors for each of the traits that are we have we are getting them into their hands and they have a real model for which. Their pricing these things

Fairly encouraged by how well they are adopted we won't know until we launch some what's the factors for each of the traits that are we have we are getting them into their hands and they have a real model for which. Their pricing these things

Their pricing these things and we're encouraged that says the stock can be tried farmer by farmers or encourage the sugar crops. These are traits that they need.

Their pricing these things

Rory Riggs: And then we're encouraged that says that it's not going to be tried farmer by farmer. We are encouraged that each of their crops, these are traits that they need, like a BT trait, you needed that in every acre, right, that we're encouraged that these traits are going to be into it as full of - especially our first three traits of a customer's germplasm which are sold. Things like Sclerotinia, we don't think there'll be more than a third of the acres or 50% of the acres, but we're pretty conservative how to look at them. Peter, do you want to add anything to that? Do you want to think about your peers talking every day to the seed companies and pricing and launching? Peter?

P. G trade you needed that in every acre. But were encouraged I see. These these these traits are going to be into this fourth crush her first III trades. Of our customers. Germ plasm sort of sold things like Spirit tenure, we don't think there'll be more than a third of the acres or 50% of the acres, but were pretty conservative outlook. Peter do you want to add anything to that do you want this thing for about peers. Talking to every day. Food companies on pricing and launching Peter.

But were encouraged I see. These these these traits are going to be into this fourth crush her first III trades. Of our customers. Germ plasm sort of sold things like Spirit tenure, we don't think there'll be more than a third of the acres or 50% of the acres, but were pretty conservative outlook. Peter do you want to add anything to that do you want this thing for about peers. Talking to every day. Food companies on pricing and launching Peter.

These these these traits are going to be into this fourth crush her first III trades. Of our customers. Germ plasm sort of sold things like Spirit tenure, we don't think there'll be more than a third of the acres or 50% of the acres, but were pretty conservative outlook. Peter do you want to add anything to that do you want this thing for about peers. Talking to every day. Food companies on pricing and launching Peter.

Of our customers. Germ plasm sort of sold things like Spirit tenure, we don't think there'll be more than a third of the acres or 50% of the acres, but were pretty conservative outlook. Peter do you want to add anything to that do you want this thing for about peers. Talking to every day. Food companies on pricing and launching Peter.

Germ plasm sort of sold things like Spirit tenure, we don't think there'll be more than a third of the acres or 50% of the acres, but were pretty conservative outlook. Peter do you want to add anything to that do you want this thing for about peers. Talking to every day. Food companies on pricing and launching Peter.

Talking to every day. Food companies on pricing and launching Peter.

Food companies on pricing and launching Peter.

Peter Beetham: Yes. Thanks, Rory, and thanks, Bobby. I think, no, great question around how we develop with our customers - a pricing strategy that makes sense in the marketplace. As Rory said, this is a market that has really understood the value of productivity traits. Farmers are fighting every day to manage their input costs. And so, being able to bring productivity traits to market with our customers allows us to really understand that value proposition very clearly.

Thanks, Bobby I think there's no great question around how we developed with our customers. Our pricing strategy that what makes sense in the marketplace. I always say this is a market that has really understood the value of productivity tried. Pharma is a finding every day to manage their input costs, and so being able to bring productivity to try to market with. Customers allows us to really understand that value proposition very clearly.

Our pricing strategy that what makes sense in the marketplace. I always say this is a market that has really understood the value of productivity tried. Pharma is a finding every day to manage their input costs, and so being able to bring productivity to try to market with. Customers allows us to really understand that value proposition very clearly.

I always say this is a market that has really understood the value of productivity tried. Pharma is a finding every day to manage their input costs, and so being able to bring productivity to try to market with. Customers allows us to really understand that value proposition very clearly.

Pharma is a finding every day to manage their input costs, and so being able to bring productivity to try to market with. Customers allows us to really understand that value proposition very clearly.

Customers allows us to really understand that value proposition very clearly.

Peter Beetham: So, I think when you hear these very large annual royalty payments, it's for us, that is the addressable market and the opportunity and we continue to get customers wanting more, more of their genetics through our system. And the only other thing I'll add is the excitement around the fact that we're integrating into their plant breeding programs at a level that they haven't had before gets people very excited of being able to penetrate the market very quickly. So, being able to put edits or therefore traits into a broad genetic base means that you can get the traits into more product lines more quickly. And so, that's something we're looking forward to see how that pans out in the next few years.

Annual royalty payments. Yes. For us that is the addressable market and the opportunity. And we continue to get. And our customers money wanting more. Well the genetics are through our system. The only other thing I'll add is the excitement around <unk>. That we're integrating into their plant breeding programs at a level, where they haven't had before get people very excited of being able to penetrate the market very quickly. So it would be eating out being able to put and it's therefore try it. Into. I grow genetic price means that you can get into more product lines more quickly and so that's something we're looking forward to to see how that pans out. And the next few years.

Yes. For us that is the addressable market and the opportunity. And we continue to get. And our customers money wanting more. Well the genetics are through our system. The only other thing I'll add is the excitement around <unk>. That we're integrating into their plant breeding programs at a level, where they haven't had before get people very excited of being able to penetrate the market very quickly. So it would be eating out being able to put and it's therefore try it. Into. I grow genetic price means that you can get into more product lines more quickly and so that's something we're looking forward to to see how that pans out. And the next few years.

For us that is the addressable market and the opportunity. And we continue to get. And our customers money wanting more. Well the genetics are through our system. The only other thing I'll add is the excitement around <unk>. That we're integrating into their plant breeding programs at a level, where they haven't had before get people very excited of being able to penetrate the market very quickly. So it would be eating out being able to put and it's therefore try it. Into. I grow genetic price means that you can get into more product lines more quickly and so that's something we're looking forward to to see how that pans out. And the next few years.

And we continue to get. And our customers money wanting more. Well the genetics are through our system. The only other thing I'll add is the excitement around <unk>. That we're integrating into their plant breeding programs at a level, where they haven't had before get people very excited of being able to penetrate the market very quickly. So it would be eating out being able to put and it's therefore try it. Into. I grow genetic price means that you can get into more product lines more quickly and so that's something we're looking forward to to see how that pans out. And the next few years.

And our customers money wanting more. Well the genetics are through our system. The only other thing I'll add is the excitement around <unk>. That we're integrating into their plant breeding programs at a level, where they haven't had before get people very excited of being able to penetrate the market very quickly. So it would be eating out being able to put and it's therefore try it. Into. I grow genetic price means that you can get into more product lines more quickly and so that's something we're looking forward to to see how that pans out. And the next few years.

Well the genetics are through our system. The only other thing I'll add is the excitement around <unk>. That we're integrating into their plant breeding programs at a level, where they haven't had before get people very excited of being able to penetrate the market very quickly. So it would be eating out being able to put and it's therefore try it. Into. I grow genetic price means that you can get into more product lines more quickly and so that's something we're looking forward to to see how that pans out. And the next few years.

The only other thing I'll add is the excitement around <unk>. That we're integrating into their plant breeding programs at a level, where they haven't had before get people very excited of being able to penetrate the market very quickly. So it would be eating out being able to put and it's therefore try it. Into. I grow genetic price means that you can get into more product lines more quickly and so that's something we're looking forward to to see how that pans out. And the next few years.

That we're integrating into their plant breeding programs at a level, where they haven't had before get people very excited of being able to penetrate the market very quickly. So it would be eating out being able to put and it's therefore try it. Into. I grow genetic price means that you can get into more product lines more quickly and so that's something we're looking forward to to see how that pans out. And the next few years.

Into. I grow genetic price means that you can get into more product lines more quickly and so that's something we're looking forward to to see how that pans out. And the next few years.

I grow genetic price means that you can get into more product lines more quickly and so that's something we're looking forward to to see how that pans out. And the next few years.

And the next few years.

Bobby Burleson: Right. Thank you, Peter. Thank you, Rory.

Thank you Rory.

Rory Riggs: Was that too random? Too? robustly, Bobby? Was that okay?

Bobby Burleson: Yeah, that was perfect. Thank you both.

Rory Riggs: Thanks.

Operator: Our next question is from Sameer Joshi with H.C. Wainwright.  Please proceed with your question.

Our next question is from Sameer Joshi with H C. Wainwright. Please proceed with your question.

Sameer Joshi: Hey, guys. Thanks for taking my question. On the European front, is the timeline for the European Council and the European Commission coming together still in that July timeframe? Or do you have some additional color on that?

On the European front. The timeline for the European pounds Council and the European Commission coming together are still in that July timeframe or do you have some additional color on that.

The timeline for the European pounds Council and the European Commission coming together are still in that July timeframe or do you have some additional color on that.

Rory Riggs: Thanks, Bobby, and thanks for your support. It's really our big story, right, is that once they come through this, suddenly the rest of the world will start to follow them. So, it's exciting. As you probably know, there's a final council vote that hasn't happened yet, and so, the debate we have is once that happens, it could be any day now, which combines the groups and from that we can put timetables together. The question for all of Peter to encourage it more is, it seems quite clear that there'll be a bill passed that says for our type technology, that is going to be treated in a certain basis, but there's a bunch of fine tuning to that regulation that we're hoping to have completed by year-end. And that's the debate we're waiting for. Peter, do you want to add to that? Is that clear enough?

Thanks, Bobby and thanks for your support. It's really our big story right because it once they once they they come through this suddenly the rest of the world will start to follow them. So it's exciting. As you probably know there's a. There's a final council votes that Hasnt happened yet so the debate. We have is once that happens it could be any day now which combines the groups and from that we can put timetables together. This is a question for all the periods courage. It more is it seems so. Quite clear that there'll be a bill passed that says for our type technology. That is going to be treated as a certain basis, but theres a bunch of fine tuning to that regulation that we're hoping to have completed by year end and that's the debate we're waiting for. Is that clear enough.

It's really our big story right because it once they once they they come through this suddenly the rest of the world will start to follow them. So it's exciting. As you probably know there's a. There's a final council votes that Hasnt happened yet so the debate. We have is once that happens it could be any day now which combines the groups and from that we can put timetables together. This is a question for all the periods courage. It more is it seems so. Quite clear that there'll be a bill passed that says for our type technology. That is going to be treated as a certain basis, but theres a bunch of fine tuning to that regulation that we're hoping to have completed by year end and that's the debate we're waiting for. Is that clear enough.

As you probably know there's a. There's a final council votes that Hasnt happened yet so the debate. We have is once that happens it could be any day now which combines the groups and from that we can put timetables together. This is a question for all the periods courage. It more is it seems so. Quite clear that there'll be a bill passed that says for our type technology. That is going to be treated as a certain basis, but theres a bunch of fine tuning to that regulation that we're hoping to have completed by year end and that's the debate we're waiting for. Is that clear enough.

There's a final council votes that Hasnt happened yet so the debate. We have is once that happens it could be any day now which combines the groups and from that we can put timetables together. This is a question for all the periods courage. It more is it seems so. Quite clear that there'll be a bill passed that says for our type technology. That is going to be treated as a certain basis, but theres a bunch of fine tuning to that regulation that we're hoping to have completed by year end and that's the debate we're waiting for. Is that clear enough.

This is a question for all the periods courage. It more is it seems so. Quite clear that there'll be a bill passed that says for our type technology. That is going to be treated as a certain basis, but theres a bunch of fine tuning to that regulation that we're hoping to have completed by year end and that's the debate we're waiting for. Is that clear enough.

Quite clear that there'll be a bill passed that says for our type technology. That is going to be treated as a certain basis, but theres a bunch of fine tuning to that regulation that we're hoping to have completed by year end and that's the debate we're waiting for. Is that clear enough.

That is going to be treated as a certain basis, but theres a bunch of fine tuning to that regulation that we're hoping to have completed by year end and that's the debate we're waiting for. Is that clear enough.

Is that clear enough.

Peter Beetham: Yes. I think that's clear enough, Rory. Just to add a little bit to that, because I think - Rory stated that the process has started and there was - as I went through the process, there was a lot of amendments that they have to finalize. And the council vote is, they're discussing that as we speak. The bottom-line is I would like to make sure that people understand this process will go to completion and there will be an avenue for gene-edited crops into Europe or into the EU here in the foreseeable future. So, that is the exciting part. You have the UK already with all their laws implemented, and we're hearing already that companies are putting field trial applications into the EU and that is exciting also. So, it is a process and it is going in the right direction.

Just to add Amit a little bit to that because. I think you know that. We've always stated that the process has started and. No. No as I went through the process there was a lot of amendments as they have to. Finalized. And with the Council part is no. They are discussing that as we speak. The bottom line is I would like to make sure that people understand this process will go to completion and there will be an avenue for gene edited crops are into Europe or into the EU. Yeah. And in the foreseeable future so that is. Adding pop you know you have the UK already. With all day long as implemented and you know we're hearing already. Uh huh. Companies are putting field trial applications into the EU. And that is exciting ourselves. It is a process and it is going in the right direction.

I think you know that. We've always stated that the process has started and. No. No as I went through the process there was a lot of amendments as they have to. Finalized. And with the Council part is no. They are discussing that as we speak. The bottom line is I would like to make sure that people understand this process will go to completion and there will be an avenue for gene edited crops are into Europe or into the EU. Yeah. And in the foreseeable future so that is. Adding pop you know you have the UK already. With all day long as implemented and you know we're hearing already. Uh huh. Companies are putting field trial applications into the EU. And that is exciting ourselves. It is a process and it is going in the right direction.

We've always stated that the process has started and. No. No as I went through the process there was a lot of amendments as they have to. Finalized. And with the Council part is no. They are discussing that as we speak. The bottom line is I would like to make sure that people understand this process will go to completion and there will be an avenue for gene edited crops are into Europe or into the EU. Yeah. And in the foreseeable future so that is. Adding pop you know you have the UK already. With all day long as implemented and you know we're hearing already. Uh huh. Companies are putting field trial applications into the EU. And that is exciting ourselves. It is a process and it is going in the right direction.

No. No as I went through the process there was a lot of amendments as they have to. Finalized. And with the Council part is no. They are discussing that as we speak. The bottom line is I would like to make sure that people understand this process will go to completion and there will be an avenue for gene edited crops are into Europe or into the EU. Yeah. And in the foreseeable future so that is. Adding pop you know you have the UK already. With all day long as implemented and you know we're hearing already. Uh huh. Companies are putting field trial applications into the EU. And that is exciting ourselves. It is a process and it is going in the right direction.

No as I went through the process there was a lot of amendments as they have to. Finalized. And with the Council part is no. They are discussing that as we speak. The bottom line is I would like to make sure that people understand this process will go to completion and there will be an avenue for gene edited crops are into Europe or into the EU. Yeah. And in the foreseeable future so that is. Adding pop you know you have the UK already. With all day long as implemented and you know we're hearing already. Uh huh. Companies are putting field trial applications into the EU. And that is exciting ourselves. It is a process and it is going in the right direction.

Finalized. And with the Council part is no. They are discussing that as we speak. The bottom line is I would like to make sure that people understand this process will go to completion and there will be an avenue for gene edited crops are into Europe or into the EU. Yeah. And in the foreseeable future so that is. Adding pop you know you have the UK already. With all day long as implemented and you know we're hearing already. Uh huh. Companies are putting field trial applications into the EU. And that is exciting ourselves. It is a process and it is going in the right direction.

And with the Council part is no. They are discussing that as we speak. The bottom line is I would like to make sure that people understand this process will go to completion and there will be an avenue for gene edited crops are into Europe or into the EU. Yeah. And in the foreseeable future so that is. Adding pop you know you have the UK already. With all day long as implemented and you know we're hearing already. Uh huh. Companies are putting field trial applications into the EU. And that is exciting ourselves. It is a process and it is going in the right direction.

They are discussing that as we speak. The bottom line is I would like to make sure that people understand this process will go to completion and there will be an avenue for gene edited crops are into Europe or into the EU. Yeah. And in the foreseeable future so that is. Adding pop you know you have the UK already. With all day long as implemented and you know we're hearing already. Uh huh. Companies are putting field trial applications into the EU. And that is exciting ourselves. It is a process and it is going in the right direction.

The bottom line is I would like to make sure that people understand this process will go to completion and there will be an avenue for gene edited crops are into Europe or into the EU. Yeah. And in the foreseeable future so that is. Adding pop you know you have the UK already. With all day long as implemented and you know we're hearing already. Uh huh. Companies are putting field trial applications into the EU. And that is exciting ourselves. It is a process and it is going in the right direction.

Yeah. And in the foreseeable future so that is. Adding pop you know you have the UK already. With all day long as implemented and you know we're hearing already. Uh huh. Companies are putting field trial applications into the EU. And that is exciting ourselves. It is a process and it is going in the right direction.

And in the foreseeable future so that is. Adding pop you know you have the UK already. With all day long as implemented and you know we're hearing already. Uh huh. Companies are putting field trial applications into the EU. And that is exciting ourselves. It is a process and it is going in the right direction.

Adding pop you know you have the UK already. With all day long as implemented and you know we're hearing already. Uh huh. Companies are putting field trial applications into the EU. And that is exciting ourselves. It is a process and it is going in the right direction.

With all day long as implemented and you know we're hearing already. Uh huh. Companies are putting field trial applications into the EU. And that is exciting ourselves. It is a process and it is going in the right direction.

Uh huh. Companies are putting field trial applications into the EU. And that is exciting ourselves. It is a process and it is going in the right direction.

Companies are putting field trial applications into the EU. And that is exciting ourselves. It is a process and it is going in the right direction.

And that is exciting ourselves. It is a process and it is going in the right direction.

It is a process and it is going in the right direction.

Rory Riggs: And you're actually trying to be able to do the field trials. So, I know you're probably hoping we'd just commit to European being done, but we're working with it. It's pretty exciting where it is.

Sameer Joshi: Right. I mean, the next - if this gets through, then you can use your existing American technology out there. There won't be any new process that begins from scratch?

The next day. That's two then you can use your existing but I'm. American technologies out there like it wouldn't be any new process that begins from scratch.

That's two then you can use your existing but I'm. American technologies out there like it wouldn't be any new process that begins from scratch.

American technologies out there like it wouldn't be any new process that begins from scratch.

Rory Riggs: No. The encouraging thing is that we told the story about the bridge right in the paper there. They totally got oligonucleotide-directed mutagenesis. And as you know, in their safety study, it wasn't just gene editing was safe, it's an oligonucleotide. So, it's safe. And so, we're pretty comfortable that our technology by itself is spotlighted in these new regulations and then we're encouraged at the traits we have. It's a new crop. Winter royal seed rape is different, so we're starting to do field trials in England, which has been really helpful. But it's not the trade itself that we're really encouraged by. And you know how big weeders in Europe, that's a big product for us also, but we don't see a risk in the trade itself. I think we've actually had really positive encouragement on that.

We told the story about the brisk trade in the paper there they they they they totally got oligonucleotide directed mutagenesis Nokia as you know in their safety study. It wasn't just you know I think it was safe at the oligonucleotide. So. Yeah. Yes. It is safe and so we're pretty comfortable that our technology by itself is a spotlight in these new regulations and we're encouraged that the trades, we have its a new crop winter oil seed rape is different so we're starting to do field trials in England, which a big push has been really helpful. But it's not the trade yourself, but we're really encouraged by. And then you got a big Windows in Europe, that's a big product for US also but were. We don't see a risk in the trades itself. We're actually really positive encouragement on that.

Yeah. Yes. It is safe and so we're pretty comfortable that our technology by itself is a spotlight in these new regulations and we're encouraged that the trades, we have its a new crop winter oil seed rape is different so we're starting to do field trials in England, which a big push has been really helpful. But it's not the trade yourself, but we're really encouraged by. And then you got a big Windows in Europe, that's a big product for US also but were. We don't see a risk in the trades itself. We're actually really positive encouragement on that.

Yes. It is safe and so we're pretty comfortable that our technology by itself is a spotlight in these new regulations and we're encouraged that the trades, we have its a new crop winter oil seed rape is different so we're starting to do field trials in England, which a big push has been really helpful. But it's not the trade yourself, but we're really encouraged by. And then you got a big Windows in Europe, that's a big product for US also but were. We don't see a risk in the trades itself. We're actually really positive encouragement on that.

It is safe and so we're pretty comfortable that our technology by itself is a spotlight in these new regulations and we're encouraged that the trades, we have its a new crop winter oil seed rape is different so we're starting to do field trials in England, which a big push has been really helpful. But it's not the trade yourself, but we're really encouraged by. And then you got a big Windows in Europe, that's a big product for US also but were. We don't see a risk in the trades itself. We're actually really positive encouragement on that.

And then you got a big Windows in Europe, that's a big product for US also but were. We don't see a risk in the trades itself. We're actually really positive encouragement on that.

We don't see a risk in the trades itself. We're actually really positive encouragement on that.

We're actually really positive encouragement on that.

Sameer Joshi: Understood.  And then, just following up on Bobby's questions related to the royalty. So, the 250 million acres for the developed and advanced trades resulting in $1 billion annual royalties to you. Does this mean that the total savings or additional productivity is - or yield - is $2 billion to $3 billion on this 250 million acres? Is that - I'm just trying to triangulate some numbers here?

And then just following up on Bobby's question related. Related to the R&D. So the 250 million acres was developed and advanced treats. Resulting in 1 billion dollar annual problem. These do you does this mean that the. To. Savings are at least a productivity as well as. $2 billion to $3 billion on this 250 million acres. I'm just trying to triangulate some numbers here.

Related to the R&D. So the 250 million acres was developed and advanced treats. Resulting in 1 billion dollar annual problem. These do you does this mean that the. To. Savings are at least a productivity as well as. $2 billion to $3 billion on this 250 million acres. I'm just trying to triangulate some numbers here.

Resulting in 1 billion dollar annual problem. These do you does this mean that the. To. Savings are at least a productivity as well as. $2 billion to $3 billion on this 250 million acres. I'm just trying to triangulate some numbers here.

To. Savings are at least a productivity as well as. $2 billion to $3 billion on this 250 million acres. I'm just trying to triangulate some numbers here.

Savings are at least a productivity as well as. $2 billion to $3 billion on this 250 million acres. I'm just trying to triangulate some numbers here.

$2 billion to $3 billion on this 250 million acres. I'm just trying to triangulate some numbers here.

I'm just trying to triangulate some numbers here.

Rory Riggs: Well, I'm going to, let you've heard us often, I'm going to take the soft side and let Peter take the side of it. But any revenues we have, by definition, result in direct savings to the farmer. We're dealing with in rice, they've never had a gene edited trait for herbicide trust. And so, there's some big savings in rice and in Pod Shatter. It's been an immensely powerful new trait. And if we can do Sclerotinia, it is the toughest crop in Europe and by definite in canola and in soybean. Every dollar we get results in a direct increase decrease in cost for the farmer. Peter, you want to add anything to that?

Her most often I'm gonna thankfully the soft side of it and let Peter take the hard side of it. Any revenues we have by definition result in direct savings to the farmer. We're dealing with. They've never had in the trade for herbicide trucks, and so there's a big savings and racing. Shatter. It's Ben. With powerful new trades, and if we can do spirit tenure. It is the toughest crop in Europe and in the right definitely. In canola and soybean. Every every dollar we got results and address direct inquiries. The decrease in <unk>. Costs for the farmer, Peter you want add anything to that.

Any revenues we have by definition result in direct savings to the farmer. We're dealing with. They've never had in the trade for herbicide trucks, and so there's a big savings and racing. Shatter. It's Ben. With powerful new trades, and if we can do spirit tenure. It is the toughest crop in Europe and in the right definitely. In canola and soybean. Every every dollar we got results and address direct inquiries. The decrease in <unk>. Costs for the farmer, Peter you want add anything to that.

We're dealing with. They've never had in the trade for herbicide trucks, and so there's a big savings and racing. Shatter. It's Ben. With powerful new trades, and if we can do spirit tenure. It is the toughest crop in Europe and in the right definitely. In canola and soybean. Every every dollar we got results and address direct inquiries. The decrease in <unk>. Costs for the farmer, Peter you want add anything to that.

They've never had in the trade for herbicide trucks, and so there's a big savings and racing. Shatter. It's Ben. With powerful new trades, and if we can do spirit tenure. It is the toughest crop in Europe and in the right definitely. In canola and soybean. Every every dollar we got results and address direct inquiries. The decrease in <unk>. Costs for the farmer, Peter you want add anything to that.

Shatter. It's Ben. With powerful new trades, and if we can do spirit tenure. It is the toughest crop in Europe and in the right definitely. In canola and soybean. Every every dollar we got results and address direct inquiries. The decrease in <unk>. Costs for the farmer, Peter you want add anything to that.

It's Ben. With powerful new trades, and if we can do spirit tenure. It is the toughest crop in Europe and in the right definitely. In canola and soybean. Every every dollar we got results and address direct inquiries. The decrease in <unk>. Costs for the farmer, Peter you want add anything to that.

With powerful new trades, and if we can do spirit tenure. It is the toughest crop in Europe and in the right definitely. In canola and soybean. Every every dollar we got results and address direct inquiries. The decrease in <unk>. Costs for the farmer, Peter you want add anything to that.

It is the toughest crop in Europe and in the right definitely. In canola and soybean. Every every dollar we got results and address direct inquiries. The decrease in <unk>. Costs for the farmer, Peter you want add anything to that.

In canola and soybean. Every every dollar we got results and address direct inquiries. The decrease in <unk>. Costs for the farmer, Peter you want add anything to that.

Speaker Change: Every every dollar we got results and address direct inquiries. The decrease in <unk>. Costs for the farmer, Peter you want add anything to that.

The decrease in <unk>. Costs for the farmer, Peter you want add anything to that.

Costs for the farmer, Peter you want add anything to that.

Peter Beetham: Yes. I do. Thanks, Sameer for the question. I think that as Rory stated in his remarks, we're really fortunate with our technology to be able to address what I see as multi crop, multi trait, multi stackable traits, if you like, into very different geographies. And I think that's the area that we see the huge value drivers. So, when you think about stacking traits and going across different crops, you can look at the market and even conservatively see these large numbers generated over time with royalties. Just like we've seen in the market with the GMO traits. As we've stated before, they continue to generate billion of dollars of royalties every year. So, when you have compelling traits and you're able to get them into multiple crops and multiple geographies that you create a huge amount of value.

Yes. Thanks, Amit for the question because I think that. As already stated in his remarks, where. We're really fortunate with that technology to address what I see is multi crop. Multi trite. Uh huh. Oh, sorry stack. Stackable tried to July. [noise] into very different geographies and I think that's the area that we see the huge value drivers. Do you think about stacking rights and going across different crops you can. Look at the market and they've been conservatively see these large numbers are generated over time with royalties just like we've seen in the market with the GMO trades. As we've stated before. They continue to generate. Billions of dollars of royalties every year. So when you have compelling try it and you're able to get them into multiple crops. Multiple geographies that you create a huge amount of value.

Thanks, Amit for the question because I think that. As already stated in his remarks, where. We're really fortunate with that technology to address what I see is multi crop. Multi trite. Uh huh. Oh, sorry stack. Stackable tried to July. [noise] into very different geographies and I think that's the area that we see the huge value drivers. Do you think about stacking rights and going across different crops you can. Look at the market and they've been conservatively see these large numbers are generated over time with royalties just like we've seen in the market with the GMO trades. As we've stated before. They continue to generate. Billions of dollars of royalties every year. So when you have compelling try it and you're able to get them into multiple crops. Multiple geographies that you create a huge amount of value.

As already stated in his remarks, where. We're really fortunate with that technology to address what I see is multi crop. Multi trite. Uh huh. Oh, sorry stack. Stackable tried to July. [noise] into very different geographies and I think that's the area that we see the huge value drivers. Do you think about stacking rights and going across different crops you can. Look at the market and they've been conservatively see these large numbers are generated over time with royalties just like we've seen in the market with the GMO trades. As we've stated before. They continue to generate. Billions of dollars of royalties every year. So when you have compelling try it and you're able to get them into multiple crops. Multiple geographies that you create a huge amount of value.

We're really fortunate with that technology to address what I see is multi crop. Multi trite. Uh huh. Oh, sorry stack. Stackable tried to July. [noise] into very different geographies and I think that's the area that we see the huge value drivers. Do you think about stacking rights and going across different crops you can. Look at the market and they've been conservatively see these large numbers are generated over time with royalties just like we've seen in the market with the GMO trades. As we've stated before. They continue to generate. Billions of dollars of royalties every year. So when you have compelling try it and you're able to get them into multiple crops. Multiple geographies that you create a huge amount of value.

Multi trite. Uh huh. Oh, sorry stack. Stackable tried to July. [noise] into very different geographies and I think that's the area that we see the huge value drivers. Do you think about stacking rights and going across different crops you can. Look at the market and they've been conservatively see these large numbers are generated over time with royalties just like we've seen in the market with the GMO trades. As we've stated before. They continue to generate. Billions of dollars of royalties every year. So when you have compelling try it and you're able to get them into multiple crops. Multiple geographies that you create a huge amount of value.

Uh huh. Oh, sorry stack. Stackable tried to July. [noise] into very different geographies and I think that's the area that we see the huge value drivers. Do you think about stacking rights and going across different crops you can. Look at the market and they've been conservatively see these large numbers are generated over time with royalties just like we've seen in the market with the GMO trades. As we've stated before. They continue to generate. Billions of dollars of royalties every year. So when you have compelling try it and you're able to get them into multiple crops. Multiple geographies that you create a huge amount of value.

Oh, sorry stack. Stackable tried to July. [noise] into very different geographies and I think that's the area that we see the huge value drivers. Do you think about stacking rights and going across different crops you can. Look at the market and they've been conservatively see these large numbers are generated over time with royalties just like we've seen in the market with the GMO trades. As we've stated before. They continue to generate. Billions of dollars of royalties every year. So when you have compelling try it and you're able to get them into multiple crops. Multiple geographies that you create a huge amount of value.

Stackable tried to July. [noise] into very different geographies and I think that's the area that we see the huge value drivers. Do you think about stacking rights and going across different crops you can. Look at the market and they've been conservatively see these large numbers are generated over time with royalties just like we've seen in the market with the GMO trades. As we've stated before. They continue to generate. Billions of dollars of royalties every year. So when you have compelling try it and you're able to get them into multiple crops. Multiple geographies that you create a huge amount of value.

[noise] into very different geographies and I think that's the area that we see the huge value drivers. Do you think about stacking rights and going across different crops you can. Look at the market and they've been conservatively see these large numbers are generated over time with royalties just like we've seen in the market with the GMO trades. As we've stated before. They continue to generate. Billions of dollars of royalties every year. So when you have compelling try it and you're able to get them into multiple crops. Multiple geographies that you create a huge amount of value.

Do you think about stacking rights and going across different crops you can. Look at the market and they've been conservatively see these large numbers are generated over time with royalties just like we've seen in the market with the GMO trades. As we've stated before. They continue to generate. Billions of dollars of royalties every year. So when you have compelling try it and you're able to get them into multiple crops. Multiple geographies that you create a huge amount of value.

Look at the market and they've been conservatively see these large numbers are generated over time with royalties just like we've seen in the market with the GMO trades. As we've stated before. They continue to generate. Billions of dollars of royalties every year. So when you have compelling try it and you're able to get them into multiple crops. Multiple geographies that you create a huge amount of value.

As we've stated before. They continue to generate. Billions of dollars of royalties every year. So when you have compelling try it and you're able to get them into multiple crops. Multiple geographies that you create a huge amount of value.

They continue to generate. Billions of dollars of royalties every year. So when you have compelling try it and you're able to get them into multiple crops. Multiple geographies that you create a huge amount of value.

Billions of dollars of royalties every year. So when you have compelling try it and you're able to get them into multiple crops. Multiple geographies that you create a huge amount of value.

So when you have compelling try it and you're able to get them into multiple crops. Multiple geographies that you create a huge amount of value.

Multiple geographies that you create a huge amount of value.

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?

Your progress. And trying to get. It's really amazing. I just had one last one maybe for weed. We'd is the goodwill impairment sort of out of Louise or should we. I mean should we see a good. Yeah. And next year some. Mark to market or some revaluation there.

And trying to get. It's really amazing. I just had one last one maybe for weed. We'd is the goodwill impairment sort of out of Louise or should we. I mean should we see a good. Yeah. And next year some. Mark to market or some revaluation there.

It's really amazing. I just had one last one maybe for weed. We'd is the goodwill impairment sort of out of Louise or should we. I mean should we see a good. Yeah. And next year some. Mark to market or some revaluation there.

I just had one last one maybe for weed. We'd is the goodwill impairment sort of out of Louise or should we. I mean should we see a good. Yeah. And next year some. Mark to market or some revaluation there.

We'd is the goodwill impairment sort of out of Louise or should we. I mean should we see a good. Yeah. And next year some. Mark to market or some revaluation there.

I mean should we see a good. Yeah. And next year some. Mark to market or some revaluation there.

Yeah. And next year some. Mark to market or some revaluation there.

And next year some. Mark to market or some revaluation there.

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 expect US every fourth quarter to reevaluate the goodwill impairment. This year was unusual in debt following the merger several things happen number one. You may recall in the stock price at the time of the merger. About 30, and then when we did the impairment analysis in the fourth quarter. It was actually closer to 10. And since that happened. Dramatic impact on the goodwill impairment analysis, and then secondly, as you know. Back in the fall in October specifically. We've right sized our spending plans and your stomach near term. Opportunities. Those things contributed the majority of impact to the goodwill impairment charge.

This year was unusual in debt following the merger several things happen number one. You may recall in the stock price at the time of the merger. About 30, and then when we did the impairment analysis in the fourth quarter. It was actually closer to 10. And since that happened. Dramatic impact on the goodwill impairment analysis, and then secondly, as you know. Back in the fall in October specifically. We've right sized our spending plans and your stomach near term. Opportunities. Those things contributed the majority of impact to the goodwill impairment charge.

You may recall in the stock price at the time of the merger. About 30, and then when we did the impairment analysis in the fourth quarter. It was actually closer to 10. And since that happened. Dramatic impact on the goodwill impairment analysis, and then secondly, as you know. Back in the fall in October specifically. We've right sized our spending plans and your stomach near term. Opportunities. Those things contributed the majority of impact to the goodwill impairment charge.

About 30, and then when we did the impairment analysis in the fourth quarter. It was actually closer to 10. And since that happened. Dramatic impact on the goodwill impairment analysis, and then secondly, as you know. Back in the fall in October specifically. We've right sized our spending plans and your stomach near term. Opportunities. Those things contributed the majority of impact to the goodwill impairment charge.

It was actually closer to 10. And since that happened. Dramatic impact on the goodwill impairment analysis, and then secondly, as you know. Back in the fall in October specifically. We've right sized our spending plans and your stomach near term. Opportunities. Those things contributed the majority of impact to the goodwill impairment charge.

And since that happened. Dramatic impact on the goodwill impairment analysis, and then secondly, as you know. Back in the fall in October specifically. We've right sized our spending plans and your stomach near term. Opportunities. Those things contributed the majority of impact to the goodwill impairment charge.

Dramatic impact on the goodwill impairment analysis, and then secondly, as you know. Back in the fall in October specifically. We've right sized our spending plans and your stomach near term. Opportunities. Those things contributed the majority of impact to the goodwill impairment charge.

Back in the fall in October specifically. We've right sized our spending plans and your stomach near term. Opportunities. Those things contributed the majority of impact to the goodwill impairment charge.

We've right sized our spending plans and your stomach near term. Opportunities. Those things contributed the majority of impact to the goodwill impairment charge.

Opportunities. Those things contributed the majority of impact to the goodwill impairment charge.

Those things contributed the majority of impact to the goodwill impairment charge.

Wade King: 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.

So I think every year, we will reevaluate this I think I would expect this to be the one that's. Significant by far that jumps out. And obviously was largely related to a lot of merger dynamics and right sizing our spending. Plans going forward. So once again in the fourth quarter every year going forward, we'll expect to reevaluate that. And. And we'll. We'll take it one step at a time in that regard.

Significant by far that jumps out. And obviously was largely related to a lot of merger dynamics and right sizing our spending. Plans going forward. So once again in the fourth quarter every year going forward, we'll expect to reevaluate that. And. And we'll. We'll take it one step at a time in that regard.

And obviously was largely related to a lot of merger dynamics and right sizing our spending. Plans going forward. So once again in the fourth quarter every year going forward, we'll expect to reevaluate that. And. And we'll. We'll take it one step at a time in that regard.

Plans going forward. So once again in the fourth quarter every year going forward, we'll expect to reevaluate that. And. And we'll. We'll take it one step at a time in that regard.

So once again in the fourth quarter every year going forward, we'll expect to reevaluate that. And. And we'll. We'll take it one step at a time in that regard.

And. And we'll. We'll take it one step at a time in that regard.

And we'll. We'll take it one step at a time in that regard.

We'll take it one step at a time in that regard.

Sameer Joshi: Understood, yeah. I think the rightsizing of spending what I was moving in my thought process .  Thanks, Wade. Thanks for taking my question.

What about the whole thing and my thought process. Thanks, Louise Thanks for taking my question.

Wade King: Thank you.

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

Thank you there are no further questions at this time I would like to hand, the floor back over to Mr. Rich 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.

The thing we're most excited about is that we set out some really aggressive milestones that we thought were based on our technology of what we should accomplish and we're pretty excited if we hit to us.

We set out some great milestones for next year, which will some of those big commercial customers, having their trades, having a couple of new platforms and so hopefully our trades for not just us there trace that signify where the industry is moving and you're building for the industry to actually have this extinction of a conventional.

We set out some great milestones for next year, which will some of those big commercial customers, having their trades, having a couple of new platforms

Rory Riggs: 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.

Breathing that's being done. Facilities like the trade petitions. We'd like to be known for having a good rest of the barrels. So it's behaving I'm sorry, I just thank you for your support and then we're really looking forward to this year as another year of amazing progression and the development of this industry. So thanks Tim.

Facilities like the trade petitions. We'd like to be known for having a good rest of the barrels. So it's behaving I'm sorry, I just thank you for your support and then we're really looking forward to this year as another year of amazing progression and the development of this industry. So thanks Tim.

We'd like to be known for having a good rest of the barrels. So it's behaving I'm sorry, I just thank you for your support and then we're really looking forward to this year as another year of amazing progression and the development of this industry. So thanks Tim.

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

You may disconnect your lines at this time, thank you for your participation.