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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 3/21/24 Cibus, Inc. 8-K:8,9 3/21/24 11:282K Workiva Inc Wde… FA01/FA |
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Document |
Cibus, Inc. | Cibus Global, LLC (For the Five Months Ended May 31, 2023) | Transaction Accounting Adjustments | Note 5 | Pro Forma Combined Total | ||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||
Revenue | $ | 1,817 | $ | 440 | $ | — | $ | 2,257 | ||||||||||||||||||||||||
Total revenue | 1,817 | 440 | — | 2,257 | ||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Research and development | 42,367 | 17,443 | 758 | (c) | 60,568 | |||||||||||||||||||||||||||
Selling, general, and administrative | 28,914 | 12,217 | — | 41,131 | ||||||||||||||||||||||||||||
Goodwill and intangible assets impairment | 249,419 | — | — | 249,419 | ||||||||||||||||||||||||||||
Total operating expenses | 320,700 | 29,660 | 758 | 351,118 | ||||||||||||||||||||||||||||
Loss from operations | (318,883) | (29,220) | (758) | (348,861) | ||||||||||||||||||||||||||||
Royalty liability interest expense - related parties | (18,892) | (5,718) | — | (24,610) | ||||||||||||||||||||||||||||
Interest, net | 527 | (109) | — | 418 | ||||||||||||||||||||||||||||
Non-operating income (expenses) | (395) | (38) | — | (433) | ||||||||||||||||||||||||||||
Loss before income taxes | (337,643) | (35,085) | (758) | (373,486) | ||||||||||||||||||||||||||||
Income tax benefit (expense) | 4 | — | — | 4 | ||||||||||||||||||||||||||||
Net loss | $ | (337,639) | $ | (35,085) | $ | (758) | $ | (373,482) | ||||||||||||||||||||||||
Net loss attributable to redeemable noncontrolling interest | (70,012) | — | (7,701) | (b) | (77,713) | |||||||||||||||||||||||||||
Net loss attributable to combined company | $ | (267,627) | $ | (35,085) | $ | 6,943 | $ | (295,773) | ||||||||||||||||||||||||
Basic and diluted net loss per share of Class A common stock | $ | (25.95) | $ | (11.13) | ||||||||||||||||||||||||||||
Weighted average shares of Class A common stock outstanding, basic and diluted | 10,314,554 | 13,045,628 | (a) | 25,879,506 |
Number
of shares of Common Stock received by Cibus Global, LLC equityholders as merger consideration (1) | 20,150,838 | |||||||
Multiplied by the fair value per share of Cibus, Inc. Class A Common Stock (2) | $ | 31.50 | ||||||
Purchase price | $ | 634,751,397 |
In Thousands | May 31, 2023 | |||||||
Cash and cash equivalents | $ | 59,381 | ||||||
Accounts receivable | 2,216 | |||||||
Due from related parties | 19 | |||||||
Note receivable | 2,500 | |||||||
Prepaid expenses and other current assets | 2,535 | |||||||
Property, plant and equipment | 10,588 | |||||||
Operating lease right-of-use-assets | 9,519 | |||||||
Goodwill | 585,266 | |||||||
Intangible assets | 135,429 | |||||||
Other non-current assets | 457 | |||||||
Accounts payable | (5,582) | |||||||
Accrued expenses | (3,477) | |||||||
Accrued compensation | (2,859) | |||||||
Due to related parties | (8) | |||||||
Deferred revenue | (1,186) | |||||||
Current portion of notes payable | (517) | |||||||
Current portion of operating lease obligations | (4,687) | |||||||
Current portion of financing lease obligations | (165) | |||||||
Other current liabilities | (17) | |||||||
Notes payable, net of current portion | (749) | |||||||
Operating lease obligations, net of current portion | (6,006) | |||||||
Financing lease obligations, net of current portion | (10) | |||||||
Royalty liability - related parties | (146,360) | |||||||
Other non-current liabilities | (1,536) | |||||||
Consideration transferred | $ | 634,751 |
Cibus Global: | ||||||||
Cibus Global non-voting common units with threshold (1) | 45,797,340 | |||||||
Cibus
Global warrants (1) | 29,751,050 | |||||||
Total pre-closing Cibus Global warrants and non-voting common units with threshold | 75,548,390 | |||||||
Weighted average exchange ratio applicable to Cibus Global warrants and non-voting common units with threshold (rounded) | 0.0515 | |||||||
Total Cibus, Inc. post-Mergers shares of Common Stock for Cibus Global warrants and non-voting common units with threshold | 3,891,509 | |||||||
Plus: | ||||||||
Cibus Global non-voting common units | 1,475,059 | |||||||
Cibus Global preferred units | 254,936,576 | |||||||
Total pre-closing Cibus Global preferred units and non-voting common units | 256,411,635 | |||||||
Exchange ratio (rounded) | 0.0634 | |||||||
Total Cibus Inc. post-Mergers shares of common stock for Cibus Global preferred units and non-voting common units | 16,259,329 | |||||||
Total Cibus, Inc. post-Mergers shares of common stock received by Cibus Global equityholders as merger consideration | 20,150,838 |
Year Ended December 31, 2023 | |||||||||||
Historical Cibus Global weighted average common units outstanding | 42,492,880 | ||||||||||
Impact of Cibus Global convertible preferred units assuming conversion as of January 1, 2022 | 254,936,576 | ||||||||||
Impact of Cibus Global convertible preferred units converted to Class B Common Stock as of January 1, 2022 | (73,217,113) | ||||||||||
Subtotal | 224,212,343 | ||||||||||
Application of exchange ratio to historical Cibus Global convertible preferred units outstanding (rounded) | 0.0630 | ||||||||||
(a) Subtotal | 14,041,998 | ||||||||||
Impact of accelerated vesting for Cibus Global non-voting common units with threshold, assuming conversion as of January 1, 2022 | 3,766,988 | ||||||||||
Application of weighted average exchange ratio for accelerated vesting of non-voting common units with threshold (rounded) | 0.0570 | ||||||||||
(b) Subtotal | 214,803 | ||||||||||
Impact of Cibus Global warrants, assuming conversion as of January 1, 2022 | 29,751,050 | ||||||||||
Application of exchange ratio to historical Cibus Global warrants outstanding (rounded) | 0.0402 | ||||||||||
(c) Subtotal | 1,195,752 | ||||||||||
Adjusted Cibus Global weighted average common units outstanding (after giving effect to the Exchange Ratio) (a + b + c) | 15,452,553 | ||||||||||
Cibus, Inc. weighted average shares of common stock outstanding | 10,314,554 | ||||||||||
Cibus, Inc. Common Stock of accelerated vesting of equity awards as of January 1, 2022 | 112,399 | ||||||||||
Total weighted average units outstanding | 25,879,506 | ||||||||||
Less: Historical Cibus Global weighted average units outstanding | 2,519,324 | ||||||||||
Less: Cibus, Inc. weighted average shares of common stock outstanding | 10,314,554 | ||||||||||
Total weighted average units outstanding - pro forma adjustment | 13,045,628 |
In Thousands, except useful life | Preliminary Fair Value | Estimated Weighted Average Useful Life (Years) | Amortization Expense for the Five Months Ended May 31, 2023 | |||||||||||||||||||||||
IPR&D (1) | $ | 99,051 | $ | — | ||||||||||||||||||||||
Developed technology | 14,148 | 20 | 295 | |||||||||||||||||||||||
Trade name | 22,230 | 20 | 463 | |||||||||||||||||||||||
Total Pro forma Adjustment | $ | 135,429 | $ | 758 |
This ‘8-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
Filed on / For Period end: | 3/21/24 | 10-K, 8-K | ||
12/31/23 | 10-K | |||
5/31/23 | 3, 4, 4/A, 8-K, 8-K/A | |||
4/24/23 | 8-K | |||
4/14/23 | 425, 8-K, CORRESP, S-4/A | |||
1/13/23 | 8-K | |||
1/1/23 | 4 | |||
1/1/22 | ||||
List all Filings |