v3.26.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Loss Before Income Taxes
The components of loss before income taxes are as follows:

Years Ended December 31,
In Thousands20252024
United States loss before income taxes$(132,354)$(280,080)
Foreign income (loss) before income taxes182 (2,604)
Loss before income taxes$(132,172)$(282,684)
Schedule of Income Tax Provision Income tax provision for the years ended December 31, 2025, and 2024, consist of the following:

Years Ended December 31,
In Thousands20252024
Current:
Federal$— $— 
State— — 
Foreign(29)(29)
Total current(29)(29)
Deferred:
Federal— — 
State— — 
Foreign— — 
Total deferred— — 
Total income tax expense$(29)$(29)
Schedule of United States Statutory Income Tax Rate to Effective Income Tax Rate The table below provides the updated requirements of ASU 2023-09 for 2025. See Note 1. Nature of Business & Summary of Significant Accounting Policies - Recently Adopted Accounting Pronouncements for additional details on the adoption of ASU 2023-09.

For purposes of reconciling the Company’s provision for income taxes at the United States statutory income tax rate and the Company’s provision (benefit) for income taxes at the effective tax rate, a notional 21.0 percent tax rate was applied as follows:

Year Ended December 31, 2025
In Thousands, except percentage valuesAmount%
United States statutory rate$27,756 21.0 %
State and local income taxes, net of federal income tax effect (1)
85 0.1 %
Foreign tax effects:
Other foreign(31)— %
Tax credits:
R&D credit1,317 1.0 %
Change in valuation allowance(60,311)(45.6)%
Nontaxable or nondeductible items:
Stock-based compensation(1,396)(1.1)%
Goodwill impairment(4,229)(3.2)%
Other, net(4)— %
Change in unrecognized tax benefits(413)(0.3)%
Other adjustments, net:
Section 382 limitation3,889 2.9 %
Investment in Cibus Global LLC46,569 35.2 %
743(b) asset and amortization(11,862)(9.0)%
Other, net(1,399)(1.1)%
Effective income tax rate$(29)— %

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(1) State taxes in California made up the majority (greater than 50 percent) of the tax effect in this category.

The difference between the United States statutory income tax rate and the Company’s effective income tax rate for the year ended December 31, 2025, is primarily attributable to the effect of losses sustained, impairment charges of goodwill, and changes in the Company’s investment in Cibus Global during the year.

As previously disclosed for the year ended December 31, 2024, prior to the adoption of ASU 2023-09, effective income tax rate differs from the United States statutory income tax rate as follows:

Year Ended December 31, 2024
United States statutory rate21.0 %
State tax, net of federal tax benefit0.1 %
Loss attributable to redeemable noncontrolling interest(2.3)%
Stock-based compensation(0.6)%
Goodwill impairment(12.0)%
R&D credit0.6 %
Unrecognized tax benefits0.3 %
Warrants0.6 %
Investment in Cibus Global LLC(10.4)%
Change in state rate(1.9)%
Section 382 limitation(3.0)%
Other(0.4)%
Change in valuation allowance8.0 %
Effective income tax rate— %
Schedule of Income Taxes Paid The amounts of cash income taxes paid by the Company are as follows:
In ThousandsYear Ended December 31, 2025
Federal$— 
State and local— 
Foreign
Canada38 
Netherlands3 
United Kingdom— 
Total foreign41 
Total cash paid for income taxes$41 
Supplemental consolidated statement of cash flows information is as follows:
 Years Ended December 31,
In Thousands20252024
Interest paid$79 $115 
Non-cash transactions not reported in the consolidated statements of cash flows is as follows:
 Years Ended December 31,
In Thousands20252024
Property, plant, and equipment acquired through assuming liabilities$54 $210 
Unpaid stock offering costs included in accounts payable$1,512 $— 
Class A common stock warrants reclassification from liability to stockholders’ equity$1,742 $— 
Purchase of insurance through vendor financing$861 $— 
Establishment of operating lease right-of-use assets and associated operating lease liabilities$— $16,491 
Schedule of Deferred Tax Assets and Liabilities


Deferred tax assets and liabilities consist of the following:

December 31,
In Thousands20252024
Net operating losses$91,859 $70,097 
Investment in Cibus Global, LLC— 29,036 
Stock-based compensation3,698 — 
ASC 842 lease liabilities8,824 — 
Tax credit carry forwards3,442 2,720 
Capitalized R&D7,695 1,979 
Compensation 576 — 
Royalty liability63,754 — 
Property and equipment1,915 — 
Intangible assets5,558 — 
Other640 — 
Gross deferred tax assets187,961 103,832 
Less valuation allowance(182,111)(103,742)
Net deferred tax assets after valuation allowance5,850 90 
ASC 842 ROU assets(5,850)— 
Other— (90)
Gross deferred tax liabilities(5,850)(90)
Net deferred tax asset or liability$— $— 
Schedule of Gross Unrecognized Tax Benefits Activity The gross unrecognized tax benefits activity is as follows:
In ThousandsGross Unrecognized Tax Benefits
Balance as of December 31, 2023$1,906 
Increases related to current year positions343 
Decreases related to prior year positions(423)
Decreases related to IRC §382(946)
Balance as of December 31, 2024880 
Increases related to current year positions329 
Decreases related to prior year positions(105)
Balance as of December 31, 2025$1,104