GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETSGoodwill

There was no change to the Company’s goodwill during the three months ended March 31, 2026.

Goodwill activity is as follows for the three months ended March 31, 2025:


In Thousands	Goodwill
Balance as of December 31, 2024	$	253,466
Goodwill impairment	(20,950)
Balance as of March 31, 2025	$	232,516

During the first quarter of 2025, the Company experienced a triggering event and assessed its goodwill for impairment. The Company considered the decline in its stock price since its last assessment of goodwill and concluded it was more likely than not that its goodwill would be impaired. The Company then performed a quantitative analysis and concluded that its goodwill was impaired. Management makes critical assumptions and estimates in completing impairment assessments of goodwill. The Company utilized the discounted cash flow method to calculate the fair value of the reporting unit. The Company’s future cash flow projections include assumptions on variables such as future royalties and operating margins, economic conditions, probability of success, market competition, inflation, and discount rates. In addition, the Company compares the fair value of the reporting unit to the Company’s overall market capitalization. The Company utilized its most recent cash flow projections in combination with the Company’s stock price as of March 31, 2025, to calculate the fair value of the reporting unit using a long-term growth rate of 3 percent and a discount rate of 47 percent, which are Level 3 fair value measurements. The Company determined its goodwill was impaired by $21.0 million, which is recorded in the accompanying condensed consolidated statements of operations for the three months ended March 31, 2025.

The Company’s gross amount of goodwill prior to accumulated impairment losses as of March 31, 2026, and 2025, was $585.3 million. The Company’s accumulated goodwill impairment loss as of March 31, 2026, and 2025, was $352.8 million.

A triggering event that could indicate impairment and necessitate an evaluation of goodwill includes, but is not limited to, macroeconomic conditions, industry and market considerations, increases in Cibus’ costs, commercial performance relative to strategic initiatives, adverse regulatory developments, or the decline in Cibus’ market capitalization.

To the extent a triggering event occurs and Cibus concludes that goodwill has become further impaired, Cibus may be required to incur material write-offs relating to such impairment and any such write-offs could have a material impact on the Company’s future operating results and financial position.

Intangible Assets

Intangible assets as of March 31, 2026, were as follows:


In Thousands	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net

Developed technology	$	14,148	$	(2,005)	$	12,143
Trade name	22,230		(3,149)		19,081

Total	$	36,378	$	(5,154)	$	31,224

Intangible assets as of December 31, 2025, were as follows:


In Thousands	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net

Developed technology	$	14,148	$	(1,828)	$	12,320
Trade name	22,230		(2,871)		19,359

Total	$	36,378	$	(4,699)	$	31,679

Total amortization expense is as follows:


	Three Months Ended March 31,
In Thousands		2026		2025
Amortization expense		$	455	$	455

As of March 31, 2026, future amortization expense is estimated as follows:


In Thousands	Amortization Expense
Remainder of 2026	$	1,364
2027	1,819
2028	1,819
2029	1,819
2030	1,819
2031	1,819
Thereafter	20,765
Total future amortization expense	$	31,224