EX-99.1 2 d645510dex991.htm EX-99.1 EX-99.1

Exhibit 99.1 Leading the Future of Breeding™ M a y 2 0 2 3


Key Management Team Rory Riggs Peter Beetham, PhD Greg Gocal, PhD CEO, CHAIRMAN COO, PRESIDENT EVP, CHIEF SCIENTIFIC CO-FOUNDER CO-FOUNDER OFFICER, CO-FOUNDER Noel Sauer, PhD Wade King, MD Rosa Cheuk Kim, JD SVP, HEAD OF R&D CHIEF FINANCIAL SVP, LEGAL OFFICER 2 2 2


Founded Employees Headquarters 2001 ~200 San Diego, CA The Future of Breeding™ Highlights Leading New Era of Gene Edited Trait Development in Agriculture Business Model Technology Products Develop-License Plant Traits Cibus’ Trait Machine™ 6 Trait Pipeline • 3 Developed Traits - Shipping • Semi-Automated Breeding System • Focus: Multi-Crop Blockbuster Traits • 3 Advanced Traits 1) Productivity Traits • Analog-to-Digital Type Scale Change - Improved yields, less chemicals P&G Development Program • 400+ Issued or Pending Patents - Sustainable Ingredients and materials 2) Sustainable Ingredients - Calyxt Merger will consolidate Major - Ingredients that address climate goals st Customers, 1 Traits IP & Technology in Ag. Gene Editing Notes: Shipping means that traits are being transferred to customers in a customer’s elite germplasm


Breeding is How Seed Co’s Develop Traits The Seed Industry: Productivity Traits are the Primary Basis for Competition. Seed Co’s Charge Productivity Trait Fees for Productivity Gains from Traits. Conventional Trait Development (Breeding!) has Severe Scale & Speed Limitations 4


Cibus’ Trait Machine Changes the Scale & Speed High Throughput Gene Editing System. - Operates as an Extension of Conventional Breeding Trait Development in a Fraction of the Time and Cost of Conventional Breeding “Nature Identical” Traits Non-GMO Traits that are Cibus conventional breeding like. Bio-Mfg. Standards Pharma Standard Quality Control & Assurance. High Throughput Gene Editing System Timebound, Predictable & Reproducible Breeding System. RTDS 5


Trait Machine is a Step Change in Trait Development Transforms the Steps Involved in- 1) Trait Development, and 2) Commercialization! 1– Prototyping Runs: Accelerates Development & Proof of Concept 2– Production Runs: Accelerates Speed to Market. Trait Machine Once a trait is developed, Trait Machine directly Trait Machine accelerates accelerates prototyping or edits a customer’s time to commercialization. testing of different traits. elite germplasm. 6


Addresses the Pressing Need From Climate Change Billions of Acres being hit by Changing Diseases, Pests & Resources Desperate Need for Scale & Time Change in Trait Development Gene Editing is Virtually the Only Tool that Can Address Climate Challenges at Scale 7


Climate Need is Driving Regulatory Change Global Push: Regulate Gene Editing Like Conventional Breeding New Gene Editing Regulations in Place Positive Policy Processes Underway Positive Policy Discussions Note: Cibus traits are developed without integrating foreign DNA in the process or product. in key target markets including the United States, the new gene editing regulations are specifically separating Cibus traits from GMO (Genetically Modified Organisms) and regulating Cibus Traits similarly to traits from conventional breeding. 8


The Market Opportunity The Business, Product and Economic Opportunity of Plant Traits


Trait Products are a Royalty Business Traits are Genetic Characteristics that Enable Plants to Manage Environmental Challenges Royalties are Paid for: Improved Yields, Increased Productivity, and/or Lower Costs (Chemicals!) Trait Royalty Market - $$$ “Traits by Acres by Trait Fees”


Example: The “Bt” Trait Trait: A “Bt” Protein that is Engineered into a Plant to make it Toxic to Plant Specific Pests. Bt Trait Economics: kills pests, decreases pesticide use/cost, increases yields. Crop Pest Note: Slide 22 for term definitions, data sources & assumptions.. Annual Trait Fees $2.6 B $0.5 B $0.7 B (by Crop 2020 est.)


Business Model: Traditional Trait Distribution Model: Traits Distributed in Seeds by Seed Co’s Seed Co’s Pay Trait Royalties based on Trait Fees Paid by Farmer TURN TO WHO TURN TO Farmers Seed Companies Trait Developers Challenged by the impacts of Environment & Climate change Seed Co’s sell Farmer seeds with Develop Productivity Traits traits to address productivity needs. - License Trait IP to Seed Co’s. Farmers pay Seed Co’s trait fees Collect Royalties: (in total cost charged for seed) - Seed Co’s pay Trait Royalties for Trait IP based on Trait Fees. 12 12


Cibus’ Initial Commercial Model 1) Three Trait Machine Platforms - Canola, Rice & Soybean; 2) Six Traits Trait Royalty Market (est.) for Cibus’ 6 Traits in Canola, Rice & Soybean is ~ $2 Billion Canola Rice Soybean MM MM MM TAM: 46 ACRES TAM: 11 ACRES TAM: 190 ACRES Soybean Traits Traits Traits 5 3 4 Lead Customer: GDM Lead Customer: Nuseed Lead Customer: Nutrien Traits Royalties Traits Royalties Traits Royalties ~$5-$15 ~$5-$15 ~$10-$30 (per acre) (per acre) (per acre) Note: Slide 22 for term definitions, data sources & assumptions. 13


Four of the Six Initial Traits are Multi-Crop Each Initial Trait has an Exp. Royalty > $100 MM/Yr. across the 3 Crops ‘ The Six Traits have Strong Demand across the 3 Crops Addressable TRAIT ACRES for Canola, Rice, Soybean ~250 MM Acres Note: Addressable Acres, Trait Fee Acres and Trait Royalty Market above are only for Canola, Soybean & Rice. Slide 22 for term definitions, data sources & assumptions. HT1 & HT3 together are estimated to > $100 million in Rice. 14 14 14


Corn & Wheat will Increase Market to > 500 MM Acres Trait Royalty Market (est.) for the 5 Crops & 6 Initial Traits is > $4 Billion Reducing Chemicals Like Fertilizers and Fungicides are $ Multi-Billion Multi-Crop Trait Royalty Markets $4.25 Billion Est. Trait Royalty Mkt. (All 5 Crops) Nutrient Use Efficiency Note: Slide 22 for term definitions, data sources & assumptions. Trait Royalty Market estimates for Cibus’ initial 6 Traits: 1) in Canola, Rice, Soybean, Wheat & Corn, and 2) NA, SA & Europe


st Lead 1 Trait: PSR: Pod Shatter Reduction - Canola/WOSR Trait Fees Acres (est.): ~26 MM, Trait Royalty Market (est.): ~$200 Million Reducing Pod Shatter Strong Commercial Progress: Sclerotinia Increases Oil Seed Yield Developed & Shipping POD Shatter Reduction Resistance . Strengthens Sheath that Initial Customers 10 Holds the Oil Seeds Initial Trait Acres (est.) ~15 MM Sheaths Shatter in Rain/High Wind Causing Trait Royalties (per acre) $5-$10 Trait Royalties (per acre) Yield Losses of 10% or More, $5-$10 ~$100 MM Trait Royalty Mkt (est.) Trait Royalty Mkt (est.) ~$100 MM (Initial 10 Customers) (Initial 10 Customers) Note: Slide 22 for term definitions, data sources & assumptions.. Acres based on Canola in N.A., EU 1st Shipment Q1 2023 1st Shipment Q1 2023 16 16 Photo credit to the Canola Council of Canada


st Our 1 Blockbuster Trait Sclerotinia White Mold Resistance - Canola, Soybean Trait Fees Acres (est.): ~80 MM, Trait Royalty Market (est.): ~$650 Million Sclerotinia Resistance Canola/ Soybean Major Crops WOSR Increases Yields, Sclerotinia Resistance Reduces Fungicide use Molecular Confirmation Yes Yes Builds internal defenses to prevent Sclerotinia from infecting plant. Green House Confirmation 2023 NA . Field Validation (Est.) NA 2024 Improves Yields and Reduces Use/Cost of Fungicides ~30 MM Trait Fees Acres (est.) ~50 MM Trait Royalties (per acre) ~$5-$10 ~$5-$10 Note: Slide 22 for term definitions, data sources & assumptions. Acres based on Canola, Soybean in N.A.,S.A., EU Trait Royalty Market ~$270 MM ~$385 MM Disease Resistance is a complex trait consisting of multiple modes of action. (est.) Cibus has green house confirmation on an MOA of the trait: 17 17 Photo credit to the Canola Council of Canada


Stacked Traits Crop Platforms: Trait Machine Enables Stacking Multiple Traits in a Specific Crop st Canola is Cibus’ 1 Crop Platform, Royalty Potential > $800 MM Cibus Trait Royalty Trait Royalty Market (est.) Trait Fee Acres (est.) (per acre) ~$200 MM Pod Shatter (PSR) 26 MM $5-$10 Sclerotinia Resistance ~$260 MM 30 MM $5-$10 Canola Herbicide Tolerance #2 (HT2) 20 MM $5-$10 ~$145 MM OSR 46 MM ~46 MM Acres Nutrient Use Efficiency (NUE) Nutrient Use Efficiency (NUE) 46 MM ~$250 MM $10-$15 Note: Slide 22 for term definitions, data sources & assumptions. Sclerotinia, HT#2 & NUE Acres based on Canola in N.A., Europe are Multi-Crop Traits 18 18 18


Sustainable Ingredients Addresses Global Drive to Transition Ingredients to meet Corporate Sustainability Objectives P&G Collaboration: A Model for Co’s with Climate 2040 Sustainability Goals Proctor & Gamble In Q1-2023, Cibus and P&G entered into a collaboration to develop sustainable low carbon ingredients. - P&G will fund a multi-year program to develop Sustainable Low Carbon Ingredients that help advance its sustainability objectives. - Working with Cibus to Build a broader coalition.


Multi-Crop Blockbusters Traits that Address > 100 MM Acres with Trait Royalties of $5 to $15 per acre Blockbusters are Traits that Address Agricultural Sustainability at Scale Target Areas Resistance Traits Efficiency Traits Sustainable Ingredients CLIMATE CHANGE PLANT OUTPUTS Addressing the impacts of climate Renewable products that don’t such as drought & weather negatively impact the environment during production, use, or disposal. NUTRIENT PROCESSING Able to better process available nutrients. Reduces fertilizer needs. PROCESS OUTPUTS Replacing inputs or process materials AGRONOMY that negatively impact the environment. Physiological traits that improve yields and farmability 20 20


2023 Highlights & Key Milestones Trait Royalty Market (est.) for Cibus’ 6 Traits in Canola, Rice & Soybean is ~ $2 Billion Trait Products Soybean Canola - Shipments: Six PSR Trait Transfers - Complete Platform Development st (1 Transfer in Q1 2023) (H2 2023) - Green House Data: HT2, Sclerotinia - Initiate Edits: HT2, Sclerotinia (Q3 2023) (H2 2023) - Initiate Edits: Nutrient Use Efficiency Wheat, Corn (H2 2023) - Wheat Platform Q4 2024 Rice - Corn Platform Q4 2025 - Shipments: Two HT Trait Transfers (Transfers in Q2 2023) Operations - Initiate Edits: Nutrient Use Efficiency Trait Machine (Q1 2023) - “Oberlin” Operational H2 2023


Disclaimer Securities Law Matters This presentation has been prepared by Cibus Global, LLC (the Company ), and the Company Trade names, trademarks and service marks of other companies that appear are the property is responsible for its contents. It shall not constitute an offer, nor a solicitation of an offer, of of their respective holders and do not imply a relationship with, or endorsement or the sale or purchase of securities, nor shall any securities of the Company be offered or sold, sponsorship of us, by these other companies. Solely for convenience, trademarks and trade in any jurisdiction in which such an offer, solicitation or sale would be unlawful. Neither the names in this presentation appear without the ™ and ® symbols, but any such failure to Securities and Exchange Commission nor any state securities commission has approved or appear should not be construed as indicating that their respective owners will not assert their disapproved of the transactions contemplated hereby or determined if this presentation is rights with respect thereto. Cibus has over 400 patents issued or filed. truthful or complete. Any representation to the contrary is a criminal offense. Industry and Market Data Information about market and industry statistics contained in this presentation is included Company Data, Projections & Terms Company Data, Projections & Terms based on information available to the Company that it believes is accurate in all material 1. Developed means validated field trials (Canola PSR, rice HT1, HT3); Advanced respects. It is generally based on academic and other publications that are not produced for 1. Developed means validated field trials (Canola PSR, rice HT1, HT3); Advanced development means editing process underway with known edit targets. purposes of securities offerings or economic analysis. The Company has not reviewed or development means editing process underway with known edit targets. 2. Bt refers to Bacillus thuringiensis that is a species of bacteria that lives in soil included data from all sources, and the Company cannot assure potential investors of the 2. Bt refers to Bacillus thuringiensis that is a species of bacteria that lives in soil 3. TAM, Addressable Markets and Trait Fee Acres company estimates based on accuracy or completeness of the data included in this presentation. Forecasts and other 3. TAM, Addressable Markets and Trait Fee Acres company estimates based on industry sources. There can be no assurance that Trait Fee Acres can be achieved. forward-looking information obtained from these sources, including estimates of future industry sources. There can be no assurance that Trait Fee Acres can be achieved. market size, revenue and market acceptance of products and services, are subject to the same 4. Trait Machine Platforms are operational in canola and rice. Soybean is expected to 4. Trait Machine Platforms are operational in canola and rice. Soybean is expected to qualifications and the additional uncertainties accompanying any forward-looking statements. be operational in H2 2023. be operational in H2 2023. 5. Trait Royalty Market is an estimate of the Trait Fee Acres and Trait Fees for a Cibus Acreage Data 5. Trait Royalty Market is an estimate of the Trait Fee Acres and Trait Fees for a Cibus Trait. This presentation has 2 available acreage calculations: TAM-Total Accessible Acres and Trait Trait. 6. Shipping means traits are transferred to customers in a customer’s elite germplasm. Fees Acres. These are based on the company’s estimate of total hybrid acres available in: 6. Shipping means traits are transferred to customers in a customer’s elite germplasm. North America, South America & Europe for each crop. European acres are not currently 7. MOA refers single mode of action for a complex trait. 7. Complex traits refers to traits consisting of multiple modes of action. Greenhouse accessible. These acres depend on a favorable outcome of the current EU Parliamentary 8. Complex traits refers to traits consisting of multiple modes of action. Greenhouse confirmation of a complex trait may refer to a single MOA or Multiple MOA’s. process. They are shown to show the potential increase in available acres if the EU were to confirmation of a complex trait may refer to a single MOA or Multiple MOA’s. pass the proposed legislation. The EU is expected to advance its legislative process for its 8. Initiate Edits means that the editing process has begun for the trait in the specific 9. Initiate Edits means that the editing process has begun for the trait in the specific proposed legislation. crops. They may be for a single MOA or Multiple MOA’s. crops. They may be for a single MOA or Multiple MOA’s. 9. MOA refers single mode of action for a complex trait with multiple modes of action. 10. Greenhouse Data means greenhouse confirmation for a single mode action or Intellectual Property multiple modes of action for a trait. rd “Cibus,” “RTDS,” “Rapid Trait Development System,” “FALCO,” “SU Canola,” “Nucelis,” “ASAP,” 3 Party Data “A Different Breed,” “Trait Machine,” “Inspired by Nature,” “Driving Sustainable Agriculture,” rd 1. Trait Fee information are 2020 estimates based on data from Agbioinvestor, US 3 Party Data “Reshaping Crop Protection,” “Reinventing Trait Development”, “Timebound & Predictable”, Gov., BCG & 3rd party consultants. Traits are predominantly GMO traits in North 1. Trait Fee information are 2020 estimates based on data from Agbioinvestor, US “Driving Trait & Breeding Innovation”, “Future of Breeding”, the Cibus logo and other & South America. Gov., BCG & 3rd party consultants. Traits are predominantly GMO traits in North trademarks or service marks of Cibus appearing in this presentation are the property of Cibus. & South America. 22 22


Forward Looking Statements This presentation contains “forward-looking” statements within the meaning of applicable securities laws, including The Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as “anticipate,” “believe,” “intend”, “expect,” “plan,” “scheduled,” “could,” “would” and “will,” or the negative of these and similar expressions. These forward-looking statements, which are based on our management’s current expectations and assumptions and on information currently available to management. Forward-looking statements include statements about the completion and timing of the merger of Cibus and Calyxt and the transactions related thereto (collectively, the “Transactions”); the subsequent integration of the companies and the realization of anticipated benefits of the Transactions; the advancement, timing and progress of platform development and trait development in such crop platforms; the timing of our presentation of data related to our trait development activity; the timeframe for transferring traits in customers’ elite germplasm; the capacity of our productivity traits to deliver competitive yield improvements; the ability of gene editing to address climate change at scale; the timing and nature of regulatory developments relating to gene editing; the market opportunity for Cibus’ plant traits, including the number of addressable acres, and the trait fees that Cibus expects to receive; and Cibus’ ability to enter into and maintain significant customer collaborations. These forward-looking statements are made in light of information currently available to us and are subject to numerous risks and uncertainties, including with respect to the numerous risks associated with novel technologies and product candidate development. Cibus’ operating plans, including product development plans, may change as a result of various factors, including factors currently unknown to Cibus. There are important factors that could cause Cibus’ actual results, level of activity, performance or achievements to differ materially from those expressed or implied by forward-looking statements, including factors related to: competition from competitors with greater resources than Cibus; regulatory developments that disfavor or impose significant burdens on gene-editing processes or products; commodity prices and other market risks facing the agricultural sector; increased or unanticipated time and resources required for Cibus’ platform or trait product development efforts; technological developments that could render Cibus’ technologies obsolete; Cibus’ need for additional funding to finance its activities and challenges in obtaining additional capital on acceptable terms, or at all; Cibus’ reliance on third parties in connection with its development activities; challenges to Cibus’ intellectual property protection and unexpected costs associated with defending Cibus’ intellectual property rights; and other risks, including those, identified in the proxy statement / prospectus, which was filed with the SEC by Calyxt, Inc. on April 18, 2023 pursuant to an effective registration statement of Calyxt, Inc. on Form S-4 (File No. 333-269764). In addition to these factors, other known and unknown risks and uncertainties may adversely affect such forward-looking statements and cause Cibus’ actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Except as required by law, Cibus assumes no obligation to update these forward-looking statements publicly, or to update the reasons why actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.


Cibus/Calyxt Cap. Structure


Cibus and Calyxt are Merging: New Ticker, CBUS Combines Leaders in Gene Editing in Agriculture Equity Split: Cibus 95%/Calyxt 5% See: Cibus.com for Announcement & Details Merger Combines Key Technologies in Ag. Gene Editing Productivity Traits Sustainable Ingredients Gene Edited Plants Plants, Microorganisms Oil Seeds Cereals Yarrowia Plant Cell Matrix (Both) (Both) (Cibus) (Calyxt) https://www.Cibus.com/press-release.php 25