Strong Commercial Momentum in Rice (RISE)
Seven RISE customers represent over $200 million in potential annual royalty opportunity; initial market entry targeted in Latin America in 2027, U.S. expansion in 2028, and India/Asia closer to 2030. Management is targeting 5–7 million acres in the Americas as initial scale.
Regulatory Progress and Market Access
Key regulatory wins include EU political agreement on new genomic techniques (plenary vote expected in late April 2026), UK PBO framework live (first PBO filings submitted in Jan 2026), 17 positive USDA APHIS determinations, California authorization for gene-edited rice planting, Ecuador and Peru confirmation of equivalence to conventional breeding — collectively accelerating commercial conversations globally.
Technology Performance Improvements
Rice editing efficiency improved by an 'order of magnitude' in 2025 (~10x), enabling faster, more predictable edits (12–15 month cycle to return elite germplasm). Platform progress across multiple crops (canola HT2 positive field results, sclerotinia resistance, pod-shatter trials, wheat single-cell regeneration, improved soybean editing rates) increases partnership optionality.
First Sustainable Ingredients Revenue and Commercialization Path
Received first customer payment from the sustainable ingredients (biofragrance) program and reported an initial commercial sale; company is formalizing an expanded partnership and targeting commercial-scale production as a near-term revenue stream.
Partnerships and Commercial Frameworks
Entered a non-binding LOI with Interox (framework to commercialize herbicides on rice in Ecuador and Colombia in 2027) and signed agreements with regional seed partners (e.g., Semiano, Semias del Hula). Selected by UK DEFRA-funded consortium as gene editing technology partner for light leaf spot resistance in oilseed rape.
Cash Raise and Cost Reductions Extend Runway
Raised $22.3 million in gross proceeds from a public offering in January 2026. Cash and cash equivalents were $9.9 million at 12/31/2025; management expects existing cash plus recent measures to fund operations into late 2026. Company reduced operating expenses by approximately $10 million for full year 2025.