Cibus reported 2Q:25 results, including collaboration agreement revenue of $0.9 million, below our estimate of $1.3 million and the consensus estimate of $1.1 million. Loss per share was $0.61, below our estimate of $0.44 and the consensus estimate of $0.60. We raise estimates slightly going forward. The company's quarter-end cash balance rose to $36.5 million following its $27.5 million equity financing in June. Together with a July reduction in force (RIF), management says it believes its runway will extend into 2Q:26. Near-term initial commercial revenue remains on track for 4Q:25, when the company says it expects to announce its first biofragrance revenues. CBUS also confirmed a likely 2026 commercial ramp from this lead customer. Progress has also been made toward its first longer-term trait royalty revenue, with the completed delivery of three germplasm lines with the Cibus HT3 trait to an existing rice customer and a new collaboration agreement with Colombian rice producer Semillano. We maintain our High risk rating due to the pre-commercial stage of Cibus' business ahead of additional regulatory approvals, field trial results, and initial biofragrance and trait product launches.