Q3 EPS loss of $0.44 was slightly higher than our estimate of $0.40, driven by SG&A and royalty liability expenses that were higher than our forecast. Cibus announced the completion of a paid pilot for its sustainable biofragrance product in Q4, the company's first commercial milestone in the category. Cibus continued to advance its trait portfolio, including expanded collaboration agreements (now seven in total) and technical validation in field trials. Regulatory momentum includes strengthened global positioning for new genomic techniques like those offered by Cibus, as well as improved visibility for its UK, Europe, Latin America, and India market commercialization. Cash of $22.9M provides runway into early Q2:26 according to management. We model common stock equity financings in Q1:26, Q3:26, and Q1:27. We lower our 4Q:25, 2025, and 2026 estimates and introduce our 2027 forecast, reflecting updated pre- and post-commercial revenue ramp timing. Our risk rating remains High-Risk given Cibus' early-stage commercialization, anticipated financing needs, and history of operating losses.