Cibus priced a new underwritten public offering of 6.98 million Class A shares at $2.15 per share for roughly $15 million of gross proceeds. The sole underwriter holds a 30-day option for up to 1.05 million additional shares that could lift gross proceeds to $17.2 million. Cibus' financing should extend its cash runway into 2027, in our view, an important milestone as the company works toward its initial rice commercialization window. While the deal came at a meaningful discount, we view the no-warrant structure and institutional participation as positives. We continue to see improving strategic momentum across the story, supported by new U.K. precision breeding progress, a developing winter rapeseed opportunity, and what remains the company's most important medium-term value driver, rice in Latin America. We are maintaining our estimates and High risk rating, and believe the recent pullback creates a more attractive entry point given improved liquidity and continued progress toward commercial and regulatory milestones across biofragrance product sales and rice trait development.