11:02 AM EDT, 06/04/2024 (MT Newswires) -- Cibus ( CBUS ) was retreating in Tuesday trading, recently sinking more than 9%, following a short-seller report by Bonitas Research contending the agricultural technology firm has had little success developing viable products and is already facing intense competition from several companies inside its sector.

The Bonitas researchers also asserted that Cibus ( CBUS ) could soon run out of money after beginning its current quarter with around $24 million in cash and burning through roughly $5 million per month while generating only $200,000 in revenue each month.

"We calculate that CBUS will need to either generate significant revenues or raise capital to satisfy ongoing operating expenses by September 2024," Bonitas said in a research note on Tuesday.

Bonitas said it currently has a short position in Cibus ( CBUS ).

Cibus ( CBUS ) did not immediately reply to a request from MT Newswires seeking comment.

Price: 12.00, Change: -1.28, Percent Change: -9.64