Precigen Reports Third Quarter 2024 Financial Results and Business Updates

Precigen, Inc., a biopharmaceutical company specializing in innovative gene and cell therapies, has released its financial results for the third quarter of 2024. The company has made significant strides in its clinical and commercial endeavors, particularly with its PRGN-2012 therapy for recurrent respiratory papillomatosis (RRP).

Financial Highlights

For the third quarter of 2024, Precigen reported a net loss of $24.0 million, or $(0.09) per basic and diluted share, compared to a net loss of $19.8 million, or $(0.08) per basic and diluted share, in the same period of 2023. Total revenues decreased by 31% to $0.95 million from $1.38 million in the prior year period. The company also noted a decrease in research and development expenses by 2% to $11.4 million, while SG&A expenses increased by 7% to $9.8 million.

Business and Operational Highlights

Precigen has made notable progress with its PRGN-2012 therapy, completing a pre-BLA meeting with the FDA and aligning on the content of the BLA for a fourth-quarter 2024 submission. The company is also advancing its commercial and manufacturing readiness in anticipation of a potential 2025 launch. Additionally, the confirmatory clinical trial for PRGN-2012 has been initiated, with ongoing patient enrollment.

Strategic Initiatives and Corporate Developments

In August 2024, Precigen completed a public offering of its common stock, resulting in net proceeds of approximately $30.9 million. The company also undertook a strategic reprioritization of its clinical portfolio, including a reduction of over 20% of its workforce, to focus on the potential commercialization of PRGN-2012.

Management's Perspective

Helen Sabzevari, PhD, President and CEO of Precigen, emphasized the company's focus on advancing PRGN-2012 as rapidly as possible, highlighting the alignment with the FDA and the ongoing commercial and manufacturing readiness campaigns. CFO Harry Thomasian Jr. noted the company's efforts in fiscal management and potential financing options, including strategic partnerships.

Future Outlook

Precigen is preparing for an end of Phase 1b meeting with the FDA in early 2025 for PRGN-3006 in AML. The company also presented preclinical data for PRGN-3008 at SITC 2024, showcasing its potential as a best-in-class CD19-targeting CAR-T treatment in oncology and autoimmunity.

SEC Filing: PRECIGEN, INC. [ PGEN ] - 8-K - Nov. 14, 2024