Precigen, Inc.

Precigen, Inc. (PGEN) reported FY2025 total revenues of $9.7M, a 147% YoY increase from $3.9M in FY2024, driven by initial Papzimeos product sales of $4.0M post-FDA approval in August 2025, service revenues of $3.9M from Exemplar, and $1.8M collaboration revenue from terminated PTC deal. Operating expenses fell 14% YoY to $120.2M, reflecting pipeline prioritization pausing UltraCAR-T trials and ActoBio shutdown, though SG&A rose 70% to $70.1M for Papzimeos commercialization. Operating loss improved 18% to -$110.5M. Net loss widened to -$250.6M from -$126.2M, primarily due to -$139.5M change in warrant liabilities fair value and $179.0M deemed dividend on preferred stock conversion; EPS basic/diluted was -$1 vs -$0.47 prior year. Cash used in operations was -$87.8M, offset by $90.0M financing including $92.8M debt proceeds. Balance sheet shows $155.5M total assets, $30.2M cash equivalents, $93.2M long-term debt. Forward-looking, Papzimeos commercialization (~27,000 US patients), PRGN-2009/NCI CRADA, and partnerships signal revenue growth potential amid $20.9M equity and ongoing losses.

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