0001628280-26-017019
SEC filingPrecision BioSciences, Inc. (DTIL) reported FY 2025 revenue of $34.3M, down 50% YoY from $68.7M in FY 2024, primarily due to the completion of the Prevail Therapeutics collaboration and reduced milestone revenue, offset by $19.9M from Novartis (concluded October 2025) and $8.0M from Imugene. Total operating expenses decreased 9% to $86.4M from $94.9M, driven by $5.4M lower R&D (PBGENE-HBV and PBGENE-3243 efficiencies, offset by PBGENE-DMD ramp-up) and $3.1M lower G&A. Operating loss widened to -$52.1M from -$26.2M. Net loss was -$45.7M or -$4 per basic/diluted share (12.8M weighted shares), versus $7.2M net income in 2024. Cash and equivalents stood at $110.8M with $26.3M restricted cash (total $137.1M), supporting runway through 2028. Net cash used in operations was $65.8M, up from $58.4M YoY. Financing provided $95.2M, including $70.0M underwritten offering and $23.9M ATM. Balance sheet shows $154.4M total assets, $92.2M equity, $22.4M loan payable. Focus remains on PBGENE-HBV (Phase 1/2a data H1 2026) and PBGENE-DMD (initial data YE 2026), with partnered programs advancing.
Precision BioSciences reported FY 2025 revenue of $34.3M, a 50% decline from $68.7M in FY 2024, driven by completion of Prevail collaboration ($52.7M prior year) and lower milestones from TG and Caribou. Operating expenses fell 9% to $86.4M (R&D $54.2M, G&A $32.2M), yielding operating loss of -$52.1M vs. -$26.2M prior year. Net loss was -$45.7M or -$4/share (12.8M shares), contrasting $7.2M net income in 2024 due to warrant fair value gains ($29.6M prior vs. $11.1M). Cash position strengthened to $110.8M (+ restricted $26.3M), with $28.7M net increase in cash, cash equivalents, and restricted cash. Strategic focus on PBGENE-HBV and PBGENE-DMD supports runway through 2028.
Revenue of $34.3M included $19.9M YoY increase from Novartis (concluded Oct 2025), $8.0M Imugene milestone, offset by no Prevail revenue (all deferred recognized prior year). No segment breakdown disclosed; primarily collaboration-driven (upfronts, milestones). Geographic mix not specified. Growth drivers: Novartis acceleration; headwinds from partnership completions.
No gross profit reported (no product sales). Operating margin N/A; operating loss widened to -$52.1M on lower revenue/higher R&D ramp in DMD. R&D down 9% to $54.2M (HBV/DMD shifts); G&A down 9% to $32.2M (efficiencies). Other income $5.5M (warrant gains $11.1M offset by equity losses -$5.3M). Loss from continuing ops -$46.6M; discontinued ops gain $0.9M.
Operating cash use $65.8M (vs. $58.4M prior), driven by working capital shifts (deferred revenue normalization). Investing outflow $0.6M (intangibles). Financing inflow $95.2M ($70.0M offering, $23.9M ATM). Balance sheet: assets $154.4M (cash $110.8M, current assets $118.7M); liabilities $62.2M (loan $22.4M, warrant liab $15.7M); equity $92.2M (accum deficit -$528.2M). Debt at $22.4M (5.25% rate).
Cash runway through 2028 funds PBGENE-HBV (H1 2026 data, dose optimization) and PBGENE-DMD (YE 2026 initial data). iECURE OTC-HOPE data H1 2026; azer-cel MS data H2 2026. Risks: clinical delays, funding needs, competition. ATM facility available; fiscal discipline emphasized.