0001356090-26-000009
SEC filingPrecigen, 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.
Precigen reported FY2025 revenues of $9.7M, up 147% YoY from $3.9M, fueled by Papzimeos launch ($4.0M product net), Exemplar services ($3.9M, +11%), and $1.8M collaboration. Operating expenses declined 14% to $120.2M post-pipeline prioritization (paused UltraCAR-T, ActoBio shutdown). R&D fell 22% to $41.3M; SG&A rose 70% to $70.1M for commercialization. Operating loss narrowed 18% to -$110.5M. Net loss expanded to -$250.6M (vs -$126.2M) due to -$139.5M warrant fair value change and $179.0M deemed dividend; EPS -$1 (basic/diluted) vs -$0.47. Shares basic 313.0M. Cash burn: ops -$87.8M; total cash/investments $100.3M.
Revenues: collab/licensing $1.8M (100% of prior $0, from PTC termination); product net $4.0M (new from Papzimeos Q4 launch); services $3.9M (+11% YoY Exemplar). No geographic breakdown disclosed. Growth drivers: Papzimeos FDA approval Aug 2025, ~27K US RRP patients; Exemplar models. Future: Papzimeos expansion, PRGN-2009 CRADA.
No explicit gross profit; cost of products/services $4.8M (+13% YoY, Papzimeos/Exemplar). Op margin N/A (loss). Costs: R&D 34% of expenses (down), SG&A 58% (up commercialization). Impairments: goodwill $3.9M (vs $7.4M), other noncurrent $0 (vs $32.9M). Warrant volatility drove net loss; no profitability yet.
Ops cash -$87.8M (vs -$68.2M, commercialization ramp). Investing -$1.5M (PPE/investments). Financing +$90.0M ($92.8M debt). Net cash +$0.7M; ending cash equiv $30.2M, short-term inv $67.6M, total assets $155.5M. Debt $93.2M (new 2025 term loan). Equity $20.9M; accum deficit -$2.34B. Liquidity: ~1 year runway per mgmt.
Papzimeos key: ~$85M pre-launch inventory sales in 2026 (80-90% margins post). Strategic: PRGN-2009 Phase 2/NCI, UltraCAR-T partnerships, preclinical. Risks: commercialization ramp, debt service, capital needs. No explicit guidance; focus financial discipline, partnerships.