PGEN · Precigen, Inc.

Precigen's Q1 2026 results highlight the successful ramp-up of PAPZIMEOS following its August 2025 FDA approval as the first therapy for adults with recurrent respiratory papillomatosis (RRP). Net product revenue of $21.6 million in the first full launch quarter drove a $21.9 million increase in total revenues year-over-year, reflecting broad uptake across US medical centers and community practices. Patient hub enrollment of approximately 400 patients, with 25% from community settings, demonstrates expanding access and ease of administration. Payer coverage spans over 90% of insured US lives, bolstered by a permanent J-code effective April 1, 2026, which is accelerating site activations. R&D expenses decreased $4.8 million due to changed accounting for manufacturing costs post-approval, while SG&A rose $8.7 million from commercial investments. Other expense net fell $29.6 million, mainly absent a prior-year warrant liability charge, though offset by higher interest on 2025-originated debt. This narrowed net loss to $7.9 million from $54.2 million last year. Balance sheet shows $56.7 million in cash, cash equivalents, and investments as of March 31, 2026, excluding $25.7 million in uncollected PAPZIMEOS receivables due to payment terms. Management states this liquidity, plus anticipated PAPZIMEOS proceeds, funds operations to cash flow break-even by year-end, supporting AdenoVerse advancements like PRGN-2009 in HPV cancers. Upcoming catalysts include ASCO data presentation and RRP Awareness Day on June 11.