Tue, May 14, 9:32 PM (73 days ago)
Precigen, Inc. reported its financial results for the quarter ending March 31, 2024. The company recorded a net loss of $23.7 million, slightly higher than the $22.7 million loss in the same period last year. Revenues decreased by 42.5% to $1.1 million, primarily due to lower service revenues from its Exemplar segment. Operating expenses remained relatively stable, with a minor increase of 0.6% to $25.5 million. Research and development expenses rose by 17.2% to $14.2 million, reflecting increased investment in clinical development activities. Cash and cash equivalents stood at $17.5 million, with short-term investments of $27.3 million. The company highlighted substantial doubt about its ability to continue as a going concern due to its cash position and forecasted negative cash flows. Future capital needs will depend on various factors including research progress, regulatory approvals, and potential strategic transactions.