Wed, Aug 14, 8:28 PM (153 days ago)
For the quarter ending June 30, 2024, Precigen, Inc. reported a significant decline in revenues, totaling $717,000, a 59.4% decrease from the previous year. This was primarily due to reduced service revenues from its Exemplar segment. Operating expenses surged to $61.6 million, driven by $34.5 million in impairment charges related to the suspension of its ActoBio subsidiary's operations and increased research and development costs attributed to the PRGN-2012 program. The net loss for the quarter was $58.8 million, reflecting a 189.3% increase compared to last year. The company faced liquidity challenges, with cash and cash equivalents of $9.3 million as of June 30, 2024. Despite raising approximately $31.4 million in an August 2024 equity offering, there remains substantial doubt about its ability to continue as a going concern. Future operations will focus on advancing the PRGN-2012 gene therapy, with a rolling BLA submission anticipated in late 2024. Overall, Precigen's financial health reflects ongoing strategic shifts, significant losses, and uncertainties regarding future funding and operational viability.