Precigen(PGEN)

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Precigen(PGEN) - 2021 Q2 - Earnings Call Transcript
2021-08-10 01:56
Precigen, Inc. (NASDAQ:PGEN) Q2 2021 Results Earnings Conference Call August 9, 2021 4:05 PM ET Company Participants Steven Harasym - Vice President, IR Helen Sabzevari - President & CEO Conference Call Participants Nick Abbott - Wells Fargo Jason Butler - JMP Securities Ben Burnett - Stifel Swayampakula Ramakanth - H.C. Wainwright Justin Walsh - B. Riley Eric Joseph - JPMorgan Operator Good day. And welcome to the Precigen Second Quarter and First Half 2021 Financial Results Conference Call. [Operator Inst ...
Precigen(PGEN) - 2021 Q2 - Quarterly Report
2021-08-09 20:04
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number: 001-36042 PRECIGEN, INC. (Exact name of registrant as specified in its charter) Virginia 26-0084895 (State or other jurisdi ...
Precigen(PGEN) - 2021 Q1 - Quarterly Report
2021-05-10 20:49
[PART I - FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This section provides the unaudited condensed consolidated financial statements and management's discussion and analysis [Item 1. Condensed Consolidated Financial Statements (unaudited)](index=5&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20%28unaudited%29%3A) This section presents Precigen, Inc.'s unaudited condensed consolidated financial statements, including balance sheets, statements of operations, and cash flows, with detailed notes [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $407.0 million, liabilities decreased to $232.2 million, and shareholders' equity grew to $174.8 million as of March 31, 2021 Condensed Consolidated Balance Sheet Data (in thousands) | Account | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $27,355 | $51,792 | | Total current assets | $144,118 | $148,948 | | Total assets | $406,984 | $314,587 | | **Liabilities & Equity** | | | | Total current liabilities | $25,243 | $42,127 | | Total liabilities | $232,189 | $247,413 | | Total shareholders' equity | $174,795 | $67,174 | | Total liabilities and shareholders' equity | $406,984 | $314,587 | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Total revenues decreased to $24.5 million, while net loss improved significantly to $17.3 million for the three months ended March 31, 2021 Condensed Consolidated Statements of Operations (in thousands, except per share data) | Metric | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Total revenues | $24,511 | $29,838 | | Operating loss | $(17,688) | $(16,600) | | Loss from continuing operations | $(21,844) | $(20,846) | | Income (loss) from discontinued operations | $4,526 | $(35,152) | | Net loss | $(17,318) | $(55,998) | | Net loss per share, basic and diluted | $(0.09) | $(0.35) | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was $16.4 million, while financing activities provided $121.0 million, resulting in a $24.5 million net decrease in cash Cash Flow Summary (in thousands) | Activity | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Net cash used in operating activities | $(16,384) | $(27,743) | | Net cash used in investing activities | $(129,102) | $(36,553) | | Net cash provided by financing activities | $121,040 | $34,151) | | Net decrease in cash, cash equivalents, and restricted cash | $(24,457) | $(30,184) | [Notes to the Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) These notes detail accounting policies, business organization, discontinued operations, revenue recognition, debt structure, and confirm sufficient liquidity for the next year - The company is a synthetic biology firm focusing on gene and cellular therapies for immuno-oncology, autoimmune disorders, and infectious diseases. It operates through subsidiaries including PGEN Therapeutics, ActoBio, and Exemplar[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) - The company completed the wind-down of its methane bioconversion subsidiary, MBP Titan, in January 2021, resulting in a gain of **$4.6 million** from lease termination and a gain of **$0.46 million** on asset sales, included in income from discontinued operations for Q1 2021[55](index=55&type=chunk)[56](index=56&type=chunk) - In January 2021, the company closed a public offering of **17,250,000 shares** of common stock, resulting in net proceeds of **$121.0 million**[117](index=117&type=chunk) - As of March 31, 2021, the company had **$200 million** in principal outstanding on its **3.50% convertible senior notes** due 2023, with a carrying value of **$170.9 million**[108](index=108&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's transition to a clinical-stage biopharmaceutical focus, reviewing segment performance, financial results, and confirming sufficient liquidity for the next 12 months - Precigen is a clinical-stage biopharmaceutical company focused on gene and cell therapies for immuno-oncology, autoimmune disorders, and infectious diseases, utilizing platforms like UltraCAR-T, AdenoVerse, and ActoBiotics[157](index=157&type=chunk)[158](index=158&type=chunk) - Key clinical programs include PRGN-3005 (ovarian cancer), PRGN-3006 (AML), PRGN-2009 (HPV+ tumors), PRGN-2012 (RRP), and AG019 (type 1 diabetes), with ongoing preclinical programs and the UltraPorator device for rapid UltraCAR-T manufacturing[159](index=159&type=chunk)[160](index=160&type=chunk) Results of Operations Comparison (in thousands) | Line Item | Q1 2021 | Q1 2020 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $24,511 | $29,838 | $(5,327) | (17.9)% | | Operating loss | $(17,688) | $(16,600) | $(1,088) | 6.6% | | Loss from continuing operations | $(21,844) | $(20,846) | $(998) | 4.8% | | Net loss | $(17,318) | $(55,998) | $38,680 | (69.1)% | Segment Adjusted EBITDA (in thousands) | Segment | Q1 2021 | Q1 2020 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Biopharmaceuticals | $(8,854) | $(10,022) | $1,168 | 11.7% | | Exemplar | $1,806 | $250 | $1,556 | >200% | | Trans Ova | $6,421 | $(457) | $6,878 | >200% | - The company believes its existing liquid assets of **$27.4 million** in cash and **$181.9 million** in investments will be sufficient to fund operations and capital requirements for at least the next **12 months**[221](index=221&type=chunk)[230](index=230&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=52&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate fluctuations on its **$209.3 million** cash and investments, with no material impact expected from a 100 basis point rate increase - The company is exposed to interest rate risk on its **$209.3 million** in cash, cash equivalents, and investments, with the portfolio structured to preserve principal and maintain liquidity[246](index=246&type=chunk) - Management believes a hypothetical **100 basis point** increase in interest rates would not have a material effect on the fair value of its financial instruments, and losses would only be realized upon sale before maturity[246](index=246&type=chunk) [Item 4. Controls and Procedures](index=52&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2021, with no material changes to internal control over financial reporting - The CEO and interim Principal Financial Officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2021[247](index=247&type=chunk) - No material changes were made to the company's internal control over financial reporting during the first quarter of 2021[248](index=248&type=chunk) [PART II - OTHER INFORMATION](index=53&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity sales, and exhibits [Item 1. Legal Proceedings](index=53&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal matters, none of which are expected to have a material adverse effect on its financial condition or operations - The company does not believe that any ongoing legal matters will have a material adverse effect on its business, financial condition, or cash flows as of March 31, 2021[251](index=251&type=chunk) [Item 1A. Risk Factors](index=53&type=section&id=Item%201A.%20Risk%20Factors) No material updates or changes to the company's previously disclosed risk factors have occurred - No material updates or changes to the company's risk factors have occurred since the filing of the Annual Report[253](index=253&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=53&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[255](index=255&type=chunk) [Item 6. Exhibits](index=54&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including CEO and CFO certifications and Interactive Data Files - The report includes certifications from the CEO and interim Principal Financial Officer as required by the Sarbanes-Oxley Act, as well as Interactive Data Files (XBRL)[260](index=260&type=chunk)
Precigen(PGEN) - 2020 Q4 - Earnings Call Transcript
2021-03-02 05:39
Precigen, Inc. (NASDAQ:PGEN) Q4 2020 Earnings Conference Call March 1, 2020 4:30 PM ET Company Participants Steven Harasym - Head, IR Helen Sabzevari - President & CEO Tom Samuelson - Head, Financial Strategy Conference Call Participants Jason Butler - JMP Securities Chuck Whitesell - Wells Fargo Securities Hannah Adeoye - JPMorgan Arthur He - HC Wainwright Justin Walsh - B. Riley Securities Operator Good day and welcome to Precigen Fourth Quarter and Yearend 2020 Financial Results Conference call. [Operato ...
Precigen(PGEN) - 2020 Q4 - Annual Report
2021-03-01 21:15
PART I [Business](index=7&type=section&id=Item%201.%20Business) Precigen is a clinical-stage biopharmaceutical company developing gene and cell therapies for various diseases using proprietary platforms - Precigen is a clinical-stage biopharmaceutical company focused on developing gene and cell therapies for immuno-oncology, autoimmune disorders, and infectious diseases[25](index=25&type=chunk) - The company's core therapeutic platforms include **UltraCAR-T**, **AdenoVerse immunotherapy**, and **ActoBiotics**, designed for precise control of gene expression[26](index=26&type=chunk) - In January 2020, the company increased its focus on healthcare opportunities, divested numerous non-healthcare assets, and changed its name to **Precigen, Inc**[181](index=181&type=chunk) Key Clinical Pipeline Programs | Product | Platform | Indication | Phase | | :--- | :--- | :--- | :--- | | PRGN-3005 | UltraCAR-T | Ovarian Cancer | Phase 1 | | PRGN-3006 | UltraCAR-T | AML, MDS | Phase 1 | | PRGN-2009 | AdenoVerse Immunotherapy | HPV+ Solid Tumors | Phase 1 | | AG019 | ActoBiotics | Type 1 Diabetes | Phase 1/2 | | PRGN-2012 | AdenoVerse Immunotherapy | Recurrent Respiratory Papillomatosis | Phase 1 | | INXN-4001 | Non-viral UltraVector | Heart Failure | Phase 1 (Completed) | [Our Strategy](index=8&type=section&id=Our%20Strategy) The company's strategy centers on advancing lead clinical programs and leveraging its technology platforms to create precision medicines - Precigen's strategy focuses on advancing its lead clinical programs, strategically pursuing preclinical programs with a data-driven **"go/no-go" approach**, and leveraging its technology platforms across various indications to create precision medicines[33](index=33&type=chunk) [Our Healthcare Subsidiaries and Platforms](index=9&type=section&id=Our%20Healthcare%20Subsidiaries%20and%20Platforms) The healthcare business operates through subsidiaries utilizing the UltraCAR-T, AdenoVerse, and ActoBiotics platforms - The healthcare business is operated through wholly-owned subsidiaries PGEN Therapeutics, Precigen ActoBio, and Precigen Exemplar, along with a majority interest in Precigen Triple-Gene[36](index=36&type=chunk) - The **UltraCAR-T platform** aims to improve upon traditional CAR-T therapies by shortening manufacturing time to overnight, reducing costs, and enhancing persistence[44](index=44&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk) - The **AdenoVerse immunotherapy platform** utilizes proprietary gorilla adenovectors, which offer a large genetic payload capacity and suitability for repeat administration[71](index=71&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk) - The **ActoBiotics platform** uses the food-grade bacterium L. lactis for local delivery of therapeutics, with its lead candidate AG019 targeting Type 1 Diabetes[98](index=98&type=chunk)[103](index=103&type=chunk) [Competition: Healthcare Business](index=24&type=section&id=Competition%3A%20Healthcare%20Business) The company faces significant competition from large pharmaceutical and biotechnology companies with greater resources and established products - The company faces significant competition from large pharmaceutical and biotechnology companies with greater resources[116](index=116&type=chunk)[118](index=118&type=chunk) - In immuno-oncology, competitors for its UltraCAR-T and AdenoVerse programs include **Bristol-Myers Squibb**, **Celyad**, **Mustang Bio**, and **AstraZeneca**[119](index=119&type=chunk)[124](index=124&type=chunk) - In autoimmune disorders, primary competitors for its T1D candidate AG019 include **Provention Bio**, **Midatech Pharma**, and **MerciaPharma**[129](index=129&type=chunk) [Intellectual Property](index=26&type=section&id=Intellectual%20Property) A multi-layered IP strategy using patents, trademarks, and trade secrets protects the company's technologies and product pipeline - Precigen employs a multi-layered IP strategy using patents, trademarks, and trade secrets to protect its technologies and product pipeline[130](index=130&type=chunk)[133](index=133&type=chunk) - As of December 31, 2020, the company owned or in-licensed at least **55 issued U.S. patents** and **40 pending U.S. patent applications**, with key patents extending to 2042[134](index=134&type=chunk)[135](index=135&type=chunk) [Regulatory Environment](index=27&type=section&id=Regulatory%20Environment) The company's products are subject to extensive regulation by the FDA and other governmental authorities covering the entire product lifecycle - The company's products are subject to extensive regulation by governmental authorities in the U.S. (FDA) and other countries[140](index=140&type=chunk)[143](index=143&type=chunk) - The U.S. pharmaceutical development process involves preclinical testing, submitting an **Investigational New Drug (IND) application**, and conducting three phases of human clinical trials[146](index=146&type=chunk)[149](index=149&type=chunk)[151](index=151&type=chunk) - The company may seek expedited review programs such as **Orphan Drug Designation** and **Regenerative Medicine Advanced Therapy (RMAT) Designation** to accelerate development[157](index=157&type=chunk)[161](index=161&type=chunk)[163](index=163&type=chunk) [Transition to Our Core Healthcare Business Model](index=33&type=section&id=Transition%20to%20Our%20Core%20Healthcare%20Business%20Model) In 2020, the company divested non-healthcare assets and suspended its methane bioconversion business to focus on healthcare opportunities - In January 2020, the company divested a number of its non-healthcare assets to increase focus on its healthcare opportunities[181](index=181&type=chunk)[183](index=183&type=chunk) - During 2020, the company suspended operations of its methane bioconversion business, **MBP Titan, LLC**, due to market uncertainty[184](index=184&type=chunk) [Risk Factors](index=36&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant financial, developmental, commercial, and operational risks that could adversely affect its business - The company has a history of net losses, with a **net loss attributable to Precigen of $170.5 million in 2020** and an **accumulated deficit of $1.8 billion** as of December 31, 2020[205](index=205&type=chunk)[208](index=208&type=chunk) - The business is highly dependent on advancing product candidates through lengthy and expensive clinical trials with **uncertain outcomes**[214](index=214&type=chunk)[216](index=216&type=chunk)[224](index=224&type=chunk) - Commercial success depends on market acceptance and third-party payer reimbursement, facing **significant competition** from larger, better-funded companies[240](index=240&type=chunk)[249](index=249&type=chunk)[286](index=286&type=chunk) - As of December 31, 2020, the Executive Chairman, Randal J. Kirk, controlled approximately **44% of the company's common stock**, allowing significant influence over corporate actions[361](index=361&type=chunk) [Unresolved Staff Comments](index=66&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that it has no unresolved staff comments from the SEC - Not applicable[370](index=370&type=chunk) [Properties](index=66&type=section&id=Item%202.%20Properties) The company's primary lab and production facilities are located in Maryland, Belgium, and Iowa - The Trans Ova segment's primary domestic production facilities are in Sioux Center, Iowa, including approximately **275,000 square feet** of facilities and **360 acres** of land[371](index=371&type=chunk) Primary Lab Operations Facilities | Location | Segment | Square Footage | | :--- | :--- | :--- | | Germantown, Maryland | PGEN Therapeutics | 61,048 | | Ghent, Belgium | ActoBio | 14,198 | [Legal Proceedings](index=66&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in ordinary course litigation that is not expected to have a material adverse effect on the business - The company is involved in litigation and legal matters but does not believe any will have a material adverse effect on its business, financial condition, or cash flows[373](index=373&type=chunk) [Mine Safety Disclosures](index=66&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company reports that this item is not applicable - Not applicable[375](index=375&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=67&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on Nasdaq under the symbol "PGEN" and it does not anticipate paying cash dividends - The company's common stock trades on the Nasdaq Global Select Market under the symbol **"PGEN"**[376](index=376&type=chunk) - The company has never declared or paid cash dividends and does not expect to in the foreseeable future, intending to retain any earnings for business growth[378](index=378&type=chunk) [Selected Financial Data](index=69&type=section&id=Item%206.%20Selected%20Financial%20Data) This section provides selected consolidated financial data for the fiscal years 2016 through 2020 Selected Consolidated Financial Data (In thousands, except per share data) | | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | **Statements of Operations Data:** | | | | | Total revenues | $103,178 | $90,722 | $151,178 | | Operating loss | $(86,603) | $(166,789) | $(369,667) | | Loss from continuing operations | $(103,773) | $(170,334) | $(380,487) | | Net loss from continuing operations attributable to Precigen | $(103,773) | $(168,742) | $(375,117) | | Net loss from continuing operations per share, basic and diluted | $(0.62) | $(1.09) | $(2.90) | | **Balance Sheet Data (at year-end):** | | | | | Cash and cash equivalents | $51,792 | $65,793 | $96,876 | | Total assets | $314,587 | $455,763 | $716,177 | | Long-term debt | $171,882 | $217,991 | $211,695 | | Total Precigen shareholders' equity | $67,174 | $71,711 | $362,855 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=70&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition, operational results, transition to a healthcare focus, and liquidity position - The company has transitioned its business model to focus on healthcare, divesting non-healthcare assets and discontinuing its methane bioconversion (MBP Titan) operations in 2020[395](index=395&type=chunk)[396](index=396&type=chunk) - Collaboration and licensing revenues **increased by 51%** in 2020 due to accelerated recognition of deferred revenue from terminated collaborations[421](index=421&type=chunk) - Research and development expenses **decreased by 38%** in 2020, primarily due to the deprioritization of certain programs and the closure of two operating divisions in 2019[424](index=424&type=chunk) - As of December 31, 2020, the company had cash and cash equivalents of **$51.8 million** and short-term investments of **$48.3 million**[461](index=461&type=chunk) Results of Operations Comparison (2020 vs. 2019, in thousands) | | 2020 | 2019 | Dollar Change | Percent Change | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $103,178 | $90,722 | $12,456 | 13.7% | | Total operating expenses | $189,781 | $257,511 | $(67,730) | (26.3)% | | Operating loss | $(86,603) | $(166,789) | $80,186 | (48.1)% | | Loss from continuing operations | $(103,773) | $(170,334) | $66,561 | (39.1)% | [Quantitative and Qualitative Disclosures About Market Risk](index=88&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is primarily exposed to interest rate risk on its cash and investments and foreign currency exchange risk - The company's primary market risks are interest rate risk on its **$100.1 million portfolio** of cash and investments, and foreign currency exchange risk from its operations in Belgium and Germany[508](index=508&type=chunk)[509](index=509&type=chunk) [Financial Statements and Supplementary Data](index=88&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section incorporates by reference the company's consolidated financial statements and supplementary data - This item refers to the full consolidated financial statements and related notes, which are included later in the report[510](index=510&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=88&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants - None[511](index=511&type=chunk) [Controls and Procedures](index=88&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal control over financial reporting were effective - Management concluded that the company's disclosure controls and procedures were **effective** as of December 31, 2020[512](index=512&type=chunk) - Management assessed internal control over financial reporting as **effective** as of December 31, 2020, and the independent auditor issued an unqualified opinion on its effectiveness[516](index=516&type=chunk)[517](index=517&type=chunk) [Other Information](index=89&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[519](index=519&type=chunk) PART III This part incorporates information by reference from the company's 2021 Definitive Proxy Statement for its Annual Meeting of Shareholders [Directors, Executive Officers and Corporate Governance](index=90&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information required by this item is incorporated by reference from the company's 2021 Definitive Proxy Statement - Information regarding directors, executive officers, and corporate governance is incorporated by reference from the company's Definitive Proxy Statement for its 2021 Annual Meeting of Shareholders[521](index=521&type=chunk) [Executive Compensation](index=90&type=section&id=Item%2011.%20Executive%20Compensation) Information required by this item is incorporated by reference from the company's 2021 Definitive Proxy Statement - Information regarding executive compensation is incorporated by reference from the company's Definitive Proxy Statement for its 2021 Annual Meeting of Shareholders[523](index=523&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=90&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information required by this item is incorporated by reference from the company's 2021 Definitive Proxy Statement - Information regarding security ownership is incorporated by reference from the company's Definitive Proxy Statement for its 2021 Annual Meeting of Shareholders[524](index=524&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=90&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information required by this item is incorporated by reference from the company's 2021 Definitive Proxy Statement - Information regarding related party transactions and director independence is incorporated by reference from the company's Definitive Proxy Statement for its 2021 Annual Meeting of Shareholders[525](index=525&type=chunk) [Principal Accountant Fees and Services](index=90&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information required by this item is incorporated by reference from the company's 2021 Definitive Proxy Statement - Information regarding principal accountant fees and services is incorporated by reference from the company's Definitive Proxy Statement for its 2021 Annual Meeting of Shareholders[526](index=526&type=chunk) PART IV [Exhibits, Financial Statement Schedules](index=91&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists the consolidated financial statements, schedules, and exhibits filed with the Annual Report - This item lists the financial statements and exhibits filed as part of the Form 10-K[528](index=528&type=chunk)[529](index=529&type=chunk) [Form 10-K Summary](index=94&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company reports that this item is not applicable - None[539](index=539&type=chunk) Financial Statements [Consolidated Balance Sheets](index=130&type=section&id=Consolidated%20Balance%20Sheets) The balance sheets present the company's financial position, showing a decrease in total assets to $314.6 million in 2020 Consolidated Balance Sheet Data (in thousands) | | Dec 31, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | Cash and cash equivalents | $51,792 | $65,793 | | Total current assets | $148,948 | $234,643 | | Total assets | $314,587 | $455,763 | | Total current liabilities | $42,127 | $122,912 | | Long-term debt, net | $171,522 | $186,321 | | Total liabilities | $247,413 | $384,052 | | Total shareholders' equity | $67,174 | $71,711 | [Consolidated Statements of Operations](index=132&type=section&id=Consolidated%20Statements%20of%20Operations) The company reported total revenues of $103.2 million and a net loss attributable to Precigen of $170.5 million for 2020 Consolidated Statement of Operations Data (in thousands) | | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Total revenues | $103,178 | $90,722 | $151,178 | | Operating loss | $(86,603) | $(166,789) | $(369,667) | | Loss from continuing operations | $(103,773) | $(170,334) | $(380,487) | | Loss from discontinued operations | $(66,748) | $(153,582) | $(134,219) | | Net loss attributable to Precigen | $(170,521) | $(322,324) | $(509,336) | | Net loss per share, basic and diluted | $(1.02) | $(2.09) | $(3.93) | [Consolidated Statements of Cash Flows](index=137&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was $77.0 million in 2020, and the company's cash balance decreased by $16.2 million Consolidated Cash Flow Data (in thousands) | | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Net cash used in operating activities | $(77,021) | $(135,927) | $(124,240) | | Net cash provided by (used in) investing activities | $27,779 | $86,851 | $(151,213) | | Net cash provided by financing activities | $32,705 | $8,138 | $309,795 | | Net (decrease) increase in cash | $(16,184) | $(41,748) | $34,637 | [Notes to the Consolidated Financial Statements](index=140&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures on accounting policies, discontinued operations, revenue, debt, and contingencies - **Note 3 (Discontinued Operations)**: Details the wind-down of the MBP Titan business and the sale of other non-healthcare assets, representing a major strategic shift to focus on healthcare[685](index=685&type=chunk)[692](index=692&type=chunk)[694](index=694&type=chunk) - **Note 6 (Collaboration and Licensing Revenue)**: Summarizes revenue from collaborations, including the termination of agreements with Castle Creek and Oragenics, which led to the accelerated recognition of **$20.2 million** in revenue[723](index=723&type=chunk)[739](index=739&type=chunk)[747](index=747&type=chunk) - **Note 12 (Long-Term Debt)**: Details the **$200 million** principal amount of 3.50% convertible senior notes due 2023, with a carrying value of **$168.1 million** as of Dec 31, 2020[773](index=773&type=chunk)[778](index=778&type=chunk) - **Note 17 (Commitments and Contingencies)**: Discloses ongoing patent infringement litigation and shareholder class action lawsuits filed in October 2020 following an SEC settlement[818](index=818&type=chunk)[821](index=821&type=chunk)
Precigen (PGEN) Presents At 39th Annual J.P. Morgan Healthcare Conference - Slideshow
2021-01-20 11:51
| --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | Forward‐looking Statements Some of the statements made in this presentation are forward‐looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward‐ looking statements are based upon Precigen's current expectations and projections about future events and generally relate to plans, object ...
Precigen(PGEN) - 2020 Q3 - Quarterly Report
2020-11-09 13:20
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR N/A Commission File Number: 001-36042 PRECIGEN, INC. (Exact name of registrant as specified in its charter) Virginia 26-0084895 (State or other jurisdiction of incorporation or organization) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ...
Precigen (PGEN) Presents at H.C. Wainwright Annual Global Investment Conference - Slideshow
2020-09-18 17:39
| --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------|-------|-------|-------|-------| | | | | | | | | | | | | | Precigen Advancing Medicine with Precision H.C. Wainwright & Co. Annual Global Investment Conference | | | | | | September 14, 2020 | | | | | | | | | | | | PRECIGEN | | | | | Forward-looking Statements Some of the statements made in this presentation are forward-looking statements made pursuant to the safe harbor p ...
Precigen(PGEN) - 2020 Q2 - Earnings Call Presentation
2020-08-11 17:32
| --- | --- | --- | --- | --- | |--------------------------------------------------------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | Precigen, Inc. 2Q-2020 Business Update 10 August 2020 | | | | | | | | | | | | | | | | 1 | Forward-looking Statements Some of the statements made in this presentation are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon Preci ...
Precigen(PGEN) - 2020 Q2 - Earnings Call Transcript
2020-08-11 01:11
Precigen, Inc. (NASDAQ:PGEN) Q2 2020 Earnings Conference Call August 10, 2020 4:30 PM ET Company Participants Steven Harasym - Head, IR Helen Sabzevari - President, CEO & Director Tom Samuelson - Head, Financial Strategy Conference Call Participants Douglas Buchanan - JMP Securities Operator Good afternoon. Welcome to the Precigen Second Quarter and First Half 2020 Financial Results and Business Update Conference call. [Operator Instructions]. I would now like to turn the conference over to Steven Harasym. ...