Precision BioSciences(DTIL) - 2024 Q4 - Annual Results

Financial Performance - Total revenues for Q4 2024 were $0.6 million, a decrease of$6.4 million from $7.0 million in Q4 2023, primarily due to the conclusion of the Prevail agreement[25]. - Total revenues for the fiscal year 2024 were$68.7 million, an increase of $20.0 million from$48.7 million in fiscal year 2023, driven by revenue from the Prevail agreement and new license agreements[29]. - Net loss for Q4 2024 was $17.8 million, or$(2.22) per share, compared to a net loss of $16.3 million, or$(4.06) per share, in Q4 2023[28]. - Net income from continuing operations was $7.2 million for the year ended December 31, 2024, a significant improvement from a net loss of$42.5 million in 2023[32]. - The company reported a net income of $7.2 million, or$1.05 per share basic and $1.04 per share diluted for the year ended December 31, 2024, compared to a net loss of$61.3 million, or $(15.96) per share in 2023[33]. - Total revenue for the year ended December 31, 2024, was$68.7 million, compared to $48.7 million in 2023, representing a growth of approximately 41.2$94.9 million, slightly higher than $92.5 million in 2023[45]. Expenses - Research and development expenses increased to$15.9 million in Q4 2024 from $13.4 million in Q4 2023, mainly due to rising costs associated with the PBGENE-HBV program entering clinical trials[26]. - General and administrative expenses rose to$9.6 million in Q4 2024, up from $8.5 million in Q4 2023, attributed to higher employee-related expenses and share-based compensation[27]. - Research and development expenses increased to$59.6 million for the year ended December 31, 2024, up from $53.4 million in 2023, reflecting a$6.2 million rise primarily due to PBGENE-HBV program costs[30]. - General and administrative expenses decreased to $35.3 million for the year ended December 31, 2024, down from$39.1 million in 2023, a reduction of $3.8 million attributed to operational discipline and lower headcount[31]. Cash Position - The company has approximately$108.5 million in cash, cash equivalents, and restricted cash as of December 31, 2024, expected to extend its cash runway into the second half of 2026[24]. - The company had cash, cash equivalents, and restricted cash of $108.5 million as of December 31, 2024, down from$116.7 million in 2023[47]. Clinical Development - PBGENE-HBV demonstrated substantial antiviral activity with a reduction in Hepatitis B surface antigen after the first administration at the lowest dose level[4]. - The first patient cohort for PBGENE-HBV has been dosed, establishing safety and early efficacy, with no Grade ≥2 treatment-related adverse events reported[8]. - The ELIMINATE-B trial for PBGENE-HBV is designed to investigate multiple ascending dose levels in patients with chronic Hepatitis B, targeting a large patient population of approximately 300 million worldwide[5]. - The company plans to provide ongoing updates on clinical data for PBGENE-HBV throughout 2025, with significant milestones expected[11]. - The company plans to provide ongoing updates on the PBGENE-HBV study throughout 2025, including data at higher dose levels[37]. Shareholder Equity - Total stockholders' equity increased to $56.4 million as of December 31, 2024, compared to$18.9 million in 2023[47]. - The weighted average shares outstanding increased to 6,832,982 basic and 6,883,911 diluted for the year ended December 31, 2024, compared to 3,841,405 for both basic and diluted in 2023[34].