Precigen(PGEN) - 2024 Q4 - Annual Results

Financial Performance - Total revenues for 2024 decreased by $2.3 million, or 37%, compared to 2023, primarily due to reductions in product and service volumes at Exemplar[11]. - Total revenues for the year ended December 31, 2024, were $3,925,000, a decrease of 37% compared to $6,225,000 in 2023[25]. - Product revenues decreased to $422,000 in 2024 from $840,000 in 2023, representing a decline of 50%[25]. - Service revenues also declined to $3,470,000 in 2024, down from $5,301,000 in 2023, a decrease of 34%[25]. - Net loss for 2024 was $126.2 million, or $(0.47) per share, compared to a net loss of $95.9 million, or $(0.39) per share, in 2023[18]. - The net loss for the year ended December 31, 2024, was $126,235,000, compared to a net loss of $95,904,000 in 2023, reflecting an increase in losses of 31%[25]. - Net loss per share, basic and diluted, was $0.47 in 2024, compared to $0.39 in 2023[25]. - The weighted average shares outstanding increased to 267,727,426 in 2024 from 244,536,221 in 2023[25]. Research and Development - Research and development expenses increased by $4.5 million, or 9%, mainly due to costs associated with the initiation of the PRGN-2012 confirmatory clinical trial and increased drug manufacturing material costs[12]. - Research and development expenses rose to $53,070,000 in 2024, compared to $48,614,000 in 2023, an increase of 9%[25]. Cash and Investments - The company ended 2024 with $97.9 million in cash, cash equivalents, and investments, extending its cash runway into 2026[5]. FDA and Market Opportunity - The FDA granted priority review to the BLA for PRGN-2012, with a PDUFA target action date set for August 27, 2025, potentially allowing for the first FDA-approved treatment for approximately 27,000 adult RRP patients in the US[6]. - The market opportunity for PRGN-2012 in RRP is estimated to be approximately 27,000 adult patients in the US and over 125,000 patients outside the US[13]. Impairment and Other Income - The company recorded a $5.8 million impairment charge in Q4 2024 related to its Exemplar subsidiary, along with $34.5 million of impairment charges in Q2 2024 due to the suspension of ActoBio's operations[16]. - Total other income increased by $3.6 million, or 106%, compared to 2023, primarily due to an $8.5 million gain on the sale of intellectual property rights[17]. - Other income, net, increased significantly to $7,001,000 in 2024 from $3,396,000 in 2023, an increase of 106%[25]. - Impairment of other noncurrent assets rose sharply to $32,915,000 in 2024 from $445,000 in 2023[25]. Operating Expenses - Total operating expenses increased to $138,954,000 in 2024, up 31% from $105,983,000 in 2023[25]. - SG&A expenses increased by $0.9 million, or 2%, due to increased focus on PRGN-2012 and associated commercial readiness costs[15].