Precision BioSciences(DTIL) - 2025 Q3 - Quarterly Results

Financial Performance - Total revenues for Q3 2025 were less than $0.1 million, a decrease from $0.6 million in Q3 2024, primarily due to reduced billable efforts under the Novartis Agreement[17] - Revenue for Q3 2025 was $13,000, a significant decrease from $576,000 in Q3 2024, representing a decline of approximately 97.7%[29] - Net loss for Q3 2025 was $21.8 million, or ($1.84) per share, compared to a net loss of $16.4 million, or ($2.25) per share, in Q3 2024[20] - The net loss for Q3 2025 was $21,772,000, compared to a net loss of $16,425,000 in Q3 2024, indicating an increase in losses of approximately 32.5%[29] - Total operating expenses for Q3 2025 were $20,680,000, slightly down from $21,851,000 in Q3 2024, a decrease of about 5.4%[29] Cash and Assets - As of September 30, 2025, the company had approximately $71.2 million in cash, cash equivalents, and restricted cash, with a cash runway expected to extend into the second half of 2027[16] - Cash, cash equivalents, and restricted cash as of September 30, 2025, were $71,212,000, down from $108,468,000 at the end of 2024, a decrease of about 34.4%[31] - Total assets decreased to $93,510,000 as of September 30, 2025, from $136,388,000 at the end of 2024, a decline of approximately 31.4%[31] - Total stockholders' equity fell to $16,634,000 as of September 30, 2025, down from $56,393,000 at the end of 2024, a decrease of about 70.5%[31] Research and Development - Research and development expenses increased to $13.4 million in Q3 2025 from $13.1 million in Q3 2024, driven by the PBGENE-DMD program[18] - The company commenced dosing in Cohort 3 of the ELIMINATE-B trial during Q3 2025, with additional data readouts planned for early 2026[7] - The investigational new drug (IND) filing for PBGENE-DMD is anticipated by the end of 2025, with Phase 1 initiation expected in the first half of 2026[7] - The company anticipates an IND filing for PBGENE-DMD by the end of 2025 and expects to initiate a Phase 1 clinical trial in 2026[26] - The design of PBGENE-DMD targets over 60% of patients with DMD, aiming for durable functional improvement with a one-time lower dose of AAV[26] Clinical Trials and Milestones - PBGENE-HBV has shown a durable HBsAg reduction of approximately 50% from baseline in one patient, ongoing seven months post-treatment[6] - The company received an $8 million milestone payment from Imugene on October 31, 2025, related to the azer-cel program[13] - The company has been granted Breakthrough Therapy designation by the FDA for PBGENE-HBV, which is designed to eliminate the root cause of chronic Hepatitis B[21] - The company aims to complete enrollment for the OTC-HOPE clinical trial by late 2025, with data expected in the first half of 2026[26]