Precigen(PGEN) - 2025 Q3 - Quarterly Results

Financial Performance - Total revenues for Q3 2025 increased by $2.0 million compared to Q3 2024, primarily driven by collaboration and licensing revenue recognition[10] - Total revenues for the three months ended September 30, 2025, were $2.922 million, a significant increase from $953,000 in the same period of 2024, representing a growth of 206%[34] - Collaboration and licensing revenue reached $1.818 million in Q3 2025, compared to $0 in Q3 2024, indicating successful new partnerships[34] - Product revenues increased to $162,000 in Q3 2025 from $66,000 in Q3 2024, reflecting a growth of 145%[34] - Net loss attributable to common shareholders was $325.3 million, or $(1.06) per share, compared to a net loss of $24 million, or $(0.09) per share in Q3 2024[16] - Net loss attributable to common shareholders for Q3 2025 was $325.344 million, compared to $23.978 million in Q3 2024, primarily due to deemed dividends on preferred stock[34] - Operating loss for the nine months ended September 30, 2025, was $88.841 million, an improvement compared to a loss of $106.513 million in the same period of 2024[34] - The company reported a change in fair value of warrant liabilities of $(111.502) million for Q3 2025, which significantly impacted the overall financial results[34] Expenses - Research and development expenses rose by $1.0 million, or 9%, due to increased manufacturing and regulatory filing costs related to PAPZIMEOS[11] - Selling, General and Administrative (SG&A) expenses surged by $14.2 million, or 144%, mainly due to costs associated with PAPZIMEOS commercial readiness[12] - Research and development expenses for the nine months ended September 30, 2025, were $34.343 million, down from $41.312 million in the same period of 2024, indicating a reduction of 17%[34] Assets and Liabilities - Cash, cash equivalents, and investments totaled $123.6 million as of September 30, 2025, expected to fund operations to cash flow break-even[5] - Cash and cash equivalents decreased to $14.322 million as of September 30, 2025, down from $29.517 million at the end of 2024[32] - Total assets increased to $171.264 million as of September 30, 2025, compared to $145.266 million at the end of 2024, showing a growth of 18%[32] - Total current liabilities increased to $32.069 million as of September 30, 2025, compared to $21.518 million at the end of 2024, reflecting a rise of 49%[32] Product Development and Market Presence - Over 100 patients have been registered in the PAPZIMEOS Patient Hub since its launch, with more than 90% of target institutions engaged[5] - PAPZIMEOS received full FDA approval in August 2025, marking it as the first and only treatment for adults with recurrent respiratory papillomatosis (RRP)[6] - The company has achieved private health insurance coverage for over 100 million lives, with PAPZIMEOS now available through Medicare and Medicaid[7] - Long-term follow-up results from the pivotal clinical trial showed 83% of complete responders maintained their response without additional treatment interventions for a median of 36 months[14] - A Marketing Authorization Application for PAPZIMEOS was submitted to the European Medicines Agency in November 2025[7]