Precigen(US:PGEN)2024-05-14 21:19Financial Performance - Total revenues decreased by $0.8 million, or 43%, compared to the three months ended March 31, 2023[14]. - Total revenues for Q1 2024 were $1,065,000, a decrease of 42.3% compared to $1,851,000 in Q1 2023[29]. - Product revenues decreased to $138,000 from $324,000, while service revenues fell to $919,000 from $1,527,000[29]. - Operating loss for Q1 2024 was $24,410,000, compared to a loss of $23,478,000 in Q1 2023[29]. - Net loss was $23.7 million, or $(0.10) per basic and diluted share, compared to a net loss of $22.7 million, or $(0.10) per basic and diluted share, in the prior year[14]. - Net loss for Q1 2024 was $23,738,000, consistent with a net loss of $22,734,000 in Q1 2023[29]. - The company reported a net loss per share of $0.10 for both Q1 2024 and Q1 2023[29]. Research and Development - Research and development expenses increased by $2.1 million, or 17%, compared to the same period in 2023[12]. - Research and development expenses increased to $14,249,000, up from $12,163,000 in the same period last year[29]. - 50% of patients in the Phase 1 portion of the PRGN-2012 study achieved Complete Response, defined as no surgeries needed during the 12-month period following treatment[6]. - 83% of patients had a reduction in RRP surgeries in the 12-month period after PRGN-2012 treatment compared to the 12 months pre-treatment[7]. - The FDA confirmed that the ongoing Phase 1/2 study of PRGN-2012 will serve as pivotal, eliminating the need for additional randomized trials for BLA submission[9]. - Precigen is advancing its UltraCAR-T library approach to enhance personalized cell therapy for cancer patients[21]. Cash and Assets - Cash, cash equivalents, and short-term investments totaled $44.8 million as of March 31, 2024[11]. - Cash and cash equivalents rose to $17,478,000 as of March 31, 2024, compared to $7,578,000 at the end of 2023[27]. - Total assets decreased to $134,847,000 from $151,043,000 at the end of 2023[27]. - Total liabilities increased to $37,828,000 from $32,545,000 at the end of 2023[27]. Corporate Initiatives - The company plans to co-sponsor the inaugural RRP Awareness Day on June 11, 2024, to raise awareness about recurrent respiratory papillomatosis[5]. - PRGN-2012 rolling BLA submission is anticipated in the second half of 2024, with commercial readiness activities underway for a potential launch in 2025[5]. Operating Expenses - SG&A costs decreased by $1.5 million, or 13%, compared to the same period in 2023[13].