Precigen Reports Progress and Financial Results for 2024

Precigen, Inc. ( (PGEN) ) has released its Q4 earnings. Here is a breakdown of the information Precigen, Inc. presented to its investors.

Precigen, Inc. is a biopharmaceutical company focused on developing innovative gene and cell therapies to address critical diseases, particularly in the fields of immuno-oncology, autoimmune disorders, and infectious diseases.

In its latest earnings report, Precigen highlighted significant progress in its clinical programs, particularly the PRGN-2012 therapy for recurrent respiratory papillomatosis (RRP), which has received priority review from the FDA with a target action date set for August 2025. The company also reported financial results for the year 2024, showcasing strategic advancements in its commercial and manufacturing readiness.

Key financial metrics from the report indicate that Precigen ended 2024 with $97.9 million in cash and investments, extending its financial runway into 2026. The company raised $87.5 million through a preferred stock offering and the sale of intellectual property rights. Despite a decrease in total revenues by 37% compared to the previous year, Precigen increased its research and development expenses by 9%, focusing on the PRGN-2012 clinical trial and commercial readiness.

The pivotal clinical study of PRGN-2012 demonstrated promising results, with 51% of patients achieving complete response and a significant reduction in surgical interventions. The company is preparing for a potential commercial launch in 2025, targeting a market of approximately 27,000 adult RRP patients in the US.

Looking ahead, Precigen is poised to transition to a commercial-stage company with the anticipated FDA approval of PRGN-2012. This approval is expected to drive product sales and enable the expansion of PRGN-2012 to new indications and markets, marking a transformative phase for the company.