Precision BioSciences reports Q1 EPS $1.70, consensus ($1.91)

Reports Q1 revenue $17.58M, consensus $6.02M. Net income was $8.6M, or $1.70 per share, for the quarter ended March 31 as compared to a net loss of $25.1M, or ($6.75) per share, for the same period in 2023. The net loss in the first quarter of 2023 includes a $11.1M loss from discontinued operations related to the decision to exit CAR T in August 2023. The revenue increase of $8.8M was primarily driven by upfront investments from cell therapy transactions with TG Therapeutics and Caribou Biosciences. “In 2024, Precision is focused on strong execution as we advance our wholly owned Hepatitis B virus (HBV) and primary mitochondrial myopathy (PMM) in vivo gene editing programs towards the clinic as soon as possible,” said Michael Amoroso, Chief Executive Officer at Precision BioSciences. “In parallel, our partner, iECURE has already advanced the first ARCUS in vivo gene editing program for OTC deficiency into the clinic. We believe this not only validates ARCUS novel editing approach for gene insertion, but also sets key regulatory precedence for in vivo ARCUS gene editing programs across global markets including the US.”