Precision BioSciences reports Q3 EPS ($2.25), consensus ($1.92)

Reports Q3 revenue $576,000, consensus $6.36M. The decrease of $12.5M in revenue during the quarter ended September 30 was primarily the result of a $7M decrease in revenue recognized under the Novartis agreement as Precision nears completion of its pre-clinical workplan compared to the three months ended September 30, 2023. In addition, there was a $5.5M decrease in revenue recognized under the prevail agreement during the three months ended September 30, following conclusion of the collaboration in April 2024. “With the clearance of our first clinical trial application (CTA) for our lead program, PBGENE-HBV, we have arrived at the next phase of Precision’s journey as a single platform, clinical stage in vivo gene editing company. Our team is moving quickly to dose patients and in parallel is leveraging our robust regulatory package to seek additional regulatory application approvals globally with the aim of rapidly accelerating enrollment in the PBGENE-HBV phase 1 trial,” said Michael Amoroso, CEO at Precision BioSciences (DTIL). “PBGENE-HBV represents the very first clinical stage gene editing program for chronic hepatitis B utilizing a differentiated dual modality targeting the elimination of cccDNA and inactivation of integrated HBV genomes – the root cause of viral persistence in chronic hepatitis B. We look forward to sharing detail on our clinical plans for PBGENE-HBV on November 15 prior to AASLD.”