Precigen Inc (PGEN) Reports Full Year 2023 Financial Results
Research and Development Expenses: Increased by $1.4 million, or 3.1%, compared to the previous year.
Selling, General and Administrative (SG&A) Expenses: Decreased by $7.6 million, or 15.8%, compared to the previous year.
Total Revenues: Decreased by $20.7 million, or 76.9%, compared to the previous year.
Net Loss: Loss from continuing operations was $95.9 million, or $(0.39) per basic and diluted share.
Balance Sheet: Cash and cash equivalents increased to $7.6 million from $4.9 million the previous year.
On March 19, 2024, Precigen Inc (NASDAQ:PGEN), a biopharmaceutical company specializing in gene and cell therapies, released its 8-K filing, disclosing its financial results for the full year of 2023. The company, which focuses on developing synthetic biology solutions across various markets, including immuno-oncology, autoimmune disorders, and infectious diseases, faced significant challenges over the year, reflected in a substantial decrease in total revenues.
Financial Performance and Strategic Focus
Research and development expenses saw a slight uptick due to increased hiring and salary increments, which align with the company's growth in development activities. Conversely, SG&A expenses saw a notable decrease, primarily due to reduced professional and legal fees, as well as decreased insurance-related premiums. Despite these cost-saving measures, total revenues experienced a sharp decline, largely attributed to the non-recurrence of revenue recognition from historical collaboration agreements and a decrease in services performed at Exemplar.
Precigen's President and CEO, Helen Sabzevari, PhD, highlighted the company's focus on pivotal Phase 2 data and the submission of a BLA for PRGN-2012, supported by the FDA's Breakthrough Therapy Designation and accelerated approval pathway. CFO Harry Thomasian Jr. emphasized the commitment to sound financial management and the exploration of financing opportunities to strengthen the balance sheet ahead of potential commercial launches.
Operational Highlights and Future Outlook
The company is preparing for the anticipated launch of PRGN-2012 in 2025 and is also advancing its UltraCAR-T programs, which present a novel approach to traditional CAR-T therapies. The financial report also mentioned an impairment charge related to its Exemplar subsidiary, which impacted the year's financials.
Looking ahead, Precigen Inc (NASDAQ:PGEN) is poised for a transformative year with multiple value inflection points anticipated in 2024. The company's strategic focus on advancing its pipeline and preparing for commercial operations reflects its dedication to addressing urgent diseases with precision technology.
For a more detailed analysis of Precigen Inc (NASDAQ:PGEN)'s financial results and future prospects, investors and interested parties are encouraged to review the full 8-K filing.
Explore the complete 8-K earnings release (here) from Precigen Inc for further details.
This article first appeared on GuruFocus.
