PRECIGEN, INC.

Listed Company

PGENCIK 0001356090NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsVirginiaFY ends Dec 31

Period

FY 2025

Revenue

$9.68M

Net Income

$-250.64M

Total Assets

$155.50M

Equity

$20.91M

Shares Out

353.93M

Op. Cash Flow

$-87.83M

Business

PRECIGEN, INC. is a discovery and clinical-stage biopharmaceutical company developing next-generation gene and cell therapies aimed at addressing unmet needs in immuno-oncology, autoimmune disorders, and infectious diseases. It offers product candidates and platform technologies including UltraCAR-T cell therapies, AdenoVerse gorilla adenovector immunotherapies, ActoBiotics microbe-based therapeutics, and the UltraPorator electroporation manufacturing device. The company reports two operating segments: Biopharmaceuticals (including Precigen and ActoBio) and Exemplar (MiniSwine research models and services). It distributes investigational therapies through clinical trials, collaborations with institutions such as the NCI, internal cGMP manufacturing, and commercial channels as programs progress toward approval.

Summary from filing dated 2025-03-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	10	4	6	27	14
Research and development	41	53	49	—	—
Selling, general and administrative	70	41	40	—	—
Impairment of goodwill	4	7	10	482,000	0
Impairment of other noncurrent assets	0	33	445,000	638,000	543,000
Total operating expenses	120	139	106	—	—
Operating loss	−111	−135	−100	—	—
Change in fair value of warrant liabilities	−140	0	0	—	—
Interest expense	−4	−6,000	−468,000	—	—
Interest income	3	1	3	—	—
Other income, net	43,000	6	627,000	—	—
Total other (expense) income, net	−140	7	3	—	—
Loss before income taxes	−251	−128	−96	−80	−111
Income tax (expense) benefit	−3,000	2	458,000	189,000	160,000
Net loss	−251	−126	−96	28	−92
Deemed dividend on preferred stock	−179	0	0	—	—
Net loss attributable to common shareholders	−430	−126	−96	—	—
Net loss per share attributable to common shareholders, basic (in dollars per share)	−1.37	−0.47	−0.39	0.14	−0.47
Net loss per share attributable to common shareholders, diluted (in dollars per share)	−1.37	−0.47	−0.39	0.14	−0.47
Weighted average shares outstanding, basic (in shares)	313	268	245	200	198
Weighted average shares outstanding, diluted (in shares)	313	268	245	200	198

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	30	30	8	5	36
Short-term investments	68	68	55	51	72
Trade, less allowance for credit losses of $0 as of December 31, 2025 and 2024.	4	926,000	902,000	978,000	1
Other	446,000	237,000	673,000	13	566,000
Inventory	10	0	—	287,000	326,000
Prepaid expenses and other	3	3	4	5	5
Total current assets	115	102	69	118	157
Long-term investments	3	0	—	0	49
Property, plant and equipment, net	14	14	7	7	9
Intangible assets, net	3	4	41	44	52
Goodwill	15	19	27	37	38
Right-of-use assets	5	5	7	8	10
Other assets	908,000	371,000	767,000	1	936,000
Total assets	156	145	151	216	360
Accounts payable	12	4	2	4	3
Accrued compensation and benefits	10	8	8	6	8
Other accrued liabilities	11	5	6	5	8
Indemnification accrual	2	3	5	—	—
Deferred revenue	517,000	589,000	509,000	25,000	1
Current portion of lease liabilities	1	956,000	1	1	1
Total current liabilities	37	22	23	79	35
Long-term debt	93	0	—	0	180
Deferred revenue, net of current portion	0	2	2	2	23
Lease liabilities, net of current portion	4	5	6	7	9
Other long-term liabilities	134,000	0	—	—	50,000
Warrant liabilities	0	51	—	—	—
Total liabilities	135	79	33	90	253
Commitments and contingencies (Note 15)	—	—	—	—	—
Series A Preferred Stock, no par value, 81,000 shares authorized as of December 31, 2025 and December 31, 2024; zero and 79,000 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively (aggregate liquidation preference of zero as of December 31, 2025 and $79,000 as of December 31, 2024).	0	28	0	0	—
Common stock, no par value, 700,000,000 shares authorized as of December 31, 2025 and 400,000,000 authorized as of December 31, 2024; 353,910,926 shares and 292,869,097 shares issued as of December 31, 2025 and 2024, 353,910,926 shares and 292,869,097 shares outstanding as of December 31, 2025 and 2024, respectively.	0	0	0	0	0
Additional paid-in capital	2,362	2,129	2,085	1,998	2,023
Accumulated deficit	−2,341	−2,091	−1,964	−1,869	−1,916
Accumulated other comprehensive income	7,000	12,000	−2	−3	203,000
Total shareholders' equity	21	39	118	126	107
Total liabilities, mezzanine equity and shareholders' equity	156	145	151	216	360

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	3	5	7	11	14
Gain (Loss) on disposals of assets, net	14,000	−2,000	−72,000	421,000	—
Gain on debt retirement	0	0	−60,000	−961,000	0
Loss on reclassification of cumulative foreign currency translation adjustments	0	3	0	0	0
Change in fair value of warrant liabilities	140	0	0	—	—
Amortization of discounts on investments, net	−2	−883,000	−2	832,000	1
Stock-based compensation expense	11	9	10	10	14
Shares issued as payment for services	527,000	553,000	545,000	575,000	577,000
Accretion of debt discount and amortization of deferred financing costs	356,000	0	60,000	1	12
Total deferred tax (benefit)	0	−2	−479,000	−150,000	−167,000
Issuance cost related to Warrants	0	292,000	0	0	—
Other noncash items	0	0	2,000	107,000	24,000
Trade	−3	−24,000	76,000	−2	−6
Other	−209,000	438,000	12	−11	−330,000
Inventory	−9	0	0	2	−2
Prepaid expenses and other	−93,000	981,000	748,000	3	−1
Other assets	−556,000	120,000	129,000	−101,000	305,000
Accounts payable	9	2	−2	379,000	420,000
Accrued compensation and benefits	7	3	5	−37,000	3
Other accrued liabilities	7	−2	782,000	−2	2
Deferred revenue	−2	196,000	484,000	−23	2
Lease liabilities	−9,000	−55,000	−107,000	−107,000	97,000
Other long-term liabilities	134,000	0	0	−37,000	−50,000
Indemnification Accruals	−737,000	−2	−14	13	—
Net cash used in operating activities	−88	−68	−67	−65	−56
Purchases of investments	−208	−187	−185	0	−174
Sales and maturities of investments	208	175	183	68	100
Purchases of property, plant and equipment	−2	−9	−2	−5	−7
Proceeds from sale of assets	0	60,000	98,000	594,000	3
Net cash used in investing activities	−2	−21	−3	226	−75
(Payments) Proceeds from issuance of common stock, net of issuance costs	−355,000	31	73	0	—
Proceeds from long-term debt, net of issuance costs	93	0	0	—	0
Payments of long-term debt, including cost to retire of $120 in 2023	0	0	−43	−155	−466,000
(Payments) Proceeds from issuance of Series A Preferred Stock and Warrants, net of issuance cost	−537,000	79	0	0	—
Cash Settlement of Performance Stock Units	−1	0	0	—	—
Payments to taxing authorities in connection with shares directly withheld from employees	−2	0	0	—	—
Proceeds from stock option exercises	1	346,000	0	1,000	—
Net cash provided by financing activities	90	111	30	−155	121
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	35,000	−27,000	−320,000	−827,000	217,000
Net increase (decrease) in cash, cash equivalents, and restricted cash	717,000	22	−41	5	−9
Cash paid during the period for interest	4	7,000	1	9	7
Cash paid during the period for income taxes	3,000	4,000	21,000	0	36,000
Accrued compensation paid in equity awards	4	3	3	2	—
Conversion of preferred stock to common stock	210	0	0	—	—
Settlement of warrants to equity	190	0	0	—	—
Purchases of property and equipment included in accounts payable and other accrued liabilities	214,000	341,000	566,000	40,000	820,000
Issuance costs included in accounts payable and other accrued liabilities	0	892,000	0	0	—

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