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Precigen Inc. (PGEN-4.31%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total revenues of $2.7 million for the nine months ended September 30, 2024, a decrease from $5 million in the same period of the previous year. This decline is attributed to reduced product and service revenues at Exemplar.
Research and development expenses increased to $41.3 million from $35.6 million, primarily due to higher costs associated with PRGN-2012 and personnel-related expenses.
Selling, general, and administrative expenses were relatively stable at $30.3 million, with slight increases due to severance costs and commercial readiness activities.
The company recorded impairment charges of $34.5 million related to goodwill and other noncurrent assets following the suspension of ActoBio's operations.
Net loss for the period was $106.5 million, compared to $62.8 million in the previous year, reflecting increased operating expenses and impairment charges.
Cash used in operating activities was $59.9 million, with cash and cash equivalents totaling $24.7 million as of September 30, 2024.
The filing highlights the company's strategic focus on advancing PRGN-2012 for potential commercialization, while pausing other clinical programs and reducing workforce.
Precigen acknowledges substantial doubt about its ability to continue as a going concern, citing the need for additional capital to fund operations.
The company remains engaged in ongoing legal proceedings, with no new material updates since the previous report.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Precigen Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.