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Precigen Inc. (PGEN-8.21%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net loss of $126.2 million for the year, with a total revenue of $3.9 million, a decrease from $6.2 million in the previous year. The company attributes this decline to reduced product and service revenues.
Research and development expenses increased by $4.5 million to $53.1 million, primarily due to costs associated with the PRGN-2012 clinical trial and severance costs from workforce reductions.
Selling, general, and administrative expenses rose slightly to $41.3 million, with increases in commercialization costs and severance expenses.
The company recorded impairment charges totaling $40.3 million related to goodwill and other noncurrent assets, following the shutdown of ActoBio's operations.
Precigen ended the year with $97.9 million in cash, cash equivalents, and short-term investments, and raised $110.6 million through financing activities, including a public offering and the issuance of preferred stock.
The company highlights the strategic prioritization of its pipeline, focusing on the commercialization of PRGN-2012, while pausing other clinical trials.
Precigen's management acknowledges substantial doubt about its ability to continue as a going concern, citing the need for FDA approval of PRGN-2012 and additional capital to fund operations.
The filing details the company's efforts to streamline operations, including a workforce reduction of over 20%, to focus resources on PRGN-2012.
Precigen's financial statements reflect the impact of these strategic changes, with management emphasizing the importance of successful commercialization of PRGN-2012 to future financial stability.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Precigen Inc. annual 10-K report dated March 19, 2025. To report an error, please email earnings@qz.com.