Precigen Reports First Quarter 2020 Financial Results
First Quarter Business Highlights:
- PRGN-2009 AdenoVerse™ Immunotherapy:
Precigen announced that theUS Food and Drug Administration (FDA) cleared the Investigational New Drug (IND) application to initiate a Phase 1/2 trial for PRGN-2009, a first-in-class, off-the-shelf investigational immunotherapy utilizing the AdenoVerse™ platform and designed to activate the immune system to recognize and target HPV-positive solid tumors. The Phase 1 portion of the study will follow a 3+3 dose escalation design to evaluate the safety of PRGN‑2009 administered as a monotherapy and to determine the recommended Phase 2 dose (R2PD) followed by an evaluation of the safety of the combination of PRGN-2009 at the R2PD and bintrafusp alfa (M7824), an investigational bifunctional fusion protein, in patients with recurrent or metastatic HPV-associated cancers; - PRGN-3005 UltraCAR-T®: Dosing in the second dose level of the intraperitoneal (IP) arm of the Phase 1 trial of PRGN-3005 UltraCAR-T was completed;
- PRGN-3006 UltraCAR-T®: Enrollment of patients in the non-lymphodepletion and lymphodepletion arms of the Phase 1 trial of PRGN-3006 UltraCAR-T, has been unaffected by the COVID-19 pandemic to date. The IND has been amended, and the FDA has allowed for concurrent dosing of patients in both arms; and
- In order to further
Precigen's efforts to focus resources on its healthcare programs and as a result of market uncertainty driven by the COVID-19 pandemic and the current state of the energy sector,MBP Titan LLC , a wholly-owned subsidiary ofPrecigen focused on methane bioconversion, has significantly reduced its resource requirements through a workforce reduction. These actions will significantly decrease cash burn while maintaining intellectual property.
First Quarter 2020 Financial Highlights:
- Total revenues of
$29.8 million ; - Net loss from continuing operations attributable to
Precigen of$29.9 million , or$(0.19) per basic share, of which$8.7 million was for non-cash charges; and - Cash, cash equivalents, and short-term investments totaled
$149.2 million atMarch 31, 2020 .
"This is the first full quarter operating as the new
First Quarter 2020 Financial Results Compared to Prior Year Period
Total revenues increased
Research and development expenses decreased
More information on
Conference Call and Webcast
Trademarks
Cautionary Statement Regarding Forward-Looking Statements
Some of the statements made in this press release are forward-looking statements. These forward-looking statements are based upon
For more information, contact:
Investor Contact: Vice President, Investor Relations Tel: +1 (301) 556-9850 |
Corporate Contact: Vice President, Communications Tel: +1 (301) 556-9850 |
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Consolidated Balance Sheets |
|||||||
(Unaudited) |
|||||||
(Amounts in thousands) |
|
|
|||||
Assets |
|||||||
Current assets |
|||||||
Cash and cash equivalents |
$ |
37,840 |
$ |
65,793 |
|||
Short-term investments |
111,332 |
9,260 |
|||||
Receivables |
|||||||
Trade, net |
19,376 |
20,650 |
|||||
Related parties, net |
252 |
600 |
|||||
Other |
351 |
4,978 |
|||||
Inventory |
14,636 |
16,097 |
|||||
Prepaid expenses and other |
5,596 |
6,444 |
|||||
Current assets held for sale |
— |
110,821 |
|||||
Total current assets |
189,383 |
234,643 |
|||||
Property, plant and equipment, net |
59,627 |
60,969 |
|||||
Intangible assets, net |
65,489 |
68,346 |
|||||
|
63,703 |
63,754 |
|||||
Investments in affiliates |
1,108 |
1,461 |
|||||
Right-of-use assets |
24,036 |
25,228 |
|||||
Other assets |
1,326 |
1,362 |
|||||
Total assets |
$ |
404,672 |
$ |
455,763 |
|||
Current liabilities |
|||||||
Accounts payable |
$ |
4,777 |
$ |
5,917 |
|||
Accrued compensation and benefits |
7,209 |
14,091 |
|||||
Other accrued liabilities |
9,972 |
12,049 |
|||||
Deferred revenue |
11,141 |
5,697 |
|||||
Lines of credit |
1,205 |
1,922 |
|||||
Current portion of long-term debt |
31,886 |
31,670 |
|||||
Current portion of lease liabilities |
4,308 |
4,182 |
|||||
Related party payables |
139 |
51 |
|||||
Current liabilities held for sale |
— |
47,333 |
|||||
Total current liabilities |
70,637 |
122,912 |
|||||
Long-term debt, net of current portion |
188,730 |
186,321 |
|||||
Deferred revenue, net of current portion |
32,877 |
48,136 |
|||||
Lease liabilities, net of current portion |
22,414 |
23,849 |
|||||
Deferred tax liabilities |
2,785 |
2,834 |
|||||
Total liabilities |
317,443 |
384,052 |
|||||
Commitments and contingencies |
|||||||
Total shareholders' equity |
|||||||
Common stock |
— |
— |
|||||
Additional paid-in capital |
1,797,450 |
1,752,048 |
|||||
Accumulated deficit |
(1,708,867) |
(1,652,869) |
|||||
Accumulated other comprehensive loss |
(1,354) |
(27,468) |
|||||
Total shareholders' equity |
87,229 |
71,711 |
|||||
Total liabilities and shareholders' equity |
$ |
404,672 |
$ |
455,763 |
|
|||||||
Consolidated Statements of Operations |
|||||||
(Unaudited) |
|||||||
(Amounts in thousands, except share and per share data) |
Three months ended |
||||||
March 31, |
|||||||
2020 |
2019 |
||||||
Revenues |
|||||||
Collaboration and licensing revenues |
$ |
10,721 |
$ |
5,971 |
|||
Product revenues |
4,961 |
4,837 |
|||||
Service revenues |
13,946 |
11,383 |
|||||
Other revenues |
210 |
394 |
|||||
Total revenues |
29,838 |
22,585 |
|||||
Operating Expenses |
|||||||
Cost of products |
6,089 |
7,722 |
|||||
Cost of services |
7,536 |
7,092 |
|||||
Research and development |
18,891 |
26,938 |
|||||
Selling, general and administrative |
23,018 |
31,049 |
|||||
Total operating expenses |
55,534 |
72,801 |
|||||
Operating loss |
(25,696) |
(50,216) |
|||||
Other Expense, Net |
|||||||
Unrealized and realized appreciation in fair value of equity securities and preferred stock, net |
— |
449 |
|||||
Interest expense |
(4,592) |
(4,305) |
|||||
Interest and dividend income |
673 |
1,361 |
|||||
Other income, net |
64 |
546 |
|||||
Total other expense, net |
(3,855) |
(1,949) |
|||||
Equity in net loss of affiliates |
(351) |
(748) |
|||||
Loss from continuing operations before income taxes |
(29,902) |
(52,913) |
|||||
Income tax benefit (expense) |
(40) |
13 |
|||||
Loss from continuing operations |
$ |
(29,942) |
$ |
(52,900) |
|||
Loss from discontinued operations, net of income taxes |
(26,056) |
(9,236) |
|||||
Net loss |
$ |
(55,998) |
$ |
(62,136) |
|||
Net loss attributable to the noncontrolling interests |
— |
1,427 |
|||||
Net loss attributable to |
$ |
(55,998) |
$ |
(60,709) |
|||
Amounts Attributable to |
|||||||
Net loss from continuing operations attributable to |
$ |
(29,942) |
$ |
(51,473) |
|||
Net loss from discontinued operations attributable to |
(26,056) |
(9,236) |
|||||
Net loss attributable to |
$ |
(55,998) |
$ |
(60,709) |
|||
Net Loss per Share |
|||||||
Net loss from continuing operations attributable to |
$ |
(0.19) |
$ |
(0.34) |
|||
Net loss from discontinued operations attributable to |
(0.16) |
(0.06) |
|||||
Net loss attributable to |
$ |
(0.35) |
$ |
(0.40) |
|||
Weighted average shares outstanding, basic and diluted |
160,338,743 |
152,948,058 |
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