Precigen Reports Third Quarter 2020 and Year-to-Date Financial Results
Business Highlights:
- Clinical Pipeline and Data Update Conference Call: In light of the substantive progress made in advancing its clinical pipeline, as well as anticipated data disclosures for several key programs,
Precigen will host a conference call in early December dedicated to reviewing these important milestones. The Company plans to announce timing and details about the call in the coming weeks; - UltraPorator™:
Precigen announced that theUS Food and Drug Administration (FDA) cleared UltraPorator as a manufacturing device for its UltraCAR-T manufacturing process. The Company announced that it has successfully completed technology transfer of the UltraPorator system for the manufacturing of PRGN-3005 in ovarian cancer at theUniversity of Washington/Fred Hutchinson Cancer Research Center and for PRGN-3006 in acute myeloid leukemia (AML) at theMoffitt Cancer Center . UltraPorator is a semi-closed, high-throughput system with a proprietary hardware and software solution designed to significantly reduce processing time and contamination risk, limitations inherent in existing electroporation devices that contribute to current hurdles for viable scale-up and commercialization of certain therapeutic programs; - PRGN-2009 AdenoVerse™ Immunotherapy: Precigen announced that the first patient has been dosed in the Phase I/II 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;
- PRGN-3005 UltraCAR-T: Precigen completed dosing of patients in dose level 3 of the intraperitoneal (IP) arm of the Phase 1 clinical trial of PRGN-3005 UltraCAR-T for the treatment of advanced, recurrent platinum resistant ovarian, fallopian tube or primary peritoneal cancer (clinical trial identifier: NCT03907527); and
- PRGN-3006 UltraCAR-T: Precigen completed dosing of patients in dose level 2 of the non-lymphodepletion arm and dose level 1 in the lymphodepletion arm of the Phase 1 trial of PRGN-3006 UltraCAR-T for treatment of patients with relapsed or refractory acute myeloid leukemia (AML) or higher-risk myelodysplastic syndromes (MDS) (clinical trial identifier: NCT03927261).
"The
Third Quarter 2020 Financial Highlights:
- Total revenues of
$23.6 million in 2020 compared to$18.3 million in 2019; - Net loss from continuing operations of
$29.5 million , or$(0.18) per basic share, of which$10.1 million was for non-cash charges in 2020, compared to net loss from continuing operations of$49.1 million , or$(0.32) per basic share, of which$15.7 million was for non-cash charges in 2019; and - Cash, cash equivalents, and short-term investments totaled
$113.1 million as ofSeptember 30, 2020 .
Year-to-Date 2020 Financial Highlights:
- Total revenues of
$83.8 million in 2020 compared to$73.7 million in 2019; and - Net loss from continuing operations of
$102.8 million , or$(0.63) per basic share, of which$50.6 million was for non-cash charges in 2020 compared to net loss from continuing operations attributable toPrecigen of$132.7 million , or$(0.86) per basic share, of which$36.2 million was for non-cash charges in 2019.
Third Quarter 2020 Financial Results Compared to Prior Year Period
Total revenues increased
Research and development expenses decreased
Year-to-Date 2020 Financial Results Compared to Prior Year Period
Total revenues increased
Research and development expenses decreased
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 |
Media Contact: |
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(Amounts in thousands) |
|
|
|||||
Assets |
|||||||
Current assets |
|||||||
Cash and cash equivalents |
$ |
27,740 |
$ |
65,793 |
|||
Short-term investments |
85,358 |
9,260 |
|||||
Receivables |
|||||||
Trade, net |
19,063 |
20,650 |
|||||
Related parties, net |
12 |
600 |
|||||
Other |
285 |
4,978 |
|||||
Inventory |
10,348 |
16,097 |
|||||
Prepaid expenses and other |
8,310 |
6,444 |
|||||
Current assets held for sale |
— |
110,821 |
|||||
Total current assets |
151,116 |
234,643 |
|||||
Property, plant and equipment, net |
44,685 |
60,969 |
|||||
Intangible assets, net |
65,018 |
68,346 |
|||||
|
54,237 |
63,754 |
|||||
Investments in affiliates |
337 |
1,461 |
|||||
Right-of-use assets |
19,296 |
25,228 |
|||||
Other assets |
1,497 |
1,362 |
|||||
Total assets |
$ |
336,186 |
$ |
455,763 |
|||
Current liabilities |
|||||||
Accounts payable |
$ |
4,233 |
$ |
5,917 |
|||
Accrued compensation and benefits |
7,567 |
14,091 |
|||||
Other accrued liabilities |
9,355 |
12,049 |
|||||
Deferred revenue |
4,144 |
5,697 |
|||||
Lines of credit |
— |
1,922 |
|||||
Current portion of long-term debt |
421 |
31,670 |
|||||
Current portion of lease liabilities |
4,584 |
4,182 |
|||||
Related party payables |
357 |
51 |
|||||
Current liabilities held for sale |
— |
47,333 |
|||||
Total current liabilities |
30,661 |
122,912 |
|||||
Long-term debt, net of current portion |
193,801 |
186,321 |
|||||
Deferred revenue, net of current portion |
30,015 |
48,136 |
|||||
Lease liabilities, net of current portion |
20,323 |
23,849 |
|||||
Deferred tax liabilities |
2,734 |
2,834 |
|||||
Other long-term liabilities |
100 |
— |
|||||
Total liabilities |
277,634 |
384,052 |
|||||
Commitments and contingencies |
|||||||
Shareholders' equity |
|||||||
Common stock |
— |
— |
|||||
Additional paid-in capital |
1,838,919 |
1,752,048 |
|||||
Accumulated deficit |
(1,781,729) |
(1,652,869) |
|||||
Accumulated other comprehensive income (loss) |
1,362 |
(27,468) |
|||||
Total shareholders' equity |
58,552 |
71,711 |
|||||
Total liabilities and shareholders' equity |
$ |
336,186 |
$ |
455,763 |
|
|||||||||||||
(Amounts in thousands, except share and |
Three months ended |
Nine months ended |
|||||||||||
September 30, |
|
||||||||||||
2020 |
2019 |
2020 |
2019 |
||||||||||
Revenues |
|||||||||||||
Collaboration and licensing revenues |
$ |
5,223 |
$ |
2,296 |
$ |
20,259 |
$ |
14,717 |
|||||
Product revenues |
6,896 |
5,846 |
20,397 |
18,483 |
|||||||||
Service revenues |
11,288 |
9,924 |
42,615 |
39,707 |
|||||||||
Other revenues |
176 |
233 |
574 |
813 |
|||||||||
Total revenues |
23,583 |
18,299 |
83,845 |
73,720 |
|||||||||
Operating Expenses |
|||||||||||||
Cost of products |
7,296 |
7,906 |
21,526 |
24,130 |
|||||||||
Cost of services |
5,891 |
6,550 |
20,197 |
21,860 |
|||||||||
Research and development |
12,154 |
25,667 |
45,253 |
80,844 |
|||||||||
Selling, general and administrative |
22,300 |
22,187 |
64,057 |
72,486 |
|||||||||
Impairment of goodwill |
— |
178 |
9,635 |
178 |
|||||||||
Impairment of other noncurrent assets |
920 |
448 |
13,326 |
448 |
|||||||||
Total operating expenses |
48,561 |
62,936 |
173,994 |
199,946 |
|||||||||
Operating loss |
(24,978) |
(44,637) |
(90,149) |
(126,226) |
|||||||||
Other Expense, Net |
|||||||||||||
Unrealized and realized appreciation |
— |
(3,139) |
— |
3,070 |
|||||||||
Interest expense |
(4,646) |
(4,466) |
(13,830) |
(13,124) |
|||||||||
Interest and dividend income |
579 |
883 |
2,025 |
3,268 |
|||||||||
Other income, net |
10 |
2,781 |
145 |
671 |
|||||||||
Total other expense, net |
(4,057) |
(3,941) |
(11,660) |
(6,115) |
|||||||||
Equity in net loss of affiliates |
(523) |
(479) |
(1,125) |
(1,943) |
|||||||||
Loss from continuing operations before |
(29,558) |
(49,057) |
(102,934) |
(134,284) |
|||||||||
Income tax benefit |
50 |
3 |
130 |
25 |
|||||||||
Loss from continuing operations |
$ |
(29,508) |
$ |
(49,054) |
$ |
(102,804) |
$ |
(134,259) |
|||||
Loss from discontinued operations, net of |
— |
(4,580) |
(26,056) |
(20,442) |
|||||||||
Net loss |
$ |
(29,508) |
$ |
(53,634) |
$ |
(128,860) |
$ |
(154,701) |
|||||
Net loss attributable to the noncontrolling |
— |
— |
— |
1,592 |
|||||||||
Net loss attributable to |
$ |
(29,508) |
$ |
(53,634) |
$ |
(128,860) |
$ |
(153,109) |
|||||
Amounts Attributable to |
|||||||||||||
Net loss from continuing operations |
$ |
(29,508) |
$ |
(49,054) |
$ |
(102,804) |
$ |
(132,667) |
|||||
Net loss from discontinued operations |
— |
(4,580) |
(26,056) |
(20,442) |
|||||||||
Net loss attributable to |
$ |
(29,508) |
$ |
(53,634) |
$ |
(128,860) |
$ |
(153,109) |
|||||
Net Loss per Share |
|||||||||||||
Net loss from continuing operations |
$ |
(0.18) |
$ |
(0.32) |
$ |
(0.63) |
$ |
(0.86) |
|||||
Net loss from discontinued operations |
— |
(0.03) |
(0.16) |
(0.14) |
|||||||||
Net loss attributable to |
$ |
(0.18) |
$ |
(0.35) |
$ |
(0.79) |
$ |
(1.00) |
|||||
Weighted average shares outstanding, |
165,527,024 |
154,596,257 |
163,318,375 |
153,770,785 |
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