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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     .
Commission File Number: 001-36042
 PRECIGEN, INC.
(Exact name of registrant as specified in its charter)
Virginia 26-0084895
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification Number)
20374 Seneca Meadows Parkway 
Germantown,Maryland 20876
(Address of principal executive offices) (Zip Code)
(301) 556-9900
(Registrant's telephone number, including area code) 
N/A
(Former name, former address and former fiscal year, if changed since last report) 
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, no par value PGEN Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer  Accelerated filer 
Non-accelerated filer  Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
As of October 31, 2020, 185,462,551 shares of common stock, no par value per share, were issued and outstanding.


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PRECIGEN, INC.
FORM 10-Q
TABLE OF CONTENTS
 
Item No. Page
1.
2.
3.
4.
1.
1A.
2.
3.
4.
5.
6.
Intrexon®, Trans Ova Genetics®, ActoBiotics®, Progentus®, UltraCAR-T®, RheoSwitch®, UltraVector®, RTS®, and RheoSwitch Therapeutic System® are our and/or our affiliates' registered trademarks in the United States and GenVec™, Precigen™, AdenoVerse™, ActoBio Therapeutics™, UltraPorator™, AttSite™, and Precigen Therapeutics™ are our and/or our affiliates' common law trademarks in the United States. This Quarterly Report on Form 10-Q, or Quarterly Report, and the information incorporated herein by reference contain references to trademarks, service marks, and trade names owned by us or other companies. Solely for convenience, trademarks, service marks, and trade names referred to in this Quarterly Report and the information incorporated herein, including logos, artwork, and other visual displays, may appear without the ® or ™ symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks, service marks, and trade names. We do not intend our use or display of other companies' trade names, service marks, or trademarks to imply a relationship with, or endorsement or sponsorship of us by, any other companies. Other trademarks, trade names, and service marks appearing in this Quarterly Report are the property of their respective owners. Unless the context requires otherwise, references in this Quarterly Report to "Precigen", "we", "us", and "our" refer to Precigen, Inc.
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Special Note Regarding Forward-Looking Statements
This Quarterly Report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which statements involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this Quarterly Report, including statements regarding our strategy; future events, including their outcome or timing; future operations; future financial position; future revenue; projected costs; prospects; plans; objectives of management; and expected market growth, are forward-looking statements. The words "aim", "anticipate", "assume", "believe", "continue", "could", "due", "estimate", "expect", "intend", "may", "plan", "positioned", "potential", "predict", "project", "seek", "should", "target", "will", "would", and the negatives of these terms or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among other things, statements about:
 
our ability to successfully enter new markets or develop product candidates, including the expected timing and results of investigational studies and preclinical and clinical trials, and our research and development programs;
the timing or likelihood of regulatory filings for any product candidates we develop and our ability to obtain and maintain regulatory approvals for such product candidates for any indication;
our intentions and ability to successfully commercialize our product candidates;
the rate and degree of market acceptance of any products developed by us;
our ability to successfully execute and achieve benefits from our recent leadership transition plan and organizational restructuring;
our efforts to hold or generate significant operating capital, including through partnering, potential asset sales of our non-healthcare assets, and operating cost reductions;
our cash position;
any delays or potential delays to our clinical trials as a result of the COVID-19 pandemic;
our estimates regarding expenses, future revenue, capital requirements, and our need for additional financing;
our strategy and overall approach to our business model, including our efforts to focus our business in the healthcare industry;
our ability to adapt to changes in laws, regulations, and policies;
our reliance on and the performance of third parties, including exclusive channel collaborations and joint ventures, or JVs;
competition from existing technologies and products or new technologies and products that may emerge;
our expectations related to the use of proceeds from our public offerings and other financing efforts;
actual or anticipated variations in our operating results;
market conditions in our industry;
our ability to retain, recruit, and train key personnel, or the loss of key personnel as a result of illness or otherwise;
our ability to successfully enter into optimal strategic relationships with our subsidiaries and operating companies that we may form in the future;
the result of litigation proceedings or investigations that we currently face or may face in the future; and
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the effects, duration, and severity of the ongoing COVID-19 pandemic and the actions we and others have taken or may take in response.
Forward-looking statements may also concern our expectations relating to our subsidiaries and other affiliates. We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report.
We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions, and expectations disclosed in the forward-looking statements we make. We have included important factors in the cautionary statements included in this Quarterly Report, particularly in Part II, Item 1A. "Risk Factors," that could cause actual results or events to differ materially from the forward-looking statements that we make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, JVs, or investments that we may make.
You should read this Quarterly Report, the documents that we reference in this Quarterly Report, our Annual Report on Form 10-K for the year ended December 31, 2019, the other reports we have filed with the Securities and Exchange Commission, or SEC, and the documents that we have filed as exhibits to our filings with the SEC completely and with the understanding that our actual future results may be materially different from what we expect. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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PART I. FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
Precigen, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
(Amounts in thousands, except share data)September 30,
2020
December 31,
2019
Assets
Current assets
Cash and cash equivalents$27,740 $65,793 
Short-term investments85,358 9,260 
Receivables
Trade, less allowance for credit losses of $4,850 and $5,201 as of September 30, 2020 and December 31, 2019, respectively
19,063 20,650 
Related parties, less allowance for credit losses of $2,312 as of September 30, 2020 and December 31, 2019
12 600 
Other285 4,978 
Inventory10,348 16,097 
Prepaid expenses and other8,310 6,444 
Current assets held for sale 110,821 
Total current assets151,116 234,643 
Property, plant and equipment, net44,685 60,969 
Intangible assets, net65,018 68,346 
Goodwill54,237 63,754 
Investments in affiliates337 1,461 
Right-of-use assets19,296 25,228 
Other assets1,497 1,362 
Total assets$336,186 $455,763 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Precigen, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited) 
(Amounts in thousands, except share data)September 30,
2020
December 31,
2019
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable$4,233 $5,917 
Accrued compensation and benefits7,567 14,091 
Other accrued liabilities9,355 12,049 
Deferred revenue, including $0 and $877 from related parties as of September 30, 2020 and December 31, 2019, respectively
4,144 5,697 
Lines of credit 1,922 
Current portion of long-term debt, including $0 and $31,211 to related parties as of September 30, 2020 and December 31, 2019, respectively
421 31,670 
Current portion of lease liabilities4,584 4,182 
Related party payables357 51 
Current liabilities held for sale 47,333 
Total current liabilities30,661 122,912 
Long-term debt, net of current portion, including $25,000 to related parties as of September 30, 2020 and December 31, 2019
193,801 186,321 
Deferred revenue, net of current portion, including $28,197 and $30,182 from related parties as of September 30, 2020 and December 31, 2019, respectively
30,015 48,136 
Lease liabilities, net of current portion20,323 23,849 
Deferred tax liabilities2,734 2,834 
Other long-term liabilities100  
Total liabilities277,634 384,052 
Commitments and contingencies (Note 16)
Shareholders' equity
Common stock, no par value, 400,000,000 shares authorized as of September 30, 2020 and December 31, 2019; 178,704,151 shares and 163,274,880 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively
  
Additional paid-in capital1,838,919 1,752,048 
Accumulated deficit(1,781,729)(1,652,869)
Accumulated other comprehensive income (loss)1,362 (27,468)
Total shareholders' equity58,552 71,711 
Total liabilities and shareholders' equity$336,186 $455,763 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Precigen, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)

(Amounts in thousands, except share and per share data)Three Months Ended 
 September 30,
Nine Months Ended 
 September 30,
2020201920202019
Revenues
Collaboration and licensing revenues, including $2,823 and $1,851 from related parties during the three months ended September 30, 2020 and 2019, respectively, and $3,053 and $12,543 during the nine months ended September 30, 2020 and 2019, respectively
$5,223 $2,296 $20,259 $14,717 
Product revenues6,896 5,846 20,397 18,483 
Service revenues11,288 9,924 42,615 39,707 
Other revenues176 233 574 813 
Total revenues23,583 18,299 83,845 73,720 
Operating Expenses
Cost of products7,296 7,906 21,526 24,130 
Cost of services5,891 6,550 20,197 21,860 
Research and development12,154 25,667 45,253 80,844 
Selling, general and administrative22,300 22,187 64,057 72,486 
Impairment of goodwill 178 9,635 178 
Impairment of other noncurrent assets920 448 13,326 448 
Total operating expenses48,561 62,936 173,994 199,946 
Operating loss(24,978)(44,637)(90,149)(126,226)
Other Expense, Net
Unrealized and realized appreciation (depreciation) in fair value of equity securities and preferred stock, net (3,139) 3,070 
Interest expense(4,646)(4,466)(13,830)(13,124)
Interest and dividend income579 883 2,025 3,268 
Other income, net10 2,781 145 671 
Total other expense, net(4,057)(3,941)(11,660)(6,115)
Equity in net loss of affiliates(523)(479)(1,125)(1,943)
Loss from continuing operations before income taxes(29,558)(49,057)(102,934)(134,284)
Income tax benefit50 3 130 25 
Loss from continuing operations(29,508)(49,054)(102,804)(134,259)
Loss from discontinued operations, net of income taxes (4,580)(26,056)(20,442)
Net loss$(29,508)$(53,634)$(128,860)$(154,701)
Net loss attributable to the noncontrolling interests   1,592 
Net loss attributable to Precigen$(29,508)$(53,634)$(128,860)$(153,109)
The accompanying notes are an integral part of these condensed consolidated financial statements.

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Precigen, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)

(Amounts in thousands, except share and per share data)Three Months Ended 
 September 30,
Nine Months Ended 
 September 30,
2020201920202019
Amounts Attributable to Precigen
Net loss from continuing operations attributable to Precigen$(29,508)$(49,054)$(102,804)$(132,667)
Net loss from discontinued operations attributable to Precigen (4,580)(26,056)(20,442)
Net loss attributable to Precigen$(29,508)$(53,634)$(128,860)$(153,109)
Net Loss per Share
Net loss from continuing operations attributable to Precigen per share, basic and diluted$(0.18)$(0.32)$(0.63)$(0.86)
Net loss from discontinued operations attributable to Precigen per share, basic and diluted (0.03)(0.16)(0.14)
Net loss attributable to Precigen per share, basic and diluted$(0.18)$(0.35)$(0.79)$(1.00)
Weighted average shares outstanding, basic and diluted165,527,024 154,596,257 163,318,375 153,770,785 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Precigen, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Loss
(Unaudited)
 
 Three Months Ended 
 September 30,
Nine Months Ended 
 September 30,
(Amounts in thousands)2020201920202019
Net loss$(29,508)$(53,634)$(128,860)$(154,701)
Other comprehensive income (loss):
Unrealized gain (loss) on investments(186)(25)86 81 
Gain (loss) on foreign currency translation adjustments2,198 (4,871)1,787 (4,560)
Release of cumulative foreign currency translation adjustments to loss from discontinued operations  26,957  
Comprehensive loss(27,496)(58,530)(100,030)(159,180)
Comprehensive loss attributable to the noncontrolling interests   1,581 
Comprehensive loss attributable to Precigen$(27,496)$(58,530)$(100,030)$(157,599)
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Precigen, Inc. and Subsidiaries
Condensed Consolidated Statements of Shareholders' and Total Equity
(Unaudited)
 
(Amounts in thousands, except share data)Common StockAdditional
Paid-in
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Accumulated
Deficit
Total
Shareholders'
Equity
SharesAmount
Balances at June 30, 2020172,285,932 $ $1,802,413 $(650)$(1,752,221)$49,542 
Stock-based compensation expense— — 4,600 — — 4,600 
Shares issued upon vesting of restricted stock units and for exercises of stock options28,389 — 3 — — 3 
Shares issued for accrued compensation75,000 —  — —  
Shares issued as payment for services21,428 — 76 — — 76 
Shares issued upon conversion of long-term debt6,293,402 — 31,827 — — 31,827 
Net loss— — — — (29,508)(29,508)
Other comprehensive income— — — 2,012 — 2,012 
Balances at September 30, 2020178,704,151 $ $1,838,919 $1,362 $(1,781,729)$58,552 
(Amounts in thousands, except share data)Common StockAdditional
Paid-in
Capital
Accumulated
Other
Comprehensive
Loss
Accumulated
Deficit
Total
Shareholders'
Equity
SharesAmount
Balances at June 30, 2019161,917,424 $ $1,737,449 $(28,206)$(1,430,020)$279,223 
Stock-based compensation expense— — 5,423 — — 5,423 
Shares issued upon vesting of restricted stock units and for exercises of stock options164,844 — 6 — — 6 
Shares issued as payment for services429,672 — 2,299 — — 2,299 
Net loss— — — — (53,634)(53,634)
Other comprehensive loss— — — (4,896)— (4,896)
Balances at September 30, 2019162,511,940 $ $1,745,177 $(33,102)$(1,483,654)$228,421 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Precigen, Inc. and Subsidiaries
Condensed Consolidated Statements of Shareholders' and Total Equity
(Unaudited) 
(Amounts in thousands, except share data)Common StockAdditional
Paid-in
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Accumulated
Deficit
Total
Shareholders'
Equity
SharesAmount
Balances at December 31, 2019163,274,880 $ $1,752,048 $(27,468)$(1,652,869)$71,711 
Stock-based compensation expense— — 13,869 — — 13,869 
Shares issued upon vesting of restricted stock units and for exercises of stock options868,857 — 69 — — 69 
Shares issued for accrued compensation1,880,405 — 5,100 — — 5,100 
Shares issued as payment for services413,911 — 1,006 — — 1,006 
Shares issued in private placement5,972,696 — 35,000 — — 35,000 
Shares issued upon conversion of long-term debt6,293,402 — 31,827 — — 31,827 
Net loss— — — — (128,860)(128,860)
Release of cumulative translation adjustments to loss from discontinued operations— — — 26,957 — 26,957 
Other comprehensive income— — — 1,873 — 1,873 
Balances at September 30, 2020178,704,151 $ $1,838,919 $1,362 $(1,781,729)$58,552 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Table of Contents
Precigen, Inc. and Subsidiaries
Condensed Consolidated Statements of Shareholders' and Total Equity
(Unaudited) 
(Amounts in thousands, except share data)Common StockAdditional
Paid-in
Capital
Accumulated
Other
Comprehensive
Loss
Accumulated
Deficit
Total
Precigen
Shareholders'
Equity
Noncontrolling
Interests
Total
Equity
SharesAmount
Balances at December 31, 2018160,020,466 $ $1,722,012 $(28,612)$(1,330,545)$362,855 $15,867 $378,722 
Stock-based compensation expense— — 14,469 — — 14,469 69 14,538 
Shares issued upon vesting of restricted stock units and for exercises of stock options and warrants796,859 — 63 — — 63 250 313 
Shares issued for accrued compensation150,908 — 1,102 — — 1,102 — 1,102 
Shares issued as payment for services1,543,707 — 7,987 — — 7,987 — 7,987 
Shares and warrants issued in public offerings, net of issuance costs— — — — — — 6,611 6,611 
Adjustments for noncontrolling interests— — (456)— — (456)456  
Deconsolidation of subsidiary— — — — — — (21,672)(21,672)
Net loss— — — — (153,109)(153,109)(1,592)(154,701)
Other comprehensive income (loss)— — — (4,490)— (4,490)11 (4,479)
Balances at September 30, 2019162,511,940 $ $1,745,177 $(33,102)$(1,483,654)$228,421 $ $228,421 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Precigen, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 Nine Months Ended 
 September 30,
(Amounts in thousands)20202019
Cash flows from operating activities
Net loss$(128,860)$(154,701)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization13,701 18,711 
Loss on disposals of assets, net1,606 1,875 
Impairment of goodwill9,635 178 
Impairment of other noncurrent assets13,326 448 
Gain on sale of discontinued operations(672) 
Loss on release of cumulative foreign currency translation adjustments to loss from discontinued operations26,957  
Unrealized and realized (appreciation) depreciation on equity securities and preferred stock, net
106 (2,634)
Amortization of discounts on investments, net(652)(949)
Equity in net loss of affiliates1,163 5,034 
Stock-based compensation expense13,869 14,538 
Shares issued as payment for services1,006 7,987 
Provision for credit losses759 787 
Accretion of debt discount and amortization of deferred financing costs7,807 6,962 
Deferred income taxes(204)(1,448)
Other noncash items108 3,246 
Changes in operating assets and liabilities:
Receivables:
Trade952 241 
Related parties265 1,190 
Other1,807 462 
Inventory5,411 4,775 
Prepaid expenses and other(1,777)(4,320)
Other assets(125)(41)
Accounts payable(1,556)(4,432)
Accrued compensation and benefits(1,605)535 
Other accrued liabilities(3,072)(5,651)
Deferred revenue(20,304)5,056 
Lease liabilities(508)(1,087)
Related party payables305 38 
Other long-term liabilities (585)
Net cash used in operating activities(60,552)(103,785)
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Precigen, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)

 Nine Months Ended 
 September 30,
(Amounts in thousands)20202019
Cash flows from investing activities
Purchases of investments$(171,360)$(55,073)
Sales and maturities of investments96,000 130,496 
Proceeds from sales of equity securities 589 
Investments in affiliates (3,713)
Decrease in cash from deconsolidation of subsidiary (7,244)
Return of investment in affiliate 125 
Purchases of property, plant and equipment(6,058)(33,199)
Proceeds from sale of assets1,831 361 
Proceeds from sale of discontinued operations, net of cash sold64,240  
Proceeds from repayment of notes receivable2,942  
Net cash provided by (used in) investing activities(12,405)32,342 
Cash flows from financing activities
Proceeds from issuance of shares in a private placement35,000  
Proceeds from issuance of shares and warrants in public offering, net of issuance costs 6,611 
Advances from lines of credit10,005 4,623 
Repayments of advances from lines of credit(11,927)(4,520)
Proceeds from long-term debt, net of issuance costs 376 
Payments of long-term debt(370)(464)
Proceeds from stock option and warrant exercises69 313 
Net cash provided by financing activities32,777 6,939 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(77)(843)
Net decrease in cash, cash equivalents, and restricted cash(40,257)