Loading...
•
Sep 30, 2024
Precision BioSciences Q3 2024 Earnings Report
Precision BioSciences reported financial results for the third quarter ended September 30, 2024, and provided a business update.
Key Takeaways
Precision BioSciences reported total revenues of $0.6 million for the quarter ended September 30, 2024, compared to $13.1 million for the same period in 2023. Net loss from continuing operations was $16.4 million for the quarter ended September 30, 2024, as compared to a net loss from continuing operations of $12.1 million for the same period in 2023. As of September 30, 2024, Precision had approximately $121.3 million in cash, cash equivalents, and restricted cash.
Received approval for first Clinical Trial Application to advance PBGENE-HBV into first-in-human trials for treatment of chronic hepatitis B; additional global regulatory applications pending approval
Opened PBGENE-HBV phase 1 clinical program in Moldova; patient screening underway with clinical data expected in 2025
Strengthened infectious disease capabilities with key clinical talent added to senior leadership team
Expected cash runway into the second half of 2026 with sufficient capital to phase 1 clinical data for multiple in vivo gene editing programs
Forward Guidance
Precision expects that existing cash and cash equivalents, upfront and potential near-term cash from CAR T transactions, along with expected operational receipts, continued fiscal and operating discipline, and availability of Precision’s at-the-market (ATM) facility are expected to extend Precision’s cash runway into the second half of 2026. Based on its expected cash runway, Precision believes it is sufficiently capitalized to propel two wholly owned programs through Phase 1 data readouts in 2025 and 2026.
Positive Outlook
- Cash runway extends into the second half of 2026.
- Sufficient capital to propel two wholly owned programs through Phase 1 data readouts in 2025 and 2026.
- Existing cash and cash equivalents.
- Upfront and potential near-term cash from CAR T transactions.
- Expected operational receipts, continued fiscal and operating discipline, and availability of Precision’s at-the-market (ATM) facility.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...