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Sep 30, 2025
Precigen Q3 2025 Earnings Report
Precigen reported a larger net loss in Q3 2025 driven by increased SG&A expenses and a substantial non-cash warrant liability adjustment despite early momentum from the PAPZIMEOS commercial launch.
Key Takeaways
Precigen's Q3 2025 results showed rising revenues from its newly approved PAPZIMEOS therapy, but the quarter was marked by a significant net loss due to a large non-cash adjustment in warrant liabilities and increased commercialization expenses.
Total revenue grew to $2,922,000, driven primarily by collaboration and service revenue.
Net loss attributable to common shareholders was $325,344,000, or $1.06 per share.
SG&A expenses surged by 144% YoY due to PAPZIMEOS commercial launch costs.
Non-cash increase in warrant liabilities contributed $111,502,000 to the quarterly loss.
Revenue by Segment
Forward Guidance
Precigen expects its $123.6M in cash and investments to support operations through cash flow break-even, driven by the commercial success of PAPZIMEOS.
Positive Outlook
- FDA approval and commercial launch of PAPZIMEOS in August 2025.
- Over 100 patients already registered in PAPZIMEOS Patient Hub.
- Rapid payer adoption with >100 million covered lives, including Medicare/Medicaid.
- Submitted EU Marketing Authorization Application in November 2025.
- Strong engagement with >90% of target institutions post-launch.
Challenges Ahead
- Significant net loss driven by non-cash warrant liability adjustments.
- Deemed dividend on preferred stock further increased loss per share.
- SG&A expenses rose sharply due to commercial readiness.
- Cash balance decreased to $14.3M amid rising launch costs.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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