Precision BioSciences Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Precision BioSciences Inc. has filed its Q1 2024 10-Q report, detailing financial activities and agreements.</b>

AI Summary

PRECISION BIOSCIENCES INC (DTIL) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Precision BioSciences Inc. filed a 10-Q report for the quarterly period ended March 31, 2024. The filing includes data related to various financial instruments and agreements, such as promissory notes and stock purchase agreements. Key dates mentioned include March 31, 2024, December 31, 2023, and January 1, 2024, for reporting and balance sheet purposes. The company's business address is 302 East Pettigrew Street, Suite A-100, Durham, NC 27701. The filing references specific agreements like the "March Twenty TwentyFour PublicOffering" and arrangements with "Prevail Therapeutics Inc.".

Why It Matters

For investors and stakeholders tracking PRECISION BIOSCIENCES INC, this filing contains several important signals. This 10-Q filing provides an update on Precision BioSciences' financial position and operational activities for the first quarter of 2024, which is crucial for investors to assess the company's performance and outlook. The detailed information on various financial instruments, stock plans, and agreements offers insights into the company's strategic partnerships, financing activities, and potential future liabilities or assets.

Risk Assessment

Risk Level: medium — PRECISION BIOSCIENCES INC shows moderate risk based on this filing. The company's financial health and future prospects are subject to the inherent risks of the biotechnology sector, including research and development outcomes, regulatory approvals, and market acceptance, as indicated by the numerous agreements and financial instruments detailed in the filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-Q to understand Precision BioSciences' current financial standing and strategic initiatives.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-13 — Filing Date (FILED AS OF DATE)
• Q1 — Quarter (FILING VALUES)
• 001-38841 — SEC File Number (SEC FILE NUMBER)

Key Players & Entities

• PRECISION BIOSCIENCES INC (company) — FILER
• DTIL (company) — tk
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-13 (date) — FILED AS OF DATE
• 302 EAST PETTIGREW STREET SUITE A-100 (address) — BUSINESS ADDRESS
• DURHAM (city) — BUSINESS ADDRESS
• NC (state) — BUSINESS ADDRESS
• 27701 (zip) — BUSINESS ADDRESS

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — Reporting period for the 10-Q filing.
• 2024-05-13: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and condition between annual reports.)

Promissory Note

A written promise to pay a specified sum of money to a named person or to the bearer. (Indicates a debt obligation of the company or a receivable.)

Stock Purchase Agreement

A contract between a seller and a buyer for the sale of stock. (Details terms and conditions for the acquisition or sale of company stock, often related to partnerships or investments.)

Key Financial Figures

• $0.000005 — ch registered Common Stock, par value $0.000005 per share DTIL The Nasdaq Capital M

Filing Documents

• dtil-20240331.htm (10-Q) — 2130KB
• dtil-ex31_1.htm (EX-31.1) — 17KB
• dtil-ex31_2.htm (EX-31.2) — 16KB
• dtil-ex32_1.htm (EX-32.1) — 10KB
• dtil-ex32_2.htm (EX-32.2) — 10KB
• 0000950170-24-058192.txt (&nbsp;) — 8032KB
• dtil-20240331.xsd (EX-101.SCH) — 1242KB
• dtil-20240331_htm.xml (XML) — 1188KB

Forward-Looking Statements

Forward-Looking Statements 3 Risk Factor Summary 5 PART I. FINANCIAL INFORMATION 6 Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 6 Condensed Balance Sheets 6 Condensed Statements of Operations 8 Condensed Statements of Changes in Stockholders' Equity 9 Condensed Statements of Cash Flows 10 Notes to Condensed Financial Statements 11 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 43 Item 4.

Controls and Procedures

Controls and Procedures 43 PART II. OTHER INFORMATION 44 Item 1.

Legal Proceedings

Legal Proceedings 44 Item 1A.

Risk Factors

Risk Factors 44 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 93 Item 3. Defaults Upon Senior Securities 93 Item 4. Mine Safety Disclosures 93 Item 5. Other Information 93 Item 6. Exhibits 93

Signatures

Signatures 95 2 FORWARD-LOOKING ST ATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of present and historical facts contained in this Quarterly Report on Form 10-Q, including, without limitation, statements regarding our future results of operations and financial position, business strategy and approach, including related results, prospective products, use and development of licensed products, planned preclinical studies and clinical trials, or discontinuance thereof, the status and results of our preclinical studies, expected release of interim data, expectations regarding the use and effects of ARCUS, including in connection with in vivo genome editing, collaborations and potential new partnerships or alternative opportunities for our product candidates, potential new application filings and regulatory approvals, research and development costs, timing, expected results and likelihood of success, as well as plans and objectives of management for future operations may be forward-looking statements. Without limiting the foregoing, in some cases, you can identify forward-looking statements by terms such as "aim," "may," "will," "should," "expect," "exploring," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential," "seeks," or "continue" or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. No forward-looking statement is a guarantee of future results, performance, or achievements, and one

Financi al information

Part I. Financi al information

Financ ial Statements

Item 1. Financ ial Statements. Precision Biosciences, Inc. Condensed Balance Sheets (In thousands, except share and per share amounts) (Unaudited) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 137,766 $ 116,678 Accounts receivable 390 901 Prepaid expenses 9,254 5,977 Convertible note receivable 11,553 11,897 Assets held for sale 378 487 Contract asset 1,359 — Other current assets 128 419 Total current assets 160,828 136,359 Property, equipment, and software—net 5,286 6,338 Intangible assets—net 386 400 Right-of-use assets—net 7,979 8,263 Investment in equity securities 3,206 3,206 Note receivable—net 6,818 4,990 Other assets 238 225 Total assets $ 184,741 $ 159,781 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 1,136 $ 2,968 Accrued compensation 1,220 4,978 Accrued research and development expenses 656 1,557 Deferred revenue 2,406 12,035 Loan payable-net 22,460 22,412 Lease liabilities 1,182 1,133 Other current liabilities 2,772 2,391 Current liabilities of discontinued operations 1,506 2,513 Total current liabilities 33,338 49,987 Deferred revenue 74,766 73,082 Lease liabilities 7,411 7,723 Warrant liability 22,020 — Contract liabilities 10,000 10,000 Noncurrent liabilities of discontinued operations — 128 Total liabilities 147,535 140,920 Commitments and contingencies (Note 4) Stockholders' equity: Preferred stock: $ 0.0001 par value— 10,000,000 shares authorized as of March 31, 2024 and December 31, 2023; no shares issued and outstanding as of March 31, 2024 and December 31, 2023 — — Common stock: $ 0.000005 par value— 200,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 6,943,254 shares issued and 6,916,239 shares outstanding as of March 31, 2024; 4,191,0

View Full Filing

View this 10-Q filing on SEC EDGAR