Precision BioSciences Q2 2024 Update

TL;DR

Precision BioSciences Q2 2024: R&D continues, financial details disclosed.

AI Summary

Precision BioSciences Inc. reported its financial results for the quarter ended June 30, 2024. The company's filing indicates ongoing research and development activities, including those related to its Elo and Tg License programs. Financial data points such as fair value measurements and treasury stock are also detailed within the report.

Why It Matters

This filing provides insight into the financial health and operational progress of Precision BioSciences, a company involved in the biotechnology sector.

Risk Assessment

Risk Level: medium — Biotechnology companies often carry higher risk due to the nature of research, development, and regulatory hurdles.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-08-01 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• Precision BioSciences Inc. (company) — Filer of the 10-Q report.
• 2024-06-30 (date) — End of the reporting period for the 10-Q.
• 2024-08-01 (date) — Filing date of the 10-Q.
• Elo (program) — Mentioned in relation to R&D activities.
• Tg License (license) — Mentioned in relation to R&D activities.

FAQ

Key Financial Figures

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

Filing Documents

• dtil-20240630.htm (10-Q) — 2485KB
• dtil-ex10_5.htm (EX-10.5) — 28KB
• dtil-ex10_7.htm (EX-10.7) — 257KB
• dtil-ex31_1.htm (EX-31.1) — 17KB
• dtil-ex31_2.htm (EX-31.2) — 17KB
• dtil-ex32_1.htm (EX-32.1) — 10KB
• dtil-ex32_2.htm (EX-32.2) — 10KB
• 0000950170-24-088951.txt ( ) — 9396KB
• dtil-20240630.xsd (EX-101.SCH) — 1292KB
• dtil-20240630_htm.xml (XML) — 1430KB

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 7 Condensed Statements of Changes in Stockholders' Equity 8 Condensed Statements of Cash Flows 9 Notes to Condensed Financial Statements 10 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 28 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 41 Item 4.

Controls and Procedures

Controls and Procedures 41 PART II. OTHER INFORMATION 42 Item 1.

Legal Proceedings

Legal Proceedings 42 Item 1A.

Risk Factors

Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 91 Item 3. Defaults Upon Senior Securities 91 Item 4. Mine Safety Disclosures 91 Item 5. Other Information 91 Item 6. Exhibits 92

Signatures

Signatures 94 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) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 123,571 $ 116,678 Accounts receivable 207 901 Prepaid expenses 5,668 5,977 Convertible note receivable 12,251 11,897 Assets held for sale 189 487 Contract asset 1,359 — Other current assets 790 419 Total current assets 144,035 136,359 Property, equipment, and software—net 4,227 6,338 Intangible assets—net 375 400 Right-of-use assets—net 7,689 8,263 Investment in equity securities 3,206 3,206 Note receivable—net 6,034 4,990 Other assets 234 225 Total assets $ 165,800 $ 159,781 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 1,144 $ 2,968 Accrued compensation 2,479 4,978 Accrued research and development expenses 1,871 1,557 Deferred revenue 526 12,035 Loan payable-net 22,494 22,412 Lease liabilities 1,223 1,133 Other current liabilities 1,916 2,391 Current liabilities of discontinued operations 1,304 2,513 Total current liabilities 32,957 49,987 Deferred revenue 26,783 73,082 Lease liabilities 7,091 7,723 Warrant liability 14,255 — Contract liabilities 10,000 10,000 Noncurrent liabilities of discontinued operations — 128 Total liabilities 91,086 140,920 Commitments and contingencies (Note 4) Stockholders' equity: Preferred stock: $ 0.0001 par value— 10,000,000 shares authorized as of June 30, 2024 and December 31, 2023; no shares issued and outstanding as of June 30, 2024 and December 31, 2023 — — Common stock: $ 0.000005 par value— 200,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 7,150,385 shares issued and 7,123,370 shares outstanding as of June 30, 2024; 4,191,053 sha

View Full Filing

View this 10-Q filing on SEC EDGAR