Precision BioSciences Q3 2024 Update

TL;DR

Precision BioSciences Q3 2024 filing shows financial status, no major surprises.

AI Summary

Precision BioSciences Inc. reported its third-quarter financial results for the period ending September 30, 2024. The company's filing details its financial position and operational activities, including investments and various expense categories. Specific details on revenue, expenses, and cash flow are provided within the report.

Why It Matters

This filing provides investors with a crucial update on Precision BioSciences' financial health and operational progress, impacting investment decisions and market perception.

Risk Assessment

Risk Level: medium — Biotech companies often face inherent risks due to long development cycles, regulatory hurdles, and market competition.

Key Numbers

• Q3 2024 — Reporting Period (Covers the third quarter of fiscal year 2024.)
• 2024-09-30 — As of Date (Financial data is reported as of this date.)

Key Players & Entities

• PRECISION BIOSCIENCES INC (company) — Filer
• 2024-09-30 (date) — Period of Report
• 2024-11-04 (date) — Filing Date
• Novartis Pharma AG (company) — Partner/Licensee
• TG License (company) — Licensee

FAQ

Key Financial Figures

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

Filing Documents

• dtil-20240930.htm (10-Q) — 2601KB
• dtil-ex10_1.htm (EX-10.1) — 67KB
• dtil-ex10_5.htm (EX-10.5) — 29KB
• dtil-ex10_7.htm (EX-10.7) — 264KB
• 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
• 0000950170-24-120279.txt ( ) — 9715KB
• dtil-20240930.xsd (EX-101.SCH) — 1328KB
• dtil-20240930_htm.xml (XML) — 1469KB

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 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 Item 4.

Controls and Procedures

Controls and Procedures 40 PART II. OTHER INFORMATION 41 Item 1.

Legal Proceedings

Legal Proceedings 41 Item 1A.

Risk Factors

Risk Factors 41 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 89 Item 3. Defaults Upon Senior Securities 89 Item 4. Mine Safety Disclosures 89 Item 5. Other Information 90 Item 6. Exhibits 90

Signatures

Signatures 91 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) September 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 98,752 $ 116,678 Accounts receivable 188 901 Marketable securities 2,450 — Prepaid expenses 7,114 5,977 Convertible note receivable — 11,897 Assets held for sale 189 487 Contract asset 1,359 — Other current assets 471 419 Total current assets 110,523 136,359 Restricted cash 22,576 — Property, equipment, and software—net 3,563 6,338 Intangible assets—net 388 400 Right-of-use assets—net 7,393 8,263 Investment in equity securities 3,206 3,206 Note receivable—net 5,385 4,990 Other assets 224 225 Total assets $ 153,258 $ 159,781 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 958 $ 2,968 Accrued compensation 3,592 4,978 Accrued research and development expenses 3,293 1,557 Deferred revenue 175 12,035 Loan payable—current portion — 22,412 Lease liabilities 1,275 1,133 Other current liabilities 1,385 2,391 Current liabilities of discontinued operations 1,304 2,513 Total current liabilities 11,982 49,987 Loan payable—net of current portion 22,278 — Deferred revenue 26,582 73,082 Lease liabilities 6,754 7,723 Warrant liability 10,608 — Contract liabilities 10,000 10,000 Other noncurrent liabilities 188 — Noncurrent liabilities of discontinued operations — 128 Total liabilities 88,392 140,920 Stockholders' equity: Preferred stock: $ 0.0001 par value— 10,000,000 shares authorized as of September 30, 2024 and December 31, 2023; no shares issued and outstanding as of September 30, 2024 and December 31, 2023 — — Common stock: $ 0.000005 par value— 200,000,000 shares authorized as

View Full Filing

View this 10-Q filing on SEC EDGAR