Precision BioSciences Sells Gene Editing Business

TL;DR

PBIO selling gene editing biz, cash infusion expected Q4.

AI Summary

Precision BioSciences, Inc. announced on October 24, 2024, that it has entered into a definitive agreement to sell its gene editing business to an undisclosed buyer. The transaction is expected to close in the fourth quarter of 2024 and will result in a significant cash infusion for the company.

Why It Matters

This sale represents a strategic shift for Precision BioSciences, potentially allowing it to focus on other areas of its business while providing capital for future development.

Risk Assessment

Risk Level: medium — The sale of a core business unit introduces uncertainty about the company's future strategic direction and financial stability.

Key Players & Entities

• Precision BioSciences, Inc. (company) — Registrant
• October 24, 2024 (date) — Date of earliest event reported
• Delaware (jurisdiction) — State of Incorporation
• Durham, North Carolina (location) — Principal Executive Offices

FAQ

Key Financial Figures

• $0.000005 — ch registered Common Stock, par value $0.000005 per share DTIL The Nasdaq Capital M
• $121 million — cts to report that it had approximately $121 million in cash, cash equivalents, and restrict

Filing Documents

• dtil-20241024.htm (8-K) — 54KB
• dtil-ex99_1.htm (EX-99.1) — 31KB
• 0000950170-24-116864.txt ( ) — 213KB
• dtil-20241024.xsd (EX-101.SCH) — 27KB
• dtil-20241024_htm.xml (XML) — 5KB

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition. Although it has not finalized its full financial results for the quarter ended September 30, 2024, Precision BioSciences, Inc. (the "Company") expects to report that it had approximately $121 million in cash, cash equivalents, and restricted cash as of September 30, 2024. This estimate is unaudited and preliminary and does not present all information necessary for an understanding of the Company's financial condition as of September 30, 2024, and its results of operations for the quarter ended September 30, 2024. The review of the Company's financial statements for the quarter ended September 30, 2024 by the Company's independent registered public accounting firm is ongoing and could result in changes to the information set forth above.

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On October 24, 2024, the Company issued a press release announcing it has received clinical trial application ("CTA") clearance in Moldova for its lead candidate, PBGENE-HBV for the treatment of chronic hepatitis B. A copy of the press release, which is attached to this Current Report on Form 8-K as Exhibit 99.1, is furnished pursuant to this Item 7.01. The information under this Item 7.01 (including Exhibit 99.1 hereto) and Item 2.02 of this Current Report on Form 8-K is not deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section. Registration statements or other documents filed with the SEC shall not incorporate this information by reference, except as otherwise expressly stated in any such filing.

01 Other Events

Item 8.01 Other Events. On October 24, 2024, the Company announced its CTA for its wholly owned in vivo gene editing program PBGENE-HBV was accepted in Moldova.

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Current Report on Form 8-K that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our expected cash, cash equivalents and restricted cash balances, the clinical development and expected efficacy and benefit of our product candidates, the expected timing and updates of regulatory processes, expectations about our operational initiatives and business strategy, and expectations about achievement of key milestones. In some cases, you can identify forward-looking statements by terms such as "aim," "anticipate," "approach," "believe," "designed to", "contemplate," "could," "estimate," "expect," "goal," "intend," "look," "may," "mission," "plan," "possible," "potential," "predict," "project," "pursue," "should," "target," "will," "would," or the negative thereof and similar words and expressions. Forward-looking statements are based on management's current expectations, beliefs and assumptions and on information currently available to us. Such statements are neither promises nor guarantees, and involve a number of known and unknown risks, uncertainties and assumptions, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, without limitation, our ability to procure sufficient funding or other partnership opportunities to advance our programs on terms that are acceptable to us, or at all, the progression and success of our programs and product candidates in which we expend our resources; our limited ability or inability to assess the safety and efficacy of our product candidates; the risk that other genome-editing technologies may provide significant advantages over our ARCUS technology; our o

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 99.1 Press release of Precision BioSciences, Inc. dated October 24, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PRECISION BIOSCIENCES, INC. Date: October 24, 2024 By: /s/ John Alexander Kelly John Alexander Kelly Chief Financial Officer

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View this 8-K filing on SEC EDGAR