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Tuesday, May 30, 2023

Precigen, Inc. (PGEN) surged in the aftermarket – Here’s why?

Precigen, Inc. (PGEN) saw an increase of 6.42% in the aftermarket without any specific reason. However, the last trading session concluded at $5.45 with a decline of 0.37%.

PGEN announced Second Quarter & First Half 2021 Results

PGEN announced second-quarter 2021 financial results on 9th August 2021. During the six months ended June 30, 2021, net cash utilized in operating operations was $24.2 million.

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As of June 30, 2021, the bank has $200.4 million in cash, cash equivalents, short-term and long-term investments. Total revenues for the three and six months ended June 30, 2021, were $33.6 million and $58.1 million, respectively.

Over the quarter ended June 30, 2020, research and development costs grew by $4.2 million, or 44 percent. With the progress of the Company’s clinical and preclinical projects, contract research organization expenditures and lab supplies grew by $3.8 million. Selling, general, and administrative expenditures (SG&A) rose by $2.1 million, or 12%. Professional fees accounted for the majority of the rise in SG&A.

Moreover, in 2021, net loss from continuing operations was $20.1 million, or $(0.10) per basic share, with $8.2 million in non-cash costs, compared to a net loss of $15.7 million, or $(0.10) per basic share, with $8.7 million in non-cash charges in 2020.

Positive Topline Results from Phase 1b/2a Study of AG019 ActoBiotics

PGEN reported encouraging topline findings from the current Phase 1b/2a clinical trial on 10th June 2021. The company presented the findings of the primary study at the Federation of Clinical Immunology Societies (FOCIS) 2021 Virtual Annual Meeting.

Furthermore, T1D is an autoimmune illness in which the immune system attacks the pancreas’ insulin-producing beta cells, causing a blood glucose imbalance. T1D is presently treated by lifestyle changes and nutrition coupled with exogenous insulin because there is no authorized disease-modifying therapy.

Failure to adequately regulate glucose levels within a limited range is linked to a number of short- and long-term side effects, as is replacement insulin treatment.

First Quarter 2021 Financial results

PGEN reported first-quarter 2021 financial results on 10th May 2021. In 2021, net cash used in operating operations will be $16.4 million, down from $27.7 million in 2020.

As of March 31, 2021, cash, cash equivalents, short-term and long-term investments totaled $209.3 million. Firstly, in 2021, total revenues will be $24.5 million, down from $29.8 million in 2020. From the quarter ended March 31, 2020, research and development costs were down $0.8 million, or 7%. Secondly, salaries, benefits, and other human expenditures fell $0.7 million in 2021 as the Company scaled down some research and development operations in the first quarter of 2020 due to the deprioritization of certain initiatives.

Thirdly, selling, general, and administrative costs fell by $2.8 million, or 13%. Salaries, benefits, and other personnel expenditures dropped $1.0 million in 2021. Lastly, it owed to a lower workforce as the Company simplified its corporate activities and lower stock compensation costs

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