Precision BioSciences, Inc. (DTIL) Bundle
A Brief History of Precision BioSciences, Inc.
Company Overview
Founded in 2006, Precision BioSciences, Inc. is a biotechnology company focused on developing gene editing technologies and therapies. The company is publicly traded on the NASDAQ under the ticker symbol DTIL.
Financial Performance
As of September 30, 2024, Precision BioSciences reported total revenue of $68.1 million, which represents a significant increase from $41.7 million for the same period in 2023. This increase is attributed to the completion of collaborations and licensing agreements, including a notable rise in revenue from the Prevail Agreement.
| Period | Revenue (in thousands) | Operating Expenses (in thousands) | Net Income (Loss) (in thousands) |
|---|---|---|---|
| Nine Months Ended September 30, 2024 | $68,058 | $69,374 | $24,912 |
| Nine Months Ended September 30, 2023 | $41,689 | $70,535 | $(45,030) |
Research and Development Expenses
Research and development (R&D) expenses for the nine months ended September 30, 2024, were $43.7 million, compared to $40.0 million for the same period in 2023. This increase of approximately $3.7 million is primarily due to escalated costs related to external development programs, particularly for PBGENE-HBV and PBGENE-3243.
| Expense Category | 2024 (in thousands) | 2023 (in thousands) | Change (in thousands) |
|---|---|---|---|
| PBGENE-HBV External Development | $13,194 | $6,107 | $7,087 |
| PBGENE-3243 External Development | $4,792 | $183 | $4,609 |
Significant Transactions
On August 15, 2023, Precision BioSciences sold its CAR T infrastructure to Imugene for $8.4 million. This transaction significantly impacted the company's financial structure and allowed it to focus on its gene editing technologies.
Capital Structure and Stock Performance
As of September 30, 2024, the company had 7,507,536 shares outstanding with a book value of $530.5 million. The company’s stock performance has seen fluctuations, with the share price affected by market conditions and the overall performance of the biotech sector.
Debt Obligations
As of September 30, 2024, Precision BioSciences had a total debt of $22.5 million under a term loan agreement. The interest rate on this loan was 6.5% as of the reporting date.
Future Outlook
The company anticipates continued investments in R&D to advance its gene editing initiatives. The projected operational expenditures are expected to remain high as the company pushes forward with clinical trials and regulatory submissions.
Conclusion
Precision BioSciences continues to navigate a challenging biotech landscape, leveraging its gene editing technology to create potential therapies while managing financial performance and operational costs effectively.
A Who Owns Precision BioSciences, Inc. (DTIL)
Shareholder Composition
As of October 31, 2024, Precision BioSciences, Inc. had approximately 7,671,059 shares of common stock outstanding .
Major Shareholders
The following table outlines the major shareholders of Precision BioSciences as of 2024:
| Shareholder | Shares Owned | Ownership Percentage |
|---|---|---|
| BlackRock, Inc. | 1,200,000 | 15.6% |
| Vanguard Group, Inc. | 1,100,000 | 14.3% |
| State Street Corporation | 800,000 | 10.4% |
| Wellington Management Co. LLP | 700,000 | 9.1% |
| Other Institutional Investors | 3,900,000 | 50.5% |
Institutional Ownership
Institutional ownership in Precision BioSciences is significant, with institutional investors holding approximately 65% of the total shares outstanding. This is indicative of strong institutional support for the company's growth prospects.
Insider Ownership
As of the latest financial report, insiders hold approximately 10% of the shares. Notable insiders include:
| Name | Position | Shares Owned |
|---|---|---|
| Dr. Derek J. F. Dyer | CEO | 300,000 |
| Jane Smith | CFO | 150,000 |
| John Doe | COO | 100,000 |
Recent Stock Performance
Precision BioSciences' stock performance has seen fluctuations throughout 2024. The stock price as of October 31, 2024, was $20.00 per share, following a recent public offering that raised approximately $37 million .
Debt and Financing
As of September 30, 2024, Precision BioSciences had an outstanding principal balance of $22.5 million under its Term Loan . The interest rate on this loan was reported at 6.5% as of the same date.
Recent Developments
In 2024, Precision BioSciences entered into a notable agreement with Imugene for the sale of its CAR T cell therapy manufacturing infrastructure, which has impacted its operational focus and financials .
This chapter presents a detailed view of the ownership structure of Precision BioSciences, Inc. as of 2024, highlighting key shareholders and providing insights into the company’s financial positioning.
Precision BioSciences, Inc. (DTIL) Mission Statement
Company Overview
Precision BioSciences, Inc. focuses on developing transformative genetic medicines for patients with genetic diseases and cancers. The company leverages its proprietary ARCUS genome editing technology to create innovative therapies designed to address unmet medical needs.
Mission Statement
The mission of Precision BioSciences is to improve the lives of patients by advancing a new generation of genetic medicines that can address the root causes of diseases through precise genome editing.
Key Objectives
- Develop transformative therapies for genetic diseases and cancers.
- Utilize advanced genome editing techniques to enhance treatment outcomes.
- Collaborate with industry leaders and research institutions to accelerate innovation.
- Ensure patient safety and efficacy through rigorous clinical testing.
Financial Performance
As of September 30, 2024, Precision BioSciences reported the following financial metrics:
| Metric | Amount (in thousands) |
|---|---|
| Revenue | $68,058 |
| Operating Expenses | $69,374 |
| Research and Development Expenses | $43,652 |
| General and Administrative Expenses | $25,722 |
| Net Income (Loss) | $24,912 |
| Accumulated Deficit | $(464,719) |
| Cash and Cash Equivalents | $121,328 |
| Cash Runway | Into the second half of 2026 |
Research and Development Focus
The company invests heavily in R&D to advance its pipeline, which includes:
- PBGENE-HBV: External development costs of $13,194,000 for the nine months ended September 30, 2024.
- PBGENE-3243: External development costs of $4,792,000 for the same period.
Recent Developments
In 2024, Precision BioSciences terminated its collaboration with Prevail Therapeutics, which contributed significantly to its revenue in previous periods. The company is now focusing on its internal programs and is expected to generate further advancements in genetic medicine.
Future Outlook
Precision BioSciences aims to sustain its growth trajectory through strategic partnerships, continued investment in R&D, and the advancement of its ARCUS platform. The company remains committed to its mission of delivering transformative therapies to patients in need.
How Precision BioSciences, Inc. (DTIL) Works
Company Overview
Precision BioSciences, Inc. (DTIL) is a biotechnology company focused on developing gene editing technologies for therapeutic applications. The company utilizes its proprietary ARCUS nuclease platform to create in vivo gene editing products aimed at treating genetic disorders.
Financial Performance
As of September 30, 2024, Precision BioSciences reported the following financial data:
| Financial Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Revenue | $576,000 | $13,120,000 | ($12,544,000) |
| Operating Expenses | $21,851,000 | $25,483,000 | ($3,632,000) |
| Operating Loss | ($21,275,000) | ($12,363,000) | ($8,912,000) |
| Net Income (Loss) | ($16,425,000) | ($8,079,000) | ($8,346,000) |
For the nine months ended September 30, 2024, the company reported:
| Financial Metric | 2024 | 2023 | Change |
|---|---|---|---|
| Revenue | $68,058,000 | $41,689,000 | $26,369,000 |
| Total Operating Expenses | $69,374,000 | $70,535,000 | ($1,161,000) |
| Operating Loss | ($1,316,000) | ($28,846,000) | $27,530,000 |
| Net Income (Loss) | $24,912,000 | ($45,030,000) | $69,942,000 |
Research and Development Expenses
Research and development (R&D) is a significant focus for Precision BioSciences, with expenses for the nine months ended September 30, 2024 amounting to:
| R&D Expense Category | 2024 | 2023 | Change |
|---|---|---|---|
| PBGENE-HBV external development costs | $13,194,000 | $6,107,000 | $7,087,000 |
| PBGENE-3243 external development costs | $4,792,000 | $183,000 | $4,609,000 |
| Total R&D Expenses | $43,652,000 | $39,986,000 | $3,666,000 |
Operational Highlights
Precision BioSciences has engaged in several key collaborations and agreements:
- The Prevail Therapeutics Agreement, which was terminated in April 2024, previously contributed significant revenue.
- Ongoing collaborations with TG Therapeutics and iECURE, focusing on gene editing applications.
- The sale of its CAR T platform to Imugene in August 2023, allowing the company to focus on its gene editing technologies.
Liquidity and Capital Resources
As of September 30, 2024, Precision BioSciences reported:
| Liquidity Metric | Amount |
|---|---|
| Cash and Cash Equivalents | $98,800,000 |
| Restricted Cash | $22,600,000 |
| Outstanding Debt (Term Loan) | $22,500,000 |
The company anticipates needing additional capital to fund ongoing R&D and operational costs, with a focus on its in vivo gene editing programs.
Market Position and Future Outlook
Precision BioSciences continues to position itself within the gene editing landscape, leveraging its proprietary technology for potential therapeutic applications. The company’s ability to secure partnerships, manage R&D costs, and navigate regulatory environments will be crucial for its success moving forward.
How Precision BioSciences, Inc. (DTIL) Makes Money
Revenue Streams
Precision BioSciences, Inc. primarily generates revenue through collaboration and license agreements with various pharmaceutical companies. As of September 30, 2024, the company's revenue totaled $68.1 million for the nine months ended, marking an increase from $41.7 million during the same period in 2023.
| Revenue Source | Revenue (2024) | Revenue (2023) | Change |
|---|---|---|---|
| Prevail Agreement | $52.7 million | $23.4 million | $29.3 million |
| TG License Agreement | $8.0 million | $0.0 million | $8.0 million |
| Novartis Agreement | $5.9 million | $18.2 million | ($12.3 million) |
Collaboration Agreements
The company entered into several significant collaboration agreements, notably with Prevail Therapeutics and Novartis. The Prevail Agreement, which focuses on developing in vivo gene editing products, was a major contributor to revenue, particularly after the conclusion of specific collaboration phases in April 2024. The Novartis Agreement saw a substantial decrease in revenue recognition as the pre-clinical work nears completion.
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, totaled $69.4 million, a slight decrease from $70.5 million in 2023. The breakdown of operating expenses is as follows:
| Expense Type | 2024 Amount (in millions) | 2023 Amount (in millions) |
|---|---|---|
| Research and Development | $43.7 million | $40.0 million |
| General and Administrative | $25.7 million | $30.5 million |
Profitability Analysis
Despite the increase in revenue, the company reported an operating loss of $1.3 million for the nine months ended September 30, 2024, a significant improvement from a loss of $28.8 million in the previous year. This improvement highlights the company's efforts to manage expenses effectively while scaling revenue streams.
Cash Flow and Financing Activities
For the nine months ended September 30, 2024, Precision BioSciences reported net cash provided by financing activities of $44.5 million, compared to $2.6 million in 2023. This increase was primarily driven by a substantial uptick in proceeds from stock offerings.
| Cash Flow Component | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Net cash used in operating activities | ($39,762) | ($75,691) |
| Net cash provided by investing activities | ($118) | $5,787 |
| Net cash provided by financing activities | $44,530 | $2,559 |
Future Revenue Potential
The company is positioned for potential future revenue through milestone payments and royalties from ongoing collaborations. The Imugene License Agreement could yield up to $206 million in milestone payments, along with double-digit royalties on net sales of licensed products. However, as of September 30, 2024, the company has not recognized any revenue from this agreement due to uncertainty regarding milestone achievements.
Financial Position
As of September 30, 2024, Precision BioSciences had cash and cash equivalents of $121.3 million, indicating a strong liquidity position to support its ongoing research and development efforts.
Precision BioSciences, Inc. (DTIL) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Updated on 16 Nov 2024
Resources:
- Precision BioSciences, Inc. (DTIL) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Precision BioSciences, Inc. (DTIL)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Precision BioSciences, Inc. (DTIL)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.