Precision BioSciences, Inc. (DTIL) Bundle
An Overview of Precision BioSciences, Inc. (DTIL)
General Summary of Precision BioSciences, Inc. (DTIL)
Precision BioSciences, Inc. (DTIL) was founded in 2006 and is headquartered in Durham, North Carolina. The company specializes in developing gene-editing technologies, particularly through its proprietary ARCUS platform. This technology is designed to enable precise modifications to the genome, which has significant implications for therapeutic applications across various diseases.
As of 2024, Precision BioSciences focuses on advancing its product candidates in the areas of in vivo gene editing and cell therapy. The company has several key products in development, including PBGENE-HBV for hepatitis B and PBGENE-3243 for mitochondrial diseases. The company’s sales for the nine months ended September 30, 2024, reached $68.1 million, a significant increase compared to $41.7 million in the same period of the previous year .
Company's Financial Performance in the Latest Financial Reports
In the latest financial reports, Precision BioSciences reported a record-breaking revenue of $68.1 million for the nine months ended September 30, 2024, compared to $41.7 million for the same period in 2023, marking an increase of $26.4 million. This growth was primarily driven by revenue recognized under the Prevail Agreement, amounting to $52.7 million .
For the three months ended September 30, 2024, the revenue was $0.6 million, a decrease from $13.1 million in the prior year. This decrease was largely attributed to reduced revenue from partnerships with Novartis and Prevail . Operating expenses totaled $69.4 million for the nine months, which includes $43.7 million in research and development and $25.7 million in general and administrative expenses .
Net income for the nine months ended September 30, 2024, was reported at $24.9 million, a significant turnaround from a net loss of $45.0 million in the same period of the previous year . The company's accumulated deficit stands at $464.7 million as of September 30, 2024 .
Introduction to Precision BioSciences as a Leader in the Industry
Precision BioSciences is recognized as a leader in the gene-editing industry, with its innovative ARCUS technology positioning it at the forefront of genetic therapies. The company has established several strategic partnerships to enhance its development capabilities and market reach, including collaborations with notable pharmaceutical companies .
The successful execution of its research and development strategies has led to significant advancements in its product pipeline, making it a key player in the race to develop next-generation therapies for genetic disorders. Investors are encouraged to explore further the factors contributing to Precision BioSciences' success and growth in the competitive biotechnology landscape.
Mission Statement of Precision BioSciences, Inc. (DTIL)
Mission Statement of Precision BioSciences, Inc. (DTIL)
Precision BioSciences, Inc. (DTIL) operates with a mission to deliver innovative gene-editing solutions that enhance the lives of patients. The company focuses on developing potentially transformative therapies for genetic diseases and cancers using its proprietary ARCUS technology platform. This mission is significant as it guides the company's long-term goals, ensuring that all initiatives align with their commitment to scientific excellence and patient care.
Core Component 1: Innovation
Innovation is central to Precision BioSciences' mission. The company invests heavily in research and development, evidenced by their research and development expenses totaling $43.7 million for the nine months ended September 30, 2024, compared to $40.0 million for the same period in 2023 . The increase of $3.7 million reflects a commitment to advancing their PBGENE programs, particularly PBGENE-HBV and PBGENE-3243, which are progressing towards clinical trials.
Core Component 2: Patient-Centricity
Precision BioSciences emphasizes a patient-centric approach in its mission. The company aims to address unmet medical needs through its gene-editing technology. In 2024, the revenue generated from collaborations, such as the TG License Agreement, reached $68.1 million, showcasing their ability to translate innovative research into potential therapies . This focus on patients drives the development of therapies that can significantly improve health outcomes.
Core Component 3: Collaborative Partnerships
The mission statement underscores the importance of collaborative partnerships in achieving its goals. Precision BioSciences has engaged in strategic collaborations that enhance its research capabilities and market reach. For instance, the company reported a $41.2 million increase in net proceeds from offerings of common stock during the nine months ended September 30, 2024 . Such collaborations not only provide financial support but also facilitate knowledge exchange and resource sharing, critical for advancing their innovative therapies.
| Financial Metric | 2024 (Nine Months Ended) | 2023 (Nine Months Ended) | Change |
|---|---|---|---|
| Research and Development Expenses | $43.7 million | $40.0 million | $3.7 million |
| Revenue | $68.1 million | $41.7 million | $26.4 million |
| Net Income (Loss) | $24.9 million | ($45.0 million) | $69.9 million |
| Operating Expenses | $69.4 million | $70.5 million | ($1.1 million) |
Vision Statement of Precision BioSciences, Inc. (DTIL)
Vision Statement of Precision BioSciences, Inc. (DTIL)
The vision statement of Precision BioSciences, Inc. is centered around the goal of transforming the field of gene editing and therapeutic development. The company aims to leverage its proprietary ARCUS technology to create a new generation of treatments for genetic disorders and cancers. This focus on innovative solutions is underscored by their commitment to advancing in vivo gene editing capabilities.
Strategic GoalsPrecision BioSciences has outlined several strategic goals as part of its vision for 2024:
- Developing safe and effective gene editing therapies using ARCUS technology.
- Expanding collaboration with leading biopharmaceutical companies to enhance research and development efforts.
- Advancing multiple product candidates into clinical trials.
- Fostering a culture of innovation and excellence within the organization.
Commitment to Innovation
Innovation is at the core of Precision BioSciences' vision. The company focuses on harnessing cutting-edge technology to address unmet medical needs. The following table highlights key aspects of their innovation strategy:
| Innovation Focus | Details |
|---|---|
| Technology | ARCUS gene editing platform |
| Therapeutic Areas | Genetic disorders, oncology |
| Collaboration | Partnerships with Eli Lilly, TG Therapeutics, and others |
| Clinical Development | Multiple candidates in preclinical and clinical stages |
Advancing Gene Editing Solutions
Precision BioSciences is committed to advancing gene editing solutions that can potentially revolutionize treatment options for patients. Their vision includes:
- Conducting rigorous preclinical studies to ensure the safety and efficacy of therapies.
- Transitioning candidates into clinical trials, with a focus on obtaining regulatory approvals.
- Utilizing real-world data to inform further development and optimize treatment protocols.
Focus on Patients
At the heart of Precision BioSciences’ vision is a strong focus on patient outcomes. The company aims to:
- Develop therapies that significantly improve the quality of life for patients.
- Engage with patients and advocacy groups to better understand their needs and experiences.
- Ensure accessibility and affordability of innovative therapies once they reach the market.
Financial Overview
As of September 30, 2024, Precision BioSciences reported significant financial metrics that reflect its commitment to growth and innovation:
| Financial Metric | Amount (in thousands) |
|---|---|
| Revenue | $68,058 |
| Research and Development Expenses | $43,652 |
| General and Administrative Expenses | $25,722 |
| Net Income (Loss) | $24,912 |
| Accumulated Deficit | ($464,719) |
These figures indicate a strategic investment in R&D, which is essential for achieving the company's long-term vision of being a leader in gene editing therapies.
Conclusion
Precision BioSciences’ vision for 2024 is a robust framework built around innovation, collaboration, and a patient-centric approach. By focusing on cutting-edge gene editing solutions and strategic partnerships, the company aims to make significant strides in therapeutic development and ultimately improve patient outcomes.
Core Values of Precision BioSciences, Inc. (DTIL)
Innovation
Precision BioSciences, Inc. emphasizes innovation as a core value, driving the development of its proprietary ARCUS genome editing platform. This platform allows for precise gene editing that is critical for therapeutic applications.
In 2024, the company has focused on advancing in vivo therapies aimed at genetic and infectious diseases, showcasing its commitment to innovation through research and development. For example, Precision has initiated two wholly-owned in vivo gene editing programs, targeting first-in-human Phase 1 clinical data by 2026 .
Integrity
Integrity underpins Precision BioSciences' operations, guiding its interactions with stakeholders and regulatory bodies. The company adheres to strict compliance and ethical standards in its research practices.
During the nine months ended September 30, 2024, Precision recognized $68.1 million in revenue from collaboration agreements, demonstrating transparency and integrity in its financial reporting. The revenue included substantial contributions from partnerships, such as $5.9 million from its collaboration with Novartis.
Collaboration
Collaboration is vital to Precision BioSciences' strategy, enabling the company to leverage external expertise and resources in advancing its gene editing technologies.
In 2024, the company entered into significant agreements, such as a collaboration with Novartis for developing treatments for hemoglobinopathies. Under this agreement, Precision received upfront payments and is eligible for milestone payments totaling up to $206 million.
Excellence
Excellence is a core value that Precision strives for across all its operations, from research and development to clinical trials and commercial partnerships.
The company has reported operating expenses of $69.4 million for the nine months ended September 30, 2024, reflecting its commitment to high-quality research and operational excellence. Furthermore, the company aims to achieve regulatory milestones and maintain high standards in clinical trial designs.
Accountability
Precision BioSciences values accountability, holding itself responsible for its commitments to stakeholders, including investors, partners, and patients.
The company reported a net loss of $16.4 million for the three months ended September 30, 2024, indicating its ongoing financial challenges while ensuring that it remains accountable to investors by providing regular updates on its financial health and operational progress.
| Core Value | Description | Examples |
|---|---|---|
| Innovation | Driving advancements in gene editing technology | Initiated in vivo gene editing programs aimed for clinical data by 2026 |
| Integrity | Commitment to ethical standards and transparency | Recognized $68.1 million in revenue from collaboration agreements |
| Collaboration | Leveraging partnerships for enhanced capabilities | Agreement with Novartis for hemoglobinopathy treatments |
| Excellence | Aiming for high-quality research and operations | Reported operating expenses of $69.4 million for high-quality R&D |
| Accountability | Responsibility to stakeholders and financial commitments | Net loss of $16.4 million for the quarter, with ongoing updates to investors |
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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.