Precigen Q1 2026 Earnings Report

Precigen EPS Results

• Actual EPS: -$0.02
• Consensus EPS: -$0.03
• Beat/Miss: Beat by +$0.01
• One Year Ago EPS: N/A

Precigen Revenue Results

• Actual Revenue: $23.25 million
• Expected Revenue: $20.81 million
• Beat/Miss: Beat by +$2.45 million
• YoY Revenue Growth: N/A

Precigen Announcement Details

• Quarter: Q1 2026
• Date: 5/13/2026
• Time: After Market Closes
• Conference Call Date: Wednesday, May 13, 2026
• Conference Call Time: 4:30PM ET

Precigen (NASDAQ:PGEN) (NASDAQ: PGEN) is a biotechnology company focused on the discovery, development and commercialization of genetic medicines. The company leverages proprietary gene and cell therapy platforms to design targeted therapies for oncology, infectious diseases and rare conditions. Precigen’s approach combines synthetic biology, immuno-oncology and microbiome engineering to create precision treatments intended to enhance efficacy while minimizing off-target effects.

The centerpiece of Precigen’s technology is its OmniCAR platform, which enables the rapid generation of adaptable chimeric antigen receptor (CAR) T-cell products. By using a modular receptor system, OmniCAR T cells can be retargeted against multiple tumor antigens through the administration of different adaptor molecules. In addition, Precigen’s ActoBiotics platform engineers live bacterial strains to deliver therapeutic payloads at disease sites, offering a novel route to treat gastrointestinal and other localized disorders.

Precigen’s clinical pipeline includes several early- to mid-stage programs. In oncology, the company is evaluating OmniCAR candidates targeting hematologic malignancies and solid tumors. The ActoBiotics pipeline features programs for inflammatory bowel disease and metabolic disorders. Precigen also maintains research collaborations and licensing partnerships aimed at expanding the utility of its gene control and vector technologies across diverse therapeutic areas.

Originally founded in 1998 as Intrexon Corporation, the company rebranded as Precigen in 2020 to reflect its strategic focus on precision genetic medicine. Headquartered in Germantown, Maryland, Precigen operates research and manufacturing sites in the United States and Europe. Under the leadership of President and CEO Helen Sabzevari, PhD, the company continues to build its pipeline and advance next-generation therapies toward regulatory milestones and commercialization.

Precigen Q1 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: PAPZIMEOS delivered a strong first full quarter of sales, with Q1 2026 net product revenue of $21.6 million versus $3.4 million in Q4 2025, and management said momentum is continuing into Q2.
• Positive Sentiment: The company said launch adoption is broadening across major medical centers and community practices, with about 400 patients registered in the hub and roughly 25% coming from community settings.
• Positive Sentiment: Precigen highlighted strong access dynamics, citing more than 90% of insured lives covered in the U.S. and the recent permanent J-code as factors that should simplify claims and support broader uptake.
• Positive Sentiment: Financially, the quarter was better than the company’s prior launch phase, with operating loss of just $6 million and cash, cash equivalents and investments of $56.7 million; management reiterated it expects to reach cash flow break-even by the end of 2026 without needing to access capital markets.
• Neutral Sentiment: Beyond the commercial launch, Precigen said it plans to start a pediatric PAPZIMEOS trial in Q4 2026, expects EMA review to continue, and will provide ASCO durability data next month along with additional PRGN-2009 updates later this year.

Presentation

[Operator]

Good afternoon, ladies and gentlemen, and welcome to the Precigen First Quarter 2026 financial results and business updates conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Wednesday, May 13, 2026. I would now like to turn the conference over to Mr. Steven Harasym. Please go ahead, sir.

[Steven Harasym, Head of Investor Relations at Precigen]

Thank you, operator, and thank you for all those joining us today for our Q1 2026 update call. Joining me today are Dr. Helen Sabzevari, our President and CEO; Phil Tennant, our Chief Commercial Officer; Harry Thomasian, our CFO; and Rutul R. Shah, our COO. Before we begin our prepared remarks, I remind everyone that we will be making certain forward-looking statements during this call. These statements are based on our current expectations and beliefs. We encourage you to review the slide in this presentation as well as our SEC filings, which include risks and uncertainties that could cause actual results to differ materially from today's forward-looking statements. With that, I will now turn the call over to Dr. Sabzevari.

[Helen Sabzevari, President and CEO at Precigen]

Thank you, Steve, and thank you to all those joining us for our Q1 update call. The approval of PAPZIMEOS in August of 2025 has brought a novel first-line standard of care treatment for adults with RRP. In nine short months, we have witnessed tremendous progress with the first commercial therapeutic launch in the disease's history. Since last reporting in March, the launch has continued to show accelerating momentum. The early success and trajectory continues to build on this landmark achievement for the patients, families, healthcare providers, the RRP Foundation, and all of those impacted by this devastating disease. I will begin by providing you with some general color around what we are seeing and then turn the call over to Phil, who will provide more specifics around commercialization. The accelerating trajectory we are seeing in revenue growth is robust.

[Helen Sabzevari, President and CEO at Precigen]

As reported in our quarterly report, PAPZIMEOS' net product revenue for Q1 2026, the first full quarter of availability, was $21.6 million as compared to $3.4 million in Q4 2025. Prescribers continue to add PAPZIMEOS to their practices at both major medical centers and community practices alike, which has been a strong tailwind as we are seeing this increasing momentum continue into Q2. This is a clear signal of the high level of enthusiasm among patients and physicians, resulting in significant uptake of the therapy. Why we believe we are seeing such a significant launch trajectory? First, the full approval and broad label from the FDA. There are no restriction on the number of surgeries a patient must undergo prior to treatment with PAPZIMEOS.

[Helen Sabzevari, President and CEO at Precigen]

We are seeing this as patients are being dosed across all severities and in the extensive payer coverage we have secured. Second, the transformative clinical data based on significant efficacy, durable and ongoing responses with a median duration of follow-up of three years. Importantly, we look forward to updating the ongoing durability data at ASCO next month. Third, the ease of administration of the drug has enabled broad and rapid uptake at not just the major medical institution, but increasingly at community practices. Specifically, the ease of dosing as well as the efficient distribution infrastructure we have in place across the country allow rapid and effective integration into routine clinical practices. Finally, the power of this therapy is strongly supported by a landmark expert position paper released earlier this year.

[Helen Sabzevari, President and CEO at Precigen]

The paper is sponsored by the RRP Foundation and authored by 16 leading U.S. physicians specializing in RRP, was published in The Laryngoscope, the premier peer-reviewed journal in otolaryngology. The paper recommends PAPZIMEOS as the new standard of care and the preferred first-line therapy. Collectively, these factors mean that PAPZIMEOS has set a new benchmark for this space, prioritizing medical therapy over repeated surgical interventions to improve patients' outcome. As a reminder, this therapy directly addresses the root cause of RRP by eliciting a targeted immune response against HPV 6 and 11. PAPZIMEOS also offers the potential for redosing due to its mechanism of action and favorable safety profile. We are evaluating this in an ongoing clinical trial, which is enrolling patients as we speak. I will now turn the call over to Phil for details around our commercial launch. Phil?

[Phil Tennant, Chief Commercial Officer at Precigen]

Thank you, Helen, and a warm welcome to all those listening. I'm delighted to share the most recent progress of our launch efforts with details around the completion of Q1 and the sharp momentum we continue to see with PAPZIMEOS' launch in Q2 of this year. As seen in our filings, we showed strong quarter-over-quarter product revenue growth in Q1 2026, clearly demonstrating the expected acceleration of product uptake from $3.4 million-$21.6 million. As we report today, we continue to see comprehensive payer coverage and further activation of accounts across the country. I will now present some of the leading indicators we are observing as of today translating to the launch acceleration. Registrations in the PAPZIMEOS' patient hub continue to grow.

[Phil Tennant, Chief Commercial Officer at Precigen]

As of today, we have approximately 400 patients registered, of which 25% are in the community setting, underscoring the broad reach of PAPZIMEOS beyond academic and major centers and reinforcing that PAPZIMEOS can be effectively integrated into routine clinical practice beyond major centers. As previously mentioned, this does not account for non-hub patients directly enrolled by institutions. This continues to support the fact that there is expected pent-up demand for the new standard of care for adults with RRP. Payer coverage has been exceptional and provides a solid platform for patient access to PAPZIMEOS. Total lives covered through commercial Medicare and Medicaid stands at an estimated $297 million. All inclusive, this equates to more than 90% of insured lives covered in the U.S.

[Phil Tennant, Chief Commercial Officer at Precigen]

As expected, we continue to see activation of accounts who are prescribing and ordering PAPZIMEOS across both major medical centers and community practices. We are seeing this trend continue into Q2, further fueled by the permanent J-code and a dedicated field reimbursement resources we have implemented. As Helen mentioned earlier, the expert position paper continues to solidify PAPZIMEOS as the first choice for adult patients and treating physicians. We continue to have a significant presence at major scientific congresses in the U.S. and beyond, both through publications and presentations and interactions with thought leaders and the broader treatment community. This, again, reinforces the strong receptivity to PAPZIMEOS that we are seeing from the market. These congresses will continue to be a significant part of our commercial and scientific strategy moving forward.

[Phil Tennant, Chief Commercial Officer at Precigen]

The assignment of the permanent J-code on April first, coupled with the durability of response that we are seeing in patients, is helping this impetus continue. The permanent J-code designation will further simplify claims processing and facilitate broader patient access through both medical centers and community practices. The significant quarter-over-quarter revenue growth is a clear sign that the healthcare community is embracing PAPZIMEOS. We are thrilled with launch performance in Q1 and expect these positive trends to continue into Q2 and beyond. I look forward to sharing those Q2 results in August. I'll now turn the call over to Harry. for an overview of our Q1 financials. Harry?

[Harry Thomasian, CFO at Precigen]

Thank you, Phil, and good afternoon to all of the participants on today's call. As you've already heard, we're extremely pleased with our top-line financial results for the first quarter. I also want to add that not only do we surpass $21 million in PAPZIMEOS' revenue, but our operating loss for the quarter was only $6 million. Let me provide some further color on our overall financial results for the quarter. Total revenue was $23.3 million, which included $21.6 million related to PAPZIMEOS sales. We saw demand for PAPZIMEOS continue to build as the first quarter progressed, and we're continuing to see that demand increase as we enter the second quarter. Research and development costs for the quarter were $5.6 million, which compared to the prior year first quarter, decreased by $4.8 million.

[Harry Thomasian, CFO at Precigen]

The majority of this change is explained by the fact that PAPZIMEOS' manufacturing costs were expensed prior to the FDA approval. As we look forward, we anticipate R&D expense will increase as the year progresses. Selling, general, and administrative expenses for the quarter were $21 million, having increased by $8.7 million from the prior year's first quarter. The increase was significantly driven by increased commercial activities related to PAPZIMEOS. Moving down the statement of operations, as I noted earlier, our operating loss for the quarter was $6 million. Our net loss for the quarter was $7.9 million or $0.02 per basic and diluted share. Turning to the balance sheet, we ended the quarter with $56.7 million in cash equivalents, and investments.

[Harry Thomasian, CFO at Precigen]

I do wanna point out that our cash used in operations for the quarter was $43.8 million and included $13 million of cash outflows that we do not expect to recur in future quarters this year. The first quarter cash used also did not include any cash receipts from PAPZIMEOS sales based on customer payment terms. With that said, we expect cash used in operations in the second quarter to be significantly lower than what we saw in Q1. We continue to reiterate that based on our current financial forecast, our cash equivalents, and investments, along with the collection of PAPZIMEOS' receivables, will fund operations through cash flow break even by the end of 2026. We currently do not see a need to access capital markets for additional funding. I'd like to now turn it back to Helen for some closing remarks. Helen?

[Helen Sabzevari, President and CEO at Precigen]

Thank you, Harry. I will now provide updates on the portfolio, starting with PAPZIMEOS' clinical and regulatory updates. We intend on initiating a pediatric trial in PAPZIMEOS in Q4 of this year, as previously mentioned. In addition, our marketing authorization application continues under the review path by EMA for PAPZIMEOS. We are also pleased to announce our sponsorship of a third annual RRP Awareness Day in June. This event provides another excellent platform to raise global awareness of RRP and the new standard of care for its treatment in the U.S. Now turning to PRGN-2009. This is the same backbone as our approved therapy, PAPZIMEOS, expanding the proven AdenoVerse platform. Our PRGN-2009 immunotherapy is designed to train the immune system to recognize and eliminate tumor cells infected with HPV-16 and HPV-18, the root cause of major HPV-driven cancers such as head and neck and cervical cancers.

[Helen Sabzevari, President and CEO at Precigen]

These malignancies together represents nearly five percent of all cancer cases worldwide. PRGN-2009 is advancing in multiple phase II clinical trials in combination with pembro in both head and neck and cervical cancers. I am very enthusiastic about the prospects of this program. We plan to provide updates on the program later in the year. With that, I will now turn the call over to the operator for Q&A. Operator?

[Operator]

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Thank you. Your first question comes on the line of Jason Butler from Citizens. Please go ahead.

[Jason Butler, Managing Director and Senior Equity Research Analyst at Citizens]

Hi. Thanks for taking the questions, congrats on the quarter and the progress with PAPZIMEOS. A couple from me. First of all, can you speak to the number of patients that have now received at least the first dose, and if you're now also seeing patients complete the full course of therapy? Second question on the redosing trial, can you just maybe hit a couple of the design highlights for the trial and when we may see initial cuts of data? Last one from me on PRGN-2009, for the update that you'll give later this year, can we expect to see any results from the ongoing phase II trials in that update? Thank you.

[Helen Sabzevari, President and CEO at Precigen]

Thank you, Jason, for the question. In regards to the first question, I'm gonna hand it over to Phil, and then I will take the last two questions.

[Phil Tennant, Chief Commercial Officer at Precigen]

Hey, Jason. Thanks for the question. Yeah, we're not commenting on the specific number of patients who have actually been initiated on treatment, but as you can see from the revenue number, we're obviously making some very good progress there. Yes, given that we started our dosing in November and it's a 12-week regimen, yes, absolutely, we are starting to see patients who have completed treatment.

[Helen Sabzevari, President and CEO at Precigen]

Yeah. Maybe I can also add that very clearly as patients are being dosed and finishing, all of the patients have received their doses. This is again going back to the regional data that we have presented on the safety and efficacy and durability of PAPZIMEOS, which again points to that factor and ease of administration. In regard to the second question on redosing, we have currently started the redosing of the patients, especially the patients that they had a partial responses in our previous treatments, in our previous trials, in Tivicay trials, and we are have started with that. Clearly, our patients that are being dosed right now commercially, obviously, we are very much excited.

[Helen Sabzevari, President and CEO at Precigen]

From what we are hearing from the field, the physicians are extremely excited about some of the results that are seeing currently. For now, we are focusing on the partial responders that were in our original trials, and we are gathering the information on that, and we will be reporting from that perspective. In regard to the PRGN-2009, the answer is absolutely. We will be reporting data, and actually, we are looking forward to that. This is, as we have mentioned, in our phase II trials, both in especially on the head and neck, that is in combination with pembrolizumab.

[Helen Sabzevari, President and CEO at Precigen]

I think what is very important, these are open label trials, so we obviously have had and have a continuous opportunity to follow the data. We are looking forward to be sharing this in the second half of this year.

[Jason Butler, Managing Director and Senior Equity Research Analyst at Citizens]

Great. Thanks again, and congrats again on the quarter.

[Helen Sabzevari, President and CEO at Precigen]

Thank you.

[Phil Tennant, Chief Commercial Officer at Precigen]

Thanks, Jason.

[Operator]

Thank you. Your next question comes from the line of Brian Cheng from JPMorgan. Please go ahead.

[Brian Cheng, Analyst at JPMorgan]

Hey, guys. Thanks for taking our questions this afternoon and congrats on the quarter. Maybe just first, out of the 400 patients that you currently in the hub, can you talk about the pace of conversion that you're seeing to commercial products? Just curious if you can talk a little bit about just the pace of also recruitment seen through the hub. Are you seeing any uptick since you launched? Just curious if you can talk about the pace there, then we have a follow-up. Thank you.

[Phil Tennant, Chief Commercial Officer at Precigen]

Sure. Hey, Brian. Thanks for the question. Phil here. I think the revenue is probably the first thing that speaks to the pace of conversion of the patients. It's a little early to go into definitive details on that. We are looking at that, of course, and I think with the advent of the J-code, the permanent J-code, that's something that over the next couple of quarters we'll do a deep dive on to understand exactly how quickly and how many of these patients are being converted and how we can help. We've implemented dedicated field resources to assist in that conversion and, you know, the momentum that we're seeing coming into Q2 suggests that we're making great progress there.

[Phil Tennant, Chief Commercial Officer at Precigen]

In terms of the pace of recruitment into the hub, I mean, you've seen the numbers steadily increase as we started to report on hub numbers. Remember, this is only the Precigen hub that we are commenting on, and there's a significant number of patients who are not using our hub who are being identified and treated. That's another dynamic that is important.

[Helen Sabzevari, President and CEO at Precigen]

Yeah. Perhaps, Brian, I can also add this to tell it. I think what is very important, and Phil pointed that out, is also the number of the patients that are coming through the community centers, because this is extremely important. As we reported, now we have 25% of the patients are coming from community. This really points out not only the large or expanded efforts on medical centers, but now the community docs and the centers are participating. Again, a lot of those are not necessarily in the hubs and they are treating the patients as we speak. Also another important point is this is not basically in regard of doesn't matter the severity of the patient, which is very important again.

[Helen Sabzevari, President and CEO at Precigen]

We are very excited about this out the reach and the way that PAPZIMEOS has been basically embraced by physicians and patients.

[Brian Cheng, Analyst at JPMorgan]

Thank you, Helen. Maybe just a follow-up here. As we think about, you know, as we think about how to model second quarter, and, you know, obviously moving into the rest of the year, are there any specific consideration that we should really think through, as we, you know, run through our modeling exercise on 2Q, 3Q, and so on? You know, just like you did for the first quarter number, are you able to provide some guardrail in terms of what we could see numerically for the second quarter number? Thank you.

[Helen Sabzevari, President and CEO at Precigen]

Okay. Yeah. Thank you, Brian, for the question. Clearly, we have said we are not at this moment providing the guidance. However, as you saw from Q4 to Q1, we have gone to over $21.5 million. Also, we have a acceleration, as you have seen in really treatment and expansion of the treatment both at medical centers and community centers. I think we are looking forward definitely to our Q2 and the results that we will be sharing as far as revenue is concerned. As Phil said, I think the revenue will speak for itself as it gets presented, which really shows the bringing in the number of the patients continuously and the treatment as we are expanding.

[Helen Sabzevari, President and CEO at Precigen]

One of the good indicators you can see that just from our hub, again, which is limited because it's only our hub and doesn't include patients from the others necessarily, you can see a continued expansion in the number of the patients or increase in the number of patients, which is, again, it speaks to the fact that this therapy is very much, it's in accelerated fashion, is taken up by the field. One other thing that maybe I can speak to and Phil can add is from a perspective of what we are seeing at the conferences. The fact that how the physicians are speaking and basically putting the patients on these treatments and It's really amazing, and it's quite encouraging in regard to what we have. Phil?

[Phil Tennant, Chief Commercial Officer at Precigen]

I would just add, Brian Cheng, that, you know, there's a few things that we're very confident about and looking forward to reporting on more. Obviously, the strong payer position we cemented quite early and, you know, that gives us a firm foundation for what's to come. I would say, as Helen mentioned, we expect the continued activation of accounts who are ordering and using PAPZIMEOS, and not only in the IDNs but in the community. We would expect that community trend to continue to strengthen and ultimately the patient identification in line with our broad label to continue as we go through Q2 and beyond. Ultimately, all of that is laying the firm foundation for the long-term success of the product over multiple quarters and years, and not just over a single quarter.

[Brian Cheng, Analyst at JPMorgan]

Great. Thank you, Phil. Thanks for the color. Congratulations for it again.

[Helen Sabzevari, President and CEO at Precigen]

Thank you. [crosstalk]

[Operator]

Thank you once again. That is star one to ask a question. Your next question comes from the line of Swayampakula Ramakanth from H.C. Wainwright. Please go ahead.

[Swayampakula Ramakanth, Analyst at H.C. Wainwright]

Thank you. Good afternoon, Helen, Phil, Rutul, and team. obviously a fantastic quarter, with $21.6 million in revenues. Phil, if you can help us understand that number a little bit more, in terms of, you know, what portion of that was either part of pent-up demand or flow from Q4 to Q1, in terms of getting the payer policies processes set up, versus patients who were treated. In the same vein, you know, you disclosed 400 patients in the hub with 25%, you know, coming from the community. How many of these 400 or so patients that you have in the hub have been infused at this point?

[Swayampakula Ramakanth, Analyst at H.C. Wainwright]

You know, what's the average time somebody takes from enrollment to getting dosed? The last question from me is on the data itself, that's expected at the ASCO conference in terms of the durability data. You know, how should we think about that data? Would that be helpful and supportive of any label expansions? How should we think about that in terms of the current studies, whether it is pediatric or redosing? You know, will that give us some sort of a feel for how these studies should, you know, eventually read out? Thanks for taking my questions.

[Helen Sabzevari, President and CEO at Precigen]

Thank you very much, RK, for the questions. This is Helen. Maybe I take the last question first, then I will give the rest to Phil. In regards to the ASCO presentation, we are actually very excited about the durability response and the data that is going to be presented at ASCO. Clearly, we continue seeing the same kind of a momentum, and as far as both safety, durability of response and the efficacy that we have reported, and we are now building further on that at ASCO. This is all going to be quite exciting for us. Yes, that data will be helping in further really adding toward the durability of the response and expansion of the indication. We are looking forward to that.

[Helen Sabzevari, President and CEO at Precigen]

That data further adds to the really the robustness of the platform, which is simply this is something that we are very excited about, the AdenoVerse platform to be used across a number of the indication and specifically on HPV-related indication, both in the rare diseases but also in oncology. We think that that data is another feather in the cap of AdenoVerse platform, which we are moving towards the platform designation with. With that, I'm gonna hand it to Phil to answer the other questions.

[Phil Tennant, Chief Commercial Officer at Precigen]

Hey, RK. Thanks for the question. Let me tackle your hub question first. I did refer to this a little earlier. I think we'd like to see another couple of quarters before we communicate details of exactly the hub conversion and time to conversion and so on. I mean, what I would say is that it's pretty much as expected at the moment. I think we do need another quarter or two to really understand the meaningful trends there. Your first question was about carryover revenue. Yes, absolutely. Given that we've got a three-month or 12-week regimen, at the end of each quarter, you will see some revenue spill over into the next quarter. I would say from Q4 into Q1, that was pretty minimal given the level of revenue that we had in Q4.

[Phil Tennant, Chief Commercial Officer at Precigen]

You would expect that to be more as we go forward. You know, the key thing there is that it's new patients that are fueling the business opportunity that we've seen in Q1.

[Helen Sabzevari, President and CEO at Precigen]

Yeah. Maybe I can add to that what, especially with what achievement with the J-code, that has been also extremely helpful in not only for institutes to be able to process the patients through much more rapidly, and I think we are seeing that trajectory going up, and we are seeing the same thing actually in Q2. We are very excited about that.

[Swayampakula Ramakanth, Analyst at H.C. Wainwright]

Thank you. Thanks for taking all my questions.

[Helen Sabzevari, President and CEO at Precigen]

Sure. Thank you.

[Phil Tennant, Chief Commercial Officer at Precigen]

Thanks, RK.

[Operator]

Thank you. There are no further questions at this time. I'll now hand the call back to Dr. Helen Sabzevari for any closing remarks.

[Helen Sabzevari, President and CEO at Precigen]

Thank you, operator, and thank you for all of the thoughtful questions. We appreciate the opportunity to provide you with this update on this historic product launch. I believe we are building the foundation of a meaningful portfolio for Precigen and for the community of our patients. We look forward to updating you as the launch continues and specifically also further on our portfolio progress. With that, I wish everyone a wonderful evening. Thank you.

[Operator]

Thank you. This concludes today's call. Thank you for participating. You may all disconnect.

Participants

Executives

• Harry Thomasian, CFO
• Helen Sabzevari, President and CEO
• Phil Tennant, Chief Commercial Officer
• Steven Harasym, Head of Investor Relations

Analysts

• Brian Cheng, Analyst at JPMorgan
• Jason Butler, Managing Director and Senior Equity Research Analyst at Citizens
• Swayampakula Ramakanth, Analyst at H.C. Wainwright