Precision BioSciences reports Q4 EPS ($2.22), consensus ($2.94)

Reports Q4 revenue $600K, as compared to $7M for the quarter ended December 31, 2023. The decrease of $6.4 million in revenue during the quarter ended December 31 was primarily the result of a decrease in the revenue recognized under the Prevail agreement following conclusion of the collaboration in April 2024 as well as a decrease in revenue recognized under the Novartis Agreement as Precision nears completion of its pre-clinical workplan. As of December 31, Precision had approximately $108.5M in cash, cash equivalents, and restricted cash. The Company expects that existing cash and cash equivalents, upfront and potential near-term cash from CAR T transactions, along with expected operational receipts, continued fiscal and operating discipline, and availability of Precision’s at-the-market or ATM, facility are expected to extend Precision’s cash runway into the second half of 2026. Based on its expected cash runway, Precision believes it is sufficiently capitalized to operate the two wholly owned programs to Phase 1 data readouts. “2024 was a transformational year for Precision BioSciences (DTIL) as we solidified ourselves as a leading in vivo gene editing company, and we now have clinical data from two differentiated ARCUS based programs. Our focus on operational excellence was exemplified by PBGENE-HBV, our lead in vivo gene editing program for chronic Hepatitis B, where we in parallel filed and received approval for three Clinical Trial Applications in three markets with world class clinical capabilities,” said Michael Amoroso, President and Chief Executive Officer of Precision BioSciences. “Building on that momentum, and consistent with our pursuit of globalizing the ELIMINATE-B trial, Precision has recently received Investigational New Drug IND clearance by the U.S. Food and Drug Administration. PBGENE-HBV is the first-ever investigational in vivo gene editing therapy cleared to enter clinical trials for the treatment of chronic Hepatitis B in the U.S. and globally.”