Precision BioSciences Reports $34.3M Revenue Decline and $45.7M Net Loss in 2025

Precision BioSciences Reports Financial Results, Strategic Updates in Annual 10-K Filing

Precision BioSciences Inc., a clinical-stage gene editing company, released its 10-K filing, detailing its financial performance and operational developments. The company reported revenue of $34.3 million for the year ended December 31, 2025, a decrease from $68.7 million in the previous year. This decline is primarily attributed to the conclusion of the Prevail Therapeutics agreement, which contributed significantly to the prior year's revenue, and lower revenue under the TG License Agreement and the Caribou Biosciences, Inc. license agreement. These decreases were partially offset by increased revenue under the Novartis Agreement and revenue recognized under the Imugene License Agreement. The company's net loss for 2025 was $45.7 million, compared to a net income of $7.2 million in 2024. As of December 31, 2025, Precision BioSciences had an accumulated deficit of $528.2 million.

Research and development expenses totaled $54.2 million in 2025, a decrease from $59.6 million in 2024. This reduction is mainly due to decreased spending on the PBGENE-HBV and PBGENE-3243 programs, offset by increased investment in the PBGENE-DMD program. General and administrative expenses also decreased, from $35.3 million in 2024 to $32.2 million in 2025, primarily due to lower employee-related expenses and consulting service costs. The company reported a loss from its equity method investment of $5.3 million, compared to a loss of $1.1 million in the previous year. The company also reported a loss on changes in other fair value adjustments of $2.7 million, compared to a gain of $0.3 million in the previous year.

Operationally, Precision BioSciences is focused on advancing its in vivo gene editing pipeline, including PBGENE-HBV for chronic hepatitis B and PBGENE-DMD for Duchenne muscular dystrophy. The company is currently enrolling patients in the Phase 1/2a ELIMINATE-B trial for PBGENE-HBV, with initial data demonstrating safety, tolerability, and antiviral activity. The FDA has cleared the IND for PBGENE-DMD, enabling the initiation of the Phase 1/2 FUNCTION-DMD clinical trial. The company has paused development of PBGENE-3243 to prioritize its lead programs. In partnership with iECURE, ECUR-506 for ornithine transcarbamylase (OTC) deficiency is progressing in the OTC-HOPE study, with iECURE reporting positive clinical results. Imugene continues development of azer-cel in diffuse large B-cell lymphoma and has received written guidance from the FDA regarding the registrational pathway for azer-cel.

As of December 31, 2025, Precision BioSciences had cash, cash equivalents, and restricted cash of $137.2 million. The company believes its current resources, including expected milestone payments and availability under its ATM facility, will be sufficient to fund operations through 2028. The company's 10-K filing also outlines various risks and uncertainties, including the need for additional funding, competition in the gene editing field, potential product liability lawsuits, and regulatory challenges. The company's workforce was self-reportedly approximately 47% female and approximately 19% Asian, Black, Latinx, American Indian/Alaskan Native or two or more races, or not defined. The senior leadership team and department heads were self-reportedly approximately 42% female and 21% Asian or Black as of December 31, 2025.