Precigen Inc. (NASDAQ: PGEN) has announced Q$ and FY 2021 results in which total revenue was up 25% YoY in the fourth quarter.
R&D expenses were up 22% in Q4 2021
The company’s R&D expenses increased in Q4 by 22% to $2.3 million, attributed to an increase in benefits, salarie4s, and personnel costs of around $1.4 million with $0.8 million in CRO costs and laboratory supplies. During the quarter, net loss from ongoing operations was $35 million or $0.13 per share. Precigen reported total revenue of 44.9 million or 25% QoQ for the period ending December 31, 2021. The increase was due to product and service revenues from Trans Ova and Exemplar that were up $5.8 million.
For the full year, the company reported a YoY increase in R&D expenses to $8.5 million attributed to CRO costs and laboratory supplies of $6.7 million related to the advancement of preclinical and clinical programs. FY2021 total revenues were comparable YoY attributed to an increase in Trans Ova and Exemplar revenue increase but offset by a drop in licensing revenue due to changing business.
CEO Helen Sabzevari stated, “In 2021, Precigen was able to demonstrate significant progress in our core therapeutic platforms with indicators of strong early efficacy and favorable safety profiles across each of our most clinically advanced assets. As we advance assets with the most promising paths to licensure, we will continue to focus on strengthening our financial position by continuing to ensure operational efficiency while seeking strategic non-dilutive funding opportunities where appropriate.”
Precigen closed a 17.25 million common stock public offering
In January, the company closed a public offering of 17.25 million common stock shares resulting in gross proceeds of around $129.4 million before subtracting underwriting discounts and offering expenses payable by the company. Net proceeds from the issuance of common stock shares were $121 million. In 2021 net cash used for operations was $55.8 million relative to $77 million a year before.
At the end of the quarter, the company had $163.7 million in cash and cash equivalents and long-term investments. Precigen anticipates the cash and equivalents to enable it to fund operations into 2023.