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Precision Biosciences (DTIL)

Precision BioSciences, Inc. is a clinical stage biotechnology company dedicated to improving life (DTIL) with its wholly proprietary ARCUS® genome editing platform. ARCUS is a highly specific and versatile genome editing platform that was designed with therapeutic safety, delivery, and control in mind. Using ARCUS, the Company's pipeline consists of multiple 'off-the-shelf' CAR T immunotherapy clinical candidates and several in vivo gene correction therapy candidates to cure genetic and infectious diseases where no adequate treatments exist.

Company profile

Ticker
DTIL
Exchange
CEO
Matthew Kane
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Precision PlantSciences, Inc. • Precision BioSciences UK Limited ...

DTIL stock data

Analyst ratings and price targets

Last 3 months

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

8 Aug 22
1 Oct 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 184.14M 184.14M 184.14M 184.14M 184.14M 184.14M
Cash burn (monthly) (no burn) (no burn) 9.87M 8.27M 8.07M 8.39M
Cash used (since last report) n/a n/a 30.17M 25.29M 24.69M 25.65M
Cash remaining n/a n/a 153.96M 158.85M 159.45M 158.48M
Runway (months of cash) n/a n/a 15.6 19.2 19.7 18.9

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
23 Sep 22 John Alexander Kelly Common Stock Buy Acquire P No No 1.23 8,200 10.09K 162,938
22 Sep 22 John Alexander Kelly Common Stock Buy Acquire P No No 1.34 37,037 49.63K 154,738
22 Jun 22 John Alexander Kelly Common Stock Buy Acquire P No No 1.5 33,784 50.68K 117,701
7 Jun 22 Shane Barton Common Stock Option exercise Acquire M No No 0 6,061 0 8,720
7 Jun 22 Shane Barton RSU Common Stock Option exercise Dispose M No No 0 6,061 0 12,120
13F holders Current Prev Q Change
Total holders 121 152 -20.4%
Opened positions 30 37 -18.9%
Closed positions 61 19 +221.1%
Increased positions 32 40 -20.0%
Reduced positions 30 39 -23.1%
13F shares Current Prev Q Change
Total value 913.44M 149.29M +511.9%
Total shares 76.57M 37.15M +106.1%
Total puts 0 15.5K EXIT
Total calls 20 14.2K -99.9%
Total put/call ratio 1.1
Largest owners Shares Value Change
Novartis Pharma 12.41M $15.01M NEW
Capital World Investors 6.72M $10.74M +57.3%
Great Point Partners 5.76M $9.21M NEW
EcoR1 Capital 5.04M $8.06M NEW
CVI 4.25M $6.8M NEW
LLY Lilly(Eli) & Co 3.76M $33.22M 0.0%
Vanguard 3.47M $5.55M -3.6%
CHI Advisors 3M $4.81M +395.2%
Rubric Capital Management 2.66M $4.25M NEW
venBio Global Strategic Fund 2.54M $21.05M 0.0%
Largest transactions Shares Bought/sold Change
Novartis Pharma 12.41M +12.41M NEW
Great Point Partners 5.76M +5.76M NEW
EcoR1 Capital 5.04M +5.04M NEW
CVI 4.25M +4.25M NEW
Rubric Capital Management 2.66M +2.66M NEW
Marshall Wace 2.48M +2.48M NEW
Capital World Investors 6.72M +2.45M +57.3%
CHI Advisors 3M +2.4M +395.2%
BLK Blackrock 2.38M -2.18M -47.8%
Acuta Capital Partners 2.05M +2.05M NEW

Financial report summary

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Risks
  • We will need substantial additional funding, and if we are unable to raise a sufficient amount of capital when needed on acceptable terms, or at all, we may be forced to delay, reduce or eliminate some or all of our research programs, product development activities and commercialization efforts.
  • Raising additional capital may cause dilution to our stockholders restrict our operations or require us to relinquish rights to our technologies or product candidates.
  • We have a limited operating history, which makes it difficult to evaluate our current business and future prospects and may increase the risk of your investment.
  • We may expend our limited resources on pursuing particular research programs or product candidates that may be less successful or profitable than other programs or product candidates.
  • ARCUS is a novel technology, making it difficult to predict the time, cost and potential success of product candidate development. We have not yet been able to assess the safety and efficacy of most of our product candidates in humans and have only limited safety and efficacy information in humans to date regarding three of our product candidates.
  • We are heavily dependent on the successful development and translation of ARCUS, and due to the early stages of our product development operations, we cannot give any assurance that any product candidates will be successfully developed and commercialized.
  • Our research and development programs may not lead to the successful identification, development or commercialization of any products.
  • Adverse public perception of genome editing may negatively impact the developmental progress or commercial success of products that we develop alone or with collaborators.
  • We face significant competition in industries experiencing rapid technological change, and there is a possibility that our competitors may achieve regulatory approval before us or develop product candidates or treatments that are safer or more effective than ours, which may harm our financial condition and our ability to successfully market or commercialize any of our product candidates.
  • Our future profitability, if any, will depend in part on our ability and the ability of our collaborators to commercialize any products that we or our collaborators may develop in markets throughout the world. Commercialization of products in various markets could subject us to risks and uncertainties, including:
  • Product liability lawsuits against us could cause us to incur substantial liabilities and could limit commercialization of any products that we develop alone or with collaborators.
  • The regulatory landscape that will apply to development of therapeutic product candidates by us or our collaborators is rigorous, complex, uncertain and subject to change, which could result in delays or termination of development of such product candidates or unexpected costs in obtaining regulatory approvals.
  • We may not be able to submit INDs to the FDA or CTAs to comparable foreign authorities to commence additional clinical trials on the timelines we expect, and even if we are able to, the FDA or comparable foreign authorities may not permit us to proceed.
  • Any product candidates that we or our collaborators may develop will be novel and may be complex and difficult to manufacture, and if we experience manufacturing problems, it could result in delays in development and commercialization of such product candidates or otherwise harm our business.
  • We will rely on donors of T cells to manufacture product candidates from our allogeneic CAR T immunotherapy platform, and if we do not obtain an adequate supply of T cells from qualified donors, development of those product candidates may be adversely impacted.
  • Failure to achieve operating efficiencies from MCAT may require us to devote additional resources and management time to manufacturing operations and may delay our product development timelines.
  • Any delays or difficulties in our or our collaborators ability to enroll patients in clinical trials, could delay or prevent receipt of regulatory approvals.
  • We have received orphan drug designation for PBCAR0191 for the treatment of ALL and MCL and for PBCAR269A for the treatment of multiple myeloma, and we may seek orphan drug designation for some or all of our other product candidates, but we may be unable to obtain such designations or to maintain the benefits associated with orphan drug designation, which may negatively impact our ability to develop or obtain regulatory approval for such product candidates and may reduce our revenue if we obtain such approval.
  • We have received and may continue to seek fast track designation and rare pediatric disease designation, and may seek breakthrough therapy designation, Regenerative Medicine Advanced Therapy (“RMAT”) designation, or priority review from the FDA or access to the PRIME scheme from the EMA for some or all of our product candidates, but we may not receive such designations, and even if we do, it may not lead to a faster development or regulatory review or approval process, and will not increase the likelihood that such product candidates will receive marketing approval.
  • If the product candidates that we or our collaborators may develop receive regulatory approval in the United States or another jurisdiction, they may never receive approval in other jurisdictions, which would limit market opportunities for such product candidate and adversely affect our business.
  • Current and future legislation may increase the difficulty and cost for us to obtain marketing approval of and commercialize any product candidates we or our collaborators develop and may adversely affect the prices for such product candidates.
  • Disruptions at the FDA and other government agencies caused by funding shortages or global health concerns could hinder their ability to hire, retain or deploy key leadership and other personnel, or otherwise prevent new or modified products from being developed, approved or commercialized in a timely manner or at all, which could negatively impact our business.
  • If we are unable to establish sales and marketing capabilities or enter into agreements with third parties to sell and market any products we develop alone or with collaborators, the commercialization of such products may not be successful if and when they are approved.
  • If the market opportunities for any products we develop alone or with collaborators are smaller than our estimates, or if we are unable to successfully identify enough patients, our revenues may be adversely affected.
  • The successful commercialization of potential products will depend in part on the extent to which governmental authorities and health insurers establish coverage, and the adequacy of reimbursement levels and pricing policies, and failure to obtain or maintain coverage and adequate reimbursement for any potential products that may receive approval, could limit marketability of those products and decrease our ability to generate revenue.
  • Our product candidates for which we intend to seek approval as biologic products may face competition sooner than anticipated.
  • The ongoing novel coronavirus disease, COVID-19 has impacted, and may continue to impact, our business, and any other pandemic, epidemic or outbreak of an infectious disease may materially and adversely impact our business, including our preclinical studies and clinical trials.
  • We will need to expand our organization, and we may experience difficulties in managing this growth, which could disrupt our operations.
  • We may engage in transactions that could disrupt our business, cause dilution to our stockholders or reduce our financial resources.
  • Our future success depends on our key executives, as well as attracting, retaining and motivating qualified personnel.
  • We are subject to increased costs as a result of operating as a public company, and our management will be required to devote substantial time to maintaining compliance initiatives and corporate governance practices, including establishing and maintaining proper and effective internal control over financial reporting.
  • Our business and operations may suffer in the event of system failures or security breaches which could materially affect our results.
  • Our insurance policies are expensive and protect us only from some business risks, which leaves us exposed to significant uninsured liabilities.
  • If we or any of our contract manufacturers or other suppliers fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or incur significant costs.
  • Our business operations, including our current and future relationships with third parties, may expose us to penalties for potential misconduct or improper activity, including non-compliance with regulatory standards and requirements.
  • We are subject to complex tax rules relating to our business, and any audits, investigations or tax proceedings could have a material adverse effect on our business, results of operations and financial condition.
  • We may not be able to utilize all, or any, of our net operating loss carryforwards.
  • We have entered into significant arrangements with collaborators and expect to depend on collaborations with third parties for certain research, development and commercialization activities, and if any such collaborations are not successful, it may harm our business and prospects.
  • We rely on third parties to conduct, supervise and monitor our clinical trials and some aspects of our research and preclinical testing, and if those third parties do not successfully carry out their contractual duties, comply with regulatory requirements, or otherwise perform in a satisfactory manner, we may not be able to obtain regulatory approval or commercialize product candidates, or such approval or commercialization may be delayed, and our business may be substantially harmed.
  • We rely on third parties to supply raw materials or manufacture product supplies that are necessary for the conduct of preclinical studies, clinical trials and manufacturing of our product candidates, and failure by third parties to provide us with sufficient quantities of products, or to do so at acceptable quality levels or prices and on a timely basis, could harm our business.
  • We may continue to rely on third parties for at least a portion of the manufacturing process of product candidates, and failure by those parties to adequately perform their obligations could harm our business.
  • Our ability to compete may decline if we do not adequately protect our proprietary rights, and if our proprietary rights do not provide a competitive advantage.
  • If we fail to comply with our obligations in the agreements under which we license intellectual property rights from third parties or otherwise experience disruptions to our business relationships with our licensors, we could lose license rights that are important to our business.
  • If we do not obtain patent term extension in the United States under the Hatch-Waxman Act and in foreign countries under similar legislation with respect to our product candidates, thereby potentially extending the term of marketing exclusivity for such product candidates, our business may be harmed.
  • Patents and patent applications involve highly complex legal and factual questions, which, if determined adversely to us, could negatively impact our patent position.
  • Third parties may assert claims against us alleging infringement of their patents and proprietary rights, or we may need to become involved in lawsuits to defend or enforce our patents, either of which could result in substantial costs or loss of productivity, delay or prevent the development and commercialization of product candidates, prohibit our use of proprietary technology or sale of potential products or put our patents and other proprietary rights at risk.
  • Developments in patent law could have a negative impact on our business.
  • If we were unable to protect the confidentiality of our trade secrets and enforce our intellectual property assignment agreements, our business and competitive position would be harmed.
  • We will not seek to protect our intellectual property rights in all jurisdictions throughout the world, and we may not be able to adequately enforce our intellectual property rights even in the jurisdictions where we seek protection.
  • We may not be successful in obtaining or maintaining necessary rights to product components and processes for our development pipeline through acquisitions and in-licenses.
  • If our trademarks and trade names are not adequately protected, then we may not be able to build name recognition in our markets of interest and our business may be adversely affected.
  • We could be subject to securities class action litigation.
  • We do not currently intend to pay dividends on our common stock.
  • Provisions in our amended and restated certificate of incorporation and restated bylaws or Delaware law might discourage, delay or prevent a change in control of our company or changes in our management and therefore depress the trading price of our common stock.
  • Our amended and restated certificate of incorporation and our amended and restated bylaws include exclusive forum provisions for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
  • We are an “emerging growth company” and the reduced disclosure requirements applicable to emerging growth companies may make our common stock less attractive to investors.
  • We or third parties with whom we have relationships may be adversely affected by natural or manmade disasters, public health emergencies and other natural catastrophic events, and our business continuity and disaster recovery plans may not adequately protect us from a serious disaster.
  • Unstable market and economic conditions may have serious adverse consequences on our business, financial condition and stock price.
Management Discussion
  • Revenue for the three months ended June 30, 2022 was $3.8 million, compared to $68.8 million for the three months ended June 30, 2021. The decrease of $65.0 million in revenue during the three months ended June 30, 2022 was primarily the result of the absence of $62.5 million in revenue recognized under the Servier Agreement as there has not been any related revenue recognized thereunder subsequent to full satisfaction of the performance obligation upon the execution of the Program Purchase Agreement in April 2021, a $1.5 million decrease in revenue recognized under the Lilly Agreement as a result of an increase in total estimated effort required to satisfy the performance obligation, and a $0.9 million decrease in revenue recognized from an agriculture partnering collaboration given the collaboration transferred to New Elo upon separation in 2021.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. senior Avg
New words: anniversary, ASGCT, ASH, awaiting, azercabtagene, beta, CR, CRS, CT, cutoff, cyclophosphamide, diffuse, dissolution, DL, DLBCL, encephalopathy, episomal, extraordinary, fludarabine, fourth, goal, graft, half, host, hour, Importantly, knockdown, mice, Molecular, muscle, oral, ORR, peak, Pharma, PHH, placement, recapitalization, repaid, resale, scan, session, sickle, suspected, tender, thalassemia, transformative, unamortized, underwriting, underwritten, zapreleucel
Removed: comfort, comfortable, Dicerna, dosed, economy, emergent, infection

Patents

Utility
Genetically-modified immune cells comprising a microRNA-adapted shRNA (shRNAmiR)
27 Sep 22
The present invention encompasses genetically-modified immune cells (and populations thereof) expressing a microRNA-adapted shRNA (shRNAmiR) that reduces the expression of a target endogenous protein.
Utility
Compositions and Methods for Sequential Stacking of Nucleic Acid Sequences into a Genomic Locus
1 Sep 22
The present invention encompasses compositions and methods for the sequential stacking of donor nucleic acids into a single genomic locus within a cell to allow for the introduction of relatively long nucleic sequences.
Utility
Lymphodepletion Dosing Regimens for Cellular Immunotherapies
1 Sep 22
The present invention encompasses methods and compositions including genetically-modified cells expressing chimeric antigen receptors or exogenous T cell receptors, and pharmaceutical compositions thereof, for the treatment of cancer and other disorders and diseases.
Utility
Engineered Meganucleases Specific for Recognition Sequences In the Hepatitis B Virus Genome
4 Aug 22
The present invention encompasses engineered meganucleases which recognize and cleave a recognition sequence within an open reading frame (ORF) of the genome of at least two genotypes of the Hepatitis B virus (HBV).
Utility
Nucleic Acid Molecules Encoding an Engineered Antigen Receptor and an Inhibitory Nucleic Acid Molecule and Methods of Use Thereof
21 Jul 22
The present disclosure provides nucleic acid molecules encoding an engineered antigen receptor, such as a chimeric antigen receptor or exogenous T cell receptor, and an inhibitory nucleic acid molecule, such as an RNA interference molecule.

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