Precision BioSciences, Inc. reported its second-quarter financial results for the period ended June 30, 2025, on August 7, 2025. GAAP revenue dropped to $18 thousand, significantly below the prior year's $49.9 million, primarily due to the wind-down of past collaboration revenue, particularly the full recognition of deferred revenue from the Prevail Therapeutics agreement in Q2 2024.
As of June 30, 2025, the company held $84.8 million in cash, cash equivalents, and restricted cash. Management announced an operating efficiency program in July 2025, including reductions in early research, manufacturing, and general & administrative expenses, aimed at reducing annual cash operating expenses by approximately $25 million in 2026 and 2027.
This cost reduction strategy is expected to extend the company's cash runway into the second half of 2027, providing sufficient capital to fund operations through key milestones, including the commencement of a Phase 2 study for PBGENE-HBV and a potential pivotal trial for PBGENE-DMD.
On the clinical front, the Phase 1 ELIMINATE-B trial for PBGENE-HBV demonstrated substantial antiviral activity in all Cohort 1 patients, with best responses achieving a 47-69% reduction in HBsAg, and durable HBsAg reduction in one patient seven months after initial dosing. Initial safety data for Cohort 2 was also favorable, leading to the Data Monitoring Committee's endorsement for Cohort 3 initiation.
The PBGENE-DMD program for Duchenne muscular dystrophy received both Rare Pediatric Disease and Orphan Drug designations from the U.S. FDA in June and July 2025, respectively. New preclinical data in July 2025 showed up to a three-fold increase in dystrophin-positive muscle cells and up to 85% positive cells in targeted leg muscles, further supporting its advancement towards an IND/CTA filing by the end of 2025.
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