Precision BioSciences, Inc. reported its third-quarter financial results for the period ended September 30, 2024, on November 4, 2024. The company announced a net loss of $16.4 million, or $(2.25) per share, compared to a net loss of $8.1 million, or $(2.10) per share, for the same period in 2023.
Total revenues for the quarter decreased significantly to $0.6 million from $13.1 million in Q3 2023, primarily due to reduced revenue from the Novartis Agreement as preclinical work nears completion and the conclusion of the Prevail Agreement collaboration in April 2024. Research and development expenses decreased to $13.1 million from $15.9 million, mainly due to lower PBGENE-HBV external development costs, partially offset by increased PBGENE-3243 program costs.
As of September 30, 2024, Precision BioSciences held $121.3 million in cash, cash equivalents, and restricted cash. Management projects this capital, along with expected operational receipts and ATM facility availability, will fund operations into the second half of 2026, sufficient to achieve Phase 1 clinical data for multiple in vivo gene editing programs.
Operationally, the company received Clinical Trial Application (CTA) approval for PBGENE-HBV in Moldova in October 2024, initiating its first-in-human trials for chronic hepatitis B. Precision also strengthened its senior leadership team in September 2024 with key clinical talent to support the PBGENE-HBV trial.
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