Precigen (Nasdaq: PGEN) posted full-year 2025 revenue of $9.7M, a 147% year-over-year jump driven by the landmark FDA approval and first commercial sales of PAPZIMEOS. The adjusted net loss was -$0.35 per share vs. the consensus estimate of -$0.08. Stock fell 0.96% in after-hours trading before rebounding 29.68% in pre-market trading the following morning.
About Precigen
Precigen, Inc. (Nasdaq: PGEN) is a commercial-stage biopharmaceutical company headquartered in Germantown, Maryland, specializing in the development of innovative precision medicines for difficult-to-treat diseases with high unmet patient need. Founded as Intrexon Corporation and rebranded as Precigen in 2020, the company focuses on its core therapeutic areas of immuno-oncology, autoimmune disorders, and infectious diseases, using its proprietary AdenoVerse immunotherapy platform. Its lead product, PAPZIMEOS (zopapogene imadenovec-drba), received full FDA approval in August 2025, making it the first-and-only approved treatment for adults with Recurrent Respiratory Papillomatosis (RRP).
As of March 26, 2026, PGEN’s market capitalization stands at approximately $970M, with 313 million shares outstanding and a stock price of $3.10, which has returned 89% over the trailing twelve months. The company employs approximately 143 people and carries no dividend yield, as is typical for early-commercial-stage biotechs. Analyst coverage is bullish, with H.C. Wainwright maintaining a Buy rating and a price target of $9.
Top Financial Highlights
- Total revenues reached $9.68 million for full-year 2025, a 146.7% increase from $3.93 million in 2024
- Net product revenue from PAPZIMEOS was $3.4 million in Q4 2025, the first partial quarter of commercial sales after the November 2025 launch
- Collaboration and licensing revenue was $1.818 million in 2025 vs. $0 in 2024, driven by termination of an exclusive channel collaboration agreement
- Service revenues reached $3.891 million compared to $3.503 million in 2024
- Net loss attributable to common shareholders was $429.6 million, or $1.37 per basic and diluted share, compared to a net loss of $126.2 million, or $0.47 per share in 2024
- Adjusted net loss was $111.1 million, or $0.35 per share, after excluding two large non-cash items
- Total operating expenses were $120.191 million, down from $138.954 million in 2024
- R&D expenses decreased by $11.7 million (22.1%) to $41.333 million, due to strategic pipeline prioritization and the reclassification of PAPZIMEOS manufacturing costs to inventory post-approval
- Selling, General and Administrative (SG&A) expenses increased by $28.8 million (69.8%) to $70.128 million, primarily driven by PAPZIMEOS commercialization costs
- Cash, cash equivalents, and investments totaled $100.4 million as of December 31, 2025, expected to fund operations to cash flow break-even
- Q1 2026 revenue guidance is to exceed $18 million, a 429% sequential increase from Q4 2025
- Patient hub enrollment surpassed 300 patients, with payer coverage now at approximately 215 million insured lives (~90% of US insured)
- Permanent J-code J3404 assigned by CMS for PAPZIMEOS, effective April 1, 2026, streamlining insurance reimbursement
Beat or Miss?
| Metric | Reported | Estimated | Difference / Analysis |
| Full-Year Revenue | $9.68M | $8.29M | Beat by ~$1.39M (+16.8%) |
| Adjusted EPS (FY) | ($0.35) | -$0.35 (consensus) | In line with estimates |
| GAAP EPS (FY) | ($1.37) | -$0.08 (consensus) | Large miss – driven by $318.5M in non-cash items |
| Q4 2025 Revenue | $4.57M | N/A | +283.6% year-over-year growth |
| Q4 2025 EPS | ($0.01) | ($0.09) | Beat by 88.89% |
| Q1 2026 Guidance | >$18M | N/A | 429% sequential increase vs. Q4 2025 |
| Cash on Hand | $100.4M | N/A | Sufficient to reach cash flow break-even per management |
The GAAP EPS miss is largely explained by two non-cash accounting charges: a $179.0 million non-cash deemed dividend on preferred stock and a $139.5 million increase in the fair value of warrant liabilities, together totaling $318.5 million or $1.02 per share. These items do not reflect the underlying operational performance of the business.
What Leadership Is Saying?
“With the FDA approval and launch of PAPZIMEOS, 2025 marked a transformational year for Precigen as we transitioned from a clinical-stage to a commercial-stage company and recognized our first commercial product revenues toward the end of the year. We are seeing strong alignment within the physician community around PAPZIMEOS as the first-line standard of care for adults with RRP, supported by its profile as the only approved therapy for RRP, the compelling safety and efficacy data, and the encouraging durability of response observed to date.” – Helen Sabzevari, PhD, President and CEO of Precigen
“2025 was a game-changing year for Precigen with the FDA approval of PAPZIMEOS. We began preparing for the commercial launch of PAPZIMEOS well before the FDA’s approval and significantly increased our investment in commercialization efforts as 2025 progressed to support the successful launch. Our first sale of PAPZIMEOS was recorded in the fourth quarter of 2025 and we are encouraged by continued revenue momentum we’re seeing as we begin the new year. Based upon our present forecast, we expect our current cash position and anticipated cash to be received from PAPZIMEOS sales will fund operations through cash flow break-even by the end of 2026, representing a strong financial foundation as we continue to execute on our commercial and strategic objectives.” – Harry Thomasian Jr., Chief Financial Officer of Precigen
Historical Performance
Full-Year 2025 vs. Full-Year 2024
| Category | Full-Year 2025 | Full-Year 2024 | Change (%) |
| Total Revenue | $9.68M | $3.93M | 146.70% |
| Net Product Revenue | $3.975M | $0.422M | 841.50% |
| Net Loss (GAAP) | -$250.64M | -$126.24M | -98.50% |
| Net Loss Attributable to Common Shareholders | -$429.6M | -$126.2M | -240.40% |
| EPS (Basic/Diluted) | ($1.37) | ($0.47) | -191.50% |
| Total Operating Expenses | $120.2M | $139.0M | -13.50% |
| R&D Expenses | $41.3M | $53.1M | -22.10% |
| SG&A Expenses | $70.1M | $41.3M | 69.80% |
| Cash and Investments | $100.4M | ~$97.9M | 2.60% |
| EBITDA | -$107.3M | -$131M | 18.20% |
The improvement in total operating expenses reflects the company’s strategic pipeline prioritization in late 2024, including the closure of ActoBio operations and reduced CRO spend, while the SG&A surge reflects the deliberate commercial investment in the PAPZIMEOS launch. The large net loss increase is primarily non-cash in nature, driven by a $179M deemed dividend on preferred stock (which was fully converted to common shares by September 2025) and a $139.5M increase in warrant liability fair value.
Competitor Comparison
The following table compares Precigen against relevant commercial-stage and clinical-stage gene therapy peers.
| Company | Ticker | FY 2025 Revenue | FY 2024 Revenue | Change (%) | Net Loss 2025 | Notes |
| Precigen | PGEN | $9.68M | $3.93M | 146.70% | -$250.6M | First commercial PAPZIMEOS sales in Q4 2025 |
| bluebird bio | BLUE | ~$130M (est. TTM) | $83.8M | ~+55% | -$240.7M (2024) | Gene therapy commercial stage; merger activity in 2025 |
| Ultragenyx | RARE | $672-674M | ~$560M | ~+20% | N/A | Rare disease commercial stage; Crysvita revenue $480-482M |
| Arcturus Therapeutics | ARCT | $82.0M | $152.3M | -46.20% | -$36.7M (9M 2025) | mRNA medicines; revenue decline from CSL collaboration |
Precigen is at a much earlier commercial stage compared to Ultragenyx and bluebird bio, but its 147% revenue growth rate significantly outpaces all peers listed above. The company’s main product, PAPZIMEOS, targets a niche rare disease (RRP) with a wholesale acquisition cost of approximately $460,000 per patient, making revenue ramp dynamics highly patient-count-driven. Ultragenyx, the closest rare-disease commercial analog, demonstrates the long-term revenue scale achievable in this segment.
How the Market Reacted?
Precigen’s stock closed at $3.10 on March 25, 2026, declining 0.96% in after-hours trading following the earnings release. The muted initial reaction reflected cautious sentiment around the wide GAAP EPS miss, even though adjusted results were largely in line with expectations.
However, the bullish Q1 2026 revenue guidance of more than $18 million sparked a sharp reversal, with the stock surging 29.68% in pre-market trading on March 26, 2026, moving to $4.02. Analysts at H.C. Wainwright, who maintain a Buy rating and a $9 price target, have characterized the PAPZIMEOS commercial launch as generating a “robust” pipeline of patients, suggesting meaningful upside from current levels.
The broader sentiment around the report is bullish, underpinned by strong Q1 momentum, expanding payer coverage reaching approximately 90% of US insured lives, and the upcoming permanent J-code taking effect April 1, 2026.
