Precigen, Inc. (PGEN)

Price$7.11Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe stock requires sustained drug growth and eventual profits, so it is not a traditional bargain.

Using the latest reported close, market value is about $2.5 billion based on 358.0 million shares. That is roughly 11 times second-quarter revenue projected for a full year (four times the $55.0 million quarter), or about 12 times after adding $93.9 million of debt and subtracting $38.7 million of cash and investments. The comparison works only if PAPZIMEOS sales stay near that pace: FY 2025 revenue was $9.7 million and operating cash flow was negative $87.8 million. One strong quarter supports a Fair-priced verdict, not a bargain verdict.

Big pictureRecent sales growth changes the story, but one profitable quarter cannot yet prove durable earnings.

Precigen moved from a development company toward a commercial business: revenue rose from $3.9 million in 2024 to $9.7 million in 2025, then reached $55.0 million in Q2 2026. Operating income was $22.6 million and net income $20.1 million, versus a $31.8 million operating loss and $26.6 million net loss a year earlier. However, 2025 still showed a $110.5 million operating loss and $250.6 million net loss. The evidence shows a promising inflection point, not a proven full-cycle earnings record.

Business strengthPAPZIMEOS is gaining early sales, shows lasting study responses, and has protection from direct competition.

PAPZIMEOS is the first and only U.S. Food and Drug Administration (FDA)-approved adult therapy for recurrent respiratory papillomatosis (RRP), giving Precigen a rare single-product foothold. Net product revenue reached $53.1 million in Q2, while more than 500 patients enrolled in the company’s patient hub. The pivotal study found complete responses in 18 of 35 patients; 15 remained complete responders for at least 36 months, including five beyond four years. Seven-year U.S. exclusivity through August 2032 and a permanent reimbursement code support access, though they do not guarantee repeat demand.

What could change the storyThe investment case improves with cash break-even, but debt, new shares, and uneven demand leave little room for setbacks.

Funding has relied on debt and equity, limiting downside protection. At June 30, liquid assets were $38.7 million against $93.9 million of long-term debt, while six-month operating cash flow was negative $61.6 million. The cash drain mainly reflected $71.9 million of receivables and $20.2 million of launch inventory; customers generally pay after 127 days. Rare-disease treatment timing can make quarterly demand lumpy. Shares rose from 292.9 million at 2024 year-end to 358.0 million at June 2026, and 43.5 million warrants were included in diluted earnings. Cash break-even by year-end 2026 would strengthen the bull case; weaker sales or slow collections could force more borrowing or share issuance.

AI: News

Quarterly Sales SurgeSecond-quarter drug sales more than doubled, producing the company’s first profitable quarter and lifting expectations for cash break-even.

On August 4, Precigen reported $53.1 million of PAPZIMEOS net revenue, more than double the first quarter’s roughly $23.2 million product revenue. Total revenue was $55.0 million, operating income $22.6 million, and net income $20.1 million. Management said cash, investments, and product proceeds are expected to support cash-flow break-even by year-end 2026. The filing still showed negative six-month operating cash flow, so the commercial signal is strong but not yet self-funding.

Market Protection GrantedSeven years of U.S. market protection gives PAPZIMEOS time to build sales before a similar approved treatment can compete.

On May 27, the U.S. Food and Drug Administration granted seven-year orphan-drug exclusivity through August 14, 2032. In practical terms, this limits approval of a competing product for the same rare-disease use during that period, supporting pricing power and the time available to recover launch costs. It does not guarantee patient uptake, reimbursement, manufacturing capacity, or success in Europe. The protection strengthens the bull case by lowering one competitive risk, but it cannot replace sustained prescription and collection growth.

Durability Data UpdatedLong-term follow-up strengthened confidence that early treatment responses may last, supporting adoption and reducing reliance on repeat procedures.

At the American Society of Clinical Oncology (ASCO) meeting on May 30, Precigen reported that 15 of 18 complete responders maintained complete responses without additional RRP treatment for at least 36 months, and five remained so beyond four years; no new safety events were observed. Lasting benefit can make a one-time treatment more attractive than repeated procedures. The evidence comes from a small pivotal study of 35 patients, so durability and commercial demand remain subject to broader real-world confirmation.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
Revenue	$9.7M	$3.9M	$6.2M	$26.9M	$14.3M	$32.0M	$90.7M	$151.2M	$219.5M	$190.9M	$173.6M	$71.9M	$23.8M	$13.8M	$8.0M
Gross profit	$4.9M	−$342,000	$106,000	$20.6M	—	—	—	—	$186.2M	$153.2M	$132.9M	$60.9M	$23.7M	$13.8M	—
Gross margin	50.20%	−8.71%	1.70%	76.44%	—	—	—	—	84.84%	80.25%	76.53%	84.66%	99.91%	100.00%	—
Research & development	$41.3M	$53.1M	$48.6M	$47.2M	—	—	—	$404.6M	$143.2M	$112.1M	$147.5M	$59.0M	$48.1M	$64.0M	$70.2M
Operating expenses	$120.2M	$139.0M	$106.0M	$95.2M	—	—	—	$666.2M	$368.9M	$316.1M	$320.5M	$141.9M	$81.8M	$88.9M	$90.4M
Operating income	−$110.5M	−$135.0M	−$99.8M	−$74.6M	—	—	—	−$505.6M	−$137.9M	−$125.2M	−$146.9M	−$70.0M	−$58.0M	−$75.2M	−$82.4M
Operating margin	−1,141.13%	−3,440.23%	−1,602.54%	−277.25%	—	—	—	−334.45%	−62.83%	−65.56%	−84.60%	−97.26%	−244.20%	−545.64%	−1,028.67%
EBITDA	−$107.3M	−$130.5M	−$93.1M	−$62.4M	—	—	—	−$472.5M	−$106.7M	−$100.6M	−$129.1M	−$59.5M	−$50.8M	−$67.2M	−$78.1M
EBITDA margin	−1,108.10%	−3,324.92%	−1,495.42%	−231.99%	—	—	—	−312.54%	−48.64%	−52.69%	−74.38%	−82.78%	−213.88%	−487.68%	−974.53%
Net income	−$250.6M	−$126.2M	−$95.9M	$28.3M	−$92.2M	−$170.5M	−$322.3M	−$509.3M	−$117.0M	−$186.6M	−$84.5M	−$81.8M	−$39.0M	−$81.9M	−$85.3M
Net profit margin	−2,588.21%	−3,216.18%	−1,540.63%	105.23%	−646.01%	−533.01%	−355.29%	−336.91%	−53.32%	−97.74%	−48.67%	−113.75%	−164.06%	−594.41%	−1,064.27%
Basic EPSper basic share	-$1.37	-$0.47	-$0.39	$0.14	-$0.47	-$1.02	-$2.09	-$3.93	-$0.98	-$1.58	-$0.76	-$0.83	-$1.40	-$18.77	-$18.92
Diluted EPSper diluted share	-$1.37	-$0.47	-$0.39	$0.14	-$0.47	-$1.02	-$2.09	-$3.93	-$0.98	-$1.58	-$0.76	-$0.83	-$1.40	-$18.77	-$18.92

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈32.49%of listed shares

KIRK RANDAL J116.3M shares · Mar 30, 2026

View holders

Top 20 reported holders of PGEN
Holder	% owned
KIRK RANDAL J	≈32.49%116.3M shares
Patient Capital Management, LLC	5.32%19.04M shares
BlackRock, Inc.	4.79%17.15M shares
STATE STREET CORP	3.35%12M shares
Diametric Capital, LP	2.59%9.27M shares
VANGUARD CAPITAL MANAGEMENT LLC	2.21%7.91M shares
TANG CAPITAL MANAGEMENT LLC	1.79%6.42M shares
Boxer Capital Management, LLC	1.44%5.15M shares
GEODE CAPITAL MANAGEMENT, LLC	1.40%5.02M shares
IRIDIAN ASSET MANAGEMENT LLC/CT	1.13%4.03M shares
Sabzevari Helen	≈1.05%3.77M shares
Occam Crest Management LP	1.01%3.61M shares
MORGAN STANLEY	0.97%3.47M shares
GOLDMAN SACHS GROUP INC	0.95%3.41M shares
FMR LLC	0.72%2.57M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	0.62%2.21M shares
FIRST TRUST ADVISORS LP	0.56%2.01M shares
BANK OF AMERICA CORP /DE/	0.52%1.85M shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	0.50%1.79M shares
NORTHERN TRUST CORP	0.50%1.78M shares

Percentages use 358.01M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys11$20.29M disclosed value

Sells (SEC code S)36$63.42M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 28, 2026Form 4	Thomasian Harry Jr.Chief Financial Officer	SellCommon Stock	41.9K	$4.36	$182.6K	554.5K
May 28, 2026Form 4	Tennant PhilChief Commercial Officer	SellCommon Stock	30.3K	$4.36	$132.0K	139.4K
May 28, 2026Form 4	Shah Rutul RChief Operating Officer	SellCommon Stock	42.7K	$4.36	$186.2K	497.8K
May 28, 2026Form 4	Lehr Donald P.Chief Legal Officer	SellCommon Stock	29.1K	$4.36	$127.0K	755.5K
May 28, 2026Form 4	Sabzevari HelenPresident and CEO	SellCommon Stock	119.3K	$4.36	$519.9K	3.77M

Review ownership filings at SEC.gov ↗

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Precigen, Inc. (PGEN)

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