Q2 2024 Precigen Inc Earnings Call Transcript
Key Points
- PRGN-2012 has shown promising results with 51% of patients achieving complete response and 86% reducing the number of surgeries.
- The FDA has granted PRGN-2012 breakthrough designation and orphan drug designation, expediting its approval process.
- Precigen Inc (PGEN) has initiated the confirmatory trial for PRGN-2012 and has already started enrollment.
- The company has a commercial facility operational and is preparing for a potential launch of PRGN-2012 in 2025.
- Precigen Inc (PGEN) successfully raised $31.4 million through an equity issuance, providing a financial runway into early 2025.
- Precigen Inc (PGEN) reported a significant net loss of $58.8 million for Q2 2024, compared to $20.3 million in Q2 2023.
- The company had to implement a reduction of over 20% of its workforce as part of strategic prioritization.
- Clinical trials for PRGN-3005 in ovarian cancer and PRGN-3007 ROR1 CAR have been paused to minimize spending.
- The company is shutting down its Belgium-based subsidiary, ActoBio, as part of cost-saving measures.
- Despite the promising data, there is still uncertainty regarding the FDA's final approval and potential outcome meetings.
Good evening and welcome to the Precigen second-quarter and first half 2024 financial results call. (Operator Instructions) Please note, this event is being recorded.
I would now like to turn the conference over to Steve Harasym, Vice President of Investor Relations. Please go ahead.
Thank you, Jenny, and thank you for everyone joining us this afternoon. With me today are Dr. Helen Sabzevari, President and CEO of Precigen; Harry Thomasian, our CFO; Phil Tennant, our Chief Commercial Officer; and our Chief Operating Officer, Rutul Shah.
Before we begin, let me briefly review our forward-looking statements. During today's call, we will make various forward-looking statements. Investors are cautioned that our forward-looking statements are based on current expectations and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those indicated by forward-looking statements.
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