Precision BioSciences, Inc.

What they do

Precision BioSciences develops in vivo gene editing therapies based on its proprietary ARCUS platform, a single-component endonuclease that does not require guide RNA and can be delivered via lipid nanoparticles or AAV. ARCUS is designed for gene insertion, elimination, and excision, and has shown editing across liver, muscle, central nervous system, hematopoietic stem cells, and eye tissue. The company is advancing two wholly owned clinical-stage programs: PBGENE-HBV in the Phase 1 ELIMINATE-B trial for chronic hepatitis B, and PBGENE-DMD in the Phase 1/2 FUNCTION-DMD trial for Duchenne muscular dystrophy. It has no approved products and has never generated revenue from product sales.

Revenue drivers

• Collaboration and licensing agreements — Historically the primary source of revenue, including upfront and milestone payments from partners; annual revenue has been volatile, falling from $115.5M in 2021 to $34.3M in 2025.
• PBGENE-HBV (hepatitis B) — Wholly owned clinical-stage program in the Phase 1 ELIMINATE-B trial; no product revenue, with next clinical update targeted for year-end 2026.
• PBGENE-DMD (Duchenne muscular dystrophy) — Wholly owned program in the Phase 1/2 FUNCTION-DMD trial, with multiple clinical sites now recruiting and a clinical update targeted for year-end 2026.
• Interest income on cash — Interest income was $1.9M for the six months ended June 30, 2026, versus $2.4M in the prior-year period, on a cash balance of $112.4M.

Recent performance

Second quarter 2026 revenue was $0.00, following $10.8M in the first quarter of 2026 and $34.2M in the fourth quarter of 2025. Net loss was $51.1 million for the six months ended June 30, 2026, compared with a full-year 2025 net loss of $45.7 million. Full-year revenue declined to $34.3M in 2025 from $68.7M in 2024. At the May 2026 EASL Congress, the company reported liver biopsy data showing a 1-log reduction in cccDNA-derived transcripts with less than 1% of cccDNA remaining in one patient after two administrations, and durable pgRNA loss in 100% of evaluable patients. No dose-limiting toxicities were observed in 16 patients across five cohorts.

Strategy

Precision is prioritizing its two wholly owned in vivo gene editing programs, PBGENE-HBV and PBGENE-DMD, and expects its $112.4 million cash balance to fund data milestones from both through 2028. For PBGENE-HBV, the company is opening new trial sites, enrolling additional patients, and expanding cohorts after the EASL data. For PBGENE-DMD, multiple clinical trial sites are now actively recruiting in the Phase 1/2 FUNCTION-DMD study. The company has historically funded operations through collaboration and licensing payments, equity and convertible financings, ATM offerings, and credit facility borrowings. Management has targeted year-end 2026 clinical updates from both programs.

Risks

• No product revenue and recurring losses — The company has never generated revenue from product sales and reported a net loss of $51.1 million for the six months ended June 30, 2026, with an accumulated deficit of $528.2 million as of December 31, 2025.
• Need for additional capital — Management states the company will need substantial additional funding to advance its programs, and the 10-K risk factors cite limited ability to procure sufficient funding and restrictions under current debt instruments.
• Dependence on the ARCUS platform — The 10-K identifies dependence on ARCUS technology and the risk that other genome-editing technologies such as CRISPR-based editors may provide significant advantages.
• Early-stage clinical and regulatory uncertainty — Both PBGENE-HBV and PBGENE-DMD remain in Phase 1 or Phase 1/2 testing, and the 10-K notes that early clinical results may not be predictive of later studies and that product candidates may not work as intended.

Outlook

Management said the second quarter was a defining moment for the company and the hepatitis B field, citing the first clinical biopsy evidence of direct cccDNA elimination. Next clinical updates from both PBGENE-HBV and PBGENE-DMD are targeted for year-end 2026. The company states its cash balance of $112.4 million as of June 30, 2026 is expected to enable data milestones from both programs through 2028.