Precision BioSciences (NASDAQ: DTIL) is a clinical-stage gene editing company that develops in vivo therapeutic product candidates using its proprietary ARCUS nuclease platform. Revenue is generated primarily through collaborative research, license, development, and commercialization agreements, including milestone payments and royalties from partners who use ARCUS technology. The company does not have approved products and has not generated product revenue as of the fiscal year ended December 31, 2025. Active clinical programs include PBGENE-DMD (Duchenne muscular dystrophy), PBGENE-HBV (hepatitis B virus), and PBGENE-3243 (mitochondrial disease). Total research and development expenses were $54.2 million in FY2025, down from $59.6 million in FY2024. The company holds a license from Duke University covering certain meganuclease patents. It also has a development and license agreement with iECURE, under which it is eligible for milestone payments and mid-single digit to low-double digit royalties on iECURE product sales. The company operates without product revenue and funds operations through equity and debt issuances.

Revenue model

Collaborative research, license, development, and commercialization agreements generating milestone payments and royalties. No approved product revenue as of FY2025. Eligible for mid-single digit to low-double digit royalties on iECURE product sales under the 2021 iECURE development and license agreement.

Products and services

ARCUS nuclease gene editing platform. Clinical-stage product candidates: PBGENE-DMD (Duchenne muscular dystrophy, $15.3M direct external costs in FY2025), PBGENE-HBV (hepatitis B virus, $7.2M direct external costs in FY2025), PBGENE-3243 (mitochondrial disease, $3.1M direct external costs in FY2025). Duke University exclusive license covering meganuclease patents.

Customers and end markets

Pharmaceutical and biotech partners using ARCUS technology under collaboration and license agreements, including iECURE. End markets include rare genetic diseases, infectious disease (hepatitis B), and mitochondrial disorders. No commercial product customers as of FY2025.

Value-chain role

Drug discovery and development platform company. Conducts preclinical and clinical research internally and through contract manufacturing organizations and outsourced research partners. Licenses technology to third-party developers. Relies on CMOs for manufacturing and third parties for clinical trial execution.

Geographic exposure

Incorporated and headquartered in the United States. Duke University license covers worldwide rights. Clinical and collaboration activities subject to U.S. and foreign regulatory requirements. No specific international revenue breakdown disclosed in the filing excerpts.

Source: SEC 10-K, filed 2026-03-12

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