$DTIL
PRECISION BIOSCIENCES INC

2024 Q2 Form 10-Q Financial Statement

#000095017024058192 Filed on May 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $49.90M $17.58M
YoY Change 152.15% 100.27%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.527M $8.428M
YoY Change -13.26% -23.98%
% of Gross Profit
Research & Development $17.23M $13.34M
YoY Change -21.51% -39.78%
% of Gross Profit
Depreciation & Amortization $1.092M $1.143M
YoY Change -44.43% -41.47%
% of Gross Profit
Operating Expenses $25.75M $21.77M
YoY Change -18.96% -34.51%
Operating Profit $24.15M -$4.187M
YoY Change -301.43% -82.89%
Interest Expense $560.0K $574.0K
YoY Change 2233.33% 9.96%
% of Operating Profit 2.32%
Other Income/Expense, Net $8.603M $12.78M
YoY Change 8861.46% -2243.46%
Pretax Income $32.75M $8.588M
YoY Change -375.41% -134.27%
Income Tax
% Of Pretax Income
Net Earnings $32.75M $8.588M
YoY Change -375.41% -134.27%
Net Earnings / Revenue 65.63% 48.84%
Basic Earnings Per Share $4.70 $1.70
Diluted Earnings Per Share $4.67 $1.70
COMMON SHARES
Basic Shares Outstanding 6.926M 6.916M
Diluted Shares Outstanding 7.012M 5.063M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $123.6M $137.8M
YoY Change -10.32% -12.88%
Cash & Equivalents $123.6M $137.8M
Short-Term Investments
Other Short-Term Assets $790.0K $128.0K
YoY Change 57.06% -92.76%
Inventory
Prepaid Expenses $5.668M $9.254M
Receivables $207.0K $390.0K
Other Receivables $12.25M $11.55M
Total Short-Term Assets $144.0M $160.8M
YoY Change 4.53% -4.85%
LONG-TERM ASSETS
Property, Plant & Equipment $4.227M $5.286M
YoY Change -76.84% -71.57%
Goodwill
YoY Change
Intangibles $375.0K $386.0K
YoY Change -75.84% -74.69%
Long-Term Investments $3.206M $3.206M
YoY Change 77.42% 285.8%
Other Assets $234.0K $238.0K
YoY Change -99.47% -91.36%
Total Long-Term Assets $21.77M $23.91M
YoY Change -50.42% -32.61%
TOTAL ASSETS
Total Short-Term Assets $144.0M $160.8M
Total Long-Term Assets $21.77M $23.91M
Total Assets $165.8M $184.7M
YoY Change -8.75% -9.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.144M $1.136M
YoY Change 46.48% 62.05%
Accrued Expenses $5.573M $3.058M
YoY Change -32.69% -52.79%
Deferred Revenue $526.0K $2.406M
YoY Change -97.79% -93.71%
Short-Term Debt $22.49M $22.46M
YoY Change 0.79%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $32.96M $33.34M
YoY Change -41.56% -28.85%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $58.13M $114.2M
YoY Change -60.63% 57285.43%
Total Long-Term Liabilities $58.13M $114.2M
YoY Change -60.63% 57285.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $32.96M $33.34M
Total Long-Term Liabilities $58.13M $114.2M
Total Liabilities $91.09M $147.5M
YoY Change -38.31% -10.22%
SHAREHOLDERS EQUITY
Retained Earnings -$448.3M -$481.0M
YoY Change -3.65% 6.1%
Common Stock $524.0M $519.2M
YoY Change 4.74% 4.99%
Preferred Stock
YoY Change
Treasury Stock (at cost) $952.0K $952.0K
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $74.71M $37.21M
YoY Change
Total Liabilities & Shareholders Equity $165.8M $184.7M
YoY Change -8.75% -9.66%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $32.75M $8.588M
YoY Change -375.41% -134.27%
Depreciation, Depletion And Amortization $1.092M $1.143M
YoY Change -44.43% -41.47%
Cash From Operating Activities -$14.87M -$18.98M
YoY Change -29.64% -39.67%
INVESTING ACTIVITIES
Capital Expenditures $28.00K $86.00K
YoY Change -97.51% -88.07%
Acquisitions
YoY Change
Other Investing Activities $0.00 $60.00K
YoY Change -100.0%
Cash From Investing Activities -$28.00K -$26.00K
YoY Change -97.35% -96.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 702.0K 40.10M
YoY Change -62.1% 5310.93%
NET CHANGE
Cash From Operating Activities -14.87M -18.98M
Cash From Investing Activities -28.00K -26.00K
Cash From Financing Activities 702.0K 40.10M
Net Change In Cash -14.20M 21.09M
YoY Change -30.2% -167.07%
FREE CASH FLOW
Cash From Operating Activities -$14.87M -$18.98M
Capital Expenditures $28.00K $86.00K
Free Cash Flow -$14.90M -$19.07M
YoY Change -33.08% -40.76%

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<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:12pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Description of Business</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Precision BioSciences, Inc. (the “Company”) was incorporated on </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">January 26, 2006</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> under the laws of the State of Delaware and is based in Durham, North Carolina. The Company is a gene editing company dedicated to improving life by developing </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">in vivo </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">therapies for genetic and infectious diseases with the application of the Company’s wholly-owned proprietary ARCUS genome editing platform.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Since its inception, the Company has devoted substantially all of its efforts to research and development activities, recruiting skilled personnel, establishing its intellectual property portfolio and providing general and administrative support for these operations. The Company is subject to a number of risks similar to those of other companies conducting early-stage research and development of product candidates. Principal among these risks are dependence on key individuals and intellectual property, competition from other products and companies, and the technical risks associated with the successful research, development and clinical manufacturing of its product candidates. The Company’s success is dependent upon its ability to continue to raise additional capital in order to fund ongoing research and development, obtain regulatory approval of its products, successfully commercialize its products, generate revenue, meet its obligations, and, ultimately, attain profitable operations.</span></p>
CY2024Q1 dei Entity Incorporation Date Of Incorporation
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2006-01-26
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CY2024Q1 dtil Warrant Description
WarrantDescription
The warrants issued in the March 2024 Public Offering are classified as a liability in accordance with ASC 815, since these warrants met the definition of a derivative instrument and did not qualify for equity classification. These warrant agreements include a fundamental transaction clause whereby, in the event that another person or entity becomes the beneficial owner of 50% of the outstanding shares of the Company's common stock, and if other conditions are met, the Company may be required to purchase the warrants from the holders by paying cash in an amount equal to the Black-Scholes value of the remaining unexercised portion of the warrants on the date of such fundamental transaction. This liability is subject to remeasurement at each balance sheet date until the warrants are exercised or expire, and any change in fair value is recognized in the Company’s condensed consolidated statements of operations.
CY2024Q1 us-gaap Warrants And Rights Outstanding
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22020000

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