Precigen (PGEN) stock price is $6.91, up 3.75% on the day, as of Oct 20, 2026. It has a market cap of $2.46Bn, and is classified in the Gene and Cell Therapy industry (Healthcare sector).
Enterprise Value
Margins
P/FCF
Key Stats
Market Cap2.46 Bn
P/E-7.31
P/S28.71
Div. Yield0.00
Total Debt (Qtr)93.88 Mn
Revenue Growth (1y) (Qtr)6,322.66
Add ratio to table…
About
Precigen is a commercial stage biopharmaceutical company focused on developing precision medicines for immuno oncology autoimmune disorders and infectious diseases. The company uses its proprietary AdenoVerse and Ultra CAR T platforms to construct gene programs that drive efficacy lower costs and improve safety. Its lead product Papzimeos received full FDA approval in August 2025 for the treatment of adults with recurrent respiratory papillomatosis. Precigen also advances a…
Precigen is a commercial stage biopharmaceutical company focused on developing precision medicines for immuno oncology autoimmune disorders and infectious diseases. The company uses its proprietary AdenoVerse and Ultra CAR T platforms to construct gene programs that drive efficacy lower costs and improve safety. Its lead product Papzimeos received full FDA approval in August 2025 for the treatment of adults with recurrent respiratory papillomatosis. Precigen also advances a pipeline of investigational therapies including PRGN 2009 PRGN 3005 PRGN 3006 and PRGN 3007 targeting HPV associated cancers acute myeloid leukemia ovarian cancer and solid tumors. The firm operates a cGMP manufacturing facility in Germantown Maryland to support clinical and commercial supply.
Precigen generates revenue primarily from product sales of Papzimeos in the United States. The company also earns collaboration revenue from agreements with partners such as the National Cancer Institute for co development of PRGN 2009. Licensing of its technology platforms and manufacturing services provide additional income streams. Service revenue is derived from its Exemplar subsidiary which supplies porcine research models to academic and industry customers. The firm may receive milestone payments and royalties as its pipeline candidates advance through clinical development and achieve regulatory approval.
The company operates through the following segments: Healthcare and Exemplar.
The Healthcare segment includes the core biopharmaceutical business that discovers develops and commercializes precision medicine therapies. It encompasses the AdenoVerse and Ultra CAR T platforms the commercial product Papzimeos and the clinical pipeline programs PRGN 2009 PRGN 3005 PRGN 3006 and PRGN 3007. The segment conducts research preclinical testing clinical trials and regulatory activities. It also manages the cGMP manufacturing facility in Germantown Maryland that produces drug substance for AdenoVerse based therapies and supports Ultra CAR T production.
The Exemplar segment focuses on providing genetically engineered Yucatan miniature pig models and related services for disease research. It designs breeds and maintains MiniSwine that mimic human disease states to aid in the evaluation of new medications devices and therapeutics. The segment operates production lab and office facilities in Sioux County and Johnson County Iowa. As of December 31 2025 Exemplar employed twenty people and supported clients in academia and industry seeking reliable animal models for drug discovery.
Precigen occupies a niche in the biotechnology sector by integrating synthetic biology platforms with clinical development to address unmet medical needs in immuno oncology autoimmune disorders and infectious diseases. Its AdenoVerse platform differentiates through the use of gorilla adenovectors which offer large payload capacity low seroprevalence and the ability for repeat administration. The Ultra CAR T platform provides a non viral rapid decentralized manufacturing process that reduces production time and cost compared with traditional CAR T approaches. Competitors in the immuno oncology space include INOVIO Pharmaceuticals BioNTech SE PDS Biotechnology NeoTrail Therapeutics Nykode Therapeutics and ViciniVax B V. In the CAR T arena rivals comprise Kite a Gilead company Novartis Bristol Myers Squibb Janssen Legend Biotech Roche Poseida Therapeutics and various academic groups. Precigen s competitive advantages stem from its proprietary vector technology its internal manufacturing capabilities and its focus on go no go decision making to allocate resources efficiently.
Precigen serves patients with recurrent respiratory papillomatosis who are treated with Papzimeos in outpatient clinics and hospitals. The company also treats patients with HPV associated cancers acute myeloid leukemia ovarian cancer and solid tumors through clinical trial sites and future commercial oncology centers. Its collaborators include the National Cancer Institute Eversana for commercialization services and various academic institutions that license its technology platforms. The Exemplar segment supplies research models to pharmaceutical companies biotechnology firms and university laboratories engaged in drug discovery and preclinical studies. Payors such as Medicare Medicaid and private health insurers provide coverage and reimbursement for approved therapies.
Sector:HealthcareSector rationaleThe company's primary business is a commercial-stage biopharmaceutical operation developing precision medicines like Papzimeos and various CAR T therapies for oncology and infectious diseases. The Exemplar segment, which provides genetically engineered porcine research models for drug discovery, also falls under the Healthcare sector as it provides life sciences tools and services for medical research.Industries:Gene and Cell TherapyGene and Cell TherapyPrimaryPrecigen's core business is the development and commercialization of gene and cell therapies, utilizing its proprietary AdenoVerse and Ultra CAR T platforms. Its lead approved product, Papzimeos, and its pipeline targeting cancers (PRGN 2009, 3005, 3006, 3007) are based on genetic and cellular modification.Life Sciences ToolsLife Sciences ToolsSecondaryThrough its Exemplar subsidiary, the company sells genetically engineered porcine research models to academic and industry customers for use in drug discovery and preclinical studies.Classified using BQ-MICSCIK: 0001356090
Bull & bear
Investment Thesis
▲ Bull case
Precigen's Papzimias launch demonstrates exceptional commercial momentum with Q1 2026 revenue of $21.6 million, representing a 535% increase from Q4 2025's $3.4 million, driven by broad payer coverage exceeding 90% of insured U.S. lives (297 million) and the permanent J-code implementation on April 1, 2026, which streamlines reimbursement and accelerates adoption across both major medical centers and community practices, evidenced by 25% of the 400 patient hub registrations originating from community settings, indicating penetration beyond traditional academic centers and signaling sustainable demand growth as the therapy becomes integrated into routine clinical workflows. The absence of prior surgery requirements in the FDA label removes a significant barrier to treatment initiation, enabling dosing across all disease severities and supporting rapid market expansion, while the ongoing pediatric trial initiation in Q4 2026 and EMA review for European marketing authorization represent clear near-term catalysts for geographic and demographic expansion that management did not heavily emphasize during the earnings call despite their potential to significantly increase the addressable patient population beyond the current U.S. adult focus.
The durability data presented at ASCO 2026 reveals 83% of complete responders maintain ongoing response with 5 patients surgery-free beyond 4 years, providing compelling evidence of long-term efficacy that directly addresses the historical burden of repeated surgeries in RRP management and supports potential label expansions or premium pricing strategies; this durability advantage, combined with the therapy's mechanism targeting the root cause (HPV 6/11) rather than symptoms, creates a defensible competitive moat against surgical alternatives and positions Papzimias as a transformative standard of care, a narrative reinforced by the expert position paper in The Laryngoscope recommending it as first-line therapy, which management referenced but did not fully leverage to convey the paradigm shift in treatment philosophy that could drive accelerated adoption beyond current uptake rates.
Precigen's financial trajectory shows a clear path to cash flow breakeven by end-2026, with $56.7 million in cash, cash equivalents, and investments as of March 31, 2026, and $25.7 million in anticipated Papzimias receivables not yet collected due to payment terms, while CFO Harry Thomasian Jr. explicitly noted that Q1 operating cash used of $43.8 million included $13 million in nonrecurring outflows, indicating that normalized quarterly cash burn is significantly lower and declining, a detail that was understated in the presentation but critical for investors assessing near-term funding needs, especially as revenue growth continues to accelerate and SG&A expenses, while up $8.7 million year-over-year due to commercialization, are expected to scale efficiently with increasing revenue leverage as the commercial infrastructure matures.
The PRGN-2009 program in HPV-associated cancers (head and neck, cervical) leverages the same AdenoVerse platform as Papzimias and is advancing in multiple Phase 2 trials with pembrolizumab, with data updates planned later in 2026; this represents a hidden catalyst as the platform's validation in oncology could unlock substantial future value beyond the rare disease RRP market, yet management focused primarily on Papzimias during the call and did not highlight the synergistic potential of cross-platform learnings or the opportunity to de-risk the oncology pipeline through shared manufacturing, regulatory, and clinical expertise, creating optionality that the market may be underpricing given the platform's broader applicability to HPV-driven indications representing nearly 5% of global cancer cases.
Precigen's Papzimias launch demonstrates exceptional commercial momentum with Q1 2026 revenue of $21.6 million, representing a 535% increase from Q4 2025's $3.4 million, driven by broad payer coverage exceeding 90% of insured U.S. lives (297 million) and the permanent J-code implementation on April 1, 2026, which streamlines reimbursement and accelerates adoption across both major medical centers and community practices, evidenced by 25% of the 400 patient hub registrations originating from community settings, indicating penetration beyond traditional academic centers and signaling sustainable demand growth as the therapy becomes integrated into routine clinical workflows. The absence of prior surgery requirements in the FDA label removes a significant barrier to treatment initiation, enabling dosing across all disease severities and supporting rapid market expansion, while the ongoing pediatric trial initiation in Q4 2026 and EMA review for European marketing authorization represent clear near-term catalysts for geographic and demographic expansion that management did not heavily emphasize during the earnings call despite their potential to significantly increase the addressable patient population beyond the current U.S. adult focus.
The durability data presented at ASCO 2026 reveals 83% of complete responders maintain ongoing response with 5 patients surgery-free beyond 4 years, providing compelling evidence of long-term efficacy that directly addresses the historical burden of repeated surgeries in RRP management and supports potential label expansions or premium pricing strategies; this durability advantage, combined with the therapy's mechanism targeting the root cause (HPV 6/11) rather than symptoms, creates a defensible competitive moat against surgical alternatives and positions Papzimias as a transformative standard of care, a narrative reinforced by the expert position paper in The Laryngoscope recommending it as first-line therapy, which management referenced but did not fully leverage to convey the paradigm shift in treatment philosophy that could drive accelerated adoption beyond current uptake rates.
Precigen's financial trajectory shows a clear path to cash flow breakeven by end-2026, with $56.7 million in cash, cash equivalents, and investments as of March 31, 2026, and $25.7 million in anticipated Papzimias receivables not yet collected due to payment terms, while CFO Harry Thomasian Jr. explicitly noted that Q1 operating cash used of $43.8 million included $13 million in nonrecurring outflows, indicating that normalized quarterly cash burn is significantly lower and declining, a detail that was understated in the presentation but critical for investors assessing near-term funding needs, especially as revenue growth continues to accelerate and SG&A expenses, while up $8.7 million year-over-year due to commercialization, are expected to scale efficiently with increasing revenue leverage as the commercial infrastructure matures.
The PRGN-2009 program in HPV-associated cancers (head and neck, cervical) leverages the same AdenoVerse platform as Papzimias and is advancing in multiple Phase 2 trials with pembrolizumab, with data updates planned later in 2026; this represents a hidden catalyst as the platform's validation in oncology could unlock substantial future value beyond the rare disease RRP market, yet management focused primarily on Papzimias during the call and did not highlight the synergistic potential of cross-platform learnings or the opportunity to de-risk the oncology pipeline through shared manufacturing, regulatory, and clinical expertise, creating optionality that the market may be underpricing given the platform's broader applicability to HPV-driven indications representing nearly 5% of global cancer cases.
Precigen's Papzimias revenue growth, while impressive on a percentage basis, stems from an extremely low base ($3.4 million in Q4 2025), and the $21.6 million Q1 2026 figure may reflect significant pent-up demand from the pre-approval period rather than sustainable organic growth, a concern amplified by management's evasiveness when asked about hub-to-treatment conversion rates and time-to-dose metrics, with Phil Tennant stating they need "another couple of quarters" to understand these trends, suggesting that the 400 patient hub registrations (only 25% from community practices) may not yet translate to consistent revenue generation, and the lack of transparency around actual treated patients versus hub enrollment raises questions about whether the current trajectory can be maintained without continued new patient acquisition at unsustainable costs.
The company's reliance on Papzimias as a near-complete revenue source creates significant concentration risk, with $21.6 million of $23.3 million total revenue coming from this single product, and while payer coverage exceeds 90% of insured lives, the rarity of RRP (approximately 27,000 adult patients in the U.S. per internal analysis) implies a limited addressable market, yet management provided no guidance on market penetration rates or average revenue per patient, leaving investors unable to assess whether current sales velocity can persist once early adopters are treated; furthermore, the orphan drug exclusivity effective through August 2032, while protective, does not eliminate the fundamental constraint of a small patient pool, and the absence of discussion around pricing strategy or potential reimbursement pressures in the earnings call or news releases ignores a key vulnerability where payer pushback on cost could emerge as utilization grows.
Precigen's cash runway to breakeven by end-2026 is contingent on optimistic revenue assumptions and the successful collection of $25.7 million in receivables, yet the $43.8 million Q1 operating cash used (with $13 million nonrecurring) reveals a high underlying burn rate, and while management expects Q2 cash used to be "significantly lower," they provided no quantitative guardrails, increasing the risk that delays in receivables collection or slower-than-expected revenue growth could force premature capital raising; this is exacerbated by the increase in SG&A expenses ($21 million in Q1 2026 vs $12.4 million prior year) tied to commercialization, which may not scale efficiently if community practice adoption lags or if reimbursement complexities persist despite the J-code, a risk highlighted by the CFO's admission that they are still evaluating the J-code's impact on conversion speed, suggesting operational inefficiencies that could prolong losses beyond 2026.
The PRGN-2009 oncology program, while promising, remains in early-stage Phase 2 trials with no near-term data catalysts expected to drive valuation, and management's commitment to provide updates "later in the year" lacks specificity, increasing uncertainty about timelines and probability of success; more critically, the earnings call and news releases revealed no discussion of competitive landscape pressures in HPV-associated cancers, where pembrolizumab-based combinations face intense rivalry from established players, nor did they address potential manufacturing or regulatory hurdles in scaling the AdenoVerse platform for oncology indications, creating a scenario where preclinical optimism may not translate to clinical differentiation, leaving investors exposed to pipeline failure risk without adequate counterbalancing near-term catalysts from the core RRP business.
Precigen's Papzimias revenue growth, while impressive on a percentage basis, stems from an extremely low base ($3.4 million in Q4 2025), and the $21.6 million Q1 2026 figure may reflect significant pent-up demand from the pre-approval period rather than sustainable organic growth, a concern amplified by management's evasiveness when asked about hub-to-treatment conversion rates and time-to-dose metrics, with Phil Tennant stating they need "another couple of quarters" to understand these trends, suggesting that the 400 patient hub registrations (only 25% from community practices) may not yet translate to consistent revenue generation, and the lack of transparency around actual treated patients versus hub enrollment raises questions about whether the current trajectory can be maintained without continued new patient acquisition at unsustainable costs.
The company's reliance on Papzimias as a near-complete revenue source creates significant concentration risk, with $21.6 million of $23.3 million total revenue coming from this single product, and while payer coverage exceeds 90% of insured lives, the rarity of RRP (approximately 27,000 adult patients in the U.S. per internal analysis) implies a limited addressable market, yet management provided no guidance on market penetration rates or average revenue per patient, leaving investors unable to assess whether current sales velocity can persist once early adopters are treated; furthermore, the orphan drug exclusivity effective through August 2032, while protective, does not eliminate the fundamental constraint of a small patient pool, and the absence of discussion around pricing strategy or potential reimbursement pressures in the earnings call or news releases ignores a key vulnerability where payer pushback on cost could emerge as utilization grows.
Precigen's cash runway to breakeven by end-2026 is contingent on optimistic revenue assumptions and the successful collection of $25.7 million in receivables, yet the $43.8 million Q1 operating cash used (with $13 million nonrecurring) reveals a high underlying burn rate, and while management expects Q2 cash used to be "significantly lower," they provided no quantitative guardrails, increasing the risk that delays in receivables collection or slower-than-expected revenue growth could force premature capital raising; this is exacerbated by the increase in SG&A expenses ($21 million in Q1 2026 vs $12.4 million prior year) tied to commercialization, which may not scale efficiently if community practice adoption lags or if reimbursement complexities persist despite the J-code, a risk highlighted by the CFO's admission that they are still evaluating the J-code's impact on conversion speed, suggesting operational inefficiencies that could prolong losses beyond 2026.
The PRGN-2009 oncology program, while promising, remains in early-stage Phase 2 trials with no near-term data catalysts expected to drive valuation, and management's commitment to provide updates "later in the year" lacks specificity, increasing uncertainty about timelines and probability of success; more critically, the earnings call and news releases revealed no discussion of competitive landscape pressures in HPV-associated cancers, where pembrolizumab-based combinations face intense rivalry from established players, nor did they address potential manufacturing or regulatory hurdles in scaling the AdenoVerse platform for oncology indications, creating a scenario where preclinical optimism may not translate to clinical differentiation, leaving investors exposed to pipeline failure risk without adequate counterbalancing near-term catalysts from the core RRP business.