Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-36042 | |
Entity Registrant Name | PRECIGEN, INC. | |
Entity Incorporation, State or Country Code | VA | |
Entity Tax Identification Number | 26-0084895 | |
Entity Address, Address Line One | 20374 Seneca Meadows Parkway | |
Entity Address, City or Town | Germantown, | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 20876 | |
City Area Code | 301 | |
Local Phone Number | 556-9900 | |
Title of 12(b) Security | Common Stock, no par value | |
Trading Symbol | PGEN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 255,482,753 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001356090 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 16,546,000 | $ 4,858,000 |
Restricted cash | 0 | 43,339,000 |
Short-term investments | 71,888,000 | 51,092,000 |
Receivables | ||
Trade, less allowance for credit losses of $184 as of both June 30, 2023 and December 31, 2022 | 1,354,000 | 978,000 |
Other | 13,052,000 | 12,826,000 |
Prepaid expenses and other | 2,792,000 | 5,066,000 |
Total current assets | 105,632,000 | 118,159,000 |
Long-term investments | 7,127,000 | 0 |
Property, plant and equipment, net | 6,574,000 | 7,329,000 |
Intangible assets, net | 42,656,000 | 44,455,000 |
Goodwill | 36,966,000 | 36,923,000 |
Right-of-use assets | 7,623,000 | 8,086,000 |
Other assets | 949,000 | 1,025,000 |
Total assets | 207,527,000 | 215,977,000 |
Current liabilities | ||
Accounts payable | 2,510,000 | 4,068,000 |
Accrued compensation and benefits | 4,820,000 | 6,377,000 |
Other accrued liabilities | 3,257,000 | 4,997,000 |
Settlement and Indemnification Accruals | 18,750,000 | 18,750,000 |
Deferred revenue | 15,000 | 25,000 |
Current portion of long-term debt | 0 | 43,219,000 |
Current portion of lease liabilities | 1,421,000 | 1,209,000 |
Total current liabilities | 30,773,000 | 78,645,000 |
Deferred revenue, net of current portion | 1,818,000 | 1,818,000 |
Lease liabilities, net of current portion | 6,545,000 | 6,992,000 |
Deferred tax liabilities | 2,181,000 | 2,263,000 |
Total liabilities | 41,317,000 | 89,718,000 |
Commitments and contingencies (Note 14) | ||
Shareholders' equity | ||
Common stock, no par value, 400,000,000 shares authorized as of June 30, 2023 and December 31, 2022; 255,482,753 shares and 208,150,021 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | 0 | 0 |
Additional paid-in capital | 2,080,348,000 | 1,998,314,000 |
Accumulated deficit | (1,911,620,000) | (1,868,567,000) |
Accumulated other comprehensive loss | (2,518,000) | (3,488,000) |
Total shareholders' equity | 166,210,000 | 126,259,000 |
Total liabilities and shareholders' equity | $ 207,527,000 | $ 215,977,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Accounts receivable allowance for credit losses | $ 184 | $ 184 |
Shareholders' equity | ||
Common stock, no par value (in usd per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 255,482,753 | 208,150,021 |
Common stock, shares outstanding (in shares) | 255,482,753 | 208,150,021 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues | ||||
Total revenues | $ 1,767 | $ 2,911 | $ 3,618 | $ 8,424 |
Operating Expenses | ||||
Impairment of goodwill | 0 | 482 | ||
Impairment of other noncurrent assets | 0 | 638 | ||
Other income (Expense), Net | ||||
Equity in net loss of affiliates | 0 | (1) | ||
Loss from continuing operations before income taxes | (20,384) | (26,148) | (43,173) | (50,104) |
Income tax benefit | 65 | 89 | 120 | 147 |
Income from discontinued operations, net of income taxes | 0 | 8,424 | 0 | 13,071 |
Net loss | $ (20,319) | $ (17,635) | $ (43,053) | $ (36,886) |
Net Loss per Share | ||||
Net loss from continuing operations per share, basic (in dollars per share) | $ (0.08) | $ (0.13) | $ (0.18) | $ (0.25) |
Net loss from continuing operating per share, diluted (in dollars per share) | (0.08) | (0.13) | (0.18) | (0.25) |
Net income (loss) from discontinued operations per share, diluted (in dollars per share) | 0 | 0.04 | 0 | 0.07 |
Net income (loss) from discontinued operations per share, basic (in dollars per share) | 0 | 0.04 | 0 | 0.07 |
Net loss per share, basic (in dollars per share) | (0.08) | (0.09) | (0.18) | (0.18) |
Net loss per share, diluted (in dollars per share) | $ (0.08) | $ (0.09) | $ (0.18) | $ (0.18) |
Weighted average shares outstanding, basic (in shares) | 248,003,322 | 200,461,441 | 240,307,403 | 200,047,629 |
Weighted average shares outstanding, diluted (in shares) | 248,003,322 | 200,461,441 | 240,307,403 | 200,047,629 |
Continuing Operations | ||||
Revenues | ||||
Total revenues | $ 1,767 | $ 2,911 | $ 3,618 | $ 8,424 |
Operating Expenses | ||||
Research and development | 11,874 | 11,954 | 24,037 | 23,755 |
Selling, general and administrative | 9,316 | 12,670 | 20,954 | 26,359 |
Impairment of goodwill | 0 | 0 | 0 | 482 |
Impairment of other noncurrent assets | 0 | 638 | 0 | 638 |
Total operating expenses | 22,887 | 27,073 | 48,215 | 54,739 |
Operating loss | (21,120) | (24,162) | (44,597) | (46,315) |
Other income (Expense), Net | ||||
Interest expense | (136) | (2,063) | (460) | (4,101) |
Interest income | 828 | 37 | 1,460 | 75 |
Other income, net | 44 | 40 | 424 | 238 |
Total other income (expense), net | 736 | (1,986) | 1,424 | (3,788) |
Equity in net loss of affiliates | 0 | 0 | 0 | (1) |
Loss from continuing operations before income taxes | (20,384) | (26,148) | (43,173) | (50,104) |
Income tax benefit | 65 | 89 | 120 | 147 |
Loss from continuing operations | (20,319) | (26,059) | (43,053) | (49,957) |
Continuing Operations | Product revenues | ||||
Revenues | ||||
Total revenues | 324 | 621 | 648 | 1,113 |
Continuing Operations | Service revenues | ||||
Revenues | ||||
Total revenues | 1,438 | 2,213 | 2,965 | 7,146 |
Operating Expenses | ||||
Cost of products and services | 1,697 | 1,811 | 3,224 | 3,505 |
Continuing Operations | Other revenues | ||||
Revenues | ||||
Total revenues | $ 5 | $ 77 | $ 5 | $ 165 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Related Party Transaction [Line Items] | ||||
Total revenues | $ 1,767 | $ 2,911 | $ 3,618 | $ 8,424 |
Continuing Operations | ||||
Related Party Transaction [Line Items] | ||||
Total revenues | $ 1,767 | $ 2,911 | $ 3,618 | $ 8,424 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (20,319) | $ (17,635) | $ (43,053) | $ (36,886) |
Other comprehensive income (loss): | ||||
Unrealized gain (loss) on investments | 228 | (202) | 491 | (1,004) |
Gain (loss) on foreign currency translation adjustments | (47) | (2,655) | 479 | (3,755) |
Comprehensive loss | $ (20,138) | $ (20,492) | $ (42,083) | $ (41,645) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Cumulative effect of adoption of ASU 2020-06 | Common Stock | Additional Paid-in Capital | Additional Paid-in Capital Cumulative effect of adoption of ASU 2020-06 | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Accumulated Deficit Cumulative effect of adoption of ASU 2020-06 |
Balances (in shares) at Dec. 31, 2021 | 206,739,874 | |||||||
Balances at Dec. 31, 2021 | $ 107,348 | $ (18,196) | $ 0 | $ 2,022,701 | $ (36,868) | $ 203 | $ (1,915,556) | $ 18,672 |
Increase (Decrease) in Stockholders' Equity | ||||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2020-06 [Member] | |||||||
Balances (in shares) at Mar. 31, 2022 | 207,693,277 | |||||||
Balances at Mar. 31, 2022 | $ 73,836 | $ 0 | 1,991,670 | (1,699) | (1,916,135) | |||
Balances (in shares) at Dec. 31, 2021 | 206,739,874 | |||||||
Balances at Dec. 31, 2021 | 107,348 | $ (18,196) | $ 0 | 2,022,701 | $ (36,868) | 203 | (1,915,556) | $ 18,672 |
Increase (Decrease) in Stockholders' Equity | ||||||||
Stock-based compensation expense | 5,871 | 5,871 | ||||||
Shares issued upon vesting of restricted stock units and for exercises of stock options (in shares) | 354,089 | |||||||
Shares issued upon vesting of restricted stock units and for exercises of stock options | 1 | 1 | ||||||
Shares issued for accrued compensation (in shares) | 772,071 | |||||||
Shares issued for accrued compensation | 1,698 | 1,698 | ||||||
Shares issued as payment for services (in shares) | 283,987 | |||||||
Shares issued as payment for services | 576 | 576 | ||||||
Net loss | (36,886) | (36,886) | ||||||
Other comprehensive income (loss) | (4,759) | (4,759) | ||||||
Balances (in shares) at Jun. 30, 2022 | 208,150,021 | |||||||
Balances at Jun. 30, 2022 | 55,653 | $ 0 | 1,993,979 | (4,556) | (1,933,770) | |||
Balances (in shares) at Mar. 31, 2022 | 207,693,277 | |||||||
Balances at Mar. 31, 2022 | 73,836 | $ 0 | 1,991,670 | (1,699) | (1,916,135) | |||
Increase (Decrease) in Stockholders' Equity | ||||||||
Stock-based compensation expense | 2,309 | 2,309 | ||||||
Shares issued for accrued compensation (in shares) | 456,744 | |||||||
Shares issued for accrued compensation | 0 | 0 | ||||||
Net loss | (17,635) | (17,635) | ||||||
Other comprehensive income (loss) | (2,857) | (2,857) | ||||||
Balances (in shares) at Jun. 30, 2022 | 208,150,021 | |||||||
Balances at Jun. 30, 2022 | $ 55,653 | $ 0 | 1,993,979 | (4,556) | (1,933,770) | |||
Balances (in shares) at Dec. 31, 2022 | 208,150,021 | 208,150,021 | ||||||
Balances at Dec. 31, 2022 | $ 126,259 | $ 0 | 1,998,314 | (3,488) | (1,868,567) | |||
Increase (Decrease) in Stockholders' Equity | ||||||||
Stock-based compensation expense | 5,320 | 5,320 | ||||||
Shares issued upon vesting of restricted stock units and for exercises of stock options (in shares) | 697,815 | |||||||
Shares issued upon vesting of restricted stock units and for exercises of stock options | 0 | 0 | ||||||
Shares issued for accrued compensation (in shares) | 2,206,469 | |||||||
Shares issued for accrued compensation | 3,361 | 3,361 | ||||||
Shares issued as payment for services (in shares) | 465,808 | |||||||
Shares issued as payment for services | 545 | 545 | ||||||
Shares issued in private placement or in public offering, net of issuance costs (in shares) | 43,962,640 | |||||||
Shares issued in private placement or in public offering, net of issuance costs | 72,808 | 72,808 | ||||||
Net loss | (43,053) | (43,053) | ||||||
Other comprehensive income (loss) | $ 970 | 970 | ||||||
Balances (in shares) at Jun. 30, 2023 | 255,482,753 | 255,482,753 | ||||||
Balances at Jun. 30, 2023 | $ 166,210 | $ 0 | 2,080,348 | (2,518) | (1,911,620) | |||
Balances (in shares) at Mar. 31, 2023 | 255,482,753 | |||||||
Balances at Mar. 31, 2023 | 184,133 | $ 0 | 2,078,133 | (2,699) | (1,891,301) | |||
Increase (Decrease) in Stockholders' Equity | ||||||||
Stock-based compensation expense | 2,188 | 2,188 | ||||||
Other | 27 | 27 | ||||||
Net loss | (20,319) | (20,319) | ||||||
Other comprehensive income (loss) | $ 181 | 181 | ||||||
Balances (in shares) at Jun. 30, 2023 | 255,482,753 | 255,482,753 | ||||||
Balances at Jun. 30, 2023 | $ 166,210 | $ 0 | $ 2,080,348 | $ (2,518) | $ (1,911,620) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (43,053,000) | $ (36,886,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 3,404,000 | 6,518,000 |
(Gain) Loss on disposals of assets, net | (40,000) | 360,000 |
Impairment of goodwill | 0 | 482,000 |
Impairment of other noncurrent assets | 0 | 638,000 |
Gain on debt retirement | (60,000) | 0 |
Amortization of (discounts) premiums on investments, net | (721,000) | 468,000 |
Equity in net loss of affiliates | 0 | 1,000 |
Stock-based compensation expense | 5,320,000 | 5,871,000 |
Shares issued as payment for services | 545,000 | 576,000 |
Provision for credit losses | 0 | 735,000 |
Accretion of debt discount and amortization of deferred financing costs | 60,000 | 596,000 |
Deferred income taxes | (113,000) | (112,000) |
Other noncash items | 1,000 | 105,000 |
Receivables: | ||
Trade | (376,000) | (7,016,000) |
Other | (226,000) | 10,000 |
Prepaid expenses and other | 2,274,000 | 4,284,000 |
Other assets | 83,000 | 2,000 |
Accounts payable | (1,537,000) | (963,000) |
Accrued compensation and benefits | 1,804,000 | (1,015,000) |
Other accrued liabilities | (1,740,000) | 1,862,000 |
Deferred revenue | (10,000) | (2,184,000) |
Lease liabilities | 229,000 | (40,000) |
Related party payables | 0 | (78,000) |
Other long-term liabilities | 0 | (50,000) |
Net cash used in operating activities | (34,156,000) | (25,836,000) |
Cash flows from investing activities | ||
Purchases of investments | (128,563,000) | 0 |
Sales and maturities of investments | 101,852,000 | 36,000,000 |
Purchases of property, plant and equipment | (255,000) | (3,297,000) |
Proceeds from sale of assets | 61,000 | 438,000 |
Net cash (used in) provided by investing activities | (26,905,000) | 33,141,000 |
Cash flows from financing activities | ||
Proceeds from issuance of shares, net of issuance costs | 72,808,000 | 0 |
Payments of long-term debt | (43,099,000) | (277,000) |
Payments of cost to retire long-term debt | (120,000) | 0 |
Proceeds from stock option exercises | 0 | 1,000 |
Net cash provided by(used in) financing activities | 29,589,000 | (276,000) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (172,000) | (471,000) |
Net decrease in cash, cash equivalents, and restricted cash | (31,644,000) | 6,558,000 |
Cash, cash equivalents, and restricted cash | ||
Beginning of period | 48,596,000 | 43,343,000 |
End of period | 16,952,000 | 49,901,000 |
Supplemental disclosure of cash flow information | ||
Cash paid during the period for interest | 1,156,000 | 3,568,000 |
Accrued compensation paid in equity awards | 3,361,000 | 1,698,000 |
Purchases of property and equipment included in accounts payable and other accrued liabilities | 19,000 | 234,000 |
Proceeds from sale of assets included in accounts receivable | 0 | 147,000 |
Cash, cash equivalents, and restricted cash | ||
Cash and cash equivalents | 16,546,000 | |
Restricted cash | 0 | |
Restricted cash included in other assets | 406,000 | |
Cash, cash equivalents, and restricted cash | $ 16,952,000 | $ 49,901,000 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Precigen, Inc. ("Precigen"), a Virginia corporation, is a dedicated discovery and clinical-stage biopharmaceutical company advancing the next generation of gene and cell therapies with the overall goal of improving outcomes for patients with significant unmet medical needs. Precigen is leveraging its proprietary technology platforms to develop product candidates designed to target urgent and intractable diseases in its core therapeutic areas of immuno-oncology, autoimmune disorders, and infectious diseases. Precigen has developed an extensive pipeline of therapies across multiple indications within these core focus areas. Precigen’s primary operations are located in the State of Maryland. Precigen also has two wholly owned operating subsidiaries. Precigen ActoBio, Inc. ("ActoBio"), and Exemplar Genetics,LLC, doing business as Precigen Exemplar ("Exemplar"). ActoBio is pioneering a proprietary class of microbe-based biopharmaceuticals that enable expression and local delivery of disease-modifying therapeutics, with its primary operations located in Ghent, Belgium. Exemplar is committed to enabling the study of life-threatening human diseases through the development of MiniSwine Yucatan miniature pig research models and services, as well as enabling the production of cells and organs in its genetically engineered swine for regenerative medicine applications. Exemplar’s primary operations are located in the State of Iowa. Precigen and its consolidated subsidiaries are hereinafter referred to as the "Company." |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Certain information and footnote disclosures normally included in the Company's annual financial statements have been condensed or omitted. These interim condensed consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments necessary for fair statement of the Company's financial position as of June 30, 2023 and results of operations and cash flows for the interim periods ended June 30, 2023 and 2022. The year-end condensed consolidated balance sheet data was derived from the Company's audited financial statements but does not include all disclosures required by U.S. GAAP. These interim financial results are not necessarily indicative of the results to be expected for the year ending December 31, 2023, or for any other future annual or interim period. The accompanying interim unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. The accompanying condensed consolidated financial statements reflect the operations of Precigen and its majority-owned subsidiaries. All intercompany accounts and transactions have been eliminated. Liquidity Management believes that existing liquid assets as of June 30, 2023 will allow the Company to continue its operations for at least a year from the issuance date of these condensed consolidated financial statements. These condensed consolidated financial statements are presented in United States dollars. Additionally, the condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. During the six months ended June 30, 2023, the Company incurred a net loss of $43,053 and, as of June 30, 2023, had an accumulated deficit of $1,911,620. Management expects operating losses and negative cash flows to continue for the foreseeable future and, as a result, the Company will require additional capital to fund its operations and execute its business plan. In the absence of a significant source of recurring revenue, the Company's long-term success is dependent upon its ability to continue to raise additional capital in order to fund ongoing research and development (which could occur through debt or equity issuances, sales or partnerships of non-core assets, collaborations or out-licensing of core or non-core assets, or other transactions), obtain regulatory approval of its therapeutic product candidates, successfully commercialize its therapeutic product candidates, generate revenue, meet its obligations and, ultimately, attain profitable operations. Risks and Uncertainties The Company is subject to a number of risks similar to those of other companies conducting high-risk, early-stage research and development of therapeutic 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 and its collaborators' therapeutic product candidates. Research and Development The Company considers that regulatory requirements inherent in the research and development of new products preclude it from capitalizing such costs. Research and development expenses include salaries and related costs of research and development personnel, including stock-based compensation expense, costs to acquire technology rights, contract research organizations and consultants, facilities, materials and supplies associated with research and development projects as well as various laboratory studies. Costs incurred in conjunction with collaboration and licensing arrangements are included in research and development. Indirect research and development costs include depreciation, amortization, and other indirect overhead expenses. The Company has research and development arrangements with third parties that include upfront and milestone payments. As of June 30, 2023 and December 31, 2022, the Company had research and development commitments with third parties that had not yet been incurred totaling $19,525 and $19,909, respectively. The commitments are generally cancellable by the Company by providing written notice at least sixty days before the desire termination date. Cash and Cash Equivalents All highly liquid investments with an original maturity of three months or less at the date of purchase are considered to be cash equivalents. Cash balances at a limited number of banks may periodically exceed insurable amounts. The Company believes that it mitigates its risk by investing in or through major financial institutions. Recoverability of investments is dependent upon the performance of the issuer. As of June 30, 2023 and December 31, 2022, the Company had cash equivalent investments in highly liquid money market accounts at major financial institutions of $11,390 and $3, respectively, which are included in cash and cash equivalents in the accompanying consolidated balance sheets. Restricted Cash Included in the condensed consolidated balance sheet as of December 31, 2022, is restricted cash of $43,339. This cash was restricted for the permitted purposes related to our Convertible Notes, including the resolution of such notes. Short-term and Long-Term Investments As of June 30, 2023 and December 31, 2022 short-term and long-term investments include United States government debt and agency securities and certificates of deposit. The Company determines the appropriate classification as short-term or long-term at the time of purchase based on original maturities and management's reasonable expectation of sales and redemption. The Company reevaluates such classification at each balance sheet date. Fair Value of Financial Instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset and liability. As a basis for considering such assumptions, the Company uses a three-tier fair value hierarchy that prioritizes the inputs used in its fair value measurements. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1: Quoted prices in active markets for identical assets and liabilities; Level 2: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly; and Level 3: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available. Net Loss per Share Basic net loss per share is calculated by dividing net loss attributable to common shareholders by the weighted average shares outstanding during the period, without consideration of common stock equivalents. Diluted net loss per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, using the treasury-stock method and the if-converted method. For purposes of the diluted net loss per share calculation, shares to be issued pursuant to convertible debt, stock options, RSUs, and warrants are considered to be common stock equivalents but are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive as described in the next paragraph. Therefore, basic and diluted net loss per share were the same for all periods presented. See Note 11 for further discussion of the Company's Share Lending Agreement. In accordance with Accounting Standards Codification (“ASC”) 260, the control number for determining whether including potential common shares in the diluted earnings per share, or EPS, computation would be anti-dilutive is income (loss) from continuing operations. As a result, if there is a loss from continuing operations, diluted EPS would be computed in the same manner as basic EPS is computed, even if the entity has net income after including discontinued operations. The following potentially dilutive securities as of June 30, 2023 and 2022, have been excluded from the above computations of diluted weighted average shares outstanding for the three and six months then ended as they would have been anti-dilutive: June 30, 2023 2022 Options 22,325,095 15,492,339 Restricted stock units 1,877,308 714,687 Warrants — 121,888 Total 24,202,403 16,328,914 In addition, the Company's Convertible Notes, prior to their retirement in the second quarter of 2023, were convertible at an exercise price of approximately $17.05 per share of common stock, representing approximately 11,732,440 shares at June 30, 2022. The shares underlying the Convertible Notes were considered for the dilutive calculation but were excluded in all periods presented as their effect was anti-dilutive. See Note 9 for further discussion of the Convertible Notes. Segment Information The Company's chief operating decision maker ("CODM") regularly reviews disaggregated financial information for various operating segments. The financial information regularly reviewed by the CODM consists of (i) Biopharmaceuticals and (ii) Exemplar, each an operating segment that was also determined to be a reportable segment. The Biopharmaceuticals reportable segment is primarily comprised of the Company's legal entities of Precigen and ActoBio. See Note 1 for a description of Precigen, ActoBio and Exemplar. Prior to January 1, 2023, corporate expenses were not allocated to the segments and were managed at a consolidated level. Corporate expenses, include costs associated with general and administrative functions, including the Company's finance, accounting, legal, human resources, information technology, corporate communication, and investor relations functions. Corporate expenses exclude interest expense, depreciation and amortization, gain or loss on disposals of assets, stock-based compensation expense, loss on settlement agreement, and equity in net loss of affiliates and include unrealized and realized gains and losses on the Company's securities portfolio as well as dividend income. Beginning in the first quarter of 2023, the Company allocated certain corporate expenses to Precigen as its operations directly benefited from these expenditures, and are now included in the Biopharmaceuticals reportable segment. As presented in Note 15, the prior year period has been reclassified to conform to the current period’s presentation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Adopted Accounting Pronouncements In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40)—Accounting for Convertible Instruments and Contracts in an Entity's Own Equity ("ASU 2020-06" ) . Under ASU 2020-06, the embedded conversion features are no longer separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives under Topic 815, or that do not result in substantial premiums accounted for as paid-in capital. Consequently, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost, as long as no other features require bifurcation and recognition as derivatives. The new guidance also requires the if-converted method to be applied for all convertible instruments. We adopted ASU 2020-06 on January 1, 2022 using the modified retrospective transition method, which resulted in an increase to our reported long-term debt outstanding, net of current portion, of $18,196, a decrease to our additional paid-in capital of $36,868, and a corresponding cumulative-effect reduction to our opening accumulated deficit of $18,672. The adoption of ASU 2020-06 was expected to reduce non-cash interest expense related to existing convertible debt outstanding by approximately $11,800 for the year ending December 31, 2022, and did not have an impact on our consolidated cash flows. The use of the if-converted method did not have an impact on our overall earnings per share calculation. Recently Issued Accounting Pronouncements Not Yet Adopted There are no accounting standards which have not yet been adopted that are expected to have a significant impact on our financial statements and related disclosures. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations Trans Ova As part of the Company's strategic shift to becoming a healthcare company, in August 2022, the Company completed the sale of 100% of the issued and outstanding membership interests in its wholly-owned subsidiary, Trans Ova, to Spring Bidco LLC (the “Buyer”), a Delaware limited liability company for $170,000 and up to $10,000 in cash earn-out payments contingent upon the performance of Trans Ova in each of 2022 and 2023, consisting of $5,000 for each year (the “Transaction”). The Company received $162,306 in proceeds, net of certain transaction costs, on August 18, 2022, after giving effect to the preliminary closing purchase price adjustments. The final working capital adjustment of $936 was received in the fourth quarter of 2022. In February 2023, the buyer notified the Company that Trans Ova did not meet the financial measures required in 2022 in order to require the first $5,000 earn-out payment. The Company elected to account for the contingent consideration arrangement as a gain contingency in accordance with ASC 450, Contingencies (Subtopic 450-30). Under this approach, the Company recognizes the contingent consideration receivable in earnings after the contingency is resolved. Accordingly, to determine the initial gain on the sale of Trans Ova, the Company did not include an amount related to the contingent consideration arrangement as part of the consideration received. In connection with the Transaction, the Company held restricted cash in a segregated account to be used for certain permitted purposes, including resolution of the Company’s outstanding Convertible Notes which were retired in the second quarter of 2023, as discussed further in Note 9. In addition, the Company is required to indemnify the Buyer for certain expenses incurred post close (related to covenants and certain additional specified liabilities including certain patent infringement lawsuits), if incurred, in amounts not to exceed $5,750. Such indemnification was recorded as a reduction of the gain on divestiture in the third quarter of 2022, and is included in Settlement and Indemnification accruals as of June 30, 2023. To date, the Company has received an indemnification claim of $675 that has not been paid as of June 30, 2023. The following table presents the financial results of discontinued operations related to Trans Ova for the three and six months ended June 30, 2022: Three months ended June 30, Six Months Ended 2022 Product revenues $ 8,940 $ 17,172 Service revenues 23,501 41,777 Total revenues 32,441 58,949 Cost of products and services 17,415 32,820 Research and development 908 1,867 Selling, general and administrative 6,124 12,011 Total operating expenses 24,447 46,698 Operating income 7,994 12,251 Other income, net 430 820 Income from discontinued operations $ 8,424 $ 13,071 The following table presents the significant noncash items, purchases of property, plant and equipment, and proceeds from sales of assets for the discontinued operations related to Trans Ova for the six months ended June 30, 2022 that are included in the accompanying condensed consolidated statements of cash flows. Adjustments to reconcile net income to net cash used in operating activities Depreciation and amortization $ 2,765 Loss on disposal of assets 360 Stock-based compensation expense 68 Provision for credit losses 735 Cash flows from investing activities Purchases of property, plant and equipment (2,629) Proceeds from sale of assets 438 Cash flows from financing activities Payments of long-term debt (225) |
Collaboration and Licensing Rev
Collaboration and Licensing Revenue | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Collaboration and Licensing Revenue | Collaboration and Licensing Revenue The Company's collaborations and licensing agreements may provide for multiple promises to be satisfied by the Company and typically include a license to the Company's technology platforms, participation in collaboration committees, and performance of certain research and development services. Based on the nature of the promises in the Company's collaboration and licensing agreements, the Company typically combines most of its promises into a single performance obligation because the promises are highly interrelated and not individually distinct. Options to acquire additional services are considered to determine if they constitute material rights. At contract inception, the transaction price is typically the upfront payment received and is allocated to the performance obligations. The Company has determined the transaction price should be recognized as revenue based on its measure of progress under the agreement primarily based on inputs necessary to fulfill the performance obligation. The Company determines whether collaborations and licensing agreements are individually significant for disclosure based on a number of factors, including total revenue recorded by the Company pursuant to collaboration and licensing agreements, collaborators or licensees with equity method investments, or other qualitative factors. Collaboration and licensing revenues generated from consolidated subsidiaries are eliminated in consolidation. There were no material amounts recognized as revenue for the three and six months ended June 30, 2023 and 2022. Alaunos License Agreement On April 3, 2023, the Company entered into an amended and restated exclusive license agreement (the “License Agreement”), with Alaunos Therapeutics (“Alaunos”). The License Agreement amended and replaced the terms of the Exclusive License Agreement by and between the Company and Alaunos, dated October 5, 2018. Pursuant to the terms of the License Agreement, the Company has granted Alaunos an exclusive, worldwide, royalty-free, sub-licensable license to research, develop and commercialize T-cell receptor products, designed for neoantigens for the treatment of cancer or the treatment and prevention of human papilloma virus, or HPV, to the extent that the primary reason for such treatment or prevention is to prevent cancer, which is referred to as the HPV Field. The Company has also granted Alaunos an exclusive, worldwide, royalty-free, sub-licensable license for certain patents relating to the Sleeping Beauty technology to research, develop and commercialize TCR Products for both neoantigens and shared antigens for the treatment of cancer and in the HPV Field. The Company also granted Alaunos certain non-exclusive rights with respect to shared antigens, NK cells and gamma delta T-cells. Alaunos will be solely responsible for all aspects of the research, development and commercialization of the exclusively licensed products for the treatment of cancer and will not be subject to a diligence obligation with respect to such efforts. Pursuant to the License Agreement, Alaunos no longer has any rights to certain of the Company’s technology including with respect to (i) products utilizing the Company’s RheoSwitch® gene switch, or RTS to express IL-12, or the IL-12 Products, for the treatment of cancer, (ii) chimeric antigen receptor, or CAR, products including CD19 and BCMA, or (iii) products utilizing an additional construct that expresses RTS IL-12, or Gorilla IL-12 Products, for the treatment of cancer and in the HPV Field. In addition, the Company may research, develop and commercialize products for the treatment of cancer, outside of the products exclusively licensed to Alaunos. Alaunos will provide the Company with certain access to information and materials related to Alaunos’s prior use of the Company’s technologies that is no longer within the scope of the License Agreement. In consideration of the licenses and other rights granted by the Company, Alaunos will pay the Company an annual license fee of $0.1 million. Neither Alaunos nor the Company will have any other obligations with respect to the payment of milestones or royalties on products developed in connection with the License Agreement. The Company has agreed that, during the term of the License Agreement, it will not use the licensed intellectual property to research, develop or commercialize any exclusive product for the treatment of cancer. The License Agreement will terminate on a product-by-product and/or country-by-country basis upon the expiration of the last to expire patent claim for a licensed product. In addition, Alaunos may terminate the License Agreement on a country-by-country or program-by-program basis following written notice to the Company, and either party may terminate the License Agreement following notice of a material breach. The License Agreement also contains customary representations, warranties and covenants from Alaunos and the Company, as well as customary provisions related to indemnity, confidentiality and other matters. Deferred Revenue Deferred revenue primarily consists of upfront and milestone consideration received for the Company's collaboration and licensing agreements. Revenue is recognized as services are performed. The arrangements classified as long-term are not active while the respective counterparties evaluate the status of the project and its desired future development activities since the Company cannot reasonably estimate the amount of service to be performed over the next year. As of June 30, 2023 and December 31, 2022, the Company had long-term deferred revenue for collaboration and licensing arrangements of $1,818, and deferred revenue classified as current related to prepaid products and services of $15 and $25, respectively. |
Short-term and Long-term Invest
Short-term and Long-term Investments | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Short-term and Long-term Investments | Short-term and Long-term Investments The Company's investments are classified as available-for-sale. The following table summarizes the amortized cost, gross unrealized gains and losses, and fair value of available-for-sale investments as of June 30, 2023: Amortized Gross Gross Aggregate U.S. government debt securities $ 73,047 $ 15 $ (276) $ 72,786 U.S. agency securities 991 8 (13) 986 Certificates of deposit 5,247 — (4) 5,243 Total $ 79,285 $ 23 $ (293) $ 79,015 The following table summarizes the amortized cost, gross unrealized gains and losses, and fair value of available-for-sale investments as of December 31, 2022: Amortized Gross Gross Aggregate U.S. government debt securities $ 51,755 $ — $ (760) $ 50,995 Certificates of deposit 97 — — 97 Total $ 51,852 $ — $ (760) $ 51,092 The estimated fair value of available-for-sale investments classified by their contractual maturities as of June 30, 2023 was: Due within one year $ 71,888 After one year through two years 7,127 Total $ 79,015 Changes in market interest rates and bond yields cause certain investments to fall below their cost basis, resulting in unrealized losses on investments. We do not intend to sell these investments nor is it more likely than not that the Company will be required to sell these investments, prior to maturity or recovery of amortized cost. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The carrying amount of cash and cash equivalents, receivables, accounts payable, accrued compensation and benefits, other accrued liabilities, and related party payables approximate fair value due to the short maturity of these instruments. Assets The following table presents the placement in the fair value hierarchy of financial assets that are measured at fair value on a recurring basis as of June 30, 2023: Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs June 30, Assets U.S. government debt securities $ — $ 72,786 $ — $ 72,786 U.S. agency securities 986 986 Certificates of deposit — 5,243 — 5,243 Total $ — $ 79,015 $ — $ 79,015 The following table presents the placement in the fair value hierarchy of financial assets that are measured at fair value on a recurring basis as of December 31, 2022: Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs December 31, Assets U.S. government debt securities $ — $ 50,995 $ — $ 50,995 Certificates of deposit — 97 — 97 Total $ — $ 51,092 $ — $ 51,092 The method used to estimate the fair value of the Level 2 short-term and long-term debt investments in the tables above is based on professional pricing sources for identical or comparable instruments, rather than direct observations of quoted prices in active markets. Liabilities The calculated fair value of the Convertible Notes (Note 9) was approximately $43,000 as of December 31, 2022, and was based on the recent third-party trades of the instrument as of the balance sheet date. The fair value of the Convertible Notes is classified as Level 2 within the fair value hierarchy as there is not an active market for the Convertible Notes, however, third-party trades of the instrument are considered observable inputs. The Convertible Notes are reflected on the accompanying condensed consolidated balance sheets at amortized cost, which was $43,219 as of December 31, 2022. See Note 8 for discussion of non-recurring fair value estimates used in calculating an impairment charge recorded during the six months ended June 30, 2022. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net Property, plant and equipment consist of the following: June 30, December 31, Land and land improvements $ 164 $ 164 Buildings and building improvements 2,629 2,592 Furniture and fixtures 508 457 Equipment 18,541 18,006 Leasehold improvements 4,324 4,333 Breeding stock 138 123 Computer hardware and software 4,638 4,562 Construction and other assets in progress 106 531 31,048 30,768 Less: Accumulated depreciation and amortization (24,474) (23,439) Property, plant and equipment, net $ 6,574 $ 7,329 Depreciation expense was $475 and $616 for the three months ended June 30, 2023 and 2022, respectively, and $981 and $1,269 for the six months ended June 30, 2023 and 2022, respectively. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net The changes in the carrying amount of goodwill for the six months ended June 30, 2023 were as follows: Balance at December 31, 2022 $ 36,923 Foreign currency translation adjustments 43 Balance at June 30, 2023 $ 36,966 The Company had $14,483 of cumulative impairment losses as of both June 30, 2023 and December 31, 2022. Intangible assets consist of the following as of June 30, 2023: Gross Carrying Amount Accumulated Amortization Net Patents, developed technologies and know-how $ 81,598 $ (38,942) $ 42,656 Customer relationships 1,600 (1,600) — Trademarks 200 (200) — Total $ 83,398 $ (40,742) $ 42,656 Intangible assets consist of the following as of December 31, 2022: Gross Carrying Amount Accumulated Amortization Net Patents, developed technologies and know-how $ 80,892 $ (36,437) $ 44,455 Customer relationships 1,600 (1,600) — Trademarks 200 (200) — Total $ 82,692 $ (38,237) $ 44,455 Amortization expense was $1,218 and $1,219 for the three months ended June 30, 2023 and 2022, respectively, and $2,423 and $2,484 for the six months ended June 30, 2023 and 2022, respectively. |
Lines of Credit and Short-Term
Lines of Credit and Short-Term Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Lines of Credit and Short-Term Debt | Lines of Credit and Short-Term Debt Lines of Credit Exemplar has a $2,500 revolving line of credit that matures on October 31, 2023. As of June 30, 2023, the line of credit bears interest at a stated rate of 7.00% per annum. As of June 30, 2023 and December 31, 2022, there was no outstanding balance on the line of credit. Short-Term Debt As of December 31, 2022, $43,219 of short-term debt consisted solely of the Company's Convertible Notes. Convertible Debt Precigen Convertible Notes In July 2018, Precigen completed a registered underwritten public offering of $200,000 aggregate principal amount of Convertible Notes and issued the Convertible Notes under an indenture between Precigen and The Bank of New York Mellon Trust Company, N.A., as trustee, as supplemented by the First Supplemental Indenture. The Convertible Notes were senior unsecured obligations of Precigen and bore interest at a rate of 3.50% per year, payable semiannually in arrears on January 1 and July 1 of each year beginning on January 1, 2019. The Convertible Notes matured on July 1, 2023, although certain notes were repurchased prior to maturity beginning in third quarter of 2022 (as discussed further below). On June 30, 2023, the Company re-purchased all remaining outstanding Convertible Notes at par plus accrued interest. The net proceeds received from the issuance of the Convertible Notes were initially allocated between long-term debt, the liability component, in the amount of $143,723, and additional paid-in capital, the equity component, in the amount of $50,235. Additional paid-in capital was further reduced by $13,367 of deferred taxes resulting from the difference between the carrying amount and the tax basis of the Convertible Notes that is created by the equity component, which also resulted in deferred tax benefit recognized from the reversal of valuation allowances on the then current year domestic operating losses in the same amount. As described in Note 2, the Company adopted ASU 2020-06 on January 1, 2022. Pursuant to ASU 2020-06, the equity components of the Convertible Notes separated from the debt components as required under the cash conversion model is required to be recombined into the Convertible Notes as a single instrument upon the adoption of ASU 2020-06. The Convertible Notes shall be accounted for as if the conversion option had not been separated. As the Company elected the modified retrospective approach, the difference between the accounting under the cash conversion model and new model after the adoption of ASU 2020-06 (i.e., the single debt instrument with no separation) was recorded as an adjustment on the adoption date (i.e., January 1, 2022) through accumulated deficit. Tax accounting consequences of the adoption also required the reversal of the previously reported deferred tax benefit on the date of adoption. As discussed in Note 3, in connection with the sale of Trans Ova in 2022, the Company transferred a total of $200,000 into a segregated account to be used for certain permitted purposes, including resolution of the Company's outstanding Convertible Notes. During the year December 31, 2022 and subsequently, the Company executed open market purchases of a portion of the outstanding Convertible Notes. During the six months ended June 30, 2023, the Company retired, through open market purchases and payment upon maturity, $43,340 of principal balance and recorded a gain on extinguishment of debt of approximately $61, which was recorded within Other income (expense), net, within the condensed consolidated statements of operations. The Company had previously retired $156,660 of principal balance from purchases during the year ended December 31, 2022. As of June 30, 2023, no restricted cash remained in the segregated account noted above, as all of the Company's outstanding Convertible Notes had been retired. The components of interest expense related to the Convertible Notes were as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Cash interest expense $ 108 $ 1,750 $ 397 $ 3,500 Non-cash interest expense 26 312 60 596 Total interest expense $ 134 $ 2,062 $ 457 $ 4,096 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the three and six months ended June 30, 2023, the Company calculated its tax benefit using the estimated annual effective tax rate method. The rate is the ratio of estimated annual income tax expense related to estimated pretax loss from continuing operations, excluding significant unusual or infrequently occurring items. As a result of the pretax losses anticipated for the full year which are not benefited, this rate has been calculated and applied to the year-to-date interim period’s ordinary income or loss on a jurisdiction by jurisdiction basis to determine the income tax expense/benefit allocated to the year-to-date period. The annual effective tax rate is revised, if necessary, at the end of each interim period based on the Company’s most current best estimate. The Company recorded $65 and $120 of income tax benefit from continuing operations for the three and six months ended June 30, 2023 , respectively. The effective tax rate differs from the U.S. statutory tax rate, primarily as a result of the change in valuation allowance required. For the three and six months ended June 30, 2022, the Company calculated its tax benefit using an estimate of actual taxable income or loss for the period, rather than estimating the Company's annual effective income tax rate, as the Company was unable to reliably estimate its income for the full year. The Company recorded $89 and $147 of income tax benefit from continuing operations for the three and six months ended June 30, 2022, respectively. The effective tax rate differs from the U.S. statutory tax rate, primarily as a result of the change in valuation allowance required. The Company's net deferred tax assets are offset by a valuation allowance due to the Company's history of net losses combined with an inability to confirm recovery of the tax benefits of the Company's tax attributes and other net deferred tax assets. A portion of the Company’s tax attributes are subject to annual limitations under Section 382 of the Internal Revenue Code. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders' Equity Issuances of Precigen Common Stock In January 2023, the Company closed a public offering of 43,962,640 shares of its common stock, resulting in net proceeds of $72,808, after deducting underwriting discounts, fees, and other offering expenses. Of the 43,962,640 shares, 11,517,712 shares were purchased by related parties and their affiliates, including the Company's Chief Executive Officer, its Chairman of the Board of Directors and his affiliates, and certain other of the Company's officers. We completed the offering of shares of common stock, utilizing a number of underwriters, with J.P. Morgan Securities LLC acting as representative of the underwriters. The services provided by JP Morgan Securities LLC were in the ordinary course of their role as lead underwriter, for which they received customary fees and commissions. Share Lending Agreement Concurrently with the offering of the Convertible Notes (Note 9), Precigen entered into a share lending agreement (the "Share Lending Agreement") with J.P. Morgan Securities LLC (the "Share Borrower") pursuant to which Precigen loaned and delivered 7,479,431 shares of its common stock (the "Borrowed Shares") to the Share Borrower. The Share Lending Agreement will terminate, and the Borrowed Shares will be returned to Precigen within five The Share Lending Agreement was entered into at fair value and met the requirements for equity classification. Therefore, the value is netted against the issuance of the Borrowed Shares in additional paid-in capital. Additionally, the Borrowed Shares are not included in the denominator for loss per share attributable to Precigen shareholders unless the Share Borrower defaults on the Share Lending Agreement. At-the-Market Sales Agreement On August 9, 2022, the Company entered into a Controlled Equity Offering Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co. (the “Agent”), pursuant to which the Company may issue and sell from time to time shares of the Company’s common stock, no par value per share (the “Shares”), through the Agent. The offering and sale of up to $100,000 of the Shares has been registered under the Securities Act of 1933. The Company has no obligation to sell any of the Shares under the Sales Agreement, and may at any time suspend or terminate the offering of its common stock pursuant to the Sales Agreement upon notice and subject to other conditions. The Company intends to use the proceeds of any sales to fund the development of clinical and preclinical product candidates and for working capital and other general corporate purposes. No shares were sold in connection with the Sales Agreement during the six months ended June 30, 2023 nor for the year ended December 31, 2022. Components of Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss are as follows: June 30, December 31, Unrealized loss on investments $ (270) $ (760) Loss on foreign currency translation adjustments (2,248) (2,728) Total accumulated other comprehensive loss $ (2,518) $ (3,488) |
Share-Based Payments
Share-Based Payments | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Payments | Share-Based Payments The Company measures the fair value of stock options and restricted stock units ("RSUs") issued to employees and nonemployees as of the grant date for recognition of stock-based compensation expense. Stock-based compensation expense for employees and nonemployees is recognized over the requisite service period, which is typically the vesting period. Stock-based compensation costs included in the condensed consolidated statements of operations are presented below: Three Months Ended Six Months Ended 2023 2022 2023 2022 Cost of products and services $ 17 $ 30 $ 35 $ 63 Research and development 582 589 1,087 1,134 Selling, general and administrative 1,589 1,660 4,198 4,606 Discontinued operations — 30 — 68 Total $ 2,188 $ 2,309 $ 5,320 $ 5,871 Precigen Equity Incentive Plans In August 2013, Precigen adopted the 2013 Omnibus Incentive Plan ("the 2013 Plan"), for employees and nonemployees pursuant to which Precigen's board of directors may grant share-based awards, including stock options, restricted stock units, shares of common stock and other awards, to employees, officers, consultants, advisors, and nonemployee directors. Upon the effectiveness of the 2023 Omnibus Incentive Plan in June 30, 2023, as discussed in the next paragraph, (the "2023 Plan"), no new awards may be granted under the 2013 Plan and any awards granted under the 2013 Plan prior to the effectiveness of the 2023 Plan will remain outstanding under such plan and will continue to vest and/or become exercisable in accordance with their original terms and conditions. As of June 30, 2023, there were 19,167,088 stock options and 862,356 RSUs outstanding under the 2013 Plan. In April 2023, Precigen adopted the 2023 Plan, which became effective upon shareholder approval in June 2023. The 2023 Plan permits the grant of share-based awards, including stock options, restricted stock awards, and RSUs and other awards, to officers, employees and nonemployees. The 2023 Plan authorizes for issuance pursuant to awards under the 2023 Plan an aggregate of 16,418,137 shares (which is comprised of 12,500,000 shares, plus 3,918,137 shares remaining available for issuance under the 2013 Plan as of the adoption of the 2023 Plan). As of June 30, 2023, no awards were granted under the plan. In April 2019, Precigen adopted the 2019 Incentive Plan for Non-Employee Service Providers (the "2019 Plan"), which became effective upon shareholder approval in June 2019. The 2019 Plan permits the grant of share-based awards, including stock options, restricted stock awards, and RSUs, to non-employee service providers, including board members. As of June 30, 2023, there were 12,000,000 shares authorized for issuance under the 2019 Plan, of which 3,158,007 stock options and 1,014,952 RSUs were outstanding and 4,502,466 shares were available for grant. Stock option activity was as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Balances at December 31, 2022 15,201,276 $ 10.41 6.87 Granted 7,507,869 1.19 Exercised — — Forfeited (220,625) 2.74 Expired (163,425) 17.74 Balances at June 30, 2023 22,325,095 7.33 7.54 Exercisable at June 30, 2023 11,759,874 11.22 6.14 RSU activity was as follows: Number of Restricted Stock Units Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term (Years) Balances at December 31, 2022 697,815 $ 2.66 0.13 Granted 4,083,777 1.01 Vested (2,904,284) 1.37 Forfeited — — Balances at June 30, 2023 1,877,308 1.07 0.43 Precigen currently uses authorized and unissued shares to satisfy share award exercises. |
Operating Leases
Operating Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Operating Leases | Operating Leases The Company leases certain facilities and equipment under operating leases. Leases with a lease term of twelve months or less are considered short-term leases and are not recorded on the balance sheet, and expense for these leases is recognized over the term of the lease. All other leases have remaining terms of one The components of lease costs were as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Operating lease costs $ 617 $ 613 $ 1,232 $ 1,240 Short-term lease costs 10 49 30 102 Variable lease costs 86 121 206 224 Lease costs $ 713 $ 783 $ 1,468 $ 1,566 As of June 30, 2023, maturities of lease liabilities, excluding short-term and variable leases, for continuing operations were as follows: 2023 $ 1,222 2024 2,029 2025 1,903 2026 1,503 2027 1,238 2028 1,260 Thereafter 1,847 Total 11,002 Present value adjustment (3,036) Total $ 7,966 Current portion of operating lease liabilities $ 1,421 Long-term portion of operating lease liabilities 6,545 Total $ 7,966 Other information related to operating leases in continuing operations was as follows: June 30, December 31, Weighted average remaining lease term (years) 5.61 6.09 Weighted average discount rate 11.08 % 11.05 % Six Months Ended 2023 2022 Supplemental disclosure of cash flow information Cash paid for operating lease liabilities $ 1,022 $ 1,264 Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modifications of existing leases) 373 65 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Contingencies In October 2020, several shareholder class action lawsuits were filed in the United States District Court for the Northern District of California on behalf of certain purchasers of the Company's common stock. The complaints name as defendants the Company and certain of its current and former officers. The plaintiffs' claims challenged disclosures about the MBP program from May 10, 2017 to March 1, 2019. In March 2021, the Court granted an order consolidating the claims and, in April 2021, appointed a lead plaintiff and lead counsel in the case, captioned In re Precigen Securities Litigation , Case No. 5:20-cv-06936-BLF (N.D. Cal.). On May 18, 2021, the lead plaintiff filed an Amended Class Action Complaint. On August 2, 2021, the defendants moved to dismiss the Amended Class Action Complaint. On September 27, 2021, the lead plaintiff filed a Second Amended Class Action Complaint in lieu of a response to the defendants’ motion to dismiss. On November 3, 2021, the defendants moved to dismiss the Second Amended Class Action Complaint and on May 31, 2022, the Court granted the defendants’ motion to dismiss the Second Amended Class Action Complaint with leave to amend. On August 1, 2022, the lead plaintiff filed a Third Amended Class Action Complaint. On August 2, 2022, the Court granted the parties' request to conduct a private mediation session to explore potential resolution of the action. On November 17, 2022, at the conclusion of the mediation session, the parties executed a memorandum of understanding that agreed in principle to resolve the claims asserted in the securities class action. The settlement provides for a payment to the plaintiff class of $13,000. On July 7, 2023, the Court granted preliminary approval of the settlement and scheduled a final approval hearing for October 2023. Should the Court not approve the proposed settlement or if the proposed settlement otherwise does not become final, the parties will be returned to their litigation postures prior to the agreement in principle to settle. In the event that the litigation resumes, the defendants intend to move to dismiss the plaintiff’s Third Amended Class Action Complaint. As of both June 30, 2023 and December 31,2022, the Company recorded an accrual of $13,000 in Settlement and Indemnification accruals on the condensed consolidated balance sheets for this matter. In addition, the Company separately recognized an insurance receivable asset of $12,545 and $12,411 within Receivables, other, on the condensed consolidated balance sheets as of June 30, 2023 and December 31,2022, respectively. In December 2020, a derivative shareholder action, captioned Edward D. Wright, derivatively on behalf of Precigen, Inc. F/K/A Intrexon Corp. v. Alvarez et al , was filed in the Circuit Court for Fairfax County in Virginia on behalf of Precigen, Inc. asserting similar claims under state law against Precigen's current directors and certain officers. The plaintiff seeks damages, forfeiture of benefits received by defendants, and an award of reasonable attorneys' fees and costs. The case was stayed by an order entered on June 14, 2021. On September 24, 2021, an individual shareholder filed a lawsuit in the Circuit Court for Henrico County styled Kent v. Precigen , Inc., Case CL21-6349. The Kent action demands inspection of certain books and records of the Company pursuant to Virginia statutory and common law. On April 1, 2022, the Court denied the demurrer and referred the matter to a hearing on the merits. The Company intends to defend the lawsuits vigorously; however, there can be no assurances regarding the ultimate outcome of these lawsuits. In the course of its business, the Company is involved in litigation or legal matters, including governmental investigations. Such matters are subject to many uncertainties and outcomes are not predictable with assurance. The Company accrues liabilities for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. As of June 30, 2023, the Company does not believe that any such matters, individually or in the aggregate, will have a material adverse effect on the Company's business, financial condition, results of operations, or cash flows. |
Segments
Segments | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segments | Segments The Company's CODM assesses the operating performance of and allocates resources for several operating segments using Segment Adjusted EBITDA as a basis. Management believes this financial metric is a key indicator of operating results since it excludes noncash revenues and expenses that are not reflective of the underlying business performance of an individual enterprise. The Company defines Segment Adjusted EBITDA as net income (loss) before (i) interest expense, (ii) income tax expense or benefit, (iii) depreciation and amortization, (iv) stock-based compensation expense, (v) loss on settlement agreements where noncash consideration is paid, (vi) adjustments for accrued bonuses paid in equity awards, (vii) gain or loss on disposals of assets, (viii) loss on impairment of goodwill and other noncurrent assets, (ix) equity in net loss of affiliates, and (x) recognition of previously deferred revenue associated with upfront and milestone payments as well as cash outflows from capital expenditures and investments in affiliates, but includes proceeds from the sale of assets in the period sold. Because the Company uses Segment Adjusted EBITDA as its primary measure of segment performance, it has included this measure in its discussion of segment operating results. The Company has also disclosed revenues from external customers and intersegment revenues for each reportable segment. The CODM does not use total assets by segment to evaluate segment performance or allocate resources, and accordingly, these amounts are not required to be disclosed. The Company's segment presentation excludes amounts related to the operations of Trans Ova which are reported as discontinued operations (Note 3). For the three and six months ended June 30, 2023, the Company's reportable segments were (i) Biopharmaceuticals and (ii) Exemplar. These identified reportable segments met the quantitative thresholds to be reported separately for the six months ended June 30, 2023. See Note 2 for a description of Biopharmaceuticals. See Note 1 for a description of Exemplar. Segment Adjusted EBITDA by reportable segment was as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Biopharmaceuticals $ (17,880) $ (19,997) $ (39,277) $ (40,874) Exemplar (83) 795 38 4,353 Segment Adjusted EBITDA for reportable segments $ (17,963) $ (19,202) $ (39,239) $ (36,521) The table below reconciles Segment Adjusted EBITDA for reportable segments to consolidated net loss from continuing operations before income taxes: Three Months Ended Six Months Ended 2023 2022 2023 2022 Segment Adjusted EBITDA for reportable segments $ (17,963) $ (19,202) $ (39,239) $ (36,521) All Other Segment Adjusted EBITDA — — — — Remove cash paid for capital expenditures, net of proceeds from sale of assets, and cash paid for investments in affiliates 101 172 255 668 Interest Income 828 37 1,461 75 Other expenses: Interest expense (136) (2,063) (460) (4,101) Depreciation and amortization (1,693) (1,835) (3,404) (3,753) Gain (loss) on disposals of assets 40 — 40 — Impairment losses — (638) — (1,120) Stock-based compensation expense (2,188) (2,279) (5,320) (5,803) Adjustment related to accrued bonuses paid in equity awards — — 3,361 1,698 Equity in net loss of affiliates — — — (1) Other — (105) — (105) Shares issue for payment of services — — (545) (576) Corporate noncash items 627 (203) 678 (468) Eliminations — (32) — (97) Consolidated net loss from continuing operations before income taxes $ (20,384) $ (26,148) $ (43,173) $ (50,104) Revenues by reportable segment were as follows: Three Months Ended June 30, 2023 Biopharmaceuticals Exemplar Total Revenues from external customers $ — $ 1,767 $ 1,767 Intersegment revenues — — — Total segment revenues $ — $ 1,767 $ 1,767 Three Months Ended June 30, 2022 Biopharmaceuticals Exemplar Total Revenues from external customers $ 70 $ 2,841 $ 2,911 Intersegment revenues — — — Total segment revenues $ 70 $ 2,841 $ 2,911 Six Months Ended June 30, 2023 Biopharmaceuticals Exemplar Total Revenues from external customers $ — $ 3,618 $ 3,618 Intersegment revenues — — — Total segment revenues $ — $ 3,618 $ 3,618 Six Months Ended June 30, 2022 Biopharmaceuticals Exemplar Total Revenues from external customers $ 154 $ 8,270 $ 8,424 Intersegment revenues — — — Total segment revenues $ 154 $ 8,270 $ 8,424 The table below reconciles total segment revenues from reportable segments to total consolidated revenues: Three Months Ended Six Months Ended 2023 2022 2023 2022 Total segment revenues from reportable segments $ 1,767 $ 2,911 $ 3,618 $ 8,424 Elimination of intersegment revenues — — — — Total consolidated revenues $ 1,767 $ 2,911 $ 3,618 $ 8,424 For the three months ended June 30, 2023 and 2022, 73.3% and 64.9%, respectively, of total consolidated revenue was attributable to four customers in 2023 and two customers in 2022, in the Exemplar segment. For the six months ended June 30, 2023 and 2022, 78.0% and 67.9%, respectively, of total consolidated revenue was attributable to 4 customers in 2023 and 1 in 2022, in the Exemplar segment. As of June 30, 2023 and December 31, 2022, the Company had $2,216 and $2,591, respectively, of long-lived assets in foreign countries. The Company recognized revenues derived in foreign countries totaling $0 and $70 for the three months ended June 30, 2023 and 2022, respectively, and $0 and $154 for the six months ended June 30, 2023 and 2022, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Certain information and footnote disclosures normally included in the Company's annual financial statements have been condensed or omitted. These interim condensed consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments necessary for fair statement of the Company's financial position as of June 30, 2023 and results of operations and cash flows for the interim periods ended June 30, 2023 and 2022. The year-end condensed consolidated balance sheet data was derived from the Company's audited financial statements but does not include all disclosures required by U.S. GAAP. These interim financial results are not necessarily indicative of the results to be expected for the year ending December 31, 2023, or for any other future annual or interim period. The accompanying interim unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. |
Consolidation | The accompanying condensed consolidated financial statements reflect the operations of Precigen and its majority-owned subsidiaries. All intercompany accounts and transactions have been eliminated. |
Research and Development | Research and Development The Company considers that regulatory requirements inherent in the research and development of new products preclude it from capitalizing such costs. Research and development expenses include salaries and related costs of research and development personnel, including stock-based compensation expense, costs to acquire technology rights, contract research organizations and consultants, facilities, materials and supplies associated with research and development projects as well as various laboratory studies. Costs incurred in conjunction with collaboration and licensing arrangements are included in research and development. Indirect research and development costs include depreciation, amortization, and other indirect overhead expenses. |
Cash and Cash Equivalents | Cash and Cash EquivalentsAll highly liquid investments with an original maturity of three months or less at the date of purchase are considered to be cash equivalents. Cash balances at a limited number of banks may periodically exceed insurable amounts. The Company believes that it mitigates its risk by investing in or through major financial institutions. Recoverability of investments is dependent upon the performance of the issuer. |
Restricted Cash | This cash was restricted for the permitted purposes related to our Convertible Notes, including the resolution of such notes. |
Short-term and Long-Term Investments | Short-term and Long-Term Investments As of June 30, 2023 and December 31, 2022 short-term and long-term investments include United States government debt and agency securities and certificates of deposit. The Company determines the appropriate classification as short-term or long-term at the time of purchase based on original maturities and management's reasonable expectation of sales and redemption. The Company reevaluates such classification at each balance sheet date. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset and liability. As a basis for considering such assumptions, the Company uses a three-tier fair value hierarchy that prioritizes the inputs used in its fair value measurements. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1: Quoted prices in active markets for identical assets and liabilities; Level 2: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly; and Level 3: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available. |
Net Loss Per Share | Net Loss per Share Basic net loss per share is calculated by dividing net loss attributable to common shareholders by the weighted average shares outstanding during the period, without consideration of common stock equivalents. Diluted net loss per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, using the treasury-stock method and the if-converted method. For purposes of the diluted net loss per share calculation, shares to be issued pursuant to convertible debt, stock options, RSUs, and warrants are considered to be common stock equivalents but are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive as described in the next paragraph. Therefore, basic and diluted net loss per share were the same for all periods presented. See Note 11 for further discussion of the Company's Share Lending Agreement. |
Segment Information | Segment InformationThe Company's chief operating decision maker ("CODM") regularly reviews disaggregated financial information for various operating segments. The financial information regularly reviewed by the CODM consists of (i) Biopharmaceuticals and (ii) Exemplar, each an operating segment that was also determined to be a reportable segment. The Biopharmaceuticals reportable segment is primarily comprised of the Company's legal entities of Precigen and ActoBio. See Note 1 for a description of Precigen, ActoBio and Exemplar. Prior to January 1, 2023, corporate expenses were not allocated to the segments and were managed at a consolidated level. Corporate expenses, include costs associated with general and administrative functions, including the Company's finance, accounting, legal, human resources, information technology, corporate communication, and investor relations functions. Corporate expenses exclude interest expense, depreciation and amortization, gain or loss on disposals of assets, stock-based compensation expense, loss on settlement agreement, and equity in net loss of affiliates and include unrealized and realized gains and losses on the Company's securities portfolio as well as dividend income. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the |
Recently Issued and Adopted Accounting Pronouncements | Adopted Accounting Pronouncements In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40)—Accounting for Convertible Instruments and Contracts in an Entity's Own Equity ("ASU 2020-06" ) . Under ASU 2020-06, the embedded conversion features are no longer separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives under Topic 815, or that do not result in substantial premiums accounted for as paid-in capital. Consequently, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost, as long as no other features require bifurcation and recognition as derivatives. The new guidance also requires the if-converted method to be applied for all convertible instruments. We adopted ASU 2020-06 on January 1, 2022 using the modified retrospective transition method, which resulted in an increase to our reported long-term debt outstanding, net of current portion, of $18,196, a decrease to our additional paid-in capital of $36,868, and a corresponding cumulative-effect reduction to our opening accumulated deficit of $18,672. The adoption of ASU 2020-06 was expected to reduce non-cash interest expense related to existing convertible debt outstanding by approximately $11,800 for the year ending December 31, 2022, and did not have an impact on our consolidated cash flows. The use of the if-converted method did not have an impact on our overall earnings per share calculation. Recently Issued Accounting Pronouncements Not Yet Adopted There are no accounting standards which have not yet been adopted that are expected to have a significant impact on our financial statements and related disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Net Loss per Share | The following potentially dilutive securities as of June 30, 2023 and 2022, have been excluded from the above computations of diluted weighted average shares outstanding for the three and six months then ended as they would have been anti-dilutive: June 30, 2023 2022 Options 22,325,095 15,492,339 Restricted stock units 1,877,308 714,687 Warrants — 121,888 Total 24,202,403 16,328,914 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table presents the financial results of discontinued operations related to Trans Ova for the three and six months ended June 30, 2022: Three months ended June 30, Six Months Ended 2022 Product revenues $ 8,940 $ 17,172 Service revenues 23,501 41,777 Total revenues 32,441 58,949 Cost of products and services 17,415 32,820 Research and development 908 1,867 Selling, general and administrative 6,124 12,011 Total operating expenses 24,447 46,698 Operating income 7,994 12,251 Other income, net 430 820 Income from discontinued operations $ 8,424 $ 13,071 The following table presents the significant noncash items, purchases of property, plant and equipment, and proceeds from sales of assets for the discontinued operations related to Trans Ova for the six months ended June 30, 2022 that are included in the accompanying condensed consolidated statements of cash flows. Adjustments to reconcile net income to net cash used in operating activities Depreciation and amortization $ 2,765 Loss on disposal of assets 360 Stock-based compensation expense 68 Provision for credit losses 735 Cash flows from investing activities Purchases of property, plant and equipment (2,629) Proceeds from sale of assets 438 Cash flows from financing activities Payments of long-term debt (225) |
Collaboration and Licensing R_2
Collaboration and Licensing Revenue (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Deferred Revenue |
Short-term and Long-term Inve_2
Short-term and Long-term Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Short-term and Long-term Investments | The following table summarizes the amortized cost, gross unrealized gains and losses, and fair value of available-for-sale investments as of June 30, 2023: Amortized Gross Gross Aggregate U.S. government debt securities $ 73,047 $ 15 $ (276) $ 72,786 U.S. agency securities 991 8 (13) 986 Certificates of deposit 5,247 — (4) 5,243 Total $ 79,285 $ 23 $ (293) $ 79,015 The following table summarizes the amortized cost, gross unrealized gains and losses, and fair value of available-for-sale investments as of December 31, 2022: Amortized Gross Gross Aggregate U.S. government debt securities $ 51,755 $ — $ (760) $ 50,995 Certificates of deposit 97 — — 97 Total $ 51,852 $ — $ (760) $ 51,092 |
Contractual Obligation, Fiscal Year Maturity | The estimated fair value of available-for-sale investments classified by their contractual maturities as of June 30, 2023 was: Due within one year $ 71,888 After one year through two years 7,127 Total $ 79,015 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Placement in the Fair Value Hierarchy of Financial Assets that are Measured at Fair Value on a Recurring Basis | The following table presents the placement in the fair value hierarchy of financial assets that are measured at fair value on a recurring basis as of June 30, 2023: Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs June 30, Assets U.S. government debt securities $ — $ 72,786 $ — $ 72,786 U.S. agency securities 986 986 Certificates of deposit — 5,243 — 5,243 Total $ — $ 79,015 $ — $ 79,015 The following table presents the placement in the fair value hierarchy of financial assets that are measured at fair value on a recurring basis as of December 31, 2022: Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs December 31, Assets U.S. government debt securities $ — $ 50,995 $ — $ 50,995 Certificates of deposit — 97 — 97 Total $ — $ 51,092 $ — $ 51,092 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment consist of the following: June 30, December 31, Land and land improvements $ 164 $ 164 Buildings and building improvements 2,629 2,592 Furniture and fixtures 508 457 Equipment 18,541 18,006 Leasehold improvements 4,324 4,333 Breeding stock 138 123 Computer hardware and software 4,638 4,562 Construction and other assets in progress 106 531 31,048 30,768 Less: Accumulated depreciation and amortization (24,474) (23,439) Property, plant and equipment, net $ 6,574 $ 7,329 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the six months ended June 30, 2023 were as follows: Balance at December 31, 2022 $ 36,923 Foreign currency translation adjustments 43 Balance at June 30, 2023 $ 36,966 |
Schedule of Intangible Assets | Intangible assets consist of the following as of June 30, 2023: Gross Carrying Amount Accumulated Amortization Net Patents, developed technologies and know-how $ 81,598 $ (38,942) $ 42,656 Customer relationships 1,600 (1,600) — Trademarks 200 (200) — Total $ 83,398 $ (40,742) $ 42,656 Intangible assets consist of the following as of December 31, 2022: Gross Carrying Amount Accumulated Amortization Net Patents, developed technologies and know-how $ 80,892 $ (36,437) $ 44,455 Customer relationships 1,600 (1,600) — Trademarks 200 (200) — Total $ 82,692 $ (38,237) $ 44,455 |
Lines of Credit and Short-Ter_2
Lines of Credit and Short-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Components of Interest Expense | The components of interest expense related to the Convertible Notes were as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Cash interest expense $ 108 $ 1,750 $ 397 $ 3,500 Non-cash interest expense 26 312 60 596 Total interest expense $ 134 $ 2,062 $ 457 $ 4,096 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income | The components of accumulated other comprehensive loss are as follows: June 30, December 31, Unrealized loss on investments $ (270) $ (760) Loss on foreign currency translation adjustments (2,248) (2,728) Total accumulated other comprehensive loss $ (2,518) $ (3,488) |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock-Based Compensation Costs | Stock-based compensation costs included in the condensed consolidated statements of operations are presented below: Three Months Ended Six Months Ended 2023 2022 2023 2022 Cost of products and services $ 17 $ 30 $ 35 $ 63 Research and development 582 589 1,087 1,134 Selling, general and administrative 1,589 1,660 4,198 4,606 Discontinued operations — 30 — 68 Total $ 2,188 $ 2,309 $ 5,320 $ 5,871 |
Schedule of Stock Option Activity | Stock option activity was as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Balances at December 31, 2022 15,201,276 $ 10.41 6.87 Granted 7,507,869 1.19 Exercised — — Forfeited (220,625) 2.74 Expired (163,425) 17.74 Balances at June 30, 2023 22,325,095 7.33 7.54 Exercisable at June 30, 2023 11,759,874 11.22 6.14 |
Schedule of Restricted Stock Unit Activity | RSU activity was as follows: Number of Restricted Stock Units Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term (Years) Balances at December 31, 2022 697,815 $ 2.66 0.13 Granted 4,083,777 1.01 Vested (2,904,284) 1.37 Forfeited — — Balances at June 30, 2023 1,877,308 1.07 0.43 |
Operating Leases (Tables)
Operating Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Components of Lease Costs | The components of lease costs were as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Operating lease costs $ 617 $ 613 $ 1,232 $ 1,240 Short-term lease costs 10 49 30 102 Variable lease costs 86 121 206 224 Lease costs $ 713 $ 783 $ 1,468 $ 1,566 Other information related to operating leases in continuing operations was as follows: June 30, December 31, Weighted average remaining lease term (years) 5.61 6.09 Weighted average discount rate 11.08 % 11.05 % Six Months Ended 2023 2022 Supplemental disclosure of cash flow information Cash paid for operating lease liabilities $ 1,022 $ 1,264 Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modifications of existing leases) 373 65 |
Maturities of Lease Liabilities | As of June 30, 2023, maturities of lease liabilities, excluding short-term and variable leases, for continuing operations were as follows: 2023 $ 1,222 2024 2,029 2025 1,903 2026 1,503 2027 1,238 2028 1,260 Thereafter 1,847 Total 11,002 Present value adjustment (3,036) Total $ 7,966 Current portion of operating lease liabilities $ 1,421 Long-term portion of operating lease liabilities 6,545 Total $ 7,966 |
Segments (Tables)
Segments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Information by Reportable Segment | Segment Adjusted EBITDA by reportable segment was as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Biopharmaceuticals $ (17,880) $ (19,997) $ (39,277) $ (40,874) Exemplar (83) 795 38 4,353 Segment Adjusted EBITDA for reportable segments $ (17,963) $ (19,202) $ (39,239) $ (36,521) Revenues by reportable segment were as follows: Three Months Ended June 30, 2023 Biopharmaceuticals Exemplar Total Revenues from external customers $ — $ 1,767 $ 1,767 Intersegment revenues — — — Total segment revenues $ — $ 1,767 $ 1,767 Three Months Ended June 30, 2022 Biopharmaceuticals Exemplar Total Revenues from external customers $ 70 $ 2,841 $ 2,911 Intersegment revenues — — — Total segment revenues $ 70 $ 2,841 $ 2,911 Six Months Ended June 30, 2023 Biopharmaceuticals Exemplar Total Revenues from external customers $ — $ 3,618 $ 3,618 Intersegment revenues — — — Total segment revenues $ — $ 3,618 $ 3,618 Six Months Ended June 30, 2022 Biopharmaceuticals Exemplar Total Revenues from external customers $ 154 $ 8,270 $ 8,424 Intersegment revenues — — — Total segment revenues $ 154 $ 8,270 $ 8,424 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The table below reconciles Segment Adjusted EBITDA for reportable segments to consolidated net loss from continuing operations before income taxes: Three Months Ended Six Months Ended 2023 2022 2023 2022 Segment Adjusted EBITDA for reportable segments $ (17,963) $ (19,202) $ (39,239) $ (36,521) All Other Segment Adjusted EBITDA — — — — Remove cash paid for capital expenditures, net of proceeds from sale of assets, and cash paid for investments in affiliates 101 172 255 668 Interest Income 828 37 1,461 75 Other expenses: Interest expense (136) (2,063) (460) (4,101) Depreciation and amortization (1,693) (1,835) (3,404) (3,753) Gain (loss) on disposals of assets 40 — 40 — Impairment losses — (638) — (1,120) Stock-based compensation expense (2,188) (2,279) (5,320) (5,803) Adjustment related to accrued bonuses paid in equity awards — — 3,361 1,698 Equity in net loss of affiliates — — — (1) Other — (105) — (105) Shares issue for payment of services — — (545) (576) Corporate noncash items 627 (203) 678 (468) Eliminations — (32) — (97) Consolidated net loss from continuing operations before income taxes $ (20,384) $ (26,148) $ (43,173) $ (50,104) |
Reconciliation of Revenue from Segments to Consolidated | The table below reconciles total segment revenues from reportable segments to total consolidated revenues: Three Months Ended Six Months Ended 2023 2022 2023 2022 Total segment revenues from reportable segments $ 1,767 $ 2,911 $ 3,618 $ 8,424 Elimination of intersegment revenues — — — — Total consolidated revenues $ 1,767 $ 2,911 $ 3,618 $ 8,424 |
Organization (Details)
Organization (Details) | Jun. 30, 2023 subsidiary |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of wholly owned operating subsidiaries | 2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Liquidity - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | |||||
Net income (loss) attributable to parent | $ (20,319) | $ (17,635) | $ (43,053) | $ (36,886) | |
Accumulated deficit | $ 1,911,620 | $ 1,911,620 | $ 1,868,567 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Research and Development - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Research and development commitments not yet incurred | $ 19,525 | $ 19,909 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Cash and Cash Equivalents and Restricted Cash - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | ||
Highly liquid investment maximum maturity period | 3 months | |
Money market funds, at carrying value | $ 11,390 | $ 3 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Net Loss Per Share - Additional Information (Details) - $ / shares | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total | 24,202,403 | 16,328,914 | |
3.5% Convertible Notes Due 2023 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Conversion price (in usd per share) | $ 17.05 | ||
Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total | 22,325,095 | 15,492,339 | |
Restricted stock units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total | 1,877,308 | 714,687 | |
Warrants | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total | 0 | 121,888 | |
Convertible debt | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total | 11,732,440 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Recently Adopted Accounting Pronouncements - Additional Information (Details) - Cumulative effect of adoption of ASU 2020-06 - Accounting Standards Update 2020-06 Retrospective - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Long-term debt, net of current portion | $ 18,196 | |
Non-cash interest expense | $ 11,800 | |
Additional Paid-in Capital | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Stockholders' equity, including portion attributable to noncontrolling interest | 36,868 | |
Accumulated Deficit | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Stockholders' equity, including portion attributable to noncontrolling interest | $ 18,672 |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - USD ($) | 3 Months Ended | ||
Aug. 18, 2022 | Dec. 31, 2022 | Jun. 30, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from sale of discontinued operations, net of cash sold | $ 162,306,000 | ||
Trans Ova | Discontinued Operations, Held-for-sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal group, including discontinued operation, ownership interest disposed of | 100% | ||
Consideration | $ 170,000,000 | ||
Disposal group, including discontinued operation, earn-out payments, range of outcomes, value high | 10,000,000 | ||
Proceeds from sale of discontinued operations, net of cash sold | $ 936,000 | ||
Disposal group, including discontinued operation, indemnification claim | $ 675,000 | ||
Trans Ova | Discontinued Operations, Held-for-sale | Maximum | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal group, including discontinued operation, earn-out payments | $ 5,000,000 | ||
Disposal group, including discontinued operation, reimbursement limit | $ 5,750,000 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Financial Results for Trans Ova (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income from discontinued operations, net of income taxes | $ 0 | $ 8,424 | $ 0 | $ 13,071 |
Trans Ova | Discontinued Operations, Held-for-sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total revenues | 32,441 | 58,949 | ||
Cost of products and services | 17,415 | 32,820 | ||
Research and development | 908 | 1,867 | ||
Selling, general and administrative | 6,124 | 12,011 | ||
Total operating expenses | 24,447 | 46,698 | ||
Operating income | 7,994 | 12,251 | ||
Other income, net | 430 | 820 | ||
Income from discontinued operations, net of income taxes | 8,424 | 13,071 | ||
Trans Ova | Discontinued Operations, Held-for-sale | Product revenues | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total revenues | 8,940 | 17,172 | ||
Trans Ova | Discontinued Operations, Held-for-sale | Service revenues | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total revenues | $ 23,501 | $ 41,777 |
Discontinued Operations - Sum_2
Discontinued Operations - Summary of Significant Non-Cash Items, Investments and Purchases of Property, Plant and Equipment on Cash Flows - Trans Ova (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | $ 3,404 | $ 6,518 |
Loss on disposal of assets | (40) | 360 |
Stock-based compensation expense | 5,320 | 5,871 |
Provision for credit losses | 0 | 735 |
Cash flows from investing activities | ||
Purchases of property, plant and equipment | (255) | (3,297) |
Cash flows from financing activities | ||
Payments of long-term debt | $ (43,099) | (277) |
Trans Ova | Discontinued Operations, Held-for-sale | ||
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 2,765 | |
Loss on disposal of assets | 360 | |
Stock-based compensation expense | 68 | |
Provision for credit losses | 735 | |
Cash flows from investing activities | ||
Purchases of property, plant and equipment | 438 | |
Purchases of property, plant and equipment | (2,629) | |
Cash flows from financing activities | ||
Payments of long-term debt | $ (225) |
Collaboration and Licensing R_3
Collaboration and Licensing Revenue - Narrative (Details) $ in Millions | 12000 Months Ended |
Apr. 03, 3023 USD ($) | |
Amended Licensing Agreement Between Alaunos and Precigen 2023 | Subsequent Event | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
License Agreement, Annual Fee | $ 0.1 |
Short-term and Long-term Inve_3
Short-term and Long-term Investments - Summary of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Short-term and Long-term Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 79,285 | $ 51,852 |
Gross Unrealized Gains | 23 | 0 |
Gross Unrealized Losses | (293) | (760) |
Aggregate Fair Value | 79,015 | 51,092 |
U.S. government debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 73,047 | 51,755 |
Gross Unrealized Gains | 15 | 0 |
Gross Unrealized Losses | (276) | (760) |
Aggregate Fair Value | 72,786 | 50,995 |
U.S. agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 991 | |
Gross Unrealized Gains | 8 | |
Gross Unrealized Losses | (13) | |
Aggregate Fair Value | 986 | |
Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 5,247 | 97 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (4) | 0 |
Aggregate Fair Value | $ 5,243 | $ 97 |
Short-term and Long-term Inve_4
Short-term and Long-term Investments - Contractual Obligation, Fiscal Year Maturity (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due within one year | $ 71,888 |
After one year through two years | 7,127 |
Total | $ 79,015 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Placement in the Fair Value Hierarchy of Financial Assets that are Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Fair value of financial assets measured at fair value on a recurring basis | $ 79,015 | $ 51,092 |
Quoted Prices in Active Markets (Level 1) | ||
Assets | ||
Fair value of financial assets measured at fair value on a recurring basis | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Fair value of financial assets measured at fair value on a recurring basis | 79,015 | 51,092 |
Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Fair value of financial assets measured at fair value on a recurring basis | 0 | 0 |
U.S. government debt securities | ||
Assets | ||
Fair value of financial assets measured at fair value on a recurring basis | 72,786 | 50,995 |
U.S. government debt securities | Quoted Prices in Active Markets (Level 1) | ||
Assets | ||
Fair value of financial assets measured at fair value on a recurring basis | 0 | 0 |
U.S. government debt securities | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Fair value of financial assets measured at fair value on a recurring basis | 72,786 | 50,995 |
U.S. government debt securities | Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Fair value of financial assets measured at fair value on a recurring basis | 0 | 0 |
U.S. agency securities | ||
Assets | ||
Fair value of financial assets measured at fair value on a recurring basis | 986 | |
U.S. agency securities | Quoted Prices in Active Markets (Level 1) | ||
Assets | ||
Fair value of financial assets measured at fair value on a recurring basis | ||
U.S. agency securities | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Fair value of financial assets measured at fair value on a recurring basis | 986 | |
U.S. agency securities | Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Fair value of financial assets measured at fair value on a recurring basis | ||
Certificates of deposit | ||
Assets | ||
Fair value of financial assets measured at fair value on a recurring basis | 5,243 | 97 |
Certificates of deposit | Quoted Prices in Active Markets (Level 1) | ||
Assets | ||
Fair value of financial assets measured at fair value on a recurring basis | 0 | 0 |
Certificates of deposit | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Fair value of financial assets measured at fair value on a recurring basis | 5,243 | 97 |
Certificates of deposit | Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Fair value of financial assets measured at fair value on a recurring basis | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - 3.5% Convertible Notes Due 2023 - USD ($) $ in Thousands | Dec. 31, 2022 | Jul. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of convertible debt | $ 43,000 | |
Carrying value of convertible debt | $ 43,219 | $ 143,723 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
Land and land improvements | $ 164 | $ 164 |
Buildings and building improvements | 2,629 | 2,592 |
Furniture and fixtures | 508 | 457 |
Equipment | 18,541 | 18,006 |
Leasehold improvements | 4,324 | 4,333 |
Breeding stock | 138 | 123 |
Computer hardware and software | 4,638 | 4,562 |
Construction and other assets in progress | 106 | 531 |
Property, plant and equipment, gross | 31,048 | 30,768 |
Less: Accumulated depreciation and amortization | (24,474) | (23,439) |
Property, plant and equipment, net | $ 6,574 | $ 7,329 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 475 | $ 616 | $ 981 | $ 1,269 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net - Schedule of Changes in Carrying Amount of Goodwill (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Goodwill | |
Beginning balance | $ 36,923 |
Foreign currency translation adjustments | 43 |
Ending balance | $ 36,966 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Goodwill accumulated impairment losses | $ 14,483 | $ 14,483 | $ 14,483 | ||
Amortization expense | $ 1,218 | $ 1,219 | $ 2,423 | $ 2,484 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, Net - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | $ 83,398 | $ 82,692 |
Accumulated Amortization | (40,742) | (38,237) |
Net | 42,656 | 44,455 |
Patents, developed technologies and know-how | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | 81,598 | 80,892 |
Accumulated Amortization | (38,942) | (36,437) |
Net | 42,656 | 44,455 |
Customer relationships | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | 1,600 | 1,600 |
Accumulated Amortization | (1,600) | (1,600) |
Net | 0 | 0 |
Trademarks | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | 200 | 200 |
Accumulated Amortization | (200) | (200) |
Net | $ 0 | $ 0 |
Lines of Credit and Short-Ter_3
Lines of Credit and Short-Term Debt - Additional Information (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Line of Credit Facility [Line Items] | ||
Current portion of long-term debt | $ 0 | $ 43,219,000 |
Revolving Line of Credit | Exemplar Genetics, LLC | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 2,500,000 | |
Debt instrument, interest rate, stated percentage | 7% | |
Line of credit facility, outstanding balance | $ 0 | $ 0 |
Lines of Credit and Long-Term D
Lines of Credit and Long-Term Debt - Convertible - Additional Information (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |
Jul. 31, 2018 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||||
Deferred income taxes | $ (113,000) | $ (112,000) | ||
Restricted cash | $ 200,000,000 | |||
Gain on debt retirement | 60,000 | $ 0 | ||
Restricted cash | 0 | 43,339,000 | ||
Convertible debt | ||||
Debt Instrument [Line Items] | ||||
Extinguishment of debt, amount | 43,340,000 | 156,660,000 | ||
Gain on debt retirement | $ 61,000 | |||
3.5% Convertible Notes Due 2023 | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount | $ 200,000,000 | |||
Debt instrument, interest rate, stated percentage | 3.50% | |||
Carrying value of convertible debt | $ 143,723,000 | $ 43,219,000 | ||
Equity component of convertible debt, net of issuance costs and deferred taxes | 50,235,000 | |||
Deferred income taxes | $ 13,367,000 |
Lines of Credit and Short-Ter_4
Lines of Credit and Short-Term Debt - Schedule of Components of Interest Expense (Details) - 3.5% Convertible Notes Due 2023 - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Debt Instrument [Line Items] | ||||
Cash interest expense | $ 108 | $ 1,750 | $ 397 | $ 3,500 |
Non-cash interest expense | 26 | 312 | 60 | 596 |
Total interest expense | $ 134 | $ 2,062 | $ 457 | $ 4,096 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Income tax benefit | $ 65 | $ 89 | $ 120 | $ 147 |
Shareholders' Equity - Issuance
Shareholders' Equity - Issuances of Precigen Common Stock (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended |
Jan. 31, 2023 | Jun. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Shares issued during the period, value | $ 72,808 | |
Related Parties, Aggregated | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Shares issued (in shares) | 11,517,712 |
Shareholders' Equity - Share Le
Shareholders' Equity - Share Lending and At-the-Market Sales Agreements (Details) - USD ($) | 1 Months Ended | |
Aug. 09, 2022 | Jul. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Borrowed shares, number issued (in shares) | 7,479,431 | |
Share lending agreement, length of time for shares to be returned upon termination | 5 days | |
Borrowed shares, public offering price per share (in usd per share) | $ 13.37 | |
Maximum | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Sale of stock, consideration received on transaction (in shares) | $ 100,000,000 |
Shareholders' Equity - Componen
Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Precigen shareholders' equity | $ 166,210 | $ 184,133 | $ 126,259 | $ 55,653 | $ 73,836 | $ 107,348 |
Total accumulated other comprehensive loss | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Precigen shareholders' equity | (2,518) | $ (2,699) | (3,488) | $ (4,556) | $ (1,699) | $ 203 |
Unrealized loss on investments | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Precigen shareholders' equity | (270) | (760) | ||||
Loss on foreign currency translation adjustments | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Precigen shareholders' equity | $ (2,248) | $ (2,728) |
Share-Based Payments - Schedule
Share-Based Payments - Schedule of Stock-Based Compensation Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation costs | $ 2,188 | $ 2,309 | $ 5,320 | $ 5,871 |
Cost of products and services | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation costs | 17 | 30 | 35 | 63 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation costs | 582 | 589 | 1,087 | 1,134 |
Selling, general and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation costs | 1,589 | 1,660 | 4,198 | 4,606 |
Discontinued operations | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation costs | $ 0 | $ 30 | $ 0 | $ 68 |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Details) - shares | Jun. 30, 2023 | Dec. 31, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding (in shares) | 22,325,095 | 15,201,276 |
Restricted stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RSUs outstanding (in shares) | 1,877,308 | 697,815 |
Precigen Stock Option Plan 2023 Plan and 2013 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized for issuance (in shares) | 16,418,137 | |
Precigen Stock Option Plan 2013 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Remaining shares available to grant (in shares) | 0 | |
Options outstanding (in shares) | 19,167,088 | |
Number of shares authorized for issuance (in shares) | 3,918,137 | |
Precigen Stock Option Plan 2013 Plan | Restricted stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RSUs outstanding (in shares) | 862,356 | |
Precigen Stock Option Plan 2023 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Remaining shares available to grant (in shares) | 0 | |
Number of shares authorized for issuance (in shares) | 12,500,000 | |
Precigen Stock Option Plan 2019 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Remaining shares available to grant (in shares) | 4,502,466 | |
Options outstanding (in shares) | 3,158,007 | |
Number of shares authorized for issuance (in shares) | 12,000,000 | |
Precigen Stock Option Plan 2019 Plan | Restricted stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RSUs outstanding (in shares) | 1,014,952 |
Share-Based Payments - Schedu_2
Share-Based Payments - Schedule of Stock Option Activity (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Number of Shares | ||
Balances at beginning of period (in shares) | 15,201,276 | |
Granted (in shares) | 7,507,869 | |
Exercised (in shares) | 0 | |
Forfeited (in shares) | (220,625) | |
Expired (in shares) | (163,425) | |
Balances at end of period (in shares) | 22,325,095 | 15,201,276 |
Exercisable at end of period (in shares) | 11,759,874 | |
Weighted Average Exercise Price | ||
Balances at beginning of period (in usd per share) | $ 10.41 | |
Granted (in usd per share) | 1.19 | |
Exercised (in usd per share) | 0 | |
Forfeited (in usd per share) | 2.74 | |
Expired (in usd per share) | 17.74 | |
Balances at period end (in usd per share) | 7.33 | $ 10.41 |
Exercisable, weighted average exercise price, at end of period (in usd per share) | $ 11.22 | |
Weighted Average Remaining Contractual Term (Years) | ||
Balances, weighted average remaining contractual period | 7 years 6 months 14 days | 6 years 10 months 13 days |
Exercisable at period end, weighted average remaining contractual period | 6 years 1 month 20 days |
Share-Based Payments - Schedu_3
Share-Based Payments - Schedule of Restricted Stock Unit Activity (Details) - Restricted stock units - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Number of Restricted Stock Units | ||
Balances at beginning of period (in shares) | 697,815 | |
Granted (in shares) | 4,083,777 | |
Vested (in shares) | (2,904,284) | |
Forfeited (in shares) | 0 | |
Balances at end of period (in shares) | 1,877,308 | 697,815 |
Weighted Average Grant Date Fair Value | ||
Balances at beginning of period (in usd per share) | $ 2.66 | |
Granted (in usd per share) | 1.01 | |
Vested (in usd per share) | 1.37 | |
Forfeited | 0 | |
Balances at end of period (in usd per share) | $ 1.07 | $ 2.66 |
Additional Information | ||
Weighted Average Remaining Contractual Term (Years) | 5 months 4 days | 1 month 17 days |
Operating Leases - Additional I
Operating Leases - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2023 | |
Lessee, Lease, Description [Line Items] | |
Termination period | 1 year |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Term of contract | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Term of contract | 7 years |
Operating Leases - Components o
Operating Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Leases [Abstract] | ||||
Operating lease costs | $ 617 | $ 613 | $ 1,232 | $ 1,240 |
Short-term lease costs | 10 | 49 | 30 | 102 |
Variable lease costs | 86 | 121 | 206 | 224 |
Lease costs | $ 713 | $ 783 | $ 1,468 | $ 1,566 |
Operating Leases - Maturities o
Operating Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2023 | $ 1,222 | |
2024 | 2,029 | |
2025 | 1,903 | |
2026 | 1,503 | |
2027 | 1,238 | |
2028 | 1,260 | |
Thereafter | 1,847 | |
Total | 11,002 | |
Present value adjustment | (3,036) | |
Total | 7,966 | |
Current portion of lease liabilities | 1,421 | $ 1,209 |
Long-term portion of operating lease liabilities | $ 6,545 | $ 6,992 |
Operating Leases - Lease Terms
Operating Leases - Lease Terms and Discount Rates (Details) | Jun. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Weighted average remaining lease term (years) | 5 years 7 months 9 days | 6 years 1 month 2 days |
Weighted average discount rate | 11.08% | 11.05% |
Operating Leases - Other Inform
Operating Leases - Other Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Supplemental disclosure of cash flow information | ||
Cash paid for operating lease liabilities | $ 1,022 | $ 1,264 |
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modifications of existing leases) | $ 373 | $ 65 |
Commitments and Contingencies -
Commitments and Contingencies - Contingencies - Additional Information (Details) - Precigen Securities Litigation - USD ($) $ in Thousands | Nov. 17, 2022 | Jun. 30, 2023 | Dec. 31, 2022 |
Loss Contingencies [Line Items] | |||
Loss contingency, damages awarded, value | $ 13,000 | ||
Loss contingency, accrual, current | $ 13,000 | $ 13,000 | |
Insurance settlements receivable | $ 12,545 | $ 12,411 |
Segments - Adjusted EBITDA by R
Segments - Adjusted EBITDA by Reportable Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Segment Adjusted EBITDA for reportable segments | $ (17,963) | $ (19,202) | $ (39,239) | $ (36,521) |
Total revenues | 1,767 | 2,911 | 3,618 | 8,424 |
Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,767 | 2,911 | 3,618 | 8,424 |
Revenues | 1,767 | 2,911 | 3,618 | 8,424 |
Intersegment revenues | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Biopharmaceuticals | ||||
Segment Reporting Information [Line Items] | ||||
Segment Adjusted EBITDA for reportable segments | (17,880) | (19,997) | (39,277) | (40,874) |
Biopharmaceuticals | Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 70 | 0 | 154 |
Revenues | 0 | 70 | 0 | 154 |
Biopharmaceuticals | Intersegment revenues | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Exemplar | ||||
Segment Reporting Information [Line Items] | ||||
Segment Adjusted EBITDA for reportable segments | (83) | 795 | 38 | 4,353 |
Exemplar | Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,767 | 2,841 | 3,618 | 8,270 |
Revenues | 1,767 | 2,841 | 3,618 | 8,270 |
Exemplar | Intersegment revenues | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Segments - Reconciliation of Ne
Segments - Reconciliation of Net Loss Before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Segment Adjusted EBITDA for reportable segments | $ (17,963) | $ (19,202) | $ (39,239) | $ (36,521) |
Other expenses: | ||||
Depreciation and amortization | (3,404) | (6,518) | ||
Gain (loss) on disposals of assets | 40 | (360) | ||
Stock-based compensation expense | (2,188) | (2,309) | (5,320) | (5,871) |
Equity in net loss of affiliates | 0 | (1) | ||
Other | (1) | (105) | ||
Shares issued as payment for services | 545 | 576 | ||
Consolidated net loss from continuing operations before income taxes | (20,384) | (26,148) | (43,173) | (50,104) |
Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Remove cash paid for capital expenditures, net of proceeds from sale of assets, and cash paid for investments in affiliates | 101 | 172 | 255 | 668 |
Interest income | 828 | 37 | 1,461 | 75 |
Corporate And Reconciling Items | ||||
Other expenses: | ||||
Interest expense | (136) | (2,063) | (460) | (4,101) |
Depreciation and amortization | (1,693) | (1,835) | (3,404) | (3,753) |
Gain (loss) on disposals of assets | 40 | 0 | 40 | 0 |
Impairment losses | 0 | (638) | 0 | (1,120) |
Stock-based compensation expense | (2,188) | (2,279) | (5,320) | (5,803) |
Adjustment related to accrued bonuses paid in equity awards | 0 | 0 | 3,361 | 1,698 |
Equity in net loss of affiliates | 0 | 0 | 0 | (1) |
Other | 0 | (105) | 0 | (105) |
Shares issued as payment for services | 0 | 0 | (545) | (576) |
Corporate noncash items | 627 | (203) | 678 | (468) |
Eliminations | ||||
Other expenses: | ||||
Consolidated net loss from continuing operations before income taxes | 0 | (32) | 0 | (97) |
Segment Adjusted EBITDA for reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Segment Adjusted EBITDA for reportable segments | (17,963) | (19,202) | (39,239) | (36,521) |
All Other Segment Adjusted EBITDA | ||||
Segment Reporting Information [Line Items] | ||||
Segment Adjusted EBITDA for reportable segments | $ 0 | $ 0 | $ 0 | $ 0 |
Segments - Revenues by Reportab
Segments - Revenues by Reportable Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Revenues from external customers | $ 1,767 | $ 2,911 | $ 3,618 | $ 8,424 |
Total segment revenues from reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,767 | 2,911 | 3,618 | 8,424 |
Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,767 | 2,911 | 3,618 | 8,424 |
Revenues from external customers | 1,767 | 2,911 | 3,618 | 8,424 |
Operating segments | Biopharmaceuticals | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 70 | 0 | 154 |
Revenues from external customers | 0 | 70 | 0 | 154 |
Operating segments | Exemplar | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,767 | 2,841 | 3,618 | 8,270 |
Revenues from external customers | 1,767 | 2,841 | 3,618 | 8,270 |
Intersegment revenues | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Intersegment revenues | Biopharmaceuticals | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Intersegment revenues | Exemplar | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Elimination of intersegment revenues | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Segments - Additional Informati
Segments - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) customer | Jun. 30, 2022 USD ($) customer | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of customers | customer | 4 | 2 | |||
Exemplar | |||||
Segment Reporting Information [Line Items] | |||||
Percentage of revenue attributable to customer | 73.30% | 64.90% | 78% | 67.90% | |
Non-US | |||||
Segment Reporting Information [Line Items] | |||||
Long-lived assets | $ 2,216 | $ 2,216 | $ 2,591 | ||
Revenues | $ 0 | $ 70 | $ 0 | $ 154 |
Uncategorized Items - pgen-2023
Label | Element | Value |
Restricted Cash and Cash Equivalents, Noncurrent | us-gaap_RestrictedCashAndCashEquivalentsNoncurrent | $ 399,000 |