Precigen Inc. (NASDAQ: PGEN) reported its full‑year 2025 financial results on March 25 2026, marking the company’s first commercial revenue from its FDA‑approved therapy Papzimeos. The company posted a net loss attributable to common shareholders of $429.6 million, or $1.37 per share, driven largely by a $318.5 million non‑cash charge related to preferred stock warrants and conversions that management expects not to recur.
Total revenue for the year reached $9.7 million, up 149% from $3.93 million in 2024. Revenue was broken down into $3.4 million from Papzimeos product sales, $1.818 million from collaboration and licensing agreements, and $3.891 million from service revenue. The jump in product sales reflects the first commercial sales of Papzimeos, which began in November 2025 and have already generated a patient hub enrollment of over 300 patients.
Operating expenses rose to $120.2 million, largely due to a $28.8 million increase in selling, general and administrative (SG&A) costs. The total SG&A expense for 2025 was $70.128 million, with $27.3 million attributed to the commercial launch of Papzimeos. The increase reflects investments in building a sales and marketing organization and expanding payer coverage, which now reaches approximately 215 million lives.
Cash and cash equivalents stood at $100.4 million at year‑end, down from $123.6 million reported earlier in the year. Management indicated that the combination of this cash balance and projected Papzimeos revenue will fund operations through a cash‑flow breakeven by the end of 2026, underscoring the company’s transition from a development‑stage to a commercial‑stage biopharmaceutical firm.
Management highlighted that Papzimeos has secured a permanent J‑code (J3404) effective April 1 2026, streamlining reimbursement and expanding market access. The company also reported progress on its European regulatory pathway and continued development of its immuno‑oncology pipeline, positioning Precigen for long‑term growth beyond the initial commercial launch.
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