Precigen, Inc. (PGEN) announced financial results for the first quarter ended March 31, 2026, and provided business updates highlighting the commercial progress of PAPZIMEOS and pipeline developments.
For the first quarter of 2026, total revenue increased by $21.9 million to $23.3 million, compared with $1.3 million in the same period of 2025. The increase was driven by the commercial launch of PAPZIMEOS following its FDA approval in August 2025. Product revenues were $21.6 million, while no product revenues were recorded in the prior-year quarter. Service revenues were $1.4 million, compared with $1.1 million a year earlier.
Net loss narrowed to $7.9 million, or $0.02 per share, compared with a net loss of $54.2 million, or $0.18 per share, in Q1 2025.
Cash, cash equivalents, and investments totaled $56.7 million at quarter-end, excluding approximately $25.7 million in PAPZIMEOS accounts receivable since launch. The company expects current cash and anticipated collections to fund operations through cash flow break-even by the end of 2026.
Business Highlights
PAPZIMEOS, a non-replicating adenoviral vector-based immunotherapy, generated strong uptake across the U.S. with approximately 400 patients enrolled in the patient hub, 25 percent of whom are from community practices. The therapy has broad payer coverage, including private plans, Medicare, and Medicaid, making it accessible to an estimated 297 million insured lives.
Effective April 1, 2026, PAPZIMEOS received a permanent J-code (J3404), streamlining reimbursement and accelerating site activations. In January 2026, an expert position paper recommended PAPZIMEOS as the new standard of care first-line treatment for adults with recurrent respiratory papillomatosis (RRP). Updated durability of response data will be presented at the upcoming ASCO Annual Meeting.
Precigen also continues to advance PRGN-2009, its AdenoVerse immunotherapy for HPV-associated cancers, with Phase 2 trials ongoing in oropharyngeal and cervical cancer. A pipeline update is expected by year-end.
The company will also host RRP Awareness Day with the Recurrent Respiratory Papillomatosis Foundation on June 11, marking the third consecutive year of this initiative.
PGEN has traded between $1.26 and $5.47 over the past year. The stock closed Wednesday's trading at $4.15, up 1.72%. In pre-market trading the stock is at $5.10, up 22.90%.
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