third quarter 2026
Filed Nov 3, 2026Precision BioSciences Reports Third Quarter 2026 Financial Results and Provides Business Update
The company advanced both wholly owned clinical programs and reported cash runway through 2028, while quarterly revenue was $ — and the lower net loss was primarily driven by a non-cash warrant-liability fair-value gain rather than operating performance.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $ — | – | – |
| Research and development expensesGAAP | 12,745 | – | decrease of approximately $0.7 million |
| General and administrative expensesGAAP | 7,683 | – | – |
| Total operating expensesGAAP | 20,428 | – | – |
| Operating lossGAAP | (20,428) | – | – |
| Loss from equity method investmentGAAP | — | – | – |
| Loss on changes in other fair value adjustmentsGAAP | (456) | – | – |
| Gain (loss) on change in fair value of warrant liabilityGAAP | 12,724 | – | – |
| Interest expenseGAAP | (307) | – | – |
| Interest incomeGAAP | 881 | – | – |
| Gain (loss) on disposal of assetsGAAP | — | – | – |
| Total other income (expense)GAAP | 12,842 | – | increase of $13.9 million |
| Net lossGAAP | −$7.59M | – | decrease in net loss |
| Net loss per share, basicGAAP | $ (0.28) | – | – |
| Net loss per share, dilutedGAAP | $ (0.28) | – | – |
| Weighted-average shares of common stock outstanding, basicGAAP | 27,433,353 | – | – |
| Weighted-average shares of common stock outstanding, dilutedGAAP | 27,433,353 | – | – |
| Cash, cash equivalents, and restricted cashother | $108.0M | – | – |
| Working capitalother | 78,305 | – | – |
| Total assetsGAAP | 120,376 | – | – |
| Total liabilitiesGAAP | 68,601 | – | – |
| Total stockholders' equityGAAP | $51.77M | – | – |
| Common stock outstandingother | 27,893,065 | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
through 2028 outlook
- NoteThe Company expects that existing cash and cash equivalents, continued fiscal and operating discipline, and availability of Precision’s at-the-market facility will fund the Company’s cash runway through 2028.
- NoteInitial safety data are targeted for year-end 2026, with efficacy data at distinct timepoints expected to follow in H1 and H2 2027.
- NoteThe embargoed abstract data will become public on Thursday, November 5th and the late-breaking oral presentation will occur on Sunday, November 8th at 2:15pm MST.
What drove it
- No revenue was reported for the quarter ended September 30, 2026. Revenue from the prior period was recognized from the Novartis Agreement.
- Research and development expenses decreased primarily due to reductions in research including completion of pre-IND research expenses for both the PBGENE-HBV and PBGENE-DMD programs.
- The research-expense decrease was partially offset by increased PBGENE-HBV clinical-program costs driven by rapid advancement and cohort expansion of the Phase 1 ELIMINATE-B trial.
- Total other income was primarily driven by non-cash fair value adjustments, including the gain on change in fair value of the warrant liability.
- During the third quarter, the company continued enrolling patients and expanded the 0.4 mg/kg and 0.65 mg/kg PBGENE-HBV cohorts to support dosing-schedule selection for Phase 2 expansion.
- Precision dosed the first patient in the Phase 1/2 FUNCTION-DMD study in August 2026.
Concerns
- Quarterly revenue was $ —, compared with $ 13 in the prior-year quarter. Amounts are in thousands.
- The lower net loss was primarily driven by the non-cash gain from the warrant liability and does not affect operations or cash runway.
- General and administrative expenses were 7,683, compared with 7,328 in the prior-year quarter. Amounts are in thousands.
- The company identifies risks relating to funding requirements, capital requirements, clinical development, trial enrollment, manufacturing, regulatory approval, competition, and Nasdaq listing requirements.
What to watch
- PBGENE-HBV embargoed abstract data scheduled for release on November 5th and the late-breaking oral presentation at AASLD's The Liver Meeting 2026 on November 8th at 2:15pm MST.
- Selection of the optimal PBGENE-HBV dosing schedule for Phase 2 expansion following ongoing enrollment, cohort expansion, biopsies, and blood biomarker collection.
- Initial PBGENE-DMD safety data targeted for year-end 2026.
- PBGENE-DMD efficacy data at distinct timepoints expected in H1 and H2 2027.
- The company's stated expectation that cash runway will extend through 2028 and enable key PBGENE-HBV and PBGENE-DMD clinical data milestones.
Balance sheet and cash flow
- Cash, cash equivalents, and restricted cash were approximately $108.0 million as of September 30, 2026.
- Cash, cash equivalents, and restricted cash were $ 108,034 as of September 30, 2026, compared with $ 137,153 as of December 31, 2025. Amounts are in thousands.
- Working capital was 78,305 as of September 30, 2026, compared with 109,827 as of December 31, 2025. Amounts are in thousands.
- Total assets were 120,376, total liabilities were 68,601, and total stockholders' equity was $ 51,775 as of September 30, 2026. Amounts are in thousands.
- Operating cash flow and free cash flow were not reported.
Analysis
Precision BioSciences reported no revenue for the quarter ended September 30, 2026, versus $ 13 for the quarter ended September 30, 2025, with the prior-period revenue recognized under the Novartis Agreement. Total operating expenses were 20,428, compared with 20,680, producing an operating loss of (20,428), compared with (20,667). Amounts in the statements of operations are in thousands.
Research and development expenses were 12,745 versus 13,352. The company attributed the decrease of approximately $0.7 million primarily to lower research spending following completion of pre-IND research for PBGENE-HBV and PBGENE-DMD, partly offset by higher PBGENE-HBV clinical costs from rapid Phase 1 ELIMINATE-B advancement and cohort expansion. General and administrative expenses were 7,683 versus 7,328.
Net loss was $ (7,586), or $ (0.28) per basic and diluted share, compared with $ (21,772), or $ (1.84) per basic and diluted share. The principal reported driver was a 12,724 gain on change in fair value of warrant liability, compared with a (1,179) loss in the prior-year quarter. Management stated that this non-cash gain drove the lower net loss and does not affect operations or cash runway.
Clinical execution was the central update. The company continued enrollment in ELIMINATE-B and expanded the 0.4 mg/kg and 0.65 mg/kg cohorts, while PBGENE-HBV data are scheduled for a late-breaking oral AASLD presentation on November 8th. Precision also dosed the first FUNCTION-DMD patient in August 2026. Initial PBGENE-DMD safety data are targeted for year-end 2026, followed by efficacy data at distinct timepoints in H1 and H2 2027.
Cash, cash equivalents, and restricted cash were approximately $108.0 million as of September 30, 2026. The company expects existing cash and cash equivalents, continued fiscal and operating discipline, and availability of its at-the-market facility to provide runway through 2028. The filing provides no revenue, expense, margin, tax-rate, earnings-per-share, or cash-flow financial guidance; the forward outlook is centered on liquidity and clinical milestones.
Management, verbatim
We entered 2026 with a clear plan to deliver multiple important clinical and operational milestones this year and we have made significant progress executing against that plan.
Michael Amoroso, Chief Executive Officer of Precision BioSciences
We remain on track to deliver data updates from both programs by year end, supported by a financial position that provides expected runway through 2028 and through key clinical inflection points.
Michael Amoroso, Chief Executive Officer of Precision BioSciences
Not in the filing
stated, not guessed- Gross profit and gross margin were not reported.
- Segment revenue and segment profitability were not reported.
- Non-GAAP financial measures were not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Capital returns, including share repurchases and dividends, were not reported.
- Debt and net debt were not reported.
- Revenue guidance was not reported.
- Gross-margin guidance was not reported.
- Operating-expense guidance was not reported.
- Tax-rate guidance was not reported.
- Prior-quarter comparatives for the reported income-statement metrics were not reported.
- Prior outlook section was not provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.