• Like CRISPR Therapeutics, but with a broader set of advanced genetic and cellular engineering platforms for diverse next-generation therapies.
• Imagine Moderna developing cutting-edge therapies, but Precigen focuses on building and utilizing a diverse suite of genetic and cellular engineering platforms to create a wider range of next-generation treatments.

Precigen (PGEN) Major Products and Platforms

• Gene and Cellular Therapies: Precigen discovers and develops advanced treatments by engineering genes and cells.
• Disease-Modifying Therapeutics: These therapies are designed to alter the progression of various diseases.
• Genetically Engineered Swine: The company provides swine specifically modified for regenerative medicine applications.
• UltraVector Platform: This technology platform designs and assembles complex gene expression programs using advanced DNA construction.
• UltraCAR-T Platform: A specialized platform for developing CAR-T cell therapies to treat cancer.
• AdenoVerse Platform: This platform utilizes a library of engineered adenovectors for gene delivery and immunotherapy.
• ActoBiotics Platform: A platform employing genetically modified bacteria to deliver therapeutic proteins and peptides at mucosal sites.
• Sleeping Beauty System: A non-viral transposon/transposase system used for efficient gene delivery and engineering.
• RheoSwitch System: An inducible gene switch system enabling precise, dose-proportionate control over gene expression.
• Kill Switches: Engineered genetic mechanisms designed to selectively eliminate cell therapies in vivo for enhanced safety.

Precigen (PGEN) primarily sells its technologies, platforms, and services to other companies in the biotechnology, pharmaceutical, and research sectors through collaboration and license agreements.

Based on the provided description, its major customers and partners include:

• Alaunos Therapeutics, Inc. (Symbol: TCRT)
• Ares Trading S.A. (Not publicly traded as a standalone entity)
• Oragenics, Inc. (Symbol: OGEN)
• Castle Creek Biosciences, Inc. (Private company)
• Intrexon Energy Partners, LLC (Private company)
• Intrexon Energy Partners II, LLC (Private company)

Helen Sabzevari, PhD – President, Chief Executive Officer, and Director

Dr. Helen Sabzevari was appointed CEO of Precigen in January 2020. She has dedicated her career to eradicating disease, contributing to the development of multiple therapeutics for various cancers, autoimmune disorders, and infectious diseases. Dr. Sabzevari cofounded Compass Therapeutics in 2015, serving as its Chief Scientific Officer until 2017. Prior to Precigen, she held executive leadership positions at Merck KGaA, where she helped bring forth Bavencio, an anti-PD-L1 checkpoint inhibitor, and the National Institutes of Health (NIH), where she led the Molecular Immunology Group at the Laboratory of Tumor Immunology and Biology. She holds a doctorate in cell and molecular immunology and received the National Institutes of Health (NIH) merit award for her work in immuno-oncology.

Harry Thomasian, Jr. – Chief Financial Officer and Principal Accounting Officer

Mr. Harry Thomasian, Jr. is a global finance leader with over 35 years of international business experience. His expertise encompasses equity and debt financings, P&L management, business operations, regulatory compliance, generally accepted accounting principles, SEC filings, and Sarbanes-Oxley compliance. Before joining Precigen, Mr. Thomasian was with EY (formerly Ernst & Young LLP), a global professional services firm, where he served as a Senior Client Services Partner, the Baltimore Office Growth Markets Leader for the life sciences industry, and a Senior Partner in EY's Capital Markets Center in Tokyo. He is a licensed certified public accountant in multiple states and jurisdictions.

Rutul R. Shah – Chief Operating Officer

Mr. Rutul R. Shah was named Chief Operating Officer in September 2021.

Donald P. Lehr – Chief Legal Officer

Mr. Donald P. Lehr possesses extensive experience in corporate, securities, and general business law. Before his tenure at Intrexon (now Precigen), he worked at Hogan Lovells LLP, where his practice involved representing privately and publicly held corporations across diverse sectors, including biotechnology, pharmaceuticals, healthcare, software, technology, and manufacturing. He also served as a judicial clerk for the Honorable Irma S. Raker of the Court of Appeals of Maryland.

Phil Tennant – Chief Commercial Officer

Mr. Phil Tennant's current focus is on the commercial launch of Papzimeos, which received approval in August 2025.

The key risks to Precigen's business, which trades under the symbol PGEN, revolve around its financial stability, the commercial success of its recently approved gene therapy, and the progress of its broader development pipeline.

1. Financial Stability and Cash Burn: Precigen has consistently incurred significant net losses and has been "quickly burning through cash." While the company secured up to $125 million in non-dilutive financing in September 2025, and management aims for cash flow breakeven by late 2026 or early 2027, the substantial operating expenses associated with commercializing its first product raise concerns about its ability to maintain a sufficient cash runway. The company has a notably high debt-to-equity ratio.
2. Single Asset Dependency and Commercialization Risk of PAPZIMEOS: Precigen's investment narrative is heavily reliant on the successful commercial launch and market uptake of PAPZIMEOS (formerly PRGN-2012), its first and currently only FDA-approved therapy for adult recurrent respiratory papillomatosis (RRP). Risks include potential payer pushback on pricing and reimbursement, slower-than-expected patient uptake, and competition from existing off-label drugs and investigational assets, such as INO-3107. A failure to meet revenue expectations for PAPZIMEOS could severely impact the company's financial outlook and its ability to achieve cash flow breakeven.
3. Clinical Trial Setbacks and Pipeline Risk: Although PAPZIMEOS has achieved approval, the long-term value and growth of Precigen are tied to the continued advancement and success of its broader gene and cell therapy pipeline, including its UltraCAR-T and AdenoVerse programs. The company has recently prioritized the development of PAPZIMEOS, leading to the pausing of other UltraCAR-T clinical programs and all preclinical programs, as well as the shutdown of its ActoBio subsidiary. Any delays or negative data from ongoing or future clinical trials for these remaining pipeline assets could significantly impact the company's stock value and future prospects.

Precigen (PGEN) operates in several significant addressable markets with its gene and cellular therapies.

UltraCAR-T Platform (for cancer treatment)

The global CAR T-cell therapy market, which includes Precigen's UltraCAR-T platform for cancer treatment, was estimated to be between approximately USD 4.20 billion and USD 20.54 billion in 2025. This market is projected to grow significantly, potentially reaching between USD 9.95 billion by 2030 and USD 268.0 billion by 2035.

AdenoVerse Immunotherapy (e.g., PAPZIMEOS for Recurrent Respiratory Papillomatosis - RRP)

For its AdenoVerse Immunotherapy platform, particularly for PAPZIMEOS in Recurrent Respiratory Papillomatosis (RRP), the estimated addressable patient population in the U.S. is approximately 27,000 adults. More broadly, the global oncolytic virus therapy market, of which AdenoVerse immunotherapy is a part, has varying estimates. One report valued the global oncolytic virus therapy market size at USD 411.4 million in 2024, projected to grow to USD 3.22 billion by 2033. Another source estimated the global oncolytic adenovirus market to be valued at USD 140.2 billion in 2025, projected to reach USD 288.9 billion by 2035.

ActoBiotics Platform (genetically modified bacteria for mucosal sites, e.g., Type 1 Diabetes)

Precigen's ActoBiotics platform, which delivers proteins and peptides at mucosal sites, falls within the oral transmucosal drugs and transmucosal drug delivery devices markets. The global oral transmucosal drugs market was valued at approximately USD 36.72 billion in 2024 and is expected to reach around USD 70.37 billion by 2034. Another estimate places the global oral transmucosal drugs market size at USD 45.82 billion in 2025, projected to reach USD 96.8 billion by 2033. The global transmucosal drug delivery devices market was valued at approximately USD 46.63 billion in 2024 and is predicted to grow to around USD 86.64 billion by 2034.

Genetically Engineered Swine (for regenerative medicine/xenotransplantation)

The market for genetically engineered swine for regenerative medicine applications, including xenotransplantation, is also substantial. The global xenotransplantation market was valued at approximately USD 14.68 billion in 2024, growing to USD 15.82 billion in 2025. Other estimates place the global market value at USD 47.9 billion in 2024, projected to reach USD 109.7 billion by 2034, or from USD 3.12 billion in 2025 to around USD 7.26 billion by 2034. The U.S. xenotransplantation market was valued at USD 13.8 billion in 2024 and is forecasted to reach USD 32.7 billion by 2034.

Precigen (PGEN) is expected to experience significant revenue growth over the next two to three years, primarily driven by the following factors:

1. Commercialization and Market Penetration of PAPZIMEOS for Adult Recurrent Respiratory Papillomatosis (RRP): The commercial launch and rapid adoption of PAPZIMEOS (zopapogene imadenovec) for adult RRP, following its full FDA approval in August 2025, is a primary driver of near-term revenue. Increased patient uptake, broad insurer coverage (including Medicare and Medicaid), and its endorsement as a first-line therapy are expected to contribute to accelerated sales.
2. Geographic Expansion and New Indications for PAPZIMEOS: Beyond the current adult RRP market in the US, future revenue growth is anticipated from the ongoing geographic expansion of PAPZIMEOS, including submissions to regulatory bodies like the European Medicines Agency (EMA), and the initiation of pediatric clinical trials to address younger patient populations with RRP.
3. Advancement of the Gene and Cell Therapy Pipeline: Precigen's robust pipeline of differentiated gene and cell therapies across immuno-oncology, autoimmune disorders, and infectious diseases, leveraging proprietary platforms such as UltraCAR-T and AdenoVerse, is expected to provide long-term revenue optionality as these programs progress through clinical development towards potential commercialization.

Share Issuance

• Precigen experienced a substantial increase in its outstanding shares, growing from approximately 206.74 million at the end of 2021 to 307.17 million by February 2026.
• In 2024, the net issuance of preferred shares amounted to $79.0 million.
• The conversion of Series A Convertible Perpetual Preferred Stock into common stock has also contributed to share issuance.

Inbound Investments

• In September 2025, Precigen secured a non-dilutive credit facility of up to $125 million with investment funds managed by Pharmakon Advisors, LP.
• The initial tranche of $100 million from this credit facility was funded at closing.
• An additional $25 million from the credit facility can be drawn at Precigen's discretion through March 31, 2027.

Capital Expenditures

• Capital expenditures for Precigen were approximately $0.389 million in Q3 2025.
• Over the last 12 months, Precigen's capital expenditures totaled approximately $3.01 million.
• These capital investments are focused on long-term sustainable strategies, likely including innovative research and development efforts.