Company: PGEN
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001356090-25-000034
Chunk: 10

Company: PRECIGEN, INC.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part II, Item 1A
Chunk 10
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Item 1A. Risk Factors

As disclosed in "Summary of Risk Factors" and "Item 1A. Risk Factors" in our Annual Report, there are a number of risks and uncertainties that may have a material effect on the operating results of our business and our financial condition. There are no additional material updates or changes to our risk factors since the filing of our Annual Report, except as discussed below.

In evaluating our risks, readers also should carefully consider the risk factors discussed in our Annual Report, which could materially affect our business, financial condition, or operating results, in addition to the other information set forth in this report and in our other filings with the SEC.

Risks Related to Our Financial Position and Capital Needs

Our level of indebtedness and debt service obligations could adversely affect our financial condition and may make it more

difficult for us to fund our operations.

On September 3, 2025, we and certain of our subsidiaries party thereto as guarantors entered into a Loan Agreement (the “Loan

Agreement”) with BioPharma Credit Investments V (Master) LP and BPCR Limited Partnership as the lenders thereunder (the

“Lenders”) and BioPharma Credit PLC as the collateral agent, each of which are investment entities managed by Pharmakon

Advisors, LP. The Loan Agreement provides for a 5-year senior secured term loan facility of up to $125.0 million, composed of

two committed tranches: (i) an initial tranche in an aggregate principal amount of $100.0 million, which was funded on

September 3, 2025; and (ii) a delayed draw tranche in an aggregate principal amount of $25.0 million, which is available,

subject to certain conditions, until June 29, 2027 (such tranches, collectively, the “Term Loans”). The Term Loans mature on

September 3, 2030 (the “Maturity Date”). The Term Loans bear interest at Term SOFR (three-month tenor), subject to a 3.75%

floor, plus 6.50%, payable quarterly. The Term Loans amortize in eight equal quarterly installments beginning on September

29, 2028 through the Maturity Date. The Term Loans may be voluntarily prepaid in whole (but not in part), and are subject to

make-whole, prepayment premium and exit fees, and must be prepaid upon a Change in Control (as defined in the Loan

Agreement).