Company: PGEN
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001356090-25-000024
Chunk: 76

Company: PRECIGEN, INC.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 8
Chunk 76
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 capital. See Note 10 for further discussion on PIK dividends.The fair value of the PIK dividend was estimated using significant unobservable inputs (Level 3) by conducting a discounted cash flow analysis. As of June 30, 2025, the significant assumptions include, (i) stock price of $1.42, (ii) term of 30 years, (iii) volatility of 87.1%, (iv) risk free rate of 4.7%, and (v) risky discount rate of 25%. No PIK dividend was required to be accrued as of December 31, 2024.

Accrued PIK dividends of $2,665 are included in Series A Preferred Stock on the accompanying Condensed Balance Sheet as of June 30, 2025.

6. Property, Plant and Equipment, Net

Property, plant and equipment consist of the following:June 30,2025December 31,2024Land and land improvements$164 $164 Buildings and building improvements2,629 2,629 Furniture and fixtures381 364 Equipment16,749 16,774 Leasehold improvements4,497 4,478 Breeding stock72 88 Computer hardware and software2,275 3,186 Construction and other assets in progress10,443 9,019 37,210 36,702 Less: Accumulated depreciation and amortization(22,515)(22,871)Property, plant and equipment, net$14,695 $13,831 Depreciation expense was $312 and $388 for the three months ended June 30, 2025 and 2024, respectively, and $622 and $768 for the six months ended June 30, 2025 and 2024, respectively.

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7. Goodwill and Intangible Assets, Net

The changes in the carrying amount of goodwill for the six months ended June 30, 2025 were as follows:Balance at December 31, 2024$19,139 Impairment(3,907)Balances at June 30, 2025$15,232 The Company had $36,189 and $32,282 of cumulative impairment losses as of June 30, 2025 and December 31, 2024.The Company completes its annual goodwill impairment test during the fourth quarter of each year, or more frequently if triggering events indicate a possible impairment in one or