Company: PGEN
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001356090-25-000034
Chunk: 96

Company: PRECIGEN, INC.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 96
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 expectations related to the Exemplar reporting unit for the remainder of 2025 and into 2026 due to projected delays in the timing of planned product and services rendered to existing and new customers. These factors constituted an interim triggering event as of the end of the Company's second quarter of 2025, and the Company performed an impairment analysis with regard to its goodwill.The revised projections were used as a key input into Exemplar's reporting unit’s annual goodwill impairment test performed as of June 30, 2025. The Company recorded an impairment charge of $3,907 in the second quarter of 2025, which represented the estimated excess of carrying value over fair value of this reporting unit. The Company estimated the fair value of its reporting unit utilizing a combination of a discounted present value cash flow model as well as a market earnings multiple approach.Intangible assets consist of the following as of September 30, 2025:Gross Carrying AmountAccumulated AmortizationNetPatents, developed technologies and know-how$15,912 $(12,412)$3,500 Intangible assets consist of the following as of December 31, 2024:Gross Carrying AmountAccumulated AmortizationNetPatents, developed technologies and know-how$15,912 $(11,457)$4,455 Amortization expense was $318 for the three months ended September 30, 2025 and 2024, respectively, and $955 and $2,741 for the nine months ended September 30, 2025 and 2024, respectively.

9. Long-Term Debt

Term LoansOn September 3, 2025, the Company 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 Company received net proceeds of $92,818 after deducting underwriting discounts and offering expenses of $7,182.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